##### 



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, 2007
 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)210 W. Pennsylvania Avenue 
Towson, Maryland
    
    21204
 (410)296-3301
 None
  Units of Beneficial Interest
 o þ
 o þ
 þ o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
  o þ
  5.




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TABLE OF CONTENTS
 Page
 PART IITEM 1.
    
    BUSINESS
    
    
    1-4ITEM 1A.
    
    RISK FACTORS
    
    
    5-12ITEM 1B.
    
    UNRESOLVED STAFF COMMENTS
    
    
    12ITEM 2.
    
    PROPERTIES
    
    
    12ITEM 3.
    
    LEGAL PROCEEDINGS
    
    
    12ITEM 4.
    
    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
    
    
    13PART IIITEM 5.
    
    MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
    
    
    13ITEM 6.
    
    SELECTED FINANCIAL DATA
    
    
    13-14ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS
    
    
    14-21ITEM 7A.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    21-27ITEM 8.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    27ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE
    
    
    27ITEM 9A.
    
    CONTROLS AND PROCEDURES
    
    
    27ITEM 9A(T)
    
    CONTROLS AND PROCEDURES
    
    
    27-28ITEM 9b.
    
    OTHER INFORMATION
    
    
    28PART IIIITEM 10.
    
    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    28-31ITEM 11.
    
    EXECUTIVE COMPENSATION
    
    
    32ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATEDSTOCKHOLDER MATTERS
    
    
    32ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    32ITEM 14.
    
    PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    32PART IVITEM 15.
    
    EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    32-33
 
 i




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##### 



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




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##### 



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




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##### 



Charges
   RECIPIENT
    
    NATURE OF PAYMENT
    
    AMOUNT OF PAYMENTCampbell & Company
    
    Management Fee
    
    A monthly management
fee of 1/3 of 1% of
the Trusts month-end
net assets, totaling
approximately 4% of
average month-end net
assets per year.
Campbell & Company
may pay a portion or
all of its monthly
management fee on an
ongoing basis to
selected agents who
have sold the Units,
in return for their
provision of ongoing
services to the
Unitholders. In most
cases, the ongoing
payment paid to
selling agents is 2%
per annum, paid
monthly, on the then
current Net Asset
Value of Units sold
by the selling
agents, net of
redemptions.Campbell & Company
    
    Performance Fee
    
    A quarterly
performance fee of
20% of the aggregate
cumulative
appreciation in the
Net Asset Value per
Unit at the end of
each quarter,
exclusive of
appreciation
attributable to
interest income
disregarding
decreases in Net
Asset Value per Unit
resulting from
distributions.UBS SECURITIES, LLC
    
    Brokerage Commissions
    
    Brokerage commissions
are paid at a rate of
approximately $6 for
each round-turn trade
executed for the
Trust. Annual
brokerage commissions
payable to the Trust
are estimated at
approximately 0.30%
of the Trusts net
assets annually,
although there is no
limit on the amount
of such commissions.ABN AMRO Bank, N.V.,
Chicago Branch
    
    Forward Counterparty
Execution Costs
    
    The forward
counterpartys
execution costs are
included in the price
of each forward
contract purchased or
sold, and,
accordingly, such
costs cannot be
determined but are
charged. In
addition, ABN AMRO
Bank, N.V., Chicago
Branch charges
approximately $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
0.40% of the Trusts
net assets.
 3




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##### 



RECIPIENT
    
    NATURE OF PAYMENT
    
    AMOUNT OF PAYMENTOther
    
    Operating Expenses
    
    The Trust pays
operating expenses
(other than the cost
of the Units),
including trustee,
legal and accounting
fees, and taxes or
extraordinary
expenses. These
expenses are
estimated at less
than 0.50% of the
Trusts net assets
annually, although
there is no limit on
the amount of such
expenses.These expenses during
the years ended 2007,
2006 and 2005 were
0.02%, 0.02% and
0.03% of the Trusts
net assets,
respectively.
 Regulation
    http://www.sec.gov
 4




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##### 



Item 1A.
    
    Risk Factors
 Market Risks
 You Could Possibly Lose Your Total Investment in the Trust
  The Trust is Highly Leveraged
  Your Investment Could be Illiquid
     5




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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
   6




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##### 



Trading Risks
 Campbell & Company Analyzes Primarily Technical Market Data
   Increased Competition from Other Trend-Following Traders Could Reduce Campbell & Companys
Profitability
  Speculative Position Limits May Alter Trading Decisions for the Trust
  Increase in Assets Under Management May Make Profitable Trading More Difficult
  7




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##### 



Investors Will Not be Able to Review the Trusts Holdings on a Daily Basis
  Tax Risks
 Investors are Taxed Based on Their Share of Trust Income and Gain
   Tax Could be Due from Investors on Their Share of the Trusts Ordinary Income Despite Overall
Losses
  There Could be a Limit on the Deductibility of Management and Performance Fees
  Other Risks
 Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
  8




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##### 



The Futures Broker Could Fail
 pro rata
 Investors Must Not Rely on the Past Performance of Either Campbell & Company or the Trust in
Deciding Whether to Buy Units
  Parties to the Trust Have Conflicts of Interest
     There are No Independent Experts Representing Investors
  The Trust Places Significant Reliance on Campbell & Company
  9




