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, 2009
 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 accelerate filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Small Reporting Company þ
  o þ




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TABLE OF CONTENTS
 PagePART IITEM 1.
    
    BUSINESS
    
    
    1-6ITEM 1A.
    
    RISK FACTORS
    
    
    6-15ITEM 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
    
    
    16ITEM 6.
    
    SELECTED FINANCIAL DATA
    
    
    16-17ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
    
    
    18-26ITEM 7A.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    27-32ITEM 8.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    32ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
    
    
    33ITEM 9A.
    
    CONTROLS AND PROCEDURES
    
    
    33ITEM 9A(T)
    
    CONTROLS AND PROCEDURES
    
    
    33ITEM 9B.
    
    OTHER INFORMATION
    
    
    34PART IIIITEM 10.
    
    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    34-37ITEM 11.
    
    EXECUTIVE COMPENSATION
    
    
    37-38ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
    
    
    38ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    38ITEM 14.
    
    PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    38PART IVITEM 15.
    
    EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    39SIGNATURESCERTIFICATIONS




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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.
  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 $4 for
each round-turn trade
executed for the
Trust. Annual
brokerage commissions
payable to the Trust
are estimated at
approximately 0.20%
of the Trusts net
assets annually,
although there is no
limit on the amount
of such commissions.Royal Bank of
Scotland (RBS)
    
    Forward Counterparty
Execution Costs
    
    The forward
counterpartys
execution costs are
included in the price
of each forward
contract purchased or
sold, and,
accordingly, such
costs cannot be
determined but are
charged. In
addition, RBS charges
approximately $4 per
$1 million for
forward contracts it
facilitates on behalf
of the Trust with
third party banks.
These prime brokerage
fees, combined with
the futures brokers
charges, usually
equal approximately
0.25% of the Trusts
net assets.Wilmington Trust 
Investment Management 
LLC
    
    Cash Manager and the
Custodian
    
    The Trust pays
Wilmington Trust
Investment Management
LLC (Wilmington)
and Northern Trust
Company a combined
annualized fee equal
to approximately
0.10% per annum of
the funds managed by
Wilmington based on a
percentage of the
principal amount of
the Trusts
non-margin assets
under management by
Wilmington, computed
and accrued on the
average daily market
value maintained in
the Northern Trust
Company custodial
account by the Trust.
Wilmington 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 Wilmington
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 trustee,
legal and accounting
fees, and taxes or
extraordinary
expenses. These
expenses are
estimated at less
than 0.50% of the
Trusts net assets
annually, although
there is no limit on
the amount of such
expenses.
 5




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Regulation
      http://www.sec.gov
 
 Item 1A.
    
    Risk Factors
 Market Risks
 You Could Possibly Lose Your Total Investment in the Trust
  6




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The Trust is Highly Leveraged
  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
   7




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Forward and Option Transactions are Over-the-Counter, are Not Regulated and are Subject to Credit
Risk
   Options on Futures and Over-the-Counter Contracts are Speculative and Highly Leveraged
  An Investment in the Trust May Not Diversify an Overall Portfolio
   8




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The Current Markets are Subject to Market Disruptions and Governmental Intervention That May Be a
Detriment to Your Investment
     The Trust is a Party to Financial Instruments With Elements of Off-Balance Sheet Risk, Which Causes
the Trust to Lose All of Its Assets
  9




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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
  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
  10




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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s Profits
  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
  11




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Other Risks
 Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
  The Trusts Service Providers Could Fail, Which May Result in Losses to the Trust
 pro rata
  Investors Must Not Rely on the Past Performance of Either Campbell & Company or the Trust in
Deciding Whether to Buy Units
  Conflicts of Interest Exist in the Structure and Operation of the Trust
   12




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There are No Independent Experts Representing Investors
  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 Disrupting Your Investment Portfolio Allocation
  The Trust Is Not A Regulated Investment Company and Therefore Is Subject to Different Protections
Than a Regulated Investment Company
  13




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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
  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
   14




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A Single-Advisor Fund May be More Volatile Than a Multi-Advisor Fund
  The Performance Fee Could be an Incentive to Make Riskier Investments
  The Trust May Distribute Profits to Unitholders at Inopportune Times
  Potential Inability to Trade or Report Due to Systems Failure 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
  15




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Item 1B.
    
    Unresolved Staff Comments
  
 Item 2.
    
    Properties
  
 Item 3.
    
    Legal Proceedings
  
 Item 4.
    
