CAMPBELL FUND TRUST - FORM 10-K

Attached files

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EX-31.02 - EX-31.02 - CAMPBELL FUND TRUST	w77912exv31w02.htm
EX-32.01 - EX-32.01 - CAMPBELL FUND TRUST	w77912exv32w01.htm
EX-31.01 - EX-31.01 - CAMPBELL FUND TRUST	w77912exv31w01.htm
EX-32.02 - EX-32.02 - CAMPBELL FUND TRUST	w77912exv32w02.htm

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)


þ		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d)OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

For the Fiscal Year Ended December 31, 2009

Commission File Number 0-50264 and
2-84126


o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

For the transition period from to

THE CAMPBELL FUND TRUST

(Exact name of Registrant as specified in its charter)


DELAWARE		94-6260018

(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification Number)

2850 Quarry Lake Drive, Baltimore, Maryland 21209

Registrant’s telephone number, including area code: (410) 413-2600

Securities registered pursuant to Section 12 (b) of the Act: None

Securities registered pursuant to Section 12 (g) of the Act:

Units of Beneficial Interest
(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o No þ

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 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 if the disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part II of this Form 10-K or any amendment to this Form 10-K. þ

Indicate by check mark whether the registrant is a large accelerated file, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.


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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes o No þ

The Registrant has no voting stock. As of December 31, 2009 there were 10,227.868 Series A Units, 141,431.505 Series B Units and 1,896.181 for Series W Units of Beneficial Interest issued and outstanding.

Total number of pages 66. Consecutive page numbers on which exhibits commence: 5.

TABLE OF CONTENTS


		Page
	PART I

ITEM 1.	BUSINESS		1-6

ITEM 1A.	RISK FACTORS		6-15

ITEM 1B.	UNRESOLVED STAFF COMMENTS		16

ITEM 2.	PROPERTIES		16

ITEM 3.	LEGAL PROCEEDINGS		16

ITEM 4.	(REMOVED AND RESERVED)		16

	PART II

ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES		16

ITEM 6.	SELECTED FINANCIAL DATA		16-17

ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		18-26

ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		27-32

ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA		32

ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE		33

ITEM 9A.	CONTROLS AND PROCEDURES		33

ITEM 9A(T)	CONTROLS AND PROCEDURES		33

ITEM 9B.	OTHER INFORMATION		34

	PART III

ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE		34-37

ITEM 11.	EXECUTIVE COMPENSATION		37-38

ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS		38

ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE		38

ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES		38

	PART IV

ITEM 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES		39

SIGNATURES
CERTIFICATIONS

PART I


Item 1.		Business

General development of business

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

As a registrant with the Securities and Exchange Commission, the Fund is subject to the regulatory requirements under the Securities Act of 1934. As a commodity investment pool, the Fund is subject to the provisions of the Commodity Exchange Act, 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 Fund executes transactions. Additionally, the Fund is subject to the requirements of futures commission merchants (brokers) and interbank market makers through which the Fund trades.

U.S. Bank National Association, a national banking corporation, (the “Trustee”), is the sole trustee of the Trust. The Trustee is unaffiliated with the managing operator and the Trust’s selling agents, and its duties and liabilities with respect to the offering of the Units of Beneficial Interest (the “Units”) are limited to its express obligations under the Declaration of Trust and Trust Agreement.

Under the Declaration of Trust and Trust Agreement, the Trustee has delegated the exclusive management of all aspects of the business and administration of the Trust to Campbell & Company, a Maryland corporation organized in April 1978 as a successor to a partnership originally organized in January 1974. Campbell & Company is registered with the Commodity Futures Trading Commission as a commodity pool operator and a commodity trading advisor, and is a member of the National Futures Association in such capacities. In addition to managing all aspects of business and administration, Campbell & Company makes all trading decisions for the Trust. Campbell & Company uses a systematic trading approach combined with quantitative portfolio management analysis and seeks to identify and profit from price movements in the futures, forward and option markets. Multiple trading models are utilized across most markets traded. Each model analyzes market movements and internal market and price configurations in order to generate signals to be executed through a variety of execution platforms.

The Trust’s funds are traded pursuant to Campbell & Company’s Global Diversified Large Portfolio. Prior to June 1997, Campbell & Company had one Global Diversified Portfolio. In June 1997, the Global Diversified Portfolio was split into two separate portfolios, the Global Diversified Large Portfolio (which generally is used for accounts greater than $10 million) and the Global Diversified Small Portfolio (which is generally used for accounts less than $10 million). From inception through June 1997, the Trust’s account was traded pursuant to Campbell & Company’s Global Diversified Portfolio. Between June 1997 and August 1999, the Trust’s account was traded pursuant to the Global Diversified Small Portfolio, and since August 1, 1999, has been traded pursuant to the Global Diversified Large Portfolio.