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##### 



The Trust Could Terminate Before Expiration of its Stated Term
  The Trust is Not a Regulated Investment Company
  Proposed Regulatory Change is Impossible to Predict
  Forwards, Options, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation
  The Trust is Subject to Foreign Market Credit and Regulatory Risk
  10




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##### 



The Trust is Subject to Foreign Exchange Risk
  Transfers Could be Restricted
  Restrictions on Investment by ERISA Plans, Employee Retirement Income Security Act of 1974
   A Single-Advisor Fund May be More Volatile Than a Multi-Advisor Fund
  The Performance Fee Could be an Incentive to Make Riskier Investments
  11




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##### 



The Trust May Distribute Profits to Unitholders at Inopportune Times
  Potential Inability to Trade or Report Due to Systems Failure
  Potential Disruption or Inability to Trade Due to a Failure to Receive Timely and Accurate Market
Data from Third Party Vendors
  Item 1B.
    
    Unresolved Staff Comments
  Item 2.
    
    Properties
  Item 3.
    
    Legal Proceedings
  12




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##### 



Item 4.
    
    Submission of Matters to a Vote of Security Holders
  PART II
 Item 5.
    
    Market for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
    Item 6.
    
    Selected Financial Data
 Dollars in thousands, except per Unit amounts
 For the Year Ended December 31,2007
    
    2006
    
    2005
    
    2004
    
    2003Total Assets
    
    $
    832,931
    
    
    $
    1,179,711
    
    
    $
    1,005,256
    
    
    $
    695,256
    
    
    $
    378,634Total Unitholders Capital
    
    
    774,739
    
    
    
    1,153,999
    
    
    
    934,698
    
    
    
    648,451
    
    
    
    351,591Total Trading Gain (Loss)
(includes brokerage commissions)
    
    
    (136,663
    )
    
    
    64,620
    
    
    
    106,673
    
    
    
    64,059
    
    
    
    57,595Net Income (Loss)
    
    
    (135,306
    )
    
    
    63,249
    
    
    
    92,986
    
    
    
    34,749
    
    
    
    40,791Net Income (Loss) Per Managing
Operator and Other
Unitholder Unit *
    
    
    (360.46
    )
    
    
    153.91
    
    
    
    295.68
    
    
    
    154.59
    
    
    
    319.99Increase (Decrease) in Net Asset
Value per Managing Operator
and Other Unitholder Unit
    
    
    (370.14
    )
    
    
    168.95
    
    
    
    288.33
    
    
    
    187.69
    
    
    
    347.18
  1stQtr.
    
    2ndQtr.
    
    3rdQtr.
    
    4thQtr.2007
    
    2007
    
    2007
    
    2007Total Trading Gain (Loss)
(includes brokerage
commissions)
    
    $
    (71,541
    )
    
    $
    129,592
    
    
    $
    (173,046
    )
    
    $
    (21,668
    )Net Income (Loss)
    
    
    (69,408
    )
    
    
    127,704
    
    
    
    (171,108
    )
    
    
    (22,494
    )Net Income (Loss)
per Managing Operator
and Other Unitholder
Unit *
    
    
    (173.66
    )
    
    
    328.77
    
    
    
    (461.50
    )
    
    
    (65.65
    )
 13




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##### 



1stQtr.
    
    2ndQtr.
    
    3rdQtr.
    
    4thQtr.2007
    
    2007
    
    2007
    
    2007Increase (Decrease)
in Net Asset Value
per Managing Operator
and Other Unitholder
Unit
    
    
    (174.87
    )
    
    
    329.71
    
    
    
    (453.71
    )
    
    
    (71.27
    )Net Asset Value per
Managing Operator and
Other Unitholder Unit
at the End of the Period
    
    
    2,692.21
    
    
    
    3,021.92
    
    
    
    2,568.21
    
    
    
    2,496.94
 
 *
    
     Based on weighted average number of units outstanding during the period. 1stQtr.
    
    2ndQtr.
    
    3rdQtr.
    
    4thQtr.2006
    
    2006
    
    2006
    
    2006Total Trading Gain (Loss)
(includes brokerage
commissions)
    
    $
    53,338
    
    
    $
    (71,567
    )
    
    $
    (34,126
    )
    
    $
    116,975Net Income (Loss)
    
    
    45,081
    
    
    
    (69,352
    )
    
    
    (31,574
    )
    
    
    119,094Net Income (Loss)
per Managing Operator
and Other Unitholder
Unit *
    
    
    118.88
    
    
    
    (162.95
    )
    
    
    (74.19
    )
    
    
    288.13Increase (Decrease)
in Net Asset Value
per Managing Operator
and Other Unitholder
Unit
    
    
    117.73
    
    
    
    (163.48
    )
    
    
    (74.96
    )
    
    
    289.66Net Asset Value per
Managing Operator and
Other Unitholder Unit
at the End of the Period
    
    
    2,815.86
    
    
    
    2,652.38
    
    
    
    2,577.42
    
    
    
    2,867.08
 
 *
    
     Based on weighted average number of units outstanding during the period. Item 7.
    
