10-Q

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, 2011

or

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 filer, 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	Smaller reporting company þ
		(Do not check if a smaller reporting company)

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

			Page
PART I — FINANCIAL INFORMATION
	Item 1.	Financial Statements
		Condensed Schedules of Investments as of June 30, 2011 and December 31, 2010 (Unaudited)	3-6
		Statements of Financial Condition as of June 30, 2011 and December 31, 2010 (Unaudited)	7
		Statements of Operations for the Three Months and Six Months Ended June 30, 2011 and 2010 (Unaudited)	8
		Statements of Cash Flows for the Six Months Ended June 30, 2011 and 2010 (Unaudited)	9
		Statements of Changes in Unitholders’ Capital (Net Asset Value) for the Six Months Ended June 30, 2011 and 2010 (Unaudited)	10-11
		Financial Highlights for the Three Months and Six Months Ended June 30, 2011 and 2010 (Unaudited)	12-14
		Notes to Financial Statements (Unaudited)	15-21
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22-28
	Item 3.	Quantitative and Qualitative Disclosure About Market Risk	29-33
	Item 4.	Controls and Procedures	34
PART II — OTHER INFORMATION
	Item 1.	Legal Proceedings	35
	Item 1A.	Risk Factors	35
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
	Item 3.	Defaults Upon Senior Securities	35
	Item 4.	[Removed and Reserved]	35
	Item 5.	Other Information	35
	Item 6.	Exhibits	35
SIGNATURES			36

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

JUNE 30, 2011 (Unaudited)

FIXED INCOME SECURITIES

Maturity					% of Net
Face Value		Description	Values ($)		Asset Value
		Bank Deposits
		Canada
		Financial          (cost $27,985,560)	$	27,987,201		7.90	%
		Sweden
		Financial          (cost $19,400,000)	$	19,408,703		5.48	%
		United Kingdom
		Finacial          (cost $5,000,666)	$	5,001,566		1.41	%
		United States
		Financial          (cost $11,000,000)	$	11,002,181		3.10	%
		Total Bank Deposits    (cost $63,386,226)	$	63,399,651		17.89	%
		Commercial Paper
		Netherlands
		Materials          (cost $6,523,868)	$	6,523,989		1.84	%
		Panama
		Consumer Discretionary          (cost $9,998,364)	$	9,998,300		2.82	%
		United States
		Consumer Discretionary	$	11,066,433		3.12	%
		Consumer Staple	$	20,186,896		5.70	%
		Energy	$	9,999,572		2.82	%
		Financial
$	19,327,000	ING America Insurance Holdings             Due 07/01/2011	$	19,326,613		5.45	%
		Other	$	9,999,260		2.82	%
		Healthcare	$	14,999,954		5.45	%
		Materials	$	21,999,932		6.21	%
		Total United States (cost $107,573,679)	$	107,578,660		30.35	%
		Total Commercial Paper       (cost $124,095,911)	$	124,100,949		35.01	%
		Corporate Bonds
		Switzerland
		Financial
		(cost $6,635,562)	$	6,621,041		1.87	%
		United States
		Financial	$	43,237,962		12.20	%
		Healthcare	$	6,170,952		1.74	%
		Total United States (cost $49,262,250)	$	49,408,914		13.94	%
		Total Corporate Bonds    (cost $55,897,812)	$	56,029,955		15.81	%
		Government And Agency Obligations
		United States
$	5,000,000	U.S. Government Agency	$	5,006,400		1.41	%
		U.S. Treasury Bill
$	31,000,000	U.S. Treasury Bills *             Due 09/08/2011	$	30,999,769		8.75	%

   Total United States (cost $35,999,699) $ 36,006,169 10.16 %

See Accompanying Notes to Financial Statements.

3

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

JUNE 30, 2011 (Unaudited)

Short Term Investment Funds
United States
Short Term Investment Funds          (cost $553)	$	553	0.00	%
Total Fixed Income Securities    (cost $279,380,201)	$	279,537,277	78.86	%

LONG FUTURES CONTRACTS

				% of Net
Description	Values ($)			Asset Value
Agricultural	$	(611,060	)		(0.17	)%
Energy	$	181,073			0.05	%
Metals	$	(21,936	)		(0.01	)%
Stock indices	$	3,029,616			0.85	%
Short-term interest rates	$	(1,558,402	)		(0.44	)%
Long-term interest rates	$	(5,703,861	)		(1.61	)%
Total long futures contracts	$	(4,684,570	)		(1.33	)%

SHORT FUTURES CONTRACTS

				% of Net
Description	Values ($)			Asset Value
Agricultural	$	838,584			0.24	%
Energy	$	(326,120	)		(0.09	)%
Metals	$	(1,845,934	)		(0.52	)%
Stock Indices	$	(819,947	)		(0.23	)%
Short-term interest rates	$	(48,294	)		(0.01	)%
Long-term interest rates	$	0			0.00	%
Total short futures contracts	$	(2,201,711	)		(0.61	)%
Total futures contracts	$	(6,886,281	)		(1.94	)%

FORWARD CURRENCY CONTRACTS

				% of Net
Description	Values ($)			Asset Value
Various long forward currency contracts	$	13,085,339			3.69	%
Various short forward currency contracts	$	(13,678,510	)		(3.86	)%
Total forward currency contracts	$	(593,171	)		(0.17	)%

PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS

			% of Net
Description	Values ($)		Asset Value
Purchased options on forward currency contracts	$	892,831		0.25	%
(premiums paid — $684,796)

WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS

				% of Net
Description	Values ($)			Asset Value
Written options on forward currency contracts	$	(345,594	)		(0.10	)%
(premiums received — $344,789)

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

See Accompanying Notes to Financial Statements.

4

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2010 (Unaudited)

FIXED INCOME SECURITIES
Maturity					% of Net
Face Value		Description	Values ($)		Asset Value
		Certificate of Deposit
		Canada
		Financials          (cost $7,215,000)	$	7,221,421		2.08	%
		Commercial Paper
		Netherlands
		Industrials          (cost $9,958,946)	$	9,987,542		2.88	%
		Panama
		Consumer Discretionary          (cost $9,998,139)	$	9,998,275		2.89	%
		United Kingdom
		Consumer Staples          (cost $5,716,634)	$	5,718,658		1.65	%
		United States
		Consumer Discretionary	$	41,051,450		11.85	%
		Consumer Staples	$	3,315,853		0.96	%
		Energy	$	17,387,305		5.02	%
		Financials	$	10,981,734		3.17	%
		Health Care	$	12,885,538		3.72	%
		Industrials	$	10,978,667		3.17	%
		Municipal	$	4,717,562		1.36	%
		Utilities	$	34,470,422		9.95	%
		Total United States (cost $135,762,709)	$	135,788,531		39.20	%
		Total Commercial Paper    (cost $161,436,428)	$	161,493,006		46.62	%
		Corporate Bonds
		United States
		Financials          (cost $37,464,778)	$	37,589,108		10.85	%
		Government And Agency Obligations
		United States
		U.S. Government Agency
		U.S. Treasury Bill	$	14,585,360		4.21	%
$	12,000,000	U.S. Treasury Bills*             Due 01/06/2011	$	11,999,817		3.46	%
$	50,000,000	U.S. Treasury Bills*             Due 01/13/2011	$	49,998,833		14.43	%

Total United States (cost $76,597,690)	$	76,584,010	22.10	%
Short Term Investment Funds
United States
Short Term Investment Funds          (cost $941)	$	941	0.00	%
Total Fixed Income Securities    (cost $282,714,837)	$	282,888,486	81.65	%

See Accompanying Notes to Financial Statements.

5

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2010 (Unaudited)

LONG FUTURES CONTRACTS

				% of Net
Description	Values ($)			Asset Value
Agricultural	$	2,226,611			0.64	%
Energy	$	743,689			0.21	%
Metals	$	2,581,189			0.75	%
Stock indices	$	(39,120	)		(0.01	)%
Short-term interest rates	$	400,606			0.12	%
Long-term interest rates	$	45,692			0.01	%
Total long futures contracts	$	5,958,667			1.72	%

SHORT FUTURES CONTRACTS

				% of Net
Description	Values ($)			Asset Value
Agricultural	$	(14,930	)		0.00	%
Energy	$	(239,450	)		(0.07	)%
Metals	$	(573,456	)		(0.17	)%
Stock indices	$	48,337			0.01	%
Short-term interest rates	$	(9,188	)		0.00	%
Long-term interest rates	$	(644,303	)		(0.19	)%
Total short futures contracts	$	(1,432,990	)		(0.42	)%
Total futures contracts	$	4,525,677			1.30	%

FORWARD CURRENCY CONTRACTS

				% of Net
Description	Values ($)			Asset Value
Various long forward currency contracts	$	26,630,262			7.69	%
Various short forward currency contracts	$	(21,482,235	)		(6.20	)%
Total forward currency contracts	$	5,148,027			1.49	%

PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS

			% of Net
Description	Values ($)		Asset Value
Purchased options on forward currency contracts (premiums paid — $1,091,379)	$	1,500,007		0.43	%

WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS

				% of Net
Description	Values ($)			Asset Value
Written options on forward currency contracts (premiums received — $237,756)	$	(693,506	)		(0.20	)%

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

See Accompanying Notes to Financial Statements.

6

THE CAMPBELL FUND TRUST

STATEMENTS OF FINANCIAL CONDITION

June 30, 2011 and December 31, 2010 (Unaudited)

	June 30, 2011			December 31, 2010
ASSETS
Equity in broker trading accounts
Cash	$	39,026,557		$	43,929,635
Restricted cash		47,781,505			0
Fixed income securities (cost $ 0 and $49,998,833, respectively)		0			49,998,833
Net unrealized gain (loss) on open futures contracts		(6,886,281	)		4,525,677
Total equity in broker trading accounts		79,921,781			98,454,145
Cash and cash equivalents		10,450,780			15,906,463
Fixed income securities       (cost $279,380,201 and $232,716,004, respectively)		279,537,277			232,889,653
Options purchased, at fair value       (premiums paid - $684,796 and $1,091,379, respectively)		892,831			1,500,007
Net unrealized gain (loss) on open forward currency contracts		(593,171	)		5,148,027
Interest receivable		401,390			81,415
Subscriptions receivable		103,808			327,332
Total assets	$	370,714,696		$	354,307,042
LIABILITIES
Accounts payable	$	93,582		$	116,724
Management fee		1,145,492			1,142,475
Service fee		6,192			4,423
Options written, at fair value       (premiums received - $344,789 and $237,756, respectively)		345,594			693,506
Payable for securities purchased		9,998,364			0
Accrued commissions and other trading fees on open contracts		62,323			47,113
Performance fee payable		0			381,483
Offering costs payable		47,996			32,432
Subscription deposits		2,405,000			0
Redemptions payable		2,158,538			5,439,258
Total liabilities		16,263,081			7,857,414
UNITHOLDERS' CAPITAL (Net Asset Value)
Series A Units - Redeemable
Other Unitholders - 42,858.380 and 27,273.338 units outstanding at
June 30, 2011 and December 31, 2010		105,671,236			71,343,164
Series B Units - Redeemable
Managing Operator - 20.360 units outstanding at
June 30, 2011 and December 31, 2010		51,116			54,087
Other Unitholders - 92,859.585 and 99,342.853 units outstanding at
June 30, 2011 and December 31, 2010		233,130,649			263,905,408
Series W Units - Redeemable
Other Unitholders - 6,129.283 and 4,160.119 units outstanding at
June 30, 2011 and December 31, 2010		15,598,614			11,146,969
Total unitholders' capital (Net Asset Value)		354,451,615			346,449,628
Total liabilities and unitholders' capital (Net Asset Value)	$	370,714,696		$	354,307,042

See Accompanying Notes to Financial Statements.

7

THE CAMPBELL FUND TRUST

STATEMENTS OF OPERATIONS

For the Three Months and Six Months Ended June 30, 2011 and 2010

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	(210,868	)	$	4,683,781		$	(4,965,615	)	$	(10,787,644	)
Change in unrealized		(7,963,308	)		(3,455,920	)		(11,411,958	)		4,999,433
Brokerage commissions		(348,204	)		(223,358	)		(582,788	)		(474,219	)
Net gain (loss) from futures trading		(8,522,380	)		1,004,503			(16,960,361	)		(6,262,430	)
Forward currency and options on forward currency trading gains (losses)
Realized		8,318,229			3,683,543			9,252,490			(2,649,739	)
Change in unrealized		1,811,493			(4,021,437	)		(5,486,846	)		(560,345	)
Brokerage commissions		(52,327	)		(20,338	)		(84,069	)		(42,196	)
Net gain (loss) from forward currency    and options on forward currency trading		10,077,395			(358,232	)		3,681,575			(3,252,280	)
Total net trading gain (loss)		1,555,015			646,271			(13,278,786	)		(9,514,710	)
NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		299,241			219,863			635,511			484,335
Realized gain (loss)    on fixed income securities		960			37,268			5,821			28,101
Change in unrealized gain (loss)                on fixed income securities		(8,015	)		(97,056	)		(16,577	)		(127,409	)
Total investment income		292,186			160,075			624,755			385,027
Expenses
Management fee		3,541,127			3,248,082			6,954,438			6,658,174
Service fee		18,287			10,382			32,856			17,217
Operating expenses		118,018			129,643			250,377			246,797
Total expenses		3,677,432			3,388,107			7,237,671			6,922,188
Net investment income (loss)		(3,385,246	)		(3,228,032	)		(6,612,916	)		(6,537,161	)
NET INCOME (LOSS)	$	(1,830,231	)	$	(2,581,761	)	$	(19,891,702	)	$	(16,051,871	)
NET INCOME (LOSS) PER MANAGING OPERATOR
AND OTHER UNITHOLDERS UNIT (based on weighted average number of units outstanding during the period)
Series A	$	(28.47	)	$	(24.59	)	$	(159.67	)	$	(76.31	)
Series B	$	(6.93	)	$	(17.52	)	$	(142.62	)	$	(113.86	)
Series W	$	(17.47	)	$	(12.07	)	$	(136.33	)	$	(38.79	)
INCREASE (DECREASE) IN NET ASSET VALUE
PER MANAGING OPERATOR AND OTHER
UNITHOLDERS UNIT
Series A	$	(14.89	)	$	(22.72	)	$	(150.27	)	$	(111.92	)
Series B	$	(11.88	)	$	(20.05	)	$	(145.94	)	$	(106.93	)
Series W	$	(5.89	)	$	(14.50	)	$	(134.55	)	$	(96.30	)

See Accompanying Notes to Financial Statements.

8

THE CAMPBELL FUND TRUST

STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2011 and 2010 (Unaudited)

	Six Months Ended June 30,
Cash flows from (for) operating activities	2011			2010
Net income (loss)	$	(19,891,702	)	$	(16,051,871	)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized		16,915,381			(4,311,679	)
(Increase) decrease in restricted cash		(47,781,505	)		20,357,745
(Increase) decrease in option premiums paid		406,583			680,308
Increase (decrease) in option premiums received		107,033			87,920
Increase (decrease) in payable for securities purchased		9,998,364			0
(Increase) decrease in interest receivable		(319,975	)		17,312
Increase (decrease) in accounts payable and accrued expenses		(384,629	)		(165,555	)
Purchases of investments in fixed income securities		(7,485,927,022	)		(3,401,617,537	)
Sales/maturities of investments in fixed income securities		7,489,261,654			3,449,622,160
Net cash from (for) operating activities		(37,615,818	)		48,618,803
Cash flows from (for) financing activities
Addition of Units		47,551,154			24,901,221
Increase (decrease) in subscription deposits		2,405,000			0
Redemption of units		(22,466,318	)		(61,736,004	)
Offering costs paid		(232,779	)		(85,389	)
Net cash from (for) financing activities		27,257,057			(36,920,172	)
Net increase (decrease) in cash and cash equivalents		(10,358,761	)		11,698,631
Cash and cash equivalents
Beginning of period		59,836,098			27,012,256
End of period	$	49,477,337		$	38,710,887
End of period cash and cash equivalents consists of:
Cash in broker trading accounts	$	39,026,557		$	28,752,944
Cash and cash equivalents		10,450,780			9,957,943
Total end of period cash and cash equivalents	$	49,477,337		$	38,710,887

See Accompanying Notes to Financial Statements.

9

THE CAMPBELL FUND TRUST

STATEMENTS OF CHANGES IN UNITHOLDERS’ CAPITAL (NET ASSET VALUE)

For the Six Months Ended June 30, 2011 and 2010 (Unaudited)

	Unitholders’ Capital - Series B
	Managing Operator					Other Unitholders						Total
	Units		Amount			Units			Amount			Units			Amount
Six Months Ended June 30, 2011
Balances at December 31, 2010		20.360	$	54,087			99,342.853		$	263,905,408			99,363.213		$	263,959,495
Net income (loss) for the six months ended June 30, 2011				(2,971	)					(13,864,422	)					(13,897,393	)
Additions		0.000		0			369.363			963,859			369.363			963,859
Redemptions		0.000		0			(6,852.631	)		(17,874,196	)		(6,852.631	)		(17,874,196	)
Balances at June 30, 2011		20.360	$	51,116			92,859.585		$	233,130,649			92,879.945		$	233,181,765
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

Net Asset Value per Managing Operator and Other Unitholders' Unit - Series B
June 30, 2011		December 31, 2010		June 30, 2010		December 31, 2009
$	2,510.57	$	2,656.51	$	2,272.87	$	2,379.80

See Accompanying Notes to Financial Statements.

10

THE CAMPBELL FUND TRUST

STATEMENTS OF CHANGES IN UNITHOLDERS’ CAPITAL (NET ASSET VALUE)

For the Six Months Ended June 30, 2011 and 2010 (Unaudited)

	Series A						Series W
	Units			Amount			Units			Amount
Six Months Ended June 30, 2011
Balances at December 31, 2010		27,273.338		$	71,343,164			4,160.119		$	11,146,969
Net income (loss) for the six months ended June 30, 2011					(5,347,458	)					(676,851	)
Additions		15,880.788			40,642,128			2,184.383			5,721,643
Redemptions		(295.746	)		(751,111	)		(215.219	)		(560,291	)
Offering costs					(215,487	)					(32,856	)
Balances at June 30, 2011		42,858.380		$	105,671,236			6,129.283		$	15,598,614
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

Net Asset Value per Other Unitholders’ Unit - Series A
June 30, 2011		December 31, 2010		June 30, 2010		December 31, 2009
$	2,465.59	$	2,615.86	$	2,253.12	$	2,365.04
Net Asset Value per Other Unitholders’ Unit - Series W
June 30, 2011		December 31, 2010		June 30, 2010		December 31, 2009
$	2,544.93	$	2,679.48	$	2,303.59	$	2,399.89

See Accompanying Notes to Financial Statements.

11

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

For the Three Months and Six Months Ended June 30, 2011 and 2010

(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, 2011 and 2010. This information has been derived from information presented in the unaudited financial statements.

	Series A
	Three Months Ended June 30,		Six Months Ended June 30,
	2011	2010	2011	2010
Per Unit Performance (for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	2,480.48		$	2,275.84		$	2,615.86		$	2,365.04
Income (loss) from operations:
Total net trading gains (losses) (1)		12.81			2.79			(95.01	)		(61.67	)
Net investment income (loss) (1)		(24.49	)		(22.65	)		(48.83	)		(44.57	)
Total net income (loss) from operations		(11.68	)		(19.86	)		(143.84	)		(106.24	)
Offering costs (1)		(3.21	)		(2.86	)		(6.43	)		(5.68	)
Net asset value per unit at end of period	$	2,465.59		$	2,253.12		$	2,465.59		$	2,253.12
Total Return (3)		(0.60	)%		(1.00	)%		(5.74	)%		(4.73	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (4)		4.04	%		4.15	%		3.97	%		4.14	%
Performance fee (3)		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		4.04	%		4.15	%		3.97	%		4.14	%
Net investment income (loss) (2), (4)		(3.78	)%		(3.95	)%		(3.69	)%		(3.92	)%

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 are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
(2)	Excludes performance fee.
(3)	Not annualized
(4)	Annualized

See Accompanying Notes to Financial Statements.

12

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

For the Three Months and Six Months Ended June 30, 2011 and 2010

(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, 2011 and 2010. This information has been derived from information presented in the unaudited financial statements.

	Series B
	Three Months Ended June 30,		Six Months Ended June 30,
	2011	2010	2011	2010
Per Unit Performance (for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	2,522.45		$	2,292.92		$	2,656.51		$	2,379.80
Income (loss) from operations:
Total net trading gains (losses) (1)		13.03			2.87			(96.30	)		(62.23	)
Net investment income (loss) (1)		(24.91	)		(22.92	)		(49.64	)		(44.70	)
Total net income (loss) from operations		(11.88	)		(20.05	)		(145.94	)		(106.93	)
Net asset value per unit at end of period	$	2,510.57		$	2,272.87		$	2,510.57		$	2,272.87
Total Return (3)		(0.47	)%		(0.87	)%		(5.49	)%		(4.49	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (4)		4.15	%		4.21	%		4.11	%		4.18	%
Performance fee (3)		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		4.15	%		4.21	%		4.11	%		4.18	%
Net investment income (loss) (2), (4)		(3.87	)%		(4.01	)%		(3.81	)%		(3.95	)%

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 are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
(2)	Excludes performance fee.
(3)	Not annualized
(4)	Annualized

See Accompanying Notes to Financial Statements.

13

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

For the Three Months and Six Months Ended June 30, 2011 and 2010

(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, 2011 and 2010. This information has been derived from information presented in the unaudited financial statements.

	Series W
	Three Months Ended June 30,		Six Months Ended June 30,
	2011	2010	2011	2010
Per Unit Performance (for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	2,550.82		$	2,318.09		$	2,679.48		$	2,399.89
Income (loss) from operations:
Total net trading gains (losses) (1)		12.72			2.76			(97.58	)		(62.33	)
Net investment income (loss) (1)		(15.30	)		(14.34	)		(30.35	)		(28.18	)
Total net income (loss) from operations		(2.58	)		(11.58	)		(127.93	)		(90.51	)
Offering costs (1)		(3.31	)		(2.92	)		(6.62	)		(5.79	)
Net asset value per unit at end of period	$	2,544.93		$	2,303.59		$	2,544.93		$	2,303.59
Total Return (3)		(0.23	)%		(0.63	)%		(5.02	)%		(4.01	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (4)		2.57	%		2.66	%		2.53	%		2.65	%
Performance fee (3)		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		2.57	%		2.66	%		2.53	%		2.65	%
Net investment income (loss) (2),(4)		(2.31	)%		(2.45	)%		(2.24	)%		(2.43	)%

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 are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
(2)	Excludes performance fee.
(3)	Not annualized
(4)	Annualized

See Accompanying Notes to Financial Statements.

14

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2011 (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. Series A and Series W commenced trading on October 1, 2008 and March 1, 2009, respectively. The initial minimum subscription for Series A units and Series W units is $25,000. Series B units are only available for additional investments by existing holders of Series B units. See Note 1F, Note 1H, Note 2 and Note 5 for an explanation of allocations and Series specific charges.
B.	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 the 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 follows the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
	ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
	Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The value of the Trust’s exchange-traded futures contracts fall into this category.
	Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. This category includes forward currency contracts and options on forward currency contracts that the Trust values using models or other valuation methodologies derived from observable market data. This category also includes fixed income investments.

15

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2011 (Unaudited)

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, 2011, 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 were adopted as of January 1, 2011. The adoption of the remaining provisions has not had a material impact on the Trust’s financial statement disclosures.

The following tables set forth by level within the fair value hierarchy the Trust’s investments accounted for at fair value on a recurring basis as of June 30, 2011 and December 31, 2010.