    (Removed and Reserved)
 
 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 31,2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Total Assets
    
    $
    375,584
    
    
    $
    533,225
    
    
    $
    832,931
    
    
    $
    1,179,711
    
    
    $
    1,005,256Total Unitholders Capital
    
    
    365,318
    
    
    
    501,507
    
    
    
    774,739
    
    
    
    1,153,999
    
    
    
    934,698Total Net Trading Gain (Loss)
(includes brokerage commissions)
    
    
    (10,341
    )
    
    
    25,343
    
    
    
    (136,663
    )
    
    
    64,620
    
    
    
    106,673Net Income (Loss)
    
    
    (27,085
    )
    
    
    10,211
    
    
    
    (135,306
    )
    
    
    63,249
    
    
    
    92,986Net Income (Loss) Per Managing
Operator and Other
Unitholder Unit *Series A**
    
    
    (58.14
    )
    
    
    (32.19
    )
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aSeries B
    
    
    (158.24
    )
    
    
    41.60
    
    
    
    (360.46
    )
    
    
    153.91
    
    
    
    295.68Series W***
    
    
    79.02
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aIncrease (Decrease) in Net Asset
Value per Managing Operator
and Other Unitholder UnitSeries A**
    
    
    (159.98
    )
    
    
    (35.35
    )
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aSeries B
    
    
    (148.25
    )
    
    
    31.11
    
    
    
    (370.14
    )
    
    
    168.95
    
    
    
    288.33Series W***
    
    
    (164.27
    )
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
 16




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##### 



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
 1st Qtr.
    
    

2nd Qtr.
    
    

3rd Qtr.
    
    

4th Qtr.2008
    
    
    2008
    
    
    2008
    
    
    2008Total Net Trading Gain
(Loss) (includes
brokerage
commissions)
    
    $
    11,832
    
    
    $
    33,551
    
    
    $
    (18,178
    )
    
    $
    (1,862
    )Net Income (Loss)
    
    
    9,419
    
    
    
    29,690
    
    
    
    (21,721
    )
    
    
    (7,177
    )Net Income (Loss)
per Managing Operator
and Other Unitholder
Unit *Series A**
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    (32.19
    )Series B
    
    
    31.74
    
    
    
    116.15
    
    
    
    (95.41
    )
    
    
    (33.32
    )Increase (Decrease)
in Net Asset Value per Managing Operator
and Other Unitholder
UnitSeries A**
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    (35.35
    )Series B
    
    
    30.96
    
    
    
    127.73
    
    
    
    (95.26
    )
    
    
    (32.32
    )Net Asset Value per
Managing Operator and
Other Unitholder Unit
at the End of the PeriodSeries A**
    
    
    n/a
    
    
    
    n/a
    
    
    
    2,560.37
    
    
    
    2,525.02Series B
    
    
    2,527.90
    
    
    
    2,655.63
    
    
    
    2,560.37
    
    
    
    2,528.05
 
 *
    
    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 17




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Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Introduction
   Critical Accounting Policies
   Capital Resources
   18




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Liquidity
       19




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Off-Balance Sheet Risk
    Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts Accounted
for at Fair Value
  Results of Operations
    20




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2009
     Sector
    
    % Gain (Loss)Currencies
    
    
    3.74
    %Commodities
    
    
    (0.21
    )Stock Indices
    
    
    (0.47
    )Interest Rates
    
    
    (4.77
    )(1.71)
    %
    21




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22




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2008
    Sector
    
    % Gain (Loss)Stock Indices
    
    
    8.68
    %Commodities
    
    
    0.43Currencies
    
    
    (0.60
    )Interest Rates
    
    
    (4.69
    )3.82
    %
  23




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24




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2007
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    0.80
    %Agricultural
    
    
    (0.13
    )Metals
    
    
    (0.74
    )Energy
    
    
    (1.88
    )Stock Indices
    
    
    (2.90
    )Currencies
    
    
    (7.94
    )(12.79
    )%
  25




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26




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Item 7A. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    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).
   27




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The Trusts Trading Value at Risk in Different Market Sectors
  December 31, 2009Market Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    0.90
    %
    
    
    3.74
    %Interest Rates
    
    
    0.69
    %
    
    
    (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, 2009.   28




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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.   December 31, 2007TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    1.44
    %
    
    
    (7.94
    )%Stock Indices
    
    
    0.50
    %
    
    
    (2.90
    )%Interest Rates
    
    
    0.40
    %
    
    
    0.80
    %Energy
    
    
    0.08
    %
    
    
    (1.88
    )%Agricultural and Metals
    
    
    0.16
    %
    
    
    (0.87
    )%Aggregate/Total
    
    
    1.68
    %
    
    
    (12.79
    )%
 
 *
    
    -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.**
    
    -Of the return for the year ended December 31, 2007 for Series B, approximately 12.79% was
due to trading gains (before commissions) and approximately 4.69% in brokerage fees,
management fees, performance fees and operating costs borne by the Trust offset by
approximately 4.57% due to interest income giving a net return of (12.91)%. 29




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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.,
 30




---



##### 



Interest Rates
  Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  31




---



##### 



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
  32




---



##### 



Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
  
 Item 9A.
    
    Controls and Procedures
  
 Item 9A (T).
    
    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.
   33




---



##### 



Item 9B.
    
    Other Information
  
 PART III
 
 Item 10.
    
    Directors, Executive Officers and Corporate Governance
     34




---



##### 



35




---



##### 



36




---



##### 



Audit Committee Financial Expert
  Code of Ethics
  
 Item 11.
    