    Managements Discussion and Analysis of Financial Condition and
Results of Operations.
 Introduction
  Critical Accounting Policies
   14




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##### 



Capital Resources
  Liquidity
  i.e.
   Results of Operations
  2007
  15




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##### 



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
    )%
    16




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##### 



2006
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    6.80
    %Interest Rates
    
    
    2.90Metals
    
    
    1.89Currencies
    
    
    1.80Agricultural
    
    
    (0.14
    )Energy
    
    
    (6.64
    )6.61
    %
  17




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##### 



2005
  18




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##### 



Sector
    
    % Gain (Loss)Interest Rates
    
    
    6.77
    %Currencies
    
    
    6.06Energy
    
    
    3.37Metals
    
    
    1.04Agricultural
    
    
    (0.30
    )Stock Indices
    
    
    (2.93
    )14.01
    %
       19




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##### 



20




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##### 



Off-Balance Sheet Risk
    Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  Item 7A. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
 21




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##### 



Standard of Materiality
  Quantifying the Trusts Trading Value at Risk
 Quantitative Forward-Looking Statements
 The following quantitative disclosures regarding the Trusts market risk exposures
contain forward-looking statements within the meaning of the safe harbor from civil
liability provided for such statements by the Private Securities Litigation Reform Act of 1995
(set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934). All quantitative disclosures in this section are deemed to be
forward-looking statements for purposes of the safe harbor, except for statements of
historical fact (such as the dollar amount of maintenance margin required for market risk
sensitive instruments held at the end of the reporting period).
    22




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##### 



The Trusts Trading Value at Risk in Different Market Sectors
  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, 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)%. 23




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##### 



December 31, 2006TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Stock Indices
    
    
    0.75
    %
    
    
    6.80
    %Currencies
    
    
    0.69
    %
    
    
    1.80
    %Energy
    
    
    0.39
    %
    
    
    (6.64
    )%Long-Term Interest Rates
    
    
    0.34
    %
    
    
    (0.24
    )%Short-Term Interest Rates
    
    
    0.26
    %
    
    
    3.14
    %Agricultural / Metals
    
    
    0.17
    %
    
    
    1.75
    %Aggregate/Total
    
    
    1.41
    %
    
    
    6.61
    %
 
 *
    
    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, 2006 approximately 6.61% was due to trading
gains (before commissions), approximately 4.68% was due to interest income offset by
approximately 5.03% due to brokerage fees, management fees, performance fees and operating
costs borne by the Trust giving a net return of 6.26%. December 31, 2005TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    1.48
    %
    
    
    6.06
    %Long-Term Interest Rates
    
    
    0.79
    %
    
    
    2.14
    %Energy
    
    
    0.63
    %
    
    
    3.37
    %Short-Term Interest Rates
    
    
    0.58
    %
    
    
    4.63
    %Stock Indices
    
    
    0.39
    %
    
    
    (2.93
    )%Agricultural / Metals
    
    
    0.06
    %
    
    
    0.74
    %Aggregate/Total
    
    
    2.44
    %
    
    
    14.01
    %
 
 *
    
    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, 2005, approximately 14.01% was due to
trading gains (before commissions), approximately 2.93% was due to interest income offset by
approximately 4.98% due to brokerage fees, management fees, performance fees and operating
costs borne by the Trust giving a net return of 11.96%. 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; and
 24




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##### 



5)
    
    The historical market risk factor data for VaR estimation may provide only limited
insight into losses that could be incurred under certain unusual market movements.
  Non-Trading Risk
  Qualitative Disclosures Regarding Primary Trading Risk Exposures
 The following qualitative disclosures regarding the Trusts market risk exposures 
except for (i) those disclosures that are statements of historical fact and (ii) the
descriptions of how the Trust manages its primary market risk exposures  constitute
forward-looking statements within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act. The Trusts primary market risk exposures as well as the
strategies used and to be used by Campbell & Company for managing such exposures are subject
to numerous uncertainties, contingencies and risks, any one of which could cause the actual
results of the Trusts risk controls to differ materially from the objectives of such
strategies. Government interventions, defaults and expropriations, illiquid markets, the
emergence of dominant fundamental factors, political upheavals, changes in historical price
relationships, an influx of new market participants, increased regulation and many other
factors could result in material losses as well as in material changes to the risk exposures
and the risk management strategies of the Trust. There can be no assurance that the Trusts
current market exposure and/or risk management strategies will not change materially or that
any such strategies will be effective in either the short- or long-term. Investors must be
prepared to lose all or substantially all of their investment in the Trust.
  Currencies
 i.e.,
 Interest Rates
  25




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##### 



Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
  26




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##### 



General
  Item 8. Financial Statements and Supplementary Data
  Item 9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
  Item 9A. Controls and Procedures
  Item 9A (T). Controls and Procedures
 Managements Annual Report on Internal Control over Financial Reporting
   27




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##### 




    
    Pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Trust;
    
    Provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that the partnerships transactions are being made only in accordance with
authorizations of Management and;
    
    Provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Trusts assets that could have a material effect on
the financial statements.
    Item 9B. Other Information
  PART III
 Item 10. Directors, Executive Officers and Corporate Governance
  G. William Andrews Vice
President: Director of Operations
 28




