e10vq

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


þ		Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2010


o		Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File number: 0-50264

THE CAMPBELL FUND TRUST

(Exact name of registrant as specified in charter)


Delaware		94-6260018

(State of Organization)		(IRS Employer Identification Number)

2850 Quarry Lake Drive,
Baltimore, Maryland 21209

(Address of principal executive offices, including zip code)

(410) 413-2600

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated file, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company: in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o

Accelerated filer o

Non-accelerated filer o
(Do not check if a smaller reporting company)

Smaller reporting company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

Total number of Pages: 38

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
JUNE 30, 2010 (Unaudited)

FIXED INCOME SECURITIES


Maturity					% of Net
Face Value		Description	Values ($)		Asset Value
		Bank Deposits
		Australia
		Financials (cost $14,000,000)	$	13,997,427		4.44	%

		Canada
		Financials (cost $14,000,000)	$	14,001,292		4.45	%

		Netherlands
		Financials (cost $15,300,017)	$	15,299,983		4.86	%

		Total Bank Deposits (cost $43,300,017)	$	43,298,702		13.75	%


		Commercial Paper
		Germany
		Telecommunications (cost $10,050,464)	$	10,051,645		3.19	%

		United States
		Consumer Discretionary	$	11,997,840		3.81	%
		Consumer Staples	$	15,177,019		4.82	%
		Financials	$	21,844,756		6.94	%
		Industrial	$	3,317,834		1.05	%
		Municipal	$	52,280,363		16.60	%
		Utilities	$	10,288,079		3.26	%

		Total United States (cost $114,889,014)	$	114,905,891		36.48	%


		Total Commercial Paper (cost $124,939,478)	$	124,957,536		39.67	%


		Corporate Bonds
		United States
		Consumer Discretionary	$	998,800		0.32	%
		Financials	$	25,062,716		7.96	%
		Telecommunications	$	2,539,660		0.81	%

		Total United States (cost $28,686,227)	$	28,601,176		9.09	%


		Government Agencies
		United States
		US Government Agency (cost $40,586,467)	$	40,624,897		12.90	%

		Government Obligations
		United States
		US Treasury Bill
$	17,000,000	U.S. Treasury Bills * Due 07/15/2010	$	16,999,802		5.40	%
$	25,000,000	U.S. Treasury Bills * Due 07/01/2010	$	25,000,000		7.94	%

		Total United States (cost $41,999,802)	$	41,999,802		13.34	%


		Short Term Investment Funds
		United States
		Short Term Investment Funds (cost $5,887)	$	5,887		0.00	%

		Total Fixed Income Securities (cost $279,517,878)	$	279,488,000		88.75	%

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
JUNE 30, 2010 (Unaudited)

LONG FUTURES CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Agricultural	$	69,193			0.02	%
Energy	$	(962,845	)		(0.31	)%
Metals	$	106,359			0.03	%
Stock indices	$	(3,946,169	)		(1.25	)%
Short-term interest rates	$	2,172,028			0.69	%
Long-term interest rates	$	6,545,110			2.08	%

Total long futures contracts	$	3,983,676			1.26	%

SHORT FUTURES CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Agricultural	$	(334,739	)		(0.11	)%
Energy	$	261,780			0.08	%
Metals	$	(126,423	)		(0.04	)%
Stock indices	$	397,066			0.13	%
Short-term interest rates	$	(213,608	)		(0.07	)%

Total short futures contracts	$	(15,924	)		(0.01	)%


Total futures contracts	$	3,967,752			1.25	%

FORWARD CURRENCY CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Various long forward currency contracts	$	3,110,419			0.99	%
Various short forward currency contracts	$	(6,751,508	)		(2.14	)%

Total forward currency contracts	$	(3,641,089	)		(1.15	)%

PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS


			% of Net
Description	Values ($)		Asset Value
Purchased options on forward currency contracts (premiums paid — $166,882)	$	164,857		0.05	%

WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Written options on forward currency contracts (premiums received — $351,998)	$	(304,338	)		(0.10	)%


*		Pledged as collateral for the trading of futures, forward and option positions.

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2009 (Unaudited)

FIXED INCOME SECURITIES


Maturity					% of Net
Face Value		Description	Values ($)		Asset Value
		Bank Deposits
		United States
		Financials (cost $13,350,000)	$	13,357,610		3.66	%

		Commercial Paper
		Germany
		Materials (cost $7,142,188)	$	7,145,178		1.96	%

		Netherlands
		Consumer Discretionary (cost $10,878,552)	$	10,878,625		2.98	%

		United States
		Consumer 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 Bonds
		United States
		Financials (cost $7,661,972)	$	7,680,054		2.10	%

		Government And Agency Obligations
		United States
		Financials
		US 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 Funds
		United States
		Short Term Investment Funds (cost $3,061)	$	3,061		0.00	%

		Total Fixed Income Securities (cost $327,522,499)	$	327,620,030		89.68	%

LONG FUTURES CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Agricultural	$	(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	)%

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2009 (Unaudited)

SHORT FUTURES CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Agricultural	$	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 Net
Description	Values ($)			Asset Value
Various 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	)%

PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS


			% of Net
Description	Values ($)		Asset Value
Purchased options on forward currency contracts (premiums paid — $847,190)	$	855,611		0.23	%

WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Written 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.

THE CAMPBELL FUND TRUST
STATEMENTS OF FINANCIAL CONDITION
June 30, 2010 and December 31, 2009 (Unaudited)


	June 30,			December 31,
	2010			2009
ASSETS
Equity in broker trading accounts
Cash	$	28,752,944		$	18,882,546
Restricted cash		3,757,469			24,115,214
Fixed income securities (cost $25,000,000 and $0, respectively)		25,000,000			0
Net unrealized gain (loss) on open futures contracts		3,967,752			(1,031,681	)

Total equity in broker trading accounts		61,478,165			41,966,079
Cash and cash equivalents		9,957,943			8,129,710
Fixed income securities (cost $254,517,878 and $327,522,499, respectively)		254,488,000			327,620,030
Options purchased, at fair value (premiums paid — $166,882 and $847,190, respectively)		164,857			855,611
Net unrealized gain (loss) on open forward currency contracts		(3,641,089	)		(3,077,179	)
Interest receivable		72,721			90,033
Subscriptions receivable		110,129			0

Total assets	$	322,630,726		$	375,584,284

LIABILITIES
Accounts payable		111,976			114,739
Management fee		1,048,533			1,229,415
Service fee		3,587			1,729
Options written, at fair value (premiums received — $351,998 and $264,078, respectively)		304,338			230,427
Accrued commissions and other trading fees on open contracts		57,650			41,418
Offering costs payable		18,832			10,230
Redemptions payable		6,115,778			8,638,173

Total liabilities		7,660,694			10,266,131

UNITHOLDERS’ CAPITAL (Net Asset Value)
*Series A Units — Redeemable*
Other Unitholders - 17,148.368 and 10,227.868 units outstanding at June 30, 2010 and December 31, 2009		38,637,305			24,189,310
*Series B Units — Redeemable*
Managing Operator — 20.360 units outstanding at June 30, 2010 and December 31, 2009		46,276			48,453
Other Unitholders — 117,313.213 and 141,411.145 units outstanding at June 30, 2010 and December 31, 2009		266,637,951			336,529,754
*Series W Units — Redeemable*
Other Unitholders — 4,188.459 and 1,896.181 units outstanding at June 30, 2010 and December 31, 2009		9,648,500			4,550,636

Total unitholders’ capital (Net Asset Value)		314,970,032			365,318,153

Total liabilities and unitholders’ capital (Net Asset Value)	$	322,630,726		$	375,584,284

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENTS OF OPERATIONS
For the Three Months and Six Months Ended June 30, 2010 and 2009
(Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	4,683,781		$	(24,584,814	)	$	(10,787,644	)	$	(22,650,934	)
Change in unrealized		(3,455,920	)		2,078,146			4,999,433			35,767
Brokerage commissions		(223,358	)		(162,643	)		(474,219	)		(322,850	)

Net gain (loss) from futures trading		1,004,503			(22,669,311	)		(6,262,430	)		(22,938,017	)