    Executive Compensation
  th
 37




---



##### 



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, 2009, no Units of
Beneficial Interest are owned or held by an officer of Campbell & Company.(b)
    
    Security Ownership of Management. As of December 31, 2009, Campbell & Company
owned 20.360 Units of Beneficial Interest in Series B having a value of $48,453. The
amounts are summarized in the table below:
 Amount and NatureName of Beneficial
    
    of BeneficialTitle of Class
    
    Owner
    
    Ownership
    
    Percentage of ClassUnits of Beneficial
Interest in Series
B
    
    Campbell & Company,
Inc.
    
    20.360 Units
    
    0.01% of Units
outstanding
 Campbell & Company did not own any additional units of Series A and Series W at
December 31, 2010.
 
 Item 13.
    
    Certain Relationships and Related Transactions, and Director Independence
  
 Item 14.
    
    Principal Accounting Fees and Services
 The principal accountant for the years ended December 31, 2009 and 2007 was Deloitte
& Touche LLP.
 (a)
    
    Audit Fees

The 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, 2009 and 2008 were
$85,050 and $74,050, respectively.(b)
    
    Audit Related Fees

The aggregate fees billed for professional services rendered by the principal accountant
in connection with Sarbanes-Oxley compliance for the years ended December 31, 2009 and
2008 were $11,830, respectively.(c)
    
    Tax Fees

None.(d)
    
    All Other Fees

None.(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.
 38




---



##### 



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 41 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.)10.01
    
    Advisory Agreement between the Registrant and Campbell &
Company. (Incorporated by reference to the respective exhibit to the
Registrants Form 10 (No. 0-50264) filed on April 30, 2003.)10.02
    
    Customer Agreement between the Registrant, Campbell & Company
and ABN AMRO Incorporated. (Incorporated by reference to the respective exhibit
to the Registrants Form 10 (No. 0-50264) filed on April 30, 2003.)10.03
    
    Form of Subscription Agreement and Power of Attorney.
(Incorporated by reference to the respective exhibit to the Registrants Form
10 (No. 0-50264) filed on April 30, 2003.)10.04
    
    International Swap Dealers Association, Inc. Master Agreement
between the Registrant, Campbell & Company and ABN AMRO Bank, N.V., Chicago
Branch. (Incorporated by reference to the respective exhibit to the
Registrants Form 10 (No. 0-50264) filed on April 30, 2003.)31.01
    
    Certification of 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.
 39




---



##### 



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
 40




---



##### 



THE CAMPBELL FUND TRUST
 ANNUAL REPORT
  41




---



##### 



THE CAMPBELL FUND TRUST
 INDEX
 PAGESReports of Independent Registered Public Accounting Firm

Deloitte & Touche LLP
    
    
    43Financial StatementsCondensed Schedules of Investments
December 31, 2009 and 2008
    
    
    44-48Statements of Financial Condition
December 31, 2009 and 2008
    
    
    49Statements of Operations For the Years
Ended December 31, 2009, 2008 and 2007
    
    
    50-51Statements of Cash Flows For the Years
Ended December 31, 2009, 2008 and 2007
    
    
    52Statements of Changes in Unitholders Capital (Net Asset Value)
For the Years Ended December 31, 2009, 2008 and 2007
    
    
    53-54Financial Highlights
For the Years Ended December 31, 2009, 2008 and 2007
    
    
    55-57Notes to Financial Statements
    
    
    58-66
 42




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 43




---



##### 



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
    %Industrials$
    30,060,000
    
    
    Avery
Dennison Corporation 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
    %$
    17,000,000
    
    
    U.S.
Treasury Bills Due 03/25/2010 *
    
    $
    16,997,648
    
    
    
    4.65
    %Total United States(cost $71,704,748)
    
    $
    71,730,252
    
    
    
    19.63
    %Short 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
    %
 See Accompanying Notes to Financial Statements.
 44




---



##### 



The Campbell Fund Trust
Condensed Schedule of Investments
December 31, 2009
 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.
 45




---



##### 



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.
 46




---



##### 



The Campbell Fund Trust 
Condensed Schedule of Investments 
December 31, 2008
 FIXED INCOME SECURITIES
 UNITED STATES GOVERNMENT SECURITIES*
 Maturity
    
    Maturity
    
    
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    Date
    
    
    Description
    
    
    Values ($)
    
    
    Asset Value$25,000,000
    
    
    01/22/2009
    
    
    U.S. Treasury Bills
    
    $
    25,000,000
    
    
    
    4.99
    %Total United States government securities(cost, including accrued interest,  $25,000,000)
    
    $
    25,000,000
    
    
    
    4.99
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueMetals
    
    $
    21,852
    
    
    
    0.00
    %Stock indices
    
    $
    226,850
    
    
    
    0.05
    %Short-term interest rates
    
    $
    860,185
    
    
    
    0.17
    %Long-term interest rates
    
    $
    1,064,421
    
    
    
    0.21
    %Total long futures contracts
    
    $
    2,173,308
    
    
    
    0.43
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (454,939
    )
    
    
    (0.09
    )%Energy
    
    $
    (155,724
    )
    
