##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
  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, 2010
 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 
incorporation or organization)
    
    (IRS Employer Identification Number)
 2850 Quarry Lake Drive, Baltimore, Maryland 21209
 (410) 413-2600
 None
  Units of Beneficial Interest
  o þ
  o þ
  þ o
  þ o
 þ
  Large accelerated filer o   
    Accelerated filer o
    Non-accelerated filer o
    Smaller reporting company þ(Do not check if a smaller reporting company)
  o þ
  5.




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##### Table of Contents



TABLE OF CONTENTS
 PagePART IITEM 1.
    
    BUSINESS
    
    
    1-6ITEM 1A.
    
    RISK FACTORS
    
    
    6-16ITEM 1B.
    
    UNRESOLVED STAFF COMMENTS
    
    
    16ITEM 2.
    
    PROPERTIES
    
    
    16ITEM 3.
    
    LEGAL PROCEEDINGS
    
    
    16ITEM 4.
    
    (REMOVED AND RESERVED)
    
    
    16PART IIITEM 5.
    
    MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
    
    
    17ITEM 6.
    
    SELECTED FINANCIAL DATA
    
    
    17-18ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
    
    
    19-29ITEM 7A.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    29-35ITEM 8.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    35ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
    
    
    35ITEM 9A.
    
    CONTROLS AND PROCEDURES
    
    
    36ITEM 9B.
    
    OTHER INFORMATION
    
    
    36PART IIIITEM 10.
    
    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    37-40ITEM 11.
    
    EXECUTIVE COMPENSATION
    
    
    40ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
    
    
    40ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    41




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PageITEM 14.
    
    PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    41PART IVITEM 15.
    
    EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    41  42SIGNATURESCERTIFICATIONSEX-31.01EX-31.02EX-32.01EX-32.02




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##### Table of Contents



PART I
 
 Item 1.
    
    Business
 General development of business
       1




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Financial information about segments
  Narrative description of business
 General
   Use of Proceeds and Cash Management Income
 Subscription Proceeds and Available Assets.
 i.e.
  2




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Cash Manager and Custodian.
   Market Sectors.
  Market Types .
   3




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Charges
  RECIPIENT
    
    NATURE OF PAYMENT
    
    AMOUNT OF PAYMENTCampbell & Company
    
    Management Fee
    
    A monthly management
fee of 1/12 of 4% of
the month-end net
assets of the Series
A units and Series B
units, totaling
approximately 4% of
the average month-end
net assets per year
of the Series A units
and Series B units; a
monthly management
fee of 1/12 of 2% of
the month-end net
assets of the Series
W units, totaling
approximately 2% of
average month-end net
assets per year of
the Series W units.
The managing operator
may pay a portion or
all of its monthly
management fee either
upfront (with respect
to Series A units) or
on an ongoing basis
with respect to
Series B units
(commencing with the
13th month
with respect to
Series A units) to
selected selling
agents who have sold
the Series A units
and the Series B
units, in return for
their provision of
ongoing services to
the Series A and/or
the Series B
unitholders. It is
intended that, in
most cases, the
ongoing payment paid
to selling agents
will be 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 (if any)
in the net asset
value per unit of the
Series A units,
Series B units and
Series W units at the
end of each quarter,
exclusive of
appreciation
attributable to
interest income.Campbell & Company
    
    Organization and
Offering Expenses
    
    The Series A units
and Series W units
each bear offering
expenses incurred in
relation to the
offering of the
Series A units and
Series W units,
respectively, up to
an amount equal to
approximately 1/12 of
0.50% of the
month-end net assets
of each of the Series
A units and Series W
units, totaling a
maximum of 0.50% of
average month-end net
assets per year each
of the Series A units
and Series W units.
Such organization and
offering expenses of
the Trust include all
fees and expenses in
connection with the
distribution of the
units, including
legal, accounting,
printing, mailing,
filing fees, escrow
fees, salaries and
bonuses of employees
while engaged in
sales activities, and
marketing expenses of
Campbell & Company
and the selling
agents which are paid
by the Trust.Selling Agents
    
    Administrative Fee
    
    The selling agents
(the firm and not the
individual
representatives) who
sell Series W units
receive a monthly
administrative fee of
1/12 of 0.50% of the
month-end net assets
of the Series W
units, totaling
approximately 0.50%
of average month-end
net assets per year
of the Series W
units.
 4




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RECIPIENT
    
    NATURE OF PAYMENT
    
    AMOUNT OF PAYMENTUBS SECURITIES, LLC
    
    Brokerage Commissions
    
    Brokerage commissions
are paid at a rate of
approximately $3 for
each round-turn trade
executed for the
Trust, or
approximately 0.20%
of average month-end
net assets per year
of each Series of
Units, although there
is no limit on the
amount of such
commissions.Royal Bank of
Scotland (RBS)
    
    Over-the-Counter
Counterparty Execution
Costs
    
    The over-the-counter
counterpartys
execution costs are
included in the price
of each forward or
option contract
purchased or sold,
and, accordingly,
such costs cannot be
determined but are
charged. In
addition, RBS charges
approximately $4 per
$1 million, plus any
additional electronic
platform charges, for
forward or option
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
0.25% of the Trusts
net assets.Wilmington Trust
Investment
Management, LLC &
Horizon Cash
Management, LLC (the
Cash Managers)
    
    Cash Managers and the
Custodian
    
    The Trust pays the
Cash Managers and
Northern Trust
Company a combined
annualized fee equal
to approximately
0.10% per annum of
the funds managed by
the Cash Managers
based on a percentage
of the principal
amount of the Trusts
non-margin assets
under management by
the Cash Managers,
computed and accrued
on the average daily
market value
maintained in the
Northern Trust
Company custodial
account by the Trust.
The Cash Managers and
Northern Trust
Company are not
affiliated with
Campbell & Company.
The Trust may engage
other firms which are
unaffiliated with
Campbell & Company
from time to time to
provide cash
management and
custodial services.
Such services would
be provided pursuant
to similar terms and
fees as those that
apply to the Cash
Managers and Northern
Trust Company. The
Trust may also
terminate all types
of cash management
services at any time.Other
    
    Operating Expenses
    
    The Trust pays
operating expenses
(other than the cost
of the Units),
including, but not
limited to,
administrative, legal
and accounting fees
and any taxes or
extraordinary
expenses payable by
the Trust. These
expenses are
estimated at
approximately 0.10%
of the Trusts net
assets annually,
although there is no
limit on the amount
of such expenses.
 5




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Regulation
      Other Information
 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
  6




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Changes in Financing Policies or the Imposition of Other Credit Limitations or Restrictions Could
Compel the Trust to Liquidate Positions at Disadvantageous Prices
  Your Investment Could be Illiquid
  Suspension of Redemptions
   7




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Market Disruptions: Governmental Intervention; The Dodd Frank Wall Street Reform and Consumer
Protection Act (the Reform Act)
    Speculative Position Limits
  8




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Over-the-Counter Derivatives Markets
     9




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Options on Futures and Over-the-Counter Contracts are Speculative and Highly Leveraged
  An Investment in the Trust May Not Diversify an Overall Portfolio
   Trading Risks
 There are Disadvantages to Making Trading Decisions Based Primarily on Technical Market Data
   Increased Competition from Other Trend-Following Traders Could Reduce Campbell & Companys
Profitability
  10




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Limits Imposed by Futures Exchanges or Other Regulatory Organizations, Such As Speculative Position
Limits and Daily Price Fluctuation Limits, May Alter Trading Decisions for the Trust
  Increase in Assets Under Management May Make Profitable Trading More Difficult
  Investors Will Not be Able to View the Trusts Holdings on a Daily Basis, Which May Result in
Unanticipated Losses
  Tax Risks
 Investors are Taxed Based on Their Share of Trust Income and Gain
   11




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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 Trusts Service Providers Could Fail
 pro rata
  12




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Inadequate Models Could Negatively Affect the Trusts Portfolio
  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
  13




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The Trust Places Significant Reliance on Campbell & Company and the Incapacity of its Principals
Could Adversely Affect the Trust
  The Trust Could Terminate Before You Achieve Your Investment Objective Causing Potential Loss of
Your Investment or Upsetting Your Investment Portfolio
  The Trust Is Not A Regulated Investment Company and Therefore Is Subject to Different Protections
Than a Regulated Investment Company
  Forwards, Options, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation;
Therefore, the Trust Will Not Receive the Same Protections on These Transactions
  The Trust is Subject to Foreign Market Credit and Regulatory Risk
  14




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The Trust is Subject to Foreign Exchange Risk
  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
  15




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The Trust May Distribute Profits to Unitholders at Inopportune Times
  Potential Inability to Trade or Report Due to Systems Failure Could Adversely Affect the Trust
  Failure to Receive Timely and Accurate Market Data from Third Party Vendors Could Cause Disruptions
or the Inability to Trade
  
 Item 1B.
    
    Unresolved Staff Comments
  
 Item 2.
    
    Properties
  
 Item 3.
    
    Legal Proceedings
  
 Item 4.
    
    (Removed and Reserved)
 
 16




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##### Table of Contents



PART II
 
 Item 5.
    
    Market for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
    
 Item 6.
    