Forward currency and options on forward currency trading gains (losses)
Realized		3,683,543			(5,691,954	)		(2,649,739	)		(89,044	)
Change in unrealized		(4,021,437	)		505,155			(560,345	)		(2,357,467	)
Brokerage commissions		(20,338	)		(18,372	)		(42,196	)		(28,888	)

Net gain (loss) from forward currency and options on forward currency trading		(358,232	)		(5,205,171	)		(3,252,280	)		(2,475,399	)

Total net trading gain (loss)		646,271			(27,874,482	)		(9,514,710	)		(25,413,416	)


NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		219,863			32,009			484,335			36,337
Realized gain (loss) on fixed income securities		37,268			0			28,101			0
Change in unrealized gain (loss) on fixed income securities		(97,056	)		0			(127,409	)		0

Total investment income		160,075			32,009			385,027			36,337


Expenses
Management fee		3,248,082			4,279,542			6,658,174			9,201,082
Service fee		10,382			444			17,217			448
Operating expenses		129,643			47,503			246,797			93,806

Total expenses		3,388,107			4,327,489			6,922,188			9,295,336

Net investment income (loss)		(3,228,032	)		(4,295,480	)		(6,537,161	)		(9,258,999	)

NET INCOME (LOSS)	$	(2,581,761	)	$	(32,169,962	)	$	(16,051,871	)	$	(34,672,415	)


NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT
(based on weighted average number of units outstanding during the period)
Series A	$	(24.59	)	$	(147.19	)	$	(76.31	)	$	(220.97	)

Series B	$	(17.52	)	$	(179.53	)	$	(113.86	)	$	(185.48	)

Series W₍₁₎	$	(12.07	)	$	(149.28	)	$	(38.79	)	$	(198.96	)

INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT
Series A	$	(22.72	)	$	(180.76	)	$	(111.92	)	$	(198.18	)

Series B	$	(20.05	)	$	(178.27	)	$	(106.93	)	$	(192.56	)

Series W₍₁₎	$	(14.50	)	$	(172.55	)	$	(96.30	)	$	(220.73	)


(1)		Series W Units commenced trading on March 1, 2009; therefore, the information shown for the six months ended June 30, 2009 is for the period March 1, 2009 through June 30, 2009.

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2010 and 2009 (Unaudited)


	Six Months Ended
	June 30,
	2010			2009
Cash flows from (for) operating activities
Net income (loss)	$	(16,051,871	)	$	(34,672,415	)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized		(4,311,679	)		2,321,700
(Increase) decrease in restricted cash		20,357,745			14,578,416
(Increase) decrease in option premiums paid		680,308			6,258
Increase (decrease) in option premiums received		87,920			(141,909	)
(Increase) decrease in interest receivable		17,312			5,337
Increase (decrease) in interest payable		0			9,541
Increase (decrease) in accounts payable and accrued expenses		(165,555	)		(438,958	)
Purchases of investments in fixed income securities		(3,401,617,537	)		(1,708,993,517	)
Sales/maturities of investments in fixed income securities		3,449,622,160			1,344,000,000

Net cash from (for) operating activities		48,618,803			(383,325,547	)

Cash flows from (for) financing activities
Addition of units		24,901,221			12,063,841
Redemption of units		(61,736,004	)		(93,063,645	)
Offering costs paid		(85,389	)		(8,955	)

Net cash from (for) financing activities		(36,920,172	)		(81,008,759	)

Net increase (decrease) in cash and cash equivalents		11,698,631			(464,334,306	)
Cash and cash equivalents
Beginning of period		27,012,256			488,629,155

End of period	$	38,710,887		$	24,294,849

End of period cash and cash equivalents consists of:
Cash in broker trading accounts	$	28,752,944		$	14,004,331
Cash and cash equivalents		9,957,943			10,290,518

Total end of period cash and cash equivalents	$	38,710,887		$	24,294,849

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENTS OF CHANGES IN UNITHOLDERS’ CAPITAL (NET ASSET VALUE)
For the Six Months Ended June 30, 2010 and 2009 (Unaudited)


	Unitholders’ Capital — Series B
	Managing Operator					Other Unitholders						Total
	Units		Amount			Units			Amount			Units			Amount
Six Months Ended June 30, 2010
Balances at December 31, 2009		20.360	$	48,453			141,411.145		$	336,529,754			141,431.505		$	336,578,207
Net income (loss) for the six months ended June 30, 2010				(2,177	)					(14,902,626	)					(14,904,803	)
Additions		0.000		0			1,020.309			2,289,676			1,020.309			2,289,676
Redemptions		0.000		0			(25,118.241	)		(57,278,853	)		(25,118.241	)		(57,278,853	)

Balances at June 30, 2010		20.360	$	46,276			117,313.213		$	266,637,951			117,333.573		$	266,684,227

Six Months Ended June 30, 2009
Balances at December 31, 2008		20.360	$	51,471			197,186.512		$	498,498,271			197,206.872		$	498,549,742
Net income (loss) for the six months ended June 30, 2009				(3,920	)					(34,237,051	)					(34,240,971	)
Additions		0.000		0			172.004			413,133			172.004			413,133
Redemptions		0.000		0			(31,220.460	)		(76,660,228	)		(31,220.460	)		(76,660,228	)

Balances at June 30, 2009		20.360	$	47,551			166,138.056		$	388,014,125			166,158.416		$	388,061,676


Net Asset Value per Managing Operator and Other Unitholders’ Unit — Series B
June 30, 2010		December 31, 2009		June 30, 2009		December 31, 2008

$	2,272.87	$	2,379.80	$	2,335.49	$	2,528.05

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENTS OF CHANGES IN UNITHOLDERS’ CAPITAL (NET ASSET VALUE)
For the Six Months Ended June 30, 2010 and 2009 (Unaudited)


	Series A						Series W ₍₁₎
	Units			Amount			Units			Amount
Six Months Ended June 30, 2010

Balances at December 31, 2009		10,227.868		$	24,189,310			1,896.181		$	4,550,636

Net income (loss) for the six months ended June 30, 2010					(1,031,785	)					(115,283	)
Additions		7,175.123			16,135,486			2,865.707			6,586,188
Redemptions		(254.623	)		(578,932	)		(573.429	)		(1,355,824	)
Offering costs					(76,774	)					(17,217	)

Balances at June 30, 2010		17,148.368		$	38,637,305			4,188.459		$	9,648,500

Six Months Ended June 30, 2009

Balances at December 31, 2008		1,052.200		$	2,656,823			0.000		$	0

Net income (loss) for the six months ended June 30, 2009					(409,002	)					(22,442	)
Additions		3,666.423			8,796,700			456.255			1,092,093
Redemptions		(597.485	)		(1,444,096	)		0.000			0
Offering costs					(11,194	)					(448	)

Balances at June 30, 2009		4,121.138		$	9,589,231			456.255		$	1,069,203


Net Asset Value per Other Unitholders’ Unit — Series A
June 30, 2010	December 31, 2009	June 30, 2009	December 31, 2008

$2,253.12	$2,365.04	$2,326.84	$2,525.02


Net Asset Value per Other Unitholders’ Unit — Series W₍₁₎
June 30, 2010	December 31, 2009	June 30, 2009	February 28, 2009

$2,303.59	$2,399.89	$2,343.43	$2,564.16


(1)		Series W Units commenced trading on March 1, 2009; therefore, the statements of changes in unitholders’ capital for the six months ended June 30, 2009 contains information for the period March 1, 2009 through June 30, 2009.

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
FINANCIAL HIGHLIGHTS
For the Three Months and Six Months Ended June 30, 2010 and 2009
(Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for the three months and six months ended June 30, 2010 and 2009. This information has been derived from information presented in the unaudited financial statements.