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##### 



Theresa D. Becks President and Chief Executive Officer Chief Financial Officer, Treasurer Secretary Director
 D. Keith Campbell Chairman of the Board of Directors
 Bruce L. Cleland Vice Chairman of the Board of Directors President
 Gregory T. Donovan Senior Vice President of Accounting and Finance
 29




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##### 



Michael S. Harris Vice President and Director
of Trading
 Michael J. Hebrank Chief Technology Officer
 Kevin M. Heerdt Chief
Investment Officer and Director of Research
 James M. Little Executive Vice President-Business Development Director The Handbook of Financial Futures,
 Thomas P. Lloyd General Counsel Executive Vice President-Legal and Compliance
 30




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##### 



Audit Committee Financial Expert
  Code of Ethics
  31




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##### 



Item 11. Executive Compensation
   Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Shareholder Matters
 (a)
    
    Security Ownership of Certain Beneficial Owners. As of December 31, 2007, no Units of
Beneficial Interest are owned or held by an officer of Campbell & Company.(b)
    
    Security Ownership of Management. As of December 31, 2007, Campbell & Company
owned 20.360 Units of Beneficial Interest having a value of $50,838.
 Item 13. Certain Relationships and Related Transactions, and Director Independence
  Item 14. Principal Accounting Fees and Services
  (a)
    
    Audit FeesThe aggregate fees billed for professional services rendered by the principal accountant
for the audit of the Trusts annual financial statements, for review of financial
statements included in the Trusts Forms 10-Q and other services normally provided in
connection with regulatory filings for the years ended December 31, 2007 and 2006 were
$79,000 and $66,227, respectively.(b)
    
    Audit Related FeesNone.(c)
    
    Tax FeesNone.(d)
    
    All Other FeesNone.(e)
    
    The Board of Directors of Campbell & Company approved all of the services
described above. The Board of Directors has determined that the payments made to its
independent accountants for these services are compatible with maintaining such
auditors independence. The Board of Directors explicitly pre-approves all audit and
non-audit services and all engagement fees and terms.
 PART IV
 Item 15. Exhibits, Financial Statement Schedules
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    See Financial Statements beginning on page 35 thereof.(2)
    
    Schedules:
 32




---



##### 



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, Senior Vice President of
Accounting and Finance, 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, Senior Vice President of
Accounting and Finance, 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.
 33




---



##### 



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

D. Keith Campbell
    
    Chairman of the Board of Directors/s/ Bruce L. Cleland

Bruce L. Cleland
    
    Vice Chairman of the Board of Directors/s/ Theresa D. Becks

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

James M. Little
    
    Executive Vice President and Director/s/ Gregory T. Donovan

Gregory T. Donovan
    
    Senior Vice President of Accounting and Finance
 34




---



##### 



THE CAMPBELL FUND TRUST
 ANNUAL REPORT
  35




---



##### 



THE CAMPBELL FUND TRUST
 INDEX
 PAGESReports of Independent Registered Public Accounting FirmDeloitte & Touche LLP
    
    37Financial StatementsCondensed Schedules of InvestmentsDecember 31, 2007 and 2006
    
    38-41Statements of Financial ConditionDecember 31, 2007 and 2006
    
    42Statements of Operations For the YearsEnded December 31, 2007, 2006 and 2005
    
    43Statements of Cash Flows For the YearsEnded December 31, 2007, 2006 and 2005
    
    44Statements of Changes in Unitholders Capital (Net Asset Value)For the Years Ended December 31, 2007, 2006 and 2005
    
    45Financial HighlightsFor the Years Ended December 31, 2007, 2006 and 2005
    
    46Notes to Financial Statements
    
    47-50
 36




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 37




---



##### 



The Campbell Fund Trust  Condensed Schedule of Investments  December
 UNITED STATES GOVERNMENT SECURITIES*
 Maturity
    
    Maturity
    
    
    
    
    
    
    
    % of NetFace Value
    
    Date
    
    Description
    
    Values ($)
    
    
    Asset Value$250,000,000
    
    02/14/2008
    
    U.S. Treasury Bills
    
    $
    248,977,917
    
    
    
    32.14
    %$150,000,000
    
    02/21/2008
    
    U.S. Treasury Bills
    
    $
    149,351,875
    
    
    
    19.28
    %$150,000,000
    
    03/06/2008
    
    U.S. Treasury Bills
    
    $
    149,213,681
    
    
    
    19.26
    %$120,000,000
    
    03/20/2008
    
    U.S. Treasury Bills
    
    $
    119,294,266
    
    
    
    15.40
    %$100,000,000
    
    01/10/2008
    
    U.S. Treasury Bills
    
    $
    99,901,000
    
    
    
    12.89
    %Total United States government securities
(cost, including accrued interest,  $766,738,739)
    
    $
    766,738,739
    
    
    
    98.97
    %
 LONG FUTURES CONTRACTS
 DescriptionAgricultural
    
    $
    208,881
    
    
    
    0.03
    %Energy
    
    $
    1,983,507
    
    
    
    0.26
    %Metals
    
    $
    863,517
    
    
    
    0.11
    %Stock indices
    
    $
    2,858,185
    
    
    