    Selected Financial Data
 Dollars in thousands, except per Unit amounts
  For the Year Ended December 31,2010
    
    2009
    
    2008
    
    2007
    
    2006Total Assets
    
    $
    354,307
    
    
    $
    375,584
    
    
    $
    533,225
    
    
    $
    832,931
    
    
    $
    1,179,711Total Unitholders Capital
    
    
    346,450
    
    
    
    365,318
    
    
    
    501,507
    
    
    
    774,739
    
    
    
    1,153,999Total Net Trading Gain (Loss)
(includes brokerage commissions)
    
    
    46,833
    
    
    
    (10,341
    )
    
    
    25,343
    
    
    
    (136,663
    )
    
    
    64,620Net Income (Loss)
    
    
    34,157
    
    
    
    (27,085
    )
    
    
    10,211
    
    
    
    (135,306
    )
    
    
    63,249Net Income (Loss) Per Managing
Operator and Other
Unitholder Unit *Series A**
    
    
    390.52
    
    
    
    (58.14
    )
    
    
    (32.19
    )
    
    
    n/a
    
    
    
    n/aSeries B
    
    
    218.49
    
    
    
    (158.24
    )
    
    
    41.60
    
    
    
    (360.46
    )
    
    
    153.91Series W***
    
    
    386.22
    
    
    
    79.02
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aIncrease (Decrease) in Net Asset
Value per Managing Operator
and Other Unitholder UnitSeries A**
    
    
    250.82
    
    
    
    (159.98
    )
    
    
    (35.35
    )
    
    
    n/a
    
    
    
    n/aSeries B
    
    
    276.71
    
    
    
    (148.25
    )
    
    
    31.11
    
    
    
    (370.14
    )
    
    
    168.95Series W***
    
    
    279.59
    
    
    
    (164.27
    )
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
  1st Qtr.
    
    2nd Qtr.
    
    3rd Qtr.
    
    4th Qtr.2010
    
    2010
    
    2010
    
    2010Total Net Trading Gain
(Loss) (includes
brokerage
commissions)
    
    $
    (10,161
    )
    
    $
    646
    
    
    $
    27,788
    
    
    $
    28,560Net Income (Loss)
    
    
    (13,470
    )
    
    
    (2,582
    )
    
    
    25,177
    
    
    
    25,032Net Income (Loss)
per Managing Operator
and Other Unitholder
Unit *Series A**
    
    
    (55.42
    )
    
    
    (24.59
    )
    
    
    194.08
    
    
    
    181.01Series B
    
    
    (92.20
    )
    
    
    (17.52
    )
    
    
    184.09
    
    
    
    194.21Series W***
    
    
    (30.26
    )
    
    
    (12.07
    )
    
    
    191.96
    
    
    
    180.85
 17




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##### Table of Contents



1st Qtr.
    
    2nd Qtr.
    
    3rd Qtr.
    
    4th Qtr.2010
    
    2010
    
    2010
    
    2010Increase (Decrease)
in Net Asset Value
per Managing Operator
and Other Unitholder
UnitSeries A**
    
    
    (89.20
    )
    
    
    (22.72
    )
    
    
    184.12
    
    
    
    178.62Series B
    
    
    (86.88
    )
    
    
    (20.05
    )
    
    
    188.82
    
    
    
    194.82Series W***
    
    
    (81.80
    )
    
    
    (14.50
    )
    
    
    197.64
    
    
    
    178.25Net Asset Value per
Managing Operator and
Other Unitholder Unit
at the End of the PeriodSeries A**
    
    
    2,275.84
    
    
    
    2,253.12
    
    
    
    2,437.24
    
    
    
    2,615.86Series B
    
    
    2,292.92
    
    
    
    2,272.87
    
    
    
    2,461.69
    
    
    
    2,656.51Series W***
    
    
    2,318.09
    
    
    
    2,303.59
    
    
    
    2,501.23
    
    
    
    2,679.48
 1st Qtr.
    
    2nd Qtr.
    
    3rd Qtr.
    
    4th Qtr.2009
    
    2009
    
    2009
    
    2009Total Net Trading Gain
(Loss) (includes
brokerage
commissions)
    
    $
    2,461
    
    
    $
    (27,874
    )
    
    $
    16,387
    
    
    $
    (1,315
    )Net Income (Loss)
    
    
    (2,502
    )
    
    
    (32,170
    )
    
    
    12,495
    
    
    
    (4,908
    )Net Income (Loss)
per Managing Operator
and Other Unitholder
Unit *Series A**
    
    
    (21.39
    )
    
    
    (147.19
    )
    
    
    90.04
    
    
    
    (37.35
    )Series B
    
    
    (12.89
    )
    
    
    (179.53
    )
    
    
    73.55
    
    
    
    (30.79
    )Series W***
    
    
    (47.16
    )
    
    
    (149.28
    )
    
    
    119.32
    
    
    
    (18.04
    )Increase (Decrease)
in Net Asset Value
per Managing Operator
and Other Unitholder
UnitSeries A**
    
    
    (17.42
    )
    
    
    (180.76
    )
    
    
    72.37
    
    
    
    (34.17
    )Series B
    
    
    (14.29
    )
    
    
    (178.27
    )
    
    
    75.67
    
    
    
    (31.36
    )Series W***
    
    
    (48.18
    )
    
    
    (172.55
    )
    
    
    82.00
    
    
    
    (25.54
    )Net Asset Value per
Managing Operator and
Other Unitholder Unit
at the End of the PeriodSeries A**
    
    
    2,507.60
    
    
    
    2,326.84
    
    
    
    2,399.21
    
    
    
    2,365.04Series B
    
    
    2,513.76
    
    
    
    2,335.49
    
    
    
    2,411.16
    
    
    
    2,379.80Series W***
    
    
    2,515.98
    
    
    
    2,343.43
    
    
    
    2,425.43
    
    
    
    2,399.89
 
 *
    
    Based on weighted average number of units outstanding during the period.**
    
    Series A Units commenced trading on October 1, 2008.***
    
    Series W Units commenced trading on March 1, 2009 
 18




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##### Table of Contents



Item 7.
    
    Managements Discussion and Analysis of Financial Condition and
Results of Operations.
 Introduction
   Critical Accounting Policies
   Capital Resources
   Liquidity
   19




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Off-Balance Sheet Risk
  20




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Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts Accounted
for at Fair Value
  Results of Operations
    2010
   21




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##### Table of Contents



Sector
    
    % Gain (Loss)Interest Rates
    
    
    12.12
    %Commodities
    
    
    3.21Currencies
    
    
    2.94Stock Indices
    
    
    (2.54
    )15.73
    %
    22




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th
    23




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24




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##### Table of Contents



2009
     Sector
    
    % Gain (Loss)Currencies
    
    
    3.74
    %Commodities
    
    
    (0.21
    )Stock Indices
    
    
    (0.47
    )Interest Rates
    
    
    (4.77
    )(1.71)
    %
  25




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26




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2008
  27




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##### Table of Contents



Sector
    
    % Gain (Loss)Stock Indices
    
    
    8.68
    %Commodities
    
    
    0.43Currencies
    
    
    (0.60
    )Interest Rates
    
    
    (4.69
    )3.82
    %
       28




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##### Table of Contents



Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
  29




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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).
     30




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The Trusts Trading Value at Risk in Different Market Sectors
  December 31, 2010Market Sector
    
    Value at Risk*
    
    Gain/(Loss)**Commodities
    
    
    0.83
    %
    
    
    3.21
    %Stock Indices
    
    
    0.48
    %
    
    
    (2.54)
    %Currencies
    
    
    0.46
    %
    
    
    2.94
    %Interest Rates
    
    
    0.45
    %
    
    
    12.12
    %Aggregate/Total
    
    
    1.72
    %
    
    
    15.73
    %
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Trusts open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    -Represents the gross trading for the Trust for the year ended December 31, 2010.    31




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December 31, 2009Market Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    0.90
    %
    
    
    3.74
    %Interest Rates
    
    
    0.68
    %
    
    
    (4.77)
    %Stock Indices
    
    
    0.45
    %
    
    
    (0.47
    )%Commodities
    
    
    0.41
    %
    
    
    (0.21
    )%Aggregate/Total
    
    
    1.62
    %
    
    
    (1.71)
    %
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Trusts open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    -Represents the gross trading for the Trust for the year ended December 31, 2010.    December 31, 2008TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    0.50
    %
    
    
    (0.60
    )%Interest Rates
    
    
    0.29
    %
    
    
    (4.69)
    %Stock Indices
    
    
    0.17
    %
    
    
    8.68
    %Commodities
    
    
    0.06
    %
    
    
    0.43
    %Aggregate/Total
    
    
    0.59
    %
    
    
    3.82
    %
 
 *
    
    - The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Trusts open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    - Represents the gross trading for the Trust for the year ended December 31, 2008.   32




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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;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.,
 33




---



##### Table of Contents



Interest Rates
  Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  34




---



##### Table of Contents



Fixed Income Securities
  Treasury Bill Positions for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  
 Item 8.
    
    Financial Statements and Supplementary Data
  
 Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
 None.
 
 35




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##### Table of Contents



Item 9A.
    
    Controls and Procedures
  Managements Annual Report on Internal Control over Financial Reporting
   
    
    Pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Trust;
    
    Provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that the partnerships transactions are being made only in accordance with
authorizations of Management and;
    
    Provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Trusts assets that could have a material effect on
the financial statements.
   
 Item 9B.
    