	Fair Value at June 30, 2011
Description	Level 1			Level 2			Level 3		Total
Investments
Fixed income securities	$	0		$	279,537,277		$	0	$	279,537,277
Other Financial Instruments
Exchange-traded futures contracts		(6,886,281	)		0			0		(6,886,281	)
Forward currency contracts		0			(593,171	)		0		(593,171	)
Options purchased		0			892,831			0		892,831
Options written		0			(345,594	)		0		(345,594	)
Total	$	(6,886,281	)	$	279,491,343		$	0	$	272,605,062

	Fair Value at December 31, 2010
Description	Level 1		Level 2			Level 3		Total
Investments
Fixed income securities	$	0	$	282,888,486		$	0	$	282,888,486
Other Financial Instruments
Exchange-traded futures contracts		4,525,677		0			0		4,525,677
Forward currency contracts		0		5,148,027			0		5,148,027
Options purchased		0		1,500,007			0		1,500,007
Options written		0		(693,506	)		0		(693,506	)
Total	$	4,525,677	$	288,843,014		$	0	$	293,368,691

	The gross presentation of the fair value of the Trust’s derivatives by instrument type is shown in Note 8. See Condensed Schedule of Investments for additional detail categorization.
D.	Cash and Cash 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 2007 through 2010 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

16

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2011 (Unaudited)

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.
	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, 2011 and December 31, 2010, the amount of unreimbursed offering costs incurred by Campbell & Company is $2,754,473 and $2,712,914 for Series A units and $567,402 and $556,411 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.

Recently Issued Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update No. 2011-04 ("ASU 2011-04") to achieve common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards. ASC 2011-04 explains how to measure fair value. Is does not require additional fair value measurements and are not intended to establish valuation standards or affect valuation practices outside of financial reporting. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2011. The impact of this guidance on the Trust's financial statements and disclosures, if any, is currently being assessed.

Note 2. MANAGING OPERATOR AND COMMODITY TRADING ADVISOR

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

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

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

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 appointed Wilmington Trust Investment Management LLC, a wholly owned subsidiary of Wilmington Trust Corporation, as cash manager under the Non-Custody Investment Advisory Agreement dated July 8, 2009. The Trust appointed Horizon Cash Management LLC as cash manager under the Investment Advisory Agreement dated December 22, 2010 to manage and control the liquid assets of the Trust. Both cash managers are registered as investment advisers with the Securities and Exchange Commission of the United States under the Investment Advisers Act of 1940. The Trust has terminated the Non-Custody Investment Advisory Agreement appointing Wilmington Trust Investment Management LLC as cash manager, effective December 31, 2010.

The Trust opened a custodial account at The Northern Trust Company (the custodian) and has granted the cash manager authority to make certain investments on behalf of the Trust provided such investments are consistent with the investment guidelines created by the managing operator. All securities purchased by the cash manager on behalf of the Trust will be held in its custody account at the custodian. The cash manager will have no beneficial or other interest in the securities and cash in such custody account.

Note 5. SERVICE FEE

The selling firms who sell Series W units receive a monthly service fee equal to 1/12 of 0.5% of the month-end Net Asset Value (as defined) of the Series W units, totaling approximately 0.50% per year.

17

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2011 (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. For the six months ended June 30, 2011 and 2010, Campbell & Company received redemption fees of $1,284 and $118, respectively.

Note 8. TRADING ACTIVITIES AND RELATED RISKS

The Trust engages in the speculative trading of U.S. and foreign futures contracts, forward currency contracts and options on forward currency contracts (collectively, “derivatives”). Specifically, the Fund trades a portfolio focused on financial futures, which are instruments designed to hedge or speculate on changes in interest rates, currency exchange rates or stock index values, as well as metals, energy and agricultural values. The Trust is exposed to both market risk, the risk arising from changes in the fair value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract. The market sensitive instruments held by the Trust 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.

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 funds available. It is possible that the recovered amount could be less than total cash and other property deposited.

The amount of required margin and good faith deposits with the broker and interbank market makers usually range from 10% to 30% of Net Asset Value. The market value of securities held to satisfy such requirements at June 30, 2011 and December 31, 2010 was $30,999,769 and $61,998,650, respectively, which equals 9% and 18% of Net Asset Value, respectively. The cash deposited with interbank market makers at June 30, 2011 and December 31, 2010 was $1,404,874 and $15,795,395, respectively, which equals 0% and 5% 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, 2011 and December 31, 2010 was restricted cash for margin requirements of $47,781,505 and $0 respectively, which equals 13% and 0% 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 fair value of the contracts. Market movements result in frequent changes in the fair 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 fair 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. Theoretically, the Trust is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short. As both a buyer and seller of options, the Trust pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Trust to potentially unlimited liability, and purchased options expose the Trust to a risk of loss limited to the premiums paid. See Note 1. C. for an explanation of how the Trust determines its valuation for derivatives as well as the netting of derivatives.

The Trust has adopted the provisions of ASC 815, “Derivatives and Hedging.” ASC 815 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.

18

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2011 (Unaudited)

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, 2011 and December 31, 2010 is as follows:

		Asset	Liability
		Derivatives at	Derivatives at
	Statement of Financial	June 30, 2011	June 30, 2011
Type of Instrument *	Condition Location	Fair Value	Fair Value	Net

Agricultural Contracts	Equity in broker trading accounts	$	1,121,679	$	(894,155	)	$	227,524
Energy Contracts	Equity in broker trading accounts		394,233		(539,280	)		(145,047	)
Metal Contracts	Equity in broker trading accounts		1,150,523		(3,018,393	)		(1,867,870	)
Stock Indices Contracts	Equity in broker trading accounts		3,029,616		(819,947	)		2,209,669
Short-Term Interest Rate Contracts	Equity in broker trading accounts		21,515		(1,628,211	)		(1,606,696	)
Long-Term Interest Rate Contracts	Equity in broker trading accounts		0		(5,703,861	)		(5,703,861	)
Forward Currency Contracts	Net unrealized gain (loss) on forward currency contracts		17,494,838		(18,088,009	)		(593,171	)
Purchased Options on Forward Currency	Options purchased, at fair value		892,831		0			892,831
Contracts
Written Options on Forward Currency	Options written, at fair value		0		(345,594	)		(345,594	)
Contracts
Totals		$	24,105,235	$	(31,037,450	)	$	(6,932,215	)

* Derivatives not designated as hedging instruments under ASC 815

		Asset	Liability
		Derivatives at	Derivatives at
	Statement of Financial	December 31, 2010	December 31, 2010
Type of Instrument *	Condition Location	Fair Value	Fair Value	Net

Agricultural Contracts	Equity in broker trading accounts	$	2,324,406	$	(112,725	)	$	2,211,681
Energy Contracts	Equity in broker trading accounts		980,008		(475,769	)		504,239
Metal Contracts	Equity in broker trading accounts		2,599,694		(591,961	)		2,007,733
Stock Indices Contracts	Equity in broker trading accounts		902,423		(893,206	)		9,217
Short-Term Interest Rate Contracts	Equity in broker trading accounts		416,741		(25,323	)		391,418
Long-Term Interest Rate Contracts	Equity in broker trading accounts		99,846		(698,457	)		(598,611	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		27,837,667		(22,689,640	)		5,148,027
Purchased Options on Forward Currency Contracts	Options purchased, at fair value		1,500,007		0			1,500,007
Written Options on Forward Currency Contracts	Options written, at fair value		0		(693,506	)		(693,506	)
Totals		$	36,660,792	$	(26,180,587	)	$	10,480,205

* Derivatives not designated as hedging instruments under ASC 815

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, 2011 and 2010 is as follows:

	Trading Revenue for	Trading Revenue for
	the Three Months Ended	the Three Months Ended
Type of Instrument	June 30, 2011	June 30, 2010

Agricultural Contracts	$	(4,535,677	)	$	(666,526	)
Energy Contracts		(6,000,013	)		(10,268,529	)
Metal Contracts		(2,809,366	)		(2,200,839	)
Stock Indices Contracts		(5,032,937	)		(14,729,772	)
Short-Term Interest Rate Contracts		(4,137,551	)		9,927,811
Long Term Interest Rate Contracts		14,377,359			19,187,489
Forward Currency Contracts		12,448,999			(263,468	)
Purchased Options on Forward Currency Contracts		(4,673,094	)		(2,535,341	)
Written Options on Forward Currency Contracts		2,355,395			2,460,915
Total	$	1,993,115		$	911,740

19

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2011 (Unaudited)

	Trading Revenue for	Trading Revenue for
	the Six Months Ended	the Six Months Ended
Type of Instrument	June 30, 2011	June 30, 2010

Agricultural Contracts	$	(4,663,456	)	$	(538,193	)
Energy Contracts		928,809			(12,993,440	)
Metal Contracts		(4,317,949	)		(5,065,153	)
Stock Indices Contracts		(12,174,784	)		(22,049,891	)
Short-Term Interest Rate Contracts		(8,076,204	)		20,604,910
Long Term Interest Rate Contracts		11,975,478			14,282,206
Forward Currency Contracts		8,962,375			(1,392,254	)
Purchased Options on Forward Currency Contracts		(9,358,996	)		(6,402,836	)
Written Options on Forward Currency Contracts		4,162,265			4,585,006
Total	$	(12,562,462	)	$	(8,969,645	)

Line Item in the Statement of Operations	Trading Revenue for the Three Months Ended June 30, 2011			Trading Revenue for the Three Months Ended June 30, 2010
Futures trading gains (losses):
Realized	$	(173,299	)	$	4,705,554
Change in unrealized		(7,963,308	)		(3,455,920	)
Forward currency and options on forward currency trading gains (losses):
Realized		8,318,229			3,683,543
Change in unrealized		1,811,493			(4,021,437	)
Total	$	1,993,115		$	911,740
Line Item in the Statement of Operations	Trading Revenue for the Six Months Ended June 30, 2011			Trading Revenue for the Six Months Ended June 30, 2010
Futures trading gains (losses):
Realized	$	(4,916,148	)	$	(10,758,994	)
Change in unrealized		(11,411,958	)		4,999,433
Forward currency and options on forward currency trading gains (losses):
Realized		9,252,490			(2,649,739	)
Change in unrealized		(5,486,846	)		(560,345	)

Total $ (12,562,462 )  $ (8,969,645 ) 

20

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2011 (Unaudited)

For the three months ended June 30, 2011 and 2010, the monthly average of futures contracts bought and sold was approximately 26,300 and 27,200 respectively, and the monthly average of notional value of forward currency and options on forward currency contracts was $4,171,800,000 and $2,353,100,000 respectively.

For the six months ended June 30, 2011 and 2010, the monthly average of futures contracts bought and sold was approximately 22,500 and 28,200 respectively, and the monthly average of notional value of forward currency and options on forward currency contracts was $3,793,600,000 and $2,491,400,000 respectively.

Open contracts generally mature within twelve months; as of June 30, 2011, the latest maturity date for open futures contracts is September 2012, the latest maturity date for open forward currency contracts is September 2011, and the latest expiry date for options on forward currency contracts is July 2011. However, the Trust intends to close all futures and foreign currency contracts prior to maturity.

Campbell & Company has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. Campbell & Company’s basic market risk control procedures consist of continuously monitoring open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30%. Campbell & Company’s attempt to manage the risk of the Trust’s open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per “risk unit” of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as reducing position sizes dynamically in response to trading losses. 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, 2011 and December 31, 2010, the statements of operations and financial highlights for the three months and six months ended June 30, 2011 and 2010, and the statements of cash flows and changes in unitholders' capital (Net Asset Value) for the six months ended June 30, 2011 and 2010 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, 2011, and the results of operations and financial highlights for the three months and six months ended June 30, 2011 and 2010, and cash flows and changes in unitholders' capital (Net Asset Value) for the six months ended June 30, 2011 and 2010.

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.

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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) which 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 in a diverse array of global assets, including global interest rates, stock indices, currencies and commodities. 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, 2011, the aggregate capitalization of the Trust was $354,451,615 with Series A, Series B and Series W comprising $105,671,236, $233,181,765 and $15,598,614, respectively, of the total. The Net Asset Value per Unit was $2,465.59 for Series A, $2,501.57 for Series B, and $2,544.93 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,

22

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 Horizon Cash Management LLC (“Horizon”). Horizon is registered with the Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940. Horizon does not guarantee any interest or profits will accrue on the Trust’s assets in the custodial account. Horizon 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 in 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

23

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, 2011 and 2010 were (5.74)% and (4.73)%. The returns for Series B for the six months ended June 30, 2011 and 2010 were (5.49)% and (4.49)%, respectively. The returns for Series W for the six months ended June 30, 2011 and 2010 were (5.02)% and (4.01)%, respectively.

2011 (For the Six Months Ended June 30)

Of the 2011 year-to-date decrease of (5.74)% for Series A, approximately (3.40)% was due to trading losses (before commissions) and approximately (2.48)% was due to brokerage fees, management fees, operating costs and offering costs borne by Series A, offset by approximately 0.14% due to investment income.

Of the 2011 year-to-date decrease of (5.49)% for Series B, approximately (3.40)% was due to trading losses (before commissions) and approximately (2.24)% due to brokerage fees, management fees, operating costs and offering costs borne by Series B, offset by approximately 0.15% due to investment income.

Of the 2011 year-to-date decrease of (5.02)% for Series W, approximately (3.40)% was due to trading losses (before commissions) and approximately (1.76)% due to brokerage fees, management fees, operating costs and offering costs borne by Series W, offset by approximately 0.14% due to investment income.

During the six months ended June 30, 2011, the Trust accrued management fees in the amount of $6,954,438 and paid management fees in the amount of $6,951,421. No performance fees were accrued or paid during this period.

24

An analysis of the (3.40)% gross trading losses for the Trust for the year by sector is as follows:

Sector	% Gain (Loss)
Commodities		(2.04	)%
Currencies		1.09
Interest Rates		0.90
Stock Indices		(3.35	)
		(3.40	)%

2011 started with global equities trending higher, fueled by improving U.S. labor market conditions, a “pro-business” move toward the center by President Obama, stronger corporate earnings and a general rotation from fixed income into stocks. The Trust’s long equity positions made the sector the best performer for the month of January, in the face of such a rising global equity environment. Commodity trading also produced gains for the month from the Trust’s long positions in agricultural and energy contracts. Most energy contracts exploded to 24 month highs on strong global demand due to cold weather in the U.S. / U.K. and civil unrest in the Middle East. Cotton started 2011 up over 16% for the month of January on surging demand from the world’s biggest consumer, China. Currency trading on the month proved difficult as the Trust’s short position in the U.S. Dollar generated losses as emerging market risk aversion was prompted by the Egyptian anti-government protests. Additional losses were recorded in the fixed income markets from the Trust’s long position in short-term European rates. The bond market was choppy during the first part of January until concerns were raised about Euro-zone inflation, causing a sell-off in short-term rates as market participants began pricing in future rate hikes.

In February, Geo-political concerns, centering on the growing Middle East/North African (MENA) populist uprising, overwhelmed commodity markets. This regional tension generated significant price movements in the energy sector fueling gains for the Trust. Precious Metals, including gold and silver, were also strong contributors, along with soft commodities such as cotton (+17% during February) and coffee as they continued their upward trends. Despite the MENA unrest, additional gains were recorded in equity trading on improving macroeconomic data supporting the global recovery theme. Currency trading took its cue from the energy complex during the month, as investors grew cautious about global monetary policy. While some of the major currencies rallied during the month, others like the New Zealand Dollar fell dramatically on the devastation of a massive earthquake in the Christchurch region. In the aggregate, currency trading was marginally positive on the month for the Trust. Fixed Income trading finished slightly negative as price action was choppy across the globe, mainly from better economic data in the early part of the month followed by risk aversion in the second half of February.

The “V–shaped” behavior in most sectors during March can be widely attributed to global stock market volatility compounded by the devastating earthquake and resulting tsunami in Japan, followed by upside surprises to manufacturing data and other economic activity as the month came to a close. Global stock markets were extremely volatile as the Middle East/North Africa (MENA) unrest and Europe’s sovereign debt crisis both worsened prior to the crisis in Japan that concluded with threats of a nuclear reactor emergency. While the Nikkei finished down approximately 8% for March, the U.S. stock market was relatively unchanged despite large mid-month swings. The Trust’s models adjusted to the abrupt price swings by reducing long equity exposure over 50% (region specific) by mid-month across the U.S., Europe and Asia. Stock indices trading was the worst performing sector for March. Commodities took their cue from the Equity markets in reacting to the “twin shocks,” with particular impact on base metal prices. Risk-aversion-based gains from long positions in energies and precious metals were not enough to overcome losses in nickel, copper and corn. Currency trading also proved challenging as Central Banks intervened, in a resolute way, in response to excess volatility and disorderly movements in exchange rates that were perceived as having adverse implications for economic and financial stability. In particular, the Trust’s short position in the Japanese Yen suffered as a result of the repatriation of Yen back to Japan. While risk exposures were light in fixed income trading, small losses were incurred in both short-term and long-term rates due to choppy market price action.

While March’s tumultuous markets were highlighted by the tragic events in Japan, April’s theme revolved around a persistently weaker U.S. Dollar coupled with a strong “risk on” appetite in global stock markets. Irrespective of the continued unrest in the Middle East/North Africa, Goldman Sachs’ warning that the commodities boom may be running out of steam and oil at multi-year highs, the bulls prevailed on strong M&A activity, a strong

25

start to the earnings season, and the U.S. Federal Reserve’s continued pledge to keep interest rates low for an “extended period.” The U.S. Dollar Index experienced its largest monthly decline since September of last year as Bernanke maintained an accommodative stance in the U.S., while the European Central Bank raised rates to fight inflation. Additional downward pressure came in the form of an S&P downgrade, mid-month, to the U.S. long-term credit outlook. The Trust recorded solid gains in the currency sector, particularly against the Swiss Franc and commodity-linked currencies such as the Australian Dollar and the New Zealand Dollar. Commodity trading also produced substantial gains as geopolitics contributed to a strong rally in the petroleum complex. Precious metals were also solid performers as Silver came close to its all-time high when the infamous Hunt brothers attempted to corner the market in 1980. In stock indices, the Trust generally increased its net long exposure as bullish trends reasserted themselves following a chaotic March, while only maintaining a marginal short exposure in Japan. Trading in fixed income yielded flat results as gains in long positions were offset by losses from short positions. April’s trading results highlight the importance of a systematic approach that balances diversity of exposure with a steady and measured risk posture.

In many ways, the commodity markets took center stage in May as we put another volatile month behind us. The petroleum complex sold off substantially on May 5th, despite the lack of any oil-related fundamental data. In addition, precious metals saw a significant decline with the price of silver dropping 24%, giving back the entire April rally. While the Trust suffered losses in these sectors, our models significantly reduced long commodity exposure on the abrupt reversal in price action and spike in volatility throughout the month. Trading in global equities also generated losses on softer economic data, Wall Street lowering U.S. growth forecasts, and renewed European sovereign debt concerns mainly focused on Greece. While positions have been reduced in this sector, regional risk was rotated out of Europe and back to the U.S. Losses were also recorded in currency trading as the U.S. Dollar rallied against most major currencies. The Trust's long Euro position produced the biggest currency loss, as the European Central Bank disappointed expectations of rate hikes at its May policy meeting. Fixed income trading produced strong positive results, helping to mitigate losses in riskier assets as the flight-to-quality theme was dominant in May.

The Greek debt crisis continued to dominate price movement in June, leading to the eventual passage of an austerity plan at month-end.  In addition, the U.S. Federal Reserve, which continues to expect that economic conditions are likely to warrant exceptionally low interest rates for an extended period, gave no hint of a new “QE3” program. Commodity trading was difficult in June, particularly in the energy complex, as prices continued to fall from late April/ early May highs. Concerns about the European Sovereign Debt crisis, discord with OPEC, and an unexpected and controversial use of U.S. and European strategic petroleum reserves by the IEA (International Energy Agency) and the DOE (Department of Energy) weighed heavy on prices. Additional losses were recorded in precious and base metals. Trading in global equities also produced negative results as stock markets around the world declined on Greek debt concerns and weak economic data. While the Trust’s models generally reduced overall long stock index exposure throughout the month, concentrations remained in the U.S. and Europe with mixed positioning in Asia. Risky assets rallied and bond prices fell across the globe during the last few days of the month after the austerity package in Greece was finally passed. Small losses were recorded in fixed income trading, particularly on the short-end of the curve. Foreign exchange markets were largely unchanged in June, despite a rollercoaster of headlines that caused the currency markets to fluctuate intra-month. The Trust continues to maintain a short U.S. Dollar exposure versus most major currencies.

2010 (For the Six Months Ended June 30)

Of the 2010 year-to-date decrease of (4.73)% for Series A, approximately (2.37)% was 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)% was due to trading losses (before commissions) and approximately (2.24)% was due to brokerage fees, management fees, operating costs and offering costs borne by Series B, offset by approximately 0.12% due to investment income.

26

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

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)
Commodities		(5.52	)%
Currencies		(0.91	)
Interest Rates		10.59
Stock Indices		(6.53	)
		(2.37	)%

The New Year begins 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

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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 persisted 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 Eurozone’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.

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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.

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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, 2011 and December 31, 2010 and the trading gains/losses by market category for the six months ended June 30, 2011 and the year ended December 31, 2010.

June 30, 2011
Market Sector		Value at Risk*		Trading Gain/(Loss)**
Commodities		0.77	%	(2.04	)%
Currencies		0.97	%	1.09	%
Interest Rates		1.19	%	0.90	%
Stock Indices		0.49	%	(3.35	)%
Aggregate/Total		1.76	%	(3.40	)%
*	— 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, 2011.

Of the (4.73)% return for the six months ended June 30, 2011 for Series A, approximately (3.40)% was due to trading losses (before commissions) and approximately (2.48)% was due to brokerage fees, management fees, operating costs and offering costs borne by Series A, offset by approximately 0.14% due to investment income.

Of the (4.49)% return for the six months ended June 30, 2011 for Series B, approximately (3.40)% was due to trading losses (before commissions) and approximately (2.24)% was due to brokerage fees, management fees, operating costs and offering costs borne by Series B, offset by approximately 0.15% due to investment income.

Of the (4.01)% return for the six months ended June 30, 2011 for Series W, approximately (3.40)% was due to trading losses (before commissions) and approximately (1.76)% was due to brokerage fees, management fees, operating costs and offering costs borne by Series W, offset by approximately 0.14% due to investment income.

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

Of the 10.61% return for year ended 2010 for Series A, approximately 15.73% was due to trading gains (before commissions) and approximately 0.43% due to investment income, offset by approximately (5.55)% due to brokerage fees, management fees, performance fees, offering costs and operating costs borne by Series A.

Of the 11.63% return for year ended 2010 for Series B, approximately 15.73% was due to trading gains (before commissions) and approximately 0.40% due to investment income, offset by approximately (4.50)% due to brokerage fees, management fees and operating costs borne by Series B.

Of the 11.65% return for year ended 2010 for Series W, approximately 15.73% was due to trading gains (before commissions) and approximately 0.43% due to investment income, offset by approximately (4.51)% due to brokerage fees, management fees, performance fees, sales commissions and offering costs borne by Series W.

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:

1)	Past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements;
2)	Changes in portfolio value caused by market movements may differ from those of the VaR model;
3)	VaR results reflect past trading positions while future risk depends on future positions;
4)	VaR using a one day time horizon does not fully capture the market risk of positions that cannot be liquidated or hedged within one day; and
5)	The historical market risk factor data for VaR estimation may provide only limited insight into losses that could be incurred under certain unusual market movements.

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.

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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, 2011 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 market 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. Changes in the interest rate environment will have the most impact on longer dated fixed income positions, at points of time throughout the year. The majority of the speculative positions held by the Trust may be held in medium to long-term fixed income positions.