    
    (0.03
    )%Metals
    
    $
    (347,611
    )
    
    
    (0.07
    )%Stock indices
    
    $
    (678,007
    )
    
    
    (0.14
    )%Short-term interest rates
    
    $
    (84,325
    )
    
    
    (0.02
    )%Long-term interest rates
    
    $
    (475,421
    )
    
    
    (0.09
    )%Total short futures contracts
    
    $
    (2,196,027
    )
    
    
    (0.44
    )%Total futures contracts
    
    $
    (22,719
    )
    
    
    (0.01
    )%
 See Accompanying Notes to Financial Statements.
 47




---



##### 



The Campbell Fund Trust 
Condensed Schedule of Investments 
December 31, 2008
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    5,898,461
    
    
    
    1.18
    %Various short forward currency contracts
    
    $
    (3,203,651
    )
    
    
    (0.64
    )%Total forward currency contracts
    
    $
    2,694,810
    
    
    
    0.54
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward
currency contracts (premiums
paid  $202,448)
    
    $
    109,058
    
    
    
    0.02
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward
currency contracts (premiums
received  $739,584)
    
    $
    (665,741
    )
    
    
    (0.13
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 48




---



##### 



The Campbell Fund Trust
 
 Statements
of Financial Condition
 December 31, 2009 And 2008
 2009
    
    
    2008ASSETSEquity in broker trading accountsCash
    
    $
    18,882,546
    
    
    $
    488,681,500Restricted cash
    
    
    24,115,214
    
    
    
    14,578,416Net unrealized gain (loss) on open futures contracts
    
    
    (1,031,681
    )
    
    
    (22,719
    )Total equity in broker trading accounts
    
    
    41,966,079
    
    
    
    503,237,197Cash and cash equivalents
    
    
    8,129,710
    
    
    
    15,195Fixed income securities (cost $327,522,499 and $25,000,000, respectively)
    
    
    327,620,030
    
    
    
    25,000,000Options purchased, at fair value (premiums paid  $847,190 and $202,448,
respectively)
    
    
    855,611
    
    
    
    109,058Net unrealized gain (loss) on open forward currency contracts
    
    
    (3,077,179
    )
    
    
    2,694,810Interest receivable
    
    
    90,033
    
    
    
    5,337Subscriptions receivable
    
    
    0
    
    
    
    2,163,382Total assets
    
    $
    375,584,284
    
    
    $
    533,224,979LIABILITIESCash deficit at forwards broker
    
    $
    0
    
    
    $
    67,540Accounts payable
    
    
    114,739
    
    
    
    117,146Management fee
    
    
    1,229,415
    
    
    
    1,767,267Service fee
    
    
    1,729
    
    
    
    0Options written, at fair value (premiums received  $264,078 and
$739,584, respectively)
    
    
    230,427
    
    
    
    665,741Accrued commissions and other trading fees on open contracts
    
    
    41,418
    
    
    
    30,509Offering costs payable
    
    
    10,230
    
    
    
    619Redemptions payable
    
    
    8,638,173
    
    
    
    29,369,592Total liabilities
    
    
    10,266,131
    
    
    
    32,018,414UNITHOLDERS CAPITAL (Net Asset Value)Series A Units  RedeemableOther Unitholders  10,227.868 and 1,052.200 units outstanding at
December 31, 2009 and December 31, 2008
    
    
    24,189,310
    
    
    
    2,656,823Series B Units  RedeemableManaging Operator  20.360 units outstanding at December 31, 2009 and
December 31, 2008
    
    
    48,453
    
    
    
    51,471Other Unitholders  141,411.145 and 197,186.512 units outstanding at
December 31, 2009 and December 31, 2008
    
    
    336,529,754
    
    
    
    498,498,271Series W Units  RedeemableOther Unitholders  1,896.181 and 0.000 units outstanding at December
31, 2009 and December 31, 2008
    
    
    4,550,636
    
    
    
    0Total unitholders capital (Net Asset Value)
    
    
    365,318,153
    
    
    
    501,206,565Total liabilities and unitholders capital (Net Asset Value)
    
    $
    375,584,284
    
    
    $
    533,224,979
 See Accompanying Notes to Financial Statements.
 49




---



##### 



The
Campbell Fund Trust
 
 Statements
of Operations
 For The Years Ended December 31, 2009, 2008 And 2007
 2009
    
    
    2008
    
    
    2007TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (22,697,082
    )
    
    $
    33,097,735
    
    
    $
    (25,846,706
    )Change in unrealized
    
    
    (1,008,960
    )
    
    
    (4,652,238
    )
    
    
    (24,810,820
    )Brokerage commissions
    
    
    (585,700
    )
    
    
    (856,401
    )
    
    
    (1,781,328
    )Net gain (loss) from futures trading
    
    
    (24,291,742
    )
    
    
    27,589,096
    
    
    
    (52,438,854
    )Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    19,731,296
    
    
    
    (19,095,861
    )
    
    
    (29,870,447
    )Change in unrealized
    
    
    (5,710,372
    )
    
