##### 



SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 (Mark One)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
 For the Fiscal Year Ended December 31, 2005
 Commission File Number 0-50264 and 2-84126
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
 For the transition period from  to
 THE CAMPBELL FUND TRUST
  DELAWARE
    
    94-6260018(State or other jurisdiction of
    
    (IRS Employer Identification Number)incorporation or organization)
 210 W. Pennsylvania Avenue
Towson, Maryland
    
    21204
 (410)296-3301
 None
  Units of Beneficial Interest
 
  o þ
 o þ
 þ o
 þ
  o o þ
  o þ




---



##### 



TABLE OF CONTENTS
 PagePART IITEM 1.
    
    BUSINESS
    
    
    1-4ITEM 1A.
    
    RISK FACTORS
    
    
    4-11ITEM 1B.
    
    UNRESOLVED STAFF COMMENTS
    
    
    11ITEM 2.
    
    PROPERTIES
    
    
    11ITEM 3.
    
    LEGAL PROCEEDINGS
    
    
    11ITEM 4.
    
    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
    
    
    11PART IIITEM 5.
    
    MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
    
    
    11ITEM 6.
    
    SELECTED FINANCIAL DATA
    
    
    12ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
    
    
    13-20ITEM 7A.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    20-26ITEM 8.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    26ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
    
    
    26ITEM 9A.
    
    CONTROLS AND PROCEDURES
    
    
    26ITEM 9B.
    
    OTHER INFORMATION
    
    
    26PART IIIITEM 10.
    
    DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
    
    
    26-28ITEM 11.
    
    EXECUTIVE COMPENSATION
    
    
    28ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
    
    
    28ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
    
    
    29ITEM 14.
    
    PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    29PART IVITEM 15.
    
    EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
    
    
    29-30SIGNATURESCERTIFICATIONS




---



##### 



PART I
 
 Item 1. Business
 General development of business
      Financial information about segments
  Narrative description of business
 General
   1




---



##### 



Use of Proceeds and Cash Management Income
 Subscription Proceeds and Available Assets.
 i.e.
   Market Sectors.
  Market Types
   Charges
  2




---



##### 



RECIPIENT
    
    NATURE OF PAYMENT
    
    AMOUNT OF PAYMENTCampbell & Company
    
    Management Fee
    
    A monthly management
fee of 1/3 of 1% of
the Trusts month-end
net assets, totaling
approximately 4% of
average month-end net
assets per year.
Campbell & Company
may pay a portion or
all of its monthly
management fee on an
ongoing basis to
selected agents who
have sold the Units,
in return for their
provision of ongoing
services to the
Unitholders. In most
cases, the ongoing
payment paid to
selling agents is 2%
per annum, paid
monthly, on the then
current Net Asset
Value of Units sold
by the selling
agents, net of
redemptions.Campbell & Company
    
    Performance Fee
    
    A quarterly
performance fee of
20% of the aggregate
cumulative
appreciation in the
Net Asset Value per
Unit at the end of
each quarter,
exclusive of
appreciation
attributable to
interest income
disregarding
decreases in Net
Asset Value per Unit
resulting from
distributions.ABN AMRO Incorporated
    
    Brokerage Commissions
    
    Brokerage commissions
are paid at a rate of
approximately $6 for
each round-turn trade
executed for the
Trust. Annual
brokerage commissions
payable to the Trust
are estimated at
approximately 0.36%
of the Trusts net
assets annually,
although there is no
limit on the amount
of such commissions.ABN AMRO Bank, N.V.,
Chicago Branch
    
    Forward Counterparty
Execution Costs
    
    The forward
counterpartys
execution costs are
included in the price
of each forward
contract purchased or
sold, and,
accordingly, such
costs cannot be
determined but are
charged. In
addition, ABN AMRO
Bank, N.V., Chicago
Branch charges
approximately $8 per
$1 million for
forward contracts it
facilitates on behalf
of the Trust with
third party banks.
These prime brokerage
fees, combined with
the futures brokers
charges, usually
equal approximately
0.40% of the Trusts
net assets.Other
    
    Operating Expenses
    
    The Trust pays
operating expenses
(other than the cost
of the Units),
including trustee,
legal and accounting
fees, and taxes or
extraordinary
expenses. These
expenses are
estimated at less
than 0.50% of the
Trusts net assets
annually, although
there is no limit on
the amount of such
expenses.These expenses during
the years ended 2005,
2004 and 2003 were
0.03%, 0.03% and
0.04% of the Trusts
net assets,
respectively.
 3




---



##### 



Regulation
    http://www.sec.gov
 
 Item 1A. Risk Factors
 Market Risks
 You Could Possibly Lose Your Total Investment in the Trust
  The Trust is Highly Leveraged
  Your Investment Could be Illiquid
  4




---



##### 



Forward and Option Transactions are Over-the-Counter, are Not Regulated and are Subject to Credit
Risk
   Options on Futures and Over-the-Counter Contracts are Speculative and Highly Leveraged
  An Investment in the Trust May Not Diversify an Overall Portfolio
 5




---



##### 



Trading Risks
 Campbell & Company Analyzes Primarily Technical Market Data
   Increased Competition from Other Trend-Following Traders Could Reduce Campbell & Companys
Profitability
  Speculative Position Limits May Alter Trading Decisions for the Trust
  Increase in Assets Under Management May Make Profitable Trading More Difficult
  6




---



##### 



Investors Will Not be Able to Review the Trusts Holdings on a Daily Basis
  Tax Risks
 Investors are Taxed Based on Their Share of Trust Income and Gain
   Tax Could be Due from Investors on Their Share of the Trusts Ordinary Income Despite Overall
Losses
  There Could be a Limit on the Deductibility of Management and Performance Fees
  Other Risks
 Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
  The Futures Broker Could Fail
 7