    0.37
    %Short-term interest rates
    
    $
    986,581
    
    
    
    0.13
    %Long-term interest rates
    
    $
    620,877
    
    
    
    0.08
    %Total long futures contracts
    
    $
    7,521,548
    
    
    
    0.98
    %
 SHORT FUTURES CONTRACTS
 DescriptionAgricultural
    
    $
    (88,450
    )
    
    
    (0.01
    )%Energy
    
    $
    (1,404,946
    )
    
    
    (0.18
    )%Metals
    
    $
    188,030
    
    
    
    0.02
    %Stock indices
    
    $
    (412,102
    )
    
    
    (0.05
    )%Short-term interest rates
    
    $
    (1,087,610
    )
    
    
    (0.14
    )%Long-term interest rates
    
    $
    (86,951
    )
    
    
    (0.01
    )%Total short futures contracts
    
    $
    (2,892,029
    )
    
    
    (0.37
    )%Total futures contracts
    
    $
    4,629,519
    
    
    
    0.61
    %
 See Accompanying Notes to Financial Statements.
 38




---



##### 



The Campbell Fund Trust  Condensed Schedule of Investments  December
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    

Values ($)
    
    

Asset ValueVarious long forward currency contracts
    
    $
    (8,804,549
    )
    
    
    (1.14
    )%Various short forward currency contracts
    
    $
    (5,418,230
    )
    
    
    (0.70
    )%Total forward currency contracts
    
    $
    (14,222,779
    )
    
    
    (1.84
    )%
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 DescriptionPurchased options on forward currency
contracts (premiums paid  $1,639,099)
    
    $
    1,111,729
    
    
    
    0.14
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 DescriptionWritten options on forward currency
contracts (premiums received -
$920,640)
    
    $
    (429,067
    )
    
    
    (0.06
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 39




---



##### 



The Campbell Fund Trust  Condensed Schedule of Investments  December
 UNITED STATES GOVERNMENT SECURITIES*
 Maturity
    
    Maturity
    
    
    
    
    
    
    
    % of NetFace Value
    
    Date
    
    Description
    
    Values ($)
    
    
    Asset Value$250,000,000
    
    02/15/2007
    
    U.S. Treasury Bills
    
    $
    248,462,500
    
    
    
    21.53
    %$200,000,000
    
    02/22/2007
    
    U.S. Treasury Bills
    
    $
    198,590,222
    
    
    
    17.21
    %$200,000,000
    
    03/08/2007
    
    U.S. Treasury Bills
    
    $
    198,227,167
    
    
    
    17.18
    %$160,000,000
    
    01/11/2007
    
    U.S. Treasury Bills
    
    $
    159,782,889
    
    
    
    13.84
    %$120,000,000
    
    03/22/2007
    
    U.S. Treasury Bills
    
    $
    118,714,667
    
    
    
    10.29
    %Total United States government securities
(cost, including accrued interest,  $923,777,445)
    
    $
    923,777,445
    
    
    
    80.05
    %
 LONG FUTURES CONTRACTS
 DescriptionAgricultural
    
    $
    409,069
    
    
    
    0.04
    %Energy
    
    $
    (10,707,917
    )
    
    
    (0.93
    )%Metals
    
    $
    (1,896,745
    )
    
    
    (0.17
    )%Stock indices
    
    $
    13,119,595
    
    
    
    1.14
    %Short-term interest rates
    
    $
    287
    
    
    
    0.00
    %Long-term interest rates
    
    $
    (1,194,784
    )
    
    
    (0.10
    )%Total long futures contracts
    
    $
    (270,495
    )
    
    
    (0.02
    )%
 SHORT FUTURES CONTRACTS
 DescriptionAgricultural
    
    $
    (60,800
    )
    
    
    (0.01
    )%Energy
    
    $
    212,640
    
    
    
    0.02
    %Metals
    
    $
    776,695
    
    
    
    0.07
    %Short-term interest rates
    
    $
    8,895,678
    
    
    
    0.77
    %Long-term interest rates
    
    $
    19,886,621
    
    
    
    1.72
    %Total short futures contracts
    
    $
    29,710,834
    
    
    
    2.57
    %Total futures contracts
    
    $
    29,440,339
    
    
    
    2.55
    %
 See Accompanying Notes to Financial Statements.
 40




---



##### 



The Campbell Fund Trust  Condensed Schedule of Investments  December
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    

Values
($)
    
    

Asset
ValueVarious long forward currency contracts
    
    $
    (21,320,722
    )
    
    
    (1.85
    )%Various short forward currency contracts
    
    $
    60,447,517
    
    
    
    5.24
    %Total forward currency contracts
    
    $
    39,126,795
    
    
    
    3.39
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 DescriptionPurchased options on forward currency
contracts (premiums paid  $815,761)
    
    $
    975,007
    
    
    
    0.08
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 DescriptionWritten options on forward currency
contracts (premiums received 
$474,346)
    
    $
    (446,133
    )
    
    
    (0.03
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 41




---



##### 



The Campbell Fund Trust  Statements of Financial Condition  December
 2007
    
    
    2006ASSETSEquity in broker trading accountsCash
    
    $
    31,596,452
    
    
    $
    133,411,031United States government securities
    
    
    468,028,947
    
    
    