    Other Information
  36




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##### Table of Contents



PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance
     37




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38




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##### Table of Contents



Audit Committee Financial Expert
  39




---



##### Table of Contents



Code of Ethics
  
 Item 11.
    
    Executive Compensation
  th
 
 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, 2010, no Units of
Beneficial Interest are owned or held by an officer of Campbell & Company.(b)
    
    Security Ownership of Management. As of December 31, 2010, Campbell & Company
owned 20.360 Units of Beneficial Interest in Series B having a value of $54,087. The
amounts are summarized in the table below:
 Amount and NatureName of
    
    of BeneficialTitle of Class
    
    Beneficial Owner
    
    Ownership
    
    Percentage of ClassUnits of Beneficial
Interest in Series
B
    
    Campbell & Company,
Inc.
    
    20.360 Units
    
    0.02% of Units
outstanding
 Campbell & Company did not own any units of Series A and Series W at
December 31, 2010.
 
 40




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##### Table of Contents



Item 13.
    
    Certain Relationships and Related Transactions, and Director Independence
  
 Item 14.
    
    Principal Accounting Fees and Services
  (a)
    
    Audit FeesThe aggregate fees billed 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, 2010 and 2009 were
$108,488 and $85,050, respectively.(b)
    
    Audit Related FeesThe aggregate fees billed for professional services rendered by the principal accountant
in connection with Sarbanes-Oxley compliance for the years ended December 31, 2010 and
2009 were $0 and $11,830, respectively.(c)
    
    Tax FeesNone.(d)
    
    All Other FeesNone.(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
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    See Financial Statements beginning on page 43 thereof.(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
 Exhibit Number
    
    Description of Document1.01
    
    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.)
 41




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##### Table of Contents



Exhibit Number
    
    Description of Document10.01
    
    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 Theresa D. Becks, Chief Executive Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.31.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.32.01
    
    Certification of Theresa D. Becks, 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 Gregory T. Donovan, 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-KNone.
 42




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##### Table of Contents



SIGNATURES
  THE CAMPBELL FUND TRUSTBy:
    
    CAMPBELL & COMPANY, INC.Managing OperatorBy:
    
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Officer and Director
  Signature
    
    Capacity/s/ D. Keith CampbellD. Keith Campbell
    
    Chairman of the Board of Directors/s/ Bruce L. ClelandBruce L. Cleland
    
    Vice Chairman of the Board of Directors/s/ Theresa D. BecksTheresa D. Becks
    
    Chief Executive Officer/s/ Gregory T. DonovanGregory T. Donovan
    
    Chief Financial Officer, Principal Accounting Officer
 43




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THE CAMPBELL FUND TRUST
 ANNUAL REPORT
  44




---



##### Table of Contents



THE CAMPBELL FUND TRUST
 INDEX
 PAGESReports of Independent Registered Public Accounting FirmDeloitte & Touche LLP
    
    46Financial StatementsCondensed Schedules of Investments
December 31, 2010 and 2009
    
    47-52Statements of Financial Condition
December 31, 2010 and 2009
    
    53Statements of Operations For the Years
Ended December 31, 2010, 2009, and 2008
    
    54-55Statements of Cash Flows For the Years
Ended December 31, 2010, 2009, and 2008
    
    56Statements of Changes in Unitholders Capital (Net Asset Value)
For the Years Ended December 31, 2010, 2009, and 2008
    
    57-58Financial Highlights
For the Years Ended December 31, 2010, 2009, and 2008
    
    59-61Notes to Financial Statements
    
    62-70
 45




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 46




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The Campbell Fund Trust
 
 Condensed Schedule of Investments  December 31, 2010
 FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueCertificate Of DepositCanadaFinancials
(cost $7,215,000)
    
    $
    7,221,421
    
    
    
    2.08
    %Commercial PaperNetherlandsIndustrials
(cost $9,958,946)
    
    $
    9,987,542
    
    
    
    2.88
    %PanamaConsumer Discretionary
(cost $9,998,139)
    
    $
    9,998,275
    
    
    
    2.89
    %United KingdomConsumer Staples
(cost $5,716,634)
    
    $
    5,718,658
    
    
    
    1.65
    %United StatesConsumer Discretionary
    
    $
    41,051,450
    
    
    
    11.85
    %Consumer Staples
    
    $
    3,315,853
    
    
    
    0.96
    %Energy
    
    $
    17,387,305
    
    
    
    5.02
    %Financials
    
    $
    10,981,734
    
    
    
    3.17
    %Health Care
    
    $
    12,885,538
    
    
    
    3.72
    %Industrials
    
    $
    10,978,667
    
    
    
    3.17
    %Municipal
    
    $
    4,717,562
    
    
    
    1.36
    %Utilities
    
    $
    34,470,422
    
    
    
    9.95
    %Total United States (cost $135,762,709)
    
    $
    135,788,531
    
    
    
    39.20
    %Total Commercial Paper
(cost $161,436,428)
    
    $
    161,493,006
    
    
    
    46.62
    %Corporate BondsUnited StatesFinancials
(cost $37,464,778)
    
    $
    37,589,108
    
    
    
    10.85
    %Government And Agency ObligationsUnited StatesUS Government Agency
    
    $
    14,585,360
    
    
    
    4.21
    %US Treasury BillU.S. Treasury Bills*$
    12,000,000
    
    
    Due 01/06/2011
    
    $
    11,999,817
    
    
    
    3.46
    %
 See Accompanying Notes to Financial Statements.
 47




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##### Table of Contents



The Campbell Fund Trust
 Condensed Schedule of Investments  December 31, 2010
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueU.S. Treasury Bills*$
    50,000,000
    
    
    Due 01/13/2011
    
    $
    49,998,833
    
    
    
    14.43
    %Total United States (cost $76,597,690)
    
    $
    76,584,010
    
    
    
    22.10
    %Short Term Investment FundsUnited StatesShort Term Investment Funds
(cost $941)
    
    $
    941
    
    
    
    0.00
    %Total Fixed Income Securities
(cost $282,714,837)
    
    $
    282,888,486
    
    
    
    81.65
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    2,226,611
    
    
    
    0.64
    %Energy
    
    $
    743,689
    
    
    
    0.21
    %Metals
    
    $
    2,581,189
    
    
    
    0.75
    %Stock indices
    
    $
    (39,120
    )
    
    
    (0.01
    )%Short-term interest rates
    
    $
    400,606
    
    
    
    0.12
    %Long-term interest rates
    
    $
    45,692
    
    
    
    0.01
    %Total long futures contracts
    
    $
    5,958,667
    
    
    
    1.72
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (14,930
    )
    
    
    0.00
    %Energy
    
    $
    (239,450
    )
    
    
    (0.07
    )%Metals
    
    $
    (573,456
    )
    
    
    (0.17
    )%Stock indices
    
    $
    48,337
    
    
    
    0.01
    %Short-term interest rates
    
    $
    (9,188
    )
    
    
    0.00
    %Long-term interest rates
    
    $
    (644,303
    )
    
    
    (0.19
    )%Total short futures contracts
    
    $
    (1,432,990
    )
    
    
    (0.42
    )%Total futures contracts
    
    $
    4,525,677
    
    
    
    1.30
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    26,630,262
    
    
    
    7.69
    %Various short forward currency contracts
    
    $
    (21,482,235
    )
    
    
    (6.20
    )%Total forward currency contracts
    
    $
    5,148,027
    
    
    
    1.49
    %
 See Accompanying Notes to Financial Statements.
 48




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The Campbell Fund Trust
 Condensed Schedule of Investments  December 31, 2010
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased
options on forward currency contracts
(premiums paid  $1,091,379)
    
    $
    1,500,007
    
    
    
    0.43
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten
options on forward currency contracts
(premiums received  $237,756)
    
    $
    (693,506
    )
    
    
    (0.20
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 49




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##### Table of Contents



The Campbell Fund Trust
 Condensed Schedule of Investments  December 31, 2009
 FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsUnited StatesFinancials
(cost $13,350,000)
    
    $
    13,357,610
    
    
    
    3.66
    %Commercial PaperGermanyMaterials
(cost $7,142,188)
    
    $
    7,145,178
    
    
    
    1.96
    %NetherlandsConsumer Discretionary
(cost $10,878,552)
    
    $
    10,878,625
    
    
    
    2.98
    %United StatesConsumer Discretionary
    
    $
    41,353,531
    
    
    
    11.32
    %Consumer Staples
    
    $
    19,579,580
    
    
    
    5.36
    %Energy
    
    $
    11,644,613
    
    
    
    3.19
    %Financials
    
    $
    22,628,225
    
    
    
    6.19
    %IndustrialsAvery Dennison Corporation$
    30,060,000
    
    
    Due 01/04/2010
    
    $
    30,058,964
    
    
    
    8.23
    %Municipal
    
    $
    76,574,854
    
    
    
    20.96
    %Telecommunications
    
    $
    14,985,483
    
    
    
    4.10
    %Total
United States (cost $216,781,978)
    
    $
    216,825,250
    
    
    
    59.35
    %Total Commercial Paper
(cost $234,802,718)
    
    $
    234,849,053
    
    
    
    64.29
    %Corporate BondsUnited StatesFinancials
(cost $7,661,972)
    
    $
    7,680,054
    
    
    
    2.10
    %Government And Agency ObligationsUnited StatesFinancialsUS Government Agency
    