---



##### 



pro rata
 Investors Must Not Rely on the Past Performance of Either Campbell & Company or the Trust in
Deciding Whether to Buy Units
  Parties to the Trust Have Conflicts of Interest
     There are No Independent Experts Representing Investors
  The Trust Places Significant Reliance on Campbell & Company
  The Trust Could Terminate Before Expiration of its Stated Term
 8




---



##### 



The Trust is Not a Regulated Investment Company
  Proposed Regulatory Change is Impossible to Predict
  Forwards, Options, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation
  The Trust is Subject to Foreign Market Credit and Regulatory Risk
  The Trust is Subject to Foreign Exchange Risk
  9




---



##### 



Transfers Could be Restricted
  Restrictions on Investment by ERISA Plans, Employee Retirement Income Security Act of 1974
   A Single-Advisor Fund May be More Volatile Than a Multi-Advisor Fund
  The Performance Fee Could be an Incentive to Make Riskier Investments
  The Trust May Distribute Profits to Unitholders at Inopportune Times
  Potential Inability to Trade or Report Due to Systems Failure
  10




---



##### 



Potential Disruption or Inability to Trade Due to a Failure to Receive Timely and Accurate Market
Data from Third Party Vendors
  
 Item 1B. Unresolved Staff Comments
  
 Item 2. Properties
  
 Item 3. Legal Proceedings
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 PART II
 
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
    11




---



##### 



Item 6. Selected Financial Data
 For the Year Ended December 31,2005
    
    2004
    
    2003
    
    2002
    
    2001Total Assets
    
    $
    1,005,916,430
    
    
    $
    695,255,766
    
    
    $
    378,634,351
    
    
    $
    179,912,300
    
    
    $
    75,167,211Total Unitholders Capital
    
    
    934,697,887
    
    
    
    648,451,354
    
    
    
    351,591,363
    
    
    
    142,674,058
    
    
    
    69,133,931Total Trading Gain
(net of brokerage commissions)
    
    
    106,672,656
    
    
    
    64,059,482
    
    
    
    57,594,812
    
    
    
    19,675,679
    
    
    
    3,775,731Net Income
    
    
    92,985,866
    
    
    
    34,748,775
    
    
    
    40,791,398
    
    
    
    13,973,815
    
    
    
    2,891,972Net Income Per Managing
Operator and Other
Unitholder Unit *
    
    
    295.68
    
    
    
    154.59
    
    
    
    319.99
    
    
    
    247.02
    
    
    
    95.31Increase in Net Asset
Value per Managing Operator
and Other Unitholder Unit
    
    
    288.33
    
    
    
    187.69
    
    
    
    347.18
    
    
    
    239.20
    
    
    
    92.04
  1st Qtr.
    
    2nd Qtr.
    
    3rd Qtr.
    
    4th Qtr.2005
    
    2005
    
    2005
    
    2005Total Trading Gain (Loss)
(net of brokerage
commissions)
    
    $
    (18,638,007
    )
    
    $
    93,634,670
    
    
    $
    717,150
    
    
    $
    30,958,843Net Income (Loss)
    
    
    (21,509,603
    )
    
    
    88,984,332
    
    
    
    (1,147,653
    )
    
    
    26,658,790Net Income (Loss)
per Managing Operator
and Other Unitholder
Unit *
    
    
    (73.52
    )
    
    
    287.82
    
    
    
    (3.62
    )
    
    
    84.19Increase (Decrease)
in Net Asset Value
per Managing Operator
and Other Unitholder
Unit
    
    
    (74.85
    )
    
    
    286.77
    
    
    
    (5.43
    )
    
    
    81.84Net Asset Value per
Managing Operator and
Other Unitholder Unit
at the End of the Period
    
    
    2,334.95
    
    
    
    2,621.72
    
    
    
    2,616.29
    
    
    
    2,698.13
 1st Qtr.
    
    2nd Qtr.
    
    3rd Qtr.
    
    4th Qtr.2004
    
    2004
    
    2004
    
    2004Total Trading Gain (Loss)
(net of brokerage
commissions)
    
    $
    73,743,553
    
    
    $
    (47,890,968
    )
    
    $
    (12,792,368
    )
    
    $
    50,999,265Net Income (Loss)
    
    
    55,612,479
    
    
    
    (51,687,514
    )
    
    
    (16,583,386
    )
    
    
    47,407,196Net Income (Loss)
per Managing Operator
and Other Unitholder
Unit *
    
    
    317.17
    
    
    
    (243.70
    )
    
    
    (66.85
    )
    
    
    179.84Increase (Decrease)
in Net Asset Value
per Managing Operator
and Other Unitholder
Unit
    
    
    321.05
    
    
    
    (247.85
    )
    
    
    (66.16
    )
    
    
    180.65Net Asset Value per
Managing Operator and
Other Unitholder Unit
at the End of the Period
    
    
    2,543.16
    
    
    
    2,295.31
    
    
    
    2,229.15
    
    
    
    2,409.80
 
  12




---



##### 



Item 7. Managements Discussion and Analysis of Financial Condition and
Results of Operations.
 Introduction
  Critical Accounting Policies
   Capital Resources
  Liquidity
  i.e.
 13




---



##### 



Results of Operations
  2005
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    6.77
    %Currencies
    
    
    6.06Energy
    
    
    3.37Metals
    
    
    1.04Agricultural
    
    
    (0.30
    )Stock Indices
    
    
    (2.93
    )14.01
    %
   14




---



##### 



15




---



##### 



2004
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    12.54
    %Currencies
    