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 December 31, 2009, the aggregate capitalization of the Trust was $365,318,153 with Series A, Series B and Series W comprising $24,189,310, $336,578,207 and $4,550,636, respectively, of the total. The Net Asset Value per Unit was $2,365.04 for Series A, $2,379.80 for Series B, and $2,399.89 for Series W.

Financial information about segments

The Trust’s business constitutes only one segment for financial reporting purposes, i.e., a speculative “commodity pool.” The Trust does not engage in sales of goods or services.

Narrative description of business

General

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.

The Trust trades speculatively in the U.S. and international futures, forward, and option markets. Specifically, the Trust trades a portfolio that is primarily focused on financial futures, forwards, and options, with a secondary emphasis on metal, energy and agricultural products. The Trust has entered into an advisory agreement with Campbell & Company whereby it trades the Trust’s assets pursuant to Campbell & Company’s Global Diversified Large Portfolio. Campbell & Company applies systematic, model based trading strategies to diverse portfolios of global futures, forwards and options markets. The Global Diversified Large Portfolio seeks exposure to these markets by following signals generated by a series of systematic computer models. The Global Diversified Large Portfolio employs a broad spectrum of models including traditional and factor-based trend following models, as well as a number of macroeconomic-based models. As of December 2009, the percentage of component risk for each major sector was as follows: 50% to currencies, 20% to commodity products, 18% to stock indices and 12% to interest rates.

Use of Proceeds and Cash Management Income

Subscription Proceeds and Available 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 thereunder. Approximately 10% to 30% of the Trust‘s assets are deposited with the over-the-counter counterparty in order to initiate and maintain currency forward and option contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act. 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 counterparty. The remaining 40% to 80% of the Trust‘s assets will be invested in cash, cash equivalents or other liquid positions in its cash management program over and above that needed to post as collateral for trading.

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

In the event net asset value per unit as of the end of any business day declines by 50% or more from either the prior year-end or the prior month-end unit value, Campbell & Company will suspend trading activities, notify all unitholders of the relevant facts within seven business days and declare a special redemption period.

Cash Manager and Custodian.

During 2009, The Trust appointed Wilmington Trust Investment Management LLC, a wholly owned subsidiary of Wilmington Trust Corporation as cash manager (the “Cash Manager”) under the non-custody Investment Advisory Agreement dated July 8, 2009, to manage and control the liquid assets of the Trust. The Cash Manager is registered as an investment adviser with the Securities and Exchange Commission of the United States under the Investment Advisers Act of 1940. The Cash Manager specializes in investments which are predominately short-term in maturity and high grade, high quality in nature with particular emphasis on U.S. Treasury securities and U.S. Government Agencies’ issues.

The Trust opened a custodial account at The Northern Trust Company (the “Custodian”), and has granted the Cash Manager a limited power of attorney over such accounts. Such power of attorney gives 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 to the Trust. Such investments include, but are not limited to, U.S. Treasury securities, securities issued by U.S. Government Agencies, high quality money-market securities and repurchase agreements. All securities purchased by the Cash Manager on behalf of the Trust or other liquid funds 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.

Market Sectors.

Campbell & Company’s Global Diversified Large Portfolio trades in a fully diversified portfolio of futures, forward and option markets, including energy products (Brent crude, gas oil, heating oil, natural gas, unleaded gasoline and WTI Crude), agricultural products (coffee, corn, cotton and wheat), precious and base metals (aluminum, copper, gold, and zinc), stock market indices (DAX, DJ Euro Stoxx 50, FTSE, Hang Seng, IBEX, MSCI, NASDAQ, Nikkei and S&P 500), interest rates (short-term and long-term) and foreign currencies (majors, minors and cross rates).

Market Types.

The Trust trades on a variety of United States and foreign futures exchanges. Approximately 50% of the Trust’s takes place trading in the off-exchange highly liquid, institutionally-based currency forward and options markets. The remaining 50% takes place on futures exchanges.

As in the case of its market sector allocations, the Trust’s commitments to different types of markets – U.S. and non-U.S., regulated and non regulated – differ substantially from time to time, as well as over time, and may change at any time if Campbell & Company determines such change to be in the best interests of the Trust. No one market exceeds 10% of the total portfolio allocation.

Charges

The following is a description of current charges to the Trust.