    
    16,933,839
    
    
    
    (53,572,831
    )Brokerage commissions
    
    
    (70,270
    )
    
    
    (84,502
    )
    
    
    (780,643
    )Net gain (loss) from forward currency and
options on forward currency trading
    
    
    13,950,654
    
    
    
    (2,246,524
    )
    
    
    (84,223,921
    )Total net trading gain (loss)
    
    
    (10,341,088
    )
    
    
    25,342,572
    
    
    
    (136,662,775
    )NET INVESTMENT INCOME (LOSS)IncomeInvestment income
    
    
    451,367
    
    
    
    10,467,453
    
    
    
    46,531,028Realized gain (loss) on fixed income securities
    
    
    (15,455
    )
    
    
    0
    
    
    
    0Change in unrealized gain (loss) on fixed
income securities
    
    
    97,531
    
    
    
    0
    
    
    
    0Total investment income
    
    
    533,443
    
    
    
    10,467,453
    
    
    
    46,531,028ExpensesManagement fee
    
    
    16,971,300
    
    
    
    25,405,845
    
    
    
    41,054,959Service fee
    
    
    8,487
    
    
    
    0
    
    
    
    0Performance fee
    
    
    0
    
    
    
    0
    
    
    
    3,914,242Operating expenses
    
    
    297,133
    
    
    
    193,586
    
    
    
    204,930Total expenses
    
    
    17,276,920
    
    
    
    25,599,431
    
    
    
    45,174,131Net investment income (loss)
    
    
    (16,743,477
    )
    
    
    (15,131,978
    )
    
    
    1,356,897NET INCOME (LOSS)
    
    $
    (27,084,565
    )
    
    $
    10,210,594
    
    
    $
    (135,305,878
    )NET INCOME (LOSS) PER MANAGING OPERATOR AND
OTHER UNITHOLDERS UNIT (1), (2) (based on weighted average number of units
outstanding during the year)Series A
    
    $
    (58.14
    )
    
    $
    (32.19
    )
    
    $
    0.00Series B
    
    $
    (158.24
    )
    
    $
    41.06
    
    
    $
    (360.46
    )Series W
    
    $
    79.02
    
    
    $
    0.00
    
    
    $
    0.00
 See Accompanying Notes to Financial Statements.
 50




---



##### 



The Campbell Fund Trust Statements of Operations For The Years Ended December 31, 2009, 2008 And 2007
 2009
    
    
    2008
    
    
    2007INCREASE (DECREASE) IN NET
ASSET VALUE PER MANAGING
OPERATOR AND OTHER
UNITHOLDERS UNIT (1), (2)Series A
    
    $
    (159.98
    )
    
    $
    (35.35
    )
    
    $
    0.00Series B
    
    $
    (148.25
    )
    
    $
    31.11
    
    
    $
    (370.14
    )Series W
    
    $
    (164.27
    )
    
    $
    0.00
    
    
    $
    0.00
 
 (1)
    
    Series A Units commenced trading on October 1, 2008; therefore, no information is provided
for the Series A Units for the year ended December 31, 2007. 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 and 2007. See Accompanying Notes to Financial Statements.
 51




---



##### 



The
Campbell Fund Trust
 
 Statements
of Cash Flows
 For The Years Ended December 31, 2009, 2008 And 2007
 2009
    
    
    2008
    
    
    2007Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (27,084,565
    )
    
    $
    10,210,594
    
    
    $
    (135,305,878
    )Adjustments to reconcile net income (loss) to net cash from (for) operating activitiesNet change in unrealized
    
    
    6,621,801
    
    
    
    (12,281,601
    )
    
    
    78,383,651(Increase) decrease in restricted cash
    
    
    (9,536,798
    )
    
    
    (14,578,416
    )
    
    
    0(Increase) decrease in option premiums paid
    
    
    (644,742
    )
    
    
    1,436,651
    
    
    
    (823,338
    )Increase (decrease) in option premiums received
    
    
    (475,506
    )
    
    
    (181,056
    )
    
    
    446,294(Increase) decrease in interest receivable
    
    
    (84,696
    )
    
    
    91,894
    
    
    
    320,413(Increase) decrease in other assets
    
    
    0
    
    
    
    648
    
    
    
    (648
    )Increase (decrease) in accounts payable and accrued expenses
    
    
    (527,621
    )
    
    
    (1,035,044
    )
    
    
    (1,347,758
    )Net maturities (purchases) of investments in
fixed income securities
    
    
    (302,522,499
    )
    
    
    741,738,739
    
    
    
    157,038,705Net cash from (for) operating activities
    
    
    (334,254,626
    )
    
    
    725,402,409
    
    
    
    98,711,441Cash flows from (for) financing activitiesAddition of units
    
    
    31,595,573
    
    
    
    9,404,485
    
    
    
    26,024,191Redemption of units
    
    
    (158,909,554
    )
    
    
    (320,714,859
    )
    
    
    (236,172,102
    )Offering costs paid
    
    
    (48,292
    )
    
    
    0
    
    
    