	Series A
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Per Unit Performance (for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	2,275.84		$	2,507.60		$	2,365.04		$	2,525.02

Income (loss) from operations:
Total net trading gains (losses) ₍₁₎		2.79			(154.04	)		(61.67	)		(143.52	)

Net investment income (loss)₍₁₎		(22.65	)		(23.76	)		(44.57	)		(48.61	)

Total net income (loss) from operations		(19.86	)		(177.80	)		(106.24	)		(192.13	)

Offering costs ₍₁₎		(2.86	)		(2.96	)		(5.68	)		(6.05	)

Net asset value per unit at end of period	$	2,253.12		$	2,326.84		$	2,253.12		$	2,326.84

Total Return ₍₃₎		(1.00	)%		(7.21	)%		(4.73	)%		(7.85	)%


Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee ₍₄₎		4.15	%		3.98	%		4.14	%		4.00	%
Performance fee ₍₃₎		0.00	%		0.00	%		0.00	%		0.00	%

Total expenses		4.15	%		3.98	%		4.14	%		4.00	%

Net investment income (loss)_(2),(4)		(3.95	)%		(3.94	)%		(3.92	)%		(3.97	)%

Total returns are calculated based on the change in value of a unit during the period. An individual unitholder’s total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions.


(1)		Net investment income (loss) per unit and offering costs per unit is calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2)		Excludes performance fee.

(3)		Not annualized

(4)		Annualized

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
FINANCIAL HIGHLIGHTS
For the Three Months and Six Months Ended June 30, 2010 and 2009
(Unaudited)


	Series B
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Per Unit Performance (for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	2,292.92		$	2,513.76		$	2,379.80		$	2,528.05


Income (loss) from operations:
Total net trading gains (losses) ₍₁₎		2.87			(154.35	)		(62.23	)		(142.90	)
Net investment income (loss)₍₁₎		(22.92	)		(23.92	)		(44.70	)		(49.66	)

Total net income (loss) from operations		(20.05	)		(178.27	)		(106.93	)		(192.56	)


Net asset value per unit at end of period	$	2,272.87		$	2,335.49		$	2,272.87		$	2,335.49

Total Return ₍₃₎		(0.87	)%		(7.09	)%		(4.49	)%		(7.62	)%



Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee ₍₄₎		4.21	%		4.02	%		4.18	%		4.08	%
Performance fee ₍₃₎		0.00	%		0.00	%		0.00	%		0.00	%

Total expenses		4.21	%		4.02	%		4.18	%		4.08	%

Net investment income (loss)_(2),(4)		(4.01	)%		(3.99	)%		(3.95	)%		(4.06	)%


(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 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)		Not annualized

(4)		Annualized

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
FINANCIAL HIGHLIGHTS
For the Three Months and Six Months Ended June 30, 2010 and 2009
(Unaudited)


	Series W₍₅₎
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Per Unit Performance (for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	2,318.09		$	2,515.98		$	2,399.89		$	2,564.16


Income (loss) from operations:
Total net trading gains (losses) ₍₁₎		2.76			(154.61	)		(62.33	)		(196.81	)
Net investment income (loss)₍₁₎		(14.34	)		(14.96	)		(28.18	)		(19.95	)

Total net income (loss) from operations		(11.58	)		(169.57	)		(90.51	)		(216.76	)

Offering costs ₍₁₎		(2.92	)		(2.98	)		(5.79	)		(3.97	)

Net asset value per unit at end of period	$	2,303.59		$	2,343.43		$	2,303.59		$	2,343.43

Total Return ₍₃₎		(0.63	)%		(6.86	)%		(4.01	)%		(8.61	)%


Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee ₍₄₎		2.66	%		2.50	%		2.65	%		2.50	%
Performance fee ₍₃₎		0.00	%		0.00	%		0.00	%		0.00	%

Total expenses		2.66	%		2.50	%		2.65	%		2.50	%

Net investment income (loss)_(2),(4)		(2.45	)%		(2.46	)%		(2.43	)%		(2.46	)%


(1)		Net investment income (loss) per unit and offering costs per unit is calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2)		Excludes performance fee.

(3)		Not annualized

(4)		Annualized

(5)		Series W Units commenced trading on March 1, 2009; therefore, the results for the six months ended June 30, 2009 contains information for the period March 1, 2009 through June 30, 2009.

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2010 (UNAUDITED)

Note 1.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


A.		General Description of the Trust

		The 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 1F, Note 1H, Note 2 and Note 5 for an explanation of allocations and Series specific charges.

B.		Regulation

		The 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 Reporting

		The Trust’s financial statements are presented in accordance with accounting principles generally accepted in the United States of America, which may require the use of certain estimates made by the Trust’s management. Actual results may differ from these estimates. Investment transactions are accounted for on the trade date. Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the statement of financial condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 210-20, Offsetting — Balance Sheet. The fair value of futures (exchange-traded) contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close on the last business day of the reporting period. The fair value of forward currency (non-exchange traded) contracts was extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period.

		The fair value of option (non-exchange traded) contracts is calculated by applying an industry-standard adaptation of the Black-Scholes options valuation model to foreign currency options, using as inputs the spot prices, interest rates and option implied volatilities quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations.

		When the Trust writes an option, an amount equal to the premium received by the Trust is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current fair value of option written. Brokerage commissions include other trading fees and are charged to expense when contracts are opened.

		The fixed income investments, other than U.S. Treasury bills, are held at the custodian and marked to market on the last business day of the reporting period by the custodian who utilizes a third party vendor hierarchy of pricing providers who specialize in such markets. The prices furnished by the providers consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. U.S. Treasury bills are held at the brokers or interbank market makers and are stated at cost plus accrued interest, which approximates fair value. Premiums and discounts on fixed income securities are amortized for financial reporting purposes.

		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 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.

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2010 (UNAUDITED)

		Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. This category includes forward currency contracts and options on forward currency contracts that the Trust values using models or other valuation methodologies derived from observable market data. This category also includes fixed income investments.

		Level 3 inputs are unobservable inputs for an asset or liability (including the Trust’s own assumptions used in determining the fair value of investments). Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of and for the period ended June 30, 2010, the Trust did not have any Level 3 assets or liabilities.

		In January 2010, the FASB issued Accounting Standards update No. 2010-06 (“ASU 2010-06”) for improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. As of January 1, 2010, the Trust adopted the provisions of ASC 2010-06 except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years.

		The 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 June 30, 2010 and December 31, 2009.


	Fair Value at June 30, 2010
Description	Level 1		Level 2			Level 3		Total
Investments
Fixed income securities	$	0	$	279,488,000		$	0	$	279,488,000
Other Financial Instruments
Exchange-traded futures contracts		3,967,752		0			0		3,967,752
Forward currency contracts		0		(3,641,089	)		0		(3,641,089	)
Options purchased		0		164,857			0		164,857
Options written		0		(304,338	)		0		(304,338	)

Total	$	3,967,752	$	275,707,430		$	0	$	279,675,182


	Fair Value at December 31, 2009
Description	Level 1			Level 2			Level 3		Total
Investments
Fixed income securities	$	0		$	327,620,030		$	0	$	327,620,030
Other Financial Instruments
Exchange-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		855,611
Options written		0			(230,427	)		0		(230,427	)

Total	$	(1,031,681	)	$	325,168,035		$	0	$	324,136,354

D.		Cash and Cash Equivalents

		Cash and cash equivalents includes cash and overnight money market investments at financial institutions.

E.		Income Taxes

		The Trust prepares calendar year U.S. federal and applicable state information tax returns and reports to the unitholders their allocable shares of the Trust’s income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as each unitholder is individually responsible for reporting income or loss based on such unitholder’s respective share of the Trust’s income and expenses as reported for income tax purposes.

		Management has continued to evaluate the application of ASC 740, Income Taxes to the Trust, and has determined that no reserves for uncertain tax positions were required. The Trust files federal and state tax returns. The 2006 through 2009 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

F.		Offering Costs

		Campbell & 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.

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2010 (UNAUDITED)

		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 June 30, 2010 and December 31, 2009, the amount of unreimbursed offering costs incurred by Campbell & Company is $2,246,223 and $1,653,661 for Series A units and $449,770 and $328,196 for Series W units respectively.

G.		Foreign Currency Transactions

		The Trust’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the statement of financial condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income.

H.		Allocations

		Income or loss (prior to calculation of the management fee, service fee, offering costs and performance fee) is allocated pro rata to each Series of units. Each Series of units is then charged the management fee, service fee, offering costs and performance fee applicable to such Series of units.