RECIPIENT	NATURE OF PAYMENT	AMOUNT OF PAYMENT
Campbell & Company	Management Fee	A monthly management fee of 1/12 of 4% of the month-end net assets of the Series A units and Series B units, totaling approximately 4% of the average month-end net assets per year of the Series A units and Series B units; a monthly management fee of 1/12 of 2% of the month-end net assets of the Series W units, totaling approximately 2% of average month-end net assets per year of the Series W units. The managing operator may pay a portion or all of its monthly management fee either upfront (with respect to Series A units) or on an ongoing basis with respect to Series B units (commencing with the 13^th month with respect to Series A units) to selected selling agents who have sold the Series A units and the Series B units, in return for their provision of ongoing services to the Series A and/or the Series B unitholders. It is intended that, in most cases, the ongoing payment paid to selling agents will be 2% per annum, paid monthly, on the then current net asset value of units sold by the selling agents, net of redemptions.

Campbell & Company	Performance Fee	A quarterly performance fee of 20% of the aggregate cumulative appreciation (if any) in the net asset value per unit of the Series A units, Series B units and Series W units at the end of each quarter, exclusive of appreciation attributable to interest income.

Campbell & Company	Organization and Offering Expenses	The Series A units and Series W units each bear offering expenses incurred in relation to the offering of the Series A units and Series W units, respectively, up to an amount equal to approximately 1/12 of 0.50% of the month-end net assets of each of the Series A units and Series W units, totaling a maximum of 0.50% of average month-end net assets per year each of the Series A units and Series W units. Such organization and offering expenses of the Trust include all fees and expenses in connection with the distribution of the units, including legal, accounting, printing, mailing, filing fees, escrow fees, salaries and bonuses of employees while engaged in sales activities, and marketing expenses of Campbell & Company and the selling agents which are paid by the Trust.

Selling Agents	Administrative Fee	The selling agents (the firm and not the individual representatives) who sell Series W units receive a monthly administrative fee of 1/12 of 0.50% of the month-end net assets of the Series W units, totaling approximately 0.50% of average month-end net assets per year of the Series W units.


RECIPIENT	NATURE OF PAYMENT	AMOUNT OF PAYMENT
UBS SECURITIES, LLC	Brokerage Commissions	Brokerage commissions are paid at a rate of approximately $4 for each round-turn trade executed for the Trust. Annual brokerage commissions payable to the Trust are estimated at approximately 0.20% of the Trust’s net assets annually, although there is no limit on the amount of such commissions.

Royal Bank of Scotland (RBS)	Forward Counterparty Execution Costs	The forward counterparty’s execution costs are included in the price of each forward contract purchased or sold, and, accordingly, such costs cannot be determined but are charged. In addition, RBS charges approximately $4 per $1 million for forward contracts it facilitates on behalf of the Trust with third party banks. These prime brokerage fees, combined with the futures broker’s charges, usually equal approximately 0.25% of the Trust’s net assets.

Wilmington Trust Investment Management LLC	Cash Manager and the Custodian	The Trust pays Wilmington Trust Investment Management LLC (“Wilmington”) and Northern Trust Company a combined annualized fee equal to approximately 0.10% per annum of the funds managed by Wilmington based on a percentage of the principal amount of the Trust’s non-margin assets under management by Wilmington, computed and accrued on the average daily market value maintained in the Northern Trust Company custodial account by the Trust. Wilmington and Northern Trust Company are not affiliated with Campbell & Company. The Trust may engage other firms which are unaffiliated with Campbell & Company from time to time to provide cash management and custodial services. Such services would be provided pursuant to similar terms and fees as those that apply to Wilmington and Northern Trust Company. The Trust may also terminate all types of cash management services at any time.

Other	Operating Expenses	The Trust pays operating expenses (other than the cost of the Units), including trustee, legal and accounting fees, and taxes or extraordinary expenses. These expenses are estimated at less than 0.50% of the Trust’s net assets annually, although there is no limit on the amount of such expenses.

Regulation

Under the Commodity Exchange Act, as amended (the “Act”), commodity exchanges and commodity futures trading are subject to regulation by the Commodity Futures Trading Commission (the “CFTC”). The National Futures Association (the “NFA”), a registered futures association under the Act, is the only non-exchange self-regulatory organization for commodity industry professionals. The CFTC has delegated to the NFA responsibility for the registration of “commodity trading advisors,” “commodity pool operators,” “futures commission merchants,” “introducing brokers” and their respective “associated persons” and “floor brokers.” The Act requires “commodity pool operators,” and “commodity trading advisors,” such as Campbell & Company, and commodity brokers or “futures commission merchants,” such as the Trust’s commodity broker, to be registered and to comply with various reporting and recordkeeping requirements. Campbell & Company and the Trust’s commodity broker are members of the NFA. The CFTC may suspend a commodity pool operator’s or commodity trading advisor’s registration if it finds that its trading practices tend to disrupt orderly market conditions, or as the result of violations of the Act or rules and regulations promulgated thereunder. In the event Campbell & Company’s registration as a commodity pool operator or commodity trading advisor were terminated or suspended, Campbell & Company would be unable to continue to manage the business of the Trust. Should Campbell & Company’s registration be suspended, termination of the Trust might result.