    0Net cash from (for) financing activities
    
    
    (127,362,273
    )
    
    
    (311,310,374
    )
    
    
    (210,147,911
    )Net increase (decrease) in cash and cash equivalents
    
    
    (461,616,899
    )
    
    
    414,092,035
    
    
    
    (111,436,470
    )Cash and cash equivalentsBeginning of year
    
    
    488,629,155
    
    
    
    74,537,120
    
    
    
    185,973,590End of year
    
    $
    27,012,256
    
    
    $
    488,629,155
    
    
    $
    74,537,120End of year cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    18,882,546
    
    
    $
    488,681,500
    
    
    $
    31,596,452Cash deficit at forwards broker
    
    
    0
    
    
    
    (67,540
    )
    
    
    0Cash and cash equivalents
    
    
    8,129,710
    
    
    
    15,195
    
    
    
    42,940,668Total end of year cash and cash equivalents
    
    $
    27,012,256
    
    
    $
    488,629,155
    
    
    $
    74,537,120
 See Accompanying Notes to Financial Statements.
 52




---



##### 



The
Campbell Fund Trust
 
 Statements Of Changes In Unitholders Capital (Net Asset Value)
 For The Years Ended December 31, 2009, 2008 And 2007
 Unitholders Capital - Series BManaging Operator
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances at
December 31,
2006
    
    
    20.360
    
    
    $
    58,374
    
    
    
    402,479.470
    
    
    $
    1,153,940,424
    
    
    
    402,499.830
    
    
    $
    1,153,998,798Net income (loss) for the year ended
December 31,
2007
    
    
    
    
    
    
    (7,536
    )
    
    
    
    
    
    
    (135,298,342
    )
    
    
    
    
    
    
    (135,305,878
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    9,471.225
    
    
    
    26,063,439
    
    
    
    9,471.225
    
    
    
    26,063,439Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (101,695.987
    )
    
    
    (270,017,583
    )
    
    
    (101,695.987
    )
    
    
    (270,017,583
    )Balances at December 31,
2007
    
    
    20.360
    
    
    
    50,838
    
    
    
    310,254.708
    
    
    
    774,687,938
    
    
    
    310,275.068
    
    
    
    774,738,776Net income (loss) for the year ended
December 31,
2008
    
    
    
    
    
    
    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) for the year ended
December 31,
2009
    
    
    
    
    
    
    (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
    
    
    $
    336,578,207
 Net Asset Value per Managing Operator and Other Unitholders Unit - Series BDecember 31, 2009
    
    December 31, 2008
    
    December 31, 2007$ 2,379.80
    
    $ 2,528.05
    
    $ 2,496.94
 See
Accompanying Notes to Financial Statements.
 53




---



##### 



The Campbell Fund Trust
Statements of Changes in Unitholders Capital
(Net Asset Value)
For The Years Ended December 31, 2009,
2008 And 2007
 Series
A(1)
    
    

Series
W(2)Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances at December 31, 2007
    
    
    0.000
    
    
    $
    0
    
    
    
    0.000
    
    
    $
    0Net income (loss) for the year ended
December 31, 2008
    
    
    
    
    
    
    (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) for the year ended
December 31, 2009
    
    
    
    
    
    
    (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
    
    
    $
    4,550,636
 Net Asset Value per Other Unitholders Unit  Series A(1)December 31, 2009
    
    December 31, 2008$2,365.04
    
    $2,525.02
 Net Asset Value per Other Unitholders Unit  Series W(2)December 31, 2009
    
    February 28, 2009$2,399.89
    
    $2,564.16
 
 (1)
    
    Series A Units commenced trading on October 1, 2008; therefore, no information is provided
for the Series A Units for the year ended December 31, 2007.(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 and 2007. See Accompanying Notes to Financial Statements.
 54




---



##### 



The Campbell Fund Trust
Financial Highlights
For The Years Ended December 31, 2009, 2008 And 2007
  Series A2009
    
    
    2008Per Unit Performance
(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year(4)
    
    $
    2,525.02
    
    
    $
    2,560.37Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    (55.23
    )
    
    
    (7.62
    )Net investment income (loss)(1)
    
    
    (92.78
    )
    
    
    (24.56
    )Total net income (loss) from operations
    
    
    (148.01
    )
    
    
    (32.18
    )Offering costs (1)
    
    
    (11.97
    )
    
    
    (3.17
    )Net asset value per unit at end of year
    
    $
    2,365.04
    
    
    $
    2,525.02Total Return
    
    
    (6.34
    )%
    
    
    (1.38
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (3)
    
    
    4.10
    %
    
    
    4.03
    %Performance fee
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.10
    %
    
    
    4.03
    %Net investment income (loss)(2,3)
    
    
    (3.88
    )%
    
    
    (3.88
    )%Total returns are calculated based on the change in value of a unit during the period. An
individual partner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 are
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.(4)
    
    Represents the net asset value per Series A Unit at October 1, 2008
(commencement of trading). See Accompanying Notes to Financial Statements.
 55