Stock Indices

The Trust’s primary equity exposure is to equity price risk in the G-7 countries and several other countries or regions (Australia, Hong Kong, Singapore, Spain, Taiwan and the Netherlands). The stock index futures traded by the Trust are 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 international 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.

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Metals

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

Agricultural

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

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the primary non-trading risk exposures of the Trust as of June 30, 2011.

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, Horizon, 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 reducing position sizes dynamically in response to trading losses.

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.

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Item 4. Controls and Procedures

Campbell & Company, Inc., the managing operator of the Trust, with the participation of the managing operator’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) or 15d-15(e)) with respect to the Trust as of the end of the period covered by this quarterly report. Based on their evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective. There were no changes in the managing operator’s internal control over financial reporting applicable to the Trust identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or is reasonably likely to materially affect, internal control over financial reporting applicable to the Trust.

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PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 1A. Risk Factors.

None

Item 2. Changes in Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. (Removed and Reserved).

None

Item 5. Other Information.

None

Item 6. Exhibits.

Exhibit Number	Description of Document
3.01	Amended and Restated Declaration of Trust and Trust Agreement of the Registrant.
10.01	Form of Subscription Agreement.
10.02	Assignment Letter assigning the Customer Agreement between the Registrant, Campbell & Company and ABN AMRO Incorporated to UBS Securities LLC.
10.03	Global Institutional Master Custody Agreement between the Registrant and The Northern Trust Company.
10.04	Non-Custody Investment Advisory Agreement between the Registrant and Horizon Cash Management L.L.C.
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.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE CAMPBELL FUND TRUST (Registrant)
	By:	Campbell & Company, Inc.
		Managing Operator
Date:  August 15, 2011	By:	/s/ Theresa D. Becks
		Theresa D. Becks Chief Executive Officer

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EXHIBIT INDEX

Exhibit Number	Description of Document
3.01	Amended and Restated Declaration of Trust and Trust Agreement of the Registrant.
10.01	Form of Subscription Agreement.
10.02	Assignment Letter assigning the Customer Agreement between the Registrant, Campbell & Company and ABN AMRO Incorporated to UBS Securities LLC.
10.03	Global Institutional Master Custody Agreement between the Registrant and The Northern Trust Company.
10.04	Non-Custody Investment Advisory Agreement between the Registrant and Horizon Cash Management L.L.C.
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.

EX-3.01

EXHIBIT 3.01

THE CAMPBELL FUND TRUST

AMENDED AND RESTATED

DECLARATION OF TRUST AND TRUST AGREEMENT

THIS AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT (the “Agreement”) of the Campbell Fund Trust (the “Trust”) is made and entered into this 3rd day of February, 2010, amending and restating in its entirety the Declaration of Trust, dated as of January 2, 1996, by and among U.S. Bank Trust National Association, a national banking association, as trustee (the “Trustee”), Campbell and Company, Inc., a Maryland corporation (as “Managing Operator”) and each other party who shall execute a counterpart of this Amended and Restated Declaration of Trust as an owner of a Unit (“Unit”) of beneficial interest of the Trust (individually, a “Unitholder” and, collectively, the “Unitholders”).

WHEREAS, the Managing Operator formed a business trust pursuant to and in accordance with the Delaware Business Trust Act, 12 Del.C. §3801, et seq., which was amended as of September 1, 2002 to the Delaware Statutory Trust Act (the “Act”), by filing a Certificate of Trust with the office of the Secretary of State of the State of Delaware on January 2, 1996; and

WHEREAS, the parties hereto desire to continue the Trust for the business purpose of issuing Units, the capital of which shall be used to engage in the speculative trading of futures contracts, options contracts and forward contracts.

WHEREAS, the parties desire to further amend the existing Agreement and to restate it, as further amended in its entirety.

NOW, THEREFORE, the parties hereto agree as follows:

1.           Continuation of the Trust.

The parties hereby agree to continue the existence of the Trust as a business statutory trust pursuant to the Act and the provisions of this Agreement. The Trustee shall execute and file such amendments to this Agreement and shall do all other things, and the Unitholders undertake to cooperate with the Trustee and Managing Operator, as applicable, in doing so as well as to execute and furnish to the Trustee or Managing Operator, as applicable, all documents, which the Managing Operator or Trustee, as applicable, may deem necessary or advisable in order to perfect and maintain the Trust as a statutory business trust pursuant to the laws of the State of Delaware and all other jurisdictions in which the Trust conducts business.

Nothing in this Agreement shall be construed to make the Unitholders partners or members of a joint stock association except to the extent that such Unitholders are deemed to be partners under the Internal Revenue Code of 1986, as amended (the “Code”), and applicable state and local tax laws. Notwithstanding the foregoing, it is the intention of the parties hereto that the Trust be treated as a partnership for purposes of taxation under the Code and applicable state and local tax laws. Effective as of the date hereof, the Trustee and the Managing Operator shall have all of the rights, powers and duties set forth herein and in the Act with respect to accomplishing the purposes of the Trust.

2.           The Trustee.

a.           Term; Resignation.

(1)       U.S. Bank Trust National Association has agreed and continues to serve as the Trustee of the Trust. The Trust shall have only one trustee unless otherwise determined by the Managing Operator. The Trustee shall serve until such time as the Managing Operator removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Operator.

(2)       The Trustee may resign at any time upon its giving at least sixty (60) days’ written notice to the Trust; provided that such resignation shall not become effective unless and until the Managing Operator appoints a successor Trustee. If the Managing Operator has not in good faith begun the process of appointing a successor Trustee within such sixty (60) day period, the Trustee may apply to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee.

b.           Limitation of Powers.

Except to the extent expressly set forth in this Section 2, the duty and authority of the Trustee to manage the business and affairs of the Trust continues to be delegated to the Managing Operator. In clarification and not in limitation of the delegation of powers made to the Managing Operator hereunder, except as expressly set forth in this Section 2, the Trustee continues to delegate all powers and authorities of every nature and kind held by the Trustee hereunder or by operation of law, including but not limited to, the authority to operate and carry on the business of a private investment trust, and to exercise all powers necessary or incidental to or in support of its business and investment activities in any jurisdiction. In accordance with this delegation of authority, the Managing Operator shall keep the Trustee informed of any action taken by it with respect to the Trust that affects the rights, obligations or liabilities of the Trustee hereunder or under the Act. The Trustee shall retain only the rights, obligations or liabilities specifically provided for herein and in the Act and shall have no implied rights, obligations or liabilities with respect to the business or affairs of the Trust. Notwithstanding anything contained in this Declaration of Trust to the contrary, the Trustee’s non-delegated functions shall consist solely of the following:

(1)       The Trustee shall execute, deliver, acknowledge and file all instruments and documents necessary to comply with the provisions of this Agreement or the Act.

(2)       The Trustee shall maintain all records relating to the formation and existence of the Trust and the parties to this Agreement and related documentation.

(3)       The Trustee shall act as a repository in its principal office in Wilmington, Delaware for this Agreement, any instrument or agreement signed by the Trustee on behalf of the Trust and any other documentary information relating to the Trust, its assets or Unitholders received from the Managing Operator or its agents or contractors or reasonably requested by such parties, or the Trust’s counsel or auditors, to be maintained by the Trustee on file.

(4)       The Trustee shall execute and file all tax returns of the Trust and distribute required information returns and an annual report to the Unitholders, as prepared by the Trust’s auditors (in the case of tax and information returns) or the Managing Operator (in the case of the annual report), upon being furnished with same by the Managing Operator.

(5)       The Trustee shall provide prompt notice to the Managing Operator of its performance of any of the foregoing.

c.       Compensation and Expenses of the Trustee.

The Trustee shall be entitled to receive from the Trust reasonable compensation for its services provided hereunder.

d.       Indemnification.

The Trust and the Managing Operator agree to indemnify and hold the Trustee and its permitted successors and assigns (the “Indemnified Parties”) harmless from and against any and all liabilities, obligations, losses, damages, penalties and taxes (excluding any taxes payable by the Trustee on or measured by any compensation received by the Trustee for its services hereunder or as indemnity payments pursuant to this Section 2(d) of any kind or nature whatsoever (collectively “Liabilities”)), which may be imposed on or asserted against the Indemnified Parties in any way relating to or arising out of the formation, operation or termination of the Trust, except for Liabilities resulting from the gross negligence or willful misconduct of the Indemnified Parties. The Managing Operator agrees to indemnify and hold the Indemnified Parties harmless from any and all liabilities, obligations, losses, damages, penalties and taxes resulting from any action or omission of the Managing Operator, its agents, employees or consultants, as a result of which the Trust becomes subject to the provisions of ERISA, or any subsequent federal law relating to retirement plans, and without limiting the foregoing, as a result of any action or omission relating to the period of existence of the Limited Partnership.

e.       Successor Trustee.

In accordance with Section 2(a) above, the Managing Operator shall appoint a successor Trustee by giving written notice to such effect to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807(a) of the Act. Any resignation or removal of the Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Operator. Following compliance with the preceding sentence, the successor Trustee shall become fully vested with all of the rights,

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powers, duties and obligations of the outgoing Trustee under the Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations hereunder. No Trustee or successor Trustee shall be liable to the Trust, the Managing Operator, any Unitholder or any third party or entity for any action or omission of any other successor Trustee or any predecessor Trustee under any circumstances whatsoever.

3.       Principal Office.

The address of the principal office of the Managing Operator shall be, 2850 Quarry Lake Drive, Baltimore, Maryland 21209; telephone:  (410) 413-2600, or at such other place as the Managing Operator may designate from time to time. The address of the principal office of the Trustee shall be 300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801, Attention:  Corporate Trust Administration; telephone: (302) 576-3700. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event the Trustee resigns or is removed, the successor Trustee shall likewise have its principal office in the State of Delaware.

4.       Purpose.

The purpose of the Trust is to engage in the speculative trading, buying, selling, or otherwise acquiring, holding or disposing of commodities, including futures contracts, option contracts, forward contracts and any other rights pertaining thereto, and for such other purposes as may be incidental or related thereto all in the same manner as heretofore engaged in by the Limited Partnership.

5.       Term, Dissolution and Fiscal Year.

a.       Term.

The term of the Trust commenced with the filing of the Certificate of Trust and the Articles of Merger with the Secretary of State of the State of Delaware and shall end upon the first to occur of the following:  (1) December 31, 2025; (2) termination in accordance with the provisions of Section 16; (3) trading in commodity futures is terminated, suspended or for any reason becomes impossible or economically unfeasible in the sole judgment of the Managing Operator; or (4) the date upon which the Trust is dissolved by operation of law or judicial decree.

b.       Dissolution.

Upon the occurrence of an event causing the termination of the Trust, the Trust shall be dissolved and its affairs wound up. Dissolution, payment of creditors and the distribution of the Trust’s assets shall be effected as soon as practicable in accordance with the Act, and the Managing Operator and each Unitholder (and any assignee) shall share in the assets of the Trust pro rata in accordance with its respective capital account, less any amount owing by the Managing Operator or a Unitholder (or assignee) to the Trust.

c.       Fiscal Year.

The fiscal year of the Trust shall be the calendar year unless such fiscal year is disapproved by the Internal Revenue Service (the “IRS”), in which event the fiscal year shall be as otherwise designated by the Managing Operator and approved by the IRS.

6.       Units of Beneficial Interest.

Interests in the Trust, other than that of the Managing Operator, are evidenced on the books of the Trust as Units of Beneficial Interest. Units have been assigned by the Managing Operator, on behalf of the Trust, in accordance with the Articles of Merger, by exchanging on a unit-for-unit basis Units of Beneficial Interest in the Trust for units of the Limited Partnership. The Net Assets (as defined below) shall be available to the Trust to carry on its business as heretofore conducted by the Limited Partnership.

7.       Sharing of Profits and Losses.

a.       Capital Account.

A capital account shall be established for each Unitholder on the books of the Trust. The initial balance of each Unitholder’s account shall be equal to the amount of such Unitholder’s capital account with the Limited Partnership on the effective date of the Merger (or initial capital contribution to the Trust if a new Unitholder).

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b.       Monthly Allocations.

As of the close of business (as determined by the Managing Operator) of the last day of each month during the fiscal year of the Trust, the following determinations and allocations shall be made:

(1)       The Net Assets of the Trust before management and incentive fees payable to the Managing Operator shall be determined.

(2)       Management and incentive fees payable by the Trust to the Managing Operator for the Trust shall be charged against the Net Assets.

(3)       Any increase or decrease in the Net Assets as of the end of the month (after making the above charges) shall be credited or charged to the capital accounts of each Unitholder in the ratio that the balance of each account bears to the balance of all accounts.

(4)       The amount of any distribution to a Unitholder and any amount paid to a Unitholder on redemption of Units shall be charged to that Unitholder’s capital account.

c.       Allocation of Profit and Loss for Federal Income Tax Purposes.

As of the end of each fiscal year, the Trust’s profits or losses shall be allocated pro rata among the Unitholders for net short-term capital gain or loss, net long-term capital gain or loss, and net operating income or loss realized by the Trust as follows:

(1)       Net realized profits shall be allocated to each Unitholder who has redeemed Units during the year to the extent that the amount the Unitholder received on redemption exceeds the amount paid for the redeemed Units;

(2)       Net realized profits remaining after the allocation in Section 7(c)(1) shall be allocated among all Unitholders in the ratio that each Unitholder’s capital account bears to all Unitholders’ capital accounts;

(3)       Net realized loss shall be allocated first to each Unitholder who has redeemed Units during the year to the extent that the amount the Unitholder paid for the redeemed Units (as defined in Section 7(c)(5)) exceeds the amount the Unitholder received on redemption;

(4)       Net realized loss remaining after the allocation in Section 7(c)(3) shall be allocated among all Unitholders in the ratio that each Unitholder’s capital account bears to all Unitholders’ capital accounts;

(5)       For the purpose of the allocations of realized profits and losses in Sections 7(c)(1) and 7(c)(3), the amount each Unitholder paid for each of its Units shall be deemed to have increased by the amount of realized profit allocated to it for such year and all prior years with respect to such Unit pursuant to Section 7(c)(2); decreased by the amount of any loss allocated to him for such year and all prior years with respect to such Unit pursuant to Section 7(c)(4); and decreased by the amount of any distributions to it for such year and all prior years with respect to such Unit pursuant to Section 7(h); and

(6)       Any gains or losses required to be taken into account in accordance with Section 1256(a)(1) of the Code shall be considered a realized profit or loss for purposes of this Section 7(c).

d.       Definitions; Accounting.

(1)       Net Assets.  Net Assets of the Trust shall mean the total assets of the Trust, including all cash, plus Treasury bills valued at cost plus accrued interest, and other securities valued at market, plus the market value of all open commodity positions maintained by the Trust, less one-half of the round-turn brokerage commission payable in respect to each open position, less all other liabilities of the Trust, determined in accordance with principles specified in this Section 7(d)(1) and, where no principle is specified, in accordance with generally accepted accounting principles under the accrual basis of accounting. The market value of a commodity or commodity futures contract traded on an exchange, or through a clearing firm of an exchange or through a bank, shall mean the most recent available closing quotation on the exchange, clearing firm or bank on or through which the commodity or contract is traded by the Trust; provided that if a contract could not be liquidated as of the end of a month due to operation of daily limits, the market value of the contract on the first subsequent day on which the contract could be liquidated shall be deemed to be the market value of the contract. All other assets shall be valued at their fair market value less any liability to be incurred upon reduction to cash.

(2)       Net Asset Value.  The Net Asset Value of each Unit shall be the total capital accounts of all Unitholders divided by the number of Units owned by all Unitholders.

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e.       Operational Expenses.

The operational expenses of the Trust will be paid by the Trust. It is anticipated that the expenses of the Trust, including, but not limited to office expenses, printing and mailing costs, preparation and mailing of periodic statements, Trustee, legal and accounting fees and other miscellaneous expenses will not exceed one percent (1%) of the net asset value of the Trust annually. An amount equivalent to one quarter (1/4) of one percent (1%) of the Trust’s Net Asset Value computed at the close of business on the last day of each calendar quarter will be set aside in an account for use in defraying these expenses. Any portion thereof not so expended at the end of any fiscal year or in excess of one percent (1%) of the average Net Asset Value of the Trust for that year and not deemed reasonably necessary as a reserve for anticipated expenses, in the sole discretion of the Managing Operator, will be returned to the capital of the Trust for investment. In addition, the Trust shall bear the commission costs associated with its trading activities.

f.       Limited Liability of Unitholders.

Each Unit of Beneficial Interest in the Trust exchanged for a unit of the Limited Partnership and each unit purchased thereafter shall be fully paid and non-assessable. No Unitholder shall be liable for Trust obligations in excess of the capital contributed by it and such other amounts required by the Act.

g.       Return of Unitholder’s Capital Contribution.

Except to the extent that a Unitholder shall have the right to withdraw capital or shall be entitled to distributions in accordance with the terms of this Agreement, no Unitholder shall have any right to demand the return of its capital contribution and dissolution of the Trust. In no event shall a Unitholder be entitled to demand or receive property other than cash.

h.       Distributions.

The Managing Operator shall have sole discretion in determining what distribution (other than on redemption of Units), if any, the Trust will make to its Unitholders (or any assignee thereof). Distributions shall be pro rata in accordance with the respective capital accounts of the Unitholders.

8.       Management.

a.       General.

The Managing Operator, to the exclusion of all Unitholders and the Trustee, shall conduct and manage the business of the Trust, including, without limitation, the discretionary authority to render commodity trading advice and make other decisions on behalf of the Trust. In consideration therefor, the Trust shall pay the Managing Operator a monthly management fee equal to one-third (1/12) of one percent (4%) of the net assets of the Trust as of the end of each month, without reductions for any distributions, redemptions or withdrawals during said month and a quarterly incentive fee equal to twenty percent (20%) of the aggregate cumulative appreciation in Net Asset Value per Unit (excluding appreciation attributable to interest income). The Managing Operator will solicit commodity brokers who are independent of or unaffiliated with the Managing Operator to execute commodity transactions on behalf of the Trust. The Managing Operator will not receive, either directly or indirectly, any portion of the commissions paid to such commodity brokers by the Trust. The Managing Operator will endeavor to negotiate a favorable commission rate with said commodity broker on behalf of the Trust, and in doing so, will also consider the quality of execution orders, the confidentiality of trading data, the general trading securities available and other relevant factors.

The Managing Operator and the Trustee shall each keep and retain for at least six (6) years such books and records relating to the business of the Trust as it deems necessary or advisable at their respective principal offices or such other offices as they deem advisable. The Unitholders shall be given reasonable access to the books and records of the Trust.

The Managing Operator may engage in other business activities and shall not refrain from any other activity nor disguise any profits from any such activity, whether as Managing Operator of other trusts, general partner of limited partnerships for investment in commodity futures contracts or otherwise. On behalf of the Trust, the Managing Operator may engage and remunerate from assets of the Trust, such persons, including any affiliates, as the Managing Operator in its sole judgment shall deem advisable for the conduct and operation of the business of the Trust.

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No person dealing with the Managing Operator shall be required to determine its authority to undertake any action on behalf of the Trust, nor to determine any fact or circumstance bearing upon the existence of such authority.

Except as provided in Section 2(d) hereof, the Managing Operator shall not be liable, responsible or accountable in damages or otherwise to the Trust or to any of the Unitholders, their successors or assigns, except by reason of acts or omissions due to bad faith, misconduct, negligence, or for not having acted in good faith in the reasonable belief that his actions were in, or not opposed to, the best interests of the Trust.

b.       Prohibitions.

The Trust shall not:  (i) engage in pyramiding (the unvarying use of unrealized profits on existing positions as margin for the purchase or sale of additional positions in the same or related commodity); (ii) borrow or loan money, provided that the deposit of assets with a commodity broker for purposes of commodity futures trading shall not be deemed the making of a loan; (iii) enter into open positions in a commodity futures contract during the delivery period for that contract, except when required by exchange rule or law; (iv) invest in securities, other than those in which Unitholders’ funds are permitted to be invested under the Commodity Exchange Act and regulations thereunder; (v) except for “roll overs” and “roll forwards,” acquire positions in any one commodity, irrespective of delivery month, if such positions would result in a net long or short position for any such commodity requiring as margin more than fifteen percent (15%) of the Net Assets of the Trust (the soybean complex consisting of soybeans, soybean oil and soybean meal shall be treated as three (3) separate commodities). A “roll over” or “roll forward” is the purchase or sale of the near or current delivery month in order to liquidate that portion and the simultaneous purchase or sale of the same commodity in a future month for the purpose of retaining an existing market position and avoiding delivery; (vi) engage in cash commodity transactions, unless the commodity is fully hedged as rapidly as the market permits; (vii) acquire positions in any commodity if such portions would result in aggregate net loans or net short positions for all commodities requiring as margin more than two-thirds (2/3) of the Trust’s Net Assets; (viii) permit churning of its commodity trading account; or (ix) commingle its assets with the funds of any other person, except as permitted by law.

9.       Review and Reports to Unitholders.

The Trust’s books shall be audited annually by an independent certified public accountant. Net Assets of the Trust and Net Asset Value of a Unit will be determined daily and will be supplied in writing to any Unitholder who requests such information. The Managing Operator will use its best efforts to cause each Unitholder to receive: (i) within ninety (90) days after the close of each fiscal year, audited financial statements (including a balance sheet and income statement) and a fiscal year-end report of the Trust for the fiscal year then ended; and (ii) within seventy-five (75) days after the close of each fiscal year, such tax information as is necessary for it to complete its Federal income tax return. In addition, the Managing Operator will report or cause to be reported monthly to the Unitholders the information required by the Commodity Futures Trading Commission to be reported. In addition, if any of the following events occur, notice of such event shall be mailed to each Unitholder within seven (7) business days of the occurrence or discovery of the occurrence or the event:  (i) a change in the Managing Operator; or (ii) any material change in the Trust’s trading policies.

10.       Assignment and Redemption of Units.

a.       Assignment.

(1)       A Unitholder may assign, transfer, alienate, hypothecate, bequeath, give or otherwise dispose of its Units by an executed and acknowledged written instrument only if the following conditions are satisfied:

(A)       The assignor and assignee file a notice or other evidence of transfer with the Trustee and the Managing Operator which contains the information set forth in Section 10(b)(1)(A); and

(B)       The conditions set forth in Section 10(c) are satisfied.

(2)       Any attempted assignment or other disposition which does not satisfy the requirements of this Section 10(a) shall not be recognized by the Trust.

(3)       An assignee of Units shall be entitled to allocations of profits and losses under Section 7 only as of the first day of the month following receipt of the notice of transfer pursuant to Section 10(c)(1)(A).

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b.       Substituted Unitholders.

(1)       Subject to the provisions of Section 10(c), an assignee or successor of all or any portion of the Units of a Unitholder pursuant to Section 10(a)(1) shall have the right to become a substituted Unitholder in place of his assignor only if the following conditions are satisfied:

(A)       The assignor and assignee file a notice or other evidence of transfer and such other information required by the Managing Operator, including, without limitation, names, addresses and telephone numbers of the assignor and assignee;

(B)       The assignee executes, adopts and acknowledges this Agreement, or a counterpart hereto;

(C)       The assignor or assignee pays all costs and fees incurred or charged by the Trust to effect the transfer;

(D)       The assignee meets the requirements for investment in the Trust applicable to its assignor, if any, and executes and acknowledges a subscription agreement, power of attorney, investment questionnaire regarding its investment qualifications, and other documents reasonably requested by the Managing Operator;

(E)       The Managing Operator shall have given its consent to the substitution, which consent it may grant or withhold in its sole discretion and which may be conditioned on an opinion of counsel with respect to the satisfaction of the requirements of Section 10(a)(1); and

(F)       To the extent required by law, a Certificate evidencing the admission of such person as a Unitholder shall have been filed for recording.