In addition to such registration requirements, the CFTC and certain commodity exchanges have established limits on the maximum net long and net short positions which any person, including the Trust, may hold or control in particular commodities. Most exchanges also limit the maximum changes in futures contract prices that may occur during a single trading day. The Trust also trades in dealer markets for forward contracts, which are not regulated by the CFTC. Federal and state banking authorities also do not regulate forward trading or forward dealers. In addition, the Trust trades on foreign commodity exchanges, which are not subject to regulation by any United States government agency.

The CFTC has recently proposed the imposition of position limits on energy futures contracts such as crude oil, heating oil, natural gas, gasoline and other energy products. We do not anticipate these limits, if accepted, will affect the Trust’s ability to trade, but it is possible that they may in the future if either increase the Trust’s assets dramatically.

It is impossible to predict what additional interim or permanent governmental restrictions may be imposed on the markets and/or effect of such restrictions on the trading adviors’s strategies. However, the trading advisor believes that there is a high likelihood of significantly increased regulation of the financial markets, and that such increased regulation could be detrimental to the Trust.

The Trust has no employees. The Trust trades on a number of foreign commodity exchanges. The Trust does not engage in the sales of goods or services.

The Trust files quarterly, annual and current reports with the Securities and Exchange Commission (“SEC”). These reports are available to read and copy at the SEC’s Public Reference Facilities in Washington, D.C. at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC’s toll free number, 1-800-SEC-0330, for further information. The Trust does not maintain a website where these reports are posted. However, the Trust’s filings are posted on the SEC’s website at http://www.sec.gov.


Item 1A.		Risk Factors

Market Risks

You Could Possibly Lose Your Total Investment in the Trust

Futures, forward and option contracts have a high degree of price variability and are subject to occasional rapid and substantial changes. Consequently, you could lose all or a substantial amount of your investment in the Trust.

The Trust is Highly Leveraged

Because the amount of margin funds necessary to be deposited in order to enter into a futures, forward or option contract position is typically about 2% to 10% of the total value of the contract, Campbell & Company is able to hold positions in the Trust’s account with face values equal to several times the Trust’s net asset value. The ratio of margin to equity is typically 10% to 30%, but can range from 5% to 30%. As a result of this leveraging, even a small movement in the price of a contract can cause major losses.

Changes In Financing Policies or the Imposition of Other Credit Limitations or Restrictions Could Compel the Trust to Liquidate Positions at Disadvantageous Prices

The Trust may utilize and may depend on the availability of credit in order to trade their portfolios. There can be no assurance that the Trust will be able to maintain adequate financing arrangements under all market circumstances. As a general matter, the dealers that provide financing to the Trust can apply essentially discretionary margin, haircut, financing security and collateral valuation policies. Changes by dealers in such financing policies, or the imposition of other credit limitations or restrictions, whether due to market circumstances or governmental, regulatory or judicial action, may result in large margin calls, loss of financing, forced liquidation of positions at disadvantageous prices, termination of swap and repurchase agreements and cross-defaults to agreements with other dealers. Any such adverse effects may be exacerbated in the event that such limitations or restrictions are imposed suddenly and/or by multiple market participants at or about the same time. The imposition of such limitations or restrictions could compel the Trust to liquidate all or part of their portfolios at disadvantageous prices. In recent months, banks and dealers have substantially curtailed financing activities and increased collateral requirements, forcing many hedge funds to liquidate.

Your Investment Could be Illiquid

Futures, forward and option positions cannot always be liquidated at the desired price; this can occur when the market is thinly traded (i.e., a relatively small volume of buy and sell orders) or in the event of disrupted markets and other extraordinary events in which historical pricing relationships become materially distorted. The financing available to the Trust from banks, dealers and other counterparties is likely to be restricted in disrupted markets. The Trust may incur material losses and the risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid making it difficult or impossible to close out positions against which the markets are moving. For example, in 1994, 1998 and again from 2007–2009 (it appears at this time that the 2007-2009 liquidity crisis has eased, however the potential of future liquidity issues continues to be a concern) there was a sudden restriction of credit by the dealer community that resulted in forced liquidations and major losses for a number of private investment funds. Campbell & Company was not forced to liquidate positions during the 1994, 1998 or 2007–2009 liquidity crises. However, it is possible that in the future, in such situations, Campbell & Company may be unable for some time to liquidate certain unprofitable positions thereby increasing the loss to the Trust from the trade. Additionally, foreign governments may take or be subject to political actions which disrupt the markets in their currency or major exports, such as energy products or metals. Market disruptions caused by unexpected political, military and terrorist events may from time to time cause dramatic losses for the Trust, and such events can result in otherwise historically low-risk strategies performing with unprecedented volatility and risk. Any of these actions could also result in losses to the Trust. A subscription for Units should be considered only by persons financially able to maintain their investment and who can afford the loss of all or substantially all of such investment.