---



##### 



The Campbell Fund Trust
 
 Financial Highlights
 For The Years Ended December 31, 2009, 2008 And 2007
  Series B2009
    
    
    2008
    
    
    2007Per Unit Performance(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year
    
    $
    2,528.05
    
    
    $
    2,496.94
    
    
    $
    2,867.08Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    (52.28
    )
    
    
    91.91
    
    
    
    (373.75
    )Net investment income (loss)(1)
    
    
    (95.97
    )
    
    
    (60.80
    )
    
    
    3.61Total net income (loss) from operations
    
    
    (148.25
    )
    
    
    31.11
    
    
    
    (370.14
    )Net asset value per unit at end of year
    
    $
    2,379.80
    
    
    $
    2,528.05
    
    
    $
    2,496.94Total Return
    
    
    (5.86
    )%
    
    
    1.25
    %
    
    
    (12.91
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee
    
    
    4.11
    %
    
    
    4.10
    %
    
    
    4.05
    %Performance fee
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.38
    %Total expenses
    
    
    4.11
    %
    
    
    4.10
    %
    
    
    4.43
    %Net investment income (loss)(2)
    
    
    (3.99
    )%
    
    
    (2.42
    )%
    
    
    0.52
    %
 Total returns are calculated based on the change in value of a unit during the year. An individual
partner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.
 56




---



##### 



The Campbell Fund Trust  Financial Highlights  For The Years Ended December 31, 2009, 2008 And 2007
  Series W2009Per Unit Performance(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year(4)
    
    $
    2,564.16Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    (107.29
    )Net investment income (loss)(1)
    
    
    (46.92
    )Total net income (loss) from operations
    
    
    (154.21
    )Offering costs (1)
    
    
    (10.06
    )Net asset value per unit at end of year
    
    $
    2,399.89Total Return
    
    
    (6.41
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (3)
    
    
    2.62
    %Performance fee
    
    
    0.00
    %Total expenses
    
    
    2.62
    %Net investment income (loss)(2,3)
    
    
    (2.34
    )%
 Total returns are calculated based on the change in value of a unit during the year. An individual
partner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 are
calculated by dividing the net investment
income (loss) and offering costs 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.(3)
    
    Annualized for the period October 1, 2008 (commencement of trading)
through December 31, 2008.(4)
    
    Represents the net asset value per Series W Unit at March 1, 2009
(commencement of trading). See Accompanying Notes to Financial Statements.
 57




---



##### 



The Campbell Fund Trust
 
 Notes to Financial Statements
 December
 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. 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 1G, Note 1I, 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, (formerly FAS No. 39 -
Offsetting of Amounts Related to Certain Contracts). The market value of futures
(exchange-traded) contracts is determined by the various futures exchanges, and reflects
the settlement price for each contract as of the close on the last business day of the
reporting period. The market 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 or based on the market value of its
exchange-traded equivalent.The market 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 input, 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 market 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 held at the brokers or
interbank market makers, are marked-to-market on the last business day of the reporting
period by a 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
 58




---



##### 



The Campbell Fund Trust
 Notes to Financial Statements
 December 31, 2009
 quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such
securities. U.S. Treasury bills not held by the custodian are stated at cost plus accrued interest,
which approximates fair value. Premiums and discounts on debt securities are amortized for
financial reporting purposes.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 adopted the provisions of ASC 820, Fair Value Measurements and Disclosures (formerly FASB
No.157, Fair Value Measurements), 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 Fund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 year ended December 31, 2009, the Trust did not have any Level
3 assets or liabilities.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, 2009 and December 31, 2008.
 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
 59




---



##### 



The Campbell Fund Trust
 Notes to Financial Statements
 December
 Fair Value at December 31, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    25,000,000
    
    
    $
    0
    
    
    $
    25,000,000Other Financial InstrumentsExchange-traded futures
contracts
    
    
    (22,719
    )
    
    
    0
    
    
    
    0
    
    
    
    (22,719
    )Forward currency contracts
    
    
    0
    
    
    
    2,694,810
    
    
    
    0
    
    
    
    2,694,810Options purchased
    
    
    0
    
    
    
    109,058
    
    
    
    0
    
    
    
    109,058Options written
    
    
    0
    
    
    
    (665,741
    )
    
    
    0
    
    
    
    (665,741
    )Total
    
    $
    (22,719
    )
    
    $
    27,138,127
    
    
    $
    0
    
    
    $
    27,115,408
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and overnight money market
investments at financial institutions.E.
    
    Cash Deficit at Interbank Market MakerAt December 31, 2008, the Trust recorded an overdraft of $67,540 which
resulted from estimates of available cash.F.
    
    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 (formerly FIN No. 48, Accounting for Uncertainty in
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 2006 through 2009 tax years generally remain
subject to examination by the U.S. federal and most state tax
authorities.G.
    
    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.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, 2009 and
December 31, 2008, the
 60




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The Campbell Fund Trust
 Notes to Financial Statements
 December
 amount of unreimbursed offering costs incurred by Campbell & Company
is $1,653,661 and $111,829 for Series A units and $328,196 and $31,754
for Series W units respectively.H.
    