    $
    54,732,604
    
    
    
    14.98
    %U.S. Treasury Bills *$
    17,000,000
    
    
    Due 03/25/2010
    
    $
    16,997,648
    
    
    
    4.65
    %Total United States (cost $71,704,748)
    
    $
    71,730,252
    
    
    
    19.63
    %
 See Accompanying Notes to Financial Statements.
 50




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##### Table of Contents



The Campbell Fund Trust
 Condensed Schedule of Investments  December 31, 2009
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueShort Term Investment FundsUnited StatesShort Term Investment Funds
(cost $3,061)
    
    $
    3,061
    
    
    
    0.00
    %Total Fixed Income Securities
(cost $327,522,499)
    
    $
    327,620,030
    
    
    
    89.68
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (2,825
    )
    
    
    0.00
    %Energy
    
    $
    166,195
    
    
    
    0.05
    %Metals
    
    $
    847,192
    
    
    
    0.23
    %Stock indices
    
    $
    2,707,780
    
    
    
    0.74
    %Short-term interest rates
    
    $
    (1,205,283
    )
    
    
    (0.33
    )%Long-term interest rates
    
    $
    (3,107,032
    )
    
    
    (0.85
    )%Total long futures contracts
    
    $
    (593,973
    )
    
    
    (0.16
    )%
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    12,863
    
    
    
    0.00
    %Metals
    
    $
    (570,225
    )
    
    
    (0.16
    )%Long-term interest rates
    
    $
    119,654
    
    
    
    0.03
    %Total short futures contracts
    
    $
    (437,708
    )
    
    
    (0.13
    )%Total futures contracts
    
    $
    (1,031,681
    )
    
    
    (0.29
    )%
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (13,342,441
    )
    
    
    (3.65
    )%Various short forward currency contracts
    
    $
    10,265,262
    
    
    
    2.81
    %Total forward currency contracts
    
    $
    (3,077,179
    )
    
    
    (0.84
    )%
 See Accompanying Notes to Financial Statements.
 51




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The Campbell Fund Trust
 Condensed Schedule of Investments  December 31, 2009
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $847,190)
    
    $
    855,611
    
    
    
    0.23
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $264,078)
    
    $
    (230,427
    )
    
    
    (0.06
    )%
  *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 52




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The Campbell Fund Trust
 
 Statements of Financial Condition  December 31, 2010 And 2009
 2010
    
    
    2009ASSETSEquity in broker trading accountsCash
    
    $
    43,929,635
    
    
    $
    18,882,546Restricted cash
    
    
    0
    
    
    
    24,115,214Fixed income securities (cost $49,998,833 and $0, respectively)
    
    
    49,998,833
    
    
    
    0Net unrealized gain (loss) on open futures contracts
    
    
    4,525,677
    
    
    
    (1,031,681
    )Total equity in broker trading accounts
    
    
    98,454,145
    
    
    
    41,966,079Cash and cash equivalents
    
    
    15,906,463
    
    
    
    8,129,710Fixed income
securities
(cost $232,716,004 and $327,522,499, respectively)
    
    
    232,889,653
    
    
    
    327,620,030Options purchased, at fair value
(premiums paid  $1,091,379 and $847,190, respectively)
    
    
    1,500,007
    
    
    
    855,611Net unrealized gain (loss) on open forward
currency contracts
    
    
    5,148,027
    
    
    
    (3,077,179
    )Interest receivable
    
    
    81,415
    
    
    
    90,033Subscriptions receivable
    
    
    327,332
    
    
    
    0Total assets
    
    $
    354,307,042
    
    
    $
    375,584,284LIABILITIESAccounts payable
    
    $
    116,724
    
    
    $
    114,739Management fee
    
    
    1,142,475
    
    
    
    1,229,415Service fee
    
    
    4,423
    
    
    
    1,729Options written, at fair value
(premiums received  $237,756 and $264,078, respectively)
    
    
    693,506
    
    
    
    230,427Accrued commissions and other trading fees
on open contracts
    
    
    47,113
    
    
    
    41,418Performance fee payable
    
    
    381,483
    
    
    
    0Offering costs payable
    
    
    32,432
    
    
    
    10,230Redemptions payable
    
    
    5,439,258
    
    
    
    8,638,173Total liabilities
    
    
    7,857,414
    
    
    
    10,266,131UNITHOLDERS CAPITAL (Net Asset Value)Series A Units  RedeemableOther Unitholders - 27,273.338 and 10,227.868 units outstanding at
December 31, 2010 and December 31, 2009
    
    
    71,343,164
    
    
    
    24,189,310Series B Units  RedeemableManaging Operator - 20.360 units outstanding at
December 31, 2010 and December 31, 2009
    
    
    54,087
    
    
    
    48,453Other Unitholders - 99,342.853 and 141,411.145 units outstanding at
December 31, 2010 and December 31, 2009
    
    
    263,905,408
    
    
    
    336,529,754Series W Units  RedeemableOther Unitholders - 4,160.119 and 1,896.181 units outstanding at
December 31, 2010 and December 31, 2009
    
    
    11,146,969
    
    
    
    4,550,636Total unitholders capital (Net Asset Value)
    
    
    346,449,628
    
    
    
    365,318,153Total liabilities and unitholders capital (Net Asset Value)
    
    $
    354,307,042
    
    
    $
    375,584,284
 See Accompanying Notes to Financial Statements.
 53




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##### Table of Contents



The Campbell Fund Trust
 
 Statements of Operations  For The Years Ended December 31, 2010, 2009 And 2008
 2010
    
    
    2009
    
    
    2008TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    33,286,029
    
    
    $
    (22,697,082
    )
    
    $
    33,097,735Change in unrealized
    
    
    5,557,358
    
    
    
    (1,008,960
    )
    
    
    (4,652,238
    )Brokerage commissions
    
    
    (908,818
    )
    
    
    (585,700
    )
    
    
    (856,401
    )Net gain (loss) from futures trading
    
    
    37,934,569
    
    
    
    (24,291,742
    )
    
    
    27,589,096Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    849,090
    
    
    
    19,731,296
    
    
    
    (19,095,861
    )Change in unrealized
    
    
    8,136,012
    
    
    
    (5,710,372
    )
    
    
    16,933,839Brokerage commissions
    
    
    (86,785
    )
    
    
    (70,270
    )
    
    
    (84,502
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    8,898,317
    
    
    
    13,950,654
    
    
    
    (2,246,524
    )Total net trading gain (loss)
    
    
    46,832,886
    
    
    
    (10,341,088
    )
    
    
    25,342,572NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    1,168,374
    
    
    
    451,367
    
    
    
    10,467,453Realized gain (loss) on fixed income securities
    
    
    89,402
    
    
    
    (15,455
    )
    
    
    0Change in unrealized gain (loss) on
fixed income securities
    
    
    76,118
    
    
    
    97,531
    
    
    
    0Total investment income
    
    
    1,333,894
    
    
    
    533,443
    
    
    
    10,467,453ExpensesManagement fee
    
    
    13,137,518
    
    
    
    16,971,300
    
    
    
    25,405,845Service fee
    
    
    41,210
    
    
    
    8,487
    
    
    
    0Performance fee
    
    
    381,483
    
    
    
    0
    
    
    
    0Operating expenses
    
    
    449,559
    
    
    
    297,133
    
    
    
    193,586Total expenses
    
    
    14,009,770
    
    
    
    17,276,920
    
    
    
    25,599,431Net investment income (loss)
    
    
    (12,675,876
    )
    
    
    (16,743,477
    )
    
    
    (15,131,978
    )NET INCOME (LOSS)
    
    $
    34,157,010
    
    
    $
    (27,084,565
    )
    
    $
    10,210,594NET INCOME (LOSS) PER MANAGING OPERATOR
AND OTHER UNITHOLDERS UNIT(1,2)
(based on weighted average number of units
outstanding during the year)Series A
    
    $
    390.52
    
    
    $
    (58.14
    )
    
    $
    (32.19
    )Series B
    
    $
    218.49
    
    
    $
    (158.24
    )
    
    $
    41.06Series W
    
    $
    386.22
    
    
    $
    79.02
    
    
    
    N/A
 See Accompanying Notes to Financial Statements.
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The Campbell Fund Trust
 Statements
of Operations  For The Years Ended December 31, 2010, 2009 And 2008
 2010
    
    
    2009
    
    
    2008INCREASE (DECREASE) IN NET ASSET VALUE
PER MANAGING OPERATOR AND OTHER
UNITHOLDERS UNIT(1,2)Series A
    
    $
    250.82
    
    
    $
    (159.98
    )
    
    $
    (35.35
    )Series B
    
    $
    276.71
    
    
    $
    (148.25
    )
    
    $
    31.11Series W
    
    $
    279.59
    
    
    $
    (164.26
    )
    
    
    N/A
 
 (1)
    
    Series A Units commenced trading on October 1, 2008. The amounts shown
for 2008 are for the period October 1, 2008 (commencement of trading) to
December 31, 2008.(2)
    
    Series W Units commenced trading on March 1, 2009; therefore, the information
shown is for the period March 1, 2009 through December 31, 2009. No information
is provided for Series W Units for the year ended December 31, 2008. See Accompanying Notes to Financial Statements.
 55




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##### Table of Contents



The Campbell Fund Trust
 
 Statements of Cash Flows  For The Years Ended December 31, 2010, 2009 And 2008
 2010
    