(2)       The Managing Operator may elect to treat an assignee who has not become a substituted Unitholder as a Unitholder in the place of its assignor should it deem, in its sole discretion, that such treatment is in the best interest of the Trust.

(3)       If an assignee of a Unitholder pursuant to Section 10(a)(1) does not become a substituted Unitholder pursuant to Section 10(b), the assignee shall not have any rights afforded to Unitholders, including, but not limited to, any rights to acquire any information on the Trust’s books or to vote on any matters on which Unitholders have the right to vote hereunder.

c.       Restrictions on Transfer.

(1)       No assignment, transfer, sale, exchange or other disposition may cause the Trust to be treated as an association taxable as a corporation rather than a partnership for Federal income tax purposes, cause the termination of the Trust for Federal income tax purposes or violate the provisions of any Federal or state securities law.

(2)       In no event shall all or any portion of a Unitholder’s Units be assigned or transferred to a minor, other than to a member of the Unitholder’s immediate family.

(3)       The Managing Operator in its sole discretion may require, without limitation, a Unitholder or its proposed assignee or successor under any provisions of this Section, to meet or fulfill any and all reasonable conditions or requirements which he deems necessary prior to granting its consent to any assignment, transfer, sale, exchange or other disposition of the Units of the Unitholders.

d.       Redemptions.

Each Unitholder hereby expressly consents and agrees that any Unitholder shall, after compliance with the following provisions, be entitled to withdraw all or a portion of its Units from the Trust. Upon withdrawal of Units, the withdrawing Unitholder shall be entitled to receive in cash that portion of its Capital Account that is equal to the valuation of one (1) Unit times the number of Units being withdrawn. Withdrawal of Units shall be contingent upon and subject to compliance with the following:

(1)       The Unitholder transmits written request of such withdrawal to the Managing Operator not less than the time period prior to the end of the month, as established from time to time by the Managing Operator;

(2)       All liabilities of the Trust, except liabilities to the Managing Operator and Unitholders on account of its contributions, have been paid or there remains property of the Trust sufficient to pay them;

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(3)       If required by law, the Certificate of Trust is appropriately amended to reflect such withdrawal; and

(4)       The Managing Operator, individually and as attorney-in-fact of the remaining Unitholders through the exercise of his discretion, consents thereto, which consent shall not be unreasonably withheld.

11.       Offering of Units of Beneficial Interest.

Each Unitholder acknowledges that:  (i) its vote in favor of the Merger and its receipt of Units of Beneficial Interest in the Trust in exchange on a unit-for-unit basis for units of the Limited Partnership does not constitute an investment decision; and (ii) it acquired its units in the Limited Partnership pursuant to the Disclosure Document of the Limited Partnership, and relied on no other information, either written or oral, except for the information contained in or attached to the Disclosure Document. Each Unitholder further acknowledges that it has acquired its Units for investment only and without a view to distribution or resale.

12.       Admission of Additional Unitholders.

The Managing Operator, in its discretion, may offer additional Units for sale. All such sales of units shall be made at not less than the Net Asset Value of a Unit at the date of sale. The Managing Operator may make such arrangements for the sale of the Units as he deems appropriate.

13.       Special Power of Attorney.

Each Unitholder by the execution of this Agreement does irrevocably constitute and appoint Campbell & Company, Inc. as its true and lawful attorney-in-fact, in its name, place and stead, to execute, acknowledge, swear to, file, and record on its behalf in the appropriate public offices and publish (i) this Agreement; (ii) any Certificate of Trust and amendments thereto, including amendments reflecting the admission or substitution of a Unitholder; (iii) the Articles of Merger; (iv) the Certificate of Dissolution of Limited Partnership with the office of the Secretary of State of Maryland; (v) all instruments which the Managing Operator deems necessary or appropriate to reflect any amendment, change, or modification of the Trust in accordance with the terms of this Agreement; (vi) Certificates of Fictitious Name; (vii) Customer Agreements with any commodity brokerage firm; and (viii) such other agreements and documents deemed by the Managing Operator to be necessary and appropriate to conduct the business of the Trust. The Power of Attorney granted herein shall be irrevocable and deemed to be a power coupled with an interest and shall survive the incapacity, death or dissolution of a Unitholder. Each Unitholder hereby agrees to be bound by any representation made by the Managing Operator and by any successor thereto, acting in good faith pursuant to such Power of Attorney, and each Unitholder hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the Managing Operator and any successor thereto, taken in good faith under such Power of Attorney.

14.       Withdrawal From the Trust.

The Trust shall be dissolved upon the withdrawal, insolvency, death, incapacity, or bankruptcy of the Managing Operator. The Managing Operator may withdraw from the Trust by giving the Unitholders ninety (90) days’ prior written notice. The death, incompetency, withdrawal, insolvency, or dissolution of a Unitholder shall not terminate or dissolve the Trust, and said Unitholder, its estate, custodian, or personal representative shall have no right to withdraw or value such Unitholder’s interest in the Trust except as provided in Section 10 hereof. Each Unitholder (and any assignee of such Unitholder’s interest) expressly agrees that in the event of its death, incompetency, withdrawal, insolvency or dissolution, it waives on behalf of itself and its estate, and it directs the legal representative of its estate and any person interested therein to waive, the furnishing of any inventory, accounting, or appraisal of the assets of the Trust and any right to an audit or examination of the books and the Trust.

15.       No Personal Liability for Return of Capital.

The Managing Operator shall not be liable for the return or repayment of all or any portion of the capital or profits of any Unitholder (or assignee), it being expressly agreed that any such return of capital or profits made pursuant to this Agreement shall be made solely from the assets (which shall not include any right of contribution from the Managing Operator) of the Trust.

16.       Voting Rights of Unitholders.

The Managing Operator or the Unitholders owning ten percent (10%) or more of the outstanding Units shall have the right to propose for vote any of the matters set forth herein below, which matters affect and concern

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the basic structure of the Trust and do not in any way constitute a participation in the management of business of the Trust. Following such proposal, the Managing Operator shall submit to the Unitholders a verbatim statement of such matter to be voted upon. The Managing Operator shall include in such statement its recommendation as to the proposed amendment. The Managing Operator shall seek the written vote of the Unitholders within thirty (30) days of the proposal or call a meeting of the Unitholders. Each Unitholder shall have one vote for each Unit held of record. No such proposal shall be adopted unless Unitholders owning more than fifty percent (50%) of the Units respond affirmatively to such proposal by written vote or at a called meeting. Performance of any or all of the above voting rights shall not in any way constitute any Unitholder a trustee or managing operator of the Trust or impose any personal liability on any Unitholder. Set forth herein below is a list of the matters upon which the Unitholders shall have the right to vote:

a. To effect any amendment to the Agreement;

  b. To terminate the Trust;

  c. To approve of the sale or pledge of all or substantially all of the assets of the Trust other than in the ordinary course of the business of the Trust; and

  d. To remove the Managing Operator.

17.       Governing Law.

The validity and construction of this Agreement shall be determined and governed by the internal laws of the State of Delaware.

18.       Miscellaneous.

a.       Priority Among Unitholders.

No Unitholder shall be entitled to any priority or preference over any other Unitholder in regard to the affairs of the Trust.

b.       Notices.

All notices under this Agreement, other than reports by the Managing Operator to the Unitholders, shall be in writing and shall be effective upon personal delivery, expedited delivery services, or if sent by registered or certified mail, postage prepaid, addressed to the last known address of the party to whom such notice is to be given, then, upon the deposit of such notice in the United States mails. Reports by the Managing Operator to the Unitholders shall be in writing and shall be sent by first class mail to the last known address of each Unitholder.

c.       Binding Effect.

This Agreement shall inure to and be binding upon all of the parties, their successors, assigns as permitted herein, custodians, estates, heirs and personal representatives for purposes of determining the rights of any Unitholder or assignee hereunder; the Trustee and the Managing Operator may rely upon the Trust records as to who are Unitholders and assignees; and all Unitholders and assignees agree that their rights shall be determined and that they shall be bound hereby.

d.       Captions.

Captions in no way define, limit, extend, or describe the scope of this Agreement nor the effect of any of its provisions.

e.       Pronouns.

The masculine gender shall include the feminine and neuter genders, and vice versa, and the singular shall include the plural, and vice versa.

f.       Counterparts.

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts together shall constitute one and the same instrument.

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IN WITNESS WHEREOF, the undersigned have duly executed this Amended and Restated Declaration of Trust and Trust Agreement as of the day and year first above written.

U.S. BANK TRUST NATIONAL ASSOCIATION, a national business association
By:	/s/ Annette E. Morgan
	Name:Annette E. Morgan
	Its:   Assistant Vice President
CAMPBELL & COMPANY, INC.
By:	/s/ Thomas P. Lloyd
	Thomas P. Lloyd
	General Counsel
By:	/s/ Gregory T. Donovan
	Gregory T. Donovan
	Chief Financial Officer
	ALL UNITHOLDERS now or hereafter admitted as unitholders of the Trust, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to, the Managing Operator.
	CAMPBELL & COMPANY, INC. Attorney-in-Fact

By:	/s/ Thomas P. Lloyd
	Thomas P. Lloyd
	General Counsel
By:	/s/ Gregory T. Donovan
	Gregory T. Donovan
	Chief Financial Officer

EX-10.01

EXHIBIT 10.01

CAMPBELL FUND TRUST

SUBSCRIPTION AGREEMENT

_______________

INSTRUCTIONS

The Trust and the trading advisor have attempted to minimize the paperwork normally associated with subscribers participating in private placements. All information that subscribers must provide is included in the Subscription Agreement Signature Pages (a form of which is included as Appendix C to this Memorandum), which must be returned to your financial advisor for processing. Your financial advisor and the branch office manager must countersign your signature pages before submission to the trading advisor.

Prospective Investors:

1.     Carefully read the entire Subscription Agreement and complete onlythe Subscription Agreement Signature Pages.

2. If there are joint purchasers and they are not either husband and wife or close relatives who have the same principal residence, each joint purchaser must complete the Subscription Agreement Signature Pages. In any event, all joint purchasers must execute the appropriate sections of the Subscription Agreement Signature Pages.

3. Send the entire fully completed and executed original Subscription Agreement Signature Pages and payment to your Financial Advisor’s office address. Your Financial Advisor will countersign your Subscription Agreement Signature Pages and forward the completed materials to the trading advisor.

4. If requested by the trading advisor, each prospective investor that is an entity must also provide evidence that the constitutional documents of the prospective investor permit it to make investments in securities such as the Units, and that all appropriate actions have been taken by the intended subscriber to authorize the investment.

Financial Advisors:

1. Subscription Agreement Signature Pages, payment and any other required documents should be sent by the Financial Advisor:

a)	to the administration or fund administration office of the selling firm, or
b)	to the custodial firm if one is required, or
c)	to Campbell Fund Trust, c/o Campbell & Company, Inc., 2850 Quarry Lake Drive, Baltimore, Maryland 21209, Attn: Fund Administration.

Subscriptions close on the last business day of each month and must be received by the trading advisor AT LEAST FIVE BUSINESS DAYS prior to the last business day of the month. However, the selling firm’s Fund Administration Department may have an earlier cut-off for subscriptions.

If payment is being made by wire transfer or ACH Transaction, please see Appendix E for instructions. Payments made by check must be received AT LEAST FIVE BUSINESS DAYS prior to the last business day of the month, and personal checks must be received AT LEAST SEVEN BUSINESS DAYS prior to the last business day of the month.

If Financial Advisors have specific questions concerning the subscription process, please call your Fund Administration Department or the trading advisor’s Fund Administration Department at 800-698-7235.

The trading advisor does not disclose non-public personal information about investors or former investors to third parties other than as described in the Confidential Private Offering Memorandum, dated November 27, 2010, as amended or supplemented from time to time (the “Memorandum”). Internal policies are in place to protect confidentiality, while allowing investor needs to be served. Only individuals who need to do so in carrying out their job responsibilities may access investor information.

Please print or type your answer to each question. Insert “Not Applicable” or “NA” if a question does not apply to you. Attach separate sheets if the space given for any answer is insufficient.

Every Unitholder who has previously subscribed for Units in the Trust and who wishes to make an additional subscription for Units must submit a dated and executed “Additional Units Subscription Agreement,” a form of which is attached hereto as Appendix D.

If the prospective investor is not a qualified investor or if the prospective investor does not wish to subscribe for Units, return all of the enclosed documents to the trading advisor. The enclosed documents may not be reproduced, duplicated or delivered to any other person.

Capitalized terms used herein without definition are as used or defined in the Memorandum and the Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”), which are incorporated herein by reference.

CAMPBELL FUND TRUST

SUBSCRIPTION AGREEMENT

_______________

By executing the Subscription Agreement for the Campbell Fund Trust (the “Trust”), the subscriber* makes and affirms all of the representations, warranties, agreements, acknowledgements, and undertakings set forth herein. If and when accepted by the managing operator, the Subscription Agreement shall constitute a binding subscription for Units in the Trust. Each part of the Subscription Agreement must be completed by the subscriber and by execution thereof subscriber acknowledges that the managing operator, the Trust, and any participating broker-dealers are relying upon the accuracy and completeness hereof in complying with their respective obligations under applicable securities laws.

An investment in the Trust is suitable only for sophisticated investors who have the financial resources and the willingness to accept the risks inherent in an investment in the Trust. The risks associated with an investment in the Trust are described in the Memorandum. By signing the Subscription Agreement Signature Pages (the “Signature Pages”) (a form of which is included at Appendix C to this Memorandum), the subscriber hereby certifies to having received and carefully read the Memorandum prior to deciding whether to invest in the Trust.

Because the trading advisor will rely on your answers in order to comply with federal and state laws, subscribers must answer each question on the Signature Pages unless directed to proceed to a later section. Incomplete Signature Pages will be returned and may cause delays in the investment. Subscribers can be held liable for any misstatement or omission in their Signature Pages.

By executing the Subscription Agreement , the subscriber represents that:  (a) if an individual, the subscriber is at least 21 years old and legally competent to enter into this Subscription Agreement; (b) if an entity, (i) the subscriber has been duly formed, and is validly existing and is in good standing under the laws of the jurisdiction of its formation with full power and authority to enter into this Subscription Agreement, (ii) based upon a review of the subscriber’s constitutional documents and/or based on consultation with counsel or advisors, the subscriber is authorized to invest in the Trust; and (iii) the Signatory has been authorized by the subscriber to execute and deliver these Signature Pages on behalf of the subscriber; (c) the subscriber has received and read the Memorandum; (d) the Signature Pages have been duly and validly authorized, executed, and delivered by the subscriber; and (e) the Signature Pages, together with the Subscription Agreement, constitute the valid, enforceable agreement of the subscriber.

_________________________

* In connection with this Subscription Agreement, the term subscriber shall also include subscriptions from related investors such as the spouse, children, step-children, siblings, parents or other immediate relatives of a current Unitholder living in the same household, as well as any related investing entity, such as a trust, 401K account, foundation or other entity, provided that the current Unitholder is the primary “decision maker” on behalf of these related investors and further provided that the Unitholder exercises investment control over such subscriptions.

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THE OFFERING OF THESE UNITS OF BENEFICIAL INTEREST (“UNITS”) IN CAMPBELL FUND TRUST, A DELAWARE BUSINESS TRUST, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (“THE ACT”) OR CERTAIN STATE SECURITIES LAWS AND CANNOT BE RESOLD UNLESS THEY ARE SUBSEQUENTLY REGISTERED UNDER THAT ACT AND SUCH LAWS, OR UNLESS AN EXEMPTION IS AVAILABLE. THE UNITS ARE NOT TRANSFERABLE, ASSIGNABLE OR CAPABLE OF BEING DISPOSED OF IN ANY OTHER WAY EXCEPT IN COMPLIANCE WITH THE RESTRICTIONS ON TRANSFERABILITY CONTAINED IN THE TRUST CERTIFICATE AND TRUST AGREEMENT, AND UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS. THE OFFERING IS DIRECTED TO THOSE INVESTORS CAPABLE OF EVALUATING THE RISKS AND MERITS OF THE PROPOSED TRUST PROGRAM (OR WHO HAVE BEEN ADVISED ACCORDINGLY BY AN INDEPENDENT PURCHASER REPRESENTATIVE) AND CAN BEAR THE ECONOMIC RISK OF THE PROPOSED INVESTMENT. NO ONE SHOULD INVEST IN THE UNITS WHO IS NOT PREPARED TO LOSE ALL OR A SUBSTANTIAL PORTION OF THE INVESTMENT.

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1.      REPRESENTATIONS AND WARRANTIES

  As an inducement to the Trust to accept this Subscription Agreement, by executing this Subscription Agreement the subscriber hereby represents and warrants to the trading advisor:

(A) The subscriber:

(1) understands that the Units have not been registered under the 1933 Act or any similar state law and cannot be transferred or assigned without the consent of the Trust and compliance with federal and state securities laws. The subscriber will not transfer its Units unless: (a) such Units are registered under the 1933 Act and applicable state securities laws or the transfer is exempt therefrom; and (b) the Trust consents to such transfer. The subscriber understands that the Trust has no intention and no obligation to so register the Units and the Trust has no obligation to consent to any transfer or assignment thereof;

(2) acknowledges and agrees that, except with the consent of the Trust, the subscriber will not enter into any swap or other derivative transaction with respect or reference to the Units;

(3) will not assign, transfer or otherwise dispose of, by gift or otherwise, any of its Units except on the books of the Trust and with the prior written consent of the Trust; and

(B) Prior to the date of this Subscription Agreement, the subscriber has received and read a copy of the Memorandum outlining, among other things, the organization and investment objectives and policies of, and the risks, conflicts of interest, and expenses of an investment in the Trust. The subscriber acknowledges that in making a decision to subscribe for Units, the subscriber has relied solely upon the Memorandum, the Trust Agreement, the most recent annual report and accounts of the Trust (if any) and (where applicable) the most recent unaudited monthly report, and independent investigations made by the subscriber. The subscriber understands the investment objectives and policies of, and the investment strategies which may be pursued by, the Trust. The subscriber’s investment in the Trust is consistent with the investment purposes and objectives, and cash flow requirements of the subscriber and will not adversely affect the subscriber’s overall need for diversification and liquidity.

(C) The subscriber and/or its duly appointed representative(s) has had the opportunity to ask questions of, and receive answers concerning the terms and conditions of the offering, and to obtain information necessary to verify the accuracy of the information provided. The subscriber has been afforded the opportunity to obtain any additional information necessary to verify the accuracy of any representation or information set forth in the Memorandum.

(D) The subscriber has carefully reviewed and understands the various risks of an investment in the Trust, including those summarized under “The Risks You Face” and described in greater detail elsewhere in the Memorandum; the subscriber understands that an investment in the Trust is speculative and the subscriber can afford to bear the risks of an investment in the Trust, including the risk of losing the subscriber’s entire investment.

(E) The subscriber understands that the Trust and the trading advisor are subject to conflicts of interest, including those summarized under “Conflicts of Interest” in the Memorandum.

(F) The subscriber has not reproduced, duplicated or delivered the Memorandum or this Subscription Agreement to any other person, except to the subscriber’s professional advisors or as instructed by the trading advisor.

(G) The subscriber acknowledges that the trading advisor will receive substantial remuneration from the Trust, including a Management Fee and Performance Fee. The subscriber understands the method of the trading advisor’s compensation described in the Memorandum and its risks, including that: (i) the Performance Fee may create an incentive for the trading advisor to cause the Trust to make investments that are riskier or more speculative than would be the case in the absence of the Performance Fee; and (ii) the trading advisor may receive increased allocations since the Performance Fee will be calculated on a basis which includes realized and unrealized appreciation.

(H) The subscriber agrees and is aware that:

(1) no government agency has passed upon the Units or made any findings or determination as to the fairness of this investment;

(2) there are substantial risks of loss of investment incidental to the purchase of the Units, including those summarized in the Memorandum; and

(3) the representations, warranties, agreements, undertakings, and acknowledgements made by the subscriber in this Subscription Agreement will be relied upon by the trading advisor, the Trust, and the selling agents in determining the subscriber’s suitability as a purchaser of the Units and the Trust’s compliance with federal and other applicable securities laws. The subscriber affirms that all such information is accurate and complete and may be relied upon (i) in determining whether the subscriber is qualified to participate in this offering, (ii) for purposes of determining the availability of an exemption from registration for the offer and sale of the Units, (iii) as a defense in any action relating to the Trust or the whether the subscriber is qualified to participate in this offering, (iv) that such representations, warranties, agreements, undertakings and acknowledgements by the subscriber shall survive the acceptance of the subscriber as a Unitholder in the Trust.

(I) The subscriber is purchasing the Units for investment, for subscriber’s own account, for no other person, and not with a view to distribution thereof. The subscriber understands the effect of the limitations on disposition of the Units, including the subscriber’s agreement herein that the Units will not be resold without registration under the 1933 Act or an exemption therefrom. The subscriber consents to implementation of such restrictions on transfer. The Trust will not, and is not obligated to, register the Units on the subscriber’s behalf.

(J) The subscriber has such knowledge and experience in financial and business matters that the subscriber is capable of evaluating the merits and risks of an investment in the Trust and is able to bear such risks, and has obtained, in the subscriber’s judgment, sufficient information from the Trust or its authorized representatives to evaluate the merits and risks of such investment. The subscriber has evaluated the risks of investing in the Trust and has determined that the Trust is a suitable investment for the subscriber.

(K) The subscriber can afford a complete loss of its investment in the Trust and can afford to hold the Units for an indefinite period of time.

(L) The subscriber is acquiring the Units subscribed for herein for investment purposes only and not with a view to distribution or resale of such Units.

(M) The subscriber has consulted with its own advisors and is fully informed as to the legal and tax requirements regarding a purchase of the Units.

(N) The subscriber, if a natural person, is at least 21 years of age and is legally competent to execute and deliver this Subscription Agreement.

(O) The subscriber represents and warrants that the execution, delivery, and performance by the subscriber of this Subscription Agreement are within the powers of the subscriber, have been duly authorized, and will not constitute or result in a breach or default under or conflict with any order, ruling, or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the subscriber is a party or by which the subscriber is bound, and, if the subscriber is not an individual, will not violate any provisions of the incorporation papers, by-laws, indenture of trust, or partnership agreement, as may be applicable, of the subscriber. The signature on this Subscription Agreement is genuine, and the signatory, if the subscriber is an individual, has legal competence and capacity to execute the same, or, if the subscriber is not an individual, the signatory has been duly authorized to execute the same, and this Subscription Agreement constitutes a legal, valid, and binding obligation of the subscriber, enforceable in accordance with its terms.

(P) The subscriber either is not required to be registered with the Commodity Futures Trading Commission (“CFTC”) or to be a member of the National Futures Association (“NFA”), or if required to be so registered is duly registered with the CFTC and is a member in good standing of the NFA.

(Q) The subscriber agrees that the tables in the Memorandum (see “Past Performance of the Campbell Trust”) reflecting past performance of the Trust should be read only in connection with the notes to such tables, and should not be interpreted to mean that the Trust will have similar results or will realize any profits whatsoever. Past performance is not necessarily indicative of future results.

(R) The subscriber understands that:

(1) in order to comply with regulations aimed at the prevention of money laundering, the trading advisor will require verification of identity from all investors or transferees of the Units to the extent required under applicable anti-money laundering laws and regulations;

(2) the trading advisor reserves the right to request such information as is necessary to verify the subscriber’s identity. The trading advisor also reserves the right to request such identification evidence in respect of a transferee of Units; and

(3) in the event of delay or failure by the subscriber or transferee to produce any information required for verification purposes, the trading advisor may refuse to accept the subscription or (as the case may be) to register the relevant transfer and (in the case of a subscription for Units) any funds received will be returned without interest to the account from which the monies were originally debited.