I.		Reclassification

		Certain 2009 amounts in the Statement of Cash Flows were reclassified to conform with the 2010 presentation.

Note 2.

MANAGING OPERATOR AND COMMODITY TRADING ADVISOR


		The managing operator of the Trust is Campbell & Company which conducts and manages the business of the Trust. Campbell & Company is also the commodity trading advisor of the Trust.

		Series A units and Series B units pay the managing operator a monthly management fee equal to 1/12 of 4% (4% annually) of the Net Assets (as defined) of Series A units and Series B units, respectively, as of the end of each month. Series W units pay the managing operator a monthly management fee equal to 1/12 of 2% (2% annually) of the Net Assets (as defined) of Series W units as of the end of each month. Each Series of units will pay the managing operator a quarterly performance fee equal to 20% of the aggregate cumulative appreciation in Net Asset Value per Unit (as defined) exclusive of appreciation attributable to interest income on a Series-by-Series basis.

		The performance fee is paid on the cumulative increase, if any, in the Net Asset Value per Unit over the highest previous cumulative Net Asset Value per Unit (commonly referred to as a High Water Mark). In determining the management fee and performance fee (the fees), adjustments shall be made for capital additions and withdrawals and Net Assets shall not be reduced by the fees being calculated for such current period. The performance fee is not subject to any clawback provisions. The fees are typically paid in the month following the month in which they are earned. The fees are paid from the available cash at the Trust’s bank, broker or cash management custody accounts.

Note 3.

TRUSTEE


		The trustee of the Trust is U.S. Bank National Association, a national banking corporation. The trustee has delegated to the managing operator the duty and authority to manage the business and affairs of the Trust and has only nominal duties and liabilities with respect to the Trust.

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.

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2010 (UNAUDITED)

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 & Company

		Redemption 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.

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 trusts 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 Trusts 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 June 30, 2010 and December 31, 2009 was $41,999,802 and $16,997,649, respectively, which equals 13% and 5% of Net Asset Value, respectively. The cash deposited with interbank market makers at June 30, 2010 and December 31, 2009 was $6,687,663 and $3,604,499, respectively, which equals 2% and 1% of Net Asset Value, respectively. These amounts are included in cash and cash equivalents. Included in cash deposits with the broker and interbank market maker at June 30, 2010 and December 31, 2009 was restricted cash for margin requirements of $3,757,469 and $24,115,214 respectively, which equals 1% and 7% of Net Asset Value respectively.

		The Trust trades forward currency and options on forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty nonperformance. Accordingly, the risks associated with forward currency and options on foreign currency contracts are generally greater than those associated with exchange traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency and options on forward currency contracts typically involves delayed cash settlement.

		The Trust has a substantial portion of its assets on deposit with financial institutions. In the event of a financial institution’s insolvency, recovery of Trust assets on deposit may be limited to account insurance or other protection afforded such deposits.

		For derivatives, risks arise from changes in the market value of the contracts. Theoretically, the Trust is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short. As both a buyer and seller of options, the Trust pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Trust to potentially unlimited liability, and purchased options expose the Trust to a risk of loss limited to the premiums paid. See Note 1. C. for an explanation of how the Trust determines its valuation for derivatives as well as the netting of derivatives.

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2010 (UNAUDITED)

The unrealized gain (loss) on open futures, forward currency and options on forward currency contracts is comprised of the following:


							Forward Currency and
							Options on Forward
	Futures Contracts						Currency Contracts
	(exchange traded)						(non-exchange traded)
	June 30, 2010			December 31, 2009			June 30, 2010			December 31, 2009
Gross unrealized gains	$	10,685,429		$	5,253,447		$	8,757,491		$	14,345,436
Gross unrealized losses		(6,717,677	)		(6,285,128	)		(12,352,945	)		(17,380,543	)

Net unrealized gain (loss)	$	3,967,752		$	(1,031,681	)	$	(3,595,454	)	$	(3,035,107	)

The Trust adopted ASC 815 Derivatives and Hedging as of January 1, 2009. ASC 815 provides enhanced disclosures about how and why an entity uses derivative instruments, how derivative instruments are accounted for, and how derivative instruments affect an entity’s financial position, financial performance and cash flows.

The following tables summarize quantitative information required by ASC 815.

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 June 30, 2010 and December 31, 2009 is as follows:


		Asset		Liability
		Derivatives at		Derivatives at
	Statement of Financial	June 30, 2010		June 30, 2010
Type of Instrument _*	Condition Location	Fair Value		Fair Value			Net
Agricultural Contracts	Equity in broker trading accounts	$	432,363	$	(697,910	)	$	(265,547	)
Energy Contracts	Equity in broker trading accounts		265,860		(966,925	)		(701,065	)
Metal Contracts	Equity in broker trading accounts		584,087		(604,151	)		(20,064	)
Stock Indices Contracts	Equity in broker trading accounts		400,798		(3,949,903	)		(3,549,105	)
Short-Term Interest Rate Contracts	Equity in broker trading accounts		2,441,128		(482,704	)		1,958,424
Long Term Interest Rate Contracts	Equity in broker trading accounts		6,561,193		(16,084	)		6,545,109
Forward Currency Contracts	Net unrealized gain (loss) on forward currency contracts		8,541,743		(12,182,832	)		(3,641,089	)

Purchased Options on Forward Currency Contracts	Options purchased, at fair value		164,857		0			164,857
Written Options on Forward Currency Contracts	Options written, at fair value		0		(304,229	)		(304,229	)


Totals		$	19,392,029	$	(19,204,738	)	$	187,291


*		Derivatives not designated as hedging instruments under ASC 815


		Asset		Liability
		Derivatives at		Derivatives at
	Statement of Financial	December 31, 2009		December 31, 2009
Type of Instrument _*	Condition Location	Fair Value		Fair Value			Net
Agricultural Contracts	Equity in broker trading accounts	$	142,638	$	(132,600	)	$	10,038
Energy Contracts	Equity in broker trading accounts		214,581		(48,386	)		166,195
Metal Contracts	Equity in broker trading accounts		1,609,537		(1,332,570	)		276,967
Stock Indices Contracts	Equity in broker trading accounts		2,915,275		(207,495	)		2,707,780
Short-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			855,611
Written 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	)

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2010 (UNAUDITED)


*		Derivatives not designated as hedging instruments under ASC 815

The trading revenue of the Trust’s derivatives by instrument type, as well as the location of those gains and losses on the Statement of Operations, for the period ended June 30, 2010 and 2009 is as follows:


	Trading Revenue for			Trading Revenue for
	the Three Months Ended			the Three Months Ended
Type of Instrument	June 30, 2010			June 30, 2009
Agricultural Contracts	$	(666,526	)	$	(1,383,491	)
Energy Contracts		(10,268,529	)		1,150,584
Metal Contracts		(2,200,839	)		(1,298,505	)
Stock Indices Contracts		(14,729,772	)		(9,037,956	)
Short-Term Interest Rate Contracts		9,927,811			(6,259,414	)
Long Term Interest Rate Contracts		19,187,489			(5,872,924	)
Forward Currency Contracts		(263,468	)		(8,186,771	)
Purchased Options on Forward Currency Contracts		(2,535,341	)		(1,349,827	)
Written Options on Forward Currency Contracts		2,460,915			4,349,799

Total	$	911,740		$	(27,888,505	)


	Trading Revenue for			Trading Revenue for
	the Six Months Ended			the Six Months Ended
Type of Instrument	June 30, 2010			June 30, 2009
Agricultural Contracts	$	(538,193	)	$	(713,876	)
Energy Contracts		(12,993,440	)		1,034,530
Metal Contracts		(5,065,153	)		(3,482,342	)
Stock Indices Contracts		(22,049,891	)		(13,078,535	)
Short-Term Interest Rate Contracts		20,604,910			(2,694,955	)
Long Term Interest Rate Contracts		14,282,206			(3,959,431	)
Forward Currency Contracts		(1,392,254	)		(8,365,557	)
Purchased Options on Forward Currency Contracts		(6,402,836	)		(2,348,790	)
Written Options on Forward Currency Contracts		4,585,006			8,267,836