    
    2009
    
    
    2008Cash flows from (for) operating activitiesNet income (loss)
    
    $
    34,157,010
    
    
    $
    (27,084,565
    )
    
    $
    10,210,594Adjustments to reconcile net income (loss) to
net cash from (for) operating activitiesNet change in unrealized
    
    
    (13,769,488
    )
    
    
    6,621,801
    
    
    
    (12,281,601
    )(Increase) decrease in restricted cash
    
    
    24,115,214
    
    
    
    (9,536,798
    )
    
    
    (14,578,416
    )(Increase) decrease in option premiums paid
    
    
    (244,189
    )
    
    
    (644,742
    )
    
    
    1,436,651Increase (decrease) in option premiums received
    
    
    (26,322
    )
    
    
    (475,506
    )
    
    
    (181,056
    )(Increase) decrease in interest receivable
    
    
    8,618
    
    
    
    (84,696
    )
    
    
    91,894(Increase) decrease in other assets
    
    
    0
    
    
    
    0
    
    
    
    648Increase (decrease) in accounts payable
and accrued expenses
    
    
    304,917
    
    
    
    (527,621
    )
    
    
    (1,035,044
    )Purchases of investments in
fixed income securities
    
    
    (5,514,193,169
    )
    
    
    (7,376,153,510
    )
    
    
    (3,453,261,261
    )Sales/maturities of investments in
fixed income securities
    
    
    5,559,000,831
    
    
    
    7,073,631,011
    
    
    
    4,195,000,000Net cash from (for) operating activities
    
    
    89,353,422
    
    
    
    (334,254,626
    )
    
    
    725,402,409Cash flows from (for) financing activitiesAddition of units
    
    
    58,602,258
    
    
    
    31,595,573
    
    
    
    9,404,485Redemption of units
    
    
    (114,908,914
    )
    
    
    (158,909,554
    )
    
    
    (320,714,859
    )Offering costs paid
    
    
    (222,924
    )
    
    
    (48,292
    )
    
    
    0Net cash from (for) financing activities
    
    
    (56,529,580
    )
    
    
    (127,362,273
    )
    
    
    (311,310,374
    )Net increase (decrease) in cash and cash equivalents
    
    
    32,823,842
    
    
    
    (461,616,899
    )
    
    
    414,092,035Cash and cash equivalentsBeginning of year
    
    
    27,012,256
    
    
    
    488,629,155
    
    
    
    74,537,120End of year
    
    $
    59,836,098
    
    
    $
    27,012,256
    
    
    $
    488,629,155End of year cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    43,929,635
    
    
    $
    18,882,546
    
    
    $
    488,681,500Cash deficit at forwards broker
    
    
    0
    
    
    
    0
    
    
    
    (67,540
    )Cash and cash equivalents
    
    
    15,906,463
    
    
    
    8,129,710
    
    
    
    15,195Total end of year cash and cash equivalents
    
    $
    59,836,098
    
    
    $
    27,012,256
    
    
    $
    488,629,155
 See Accompanying Notes to Financial Statements.
 56




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##### Table of Contents



The Campbell Fund Trust
 
 Statements of Changes in Unitholders Capital (Net Asset Value)  For The Years Ended December 31, 2010, 2009 And 2008
 Unitholders Capital - Series BManaging Operator
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances at
January 1,
2008
    
    
    20.360
    
    
    $
    50,838
    
    
    
    310,254.708
    
    
    $
    774,687,938
    
    
    
    310,275.068
    
    
    $
    774,738,776Net income (loss)
    
    
    
    
    
    
    633
    
    
    
    
    
    
    
    10,216,252
    
    
    
    
    
    
    
    10,216,885Additions
    
    
    0.000
    
    
    
    0
    
    
    
    3,499.136
    
    
    
    8,864,886
    
    
    
    3,499.136
    
    
    
    8,864,886Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (116,567.332
    )
    
    
    (295,270,805
    )
    
    
    (116,567.332
    )
    
    
    (295,270,805
    )Balances at
December 31,
2008
    
    
    20.360
    
    
    
    51,471
    
    
    
    197,186.512
    
    
    
    498,498,271
    
    
    
    197,206.872
    
    
    
    498,549,742Net income (loss)
    
    
    
    
    
    
    (3,018
    )
    
    
    
    
    
    
    (26,908,145
    )
    
    
    
    
    
    
    (26,911,163
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    371.739
    
    
    
    880,515
    
    
    
    371.739
    
    
    
    880,515Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (56,147.106
    )
    
    
    (135,940,887
    )
    
    
    (56,147.106
    )
    
    
    (135,940,887
    )Balances at
December 31,
2009
    
    
    20.360
    
    
    
    48,453
    
    
    
    141,411.145
    
    
    
    336,529,754
    
    
    
    141,431.505
    
    
    
    336,578,207Net income (loss)
    
    
    
    
    
    
    5,634
    
    
    
    
    
    
    
    26,173,390
    
    
    
    
    
    
    
    26,179,024Additions
    
    
    0.000
    
    
    
    0
    
    
    
    2,036.017
    
    
    
    4,875,822
    
    
    
    2,036.017
    
    
    
    4,875,822Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (44,104.309
    )
    
    
    (103,673,558
    )
    
    
    (44,104.309
    )
    
    
    (103,673,558
    )Balances at
December 31,
2010
    
    
    20.360
    
    
    $
    54,087
    
    
    
    99,342.853
    
    
    $
    263,905,408
    
    
    
    99,363.213
    
    
    $
    263,959,495
 Net Asset Value per Managing Operator and Other Unitholders Unit - Series BDecember 31, 2010
    
    
    December 31, 2009
    
    
    December 31, 2008$
    2,656.51
    
    
    $
    2,379.80
    
    
    $
    2,528.05
 See Accompanying Notes to Financial Statements.
 57




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##### Table of Contents



The Campbell Fund Trust  Statements of Changes in Unitholders Capital (Net Asset Value)  For The Years Ended December 31, 2010, 2009 And 2008
 Series A (1)
    
    
    Series W (2)Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances at January 1, 2008
    
    
    0.000
    
    
    $
    0
    
    
    
    0.000
    
    
    $
    0Net income (loss)
    
    
    
    
    
    
    (6,291
    )
    
    
    
    
    
    
    0Additions
    
    
    1,052.200
    
    
    
    2,663,733
    
    
    
    0.000
    
    
    
    0Offering costs
    
    
    
    
    
    
    (619
    )
    
    
    
    
    
    
    0Balances at December 31, 2008
    
    
    1,052.200
    
    
    $
    2,656,823
    
    
    
    0.000
    
    
    $
    0Net income (loss)
    
    
    
    
    
    
    (240,057
    )
    
    
    
    
    
    
    66,655Additions
    
    
    9,982.649
    
    
    
    23,768,054
    
    
    
    2,015.801
    
    
    
    4,783,622Redemptions
    
    
    (806.981
    )
    
    
    (1,946,094
    )
    
    
    (119.620
    )
    
    
    (291,154
    )Offering costs
    
    
    
    
    
    
    (49,416
    )
    
    
    
    
    
    
    (8,487
    )Balances at December 31, 2009
    
    
    10,227.868
    
    
    $
    24,189,310
    
    
    
    1,896.181
    
    
    $
    4,550,636Net income (loss)
    
    
    
    
    
    
    6,664,714
    
    
    
    
    
    
    
    1,313,272Additions
    
    
    18,690.788
    
    
    
    44,559,701
    
    
    
    4,019.649
    
    
    
    9,494,067Redemptions
    
    
    (1,645.318
    )
    
    
    (3,866,645
    )
    
    
    (1,755.711
    )
    
    
    (4,169,796
    )Offering costs
    
    
    
    
    
    
    (203,916
    )
    
    
    
    
    
    
    (41,210
    )Balances at December 31, 2010
    
    
    27,273.338
    
    
    $
    71,343,164
    
    
    
    4,160.119
    
    
    $
    11,146,969
 Net Asset Value per Other Unitholders Unit - Series A
(1)December 31, 2010
    
    
    December 31, 2009
    
    
    December 31, 2008$
    2,615.86
    
    
    $
    2,365.04
    
    
    $
    2,525.02
 Net Asset Value per Other Unitholders Unit - Series W
(2)December 31, 2010
    
    
    December 31, 2009
    
    
    December 31, 2008$
    2,679.48
    
    
    $
    2,399.89
    
    
    
    N/A
 
 (1)
    
    Series A Units commenced trading on October 1, 2008.(2)
    
    Series W Units commenced trading on March 1, 2009; therefore, no information is provided for
Series W Units for the year ended December 31, 2008. See Accompanying Notes to Financial Statements.
 58




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##### Table of Contents



The Campbell Fund Trust
 
 Financial Highlights  For The Years Ended December 31, 2010, 2009 And 2008
  Series A2010
    
    
    2009
    
    
    2008Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of
period (4)
    
    $
    2,365.04
    
    
    $
    2,525.02
    
    
    $
    2,560.37Income (loss) from operations:Total net trading gains
(losses) (1)
    
    
    367.81
    
    
    
    (55.23
    )
    
    
    (7.62
    )Net investment income (loss) (1)
    
    
    (105.04
    )
    
    
    (92.78
    )
    
    
    (24.56
    )Total net income (loss) from operations
    
    
    262.77
    
    
    