    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.I.
    
    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.J.
    
    Recently Issued Accounting PronouncementsIn January 2010, the Financial Accounting Standards Board 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. The amended guidance is effective for financial
statements for fiscal years and interim periods beginning after
December 15, 2009 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 impact of this guidance on the Trusts financial
statements and disclosures, if any, is currently being assessed.
 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.
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The Campbell Fund Trust
 Notes to Financial Statements
 December
 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.
 Note 4. CASH MANAGER AND CUSTODIAN
 The Trust has 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, to manage and control the liquid assets
of the Trust. The cash manager is registered as an investment adviser with the Securities
and Exchange Commission of the United States under the Investment Advisers Act of 1940.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. The cash
manager began trading on behalf of the Trust in August 2009.
 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.
 62




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##### 



The Campbell Fund Trust
 Notes to Financial Statements
 December
 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 primarily focused on financial
futures, which are instruments designed to hedge or speculate on changes in interest
rates, currency exchange rates or stock index values. A secondary emphasis is on 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, 2009 and December 31, 2008 was
$16,997,648 and $25,000,000, respectively, which equals 5% and 5% of Net Asset Value,
respectively. The cash deposited with interbank market makers at December 31, 2009 and
December 31, 2008 was $3,604,499 and $(67,540), respectively, which equals 1% and (0)% of
Net Asset Value, respectively. These amounts are included in cash. Included in cash
deposits with the broker and interbank market maker at December 31, 2009 and December 31,
2008 was restricted cash for margin requirements of $24,115,214 and $14,578,416, which
equals 7% and 3% 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.
 63




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##### 



The unrealized gain (loss) on open futures, forward currency and options on forward
currency contracts is comprised of the following:
 
 The Campbell Fund Trust
 Notes to Financial Statements
 December
 Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)December 31, 2009
    
    
    December 31, 2008
    
    
    December 31, 2009
    
    
    December 31, 2008Gross unrealized gains
    
    $
    5,253,447
    
    
    $
    3,247,644
    
    
    $
    14,345,436
    
    
    $
    13,542,469Gross unrealized losses
    
    
    (6,285,128
    )
    
    
    (3,270,363
    )
    
    
    (17,380,543
    )
    
    
    (10,867,206
    )Net unrealized gain (loss)
    
    $
    (1,031,681
    )
    
    $
    (22,719
    )
    
    $
    (3,035,107
    )
    
    $
    2,675,263
 In March 2008, the FASB issued ASC 815, Derivatives and Hedging (formerly SFAS No.161,
Disclosures about Dervative instruments and Hedging Activities). 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. ASC 815 is effective for financial statements issued for the Trusts
first fiscal year beginning after November 15, 2008. The Trust adopted ASC 815 effective January 1,
2009.The following tables summarize quantitative information required by ASC 815.The fair value of the Trusts derivatives by instrument type, as well as the location of those
instruments on the Statement of Financial Condition, as of December 31, 2009 is as follows:
 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
    )Purchased 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 64




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##### 



The Campbell Fund Trust
 Notes to Financial Statements
 December
 The trading revenue of the Trusts derivatives by instrument type, as well as the location of those
gains and losses on the Statement of Operations, for the year ended December 31, 2009 is as
follows:
 Trading Revenue forthe Twelve Months EndedType of Instrument
    
    December 31, 2009Agricultural Contracts
    
    $
    (1,863,441
    )Energy Contracts
    
    
    (4,907,898
    )Metal Contracts
    
    
    5,425,104Stock Indices Contracts
    
    
    (3,588,375
    )Short-Term Interest Rate Contracts
    
    
    (2,553,519
    )Long Term Interest Rate Contracts
    
    
    (16,466,479
    )Forward Currency Contracts
    
    
    8,474,832Purchased
Options on Forward Currency Contracts
    
    
    (8,456,964
    )Written Options on Forward Currency Contracts
    
    
    14,003,056Total
    
    $
    (9,933,684
    )
 Trading Revenue forthe Twelve Months EndedLine Item in the Statement of Operations
    
    December 31, 2009Futures trading gains (losses):Realized
    
    $
    (22,945,648
    )Change in unrealized
    
    
    (1,008,960
    )Forward currency and options on forward
currency trading gains
(losses):Realized
    
    
    19,731,296Change in unrealized
    
    
    (5,710,372
    )Total
    
    $
    (9,933,684
    )
 For the twelve months ended December 31, 2009, the monthly average of futures contracts bought and
sold was approximately 17,900, and the monthly average of notional value of forward currency and
options on forward currency contracts was $2,101,400,500.Open contracts generally mature within three months; as of December 31, 2009, the latest maturity
date for open futures contracts is March 2011, the latest maturity date for open forward currency
contracts is March 2010, and the latest expiry date for options on forward currency contracts is
January 2010. 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.
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##### 



The Campbell Fund Trust
 Notes to Financial Statements
 December
 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 issued. There are no subsequent events to disclose or record.
 66




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##### 



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