    576,201,361Net unrealized gain on open futures contracts
    
    
    4,629,519
    
    
    
    29,440,339Total equity in broker trading accounts
    
    
    504,254,918
    
    
    
    739,052,731Cash and cash equivalents
    
    
    42,940,668
    
    
    
    52,562,559United States government securities
    
    
    298,709,792
    
    
    
    347,576,084Options purchased, at fair value
(premiums paid  $1,639,099 and $815,761, respectively)
    
    
    1,111,729
    
    
    
    975,007Net unrealized gain (loss) on open forward
currency contracts
    
    
    (14,222,779
    )
    
    
    39,126,795Interest receivable
    
    
    97,231
    
    
    
    417,644Subscriptions receivable
    
    
    39,248
    
    
    
    0Other assets
    
    
    648
    
    
    
    0Total assets
    
    $
    832,931,455
    
    
    $
    1,179,710,820LIABILITIESAccounts payable
    
    $
    100,748
    
    
    $
    119,476Management fee
    
    
    2,772,355
    
    
    
    3,924,363Options written, at fair value
(premiums received  $920,640 and $474,346, respectively)
    
    
    429,067
    
    
    
    446,133Accrued commissions and other trading fees
on open contracts
    
    
    76,863
    
    
    
    253,885Redemptions payable
    
    
    54,813,646
    
    
    
    20,968,165Total liabilities
    
    
    58,192,679
    
    
    
    25,712,022UNITHOLDERS CAPITAL (Net Asset Value)Managing Operator  20.360 units outstanding at
December 31, 2007 and December 31, 2006
    
    
    50,838
    
    
    
    58,374Other Unitholders  310,254.708 and 402,479.470 units
outstanding at
December 31, 2007 and December 31, 2006
    
    
    774,687,938
    
    
    
    1,153,940,424Total unitholders capital (Net Asset Value)
    
    
    774,738,776
    
    
    
    1,153,998,798Total liabilities and unitholders capital (Net Asset Value)
    
    $
    832,931,455
    
    
    $
    1,179,710,820
 See Accompanying Notes to Financial Statements.
 42




---



##### 



The Campbell Fund Trust  Statements of Operations  For the Years Ended December
 2007
    
    
    2006
    
    
    2005TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (25,846,706
    )
    
    $
    18,977,950
    
    
    $
    71,661,253Change in unrealized
    
    
    (24,810,820
    )
    
    
    31,664,196
    
    
    
    (11,443,843
    )Brokerage commissions
    
    
    (1,781,328
    )
    
    
    (1,885,399
    )
    
    
    (2,532,001
    )Net gain (loss) from futures trading
    
    
    (52,438,854
    )
    
    
    48,756,747
    
    
    
    57,685,409Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    (29,870,447
    )
    
    
    (54,634,323
    )
    
    
    70,081,317Change in unrealized
    
    
    (53,572,831
    )
    
    
    71,058,263
    
    
    
    (20,829,039
    )Brokerage commissions
    
    
    (780,643
    )
    
    
    (560,530
    )
    
    
    (265,031
    )Net gain (loss) from forward
currency and options on forward
currency trading
    
    
    (84,223,921
    )
    
    
    15,863,410
    
    
    
    48,987,247Total net trading gain (loss)
    
    
    (136,662,775
    )
    
    
    64,620,157
    
    
    
    106,672,656INTEREST INCOME NET OF EXPENSESIncomeInterest income
    
    
    46,531,028
    
    
    
    51,891,355
    
    
    
    23,496,874ExpensesManagement fee
    
    
    41,054,959
    
    
    
    44,503,132
    
    
    
    32,154,825Performance fee
    
    
    3,914,242
    
    
    
    8,574,956
    
    
    
    4,821,357Operating expenses
    
    
    204,930
    
    
    
    184,685
    
    
    
    207,482Total expenses
    
    
    45,174,131
    
    
    
    53,262,773
    
    
    
    37,183,664Interest income net of expenses
    
    
    1,356,897
    
    
    
    (1,371,418
    )
    
    
    (13,686,790
    )NET INCOME (LOSS)
    
    $
    (135,305,878
    )
    
    $
    63,248,739
    
    
    $
    92,985,866NET INCOME (LOSS) PER MANAGING OPERATOR
AND OTHER UNITHOLDERS UNIT (based on
weighted average number of units
outstanding during the year)
    
    $
    (360.46
    )
    
    $
    153.91
    
    
    $
    295.68INCREASE (DECREASE) IN NET ASSET VALUE
PER MANAGING OPERATOR AND OTHER
UNITHOLDERS UNIT
    
    $
    (370.14
    )
    
    $
    168.95
    
    
    $
    288.33
 See Accompanying Notes to Financial Statements.
 43




---



##### 



The Campbell Fund Trust  Statements of Cash Flows  For the Years Ended December
 2007
    
    
    2006
    
    
    2005Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (135,305,878
    )
    
    $
    63,248,739
    
    
    $
    92,985,866Adjustments to reconcile net income (loss) to
net cash from (for) operating activities
Net change in unrealized
    
    
    78,383,651
    
    
    
    (102,722,459
    )
    