    (148.01
    )
    
    
    (32.18
    )Offering costs (1)
    
    
    (11.95
    )
    
    
    (11.97
    )
    
    
    (3.17
    )Net asset value per unit at end of period
    
    $
    2,615.86
    
    
    $
    2,365.04
    
    
    $
    2,525.02Total Return
    
    
    10.61
    %
    
    
    (6.34
    )%
    
    
    (1.38
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (3)
    
    
    4.21
    %
    
    
    4.10
    %
    
    
    4.03
    %Performance fee
    
    
    0.70
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.91
    %
    
    
    4.10
    %
    
    
    4.03
    %Net investment income (loss)(2,3)
    
    
    (3.78
    )%
    
    
    (3.88
    )%
    
    
    (3.88
    )%
 Total returns are calculated based on the change in value of a unit during
the period. 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)
    
    Net investment income (loss) per unit and offering costs per unit is
calculated by dividing the net investment income (loss) and offering costs by the
average number of units outstanding during the period. Total net trading gains
(losses) 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.(3)
    
    Annualized for the period October 1, 2008 (commencement of trading)
through December 31, 2008.(4)
    
    Represents the net asset value per Series A
Unit at October 1, 2008 (commencement of trading). See Accompanying Notes to Financial Statements.
 59




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##### Table of Contents



The Campbell Fund Trust  Financial Highlights  For The Years Ended December 31, 2010, 2009 And 2008
  Series B2010
    
    
    2009
    
    
    2008Per Unit Performance
(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year
    
    $
    2,379.80
    
    
    $
    2,528.05
    
    
    $
    2,496.94Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    365.17
    
    
    
    (52.28
    )
    
    
    91.91Net investment income (loss)(1)
    
    
    (88.46
    )
    
    
    (95.97
    )
    
    
    (60.80
    )Total net income (loss) from operations
    
    
    276.71
    
    
    
    (148.25
    )
    
    
    31.11Net asset value per unit at end of year
    
    $
    2,656.51
    
    
    $
    2,379.80
    
    
    $
    2,528.05Total Return
    
    
    11.63
    %
    
    
    (5.86
    )%
    
    
    1.25
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee
    
    
    4.19
    %
    
    
    4.11
    %
    
    
    4.10
    %Performance fee
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.19
    %
    
    
    4.11
    %
    
    
    4.10
    %Net investment income (loss)(2)
    
    
    (3.79
    )%
    
    
    (3.99
    )%
    
    
    (2.42
    )%
 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)
    
    Net investment income (loss) per unit is calculated by dividing the net
investment income (loss) by the average number of units outstanding during the
year. Total net trading gains (losses) 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. See Accompanying Notes to Financial Statements.
 60




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##### Table of Contents



The Campbell Fund Trust  Financial Highlights  For The Years Ended December 31, 2010, 2009 And 2008
  Series W2010
    
    
    2009Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period(4)
    
    $
    2,399.89
    
    
    $
    2,564.16Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    375.14
    
    
    
    (107.29
    )Net investment income (loss)(1)
    
    
    (83.43
    )
    
    
    (46.92
    )Total net income (loss) from operations
    
    
    291.71
    
    
    
    (154.21
    )Offering costs(1)
    
    
    (12.12
    )
    
    
    (10.06
    )Net asset value per unit at end of period
    
    $
    2,679.48
    
    
    $
    2,399.89Total Return
    
    
    11.65
    %
    
    
    (6.41
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (3)
    
    
    2.68
    %
    
    
    2.62
    %Performance fee
    
    
    1.26
    %
    
    
    0.00
    %Total expenses
    
    
    3.94
    %
    
    
    2.62
    %Net investment income (loss)(2,3)
    
    
    (2.24
    )%
    
    
    (2.34
    )%
 Total returns are calculated based on the change in value of a unit during
the period. 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)
    
    Net investment income (loss) per unit and offering costs per unit is
calculated by dividing the net investment income (loss) and offering costs by the
average number of units outstanding during the period. Total net trading gains
(losses) 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.(3)
    
    Annualized for the period March 1, 2009 (commencement of trading)
through December 31, 2009.(4)
    
    Represents the net asset value per Series W
Unit at March 1, 2009 (commencement of trading). See Accompanying Notes to Financial Statements.
 61




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##### Table of Contents



The Campbell Fund Trust
 
 Notes to Financial Statements
 December 31, 2010
 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, forward currency contracts and
options on forward currency contracts.Effective August 31, 2008, the Trust began offering units of beneficial
interest classified into Series A units, Series B units and Series W units. The
rights of the Series A units, Series B units and Series W units are identical,
except that the fees and commissions vary on a Series-by-Series basis. Series A
and Series W commenced trading on October 1, 2008 and March 1, 2009,
respectively. The initial minimum subscription for Series A units and Series W
units is $25,000. Series B units are only available for additional investments
by existing holders of Series B units. See Note 1F, Note 1H, Note 2 and Note 5
for an explanation of allocations and Series specific charges.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 accounting
principles generally accepted in the United States of America, which 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 (FASB) Accounting Standards Codification (ASC)
210-20, Offsetting  Balance Sheet. The fair 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 on the
last business day of the reporting period. The fair value of forward
currency (non-exchange traded) contracts was extrapolated on a forward basis
from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day
of the reporting period.The fair value of option (non-exchange traded) contracts is calculated by
applying an industry-standard adaptation of the Black-Scholes options
valuation model to foreign currency options, using as inputs the spot
prices, interest rates and option implied volatilities quoted as of 3:00
P.M. (E.T.) on 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.When the Trust writes an option, an amount equal to the premium received by
the Trust is reflected as an asset and an equivalent liability. The amount
of the liability is subsequently marked to market to reflect the current
fair value of option written. Brokerage commissions include other trading
fees and are charged to expense when contracts are opened.The fixed income investments, other than U.S. Treasury bills, are held at
the custodian and marked to market on the last business day of the reporting
period by the custodian who utilizes a third party vendor hierarchy of
pricing providers who specialize in such markets. The prices furnished by
the providers consider the yield or price of bonds of comparable quality,
coupon, maturity, and type, as well as prices quoted by dealers who make
markets in such securities. U.S. Treasury bills are held at the brokers or interbank market makers and are stated at
cost plus accrued interest, which approximates fair value. Premiums and
discounts on fixed income securities are amortized for financial
reporting purposes.
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The Campbell Fund Trust  Notes to Financial Statements  December 31, 2010
 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 outstanding units.The Trust follows the provisions of ASC 820, Fair Value Measurements and
Disclosures as of January 1, 2008. ASC 820 provides guidance for determining
fair value and requires increased disclosure regarding the inputs to
valuation techniques used to measure fair value. ASC 820 defines fair value
as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the
measurement date.ASC 820 establishes a fair value hierarchy which prioritizes the inputs to
valuation techniques used to measure fair value into three broad levels.
The fair value hierarchy gives the highest priority to quoted prices
(unadjusted) in active markets for identical assets or liabilities (Level
1) and the lowest priority to unobservable inputs (Level 3).Level 1 inputs are quoted prices (unadjusted) in active markets for
identical assets or liabilities that the Trust has the ability to access at
the measurement date. An active market for the asset or liability is a
market in which transactions for the asset or liability occur with
sufficient frequency and volume to provide pricing information on an ongoing
basis. The value of the Trusts exchange-traded futures contracts fall into
this category.Level 2 inputs are inputs other than quoted prices included in Level 1
that are observable for the asset or liability, either directly or
indirectly. This category includes forward currency contracts and options
on forward currency contracts that the Trust values using models or other
valuation methodologies derived from observable market data. This category
also includes fixed income investments.Level 3 inputs are unobservable inputs for an asset or liability (including
the Trusts own assumptions used in determining the fair value of
investments). Unobservable inputs shall be used to measure fair value to
the extent that observable inputs are not available, thereby allowing for
situations in which there is little, if any, market activity for the asset
or liability at the measurement date. As of and for the period ended
December 31, 2010, the Trust did not have any Level 3 assets or
liabilities.In January 2010, the FASB issued Accounting Standards Update No. 2010-06
(ASU 2010-06) for improving disclosure about fair value measurements. ASU
2010-06 adds new disclosure requirements about transfers into and out of
Levels 1 and 2 and separate disclosures about purchases, sales, issuances
and settlements in the reconciliation for fair value measurements using
significant unobservable inputs (Level 3). It also clarifies existing
disclosure requirements relating to the levels of disaggregation for fair
value measurement and inputs and valuation techniques used to measure fair
value. As of January 1, 2010, the Trust adopted the provisions of ASC
2010-06 except for disclosures about purchases, sales, issuances and
settlements in the rollforward of activity in Level 3 fair value
measurements, which are effective for fiscal years beginning after December
15, 2010 and for interim periods within those fiscal years. The management
does not expect that adoption of the remaining provisions will have a
material impact on the Trusts financial statement disclosures.The following tables set forth by level within the fair value hierarchy
the Trusts investments accounted for at fair value on a recurring basis
as of December 31, 2010 and 2009.
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The Campbell Fund Trust  Notes to Financial Statements  December 31, 2010
 Fair Value at December 31, 2010Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    282,888,486
    
    
    $
    0
    
    
    $
    282,888,486Other Financial InstrumentsExchange-traded futures contracts
    
    
    4,525,677
    
    
    