Also, there is no secondary market for the units and none is expected to develop. While the units have redemption rights, there are restrictions. For example, redemptions from the Trust can occur only at the end of a month. If a large number of redemption requests were to be received at one time, the Trust might have to liquidate positions to satisfy the requests. Such a forced liquidation could adversely affect the Trust and consequently your investment.

Transfers of interest in the units are subject to limitations, such as 30 days’ advance notice of any intent to transfer. Also, Campbell & Company may deny a request to transfer if it determines that the transfer may result in adverse legal or tax consequences for the Trust. See the Trust’s “Agreement of Limited Partnership — Dispositions.”

Forward and Option Transactions are Over-the-Counter, are Not Regulated and are Subject to Credit Risk

The Trust trades forward and option contracts in foreign currencies. Such contracts are typically traded “over-the-counter” through a dealer market, which is dominated by major money center and investment banks, and are not regulated by the Commodity Futures Trading Commission (“CFTC”). Thus, you do not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act in connection with this trading activity by the Trust. The market for forward and option contracts relies upon the integrity of market participants in lieu of the additional regulation imposed by the CFTC on participants in the futures markets. This regulation includes, for example, trading practices and other customer protection requirements, and minimum financial and trade reporting requirements. The absence of regulation could expose the Trust in certain circumstances to significant losses in the event of trading abuses or financial failure by participants in the forward and option markets which it might otherwise have avoided. Also, the Trust faces the risk of nonperformance by its counterparties to forward and option contracts, and such nonperformance may cause some or all of its gains to remain unrealized.

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 the Trust’s assets on deposit may be limited to account insurance or other protection afforded such deposits, if any. Campbell & Company seeks to minimize credit risk primarily by depositing and maintaining the Trust’s assets at financial institutions and brokers that Campbell & Company believes to be creditworthy.

Options on Futures and Over-the-Counter Contracts are Speculative and Highly Leveraged

Options on futures and over-the-counter contracts may be used by the Trust to generate premium income or capital gains. The buyer of an option risks losing the entire purchase price (the premium as well as any commissions and fees) of the option. The writer (seller) of an option risks losing the difference between the premium received for the option and the price of the commodity, futures or forward contract underlying the option which the writer must purchase or deliver upon exercise of the option (which losses can be unlimited). Specific market movements of the commodity, futures or forward contracts underlying an option cannot accurately be predicted. Successful options trading require an accurate assessment of near-term volatility in the underlying instruments, as that volatility is immediately reflected in the price of the option. Correct assessment of market volatility can therefore be of much greater significance in trading options than it is in trading futures and forwards, where volatility may not have as great an effect on price.

An Investment in the Trust May Not Diversify an Overall Portfolio

Historically, alternative investments such as managed futures funds have been generally non-correlated to the performance of other asset classes such as stocks and bonds. Non-correlation means that there is no statistically valid relationship between the past performance of futures, forward and option contracts, on the one hand, and stocks or bonds, on the other hand. Non-correlation should not be confused with negative correlation, where the performance of two asset classes would be exactly opposite.

Because of this non-correlation, the Trust cannot be expected to be automatically profitable during unfavorable periods for the stock market or vice versa. The futures, forward and option markets are fundamentally different from the securities markets in that for every gain made in futures, forward or

option transaction, the opposing side of that transaction will have an equal and off-setting loss.. If the Trust does not perform in a manner non-correlated with the general financial markets or does not perform successfully, you will obtain no diversification benefits by investing in the units and the Trust may have no gains to offset your losses from other investments.

The Current Markets are Subject to Market Disruptions and Governmental Intervention That May Be a Detriment to Your Investment

The global financial markets are undergoing pervasive and fundamental disruptions which have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition, as one would expect given the complexities of the financial markets and the limited time frame within which governments have felt compelled to take action, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as to previously successful investment strategies. Confusion and uncertainty have also resulted from the apparent inconsistency which has characterized recent governmental actions. For example, while the Federal Reserve assisted or otherwise intervened with respect to certain distressed financial institutions, it refused to do so for others. Such inconsistency has caused both severe losses for a number of market participants, who assumed either no intervention or intervention consistent with past precedent, and contributed to the general uncertainty and resulting illiquidity of the markets.