    
    32,272,882(Increase) decrease in option premiums paid
    
    
    (823,338
    )
    
    
    (815,761
    )
    
    
    0Increase (decrease) in option premiums received
    
    
    446,294
    
    
    
    474,346
    
    
    
    0(Increase) decrease in interest receivable
    
    
    320,413
    
    
    
    (277,915
    )
    
    
    (66,071
    )(Increase) decrease in other assets
    
    
    (648
    )
    
    
    0
    
    
    
    0Increase (decrease) in accounts payable and accrued
expenses
    
    
    (1,347,758
    )
    
    
    (1,943,823
    )
    
    
    3,842,697Net maturities (purchases) of investments in
United States government securities
    
    
    157,038,705
    
    
    
    (170,399,949
    )
    
    
    (215,453,068
    )Net cash from (for) operating activities
    
    
    98,711,441
    
    
    
    (212,436,822
    )
    
    
    (86,417,694
    )Cash flows from (for) financing activitiesAddition of units
    
    
    26,024,191
    
    
    
    200,977,020
    
    
    
    268,365,007Increase (decrease) in subscription deposits
    
    
    0
    
    
    
    (1,300,000
    )
    
    
    1,300,000Redemption of units
    
    
    (236,172,102
    )
    
    
    (87,633,679
    )
    
    
    (55,832,906
    )Net cash from (for) financing activities
    
    
    (210,147,911
    )
    
    
    112,043,341
    
    
    
    213,832,101Net (increase) decrease in cash and cash equivalents
    
    
    (111,436,470
    )
    
    
    (100,393,481
    )
    
    
    127,414,407Cash and cash equivalentsBeginning of year
    
    
    185,973,590
    
    
    
    286,367,071
    
    
    
    158,952,664End of year
    
    $
    74,537,120
    
    
    $
    185,973,590
    
    
    $
    286,367,071End of year cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    31,596,452
    
    
    $
    133,411,031
    
    
    $
    28,027,322Cash and cash equivalents
    
    
    42,940,668
    
    
    
    52,562,559
    
    
    
    258,339,749Total end of year cash and cash equivalents
    
    $
    74,537,120
    
    
    $
    185,973,590
    
    
    $
    286,367,071
 See Accompanying Notes to Financial Statements.
 44




---



##### 



The Campbell Fund Trust  Statements of Changes in Unitholders Capital (net Asset Value)
For the Years Ended December
 Unitholders CapitalManaging Operator
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances at
December 31,
2004
    
    
    20.360
    
    
    $
    49,064
    
    
    
    269,068.569
    
    
    $
    648,402,290
    
    
    
    269,088.929
    
    
    $
    648,451,354Net income (loss)
for the year
ended
December 31,
2005
    
    
    
    
    
    
    5,870
    
    
    
    
    
    
    
    92,979,996
    
    
    
    
    
    
    
    92,985,866Additions
    
    
    0.000
    
    
    
    0
    
    
    
    100,482.413
    
    
    
    251,350,905
    
    
    
    100,482.413
    
    
    
    251,350,905Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (23,147.466
    )
    
    
    (58,090,238
    )
    
    
    (23,147.466
    )
    
    
    (58,090,238
    )Balances at
December 31,
2005
    
    
    20.360
    
    
    
    54,934
    
    
    
    346,403.516
    
    
    
    934,642,953
    
    
    
    346,423.876
    
    
    
    934,697,887Net income (loss)
for the year
ended
December 31,
2006
    
    
    
    
    
    
    3,440
    
    
    
    
    
    
    
    63,245,299
    
    
    
    
    
    
    
    63,248,739Additions
    
    
    0.000
    
    
    
    0
    
    
    
    95,487.905
    
    
    
    262,396,684
    
    
    
    95,487.905
    
    
    
    262,396,684Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (39,411.951
    )
    
    
    (106,344,512
    )
    
    
    (39,411.951
    )
    
    
    (106,344,512
    )Balances 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
    
    
    $
    774,738,776
 Net Asset Value per Managing Operator and Other Unitholders Unit
 December 31,2007
    
    2006
    

    2005$   2,496.94
    
    
    $   2,867.08
    

    
    $   2,698.13
 See Accompanying Notes to Financial Statements.
 45




---



##### 



The Campbell Fund Trust  Financial Highlights
For the Years Ended December
  2007
    
    
    2006
    
    
    2005Per Unit Performance
(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year
    
    $
    2,867.08
    
    
    $
    2,698.13
    
    
    $
    2,409.80Income (loss) from operations:Total net
trading gains (losses)(1)
    
    
    (373.75
    )
    
    
    172.29
    
    
    
    331.85Interest
income net of expenses(1)
    
    
    3.61
    
    
    
    (3.34
    )
    
    
    (43.52
    )Total net income (loss) from operations
    
    
    (370.14
    )
    
    
    168.95
    
    
    
    288.33Net asset value per unit at end of year
    
    $
    2,496.94
    
    
    $
    2,867.08
    
    
    $
    2,698.13Total Return
    
    
    (12.91
    )%
    
    
    6.26
    %
    
    
    11.96
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee
    
    
    4.05
    %
    
    
    4.03
    %
    
    
    4.03
    %Performance fee
    
    
    0.38
    %
    
    
    0.77
    %
    
    
    0.60
    %Total expenses
    
    
    4.43
    %
    
    
    4.80
    %
    
    
    4.63
    %Interest income net of expenses (2,3)
    