    0
    
    
    
    0
    
    
    
    4,525,677Forward currency contracts
    
    
    0
    
    
    
    5,148,027
    
    
    
    0
    
    
    
    5,148,027Options purchased
    
    
    0
    
    
    
    1,500,007
    
    
    
    0
    
    
    
    1,500,007Options written
    
    
    0
    
    
    
    (693,506
    )
    
    
    0
    
    
    
    (693,506
    )Total
    
    $
    4,525,677
    
    
    $
    288,843,014
    
    
    $
    0
    
    
    $
    293,368,691
 Fair Value at December 31, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    327,620,030
    
    
    $
    0
    
    
    $
    327,620,030Other Financial InstrumentsExchange-traded futures contracts
    
    
    (1,031,681
    )
    
    
    0
    
    
    
    0
    
    
    
    (1,031,681
    )Forward currency contracts
    
    
    0
    
    
    
    (3,077,179
    )
    
    
    0
    
    
    
    (3,077,179
    )Options purchased
    
    
    0
    
    
    
    855,611
    
    
    
    0
    
    
    
    855,611Options written
    
    
    0
    
    
    
    (230,427
    )
    
    
    0
    
    
    
    (230,427
    )Total
    
    $
    (1,031,681
    )
    
    $
    325,168,035
    
    
    $
    0
    
    
    $
    324,136,354
 The gross presentation of the fair value of the Trusts derivatives by
instrument type is shown in Note 8. See Condensed Schedule of Investments
for additional detail categorization.D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and overnight money market
investments at financial institutions.E.
    
    Income TaxesThe Trust prepares calendar year U.S. federal 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.Management has continued to evaluate the application of ASC 740, Income
Taxes to the Trust, and has determined that no reserves for uncertain tax
positions were required. The Trust files federal and state tax returns.
The 2007 through 2010 tax years generally remain subject to examination by
the U.S. federal and most state tax authorities.F.
    
    Offering CostsCampbell & Company, Inc. (Campbell & Company) has incurred all costs in
connection with the initial and continuous offering of units of the Trust
(offering costs). Series A units and Series W units will each bear the
offering costs incurred in the relation to the offering of Series A units
and Series W units, respectively. Offering costs are charged to Series A and
W at a monthly rate of 1/12 of 0.5% (0.5% annualized) of the Series
month-end net asset value (as defined in the Declaration of Trust and Trust
Agreement) until such amounts are fully reimbursed. Such amounts are charged
directly to unitholders capital. Series A and W are only liable for payment
of offering costs on a monthly basis. The offering costs allocable to the
Series B units are borne by Campbell & Company.
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The Campbell Fund Trust  Notes to Financial Statements  December 31, 2010
 If the Trust terminates prior to completion of payment to Campbell & Company
for the unreimbursed offering costs incurred through the date of such
termination, Campbell & Company will not be entitled to any additional
payments, and Series A units and Series W units will have no further
obligation to Campbell & Company. At December 31, 2010 and 2009, the amount
of unreimbursed offering costs incurred by Campbell & Company is $2,712,914
and $1,653,661 for Series A units and $556,411 and $328,196 for Series W
units, respectively.G.
    
    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.H.
    
    AllocationsIncome or loss (prior to calculation of the management fee, service fee,
offering costs and performance fee) is allocated pro rata to each Series of
units. Each Series of units is then charged the management fee, service
fee, offering costs and performance fee applicable to such Series of units.I.
    
    ReclassificationCertain 2009 and 2008 amounts in the Statement of Cash Flows were
reclassified to conform with the 2010 presentation. Specifically, purchases
and sales/maturities of fixed income securities are presented on a gross
basis as components of cash flow from (for) operating activities.
 Note 2. MANAGING OPERATOR AND COMMODITY TRADING ADVISOR
 The managing operator of the Trust is Campbell & Company which conducts
and manages the business of the Trust. Campbell & Company is also the
commodity trading advisor of the Trust.Series A units and Series B units pay the managing operator a monthly
management fee equal to 1/12 of 4% (4% annually) of the Net Assets (as
defined) of Series A units and Series B units, respectively, as of the end
of each month. Series W units pay the managing operator a monthly
management fee equal to 1/12 of 2% (2% annually) of the Net Assets (as
defined) of Series W units as of the end of each month. Each Series of
units will pay the managing operator a quarterly performance fee equal to
20% of the aggregate cumulative appreciation in Net Asset Value per Unit
(as defined) exclusive of appreciation attributable to interest income on
a Series-by-Series basis.The performance fee is paid on the cumulative increase, if any, in the Net
Asset Value per Unit over the highest previous cumulative Net Asset Value
per Unit (commonly referred to as a High Water Mark). In determining the
management fee and performance fee (the fees), adjustments shall be made for
capital additions and withdrawals and Net Assets shall not be reduced by the
fees being calculated for such current period. The performance fee is not
subject to any clawback provisions. The fees are typically paid in the month
following the month in which they are earned. The fees are paid from the
available cash at the Trusts bank, broker or cash management custody
accounts.
 Note 3. TRUSTEE
 The trustee of the Trust is U.S. Bank National Association, a national
banking corporation. The trustee has delegated to the managing operator the
duty and authority to manage the business and affairs of the Trust and has
only nominal duties and liabilities with respect to the Trust.
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The Campbell Fund Trust  Notes to Financial Statements  December 31, 2010
 Note 4. CASH MANAGER AND CUSTODIAN
 The Trust appointed Wilmington Trust Investment Management LLC, a wholly
owned subsidiary of Wilmington Trust Corporation, as cash manager under the
Non-Custody Investment Advisory Agreement dated July 8, 2009. The Trust
appointed Horizon Cash Management LLC as cash manager under the Investment
Advisory Agreement dated December 22, 2010 to manage and control the liquid
assets of the Trust. Both cash managers are registered as investment
advisers with the Securities and Exchange Commission of the United States
under the Investment Advisers Act of 1940. The Trust has terminated the
Non-Custody Investment Advisory Agreement appointing Wilmington Trust
Investment Management LLC as cash manager, effective December 31, 2010.The Trust opened a custodial account at The Northern Trust Company (the
custodian) and has granted the cash manager authority to make certain
investments on behalf of the Trust provided such investments are consistent
with the investment guidelines created by the managing operator. All
securities purchased by the cash manager on behalf of the Trust will be
held in its custody account at the custodian. The cash manager will have no
beneficial or other interest in the securities and cash in such custody
account.
 Note 5. SERVICE FEE
 The selling firms who sell Series W units receive a monthly service fee
equal to 1/12 of 0.5% of the month-end Net Asset Value (as defined) of the
Series W units, totaling approximately 0.50% per year.
 Note 6. DEPOSITS WITH BROKER
 The Trust deposits assets with UBS Securities LLC to act as broker, subject
to Commodity Futures Trading Commission regulations and various exchange
and broker requirements. Margin requirements are satisfied by the deposit
of U.S. Treasury bills and cash with such broker. The Trust typically earns
interest income on its assets deposited with the broker.
 Note 7. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 Investments in the Trust are made by subscription agreement, subject to
acceptance by Campbell & Company.
 The Trust is not required to make distributions, but may do so at the sole
discretion of Campbell & Company. A unitholder may request and receive
redemption of units owned, subject to restrictions in the Declaration of
Trust and Trust Agreement. Units are transferable, but no market exists
for their sale and none is expected to develop. Monthly redemptions are
permitted upon ten (10) business days advance written notice to Campbell
& CompanyRedemption fees, which are paid to Campbell & Company, apply to Series A
units through the first twelve month-ends following purchase (the month-end
as of which the unit is purchased is counted as the first month-end) as
follows: 1.833% of Net Asset Value per unit redeemed through the second
month-end, 1.666% of Net Asset Value per unit redeemed through the third
month-end, 1.500% of Net Asset Value per unit redeemed through the fourth
month-end, 1.333% of Net Asset Value per unit redeemed through the fifth
month-end, 1.167% of Net Asset Value per unit redeemed through the sixth
month-end, 1.000% of Net Asset Value per unit redeemed through the seventh
month-end, 0.833% of Net Asset Value per unit redeemed through the eight
month-end, 0.667% of Net Asset Value per unit redeemed through the ninth
month-end, 0.500% of Net Asset Value per unit redeemed through the tenth
month-end, 0.333% of Net Asset Value per unit redeemed through the eleventh
month-end and 0.167% of Net Asset Value per unit redeemed through the
twelfth month end.
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The Campbell Fund Trust  Notes to Financial Statements  December 31, 2010
 Note 8. TRADING ACTIVITIES AND RELATED RISKS
 The Trust engages in the speculative trading of U.S. and foreign futures
contracts, forward currency contracts and options on forward currency
contracts (collectively, derivatives). Specifically, the Fund trades a
portfolio focused on financial futures, which are instruments designed to
hedge or speculate on changes in interest rates, currency exchange rates,
stock index values, as well as metals, energy and agriculture values. The
Trust is exposed to both market risk, the risk arising from changes in the
market value of the contracts, and credit risk, the risk of failure by
another party to perform according to the terms of a contract.Purchase and sale of futures contracts requires margin deposits with the
broker. Additional deposits may be necessary for any loss on contract
value. The Commodity Exchange Act requires a broker to segregate all
customer transactions and assets from such brokers proprietary activities.
A customers cash and other property (for example, U.S. Treasury bills)
deposited with a broker are considered commingled with all other customer
funds subject to the brokers segregation requirements. In the event of a
brokers insolvency, recovery may be limited to a pro rata share of
segregated funds available. It is possible that the recovered amount could
be less than total cash and other property deposited.The amount of required margin and good faith deposits with the broker and
interbank market makers usually range from 10% to 30% of Net Asset Value.
The market value of securities held to satisfy such requirements at
December 31, 2010 and 2009 was $61,998,650 and $16,997,649, respectively,
which equals 18% and 5% of Net Asset Value, respectively. The cash
deposited with interbank market makers at December 31, 2010 and December
31, 2009 was $15,795,395 and $3,604,499, respectively, which equals 5% and
1% of Net Asset Value, respectively. Included in cash deposits with the
broker and interbank market maker at December 31, 2010 and December 31,
2009 was restricted cash for margin requirements of $0 and $24,115,214
respectively, which equals 0% and 7% of Net Asset Value respectively.The Trust trades forward currency and options on forward currency contracts
in unregulated markets between principals and assumes the risk of loss from
counterparty nonperformance. Accordingly, the risks associated with forward
currency and options on foreign currency contracts are generally greater
than those associated with exchange traded contracts because of the greater
risk of counterparty default. Additionally, the trading of forward currency
and options on forward currency contracts typically involves delayed cash
settlement.The Trust has a substantial portion of its assets on deposit with financial
institutions. In the event of a financial institutions insolvency,
recovery of Trust assets on deposit may be limited to account insurance or
other protection afforded such deposits.For derivatives, risks arise from changes in the market value of the
contracts. Theoretically, the Trust is exposed to a market risk equal to
the notional contract value of futures and forward currency contracts
purchased and unlimited liability on such contracts sold short. As both a
buyer and seller of options, the Trust pays or receives a premium at the
outset and then bears the risk of unfavorable changes in the price of the
contract underlying the option. Written options expose the Trust to
potentially unlimited liability, and purchased options expose the Trust to
a risk of loss limited to the premiums paid. See Note 1. C. for an
explanation of how the Trust determines its valuation for derivatives as well as the netting of derivatives.The Trust has adopted the provisions of ASC 815, Derivatives and Hedging,
(ASC 815). ASC 815 provides enhanced disclosures about how and why an
entity uses derivative instruments, how derivative instruments are
accounted for, and how derivative instruments affect an entitys financial
position, financial performance and cash flows.The following tables summarize quantitative information required by ASC 815.
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The Campbell Fund Trust  Notes to Financial Statements  December 31, 2010
 The fair value of the Trusts derivatives by instrument type, as well
as the location of those instruments on the Statements of Financial
Condition, as of December 31, 2010 and 2009 is as follows:
 Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    December 31, 2010
    