The U.S. “bailout” of financial institutions is the largest governmental intervention in the history of the U.S. financial markets. Moreover, the form of the “bailout” continues to shift as the impact of the current financial crisis is further analyzed. For example, the Troubled Asset Relief Program was initially designed to purchase illiquid mortgage-backed securities. Funds were then used to inject capital directly into certain consumer-oriented financial companies. In further response to this crisis, the U.S. government enacted the Emergency Economic Stabilization Act (the “EESA”), the largest governmental intervention in the history of the U.S. financial markets. In connection with the EESA, it seems highly likely that the U.S. Congress will require that new market restrictions be applied to the U.S. financial markets, restrictions which may have a material adverse impact on both the future competitiveness of these markets as well as the profit potential of the Trust. Regulations in other jurisdictions also appear likely to take similar action.

It is impossible to predict what additional interim or permanent governmental restrictions may be imposed on the markets and/or effect of such restrictions on the trading manager’s strategies. However, the trading advisor believes that there is a high likelihood of significantly increased regulation of the financial markets, and that such increased regulation could be detrimental to the Trust.

The Trust is a Party to Financial Instruments With Elements of Off-Balance Sheet Risk, Which Causes the Trust to Lose All of Its Assets

to offset futures interests positions of the Trust, the Trust could lose all of its assets and the limited partners would realize a 100% loss. Campbell & Company, Inc., the general partner (who also acts as trading advisor), minimizes market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30%; however, these precautions may not be effective in limiting the risk of loss.

Trading Risks

There are Disadvantages to Making Trading Decisions Based Primarily on Technical Market Data

The trading systems used by the managing operator for the Trust are primarily technical. The profitability of trading under these systems depends on, among other things, the occurrence of significant price movements, up or down, in futures, forward and option prices. Such price movements may not develop; there have been periods in the past without such price movements.

The likelihood of the units being profitable could be materially diminished during periods when events external to the markets themselves have an important impact on prices. During such periods, Campbell & Company’s historic price analysis could establish positions on the wrong side of the price movements caused by such events.

Increased Competition from Other Trend-Following Traders Could Reduce Campbell & Company’s Profitability

There has been a dramatic increase in the volume of assets managed by trend-following trading systems like some of the Campbell & Company programs. For example, in 1980, the assets in the managed futures industry were estimated at approximately $300 million; by the end of 2009, this estimate had risen to approximately $212.6 billion. Increased trading competition from other trend-following traders could operate to the detriment of the Trust. It may become more difficult for the Trust to implement its trading strategy if other trading advisors using technical systems are, at the same time, also attempting to initiate or liquidate futures, forward or option positions, or otherwise alter trading patterns.

Limits Imposed by Futures Exchanges or Other Regulatory Organizations, Such As Speculative Position Limits and Daily Price Fluctuation Limits, May Alter Trading Decisions for the Trust

The CFTC and U.S. futures exchanges have established limits, known as speculative position limits, on the maximum net long or net short positions that any person may hold or control in certain futures and option on futures contracts. Most U.S. futures exchanges also have established “daily price fluctuation limits” which preclude the execution of trades at prices outside of the limit. Contract prices have occasionally moved the daily limit for several consecutive days with little or no trading. All accounts controlled by Campbell & Company are combined for speculative position limit purposes. If positions in those accounts were to approach the level of the particular speculative position limit, or if prices were to approach the level of the daily limit, these limits could cause a modification of Campbell & Company’s trading decisions for the Trust or force the liquidation of certain futures or options on futures positions. Either of these actions may not be in the best interest of the investors. From time to time, the CFTC or the exchanges may suspend trading in market disruption circumstances. In these cases, it is possible that Campbell & Company, as trading advisor, could be required to maintain a losing position that it otherwise would exit and incur significant losses or be unable to establish a position and miss a profit opportunity.

Increase in Assets Under Management May Make Profitable Trading More Difficult

The managing operator has not agreed to limit the amount of additional equity which it may manage. The more equity Campbell & Company manages, the more difficult it may be for Campbell & Company to trade profitably because of the difficulty of trading larger positions without adversely affecting prices and performance. Accordingly, such increases in equity under management may require Campbell & Company to modify its trading decisions for the Trust which could have a detrimental effect

on your investment. Such considerations may also cause Campbell & Company to eliminate smaller markets from consideration for inclusion in its Global Diversified Large Portfolio, reducing the range of markets in which trading opportunities may be pursued. Campbell & Company reserves the right to make distributions of profits to unitholders in an effort to control asset growth. In addition, Campbell & Company may have an incentive to favor other accounts because the compensation received from some other accounts does exceed the compensation it receives from managing the Trust’s account. Because records with respect to other accounts are not accessible to unitholders in the Trust, the unitholders will not be able to determine if Campbell & Company is favoring other accounts.