    
    0.52
    %
    
    
    (0.65
    )%
    
    
    (1.10
    )%
 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)
    
    Interest income net of expenses per unit is calculated by dividing the interest income net of
expenses 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)
    
    Interest income net of expenses is shown as a positive amount when the interest income
exceeds expenses for the year and a negative number when expenses exceed interest income for
the year. See Accompanying Notes to Financial Statements.
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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.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 Interpretation No.39 -
Offsetting of Amounts Related to Certain Contracts. The market value of futures
(exchange-traded) contracts is determined by the various futures exchanges, and reflects the
settlement price for each contract as of the close of the last business day of the reporting
period. Beginning July 1, 2006, the market value of forward currency (non-exchange traded)
contracts is extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M.
(E.T.) of the last business day of the reporting period or based on the market value of its
exchange-traded equivalent. Prior to July 1, 2006, the market value of forward currency
(non-exchange traded) contracts was extrapolated on a forward basis from the spot prices
quoted as of 5:00 P.M. (E.T.) of the last business day of the reporting period 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. United States government securities are stated at cost plus accrued interest,
which approximates market value.For purposes of both financial reporting and calculation of redemption value, Net Asset
Value per unit is calculated by dividing Net Asset Value by the number of outstanding units.D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and short-term investments in fixed income
securities held at financial institutions.
 47




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##### 



The Campbell Fund Trust  Notes to Financial Statements  December
 E.
    
    Income TaxesThe Trust prepares calendar year U.S. and applicable state information tax returns and
reports to the unitholders their allocable shares of the Trusts income, expenses and
trading gains or losses. No provision for income taxes has been made in the accompanying
financial statements as each unitholder is individually responsible for reporting income or
loss based on such unitholders respective share of the Trusts income and expenses as
reported for income tax purposes.F.
    
    Foreign Currency TransactionsThe Trusts functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in currencies
other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the
date of the statement of financial condition. Income and expense items denominated in
currencies other than the U.S. dollar are translated into U.S. dollars at the rates in
effect during the period. Gains and losses resulting from the translation to U.S. dollars
are reported in income.G.
    
    Recently Issued Accounting PronouncementsEffective January 1, 2007, the Trust implemented Financial Accounting Standards Board (FASB)
Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an interpretation of
FASB Statement No. 109 (FIN 48). FIN 48 prescribes the minimum recognition threshold a tax
position must meet in connection with accounting for uncertainties in income tax positions
taken or expected to be taken by an entity, including investment companies, before being
measured and recognized in the financial statements. Management has evaluated the
application of FIN 48 to the Trust, and has determined that the adoption of FIN 48 does not
have a material impact on the Trusts financial statements. The Trust files federal and
state tax returns. The 2004 through 2007 tax years generally remain subject to examination
by U.S. federal and most state tax authorities.In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157,
Fair Value Measurements (FAS 157). FAS 157 defines fair value, establishes a framework for
measuring fair value in accounting principles generally accepted in the United States of
America, and expands disclosures about fair value measurements. FAS 157 is effective for
financial statements issued for fiscal years beginning after November 15, 2007, and interim
periods within those fiscal years. The impact on the Trusts financial statement
disclosures, if any, is currently being assessed.
 Note 2. MANAGING OPERATOR AND COMMODITY TRADING ADVISOR
 The managing operator of the Trust is Campbell & Company, Inc., (Campbell & Company) which
conducts and manages the business of the Trust. Campbell & Company is also the commodity
trading advisor of the Trust.The Trust pays the managing operator a monthly management fee equal to 1/3 of 1% (4%
annually) of the Net Assets (as defined in the Declaration of Trust and Trust Agreement) of
the Trust as of the end of each month and 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.
 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. 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 earns interest income on its assets deposited with the broker.
 48




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##### 



The Campbell Fund Trust  Notes to Financial Statements  December
 Note
5. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
   Note
6. TRADING ACTIVITIES AND RELATED RISKS
        49




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##### 



The Campbell Fund Trust  Notes to Financial Statements  December
 Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)December 31, 2007
    
    
    December 31, 2006
    
    
    December 31, 2007
    
    
    December 31, 2006Gross unrealized
gains
    
    $
    12,382,973
    
    
    $
    45,023,586
    
    
    $
    16,549,821
    
    
    $
    74,081,735Gross unrealized
losses
    
    
    (7,753,454
    )
    
    
    (15,583,247
    )
    
    
    (30,808,397
    )
    
    
    (34,767,481
    )Net unrealized gain
(loss)
    
    $
    4,629,519
    
    
    $
    29,440,339
    
    
    $
    (14,258,576
    )
    
    $
    39,314,254
   Note
7. INDEMNIFICATIONS
  50




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##### 



EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E 231.02
    
    Certification by Senior Vice President of Accounting and Finance
    
    E 332.01
    
    Certification by Chief Executive Officer
    
    E 432.02
    
    Certification by Senior Vice President of Accounting and Finance
    
    E 5
 E 1