    
    2.12Energy
    
    
    1.68Agricultural
    
    
    0.49Metals
    
    
    (0.64
    )Stock Indices
    
    
    (1.96
    )14.23
    %
  16




---



##### 



17




---



##### 



2003
  Sector
    
    % Gain (Loss)Currencies
    
    
    25.81
    %Stock Indices
    
    
    5.76Metals
    
    
    (0.30
    )Agricultural
    
    
    (1.11
    )Energy
    
    
    (1.68
    )Interest Rates
    
    
    (3.35
    )25.13
    %
   18




---



##### 



rd
   19




---



##### 



Off-Balance Sheet Risk
    Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
 20




---



##### 



i.e.,
 Standard of Materiality
  Quantifying the Trusts Trading Value at Risk
 Quantitative Forward-Looking Statements
 The following quantitative disclosures regarding the Trusts market risk exposures
contain forward-looking statements within the meaning of the safe harbor from civil
liability provided for such statements by the Private Securities Litigation Reform Act of 1995
(set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934). All quantitative disclosures in this section are deemed to be
forward-looking statements for purposes of the safe harbor, except for statements of
historical fact (such as the dollar amount of maintenance margin required for market risk
sensitive instruments held at the end of the reporting period).
  21




---



##### 



The Trusts Trading Value at Risk in Different Market Sectors
  December 31, 2005TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    1.48
    %
    
    
    6.06
    %Long-Term Interest Rates
    
    
    0.79
    %
    
    
    2.14
    %Energy
    
    
    0.63
    %
    
    
    3.37
    %Short-Term Interest Rates
    
    
    0.58
    %
    
    
    4.63
    %Stock Indices
    
    
    0.39
    %
    
    
    (2.93
    )%Agricultural / Metals
    
    
    0.06
    %
    
    
    0.74
    %Aggregate/Total
    
    
    2.44
    %
    
    
    14.01
    %
 
 * 
 ** 
 22




---



##### 



December 31, 2004TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    1.18
    %
    
    
    2.12
    %Long-Term Interest Rates
    
    
    0.81
    %
    
    
    10.21
    %Short-Term Interest Rates
    
    
    0.26
    %
    
    
    2.33
    %Stock Indices
    
    
    0.57
    %
    
    
    (1.96
    )%Energy
    
    
    0.19
    %
    
    
    1.68
    %Agricultural and Metals
    
    
    0.11
    %
    
    
    (0.15
    )%Aggregate/Total
    
    
    1.85
    %
    
    
    14.23
    %
 
 * 
 ** 
 December 31, 2003TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    1.28
    %
    
    
    25.81
    %Long-Term Interest Rates
    
    
    0.42
    %
    
    
    (2.43
    )%Short-Term Interest Rates
    
    
    0.19
    %
    
    
    (0.92
    )%Stock Indices
    
    
    0.55
    %
    
    
    5.76
    %Energy
    
    
    0.44
    %
    
    
    (1.68
    )%Agricultural and Metals
    
    
    0.09
    %
    
    
    (1.41
    )%Aggregate/Total
    
    
    1.48
    %
    
    
    25.13
    %
 
 * 
 ** 
 Material Limitations on Value at Risk as an Assessment of Market Risk
  1)
    
    Past changes in market risk factors will not always result in accurate predictions of
the distributions and correlations of future market movements;2)
    
    Changes in portfolio value caused by market movements may differ from those of the VaR
model;
 23




---



##### 



3)
    
    VaR results reflect past trading positions while future risk depends on future
positions;4)
    
    VaR using a one day time horizon does not fully capture the market risk of positions
that cannot be liquidated or hedged within one day; and5)
    
    The historical market risk factor data for VaR estimation may provide only limited
insight into losses that could be incurred under certain unusual market movements.
  Non-Trading Risk
  Qualitative Disclosures Regarding Primary Trading Risk Exposures
 The following qualitative disclosures regarding the Trusts market risk exposures 
except for (i) those disclosures that are statements of historical fact and (ii) the
descriptions of how the Trust manages its primary market risk exposures  constitute
forward-looking statements within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act. The Trusts primary market risk exposures as well as the
strategies used and to be used by Campbell & Company for managing such exposures are subject
to numerous uncertainties, contingencies and risks, any one of which could cause the actual
results of the Trusts risk controls to differ materially from the objectives of such
strategies. Government interventions, defaults and expropriations, illiquid markets, the
emergence of dominant fundamental factors, political upheavals, changes in historical price
relationships, an influx of new market participants, increased regulation and many other
factors could result in material losses as well as in material changes to the risk exposures
and the risk management strategies of the Trust. There can be no assurance that the Trusts
current market exposure and/or risk management strategies will not change materially or that
any such strategies will be effective in either the short- or long-term. Investors must be
prepared to lose all or substantially all of their investment in the Trust.
  Currencies
 i.e.,
 Interest Rates
  24




---



##### 



Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
  25




---



##### 



General
  
 Item 8.
    
    Financial Statements and Supplementary Data
  
 Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
  
 Item 9A.
    
    Controls and Procedures
  
 Item 9B.
    
    Other Information
  
 PART III
 
 Item 10.
    
    Directors and Executive Officers of the Registrant
  26




---



##### 



Theresa D. Becks Chief Financial Officer Treasurer Secretary Director
 D. Keith Campbell Chairman of the Board of Directors
 William C. Clarke, III Executive Vice President Director
 Bruce L. Cleland President Director Chief Executive Officer
 Kevin M. Heerdt Chief
Operating Officer
 James M. Little Executive Vice President-Business Development Director The Handbook of Financial Futures
 Thomas P. Lloyd General Counsel
and Executive Vice President-Legal and Compliance
 27




---



##### 



Audit Committee Financial Expert
  Code
of Ethics
 
 Item 11.
    