(S) The subscriber hereby represents that to the best of its knowledge, the money used to subscribe for the Units is not derived from any criminal enterprise or activity.

(T) The subscriber hereby represents that neither the subscriber, nor any owner holding 10% or more of the subscriber’s equity, nor any senior management official of the subscriber (director or executive officer or similar official), nor any affiliate of the subscriber, is included on either of the following lists or is a senior political figure or an immediate family member or close associate of a senior political figure1:

(1) the Office of Foreign Assets Control list of foreign nations, organizations and individuals subject to economic and trade sanctions, based on U.S. foreign policy and national security goals (please see http://www.treasury.gov/offices/enforcement/ofac); or

(2) Executive Order 13224, which sets forth a list of individuals and groups with whom U.S. persons are prohibited from doing business because such persons have been identified as terrorists or persons who support terrorism (please see http://www.treasury.gov/offices/enforcement/ofac/programs/terror/terror.pdf).

(U) The subscriber hereby agrees that the trading advisor is authorized and instructed to accept and execute any instructions (including but not limited to any instructions regarding subscriptions or withdrawals or any payments in relation to the same or otherwise) in respect of the subscriber’s Units given by the subscriber in written form, by facsimile or by telephone. If the instructions are given by the subscriber by facsimile or by telephone, the subscriber undertakes to confirm them in writing. The subscriber understands that the trading advisor may rely conclusively upon, and shall incur no liability in respect of, any action taken upon any notice, consent, request, instruction or other instrument believed in good faith to be genuine or to be signed by properly authorized persons.

(V) All information which the subscriber has provided to the Trust concerning the subscriber, the subscriber’s status, financial position, and knowledge and experience of financial, tax, and business matters or the knowledge and experience of financial, tax, and business matters of the person making the investment decision on behalf of the subscriber, is correct and complete as of the date set forth herein.

(W) Prior to receiving notice of the trading advisor’s acceptance of any subscription, the subscriber will notify the trading advisor immediately in writing of any material change in any information furnished in the subscriber’s Subscription Agreement.

(X) After receiving notice of the trading advisor’s acceptance of any subscription, the subscriber will immediately advise the trading advisor in writing of any material change in the information furnished in the subscriber’s Subscription Agreement, and the subscriber will provide at any time any additional information the trading advisor may reasonably request concerning the information furnished in the subscriber’s Subscription Agreement.

(Y) The subscriber does hereby irrevocably constitutes and appoints the trading advisor, and its successors and assigns, as the subscriber's true and lawful representative and attorney-in-fact, with full power of substitution, in the subscriber's name, place and stead, to:  (i) file, prosecute, defend, settle or compromise litigation, claims or arbitrations on behalf of the Trust; (ii) make, execute, sign, acknowledge, swear to, deliver, record and file any documents or instruments, which may be considered necessary or desirable by the trading advisor to carry out fully the provisions of the Trust Agreement and/or this Subscription Agreement, as applicable; and (iii) to perform all other acts contemplated by the Trust Agreement or as are necessary or convenient to the operation of the Trust. This power of attorney shall be deemed to be coupled with an interest and shall be irrevocable and survive and not be affected by the subscriber's subsequent death, incapacity,  incompetence,  disability,  termination, bankruptcy, insolvency, or dissolution; provided, however, that such power of attorney will terminate when a transferee of Units has been approved by the managing operator for admission to the Trust as a substitute Unitholder, or upon the withdrawal of a Unitholder pursuant to a periodic repurchase offer or otherwise.

(Z)   The subscriber represents and warrants that the subscriber is not using the assets of an insurance company general account to purchase the Units.

1 A “senior political figure” is defined as a senior official in the executive, legislative, administrative, military or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of a foreign government-owned corporation. In addition, a “senior political figure” includes any corporation, business, or other entity that has been formed by, or for the benefit of, a senior foreign political figure. “Immediate family” of a senior foreign political figure typically includes the figure’s parents, siblings, spouse, children and in-laws. A “close associate” of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the senior foreign political figure.

2.      SUBSCRIBERS SUBJECT TO ERISA OR SECTION 4975 OF THE CODE

(A) Benefit Plan Investors.  The Memorandum states that the managing operator may limit investment by “benefit plan investors” to less than 25% of the total capital of each class of equity interests of the Trust (not including investments by the managing operator, certain other persons and their affiliates). To help the managing operator determine whether investment by the subscriber is included in the 25% limitation, the subscriber has accurately answered the applicable questions regarding its status as a benefit plan investor on the Execution Page for Subscription by an Entity. The subscriber, if not a benefit plan investor, as described below, on the date this Subscription Agreement is signed, agrees to notify the managing operator immediately if the subscriber becomes a benefit plan investor. The term “benefit plan investor” refers to (i) any “employee benefit plan,” as defined in the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the fiduciary responsibility provisions of ERISA, (ii) any plan as defined in, and subject to, Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), and (iii) any entity (“Plan Assets Entity”) deemed for any purpose of ERISA or Section 4975 of the Code to hold assets of any such employee benefit plan or plan due to investments made in such entity by already described benefit plan investors. Benefit plan investors include, but are not limited to, corporate pension and profit sharing plans, “simplified employee pension plans,” Keogh plans for self-employed individuals (including partners), individual retirement accounts, medical benefit plans, life insurance plans, church plans, bank commingled trust funds for such plans and accounts, insurance company separate accounts for such plans and accounts, and, under certain circumstances, all or a portion of the general account of an insurance company.

(B) ERISAAccounts.   If the subscriber is, or is acting on behalf of, an “employee benefit plan” as defined in and subject to ERISA, or a “plan” as defined in, and subject to, Section 4975 of the Code (a “Plan”), or a Plan Assets Entity (in which case, the following representations and warranties are made with respect to each Plan holding an investment in such Plan assets Entity) the individual signing this Subscription Agreement on behalf of the subscriber, hereby further represents and warrants as, or on behalf of, the fiduciary of the Plan responsible for purchasing Units (the “Plan Fiduciary”) that: (a) the Plan Fiduciary has con­sidered an investment in the Trust in light of the risks relating thereto; (b) the Plan Fiduciary has determined that, in view of such considera­tions, an investment in the Trust is consistent with the Plan Fiduciary's responsibili­ties under ERISA; (c) the Plan's investment in the Trust does not violate and is not otherwise inconsistent with the terms of any legal document constituting the Plan or any trust agreement thereunder; (d) the Plan's investment in the Trust has been duly authorized and approved by all necessary parties; (e) none of the managing operator, U.S. Bank Trust National Association (the “Trustee”), UBS Securities LLC, Royal Bank of Scotland (“RBS”), Wilmington Trust Investment Management LLC, The Northern Trust Company, PNC Financial Services Group, Inc., any selling agent, any of their respective affiliates or any of their respective agents or employees:  (i) has investment discretion with respect to the investment of assets of the Plan used to purchase the Units; (ii) has authority or responsibility to or regularly gives investment advice with respect to the assets of the Plan used to purchase the Units for a fee and pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decision with respect to the Plan and that such advice will be based on the particular investment needs of the Plan; or (iii) is an employer maintaining or contributing to the Plan; (f) the Plan Fiduciary (i) is authorized to make, and is responsible for, the decision to invest in the Trust, including the determination that such investment is consistent with the requirement imposed by Section 404 of ERISA that plan invest­ments be diversified so as to minimize the risks of large losses, (ii) is independent of the managing operator, the Trustee, UBS Securities LLC, RBS, Wilmington Trust Investment Management LLC, The Northern Trust Company, PNC Financial Services Group, Inc., each selling agent and each of their respective affiliates, and (iii) is qualified to make such investment decision; and (g) taking into account the following factors, and all other factors relating to the Trust, the subscriber has concluded that investment in the Trust constitutes an appropriate part of the Plan’s overall investment program: (i) there is a substantial risk of a complete loss of the Plan’s investment; (ii) an investment in the Trust will be illiquid, except for certain redemption rights; (iii) the Trust may permit the aggregate investments by benefit plan investors to be twenty-five percent (25%) or more of any class of equity interest of the Trust, in which case the assets of the Trust will for purposes of ERISA and Section 4975 of the Code be deemed assets of the Plans on whose behalf investments in the Trust are made; and (iv) funds invested in the Trust will not be readily available for the payment of employee benefits under the Plan. The subscriber further represents and warrants that (a) the trustee of the Plan will hold the Plan’s Units in trust, unless not required by ERISA; (b) the Plan fiduciary consents to the payment of fees to the managing operator and has determined that the arrangement for services by, and the fees to be paid to, the managing operator are reasonable and the services to be performed by the managing operator are appropriate and helpful to the Plan, all within the meaning of Section 408(b)(2) of ERISA and Section 4975(d)(2) of the Code, and the Plan Fiduciary has received the disclosures required by the applicable regulations promulgated under Section 408(b)(2) of ERISA; and (c) the subscriber consents on behalf of the Plan to and has authorized the operation of the Trust as described in the Trust’s Confidential Private Offering Memorandum and Disclosure Document.  The subscriber will notify the managing operator, in writing, of (a) any termination, substantial contraction, merger or consolidation of the Plan, or transfer of its assets to any other plan; (b) any amendment to the Plan or any related instrument which materially affects the investments of the Plan or the authority of any fiduciary to authorize Plan investments; and (c) any alteration in the identity of any fiduciary including the subscriber, who has the authority to approve Plan investments. The subscriber will, at the request of the managing operator, furnish the managing operator with such information as the managing operator may reasonably require to establish that the purchase of the Units by the Plan and the transactions to be entered into by the Trust and the holding of any investment by the Trust do not violate any provision of ERISA or the Code, including without limitation, those provi­sions relating to “prohibited trans­actions” by “parties in interest” or “disqualified persons” as defined therein.

(C) Disqualified Person Status - Plans Subject to Section 4975 of the Code.  If the subscriber is a Plan that is subject to Section 4975 of the Code, but is not subject to ERISA, the subscriber has determined, after investigating the Plan’s service providers, that RBS is not in any respect a “disqualified person” (as such term is defined in Section 4975(e)(2) of the Code) with respect to the Plan. The subscriber agrees and covenants that RBS will not while the Plan holds Units become a disqualified person with respect to the Plan.

3.      GENERAL TERMS

(A) The subscriber acknowledges that (1) under the Advisory Agreement, the managing operator, acting as the trading advisor, will not be liable to the Trust, or any of its or their successors or assigns, except that the trading advisor shall be liable to the Trust for losses, damages, costs, and expenses sustained by the Trust, or any of its successors or assigns as a result of (i) acts or omissions of the managing operator with respect to the Trust which constitute negligence or misconduct; (ii) a material breach by the managing operator of the Advisory Agreement; and (iii) a misleading or untrue statement of a material fact or omission to state a material fact relating to or concerning the managing operator in its capacity as trading advisor contained in the Memorandum, and (2) under the Trust Agreement, the managing operator will not be liable, responsible or accountable in damages or otherwise to the Trust or to any Unitholders, their successors or assigns, except by reason of acts or omissions due to bad faith, misconduct, negligence, or for not having acted in good faith in the reasonable belief that his actions were in, or not opposed to, the best interest of the Trust.

(B) The subscriber agrees to indemnify and hold harmless the Trust, the trading advisor, the managing operator and each other person, if any, who controls or is controlled by any thereof, within the meaning of Section 15 of the 1933 Act, against any and all loss, liability, claim, damage, and expense whatsoever (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation commenced or threatened or any claim whatsoever) arising out of or based upon (1) any false representation or warranty or breach or failure by the subscriber to comply with any covenant or agreement made by the subscriber in this Subscription Agreement or in any other document furnished by the subscriber to any of the foregoing in connection with this transaction, (2) delay or failure by the subscriber to disclose any relevant details or provide the Trust or the trading advisor with all the information requested by any of them, or (3) any action for securities law violations instituted by the subscriber which is finally resolved by judgment against the subscriber. The subscriber also agrees to indemnify and hold harmless the Trust, the trading advisor and the managing operator against any loss of any nature whatsoever arising to any of them as a result of either of them acting upon facsimile or telephone instructions given by the subscriber.

(C) In the event that any provision of this Subscription Agreement is held to be invalid or unenforceable in any jurisdiction, such provision shall be deemed modified to the minimum extent necessary so that such provision, as so modified, shall no longer be held to be invalid or unenforceable. Any such modification, invalidity or unenforceability shall be strictly limited both to such provision and to such jurisdiction, and in each case to no other. Furthermore, in the event of any such modification, invalidity or unenforceability, this Subscription Agreement shall be interpreted so as to achieve the intent expressed herein to the greatest extent possible in the jurisdiction in question and otherwise as set forth herein.

(D) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.

(1) THIS SUBSCRIPTION AGREEMENT IS MADE PURSUANT TO AND SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW AND NOTWITHSTANDING THE PLACE WHERE THIS SUBSCRIPTION AGREEMENT IS EXECUTED OR THE LOCATION OF ANY OFFICE, VENTURE OR OPERATION OF THE TRUST, THE TRADING ADVISOR OR THE SUBSCRIBER. ANY ACTION OR PROCEEDING RELATING IN ANY RESPECT TO THIS SUBSCRIPTION AGREEMENT, THE OPERATION OF THE TRUST OR THE OFFERING OF THE UNITS MAY BE BROUGHT AND ENFORCED IN THE CHANCERY COURTS OF THE STATE OF DELAWARE OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR) IN THE COURTS OF THE UNITED STATES FOR THE DISTRICT OF DELAWARE, AND THE SUBSCRIBER AND THE TRUST IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH STATE AND FEDERAL COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. THE SUBSCRIBER AND THE TRUST IRREVOCABLY WAIVE ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO LAYING THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN THE CHANCERY COURTS OF THE STATE OF DELAWARE OR IN THE COURTS OF THE UNITED STATES FOR THE DISTRICT OF DELAWARE AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

(2) THE SUBSCRIBER HEREBY IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM AGAINST THE TRUST, THE TRADING ADVISOR OR ANY AFFILIATE IN ANY RESPECT TO THIS SUBSCRIPTION AGREEMENT, THE OPERATION OF THE TRUST OR THE OFFERING OF THE UNITS.

4.      ADDITIONAL INFORMATION AND SUBSEQUENT CHANGES IN THE FOREGOING REPRESENTATIONS

The trading advisor may request from the subscriber such additional information as it may deem necessary to evaluate the eligibility of the subscriber to acquire the Units, and may request from time to time such information as it may deem necessary to determine the eligibility of the subscriber to hold the Units or enable the Trust to determine its compliance with applicable regulatory requirements or tax status, and the subscriber shall provide such information as may be reasonably requested.

Each person acquiring Units must satisfy the foregoing both at the time of subscription and at all times thereafter, until such person ceases to be a Unitholder. Accordingly, the subscriber agrees to notify the Trust promptly if there is any change with respect to any of the foregoing information or representations and to provide the trading advisor with such further information as the trading advisor may reasonably require.

5.      STATE SECURITIES LAW LEGEND

Prospective investors from the following state should note the required legend below.

FOR GEORGIA RESIDENTS ONLY

THE UNITS WILL BE SOLD IN RELIANCE ON THE EXEMPTION FROM SECURITIES REGISTRATION CONTAINED IN PARAGRAPH 13 OF CODE SECTION 10-5-9 OF THE GEORGIA SECURITIES ACT OF 1973, AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN A TRANSACTION WHICH IS EXEMPT FROM SUCH ACT OR PURSUANT TO AN EFFECTIVE REGISTRATION UNDER SUCH ACT.

6.      SUBSCRIBER ELIGIBILITY

THE SUBSCRIBER WILL BE REQUIRED TO REPRESENT ON THE SUBSCRIPTION AGREEMENT SIGNATURE PAGES THAT THE SUBSCRIBER QUALIFIES AS AN “ACCREDITED INVESTOR.”

(A)   Accredited Investor Status

Only individuals and entities that can certify that they are Accredited Investors under one or more of the paragraphs below are eligible to invest in the Trust.

(1)   Individual Investors:

The subscriber is an Accredited Investor because the subscriber has a net worth (or joint net worth together with the subscriber’s spouse) in excess of $1,000,000, excluding the value of personal residence1, and the subscriber has no reason to believe that the subscriber’s net worth will not remain in excess of $1,000,000 for the foreseeable future.

OR

The subscriber is an Accredited Investor because the subscriber has had an individual annual adjusted gross income during the last two full calendar years in excess of $200,000 (or joint income together with the subscriber’s spouse in excess of $300,000) and reasonably expects to have an annual income in excess of $200,000 (or joint income together with the subscriber’s spouse in excess of $300,000) during the current calendar year and has no reason to believe that the subscriber’s income will not remain in excess of $200,000 (or joint income in excess of $300,000) for the foreseeable future.

(2)   Trusts:

The subscriber is an Accredited Investor because it is a trust (including an insurance company separate account or bank collective trust, but not a revocable trust), has total assets in excess of $5,000,000, was not formed for the specific purpose of investing in the Trust, and its purchase is directed by a sophisticated person as defined in Securities and Exchange Commission (“SEC”) Regulation D.

OR

The subscriber is an Accredited Investor because it is a revocable trust which may be amended or revoked at any time by the grantors thereof and all of the grantors are Accredited Investors.

(3) Employee Benefit Plans (Including Keogh Plans):

The subscriber is an Accredited 2Investor because it is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the decision to invest in the Trust was made by a plan fiduciary (as defined in Section 3(21) of ERISA), which is either a bank, savings and loan association, insurance company, or registered investment adviser.

OR

The subscriber is an Accredited Investor because it is an employee benefit plan within the meaning of ERISA and has total assets in excess of $5,000,000.

OR

The subscriber is an Accredited Investor because it is a self-directed plan and all of its participants investing in the Trust through the plan are Accredited Investors.

(4)   Individual Retirement Accounts:

The subscriber is an Accredited Investor because the beneficiary thereof is an Accredited Investor.

(5)   Others:

The subscriber is an Accredited Investor because it is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), a corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of investing in the Trust, which has total assets in excess of $5,000,000.

OR

The subscriber is an Accredited Investor because it is a plan established and maintained by a State, its political subdivisions, or any agency or instrumentality of a State or its political subdivisions for the benefit of its employees and has total assets in excess of $5,000,000.

OR

The subscriber is an Accredited Investor because it is a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934.

OR

The subscriber is an Accredited Investor because it is an investment company registered under the Investment Company Act of 1940 (the “Company Act”) or a business development company as defined in Section 2(a)(48) thereof that was not formed for the specific purpose of investing in the Trust.

OR

The subscriber is an Accredited Investor because it is a bank as defined in Section 3(a)(2) of the 1933 Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the 1933 Act, acting for its own account or for the account of an Accredited Investor.

OR

The subscriber is an Accredited Investor because it is an insurance company as defined in Section 2(13) of the 1933 Act, acting for its own account or for the account of an Accredited Investor.

OR

The subscriber is an Accredited Investor because it is an entity which all of the Unit owners and participants (i.e., all partners (including limited partners) of a partnership, Unitholders of a corporation, and the grantor of a grantor trust, but not the beneficiaries of a true trust) are Accredited Investors.

 1 For purposes of determining the value of the primary residence to be excluded from net worth, the subscriber should exclude any net equity in his or her primary residence (i.e., the amount by which the current market value of the residence exceeds the current outstanding balance of any mortgage or other indebtedness secured by the residence). If the current outstanding balance of any such mortgage or other indebtedness exceeds the current market value of the residence, the amount of any such excess shall cause a reduction in the investor’s net worth to the extent that such mortgage or other indebtedness gives the lender recourse to the assets of the investor other than the residence securing the mortgage or other indebtedness.

CAMPBELL FUND TRUST

SUBSCRIPTION AGREEMENT SIGNATURE PAGES

2850 Quarry Lake Drive • Attn: Fund Administration • Baltimore, MD • 21209

Telephone: (800) 698-7235 • (410) 413-2600

(For New Subscriptions Only)

I.      SUBSCRIBER INFORMATION (Please Print Legibly):

All sections must be completed and signed properly. All fields which must be acknowledged by the subscriber and/or the Financial Advisor.

1.	Account Title:		2.	Brokerage/Custodial Account No.:
3.	Taxpayer ID or Social Security No.:		4.	Citizen of or organized under the laws of:
5.	Primary Address:
	(No P.O. Boxes)	Street	City	State	Zip Code
6.	Mailing Address:
	(If different from Primary)	Street	City	State	Zip Code
7.	Source of funds or wealth:		8.	Email Address:
9.	Telephone Number:		10.	Investor/Authorized Signer Date of Birth:

II.      FORM OF OWNERSHIP (Check only one from the list below):

ÿ   Individual1 ÿ   UGMA/UTMA3 ÿ  Corporation or Limited Liability Company2 ÿ  Partnership2 ÿ  Estate2	Joint Accounts1 ÿ   Tenants by/in Entirety ÿ  Tenants in Common ÿ   Joint Tenancy with Rights of Survivorship ÿ   Community Property	Trust Accounts2 or 3 ÿ  Revocable or Grantor ÿ  Other than Revocable or Grantor
IRA Accounts3 ÿ   Traditional                                ÿ Rollover ÿRoth	Pension/Profit Sharing Plans ÿ   SEP3                                ÿ 401(k) 2 ÿ  DBP/DCP2                      ÿ Simple IRA3	1 Primary Owner’s Social Security Number is required. 2 EIN/TIN is required. 3 Beneficial Owner’s Social Security Number and the Custodian’s TIN are required.

III.SUBSCRIPTION AMOUNT:

The aforementioned subscriber hereby subscribes for $_____________________ of Units ($25,000 minimum initial investment, unless the Managing Operator elects to accept lesser amounts; and $2,500 for additional investments) upon the terms and conditions specified herein and in the Confidential Private Offering Memorandum, as amended (“Memorandum”) and the Trust Agreement (Appendix A to the Memorandum), which are incorporated herein by reference. It is understood that this subscription is subject to acceptance by the Managing Operator. In the event that the subscriber’s subscription is not accepted, the subscriber’s subscription payment shall be returned promptly to the subscriber, and this Subscription Agreement shall be terminated for all purposes. Subscription funds received and accepted by the Trust will be held in a separate bank account and will be released to the Trust for futures, forward and option trading at a closing each month. Confirmation of acceptance will be sent to the subscriber evidencing their beneficial interest in Campbell Trust.

IV.RELATED ACCOUNT:

ÿCheck here if this account is related to an existing account. Unitholder #:   .

V.BENEFIT PLAN INVESTOR STATUS:

Subscriber agrees to immediately notify the Managing Operator upon any change to the following representations.

Is the subscriber a benefit plan investor, (defined in Section 2(A) of the Subscription Agreement), which includes but is not limited to individual retirement accounts (IRAs), corporate pension and profit-sharing plans, simplified employee pension plans, Keogh plans for self-employed individuals (including partners) and medical benefits plans?     ÿ   Yes      ÿ    No

VI.  SUBSCRIBER ELIGIBILITY:

Only subscribers that can certify that they are “Accredited Investors” are eligible to invest in the Trust. I have read the definition of “Accredited Investor” set forth on page APPB-8 in Section 6(A) of the Subscription Agreement and certify that I satisfy one or more of the requirements set forth in Section 6(A).
	Initial

VII.   SUITABILITY AND NATURE OF INVESTMENT:

The subscriber understands that an investment in the Trust is speculative, illiquid, and long-term, and does not constitute a complete investment program. The subscriber confirms that the subscriber has (either alone or with the subscriber’s financial advisors, if any) sufficient knowledge and expertise to be able to evaluate the merits and risks of investing in the Trust. The subscriber has considered the speculative and illiquid nature of an investment in the Trust within the context of the subscriber’s total portfolio, understands that Units of the Trust are only suitable for the risk segment of the subscriber’s overall portfolio, and is willing and able to bear the various risks of such an investment, including the risk of total loss.