Total	$	(8,969,645	)	$	(25,341,120	)


	Trading Revenue for			Trading Revenue for
	the Three Months Ended			the Three Months Ended
Line Item in the Statement of Operations	June 30, 2010			June 30, 2009
Futures trading gains (losses):
Realized	$	4,705,554		$	(24,779,852	)
Change in unrealized		(3,455,920	)		2,078,146
Forward currency and options on forward currency trading gains (losses):
Realized		3,683,543			(5,691,954	)
Change in unrealized		(4,021,437	)		505,155

Total	$	911,740		$	(27,888,505	)


	Trading Revenue for			Trading Revenue for
	the Six Months Ended			the Six Months Ended
Line Item in the Statement of Operations	June 30, 2010			June 30, 2009
Futures trading gains (losses):
Realized	$	(10,758,994	)	$	(22,930,376	)
Change in unrealized		4,999,433			35,767
Forward currency and options on forward currency trading gains (losses):
Realized		(2,649,739	)		(89,044	)
Change in unrealized		(560,345	)		(2,357,467	)

Total	$	(8,969,645	)	$	(25,341,120	)

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2010 (UNAUDITED)

		For the three months ended June 30, 2010 and 2009, the monthly average of futures contracts bought and sold was approximately 27,200 and 18,000 respectively, and the monthly average of notional value of forward currency and options on forward currency contracts was $2,353,100,000 and $2,204,700,000 respectively.

		For the six months ended June 30, 2010 and 2009, the monthly average of futures contracts bought and sold was approximately 28,200 and 16,500 respectively, and the monthly average of notional value of forward currency and options on forward currency contracts was $2,491,400,000 and $1,771,200,000 respectively.

		Open contracts generally mature within twelve months; as of June 30, 2010, the latest maturity date for open futures contracts is September 2011, the latest maturity date for open forward currency contracts is September 2010, and the latest expiry date for options on forward currency contracts is July 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.

		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.

INTERIM FINANCIAL STATEMENTS


		The statements of financial condition, including the condensed schedules of investments, as of June 30, 2010 and December 31, 2009, the statements of operations and financial highlights for the three months and six months ended June 30, 2010 and 2009, and the statements of cash flows and changes in unitholders’ capital (Net Asset Value) for the six months ended June 30, 2010 and 2009 are unaudited. In the opinion of management, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of June 30, 2010, and the results of operations and financial highlights for the three months and six months ended June 30, 2010 and 2009, and cash flows and changes in unitholders’ capital (Net Asset Value) for the six months ended June 30, 2010 and 2009.

Note 11.

SUBSEQUENT EVENTS


		Management of the Trust has evaluated subsequent events through the date the financial statements were filed. There are no subsequent events to disclose or record.


Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations

Introduction

The Campbell Fund Trust (the “Trust”) is a business trust organized on January 2, 1996 under the Delaware Business Trust Act, which was replaced by the Delaware Statutory Trust Act as of September 1, 2002. The Trust is a successor to the Campbell Fund Limited Partnership (formerly known as the Commodity Trend Fund) and began trading operations in January 1972. The Trust currently trades in the U.S. and international futures and forward markets under the sole direction of Campbell & Company, Inc., the managing operator of the Trust. Specifically, the Trust trades a portfolio primarily focused on financial futures, forwards and options, with a secondary emphasis on metal, energy and agricultural products. The Trust is an actively managed account with speculative trading profits as its objective.

Effective August 31, 2008, the Trust began offering Series A, Series B, and Series W units. The units in the Trust prior to that date became Series B units. Series B units are only available for additional investment by existing holders of Series B units.

As of June 30, 2010, the aggregate capitalization of the Trust was $314,970,032 with Series A, Series B and Series W comprising $38,637,305, $266,684,227 and $9,648,500, respectively, of the total. The Net Asset Value per Unit was $2,253.12 for Series A, $2,272.87 for Series B, and $2,303.59 for Series W.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Management believes that the estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from those estimates. The Trust’s significant accounting policies are described in detail in Note 1 of the Financial Statements.

The Trust records all investments at fair value in its financial statements, with changes in fair value reported as a component of change in unrealized trading gain (loss) in the Statements of Operations. Generally, fair values are based on market prices; however, in certain circumstances, estimates are involved in determining fair value in the absence of an active market closing price (e.g. forward and option contracts which are traded in the inter-bank market).

Capital Resources

The Trust will raise additional capital only through the sale of Units offered pursuant to the continuing offering, and does not intend to raise any capital through borrowing. Due to the nature of the Trust’s business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

The Trust maintains 40-80% of its net asset value in cash, cash equivalents or other liquid positions in its cash management program over and above that needed to post as collateral for trading. These funds are available to meet redemptions each month. After redemptions and additions are taken into account each month, the trade levels of the Trust are adjusted and positions in the instruments the Trust trades are added or liquidated on a pro-rata basis to meet those increases or decreases in trade levels.

Liquidity

Most United States futures exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” During a single trading day, no trades may be executed at prices beyond the daily limit. Once the price of a futures contract has reached the daily limit for that day, positions in that contract can neither be taken nor liquidated. Futures prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Trust from promptly liquidating unfavorable positions and subject the Trust to substantial losses which could exceed the margin initially committed to such trades. In addition, even if futures prices have not moved the daily limit, the Trust may not be able to execute futures trades at favorable prices, if little trading in such contracts is taking place. Other than these limitations on liquidity, which are inherent in the Trust’s futures trading operations, the Trust’s assets are expected to be highly liquid.

The entire offering proceeds, without deductions, will be credited to the Trust’s bank brokerage and/or cash management accounts. The Trust meets margin requirements for its trading activities by depositing cash and U.S. government securities with the futures broker and the over-the-counter counterparties. This does not reduce the risk of loss from trading activities. The Trust receives all interest earned on its assets. No other person shall receive any interest or other economic benefits from the deposit of Trust assets.

Approximately 10% to 30% of the Trust’s assets normally are committed as required margin for futures contracts and held by the futures broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. Treasury bills in segregated accounts with the futures broker pursuant to the Commodity Exchange Act and regulations there under. Approximately 10% to 30% of the Trust’s assets are deposited with over-the-counter counterparties in order to initiate and maintain forward contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties.

The managing operator deposits the majority of those assets of the Trust that are not required to be deposited as margin with the futures broker and over-the-counter counterparty in a custodial account with Northern Trust Company. The assets deposited in the custodial account with Northern Trust Company are segregated. The custodial account constitutes approximately 40% to 80% of the Trust’s assets and is invested directly by Wilmington Trust Investment Management LLC (“Wilmington”). Wilmington is registered with the Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940. Wilmington does not guarantee any interest or profits will accrue on the Trust’s assets in the custodial account. Wilmington will invest according to agreed upon investment guidelines that are modeled after those investments allowed by the futures broker as defined under The Commodity Exchange Act, Title 17, Part 1, § 1.25 Investment of customer funds. Investments can include, but are not limited to, (i) U.S. Government Securities, Government Agency Securities, Municipal Securities, banker acceptances and certificates of deposits; (ii) commercial paper; and (iii) corporate debt.

The Trust occasionally receives margin calls (requests to post more collateral) from its futures broker or over-the-counter counterparties, which are met by moving the required portion of the assets held in the custody account at Northern Trust to the margin accounts. In the past three years, the Trust has not needed to liquidate any position as a result of a margin call.

The Trust’s assets are not and will not be, directly or indirectly, commingled with the property of any other person in violation of law or invested with or loaned to Campbell & Company or any affiliated entities.

Off-Balance Sheet Risk

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Trust trades in futures, forward and option contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Trust, market risk, that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Trust at the same time, and if the Trust’s trading advisor was unable to offset futures interests positions of the Trust, the Trust could lose all of its assets and the Unitholders would realize a 100% loss. Campbell & Company, Inc., the managing operator (who also acts as trading advisor), minimizes market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30%.

In addition to market risk, in entering into futures, forward and option contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Trust. The counterparty for futures contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward and option contracts, which are traded on the interbank market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus there may be a greater counterparty credit risk. Campbell & Company trades for the Trust only with those counterparties which it believes to be creditworthy. All positions of the Trust are valued each day on a mark-to-market basis. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Trust.

Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts Accounted for at Fair Value

The Trust invests in futures, forward currency and options on forward currency contracts. The market value of futures (exchange-traded) contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of the last business day of the reporting period. The market value of swap and forward (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. 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.

Results of Operations

The returns for the six months ended for Series A as of June 30, 2010 and 2009 were (4.73)% and (7.85)%. The returns for Series B for the six months ended June 30, 2010 and 2009 were (4.49)% and (7.62)%, respectively. The returns for Series W for the six months ended June 30, 2010 and for the period from March 1, 2009 (commencement of trading) through June 30, 2009 were (4.01)% and (8.61)%, respectively.

2010

Of the 2010 year-to-date decrease of (4.73)% for Series A, approximately (2.37)% due to trading losses (before commissions) and approximately (2.47)% was due to brokerage fees, management fees, operating costs and offering costs borne by Series A offset by approximately 0.11% due to investment income.

Of the 2010 year-to-date decrease of (4.49)% for Series B, approximately (2.37)% due to trading losses (before commissions) and approximately (2.24)% due to brokerage fees, management fees and operating costs borne by Series B offset by investment income totaled 0.12%.

Of the 2010 year-to-date decrease of (4.01)% for Series W, approximately (2.37)% due to trading losses (before commissions) and approximately (1.75)% due to brokerage fees, management fees and operating costs borne by Series W offset by investment income totaled 0.11%.

During the six months ended June 30, 2010, the Trust accrued management fees in the amount of $6,658,174 and paid management fees in the amount of $6,839,057. No performance fees were accrued or paid during this period.

An analysis of the (2.37) % gross trading losses for the Trust for the period by sector is as follows:


Sector	% Gain (Loss)
Interest Rates		10.59	%
Currencies		(0.91	)
Commodities		(5.52	)
Stock Indices		(6.53	)

		(2.37)	%

The New Year began with an equity sell-off in the second half of the month as global confidence in a steady recovery, again, begins to waver, resulting in trading losses for the Trust’s net long equity indices positions. Primary drivers were related to: (1) China’s efforts to manage growth; (2) questionable stability of the European Union as Greece potentially defaults on sovereign debt; and (3) the potential heavy-handed regulation of the U.S. banking system. As the global risk trade unwound, the Trust’s commodity positions also produced losses, largely in the energy complex and in base metals. The global negative news detracted from a relative positive earnings season and signs of improved economic data. Further losses were recorded in currency trading as the U.S. Dollar was, once again, seen as a safe haven as the economic health of several nations was called into question. Marginal gains were recorded in fixed income as we were able to benefit from the steepening of the yield curve as a result of short-term interest rates being kept at extremely low levels by global central banks.

The first half of February was somewhat subdued as the market digested mixed U.S. employment numbers versus the unemployment rate. By mid-month, the Federal Reserve surprised the markets by deciding to hike the discount rate, in a clear sign that the pace of their exit strategy may be more aggressive than originally anticipated. Our long position in short-term rates, both in the U.S. and Europe, fueled strong gains in the sector for the remainder of the month. Gains were also recorded in currency trading as the Euro currency weakened against most majors on accelerated sovereign fears evidenced by the record high cost of insuring Greek and Portuguese debt. Global equity indices trading produced small losses for the Trust as a result of dealing with diverse global macroeconomic challenges (weakening Euro, China central bank intervention and U.S. employment and earnings season results). While the market finished generally negative in Europe and Asia, the U.S. managed to record a gain on largely upbeat fourth quarter earnings announcements with many S&P constituents beating consensus expectations. Commodity trading resulted in generally negative results as the structural imbalances in Europe, and the strong relative performance of the U.S. economy versus the Eurozone helped “de-link” Europe from the risk trade, keeping commodities in alignment with U.S. stocks. While energy prices rallied for most of the month, precious metals sold off early only to turn positive as the market used gold as a safe haven against Eurozone turmoil.

March proved to be a very strong month for trends as our long positions in energies and base metals benefited from prices moving higher on climbing global economic growth prospects. Global equity indices also provided gains for the Trust’s long positions as prices surged on renewed merger and acquisition activity, positive news centered on economic releases, and subdued fears regarding Greece’s finances. Marginal gains were recorded in the foreign exchange markets as the return of the carry trade pushed commodity linked currencies higher. Almost all central banks have acknowledged that the worst has passed; however, the lack of flexibility to induce fresh fiscal or monetary stimulus has forced a lower for longer interest rate policy globally. The Trust’s net gains were partially offset by losses in the fixed income markets from our long positions in U.S. Treasury futures as prices fell during the month. In the U.S. fixed income market, heavy supply put pressure on bond prices, and U.S. Treasury yields were higher than swap yields for the first time on record.

April performance was led by strong gains in the fixed income markets from long positions in Europe and from U.S. Bond prices that moved higher during the month as the Greece sovereign debt concerns and fears of contagion played center stage in global markets. Currency trading also benefited from the sovereign debt fears and from perceived signs of positive economic growth beginning to materialize. Further gains were recorded in energy and precious metals, as energy markets continued its high correlation to the S&P and investor demand for precious metals continued to grow. Marginal losses were incurred in base metals trading as these markets moved lower on U.S. dollar strength. Global equity indices trading produced flat performance, with net longs across the board producing positive results in the U.S., negative results in Europe, and flat performance in Asia.

As European sovereign debt concerns persist and China tightened credit in an attempt to cool overheating in its property sector, the decline in equity markets by the end of May was wide-spread across the U.S., Europe, and Asia. Certainly the “flash crash” on May 6th only added to the unsettling nature of equity market price behavior throughout the month. While the Trust experienced losses in equity indices, gains in fixed income help offset the flight from risky assets in favor of government debt. Commodity trading was difficult for the Trust, particularly in the Energy sector, as the complex fell in tandem with the equity markets until a late month bounce. While BP’s spill in the Gulf continued to flow uncontrollably, the disaster has not significantly affected the supply of oil into the U.S. to date. Along with the scare in Greece, the Euro came under pressure against the U.S. Dollar as comments from Federal Reserve Chairman Bernanke raised concerns over the Euro zone’s bank funding. The U.S. Dollar was, once again, viewed as a safe position trade as risk aversion, volatility and liquidity dominated currency markets contributing to gains in the Foreign Exchange sector for the Trust.

In June, another month of the “risk off” trade gave government bonds a bid, which produced healthy gains from long global fixed income positions. Unfortunately, these gains were offset by losses in equity indices, foreign exchange and commodities. Long equity positions suffered from an equity sell off, which primarily stemmed from weaker than expected U.S. and Chinese economic data, negative corporate news and interbank funding concerns in the European region. Foreign exchange trading generated losses primarily from the Trust’s short Swiss Franc position as the currency rallied 7% vs. the U.S. Dollar based on Swiss National Bank comments softening its intervention language. Commodity trading produced minimal losses, largely from our trading in natural gas futures which ended up 3.6% after finally breaking out of a three month range. The oil spill in the Gulf of Mexico has not been a significant factor on short-term price movements but most analysts agree that the real impact will be long-term as the cost of production is almost sure to go higher on the back of tighter regulation.

2009

Of the 2009 year-to-date decrease of (7.85)% for Series A, approximately (5.51)% due to trading losses (before commissions) and approximately (2.35)% was due to brokerage fees, management fees, operating costs and offering costs borne by Series A offset by approximately 0.01% due to interest income.

Of the 2009 year-to-date decrease of (7.62)% for Series B, approximately (5.51)% due to trading losses (before commissions) and approximately (2.12)% due to brokerage fees, management fees and operating costs borne by Series B offset by. Interest income totaled 0.01%.

Of the decrease of (8.61)% for Series W for the period March 1, 2009 (commencement of trading) through June 30, 2009, approximately (7.67)% was due to trading losses (before commissions) and approximately (0.95)% was due to brokerage fees, management fees, service fees, operating costs and offering costs borne by Series W offset by interest income totaled 0.01%.

During the six months ended June 30, 2009, the Trust accrued management fees in the amount of $9,201,082 and paid management fees in the amount of $9,596,543. No performance fees were accrued or paid during this period.