Investors Will Not be Able to View the Trust’s Holdings on a Daily Basis, Which May Result in Unanticipated Losses

The managing operator makes the Trust’s trading decisions. While the managing operator receives daily trade confirmations from the futures broker and over-the-counter counterparty, the Trust’s trading results are reported to unitholders monthly. Accordingly, an investment in the Trust does not offer unitholders the same transparency, i.e., an ability to review all investment positions daily, that a personal trading account offers. As a result, you may suffer unanticipated losses due to the Trust’s holdings.

Tax Risks

Investors are Taxed Based on Their Share of Trust’s Profits

Investors are taxed each year on their share of the Trust’s profits, if any, irrespective of whether they redeem any units or receive any cash distribution from the Trust. The managing operator has the authority to make such distributions at any time in its sole discretion.

Tax Could be Due from Investors on Their Share of the Trust’s Ordinary Income Despite Overall Losses

Investors may be required to pay tax on their allocable share of the Trust’s ordinary income, which in the case of the Trust is the Trust’s interest income, gain on some foreign futures contracts, and certain other investment assets, even though the Trust incurs overall losses. Capital losses of individual taxpayers can be used only to offset capital gains and, in the case of non-corporate investors, $3,000 of ordinary income each year. Consequently, if an individual investor were allocated $5,000 of ordinary income and $10,000 of capital losses, the investor would owe tax on $2,000 of ordinary income even though the investor would have a $5,000 economic loss for the year. The remaining $7,000 capital loss could be used in subsequent years to offset capital gain and ordinary income, but subject to the same annual limitation on its deductibility against ordinary income.

There Could be a Limit on the Deductibility of Management and Performance Fees

Although the Trust treats the management and performance fees paid to the managing operator as ordinary and necessary business expenses, upon an IRS audit, the Trust may be required to treat such fees as “investment advisory fees” if the Trust’s trading activities did not constitute a trade or business for tax purposes. Investment advisory fees are subject to substantial restrictions on deductibility for federal income tax purposes. Such treatment would likely create or increase the tax liability of non-corporate unitholders.

Other Risks

Fees and Commissions are Charged Regardless of Profitability and are Subject to Change

The Trust is subject to substantial charges payable irrespective of profitability, in addition to performance fees which are payable based on the Trust’s profitability. Included in these charges are brokerage fees and operating expenses. On the Trust’s forward and option trading, “bid-ask” spreads and prime brokerage fees are incorporated into the pricing of forward and option contracts by the counterparties in addition to the brokerage fees paid by the Trust. It is not possible to quantify the “bid-ask” spreads paid by the Trust because the Trust cannot determine the profit its counterparty is making on the forward and option transactions. Such spreads can at times be significant.

The Trust’s Service Providers Could Fail, Which May Result in Losses to the Trust

The institutions, including, but not limited to, the futures broker the over-the-counter counterparty, the cash manager and the custodian, with which the Trust trades or invests may encounter financial difficulties that impair the operational capabilities or the capital position of the Trust. The futures broker is generally required by U.S. law to segregate all funds received from such broker’s customers from such broker’s proprietary assets. If the futures broker did not do so to the full extent required by law, the assets of the Trust might not be fully protected in the event of the bankruptcy of the futures broker. Furthermore, in the event of the futures broker’s bankruptcy, the Trust could be limited to recovering only a pro rata share of all available funds segregated on behalf of the futures broker’s combined customer accounts, even though certain property specifically traceable to the Trust (for example, Treasury bills deposited by the Trust with the futures broker as margin) was held by the futures broker. Furthermore, dealers in forward contracts are not regulated by the Commodity Exchange Act and are not obligated to segregate customer assets. The futures brokers have been the subject of regulatory and private causes of action.

The recent events surrounding the bankruptcies or similar proceedings with respect to various parties have demonstrated the risk that assets that a trader such as the Trust believed were custodial under statutory and regulatory protections could be subject to various risks, and apparently significant losses incurred by many hedge funds in relation to the bankruptcy and/or administration of Lehman Brothers Holdings and its affiliates illustrate the risks incurred in other derivatives trading and brokerage arrangements. Although Campbell & Company had no assets held at Lehman Brothers or its affiliates at the time of its bankruptcy, and accounts held by Campbell & Company suffered no losses as a result of the Lehman Brothers bankruptcy, there is no guarantee that Campbell & Company traded assets would be immune from such losses if a similar scenario were to occur in the future.