Initial

VIII.   SUBSCRIBER(S) MUST SIGN AND DATE:

If and when accepted on behalf of the Trust by the Managing Operator, this Subscription Agreement shall constitute a binding subscription for Units. By signing below, the subscriber acknowledges, represents and agrees that it has received, carefully read and will be bound by this Subscription Agreement, the Memorandum and the Trust Agreement. The subscriber has read the Representations and Warranties set forth in Sections 1(A) – (Z) (for all subscribers) and Section 2 (if the subscriber is subject to ERISA) of the Subscription Agreement (see Appendix B) and hereby certifies that each of them is true.

Print Name of Investor/Authorized Signor (Add title if investor is an Entity)	Signature of Investor/Authorized Signor Date
Print Name of Investor/Authorized Signor (Add title if investor is an Entity)	Signature of Investor/Authorized Signor Date
Print Name of Investor/Authorized Signor (Add title if investor is an Entity)	Signature of Investor/Authorized Signor Date

I have checked the following box if I am subject to backup withholding under the provisions of Section 3406(a)(1)(C) of the Internal Revenue Code:  ð.

Under penalties of perjury, by signature above I hereby certify that the Social Security Number or Taxpayer ID Number in Section I is my true, correct and complete Social Security Number or Taxpayer ID Number and that the information given in the immediately preceding sentence is true, correct and complete.

IX. FINANCIAL ADVISOR AND BRANCH INFORMATION (Please Print Legibly):

This section must be completed before the subscription can be processed.

We hereby certify that the subscriber is known to and is a client of the Financial Advisor (“FA”), and that the FA has had substantial discussions with the subscriber regarding the subscriber’s investment objectives. We confirm that the FA has a reasonable basis for believing:  (1) that all of the representations made by the subscriber in this Subscription Agreement, including the legal authority to enter into the Subscription Agreement, are true and correct, and (2) based on information obtained from the subscriber concerning the subscriber’s investment objectives, other investments, financial situation and needs, and any other information known to the FA, that an investment in the Trust is suitable for the subscriber.

We confirm that the subscriber is aware of the financial terms, tax consequences, liquidity, and other risks of an investment in the Trust, as set forth in the Memorandum. Please print legibly.

1.	Financial Advisor Name:	2.	Firm Name:
3.	Financial Advisor # (ID):	4.	Branch Address:
5.	Email Address:
6.	Phone Number:

Financial Advisor Signature (Required) *Office Manager/Principal Signature (If Required by Selling Firm)

X.    CUSTODIAN/CLEARING FIRM INFORMATION (if applicable) / (Please Print Legibly):

1.	Name of Custodian:
2.	Custodian's Mailing Address:
3.	Custodian's Tax ID Number:
4.	Custodian Signature*:

* If the Branch Office Manager/Principal of the Financial Advisor is authorized to sign as the Custodian, another signature is not required here.

Custodian Medallion Signature Guarantee

SPECIMEN

EX-10.02

EXHIBIT 10.02

 ABN AMRO ABN AMRO Incorporated 350 Park Avenue New York, NY 10022   Global Futures  

September 8, 2006

Lisa Wingate

Campbell & Company, Inc.

210 West Pennsylvania Avenue Suite 770

Towson, MD 21204

As you may be aware, ABN AMRO Bank N.V. ("ABN AMRO") recently announced the sale of its global futures and options business to UBS AG. Pursuant to this sale, on or about October 1, 2006 ABN AMRO will be transferring assets or stock in certain of its branches, affiliates or subsidiaries to UBS AG and certain of its branches, affiliates or subsidiaries. As a result, ABN AMRO Incorporated ("MI") intends to transfer its customers' futures and options accounts to UBS Securities LLC, a wholly owned subsidiary of UBS AG and a registered futures commission merchant ("FCM") and broker/dealer. UBS Securities LLC, along with its various global affiliates, offers comprehensive exchange traded derivatives services including execution and clearing on all major futures and options exchanges globally across multiple asset classes including commodities, equities, equity indices, interest rates and currencies.

Accordingly, unless you object as set forth below, AAI will assign to UBS Securities LLC all of its rights, and delegate all of its obligations, arising under any International Uniform Brokerage Execution Services Agreements (often referred to as give-up agreements) or similar agreements and other related documentation in effect between AAI and you to UBS Securities LLC, 677 Washington Blvd, Stamford, CT 06901; (203) 719 3000, effective on or about October 1, 2006. If you do not wish to have your agreement(s) assigned to UBS Securities LLC, you may provide notice to Terrence Scott at MI by phone at 312-992-7259, by fax at 312-992-6214, by mail to ABN AMR() Incorporated — Attn: Terrence Scott, 540 West Madison Street, Suite 2501, Chicago, Illinois 60661, or by email to terrence.scott@abnamro.com. If we do not hear from you, you will be deemed to have consented to the assignment of your agreement(s) to UBS Securities LLC.

Following the assignment, your relationship will continue to be serviced by the same key personnel who currently service your execution account. If applicable, UBS Securities LLC will contact you to provide information regarding certain operational changes that may affect you.

Should you have any questions regarding the assignment please contact Terrence Scott at the phone number listed above. We thank you for your business and look forward to a continuing relationship at UBS Securities LLC.

Yours very truly,

/s/ John M. Murphy

John M. Murphy

Managing Director

CEO of North America Futures

EX-10.03

EXHIBIT 10.03

CAMPBELL FUND TRUST

GLOBAL INSTITUTIONAL

MASTER CUSTODY AGREEMENT

(Delaware Statutory Trust)

THIS AGREEMENT, effective as of the 29th day of July, 2009, is made between CAMPBELL FUND TRUST (the "TRUST") , a Delaware Statutory Trust organized and existing under the laws of Delaware (the "Trust"), and THE NORTHERN TRUST COMPANY, an Illinois corporation, of Chicago, Illinois ("Northern").

The Trust hereby appoints Northern as its agent to establish and maintain a custody account in the name of the Trust (the "Account") and to hold in such Account those assets of the Trust as are transferred to it from time to time.

The Trust shall direct Northern to establish one or more separate accounts ("Separate Account") for cash, securities and other property of the Account received by Northern from time to time. Each Separate Account shall be managed by either the Trust or an investment manager appointed by the Trust. By written direction the Trust will designate assets of the Account to be allocated to each Separate Account and direct Northern to transfer assets of the Account to or from each Separate Account. With respect to cash deposited in Northern's banking department, the Separate Accounts are maintained as a matter of convenience and, therefore, Northern may aggregate the Separate Accounts for purposes of its depository requirements. All assets, other than cash, will be maintained by Northern in segregated accounts and accounted for separately from Northen's own assets.

Unless directed otherwise in writing by the Trust, Northern shall have with respect to the Account the powers and duties as hereinafter provided, except that no such direction shall change Northern's powers and duties hereunder without Northern's consent.

Northern and the Trust agree as follows:

1.  Northern shall hold and safeguard the cash, securities, and other property in the Account and shall collect the income and principal thereof when due.

2.  Northern may hold securities or other property of each Separate Account through an agent or in the name of its nominee or in a corporate depository or federal book entry account system or other form as it deems best. All securities held directly or indirectly in the Account shall be segregated on Northern's books and records from Northern's own assets and the assets of other Northern clients, and shall be held by Northern for the exclusive account and benefit of the Trust, and beneficial ownership of the securities shall at all times remain vested in the Trust; the books and records of Northern shall so identify the securities and the Account. Northern shall forward any proxies relating to securities or other property held in the Account to the appropriate investment manager, or, in accounts where no investment manager has been appointed, to the Trust, or

the Trust's designee, and Northern shall process such proxies as directed by the investment manager, Trust, or the Trust's designee.

3.  With respect to a Separate Account managed by the Trust, all security transactions shall be placed through brokers of its choice. Each investment manager appointed by the Trust is authorized to execute security trades directly with respect to its respective Separate Account. Northern is hereby directed to receive and pay for securities purchased, in accordance with industry practice, and to deliver, in accordance with industry practice, securities sold, by the Trust or by an investment manager. The Trust has the right under applicable law to receive, at no additional cost, separate notifications of certain securities transactions; however, unless the Trust directs otherwise in writing, the Trust agrees not to receive such separate notifications of securities transactions and that all securities transactions will be reported on the Trust's periodic statements of account. Under no circumstance shall Northern pay any money to an investment manager except pursuant to written instructions by the Trust. Northern shall issue its operating instructions to the Trust and to an investment manager as it deems appropriate.

4.  Northern is authorized, but shall not be obligated, to credit the Account provisionally on payable date with interest, dividends, distributions, redemptions or other amounts due. Otherwise, such amounts will be credited to the Account on the date such amounts are actually received by Northern and reconciled to the Account. In cases where Northern has credited the Account with such amounts prior to actual collection and reconciliation, the Trust agrees that Northern may reverse such credit as of payable date if and to the extent that it does not receive such amounts in the ordinary course of business. The Trust acknowledges that Northern shall be entitled to recover from the Trust on demand such provisional credit, plus its fee, applicable from time to time, in connection with such provisional credit.

5.  Northern is authorized, but shall not be obligated, to advance its own funds to complete transactions in cases where adequate funds may not otherwise be available to the Account. The Trust acknowledges that Northern shall be entitled to repayment of any amounts advanced plus its fee, applicable from time to time, in connection with advancing such funds.

6.  The Trust recognizes that any decision to effect a provisional credit or an advancement of Northern's own funds to the Account pursuant to this Agreement will be an accommodation granted entirely at Northern's option and in light of the particular circumstances, which circumstances may involve conditions in different countries, markets and classes of assets at different times. All amounts thus due to Northern under this agreement with respect to a provisional credit or advancement of Northern's funds to the Account shall be paid by Northern from the Account unless otherwise paid by the Trust on a timely basis and in that connection the Trust acknowledges that Northern has a continuing lien on all Account assets to secure such payments and agrees that Northern may apply or set off against such amounts any amounts credited by or due from Northern to the Trust. If funds in the Account are insufficient to make any such payment, the Trust shall deliver to Northern the amount of such deficiency in immediately available funds when and as specified by Northern's written or oral notification.

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7.  Northern may execute and deliver as agent of the Trust, and pursuant to the Trust's directions or the directions of an investment manager, any assignments, stock or bond powers or other documents or instruments and, in particular (a) may sell, assign, transfer, or make other disposition of any security or other property in the Account in accordance with industry practice; (b) may obtain any payment due; and (c) may make payment in accordance with industry practice for any securities purchased or otherwise acquired. Northern may execute any and all documents by signing as agent of the Trust or as its attorney-in-fact pursuant to this authorization.

8.  Subject to contrary instructions from the Trust or an investment manager, United States Dollars held by Northern shall be invested for short term purposes in the investment fund specified in a separate writing from the Trust (which writing may be modified by the Trust from time to time). The Trust accepts that temporary cash investments may require additional documentation and such investments may include, without limitation, deposit obligations of Northern's banking department or that of an affiliate, common and collective funds maintained by Northern or an affiliate, and money market mutual funds of which Northern or an affiliate may be a sponsor, investment advisor, manager or custodian, and from which Northern or an affiliate may receive separate compensation.

9.  Northern shall at all times exercise due care in dealing with the Accounts pursuant to the standard of care of a prudent, professional custodian for hire in the United States with the care, skill, prudence, and diligence under the circumstances then prevailing that a professional custodian acting in like capacity and familiar with such matters would use.

10.  If a corporation whose common stock declares a dividend in such stock, and payment of such dividend results in a fractional share, Northern shall sell such fraction.

11.  Northern's duties shall be limited to those expressly set forth in this agreement. Northern shall have no obligation to make any investment review, to consider the propriety of holding or selling any property in the Account or to provide any advice. Northern shall incur no liability to the Trust, or the Account for any act taken or omitted by Northern or any of its agents pursuant to this agreement and shall be indemnified by the

Trust for any losses, expenses, penalties or taxes arising from following directions given to Northern pursuant to this agreement or for failing to act in the absence of directions. Northern shall have no responsibility for the solvency or financial condition of any agent engaged in connection with the provision of services to the Account, and shall incur no liability to the Trust, or the Account for any loss arising therefrom. This paragraph 11 shall survive the termination of this agreement.

12.  Northern shall furnish the Trust with periodic statements of account showing all receipts and disbursements and the property in each Separate Account and the market value thereof. Northern shall provide the Trust with daily access to unaudited data pursuant to Northern's Northern Trust Passport® applications, subject to such additional terms and conditions as Northern may require. Account statements will be provided

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monthly. Northern shall incur no liability to the Trust or the Account for any loss which may arise from the mispricing of Account assets by any broker, pricing service or other person upon whose valuation Northern relies in good faith. A statement of account shall be approved by the Trust by written notice delivered to Northern or by failure to object to the statement of account within sixty (60) days of the date upon which the statement of account was delivered to the Trust. To the extent permitted by law, the approval of a statement of account shall constitute a full and complete discharge to Northern as to all matters set forth in that statement of account. In no event shall Northern be precluded from having its statement of account settled by a judicial proceeding.

13.  This agreement may be terminated at any time upon thirty (30) days written notice from the Trust to Northern or from Northern to the and upon the expiration of such forty-five (45) day period, Northern shall promptly deliver all cash, securities and other property then in the Account to the Trust or in accordance with the Trust's order.

14.  The Trust warrants that the performance by Northern of its duties in accordance with this agreement will not cause Northern to violate any applicable law, and that applicable law imposes no duties beyond those expressly assumed by Northern under this agreement.

15.  Northern shall receive such reasonable compensation for its services as agreed upon from time to time between it and the Trust. In addition, Northern shall be reimbursed for any expenses (including accounting and legal fees) it reasonably incurs in connection with the Account. Those items of expense and compensation shall be paid from the Account unless otherwise agreed in writing. This paragraph 20 shall survive the termination of this agreement.

16.  Northern shall make distributions from the Account to such persons, in such amounts, at such times and in such manner as the Trust shall from time to time direct in writing. Northern shall not be liable for any distribution made in good faith without actual notice or knowledge of the changed condition or status of the recipient. If any distribution made by Northern is returned unclaimed, it shall notify the Trust and shall dispose of the distribution as the Trust directs. Pursuant to making distributions, Northern may deposit cash in any depository including its own banking department, without any liability for the payment of interest thereon, notwithstanding Northern's receipt of "float" from such uninvested cash.

17.  Northern shall have no duty to file any tax information, reports, returns or other filings of any kind except where it is directed by the Trust and consents in writing to do so.

18.  The provisions of the law of New York shall govern the validity, interpretation and enforcement of this agreement. The invalidity of any part of this agreement shall not affect the remaining parts hereof. This agreement may be modified at any time by a writing signed by the parties hereto.

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19.  Any action required to be taken by the Trust shall be by the written direction of one or more person or persons as shall be authorized by the Trust and as identified in a certificate signed by the of the Trust, which certificate shall be on file with Northern. Northern may conclusively rely on a direction which it believes in good faith is from a person or persons identified as provided above until further written notice from the Managing Operator. Northern shall incur no liability to the Managing Operator, the Trust or the Account for acting on any instruction, direction or other communication on which Northern is authorized to rely pursuant to this agreement, or for any delay in delivery or non-delivery or error in transmission.

Notices to the Trust shall be sent to:

Thomas P. Lloyd &

Gregory T. Donovan

Campbell & Company, Inc.

2850 Quarry Lake Drive

Baltimore, MD 21209

20.  Notwithstanding any other provision of this agreement, instructions, directions and other communications provided under this agreement may be given to Northern by letter, telex, SWIFT or other electronic or electro-mechanical means deemed acceptable by Northern, including the use of Northern's Northern Trust Passport® applications, subject to such additional terms and conditions as Northern may require. In its sole discretion, Northern may, but shall not be required to, accept instructions, directions or other communications given to Northern by telephone. Any instructions, directions or other communications given to Northern by telephone shall promptly thereafter be confirmed in writing, but Northern will incur no liability for the Trust's failure, or the failure of an investment manager, to send such written confirmation or for the failure of any such written confirmation to conform to the telephonic instruction received by Northern.

21.  Northern shall incur no liability to the Trust, or the Account (i) for any indirect, incidental, consequential, special, exemplary or punitive damages, whether or not Northern knew of the likelihood of such damages, or (ii) for any delay in performance, or non-performance, of any obligation hereunder to the extent that the same is due to forces beyond Northern's reasonable control, including but not limited to delays, errors or interruptions caused by the Trust or third parties, any industrial, juridical, governmental, civil or military action, acts of terrorism, insurrection or revolution, nuclear fusion, fission or radiation, failure or fluctuation in electrical power, heat, light, air conditioning or telecommunications equipment, or acts of God.

22.  The Trust may engage Northern or any of Northern's affiliates, as the Trust's agent, to provide transition or liquidation services in connection with the removal of an investment manager, or for any other reason, pursuant to a separate written agreement between the Trust and Northern or any of Northern's affiliates. The Trust may engage Northern Trust Securities, Inc., or any other of Northern's affiliates, as a commission recapture provider.

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IN WITNESS WHEREOF, the Trust and Northern have each executed this agreement by their respective duly authorized officers, effective as of the day and year first above written.

CAMPBELL FUND TRUST by Campbell & Company, Inc., its Managing Operator
By:	/s/ Gregory T. Donovan
	Gregory T. Donovan
	Its: Chief Financial Officer
By:	/s/ Theresa D. Becks
	Theresa D. Becks
	Its: President & CEO

The undersigned, Thomas P. Lloyd , does hereby certify that he/she is the duly elected, qualified and acting General Counsel of Campbell & Company, Inc., the General Partner (the “General Partner”) of Campbell Strategic Allocation Fund L.P. (the “Partnership”) and further certifies that the signatures that appear above are of duly elected, qualified and acting officers of the General Partner with full power and authority to execute this Master Custody Agreement on behalf of the Partnership and the General Partner and to take such other actions and execute such other documents as may be necessary to effectuate this agreement.

/s/ Thomas P. Lloyd
General Counsel
THE NORTHERN TRUST COMPANY
By:	/s/ Ryan Burns
	Ryan Burns
	Its: Vice President

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EX-10.04

EXHIBIT 10.04

INVESTMENT ADVISORY AGREEMENT

Dated: December 22, 2010

Between:

Horizon Cash Management L.L.C. (“Horizon”)

and

Campbell Fund Trust (the “Client”)

Horizon and the Client hereby agree as follows:

     1. Investment Advisory Services; Discretionary Authority. The Client hereby agrees to open a trust account and deposit funds with the Custodian referred to in Paragraph 2, such funds will be used to purchase securities and other obligations consistent with the investment objectives and guidelines contained in Appendix 1 hereto. Horizon shall have the sole power and discretion with respect to the purchase of any such securities or obligations and with respect to the authorization and execution of transactions for the account of the Client within the classifications of securities or obligations and pursuant to the investment objectives and guidelines contained in Appendix 1 hereto until Horizon receives written notice of termination from the Client.

     2. Custody. All funds and securities in the Client’s account will be held by The Northern Trust Company, as custodian (the “Custodian”), pursuant to a Custody Agreement, a copy of which has been provided to Horizon, unless the Client designates a different custodian and provides Horizon with a limited power of attorney and a copy of the relevant Custody Agreement.

     3. Ownership. Horizon shall neither own nor have any interest in securities or funds deposited into the account of the Client under this Agreement. All funds and securities deposited and held at the Custodian shall be held for the benefit of the Client and shall be the property of the Client and not Horizon.

     4. Investment Objectives. Horizon will be available to consult with the Client with respect to the investment objectives and needs of the Client.

     5. Non-Exclusivity. The Client understands and agrees that nothing herein shall restrict the ability of Horizon or any of its principals, employees or affiliates to engage in any transactions for its (or their) own account and for the account of others. The performance of such services for others shall not be deemed to violate or give rise to any duty or obligation to the Client.

     6. Allocation. Horizon will act in a fair and reasonable manner in allocating suitable investments among the Client’s account and all other accounts advised by Horizon or

1

any of its affiliates, but the Client acknowledges that equality of treatment cannot be assured in all situations.

     7. Management Fee. The Client agrees to pay Horizon an annualized fee based on the percentage of the principal amount of the Client’s assets under management by Horizon, computed and accrued on the daily balance maintained in the account by the Client. The percentage is determined by the following scale:

Assets Under Management	Tiered Management Fee
First $200,000,000		___	%
Next $100,000,000		___	%
Next $200,000,000		___	%
Next $500,000,000		___	%
Anything Over $1,000,000,000		___	%

Horizon shall send to the Client on a monthly basis an invoice which shows the amount of the management fee, the principal amount of assets on which such fee was based and the specific manner in which the fee was calculated. The Client reserves the right to use the average daily market value provided by the Custodian to confirm the accuracy of Horizon’s fees and may be used as the final determinant of payment amount. The invoice is payable within 10 business days of receipt and the Client will notify Horizon within five business days after receipt of the statement of any objections or exceptions.

     8. Other Fees and Expenses. Custodial fees and related securities transaction fees will be paid directly by the Client.

     9. Withdrawals; Pledges; Hypothecation. It is understood and agreed that the Client shall be able to withdraw all or any part of the funds on deposit with the Custodian or add additional funds thereto upon notice to Horizon, subject to the specific notice guidelines established by Horizon as may be in effect from time to time. Horizon is authorized to receive and act upon instructions from the persons named in Appendix 2 hereto as authorized representatives of the Client (“Authorized Representatives”) which Horizon, in good faith, believes to have been provided by such persons. The Client may add or delete Authorized Representatives upon written notice to Horizon. The Client retains the right to pledge or hypothecate the assets subject to the receipt by Horizon of a notification agreement satisfactory to Horizon.

    10. Reports and Other Documentation. Horizon shall furnish the Client daily and monthly reports described in Horizon’s Form ADV, Part II and such other reports as are agreed to between Horizon and the Client. The Client understands and agrees that, given the relatively short-term nature of the securities utilized by Horizon, Horizon’s reports to the Client will list securities held by the Client at cost plus accrued interest rather than market value. The Client

2

acknowledges that market values of fixed-income securities fluctuate with changes in interest rates and thus that market value may be higher or lower from time to time than the cost plus accrued interest reported by Horizon. Horizon will furnish to the Client the market value of any security held in the Client’s account upon reasonable request. The Client hereby revocably waives the receipt of all documents such as prospectuses, periodic shareholder reports, proxy materials, and any other information and disclosure relating to the securities held in the Client’s account which may be required to be delivered to the Client by applicable laws or regulations, and authorizes Horizon and/or the Custodian to receive such documents on behalf of the Client.. Furthermore, the Client hereby revocably waives receipt of individual transaction confirmations and authorizes and directs Horizon to instruct all brokers and dealers executing orders for the Client to forward confirmations of those transactions to Horizon and/or the Custodian. The Client will rely on periodic reports from Horizon to keep informed of the status of the Client’s account. If the Client wishes, the Client may revoke or modify this decision at any time by providing written notice to Horizon. Following such notice, Horizon will instruct the brokers and dealers executing orders for the Client’s account to send the Client individual transaction confirmations and such other information required by the Client.

     11. Risk; No Assurance of Profits. The Client shall bear all risk of gain or loss in its account. No assurance can be given that Horizon’s advice will result in profits for the Client or that the Client will not incur losses.