An analysis of the (5.51)% gross trading losses for the Trust for the period by sector is as follows:


Sector	% Gain (Loss)
Currencies		(0.53	)
Commodities		(0.85	)
Interest Rates		(1.29	)
Stock Indices		(2.84	)

		(5.51	)

President Obama’s stimulus plan took center stage in January; however, weak economic data continued to negatively impact global stock markets into the start of the New Year. An early month rally fizzled quickly, causing notable declines in major global indices. The Trust gained in equity indices trading on net short positions across each region. Gains were recorded in fixed income trading as the world’s central banks continued to lower interest rates. Mounting fiscal deficits and huge issuance needs begin to weigh heavy on the long-end; however, credit markets generally improved in January with yield spreads continuing to contract. Foreign exchange trading finished slightly negative on the month. Risk aversion and capital preservation benefited the Trust’s net long U.S. Dollar position; however, the U.K. government’s unprecedented move to give the Bank of England power to increase their stake in Royal Bank of Scotland to 70% helped fuel a late month rally in the British Pound, eliminating gains from a previous decline. Commodity trading was generally flat on volatility across precious and base metals and a slowing of the negative energy trend.

In February, the U.S. government’s ability to address the economic crisis was met with skepticism by Wall Street. Economic data remained persistently weak, especially on the employment and housing fronts. The U.S. was not alone in reporting negative news, as European and Asian economies also continued with the release of dismal economic data such as declining exports and falling dividends. The majority of February gains in the Trust resulted from equity indices trading, particularly from short positions in the U.S. and Asia. Additional gains were recorded in foreign exchange trading as investors continued to feed U.S. Dollar strength, particularly relative to the Japanese Yen. The U.S. Dollar continues to be the safe haven pick as the risk aversion theme continued, as evidenced by the U.S. treasury yields recording all-time lows.

Stock markets rallied in March as the 2008 fourth quarter earnings announcements subsided and large U.S. banks announced they would be profitable for the first two months of 2009. The majority of the Trust’s losses in March resulted from equity indices trading, as the equity rally adversely impacted net short positions globally. Commodities recorded losses as energy price swings have become correlated with equities and metals surged on news of China’s economic stimulus plan. Gains from fixed income markets were recorded from the Trust’s long global bond positions as prices moved significantly higher on announcements from the Swiss, British and American Central Banks on their intentions of adding liquidity by purchasing medium to long-term bonds in the market. Foreign exchange trading resulted in gains as investors sought currencies whose home central banks were not keen on engaging in quantitative easing.

While equity index trading produced the most profitable sector results for the Trust for 2008, the Trust’s net exposure on the short side of global stock indices through April 2009 has hurt performance as markets continued to stage rallies that began in mid-March. U.S. economic

indicators, including housing and manufacturing, showed signs of improvement and stabilization rather than further deterioration. In addition, the G-20 agreed to fund more than $1 trillion in emergency aid to help cushion the economic fallout of the current international financial crisis. While the general tone of the economic outlook was more upbeat, officials have still been cautious in their assessment. April saw a continuation of the March risk-seeking rally leading to several growth currencies registering solid gains against the dollar. Losses were realized in the foreign exchange sector due to the Trust’s general bias to be long the dollar against most major currencies. In fixed income, the equity market rally helped general investor sentiment, driving bond prices lower across the board which produced losses for the Trust in this sector. Commodity trading finished relatively flat with gains from the energy sector offsetting small losses in base and precious metals.

In May, conflicting signals on global recovery weighed on the direction of the markets as increased risk appetite and signs of stabilization in the global economy emerged. Equity markets continued their rally, particularly in Asia, generating small gains in the stock index sector. Fixed income trading generated a marginal positive return as short-term rates in Europe climbed higher following the European Central Bank rate cut of 25 basis points. The gains in the stock index and fixed income sectors were offset by losses in the foreign exchange sector. The U.S. Dollar suffered a broad based decline in May on a combination of stronger risk appetite and growing fears over structural deficiencies in the U.S. Investors moved dormant dollar denominated assets overseas to capture growth and risk in commodity block currencies. Smaller losses were also recorded in the commodities sector as natural gas finished a volatile month higher.

During June, a surprise payroll number to the upside for May prompted an aggressive sell-off in short-term U.S. rates and raised market expectations of a rate hike in 2009. The price reaction was swift and caused particular difficulty for systematic trading. Losses for the Trust in the fixed income sector were offset by marginal gains in the foreign exchange sector. The Trust’s currency positions were generally mixed, thus hedging some U.S. Dollar risk, as investors crowded the Dollar as a safe-haven trade, pushing it higher on the month. Marginal gains were also recorded in the commodities sector, primarily from long positions in the energy complex. As geo-political headlines were plentiful, energies traded in a highly correlated fashion to global equity markets. The stock index sector finished basically flat for the month as global equity markets reflected mixed results congruent with both positive and negative economic data relating to global recovery.


Item 3.		Quantitative and Qualitative Disclosures About Market Risk

Introduction

Past Results Not Necessarily Indicative of Future Performance

The Trust is a speculative commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes, and all or a substantial amount of the Trust’s assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Trust’s main line of business.

Market movements result in frequent changes in the fair market value of the Trust’s open positions and, consequently, in its earnings and cash flow. The Trust’s market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Trust’s open positions and the liquidity of the markets in which it trades.

The Trust rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Trust’s past performance is not necessarily indicative of its future results.

Standard of Materiality

Materiality as used in this section, “Qualitative and Quantitative Disclosures About Market Risk,” is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, and multiplier features of the Trust’s market sensitive instruments.

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 the maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

The Trust’s risk exposure in the various market sectors traded is estimated in terms of Value at Risk (VaR). The Trust estimates VaR using a model based upon historical simulation (with a confidence level of 97.5%) which involves constructing a distribution of hypothetical daily changes in the value of a trading portfolio. The VaR model takes into account linear exposures to risks, including equity and commodity prices, interest rates, foreign exchange rates, and correlation among these variables. The hypothetical changes in portfolio value are based on daily percentage changes observed in key market indices or other market factors to which the portfolio is sensitive. The Trust’s VaR at a one day 97.5% confidence level corresponds to the negative change in portfolio value that, based on observed market risk factors, would have been exceeded once in 40 trading days or one day in 40. VaR typically does not represent the worst case outcome.

The Trust uses approximately one quarter of daily market data and revalues its portfolio for each of the historical market moves that occurred over this time period. This generates a probability distribution of daily “simulated profit and loss” outcomes. The VaR is the 2.5 percentile of this distribution.

The VaR for a sector represents the one day downside risk for the aggregate exposures associated with this sector. The current methodology used to calculate 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.

The Trust’s VaR computations are based on the risk representation of the underlying benchmark for each instrument or contract and does not distinguish between exchange and non-exchange dealer-based instruments. It is also not based on exchange and/or dealer-based maintenance margin requirements.

VaR models, including the Trust’s, are continually evolving as trading portfolios become more diverse and modeling techniques and systems capabilities improve. Please note that the VaR model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by the Trust in its daily risk management activities. Please further note that VaR as described above may not be comparable to similarly titled measures used by other entities.

Because the business of the Trust is the speculative trading of futures, forwards and options, the composition of the Trust’s trading portfolio can change significantly over any given time period, or even within a single trading day, which could positively or negatively materially impact market risk as measured by VaR.

The Trust’s Trading Value at Risk in Different Market Sectors

The following tables indicate the trading Value at Risk associated with the Trust’s open positions by market category as of June 30, 2010 and December 31, 2009 and the trading gains/losses by market category for the six months ended June 30, 2010 and the year ended December 31, 2009.


	June 30, 2010
				Trading
Market Sector	Value at Risk*			Gain/(Loss)**

Interest Rates		0.80	%		10.59	%
Stock Indices		0.78	%		(6.53	)%
Commodities		0.68	%		(5.52	)%
Currencies		0.67	%		(0.91	)%


Aggregate/Total		1.55	%		(2.37	)%


*		— 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 six months ended June 30, 2010.