    Executive Compensation
   
 Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related
Shareholder Matters
 (a)
    
    Security Ownership of Certain Beneficial Owners. As of December 31, 2005, no Units of
Beneficial Interest are owned or held by an officer of Campbell & Company.(b)
    
    Security Ownership of Management. As of December 31, 2005, Campbell & Company
owned 20.360 Units of Beneficial Interest having a value of $54,934.
 28




---



##### 



Item 13. Certain Relationships and Related Transactions
  
 Item 14. Principal Accounting Fees and Services
  (a)
    
    Audit FeesThe aggregate fees billed by the principal accountant for professional services rendered by the principal accountant
for the audit of the Trusts annual financial statements, for review of financial
statements included in the Trusts Forms 10-Q and other services normally provided in
connection with regulatory filings for the years ended December 31, 2005 and 2004 were
$48,852 and $27,975, respectively.(b)
    
    Audit Related FeesThe aggregate fees billed by the principal accountant for the monthly recalculation of the Trusts net asset value
for the years ended December 31, 2005 and 2004 were $0 and $7,175, respectively.(c)
    
    Tax FeesThe aggregate fees billed by the principal accountant for professional services rendered for the preparation and
filing of the Trusts Schedule K-1s and all necessary federal and state tax returns for
the years ended December 31, 2005 and 2004 were $0 and $36,648, respectively. During
the year ended December 31, 2004, a total of 2,378 individual investor K-1s were
distributed to the Unitholders.(d)
    
    All Other FeesThe aggregate fees and expenses billed by the
principal accountant for professional services, and related cost
reimbursement for postage, supplies and fulfillment house expenses, rendered for the
assistance in the preparation and mailing of the Trusts monthly account statements to
Unitholders, utilizing data, narrative and other items provided by Campbell & Company
for the years ended December 31, 2005 and 2004 were $0 and $41,060, respectively.
During the year ended December 31, 2004 a total of 32,670 monthly account statements
were distributed to Unitholders.(e)
    
    The Board of Directors of Campbell & Company approved all of the services
described above. The Board of Directors has determined that the payments made to its
independent accountants for these services are compatible with maintaining such
auditors independence. The Board of Directors explicitly pre-approves all audit and
non-audit services and all engagement fees and terms.
 
 PART IV
 
 Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    See Financial Statements beginning on page 32 hereof.(2)
    
    Schedules:Financial statement schedules have been omitted because they are not included
in the financial statements or notes hereto applicable or because equivalent
information has been included in the financial statements or notes thereto.(3)
    
    Exhibits
 29




---



##### 



Exhibit Number
    
    Description of Document
 1.01
    
    Form of Selling Agreement among the Registrant, Campbell &
Company and the Selling Agent. (Incorporated by reference to the respective
exhibit to the Registrants Form 10 (No. 0-50264) filed on April 30, 2003.)3.01
    
    Articles and Plan of Merger of the Campbell Fund Limited
Partnership with and into the Registrant dated January 2, 1996. (Incorporated
by reference to the respective exhibit to the Registrants Form 10 (No.
0-50264) filed on April 30, 2003.)3.02
    
    Declaration of Trust and Trust Agreement of the Registrant
dated January 2, 1996. (Incorporated by reference to the respective exhibit to
the Registrants Form 10 (No. 0-50264) filed on April 30, 2003.)3.03
    
    Certificate of Trust of the Registrant dated January 2, 1996.
(Incorporated by reference to the respective exhibit to the Registrants Form
10 (No. 0-50264) filed on April 30, 2003.)10.01
    
    Advisory Agreement between the Registrant and Campbell &
Company. (Incorporated by reference to the respective exhibit to the
Registrants Form 10 (No. 0-50264) filed on April 30, 2003.)10.02
    
    Customer Agreement between the Registrant, Campbell & Company
and ABN AMRO Incorporated. (Incorporated by reference to the respective exhibit
to the Registrants Form 10 (No. 0-50264) filed on April 30, 2003.)10.03
    
    Form of Subscription Agreement and Power of Attorney.
(Incorporated by reference to the respective exhibit to the Registrants Form
10 (No. 0-50264) filed on April 30, 2003.)10.04
    
    International Swap Dealers Association, Inc. Master Agreement
between the Registrant, Campbell & Company and ABN AMRO Bank, N.V., Chicago
Branch. (Incorporated by reference to the respective exhibit to the
Registrants Form 10 (No. 0-50264) filed on April 30, 2003.)31.01
    
    Certification of Bruce L. Cleland, Chief Executive Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.31.02
    
    Certification of Theresa D. Becks, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.32.01
    
    Certification of Bruce L. Cleland, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    Certification of Theresa D. Becks, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.
 (b)
    
    Reports on Form 8-K
  30




---



##### 



SIGNATURES
  THE CAMPBELL FUND TRUSTBy: CAMPBELL & COMPANY, INC.Managing OperatorBy: /s/ Theresa D. BecksTheresa D. BecksChief Financial Officer, Secretary,Treasurer and Director
  Signature
    
    Capacity/s/ D. Keith Campbell

D. Keith Campbell
    
    Chairman
of the Board/s/ William C. Clarke, III

William C. Clarke, III
    
    Executive
Vice President and Director/s/ Bruce L. Cleland

Bruce L. Cleland
    
    President,
Chief Executive Officer and Director/s/ Theresa D. Becks

Theresa D. Becks
    
    Chief
Financial Officer, Secretary, Treasurer and Director/s/ James M. Little

James M. Little
    
    Executive
Vice President and Director
 31




---



##### 



THE CAMPBELL FUND TRUST
 ANNUAL REPORT
  32




---



##### 



THE CAMPBELL FUND TRUST
 INDEX
 PAGESReports of Independent Registered Public Accounting FirmsDeloitte & Touche LLP
    
    34Arthur F. Bell, Jr. & Associates, L.L.C.
    