     12. Limitation of Liability. Except as a direct result of Horizon’s negligence, malfeasance or violation of this agreement or applicable law, neither Horizon nor any of its principals, employees, agents or affiliates shall be liable to the Client for any loss, cost, damage, expense, fine or penalty occasioned by any act or omission or error of judgment of Horizon or any of its principals, employees, agents or affiliates in connection with the performance of services hereunder. Furthermore, Horizon shall neither be responsible for delays in the transmission nor execution of instructions due to breakdown or failure of transmission or communication facilities, or to any other cause of causes beyond its reasonable control or anticipation. Horizon shall not be responsible for any loss, damage, expense or claim arising from any act of omission of the Custodian (or any replacement custodian) or any broker, dealer or bank in connection herewith chosen in a commercially reasonable manner. Notwithstanding the foregoing, the federal securities laws impose liabilities under certain circumstances on persons who act in good faith and nothing herein shall in any way constitute a waiver or limitation of any rights which the Client might have under any federal securities laws.

     13. Indemnification. The Client shall indemnify and hold harmless Horizon and its principals, employees, agents and affiliates against all losses, costs, damages, expenses (including attorneys’ fees), fines or penalties (“Losses”) arising out of or relating to this Agreement or the services performed hereunder, unless such Losses directly arise out of or result from negligence, malfeasance or a violation of this agreement or applicable law on the part of Horizon or its principals, employees, agents or affiliates.

     14. Independent Contractor. For all purposes of this Agreement, Horizon shall be an independent contractor and not an employee or dependent agent of the Client; nor shall

3

anything herein be construed as making the Client a partner or co-venturer with Horizon or any of its other clients. Except as provided in this Agreement, Horizon shall not have any authority to bind, obligate or represent the Client.

     15. Ownership of Advice; Confidentiality. All investment advice furnished by Horizon to the Client or for the Client’s benefit shall remain property of Horizon, shall be treated as confidential by the Client and shall not be used by the Client or disclosed to third parties, except as required in connection with the operation of the Client’s account or as required by law or by demand of any regulatory or self-regulatory authority.

     16. Termination. The Agreement may be terminated by either party upon thirty (30) days prior written notice to the other party.

     17. Representations. Each party hereby represents that it is duly authorized and empowered to execute, deliver and perform this Agreement, that such action does not conflict with or violate any provision of law, rule or regulation, contract, deed of trust or other instrument to which it is a party or to which any of its property is subject, and that this Agreement is its valid and binding obligation enforceable in accordance with its terms. The Client shall provide to Horizon, upon request, satisfactory evidence of its authority to enter into this Agreement and the signatory’s authority to execute this Agreement on the Client’s behalf.

     18. Additional Representations of the Client. The Client represents that it has such financial resources and investment experience and knowledge in financial, investment and business matters that it is capable of evaluating the risks and merits of participating in Horizon’s investment program. The Client represents that it understands the nature and risks of Horizon’s investment approach, is satisfied that it has received adequate information and opportunities to ask questions of and receive clarification from Horizon on all matters it considers material to its engagement of Horizon and has relied solely on Horizon’s Form ADV Part II and independent investigation made by it in determining to engage Horizon. The Client further represents that investment objectives and guidelines contained in Appendix 1 are in accordance with applicable law, the Client’s constitutional documents, and all applicable restrictions on the Client.

     19. Receipt of Form ADV, Part II. The Client acknowledges receipt of Horizon’s current Form ADV, Part II at least 48 hours prior to entering into this Agreement.

     20. Authorization. The Client hereby agrees to execute and authorizes Horizon to execute any documents, including but not limited to repurchase agreements, broker/dealer account agreements, limited powers of attorney and account agreements with the Custodian (or any replacement custodian), which are deemed by Horizon to be necessary for the consummation of the transactions contemplated herein.

     21. Disclosures Regarding Horizon. Attached hereto as Appendix 3 is disclosure regarding Horizon which has been approved for use in the Client’s offering memoranda, listing particulars and similar marketing materials. The Client agrees not to make any disclosures regarding Horizon that are materially different from or inconsistent with the

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disclosures in Appendix 3 without the prior written approval of Horizon. The Client acknowledges that Horizon shall not be liable for any disclosures made by the Client other than those set forth in Appendix 3 or otherwise approved in writing in advance of use by the Client.

     22. Notices. Any communications or notices provided for in this Agreement shall be sent in writing to a party at the following address or such other address as notified in writing by such party: in the case of Horizon, Horizon Cash Management L.L.C., 325 West Huron, Suite 808, Chicago, Illinois 60610, Attention: Pauline Modjeski, Facsimile No.: 312/335-8501; and in the case of the Client, the address set forth in Appendix 2. All communications or notices sent to such addresses or telecommunication numbers (or as otherwise directed by the parties by notice hereunder) shall be effective upon receipt.

     23. Scope; Assignment. The provisions of this Agreement shall be continuous and shall cover individually and collectively all accounts which the Client now maintains or may in the future open or reopen with Horizon, and shall inure to the benefit of Horizon and its successors and assigns and shall be binding upon the Client and the estate, executors, administrators, successors and assigns of the Client; provided, however, that no assignment (as that term is defined in Section 202(a)(1) of the Investment Advisers Act of 1940) of this Agreement shall be made by Horizon without the consent of the Client.

     24. Force Majeure. Neither party shall be liable for any delay or failure to perform its obligations hereunder if such delay or failure is caused by an unforeseeable event beyond the reasonable control of a party.

     25. Amendment; Waiver. Except as otherwise expressly provided herein, this Agreement shall not be amended, nor shall any provision of this Agreement be considered modified or waived, unless evidenced in writing signed by the party to be charged with such amendment, waiver or modification. A waiver on one occasion will not be deemed to be a waiver of the same or any other breach on a future occasion.

     26. Governing Law. The provisions of this Agreement shall in all respects be construed according to, and the rights and liabilities of the parties hereto shall in all respects be governed by, the laws of the State of Illinois.

     27. Entire Agreement. This Agreement, together with the Appendices hereto, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior communications, agreements, understandings, representations, and warranties, whether oral or written, between the parties hereto with respect to the subject matter hereof.

     28. Severability. Each provision of this Agreement is intended to be severable from the others so that if any provision or term hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remaining provisions and terms hereof.

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     29. Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

     30. Captions. The captions of this Agreement are for convenience and ease of reference only and in no way define, describe, extend, or limit the scope of this Agreement or the intent of any of its provisions.

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized officers as of the date first set forth above.

HORIZON CASH MANAGEMENT L.L.C.		CAMPBELL FUND TRUST by Campbell & Company, Inc., its Managing Operator
By:	/s/ Jennifer Wenthen	By:	/s/ Thomas P. Lloyd
	Jennifer Wenthen		Thomas P. Lloyd
	Title: President		Title:  General Counsel
		By:	/s/ Gregory T. Donovan
			Gregory T. Donovan
			Title: Chief Financial Officer

 6

EX-31.01

EXHIBIT 31.01

CERTIFICATION

I, Theresa D. Becks, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of the Trust;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
		(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
		(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
		(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
		(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
		(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  August 15, 2011
	By:	/s/ Theresa D. Becks
		Theresa D. Becks
		Chief Executive Officer Campbell & Company, Inc. Managing Operator The Campbell Fund Trust

2

EX-31.02

EXHIBIT 31.02

CERTIFICATION

I, Gregory T. Donovan, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of the Trust;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
		(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
		(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
		(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

1

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
		a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
		(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  August 15, 2011
	By:	/s/ Gregory T. Donovan
		Gregory T. Donovan
		Chief Financial Officer Campbell & Company, Inc. Managing Operator The Campbell Fund Trust

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EX-32.01

EXHIBIT 32.01

CERTIFICATION BY CHIEF EXECUTIVE OFFICER

I, Theresa D. Becks, certify that (i) the Form 10Q for the quarter ended June 30, 2011 of The Campbell Fund Trust fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Form 10Q for the quarter ended June 30, 2011 fairly presents, in all material respects, the financial condition and results of operations of The Campbell Fund Trust.

Date:  August 15, 2011	THE CAMPBELL FUND TRUST By:  Campbell & Company, Inc., Managing Operator
	By:	/s/ Theresa D. Becks
		Theresa D. Becks
		Chief Executive Officer

EX-32.02

EXHIBIT 32.02

CERTIFICATION BY CHIEF FINANCIAL OFFICER

I, Gregory T. Donovan, certify that (i) the Form 10Q for the quarter ended June 30, 2011 of The Campbell Fund Trust fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Form 10Q for the quarter ended June 30, 2011 fairly presents, in all material respects, the financial condition and results of operations of The Campbell Fund Trust.

Date:  August 15, 2011	THE CAMPBELL FUND TRUST By:  Campbell & Company, Inc., Managing Operator
	By:	/s/ Gregory T. Donovan
		Gregory T. Donovan
		Chief Financial Officer

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STATEMENTS OF FINANCIAL CONDITION (Unaudited) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Equity in broker trading accounts
Cash	$ 39,026,557	$ 43,929,635
Restricted cash	47,781,505	0
Fixed income securities (cost $ 0 and $49,998,833, respectively)	0	49,998,833
Net unrealized gain (loss) on open futures contracts	(6,886,281)	4,525,677
Total equity in broker trading accounts	79,921,781	98,454,145
Cash and cash equivalents	10,450,780	15,906,463
Fixed income securities (cost $279,380,201 and $232,716,004, respectively)	279,537,277	232,889,653
Options purchased, at fair value (premiums paid - $684,796 and $1,091,379, respectively)	892,831	1,500,007
Net unrealized gain (loss) on open forward currency contracts	(593,171)	5,148,027
Interest receivable	401,390	81,415
Subscriptions receivable	103,808	327,332
Total assets	370,714,696	354,307,042
LIABILITIES
Accounts payable	93,582	116,724
Management fee	1,145,492	1,142,475
Service fee	6,192	4,423
Options written, at fair value (premiums received - $344,789 and $237,756, respectively)	345,594	693,506
Payable for securities purchased	9,998,364	0
Accrued commissions and other trading fees on open contracts	62,323	47,113
Performance fee payable	0	381,483
Offering costs payable	47,996	32,432
Subscription deposits	2,405,000	0
Redemptions payable	2,158,538	5,439,258
Total liabilities	16,263,081	7,857,414
UNITHOLDERS' CAPITAL (Net Asset Value)
Total unitholders' capital (Net Asset Value)	354,451,615	346,449,628
Total liabilities and unitholders' capital (Net Asset Value)	370,714,696	354,307,042
Series A Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders	105,671,236	71,343,164
Series B Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Managing Operator	51,116	54,087
Other Unitholders	233,130,649	263,905,408
Series W Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders	$ 15,598,614	$ 11,146,969

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STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) (USD $)	Jun. 30, 2011	Dec. 31, 2010
ASSETS
Fixed income securities, cost	$ 0	$ 49,998,833
Fixed income securities, cost	279,380,201	232,716,004
Options purchased, premiums paid	684,796	1,091,379
LIABILITIES
Options written, premiums received	$ 344,789	$ 237,756
Series A Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders, outstanding (in units)	42,858.380	27,273.338
Series B Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Managing Operator, outstanding (in units)	20.360	20.360
Other Unitholders, outstanding (in units)	92,859.585	99,342.853
Series W Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders, outstanding (in units)	6,129.283	4,160.119

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Document And Entity Information	6 Months Ended
	Jun. 30, 2011
Entity Registrant Name	CAMPBELL FUND TRUST
Entity Central Index Key	0001043951
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011

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TRUSTEE

6 Months Ended

Jun. 30, 2011

TRUSTEE [Abstract]

TRUSTEE

Note 3. TRUSTEE

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

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TRADING ACTIVITIES AND RELATED RISKS

6 Months Ended

Jun. 30, 2011

TRADING ACTIVITIES AND RELATED RISKS [Abstract]

TRADING ACTIVITIES AND RELATED RISKS

Note 8. TRADING ACTIVITIES AND RELATED RISKS

The Trust engages in the speculative trading of U.S. and foreign futures contracts, forward currency contracts and options on forward currency contracts (collectively, “derivatives”). Specifically, the Fund trades a portfolio focused on financial futures, which are instruments designed to hedge or speculate on changes in interest rates, currency exchange rates or stock index values, as well as metals, energy and agricultural values. The Trust is exposed to both market risk, the risk arising from changes in the fair value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract. The market sensitive instruments held by the Trust 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.

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 funds available. It is possible that the recovered amount could be less than total cash and other property deposited.

The amount of required margin and good faith deposits with the broker and interbank market makers usually range from 10% to 30% of Net Asset Value. The market value of securities held to satisfy such requirements at June 30, 2011 and December 31, 2010 was $30,999,769 and $61,998,650, respectively, which equals 9% and 18% of Net Asset Value, respectively. The cash deposited with interbank market makers at June 30, 2011 and December 31, 2010 was $1,404,874 and $15,795,395, respectively, which equals 0% and 5% 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, 2011 and December 31, 2010 was restricted cash for margin requirements of $47,781,505 and $0 respectively, which equals 13% and 0% 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 fair value of the contracts. Market movements result in frequent changes in the fair 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 fair 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. Theoretically, the Trust is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short. As both a buyer and seller of options, the Trust pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Trust to potentially unlimited liability, and purchased options expose the Trust to a risk of loss limited to the premiums paid. See Note 1. C. for an explanation of how the Trust determines its valuation for derivatives as well as the netting of derivatives.

The Trust has adopted the provisions of ASC 815, “Derivatives and Hedging.” ASC 815 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, 2011 and December 31, 2010 is as follows:

		Asset	Liability
		Derivatives at	Derivatives at
	Statement of Financial	June 30, 2011	June 30, 2011
Type of Instrument *	Condition Location	Fair Value	Fair Value	Net

Agricultural Contracts	Equity in broker trading accounts	$	1,121,679	$	(894,155	)	$	227,524
Energy Contracts	Equity in broker trading accounts		394,233		(539,280	)		(145,047	)
Metal Contracts	Equity in broker trading accounts		1,150,523		(3,018,393	)		(1,867,870	)
Stock Indices Contracts	Equity in broker trading accounts		3,029,616		(819,947	)		2,209,669
Short-Term Interest Rate Contracts	Equity in broker trading accounts		21,515		(1,628,211	)		(1,606,696	)
Long-Term Interest Rate Contracts	Equity in broker trading accounts		0		(5,703,861	)		(5,703,861	)
Forward Currency Contracts	Net unrealized gain (loss) on forward currency contracts		17,494,838		(18,088,009	)		(593,171	)
Purchased Options on Forward Currency	Options purchased, at fair value		892,831		0			892,831
Contracts
Written Options on Forward Currency	Options written, at fair value		0		(345,594	)		(345,594	)
Contracts
Totals		$	24,105,235	$	(31,037,450	)	$	(6,932,215	)

* Derivatives not designated as hedging instruments under ASC 815

		Asset	Liability
		Derivatives at	Derivatives at
	Statement of Financial	December 31, 2010	December 31, 2010
Type of Instrument *	Condition Location	Fair Value	Fair Value	Net

Agricultural Contracts	Equity in broker trading accounts	$	2,324,406	$	(112,725	)	$	2,211,681
Energy Contracts	Equity in broker trading accounts		980,008		(475,769	)		504,239
Metal Contracts	Equity in broker trading accounts		2,599,694		(591,961	)		2,007,733
Stock Indices Contracts	Equity in broker trading accounts		902,423		(893,206	)		9,217
Short-Term Interest Rate Contracts	Equity in broker trading accounts		416,741		(25,323	)		391,418
Long-Term Interest Rate Contracts	Equity in broker trading accounts		99,846		(698,457	)		(598,611	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		27,837,667		(22,689,640	)		5,148,027
Purchased Options on Forward Currency Contracts	Options purchased, at fair value		1,500,007		0			1,500,007
Written Options on Forward Currency Contracts	Options written, at fair value		0		(693,506	)		(693,506	)
Totals		$	36,660,792	$	(26,180,587	)	$	10,480,205

* Derivatives not designated as hedging instruments under ASC 815

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, 2011 and 2010 is as follows:

	Trading Revenue for	Trading Revenue for
	the Three Months Ended	the Three Months Ended
Type of Instrument	June 30, 2011	June 30, 2010

Agricultural Contracts	$	(4,535,677	)	$	(666,526	)
Energy Contracts		(6,000,013	)		(10,268,529	)
Metal Contracts		(2,809,366	)		(2,200,839	)
Stock Indices Contracts		(5,032,937	)		(14,729,772	)
Short-Term Interest Rate Contracts		(4,137,551	)		9,927,811
Long Term Interest Rate Contracts		14,377,359			19,187,489
Forward Currency Contracts		12,448,999			(263,468	)
Purchased Options on Forward Currency Contracts		(4,673,094	)		(2,535,341	)
Written Options on Forward Currency Contracts		2,355,395			2,460,915
Total	$	1,993,115		$	911,740

	Trading Revenue for	Trading Revenue for
	the Six Months Ended	the Six Months Ended
Type of Instrument	June 30, 2011	June 30, 2010

Agricultural Contracts	$	(4,663,456	)	$	(538,193	)
Energy Contracts		928,809			(12,993,440	)
Metal Contracts		(4,317,949	)		(5,065,153	)
Stock Indices Contracts		(12,174,784	)		(22,049,891	)
Short-Term Interest Rate Contracts		(8,076,204	)		20,604,910
Long Term Interest Rate Contracts		11,975,478			14,282,206
Forward Currency Contracts		8,962,375			(1,392,254	)
Purchased Options on Forward Currency Contracts		(9,358,996	)		(6,402,836	)
Written Options on Forward Currency Contracts		4,162,265			4,585,006
Total	$	(12,562,462	)	$	(8,969,645	)

Line Item in the Statement of Operations	Trading Revenue for the Three Months Ended June 30, 2011			Trading Revenue for the Three Months Ended June 30, 2010
Futures trading gains (losses):
Realized	$	(173,299	)	$	4,705,554
Change in unrealized		(7,963,308	)		(3,455,920	)
Forward currency and options on forward currency trading gains (losses):
Realized		8,318,229			3,683,543
Change in unrealized		1,811,493			(4,021,437	)
Total	$	1,993,115		$	911,740
Line Item in the Statement of Operations	Trading Revenue for the Six Months Ended June 30, 2011			Trading Revenue for the Six Months Ended June 30, 2010
Futures trading gains (losses):
Realized	$	(4,916,148	)	$	(10,758,994	)
Change in unrealized		(11,411,958	)		4,999,433
Forward currency and options on forward currency trading gains (losses):
Realized		9,252,490			(2,649,739	)
Change in unrealized		(5,486,846	)		(560,345	)

Total $ (12,562,462 )  $ (8,969,645 ) 

For the three months ended June 30, 2011 and 2010, the monthly average of futures contracts bought and sold was approximately 26,300 and 27,200 respectively, and the monthly average of notional value of forward currency and options on forward currency contracts was $4,171,800,000 and $2,353,100,000 respectively.

For the six months ended June 30, 2011 and 2010, the monthly average of futures contracts bought and sold was approximately 22,500 and 28,200 respectively, and the monthly average of notional value of forward currency and options on forward currency contracts was $3,793,600,000 and $2,491,400,000 respectively.

Open contracts generally mature within twelve months; as of June 30, 2011, the latest maturity date for open futures contracts is September 2012, the latest maturity date for open forward currency contracts is September 2011, and the latest expiry date for options on forward currency contracts is July 2011. However, the Trust intends to close all futures and foreign currency contracts prior to maturity.

Campbell & Company has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. Campbell & Company's basic market risk control procedures consist of continuously monitoring open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30%. Campbell & Company's attempt to manage the risk of the Trust's open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per “risk unit” of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as reducing position sizes dynamically in response to trading losses. 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.

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STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL EQUITY (NET ASSET VALUE) (Parenthetical) (USD $)	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2010	Dec. 31, 2009
Series B [Member]
Net Asset Value per Unitholders' Unit (in dollars per unit)	$ 2,510.57	$ 2,656.51	$ 2,272.87	$ 2,379.80
Series A [Member]
Net Asset Value per Unitholders' Unit (in dollars per unit)	$ 2,465.59	$ 2,615.86	$ 2,253.12	$ 2,365.04
Series W [Member]
Net Asset Value per Unitholders' Unit (in dollars per unit)	$ 2,544.93	$ 2,679.48	$ 2,303.59	$ 2,399.89

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SERVICE FEE

6 Months Ended

Jun. 30, 2011

SERVICE FEE [Abstract]

SERVICE FEE

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.

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INTERIM FINANCIAL STATEMENTS

6 Months Ended

Jun. 30, 2011

INTERIM FINANCIAL STATEMENTS [Abstract]

INTERIM FINANCIAL STATEMENTS

Note 10. INTERIM FINANCIAL STATEMENTS

The statements of financial condition, including the condensed schedules of investments, as of June 30, 2011 and December 31, 2010, the statements of operations and financial highlights for the three months and six months ended June 30, 2011 and 2010, and the statements of cash flows and changes in unitholders' capital (Net Asset Value) for the six months ended June 30, 2011 and 2010 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, 2011, and the results of operations and financial highlights for the three months and six months ended June 30, 2011 and 2010, and cash flows and changes in unitholders' capital (Net Asset Value) for the six months ended June 30, 2011 and 2010.

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DEPOSITS WITH BROKER

6 Months Ended

Jun. 30, 2011

DEPOSITS WITH BROKER [Abstract]

DEPOSITS WITH BROKER

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.

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CASH MANAGER AND CUSTODIAN

6 Months Ended

Jun. 30, 2011

CASH MANAGER AND CUSTODIAN [Abstract]

CASH MANAGER AND CUSTODIAN

Note 4. CASH MANAGER AND CUSTODIAN

The Trust appointed Wilmington Trust Investment Management LLC, a wholly owned subsidiary of Wilmington Trust Corporation, as cash manager under the Non-Custody Investment Advisory Agreement dated July 8, 2009. The Trust appointed Horizon Cash Management LLC as cash manager under the Investment Advisory Agreement dated December 22, 2010 to manage and control the liquid assets of the Trust. Both cash managers are registered as investment advisers with the Securities and Exchange Commission of the United States under the Investment Advisers Act of 1940. The Trust has terminated the Non-Custody Investment Advisory Agreement appointing Wilmington Trust Investment Management LLC as cash manager, effective December 31, 2010.

The Trust opened a custodial account at The Northern Trust Company (the custodian) and has granted the cash manager authority to make certain investments on behalf of the Trust provided such investments are consistent with the investment guidelines created by the managing operator. All securities purchased by the cash manager on behalf of the Trust will be held in its custody account at the custodian. The cash manager will have no beneficial or other interest in the securities and cash in such custody account.

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STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from (for) operating activities
Net income (loss)	$ (19,891,702)	$ (16,051,871)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized	16,915,381	(4,311,679)
(Increase) decrease in restricted cash	(47,781,505)	20,357,745
(Increase) decrease in option premiums paid	406,583	680,308
Increase (decrease) in option premiums received	107,033	87,920
Increase (decrease) in payable for securities purchased	9,998,364	0
(Increase) decrease in interest receivable	(319,975)	17,312
Increase (decrease) in accounts payable and accrued expenses	(384,629)	(165,555)
Purchases of investments in fixed income securities	(7,485,927,022)	(3,401,617,537)
Sales/maturities of investments in fixed income securities	7,489,261,654	3,449,622,160
Net cash from (for) operating activities	(37,615,818)	48,618,803
Cash flows from (for) financing activities
Addition of Units	47,551,154	24,901,221
Increase (decrease) in subscription deposits	2,405,000	0
Redemption of units	(22,466,318)	(61,736,004)
Offering costs paid	(232,779)	(85,389)
Net cash from (for) financing activities	27,257,057	(36,920,172)
Net increase (decrease) in cash and cash equivalents	(10,358,761)	11,698,631
Cash and cash equivalents
Beginning of period	59,836,098	27,012,256
End of period	49,477,337	38,710,887
End of period cash and cash equivalents consists of:
Cash in broker trading accounts	39,026,557	28,752,944
Cash and cash equivalents	10,450,780	9,957,943
Total end of period cash and cash equivalents	$ 49,477,337	$ 38,710,887

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FINANCIAL HIGHLIGHTS (Unaudited)

6 Months Ended

Jun. 30, 2011

FINANCIAL HIGHLIGHTS (Unaudited) [Abstract]

FINANCIAL HIGHLIGHTS (Unaudited)

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

For the Three Months and Six Months Ended June 30, 2011 and 2010

(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, 2011 and 2010. This information has been derived from information presented in the unaudited financial statements.