Of the (4.73)% return for the six months ended June 30, 2010 for Series A, approximately (2.37)% due to trading losses (before commissions) and approximately (2.47)% was due to brokerage fees, management fees, operating costs and offering costs borne by Series A offset by approximately 0.11% due to investment income.

Of the (4.49)% return for the six months ended June 30, 2010 for Series B, approximately (2.37)% due to trading losses (before commissions) and approximately (2.24)% due to brokerage fees, management fees and operating costs borne by Series B offset by investment income totaled 0.12%.

Of the (4.01)% return for the six months ended June 30, 2010 for Series W, approximately (2.37)% due to trading losses (before commissions) and approximately (1.75)% due to brokerage fees, management fees and operating costs borne by Series W offset by investment income totaled 0.11%.

December 31, 2009


				Trading
Market 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.

Of the (6.34)% return for year ended 2009 for Series A, approximately (1.71)% was due to trading losses (before commissions) and approximately (4.85)% was due to brokerage fees, management fees, and offering costs borne by Series A offset by approximately 0.22% due to investment income.

Of the (5.86)% return for year ended 2009 for Series B, approximately (1.71)% was due to trading losses (before commissions) and approximately (4.27)% due to brokerage fees, management fees and operating costs borne by Series B offset by approximately 0.12% due to investment income.

Of the (6.41)% return for Series W for the period March 1, 2009 (commencement of trading) through December 31, 2009, approximately (1.71)% was due to trading losses (before commissions) and approximately (4.93)% was due to brokerage fees, management fees, sales commissions and offering costs borne by Series W offset by approximately 0.23% due to investment income.

Material Limitations on Value at Risk as an Assessment of Market Risk

The following limitations of VaR as an assessment of market risk should be noted:

Past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements;

Changes in portfolio value caused by market movements may differ from those of the VaR model;

VaR results reflect past trading positions while future risk depends on future positions;

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

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.

VaR is not necessarily representative of historic risk nor should it be used to predict the Trust’s future financial performance or its ability to manage and monitor risk. There can be no assurance that the Trust’s actual losses on a particular day will not exceed the VaR amounts indicated or that such losses will not occur more than once in 40 trading days.

Non-Trading Risk

The Trust has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are immaterial. The Trust also has non-trading market risk as a result of investing a substantial portion of its available assets in U.S. Treasury Bills held at the broker and over-the-counter counterparty. The market risk represented by these investments is minimal. Finally, the Trust has non-trading market risk on fixed income securities held as part of its cash management program. The cash managers will use their best endeavors in the management of the assets of the Trust but provide no guarantee that any profit or interest will accrue to the Trust as a result of such management.

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.

The following represent the primary trading risk exposures of the Trust as of June 30, 2010 by market sector.

Currencies

Exchange rate risk is a significant market exposure of the Trust. The Trust’s currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Trust trades in a large number of currencies, including cross-rates — i.e., positions between two currencies other than the U.S. Dollar. Campbell & Company does not anticipate that the risk profile of the Trust’s currency sector will change significantly in the future.

Interest Rates

Interest rate risk is a significant market exposure of the Trust. Interest rate movements directly affect the price of the sovereign bond positions held by the Trust and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Trust’s profitability. The Trust’s primary interest rate exposure is to interest rate fluctuations in the United States and the other G-7 countries. Campbell & Company anticipates that G-7 interest rates will remain the primary rate exposure of the Trust for the foreseeable future. The changes in interest rates which have the most effect on the Trust are changes in long-term, as opposed to short-term rates. Most of the speculative positions held by the Trust are in medium- to long-term instruments.

Stock Indices

The Trust’s primary equity exposure is to equity price risk in the G-7 countries and several other countries (Hong Kong, Spain, the Netherlands and Taiwan). The stock index futures traded by the Trust are by law limited to futures on broadly based indices. The Trust is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese indices. Markets that trade in a narrow range could result in the Trust’s positions being “whipsawed” into numerous small losses.

Energy

The Trust’s primary energy market exposure is to natural gas, crude oil and derivative product price movements often resulting from political developments and ongoing conflicts in the Middle East and the perceived outcome. Oil and gas prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Metals

The Trust’s metals market exposure is to fluctuations in the price of aluminum, copper, gold, nickel, platinum, silver, and zinc.

Agricultural

The Trust’s agricultural exposure was to the fluctuations in the price of wheat, corn, coffee, cocoa, sugar, soy, hogs, cattle, canola, and cotton.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the primary non-trading risk exposures of the Trust as of June 30, 2010.

Foreign Currency Balances

The Trust’s primary foreign currency balances are in Australian Dollar, Yen, British Pounds and Euros. The Trust controls the non-trading risk of these balances by regularly converting these balances back into dollars (no less frequently than twice a month, and more frequently if a particular foreign currency balance becomes unusually large).

Fixed Income Securities

The Trust’s primary market exposure in instruments (other than treasury positions described in the subsequent section) held other than for trading is in its fixed income portfolio. The cash manager, Wilmington, has authority to make certain investments on behalf of the Trust. All securities purchased by the cash manager on behalf of the Trust will be held in the Trust’s custody account at the custodian. The cash manager will use their best endeavors in the management of the assets of the Trust but provide no guarantee that any profit or interest will accrue to the Trust as a result of such management.

Treasury Bill Positions Held for Margin Purposes

The Trust also has market exposure in its Treasury Bill portfolio. The Trust holds Treasury Bills (interest bearing and credit risk-free) with maturities no longer than six months. Violent fluctuations in prevailing interest rates could cause minimal mark-to-market losses on the Trust’s Treasury Bills, although substantially all of these short-term investments are held to maturity.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Trust and Campbell & Company, severally, 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 out open positions.

Campbell & Company manages the risk of the Trust’s non-trading instruments of Treasury Bills held for margin purposes by limiting the duration of such instruments to no more than six months. Campbell & Company manages the risk of the Trust’s fixed income securities held for cash management purposes by restricting the cash managers to investing in securities that are modeled after those investments allowed by the futures broker as defined under The Commodity Exchange Act, Title 17, Part 1, § 1.25 Investment of customer funds. Investments can include, but are not limited to, (i) U.S. Government Securities, Government Agency Securities, Municipal Securities, banker acceptances and certificates of deposits; (ii) commercial paper; and (iii) corporate debt.

General

The Trust is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased margin requirements on futures contracts. Because the Trust generally will use a small percentage of assets as margin, the Trust does not believe that any increase in margin requirements, as proposed, will have a material effect on the Trust’s operations.


		Page

PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Schedules of Investments as of June 30, 2010 and December 31, 2009 (Unaudited)		3-6

	Statements of Financial Condition as of June 30, 2010 and December 31, 2009 (Unaudited)		7

	Statements of Operations for the Three Months and Six Months Ended June 30, 2010 and 2009 (Unaudited)		8

	Statements of Cash Flows for the Six Months Ended June 30, 2010 and 2009 (Unaudited)		9

	Statements of Changes in Unitholders’ Capital (Net Asset Value) for the Six Months Ended June 30, 2010 and 2009 (Unaudited)		10-11

	Financial Highlights for the Three Months and Six Months Ended June 30, 2010 and 2009 (Unaudited)		12-14

	Notes to Financial Statements (Unaudited)		15-21

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		22-29

Item 3.	Quantitative and Qualitative Disclosure About Market Risk		29-35

Item 4(T).	Controls and Procedures		36

PART II — OTHER INFORMATION			37

Item 6.	Exhibits and Reports on Form 8-K		37

SIGNATURES			38

CERTIFICATIONS


Exhibit
Number		Description of Document

31.01		Certification of Theresa D. Becks, Chief Executive Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

31.02		Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities 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.


	THE CAMPBELL FUND TRUST (Registrant) By: Campbell & Company, Inc. Managing Operator
Date: August 16, 2010	By:	/s/ Theresa D. Becks
		Theresa D. Becks
		Chief Executive Officer


Exhibit Number	Description of Document	Page Number
31.01	Certification by Chief Executive Officer	E 2 — E 3
31.02	Certification by Chief Financial Officer	E 4 — E 5
32.01	Certification by Chief Executive Officer	E 6
32.02	Certification by Chief Financial Officer	E 7