    35Financial StatementsStatements of Financial Condition
December 31, 2005 and 2004
    
    36Condensed Schedules of Investments
December 31, 2005 and 2004
    
    37-38Statements of Operations For the Years
Ended December 31, 2005, 2004 and 2003
    
    39Statements of Cash Flows For the Years
Ended December 31, 2005, 2004 and 2003
    
    40Statements of Changes in Unitholders Capital (Net Asset Value)
For the Years Ended December 31, 2005, 2004 and 2003
    
    41Notes to Financial Statements
    
    42-46
 33




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
  
 34




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
  
 35




---



##### 



THE CAMPBELL FUND TRUST
 
 STATEMENTS OF FINANCIAL CONDITION
 2005
    
    
    2004ASSETSEquity in broker trading accounts$
    28,167,051
    
    
    $
    24,970,812United States government securities
    
    
    480,021,830
    
    
    
    318,991,367Net unrealized gain (loss) on open futures contracts
    
    
    (2,223,857
    )
    
    
    9,219,986Total equity in broker trading accounts
    
    
    505,965,024
    
    
    
    353,182,165Cash and cash equivalents
    
    
    258,339,749
    
    
    
    134,055,510United States government securities
    
    
    273,355,666
    
    
    
    218,933,061Net unrealized loss on open forward currency contracts
    
    
    (31,744,009
    )
    
    
    (10,914,970
    )Total assets
    
    $
    1,005,916,430
    
    
    $
    695,255,766LIABILITIESAccounts payable
    
    $
    112,361
    
    
    $
    67,123Accrued commissions and other trading fees
on open contracts
    
    
    156,266
    
    
    
    162,993Management fee
    
    
    3,143,094
    
    
    
    2,168,734Performance fee
    
    
    2,829,826
    
    
    
    0Redemptions payable
    
    
    2,257,332
    
    
    
    0Subscription deposits
    
    
    1,300,000
    
    
    
    0Prepaid subscriptions
    
    
    61,419,664
    
    
    
    44,405,562Total liabilities
    
    
    71,218,543
    
    
    
    46,804,412UNITHOLDERS CAPITAL (Net Asset Value)Managing Operator  20.360 units outstanding
at December 31, 2005 and 2004
    
    
    54,934
    
    
    
    49,064Unitholders  346,403.516 and 269,068.569 units
outstanding at December 31, 2005 and 2004
    
    
    934,642,953
    
    
    
    648,402,290Total unitholders capital
(Net Asset Value)
    
    
    934,697,887
    
    
    
    648,451,354Total liabilities and unitholders capital (Net Asset Value)
    
    $
    1,005,916,430
    
    
    $
    695,255,766
  36




---



##### 



THE CAMPBELL FUND TRUST
 
 CONDENSED SCHEDULE OF INVESTMENTS
 UNITED STATES GOVERNMENT SECURITIES*
 Maturity
    
    
    
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Date
    
    Description
    
    
    
    
    
    Value
    
    
    Asset Value$
    190,000,000
    
    
    03/02/2006
    
    U.S. Treasury Bills
    
    
    
    
    
    $
    188,779,250
    
    
    
    20.20
    %$
    170,000,000
    
    
    03/09/2006
    
    U.S. Treasury Bills
    
    
    
    
    
    
    168,772,411
    
    
    
    18.06
    %$
    135,000,000
    
    
    02/23/2006
    
    U.S. Treasury Bills
    
    
    
    
    
    
    134,234,812
    
    
    
    14.36
    %$
    110,000,000
    
    
    03/23/2006
    
    U.S. Treasury Bills
    
    
    
    
    
    
    109,040,937
    
    
    
    11.66
    %$
    85,000,000
    
    
    02/16/2006
    
    U.S. Treasury Bills
    
    
    
    
    
    
    84,576,417
    
    
    
    9.05
    %$
    68,000,000
    
    
    01/05/2006
    
    U.S. Treasury Bills
    
    
    
    
    
    
    67,973,669
    
    
    
    7.27
    %Total United States government securities
(cost, including accrued interest,  $753,377,496)
    
    $
    753,377,496
    
    
    
    80.60
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueEnergy
    
    $
    (10,862,346
    )
    
    
    (1.16
    )%Metals
    
    
    680,140
    
    
    
    0.07
    %Stock indices
    
    
    (101,406
    )
    
    
    (0.01
    )%Long-term interest rates
    
    
    321,383
    
    
    
    0.03
    %Total long futures contracts
    
    $
    (9,962,229
    )
    
    
    (1.07
    )%
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueAgricultural
    
    $
    (442,817
    )
    
    
    (0.04
    )%Metals
    
    
    (17,225
    )
    
    
    (0.00
    )%Stock indices
    
    
    (213,230
    )
    
    
    (0.02
    )%Short-term interest rates
    
    
    9,435,205
    
    
    
    1.00
    %Long-term interest rates
    
    
    (1,023,561
    )
    
    
    (0.11
    )%Total short futures contracts
    
    $
    7,738,372
    
    
    
    0.83
    %Total futures contracts
    
    $
    (2,223,857
    )
    
    
    (0.24
    )%
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (23,306,838
    )
    