    
    December 31, 2010Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    2,324,406
    
    
    $
    (112,725
    )
    
    $
    2,211,681Energy Contracts
    
    Equity in broker trading accounts
    
    
    980,008
    
    
    
    (475,769
    )
    
    
    504,239Metal Contracts
    
    Equity in broker trading accounts
    
    
    2,599,694
    
    
    
    (591,961
    )
    
    
    2,007,733Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    902,423
    
    
    
    (893,206
    )
    
    
    9,217Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    416,741
    
    
    
    (25,323
    )
    
    
    391,418Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    99,846
    
    
    
    (698,457
    )
    
    
    (598,611
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    27,837,667
    
    
    
    (22,689,640
    )
    
    
    5,148,027Purchased Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    1,500,007
    
    
    
    0
    
    
    
    1,500,007Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (693,506
    )
    
    
    (693,506
    )Totals
    
    
    
    $
    36,660,792
    
    
    $
    (26,180,587
    )
    
    $
    10,480,205
 
 *
    
    Derivatives not designated as hedging instruments under
ASC 815 Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    December 31, 2009
    
    
    December 31, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    142,638
    
    
    $
    (132,600
    )
    
    $
    10,038Energy Contracts
    
    Equity in broker trading accounts
    
    
    214,581
    
    
    
    (48,386
    )
    
    
    166,195Metal Contracts
    
    Equity in broker trading accounts
    
    
    1,609,537
    
    
    
    (1,332,570
    )
    
    
    276,967Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    2,915,275
    
    
    
    (207,495
    )
    
    
    2,707,780Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    0
    
    
    
    (1,205,283
    )
    
    
    (1,205,283
    )Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    371,416
    
    
    
    (3,358,794
    )
    
    
    (2,987,378
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    13,988,095
    
    
    
    (17,065,274
    )
    
    
    (3,077,179
    )
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The Campbell Fund Trust  Notes to Financial Statements  December 31, 2010
 Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    December 31, 2009
    
    
    December 31, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetPurchased Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    855,611
    
    
    
    0
    
    
    
    855,611Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (230,427
    )
    
    
    (230,427
    )Totals
    
    
    
    $
    20,097,153
    
    
    $
    (23,580,829
    )
    
    $
    (3,483,676
    )
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 The trading revenue of the Trusts derivatives by instrument type, as
well as the location of those gains and losses on the Statements of
Operations, for the years ended December 31, 2010 and 2009 is as follows:
 Trading Revenue for
    
    
    Trading Revenue forthe Twelve Months Ended
    
    
    the Twelve Months EndedType of Instrument
    
    December 31, 2010
    
    
    December 31, 2009Agricultural Contracts
    
    $
    15,027,399
    
    
    $
    (1,863,441
    )Energy Contracts
    
    
    (14,175,659
    )
    
    
    (4,907,898
    )Metal Contracts
    
    
    8,853,905
    
    
    
    5,425,104Stock Indices Contracts
    
    
    (8,898,182
    )
    
    
    (3,588,375
    )Short-Term Interest Rate Contracts
    
    
    18,673,613
    
    
    
    (2,553,519
    )Long Term Interest Rate Contracts
    
    
    19,457,944
    
    
    
    (16,466,479
    )Forward Currency Contracts
    
    
    11,901,959
    
    
    
    8,474,832Purchased Options on Forward Currency
Contracts
    
    
    (10,717,254
    )
    
    
    (8,456,964
    )Written Options on Forward Currency
Contracts
    
    
    7,800,397
    
    
    
    14,003,056Total
    
    $
    47,924,122
    
    
    $
    (9,933,684
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Twelve Months Ended
    
    
    the Twelve Months EndedLine Item in the Statement of Operations
    
    December 31, 2010
    
    
    December 31, 2009Futures trading gains (losses):Realized
    
    $
    33,381,662
    
    
    $
    (22,945,648
    )Change in unrealized
    
    
    5,557,358
    
    
    
    (1,008,960
    )Forward currency and options on
forward currency trading gains (losses):Realized
    
    
    849,090
    
    
    
    19,731,296Change in unrealized
    
    
    8,136,012
    
    
    
    (5,710,372
    )Total
    
    $
    47,924,122
    
    
    $
    (9,933,684
    )
 For the twelve months ended December 31, 2010 and 2009, the monthly
average of futures contracts bought and sold was approximately 19,400 and
17,900 respectively, and the monthly average of notional value of forward
currency and options on forward currency contracts was $2,506,800,000 and
$2,101,400,500 respectively.
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The Campbell Fund Trust  Notes to Financial Statements  December 31, 2010
 Open contracts generally mature within three months; as of December
31, 2010, the latest maturity date for open futures contracts is March
2012, the latest maturity date for open forward currency contracts is
March 2011, and the latest expiry date for options on forward currency
contracts is January 2011. However, the Trust intends to close all futures
and foreign currency contracts prior to maturity.Campbell & Company has established procedures to actively monitor market
risk and minimize credit risk, although there can be no assurance that it
will, in fact, succeed in doing so. Campbell & Companys basic market risk
control procedures consist of continuously monitoring open positions,
diversification of the portfolio and maintenance of a margin-to-equity
ratio that rarely exceeds 30%. Campbell & Companys attempt to manage the
risk of the Trusts open positions is essentially the same in all market
categories traded. Campbell & Company applies risk management policies to
its trading which generally limit the total exposure that may be taken per
risk unit of assets under management. In addition, Campbell & Company
follows diversification guidelines (often formulated in terms of the
balanced volatility between markets and correlated groups), as well as
precalculating stop-loss points at which systems will signal to close
open positions. Campbell & Company controls the risk of the Trusts
non-trading fixed income instruments by limiting the duration of such
instruments and requiring a minimum credit quality of the issuers of those
instruments.Campbell & Company seeks to minimize credit risk primarily by depositing
and maintaining the Trusts assets at financial institutions and brokers
which Campbell & Company believes to be credit worthy. The unitholder bears
the risk of loss only to the extent of the market value of their respective
investments and, in certain specific circumstances, distributions and
redemptions received.
 Note 9. INDEMNIFICATIONS
 In the normal course of business, the Trust enters into contracts and
agreements that contain a variety of representations and warranties which
provide general indemnifications. The Trusts maximum exposure under these
arrangements is unknown, as this would involve future claims that may be
made against the Trust that have not yet occurred. The Trust expects the
risk of any future obligation under these indemnifications to be remote.
 Note 10. SUBSEQUENT EVENTS
 Management of the Trust has evaluated subsequent events through the
date the financial statements were filed. There are no subsequent
events to disclose or record.
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##### Table of Contents



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
 E1