	Series A
	Three Months Ended June 30,		Six Months Ended June 30,
	2011	2010	2011	2010
Per Unit Performance (for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	2,480.48		$	2,275.84		$	2,615.86		$	2,365.04
Income (loss) from operations:
Total net trading gains (losses) (1)		12.81			2.79			(95.01	)		(61.67	)
Net investment income (loss) (1)		(24.49	)		(22.65	)		(48.83	)		(44.57	)
Total net income (loss) from operations		(11.68	)		(19.86	)		(143.84	)		(106.24	)
Offering costs (1)		(3.21	)		(2.86	)		(6.43	)		(5.68	)
Net asset value per unit at end of period	$	2,465.59		$	2,253.12		$	2,465.59		$	2,253.12
Total Return (3)		(0.60	)%		(1.00	)%		(5.74	)%		(4.73	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (4)		4.04	%		4.15	%		3.97	%		4.14	%
Performance fee (3)		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		4.04	%		4.15	%		3.97	%		4.14	%
Net investment income (loss) (2), (4)		(3.78	)%		(3.95	)%		(3.69	)%		(3.92	)%

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 are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
(2)	Excludes performance fee.
(3)	Not annualized
(4)	Annualized

	Series B
	Three Months Ended June 30,		Six Months Ended June 30,
	2011	2010	2011	2010
Per Unit Performance (for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	2,522.45		$	2,292.92		$	2,656.51		$	2,379.80
Income (loss) from operations:
Total net trading gains (losses) (1)		13.03			2.87			(96.30	)		(62.23	)
Net investment income (loss) (1)		(24.91	)		(22.92	)		(49.64	)		(44.70	)
Total net income (loss) from operations		(11.88	)		(20.05	)		(145.94	)		(106.93	)
Net asset value per unit at end of period	$	2,510.57		$	2,272.87		$	2,510.57		$	2,272.87
Total Return (3)		(0.47	)%		(0.87	)%		(5.49	)%		(4.49	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (4)		4.15	%		4.21	%		4.11	%		4.18	%
Performance fee (3)		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		4.15	%		4.21	%		4.11	%		4.18	%
Net investment income (loss) (2), (4)		(3.87	)%		(4.01	)%		(3.81	)%		(3.95	)%

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 are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
(2)	Excludes performance fee.
(3)	Not annualized
(4)	Annualized

	Series W
	Three Months Ended June 30,		Six Months Ended June 30,
	2011	2010	2011	2010
Per Unit Performance (for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	2,550.82		$	2,318.09		$	2,679.48		$	2,399.89
Income (loss) from operations:
Total net trading gains (losses) (1)		12.72			2.76			(97.58	)		(62.33	)
Net investment income (loss) (1)		(15.30	)		(14.34	)		(30.35	)		(28.18	)
Total net income (loss) from operations		(2.58	)		(11.58	)		(127.93	)		(90.51	)
Offering costs (1)		(3.31	)		(2.92	)		(6.62	)		(5.79	)
Net asset value per unit at end of period	$	2,544.93		$	2,303.59		$	2,544.93		$	2,303.59
Total Return (3)		(0.23	)%		(0.63	)%		(5.02	)%		(4.01	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (4)		2.57	%		2.66	%		2.53	%		2.65	%
Performance fee (3)		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		2.57	%		2.66	%		2.53	%		2.65	%
Net investment income (loss) (2),(4)		(2.31	)%		(2.45	)%		(2.24	)%		(2.43	)%

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 are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
(2)	Excludes performance fee.
(3)	Not annualized
(4)	Annualized

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2011

INTERIM FINANCIAL STATEMENTS [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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. Series A and Series W commenced trading on October 1, 2008 and March 1, 2009, respectively. The initial minimum subscription for Series A units and Series W units is $25,000. Series B units are only available for additional investments by existing holders of Series B units. See Note 1F, Note 1H, Note 2 and Note 5 for an explanation of allocations and Series specific charges.
B.	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 the 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 follows the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
	ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
	Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The value of the Trust's exchange-traded futures contracts fall into this category.
	Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. This category includes forward currency contracts and options on forward currency contracts that the Trust values using models or other valuation methodologies derived from observable market data. This category also includes fixed income investments.

Level 3 inputs are unobservable inputs for an asset or liability (including the Trust's own assumptions used in determining the fair value of investments). Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of and for the period ended June 30, 2011, 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 were adopted as of January 1, 2011. The adoption of the remaining provisions has not had a material impact on the Trust's financial statement disclosures.

The following tables set forth by level within the fair value hierarchy the Trust's investments accounted for at fair value on a recurring basis as of June 30, 2011 and December 31, 2010.

	Fair Value at June 30, 2011
Description	Level 1			Level 2			Level 3		Total
Investments
Fixed income securities	$	0		$	279,537,277		$	0	$	279,537,277
Other Financial Instruments
Exchange-traded futures contracts		(6,886,281	)		0			0		(6,886,281	)
Forward currency contracts		0			(593,171	)		0		(593,171	)
Options purchased		0			892,831			0		892,831
Options written		0			(345,594	)		0		(345,594	)
Total	$	(6,886,281	)	$	279,491,343		$	0	$	272,605,062

	Fair Value at December 31, 2010
Description	Level 1		Level 2			Level 3		Total
Investments
Fixed income securities	$	0	$	282,888,486		$	0	$	282,888,486
Other Financial Instruments
Exchange-traded futures contracts		4,525,677		0			0		4,525,677
Forward currency contracts		0		5,148,027			0		5,148,027
Options purchased		0		1,500,007			0		1,500,007
Options written		0		(693,506	)		0		(693,506	)
Total	$	4,525,677	$	288,843,014		$	0	$	293,368,691

	The gross presentation of the fair value of the Trust's derivatives by instrument type is shown in Note 8. See Condensed Schedule of Investments for additional detail categorization.
D.	Cash and Cash 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 2007 through 2010 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.
	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, 2011 and December 31, 2010, the amount of unreimbursed offering costs incurred by Campbell & Company is $2,754,473 and $2,712,914 for Series A units and $567,402 and $556,411 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.

Recently Issued Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update No. 2011-04 ("ASU 2011-04") to achieve common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards. ASC 2011-04 explains how to measure fair value. Is does not require additional fair value measurements and are not intended to establish valuation standards or affect valuation practices outside of financial reporting. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2011. The impact of this guidance on the Trust's financial statements and disclosures, if any, is currently being assessed.

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INDEMNIFICATIONS

6 Months Ended

Jun. 30, 2011

INDEMNIFICATIONS [Abstract]

INDEMNIFICATIONS

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.

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MANAGING OPERATOR AND COMMODITY TRADING ADVISOR

6 Months Ended

Jun. 30, 2011

MANAGING OPERATOR AND COMMODITY TRADING ADVISOR [Abstract]

MANAGING OPERATOR AND COMMODITY TRADING ADVISOR

Note 2. MANAGING OPERATOR AND COMMODITY TRADING ADVISOR

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

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

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

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STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Futures trading gains (losses)
Realized	$ (210,868)	$ 4,683,781	$ (4,965,615)	$ (10,787,644)
Change in unrealized	(7,963,308)	(3,455,920)	(11,411,958)	4,999,433
Brokerage commissions	(348,204)	(223,358)	(582,788)	(474,219)
Net gain (loss) from futures trading	(8,522,380)	1,004,503	(16,960,361)	(6,262,430)
Forward currency and options on forward currency trading gains (losses)
Realized	8,318,229	3,683,543	9,252,490	(2,649,739)
Change in unrealized	1,811,493	(4,021,437)	(5,486,846)	(560,345)
Brokerage commissions	(52,327)	(20,338)	(84,069)	(42,196)
Net gain (loss) from forward currency and options on forward currency trading	10,077,395	(358,232)	3,681,575	(3,252,280)
Total net trading gain (loss)	1,555,015	646,271	(13,278,786)	(9,514,710)
Investment income
Interest income	299,241	219,863	635,511	484,335
Realized gain (loss) on fixed income securities	960	37,268	5,821	28,101
Change in unrealized gain (loss) on fixed income securities	(8,015)	(97,056)	(16,577)	(127,409)
Total investment income	292,186	160,075	624,755	385,027
Expenses
Management fee	3,541,127	3,248,082	6,954,438	6,658,174
Service fee	18,287	10,382	32,856	17,217
Operating expenses	118,018	129,643	250,377	246,797
Total expenses	3,677,432	3,388,107	7,237,671	6,922,188
Net investment income (loss)	(3,385,246)	(3,228,032)	(6,612,916)	(6,537,161)
NET INCOME (LOSS)	$ (1,830,231)	$ (2,581,761)	$ (19,891,702)	$ (16,051,871)
Series A [Member]
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT (based on weighted average number of units outstanding during the period)
Net income (loss) per unitholders' unit (in dollars per unit)	$ (28.47)	$ (24.59)	$ (159.67)	$ (76.31)
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT
Net asset value per unitholders' unit (in dollars per unit)	$ (14.89)	$ (22.72)	$ (150.27)	$ (111.92)
Series B [Member]
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT (based on weighted average number of units outstanding during the period)
Net income (loss) per unitholders' unit (in dollars per unit)	$ (6.93)	$ (17.52)	$ (142.62)	$ (113.86)
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT
Net asset value per unitholders' unit (in dollars per unit)	$ (11.88)	$ (20.05)	$ (145.94)	$ (106.93)
Series W [Member]
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT (based on weighted average number of units outstanding during the period)
Net income (loss) per unitholders' unit (in dollars per unit)	$ (17.47)	$ (12.07)	$ (136.33)	$ (38.79)
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT
Net asset value per unitholders' unit (in dollars per unit)	$ (5.89)	$ (14.50)	$ (134.55)	$ (96.30)

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STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL EQUITY (NET ASSET VALUE) (USD $)	Total	Series B [Member]	Series B [Member] Managing Operator [Member]	Series B [Member] Other Unitholders [Member]	Series A [Member]	Series W [Member]
Balances at Dec. 31, 2009		$ 336,578,207	$ 48,453	$ 336,529,754	$ 24,189,310	$ 4,550,636
Balances (in units) at Dec. 31, 2009		141,431.505	20.360	141,411.145	10,227.868	1,896.181
Net income (loss)	(16,051,871)	(14,904,803)	(2,177)	(14,902,626)	(1,031,785)	(115,283)
Additions		2,289,676	0	2,289,676	16,135,486	6,586,188
Additions (in units)		1,020.309	0.000	1,020.309	7,175.123	2,865.707
Additions (in units)		1,020.309	0.000	1,020.309	7,175.123	2,865.707
Redemptions		(57,278,853)	0	(57,278,853)	(578,932)	(1,355,824)
Redemptions (in units)		(25,118.241)	0.000	(25,118.241)	(254.623)	(573.429)
Offering costs					(76,774)	(17,217)
Balances at Jun. 30, 2010		266,684,227	46,276	266,637,951	38,637,305	9,648,500
Balances (in units) at Jun. 30, 2010		117,333.573	20.360	117,313.213	17,148.368	4,188.459
Balances at Dec. 31, 2010	346,449,628	263,959,495	54,087	263,905,408	71,343,164	11,146,969
Balances (in units) at Dec. 31, 2010		99,363.213	20.360	99,342.853	27,273.338	4,160.119
Net income (loss)	(19,891,702)	(13,897,393)	(2,971)	(13,864,422)	(5,347,458)	(676,851)
Additions		963,859	0	963,859	40,642,128	5,721,643
Additions (in units)		369.363	0.000	369.363	15,880.788	2,184.383
Additions (in units)		369.363	0.000	369.363	15,880.788	2,184.383
Redemptions		(17,874,196)	0	(17,874,196)	(751,111)	(560,291)
Redemptions (in units)		(6,852.631)	0.000	(6,852.631)	(295.746)	(215.219)
Offering costs					(215,487)	(32,856)
Balances at Jun. 30, 2011	$ 354,451,615	$ 233,181,765	$ 51,116	$ 233,130,649	$ 105,671,236	$ 15,598,614
Balances (in units) at Jun. 30, 2011		92,879.945	20.360	92,859.585	42,858.380	6,129.283

XML



SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

6 Months Ended

Jun. 30, 2011

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS [Abstract]

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

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. For the six months ended June 30, 2011 and 2010, Campbell & Company received redemption fees of $1,284 and $118, respectively.

XML



SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2011

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

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.

XML



CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Investment Owned
Values	$ 892,831	$ 1,500,007
Values	(345,594)	(693,506)
Fixed Income Securities [Member]
Investment Owned
Values	279,537,277	282,888,486
% of Net Asset Value (in hundredths)	78.86%	81.65%
Cost	279,380,201	282,714,837
Fixed Income Securities [Member] | Bank Deposits
Investment Owned
Values	63,399,651
% of Net Asset Value (in hundredths)	17.89%
Cost	63,386,226
Fixed Income Securities [Member] | Bank Deposits | Canada [Member] | Financial [Member]
Investment Owned
Values	27,987,201
% of Net Asset Value (in hundredths)	7.90%
Cost	27,985,560
Fixed Income Securities [Member] | Bank Deposits | Sweden [Member] | Financial [Member]
Investment Owned
Values	19,408,703
% of Net Asset Value (in hundredths)	5.48%
Cost	19,400,000
Fixed Income Securities [Member] | Bank Deposits | United Kingdom [Member] | Financial [Member]
Investment Owned
Values	5,001,566
% of Net Asset Value (in hundredths)	1.41%
Cost	5,000,666
Fixed Income Securities [Member] | Bank Deposits | United States [Member] | Financial [Member]
Investment Owned
Values	11,002,181
% of Net Asset Value (in hundredths)	3.10%
Cost	11,000,000
Fixed Income Securities [Member] | Certificate of Deposit [Member] | Canada [Member] | Financial [Member]
Investment Owned
Values		7,221,421
% of Net Asset Value (in hundredths)		2.08%
Cost		7,215,000
Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Owned
Values	124,100,949	161,493,006
% of Net Asset Value (in hundredths)	35.01%	46.62%
Cost	124,095,911	161,436,428
Fixed Income Securities [Member] | Commercial Paper [Member] | United Kingdom [Member] | Consumer Staple [Member]
Investment Owned
Values		5,718,658
% of Net Asset Value (in hundredths)		1.65%
Cost		5,716,634
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member]
Investment Owned
Values	107,578,660	135,788,531
% of Net Asset Value (in hundredths)	30.35%	39.20%
Cost	107,573,679	135,762,709
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Financial [Member]
Investment Owned
Values		10,981,734
% of Net Asset Value (in hundredths)		3.17%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Industrials [Member]
Investment Owned
Values		10,978,667
% of Net Asset Value (in hundredths)		3.17%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Materials [Member]
Investment Owned
Values	21,999,932
% of Net Asset Value (in hundredths)	6.21%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Discretionary [Member]
Investment Owned
Values	11,066,433	41,051,450
% of Net Asset Value (in hundredths)	3.12%	11.85%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Staple [Member]
Investment Owned
Values	20,186,896	3,315,853
% of Net Asset Value (in hundredths)	5.70%	0.96%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Energy [Member]
Investment Owned
Values	9,999,572	17,387,305
% of Net Asset Value (in hundredths)	2.82%	5.02%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Financial - ING America Insurance Holdings Due 7/1/2011 [Member]
Investment Owned
Values	19,326,613
% of Net Asset Value (in hundredths)	5.45%
Maturity face value	19,327,000
Due date	Jul. 01, 2011
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Financial - Other [Member]
Investment Owned
Values	9,999,260
% of Net Asset Value (in hundredths)	2.82%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Healthcare [Member]
Investment Owned
Values	14,999,954	12,885,538
% of Net Asset Value (in hundredths)	5.45%	3.72%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Municipal [Member]
Investment Owned
Values		4,717,562
% of Net Asset Value (in hundredths)		1.36%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Utilities [Member]
Investment Owned
Values		34,470,422
% of Net Asset Value (in hundredths)		9.95%
Fixed Income Securities [Member] | Commercial Paper [Member] | Netherlands [Member] | Industrials [Member]
Investment Owned
Values		9,987,542
% of Net Asset Value (in hundredths)		2.88%
Cost		9,958,946
Fixed Income Securities [Member] | Commercial Paper [Member] | Netherlands [Member] | Materials [Member]
Investment Owned
Values	6,523,989
% of Net Asset Value (in hundredths)	1.84%
Cost	6,523,868
Fixed Income Securities [Member] | Commercial Paper [Member] | Panama [Member] | Consumer Discretionary [Member]
Investment Owned
Values	9,998,300	9,998,275
% of Net Asset Value (in hundredths)	2.82%	2.89%
Cost	9,998,364	9,998,139
Fixed Income Securities [Member] | Corporate Bond Securities [Member]
Investment Owned
Values	56,029,955
% of Net Asset Value (in hundredths)	15.81%
Cost	55,897,812
Fixed Income Securities [Member] | Corporate Bond Securities [Member] | United States [Member]
Investment Owned
Values	49,408,914
% of Net Asset Value (in hundredths)	13.94%
Cost	49,262,250
Fixed Income Securities [Member] | Corporate Bond Securities [Member] | United States [Member] | Financial [Member]
Investment Owned
Values	43,237,962	37,589,108
% of Net Asset Value (in hundredths)	12.20%	10.85%
Cost		37,464,778
Fixed Income Securities [Member] | Corporate Bond Securities [Member] | United States [Member] | Healthcare [Member]
Investment Owned
Values	6,170,952
% of Net Asset Value (in hundredths)	1.74%
Fixed Income Securities [Member] | Corporate Bond Securities [Member] | Switzerland [Member] | Financial [Member]
Investment Owned
Values	6,621,041
% of Net Asset Value (in hundredths)	1.87%
Cost	6,635,562
Fixed Income Securities [Member] | Government And Agency Obligations [Member] | United States [Member]
Investment Owned
Values	36,006,169	76,584,010
% of Net Asset Value (in hundredths)	10.16%	22.10%
Cost	35,999,699	76,597,690
Fixed Income Securities [Member] | Government And Agency Obligations [Member] | United States [Member] | US Government Agency [Member]
Investment Owned
Values	5,006,400
% of Net Asset Value (in hundredths)	1.41%
Maturity face value	5,000,000
Fixed Income Securities [Member] | Government And Agency Obligations [Member] | United States [Member] | US Treasury Bill Securities [Member]
Investment Owned
Values		14,585,360
% of Net Asset Value (in hundredths)		4.21%
Fixed Income Securities [Member] | Government And Agency Obligations [Member] | United States [Member] | US Treasury Bill Securities Due 9/8/2011 [Member]
Investment Owned
Values	30,999,769
% of Net Asset Value (in hundredths)	8.75%
Maturity face value	31,000,000
Due date	Sep. 08, 2011
Fixed Income Securities [Member] | Government And Agency Obligations [Member] | United States [Member] | US Treasury Bill Securities Due 1/6/2011 [Member]
Investment Owned
Values		11,999,817
% of Net Asset Value (in hundredths)		3.46%
Maturity face value		12,000,000
Due date		Jan. 06, 2011
Fixed Income Securities [Member] | Government And Agency Obligations [Member] | United States [Member] | US Treasury Bill Securities Due 1/13/2011 [Member]
Investment Owned
Values		49,998,833
% of Net Asset Value (in hundredths)		14.43%
Maturity face value		50,000,000
Due date		Jan. 13, 2011
Fixed Income Securities [Member] | Short Term Investment Funds [Member] | United States [Member]
Investment Owned
Values	553	941
% of Net Asset Value (in hundredths)	0.00%	0.00%
Cost	553	941
Future [Member]
Investment Owned
Values	(6,886,281)	4,525,677
% of Net Asset Value (in hundredths)	(1.94%)	1.30%
Future [Member] | Long Futures Contracts [Member]
Investment Owned
Values	(4,684,570)	5,958,667
% of Net Asset Value (in hundredths)	(1.33%)	1.72%
Future [Member] | Long Futures Contracts [Member] | Energy [Member]
Investment Owned
Values	181,073	743,689
% of Net Asset Value (in hundredths)	0.05%	0.21%
Future [Member] | Long Futures Contracts [Member] | Agricultural [Member]
Investment Owned
Values	(611,060)	2,226,611
% of Net Asset Value (in hundredths)	(0.17%)	0.64%
Future [Member] | Long Futures Contracts [Member] | Metals [Member]
Investment Owned
Values	(21,936)	2,581,189
% of Net Asset Value (in hundredths)	(0.01%)	0.75%
Future [Member] | Long Futures Contracts [Member] | Stock Indices [Member]
Investment Owned
Values	3,029,616	(39,120)
% of Net Asset Value (in hundredths)	0.85%	(0.01%)
Future [Member] | Long Futures Contracts [Member] | Short Term Interest Rates [Member]
Investment Owned
Values	(1,558,402)	400,606
% of Net Asset Value (in hundredths)	(0.44%)	0.12%
Future [Member] | Long Futures Contracts [Member] | Long Term Interest Rates [Member]
Investment Owned
Values	(5,703,861)	45,692
% of Net Asset Value (in hundredths)	(1.61%)	0.01%
Future [Member] | Short Futures Contract [Member]
Investment Owned
Values	(2,201,711)	(1,432,990)
% of Net Asset Value (in hundredths)	(0.61%)	(0.42%)
Future [Member] | Short Futures Contract [Member] | Energy [Member]
Investment Owned
Values	(326,120)	(239,450)
% of Net Asset Value (in hundredths)	(0.09%)	(0.07%)
Future [Member] | Short Futures Contract [Member] | Agricultural [Member]
Investment Owned
Values	838,584	(14,930)
% of Net Asset Value (in hundredths)	0.24%	0.00%
Future [Member] | Short Futures Contract [Member] | Metals [Member]
Investment Owned
Values	(1,845,934)	(573,456)
% of Net Asset Value (in hundredths)	(0.52%)	(0.17%)
Future [Member] | Short Futures Contract [Member] | Stock Indices [Member]
Investment Owned
Values	(819,947)	48,337
% of Net Asset Value (in hundredths)	(0.23%)	0.01%
Future [Member] | Short Futures Contract [Member] | Short Term Interest Rates [Member]
Investment Owned
Values	(48,294)	(9,188)
% of Net Asset Value (in hundredths)	(0.01%)	0.00%
Future [Member] | Short Futures Contract [Member] | Long Term Interest Rates [Member]
Investment Owned
Values	0	(644,303)
% of Net Asset Value (in hundredths)	0.00%	(0.19%)
Forward Currency Contracts [Member]
Investment Owned
Values	(593,171)	5,148,027
% of Net Asset Value (in hundredths)	(0.17%)	1.49%
Forward Currency Contracts [Member] | Various Long Forward Currency Contracts [Member]
Investment Owned
Values	13,085,339	26,630,262
% of Net Asset Value (in hundredths)	3.69%	7.69%
Forward Currency Contracts [Member] | Various Short Forward Currency Contracts [Member]
Investment Owned
Values	(13,678,510)	(21,482,235)
% of Net Asset Value (in hundredths)	(3.86%)	(6.20%)
Purchased Options Forward Currency Contract [Member]
Investment Owned
Values	892,831	1,500,007
% of Net Asset Value (in hundredths)	0.25%	0.43%
Premiums paid	684,796	1,091,379
Written Options Forward Currency Contract [Member]
Investment Owned
Values	(345,594)	(693,506)
% of Net Asset Value (in hundredths)	(0.10%)	(0.20%)
Premiums received	$ 344,789	$ 237,756