    
    (2.50
    )%Various short forward currency contracts
    
    
    (8,437,171
    )
    
    
    (0.90
    )%Total forward currency contracts
    
    $
    (31,744,009
    )
    
    
    (3.40
    )%
 
 *
    
    - pledged as collateral for the trading of futures and forward positions.  37




---



##### 



THE CAMPBELL FUND TRUST
 
 CONDENSED SCHEDULE OF INVESTMENTS
 UNITED STATES GOVERNMENT SECURITIES*
 Maturity
    
    
    
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Date
    
    Description
    
    
    
    
    
    Value
    
    
    Asset Value$
    185,000,000
    
    
    03/31/2005
    
    U.S. Treasury Bills
    
    
    
    
    
    $
    184,025,821
    
    
    
    28.38
    %$
    115,000,000
    
    
    03/10/2005
    
    U.S. Treasury Bills
    
    
    
    
    
    
    114,525,369
    
    
    
    17.66
    %$
    64,000,000
    
    
    02/10/2005
    
    U.S. Treasury Bills
    
    
    
    
    
    
    63,856,355
    
    
    
    9.85
    %$
    55,000,000
    
    
    02/17/2005
    
    U.S. Treasury Bills
    
    
    
    
    
    
    54,852,538
    
    
    
    8.46
    %$
    55,000,000
    
    
    03/24/2005
    
    U.S. Treasury Bills
    
    
    
    
    
    
    54,733,158
    
    
    
    8.44
    %$
    48,000,000
    
    
    01/06/2005
    
    U.S. Treasury Bills
    
    
    
    
    
    
    47,988,967
    
    
    
    7.40
    %$
    18,000,000
    
    
    02/24/2005
    
    U.S. Treasury Bills
    
    
    
    
    
    
    17,942,220
    
    
    
    2.77
    %Total United States government securities
(cost, including accrued interest,  $537,924,428)
    
    $
    537,924,428
    
    
    
    82.96
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueAgricultural
    
    $
    382,106
    
    
    
    0.06
    %Energy
    
    
    (953,863
    )
    
    
    (0.15
    )%Metals
    
    
    298,815
    
    
    
    0.04
    %Stock indices
    
    
    4,538,420
    
    
    
    0.70
    %Short-term interest rates
    
    
    (401,167
    )
    
    
    (0.06
    )%Long-term interest rates
    
    
    5,181,996
    
    
    
    0.80
    %Total long futures contracts
    
    $
    9,046,307
    
    
    
    1.39
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueAgricultural
    
    $
    66,570
    
    
    
    0.01
    %Metals
    
    
    (588,298
    )
    
    
    (0.09
    )%Short-term interest rates
    
    
    697,760
    
    
    
    0.11
    %Long-term interest rates
    
    
    (2,353
    )
    
    
    0.00
    %Total short futures contracts
    
    $
    173,679
    
    
    
    0.03
    %Total futures contracts
    
    $
    9,219,986
    
    
    
    1.42
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    18,749,263
    
    
    
    2.89
    %Various short forward currency contracts
    
    
    (29,664,233
    )
    
    
    (4.57
    )%Total forward currency contracts
    
    $
    (10,914,970
    )
    
    
    (1.68
    )%
 
 *
    
    - pledged as collateral for the trading of futures and forward positions.  38




---



##### 



THE CAMPBELL FUND TRUST
 
 STATEMENTS OF OPERATIONS
 2005
    
    
    2004
    
    
    2003TRADING GAINSFutures trading gains (losses)Realized
    
    $
    71,661,253
    
    
    $
    58,773,406
    
    
    $
    (15,973,938
    )Change in unrealized
    
    
    (11,443,843
    )
    
    
    3,171,617
    
    
    
    3,761,793Brokerage commissions
    
    
    (2,532,001
    )
    
    
    (1,418,687
    )
    
    
    (1,097,308
    )Net gain (loss) from futures trading
    
    
    57,685,409
    
    
    
    60,526,336
    
    
    
    (13,309,453
    )Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    70,081,317
    
    
    
    26,429,299
    
    
    
    61,318,645Change in unrealized
    
    
    (20,829,039
    )
    
    
    (22,724,110
    )
    
    
    9,708,165Brokerage commissions
    
    
    (265,031
    )
    
    
    (172,043
    )
    
    
    (122,545
    )Net gain from forward currency trading
    
    
    48,987,247
    
    
    
    3,533,146
    
    
    
    70,904,265Total net trading gains
    
    
    106,672,656
    
    
    
    64,059,482
    
    
    
    57,594,812EXPENSES NET OF INTEREST INCOMEIncomeInterest income
    
    
    23,496,874
    
    
    
    6,710,489
    
    
    
    2,608,007ExpensesManagement fee
    
    
    32,154,825
    
    
    
    21,280,557
    
    
    
    10,875,410Performance fee
    
    
    4,821,357
    
    
    
    14,594,954
    
    
    
    8,420,623Operating expenses
    
    
    207,482
    
    
    
    145,685
    
    
    
    115,388Total expenses
    
    
    37,183,664
    
    
    
    36,021,196
    
    
    
    19,411,421Expenses net of interest income
    
    
    (13,686,790
    )
    
    
    (29,310,707
    )
    
    
    (16,803,414
    )NET INCOME
    
    $
    92,985,866
    
    
    $
    34,748,775
    
    
    $
    40,791,398NET INCOME PER MANAGING
OPERATOR AND UNITHOLDERS UNIT(based on weighted average number
of units outstanding during the year)
    
    $
    295.68
    
    
    $
    154.59
    
    
    $
    319.99INCREASE IN NET ASSET VALUE
PER MANAGING OPERATOR AND
UNITHOLDERS UNIT
    
    $
    288.33
    
    
    $
    187.69
    
    
    $
    347.18
  39




---



##### 



THE CAMPBELL FUND TRUST
 
 STATEMENTS OF CASH FLOWS
 2005
    
    
    2004
    
    
    2003Cash flows from (for) operating activitiesNet income
    
    $
    92,985,866
    
    
    $
    34,748,775
    
    
    $
    40,791,398Adjustments to reconcile net income to
net cash (for) operating activitiesNet change in unrealized
    
    
    32,272,882
    
    
    
    19,552,493
    
    
    
    (13,469,958
    )Increase (decrease) in accounts payable
and accrued expenses
    
    
    3,842,697
    
    
    
    (1,633,645
    )
    
    
    3,486,688Net (purchases) of investments in
United States government securities
    
    
    (215,453,068
    )
    
    
    (303,658,533
    )
    
    
    (118,199,944
    )Net cash (for) operating activities
    
    
    (86,351,623
    )
    
    
    (250,990,910
    )
    
    
    (87,391,816
    )Cash flows from (for) financing activitiesAddition of units
    
    
    268,365,007
    
    
    
    312,391,964
    
    
    
    167,487,841Increase (decrease) in subscription deposits
    
    
    1,300,000
    
    
    
    0
    
    
    
    (3,337,000
    )Redemption of units
    
    
    (55,832,906
    )
    
    
    (28,885,679
    )
    
    
    (9,706,876
    )Net cash from financing activities
    
    
    213,832,101
    
    
    
    283,506,285
    
    
    
    154,443,965Net increase in cash and cash equivalents
    
    
    127,480,478
    
    
    
    32,515,375
    
    
    
    67,052,149Cash and cash equivalentsBeginning of year
    
    
    159,026,322
    
    
    
    126,510,947
    
    
    
    59,458,798End of year
    
    $
    286,506,800
    
    
    $
    159,026,322
    
    
    $
    126,510,947End of year cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    28,167,051
    
    
    $
    24,970,812
    
    
    $
    10,949,208Cash and cash equivalents
    
    
    258,339,749
    
    
    
    134,055,510
    
    
    
    115,561,739Total end of year cash and
cash equivalents
    
    $
    286,506,800
    
    
    $
    159,026,322
    
    
    $
    126,510,947
  40




---



##### 



THE CAMPBELL FUND TRUST
 
 STATEMENTS OF CHANGES IN UNITHOLDERS CAPITAL (NET ASSET VALUE)
 Total
    
    
Unitholders CapitalNumber of
    
    
    ManagingUnits
    
    
    Operator
    
    
    Unitholders
    
    
    TotalBalances at December 31, 2002
    
    
    76,095.728
    
    
    $
    38,174
    
    
    $
    142,635,884
    
    
    $
    142,674,058Net income for the year
ended December 31, 2003
    
    
    
    
    
    
    7,068
    
    
    
    40,784,330
    
    
    
    40,791,398Additions
    
    
    86,831.994
    
    
    
    0
    
    
    
    177,832,783
    
    
    
    177,832,783Redemptions
    
    
    (4,703.857
    )
    
    
    0
    
    
    
    (9,706,876
    )
    
    
    (9,706,876
    )Balances at December 31, 2003
    
    
    158,223.865
    
    
    
    45,242
    
    
    
    351,546,121
    
    
    
    351,591,363Net income for the year
ended December 31, 2004
    
    
    
    
    
    
    3,822
    
    
    
    34,744,953
    
    
    
    34,748,775Additions
    
    
    123,200.764
    
    
    
    0
    
    
    
    290,996,895
    
    
    
    290,996,895Redemptions
    
    
    (12,335.700
    )
    
    
    0
    
    
    
    (28,885,679
    )
    
    
    (28,885,679
    )Balances at December 31, 2004
    
    
    269,088.929
    
    
    
    49,064
    
    
    
    648,402,290
    
    
    
    648,451,354Net income for the year
ended December 31, 2005
    
    
    
    
    
    
    5,870
    
    
    
    92,979,996
    
    
    
    92,985,866Additions
    
    
    100,482.413
    
    
    
    0
    
    
    
    251,350,905
    
    
    
    251,350,905Redemptions
    
    
    (23,147.466
    )
    
    
    0
    
    
    
    (58,090,238
    )
    
    
    (58,090,238
    )Balances at December 31, 2005
    
    
    346,423.876
    
    
    $
    54,934
    
    
    $
    934,642,953
    
    
    $
    934,697,887
 Net Asset Value per UnitDecember 31,2005
    
    
    2004
    
    2003$
    2,698.13
    
    
    $
    2,409.80
    
    $
    2,222.11
  41




---



##### 



THE CAMPBELL FUND TRUST
 
 NOTES TO FINANCIAL STATEMENTS
 Note 1.
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the TrustThe Campbell Fund Trust (the Trust) is a Delaware statutory trust which operates as a
commodity investment pool. The Trust engages in the speculative trading of futures
contracts and forward currency contracts.B.
    
    RegulationThe Trust is a registrant with the Securities and Exchange Commission (SEC) pursuant
to the Securities Exchange Act of 1934 (the Act). As a registrant, the Trust is
subject to the regulations of the SEC and the informational requirements of the Act.
As a commodity investment pool, the Trust is subject to the regulations of the
Commodity Futures Trading Commission, an agency of the United States (U.S.)
government which regulates most aspects of the commodity futures industry; rules of
the National Futures Association, an industry self-regulatory organization; and the
requirements of the various commodity exchanges where the Trust executes
transactions. Additionally, the Trust is subject to the requirements of futures
commission merchants (brokers) and interbank market makers through which the Trust
trades.C.
    
    Method of ReportingThe Trusts financial statements are presented in accordance with U.S. generally
accepted accounting principles, may require the use of certain estimates made by the
Trusts management. Actual results may differ from these estimates. Investment
transactions are accounted for on the trade date. Gains or losses are realized when
contracts are liquidated. Unrealized gains and losses on open contracts (the
difference between contract trade price and market price) are reported in the
statement of financial condition as a net gain or loss, as there exists a right of
offset of unrealized gains or losses in accordance with Financial Accounting
Standards Board Interpretation No. 39  Offsetting of Amounts Related to Certain
Contracts. The market value of futures (exchange-traded) contracts is determined
by the various futures exchanges, and reflects the settlement price for each
contract as of the close of the last business day of the reporting period. The
market value of forward currency (non-exchange traded) contracts is extrapolated on
a forward basis from the spot prices quoted as of 5:00 P.M. (E.T.) of the last
business day of the reporting period. Any change in net unrealized gain or loss
from the preceding period is reported in the statement of operations. Brokerage
commissions include other trading fees and are charged to expense when contracts are
opened. United States government securities are stated at cost plus accrued
interest, which approximates market value.For purposes of both financial reporting and calculation of redemption value, Net
Asset Value per unit is calculated by dividing Net Asset Value by the number of
units outstanding.D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and short-term time deposits held at
financial institutions.
 42




---



##### 



THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 Note 1.
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
 E.
    
    Income TaxesThe Trust prepares calendar year U.S. and applicable state information tax returns
and reports to the unitholders their allocable shares of the Trusts income, expenses
and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements
as each unitholder is individually responsible for reporting income or loss based on
such unitholders respective share of the Trusts income and expenses as reported for
income tax purposes.F.
    
    Foreign Currency TransactionsThe Trusts functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in
currencies other than the U.S. dollar are translated into U.S. dollars at the rates
in effect at the date of the statement of financial condition. Income and expense
items denominated in currencies other than the U.S. dollar are translated into U.S.
dollars at the rates in effect during the period. Gains and losses resulting from
the translation to U.S. dollars are reported in income.G.
    
    ReclassificationCertain amounts in the 2004 financial statements were reclassified to conform with
the 2005 presentation.
 Note 2.
    
    MANAGING OPERATOR AND COMMODITY TRADING ADVISOR
   Note 3.
    
    TRUSTEE
  Note 4.
    
    DEPOSITS WITH BROKER
  43




---



##### 



THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 Note 5.
    
    SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
   Note 6.
    
    TRADING ACTIVITIES AND RELATED RISKS
       44




---



##### 



THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 Note 6.
    
    TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)
  Futures Contracts
    
    
    Forward Currency Contracts(exchange traded)
    
    
    (non-exchange traded)December 31,
    
    
    December 31,
    
    
    December 31,
    
    
    December 31,2005
    
    
    2004
    
    
    2005
    
    
    2004Gross unrealized gains
    
    $
    14,087,349
    
    
    $
    12,418,105
    
    
    $
    23,965,693
    
    
    $
    25,436,620Gross unrealized losses
    
    
    (16,311,206
    )
    
    
    (3,198,119
    )
    
    
    (55,709,702
    )
    
    
    (36,351,590
    )Net unrealized gain (loss)
    
    $
    (2,223,857
    )
    
    $
    9,219,986
    
    
    $
    (31,744,009
    )
    
    $
    (10,914,970
    )
   Note 7.
    
    INDEMNIFICATIONS
  45




---



##### 



THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 Note 8.
    
    FINANCIAL HIGHLIGHTS
  2005
    
    
    2004
    
    
    2003Per Unit Performance(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year
    
    $
    2,409.80
    
    
    $
    2,222.11
    
    
    $
    1,874.93Income (loss) from operations:Total net trading gains (1)
    
    
    331.85
    
    
    
    318.09
    
    
    
    479.00Expenses net of interest income (1)
    
    
    (43.52
    )
    
    
    (130.40
    )
    
    
    (131.82
    )Total net income from operations
    
    
    288.33
    
    
    
    187.69
    
    
    
    347.18Net asset value per unit at end of year
    
    $
    2,698.13
    
    
    $
    2,409.80
    
    
    $
    2,222.11Total Return
    
    
    11.96
    %
    
    
    8.45
    %
    
    
    18.52
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee
    
    
    (4.03
    )%
    
    
    (4.01
    )%
    
    
    (4.03
    )%Performance fee
    
    
    (0.60
    )%
    
    
    (2.73
    )%
    
    
    (3.09
    )%Total expenses
    
    
    (4.63
    )%
    
    
    (6.74
    )%
    
    
    (7.12
    )%Expenses net of interest income (2)
    
    
    (1.10
    )%
    
    
    (2.75
    )%
    
    
    (3.08
    )%
 Total returns are calculated based on the change in value of a unit during the year. An
individual unitholders total returns and ratios may vary from the above total returns and
ratios based on the timing of additions and redemptions.
 
 (1)
    
    Expenses net of interest income per unit is calculated by dividing the
expenses net of interest income by the average number of units outstanding during the
year. Total trading gains is a balancing amount necessary to reconcile the change in
net asset value per unit with the other per unit information.(2)
    
    Excludes performance fee. 46




---



##### 



EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E 231.02
    
    Certification by Chief Financial Officer
    
    E 332.01
    
    Certification by Chief Executive Officer
    
    E 432.02
    
    Certification by Chief Financial Officer
    
    E 5
 E 1