Investors Must Not Rely on the Past Performance of Either Campbell & Company or the Trust in Deciding Whether to Buy Units

The future performance of the Trust is not predictable, and no assurance can be given that the Trust will perform successfully in the future in as much as past performance is not necessarily indicative of future results. Additionally, the markets in which the Trust operates have been severely disrupted over the past year or more, so results observed in earlier periods may have little relevance to the results observable in the current environment.

Conflicts of Interest Exist in the Structure and Operation of the Trust

Campbell & Company has not established any formal procedures to resolve the following conflicts of interest. Consequently, there is no independent control over how Campbell & Company resolves these conflicts which can be relied upon by investors as ensuring that the Trust is treated equitably with other Campbell & Company clients.

Campbell & Company has a conflict of interest because it acts as the managing operator and sole trading advisor for the Trust.

Since Campbell & Company acts as both trading advisor and managing operator for the Trust, it is very unlikely that its advisory contract will be terminated by the Trust. The fees payable to Campbell & Company were established by it and were not the subject of arm’s-length negotiation. These fees consist of a management fee of up to 4% (of which 2% is retained) and a 20% performance fee. Campbell & Company, as managing operator, determines whether or not distributions are made and it receives increased fees to the extent distributions are not made. Campbell & Company has the authority to make such distributions at any time in its sole discretion.

Selling agents will be entitled to ongoing compensation as a result of their clients remaining in the Trust, so a conflict exists between the selling agent’s interest in maximizing compensation and in advising its clients to make investment decisions in the client’s best interests.

There are No Independent Experts Representing Investors

Campbell & Company has consulted with counsel, accountants and other experts regarding the formation and operation of the Trust. No counsel has been appointed to represent the unitholders in connection with the offering of the units. Accordingly, each prospective investor should consult his own legal, tax and financial advisers regarding the desirability of an investment in the Trust.

The Trust Places Significant Reliance on Campbell & Company and the Incapacity of its Principals Could Adversely Affect the Trust

Unitholders are not entitled to participate in the management of the Trust or the conduct of its business. Rather, the Trust is wholly dependent upon the services of the managing operator. There can be no assurance that such services will be available for any length of time following the term of the Advisory Agreement. Furthermore, the incapacity of the managing operator’s principals could have a material and adverse effect on the managing operator’s ability to discharge its obligations under the Advisory Agreement. However, there is no individual principal at Campbell & Company whose absence would result in a material adverse effect on Campbell & Company’s ability to adequately carry out its advisory responsibilities.

The Trust Could Terminate Before You Achieve Your Investment Objective Causing Potential Loss of Your Investment or Disrupting Your Investment Portfolio Allocation

The managing operator may withdraw from the Trust upon 90 days’ notice, which would cause the Trust to terminate. Other events, such as a long-term substantial loss suffered by the Trust, could also cause the Trust to terminate before the expiration of its stated term. This could cause you to liquidate your investments and upset the overall maturity and timing of your investment portfolio. If the registrations with the CFTC or memberships in the National Futures Association of Campbell & Company or the futures broker were revoked or suspended, such entity would no longer be able to provide services to the Trust.

The Trust Is Not A Regulated Investment Company and Therefore Is Subject to Different Protections Than a Regulated Investment Company

Although the Trust and Campbell & Company are subject to regulation by the CFTC, the Trust is not an investment company subject to the Investment Company Act of 1940 and Campbell & Company is not registered as an investment adviser under the Investment Advisers Act of 1940. Accordingly, you do not have the protections afforded by those statutes which, for example, requires investment companies to have a majority of disinterested directors and regulates the relationship between the adviser and the investment company.

Forwards, Options, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation; Therefore, the Trust Will Not Receive the Same Protections on These Transactions

The Trust trades foreign exchange contracts and options in the interbank market. In the future, the Trust may also trade swap agreements, hybrid instruments and other off-exchange contracts. Swap agreements involve trading income streams such as fixed rate for floating rate interest. Hybrids are instruments which combine features of a security with those of a futures contract. The dealer market for off-exchange instruments is becoming more liquid. There is no exchange or clearinghouse for these contracts and they are not regulated by the CFTC. The Trust will not receive the protections which are provided by the Commodity Exchange Act or CFTC regulations in respect of these transactions.

The Trust is Subject to Foreign Market Credit and Regulatory Risk

A substantial portion of Campbell & Company’s trades takes place on markets or exchanges outside the United States. From time to time, over 50% of the Trust’s overall market exposure could involve positions taken on foreign markets. The risk of loss in trading foreign futures contracts and foreign options can be substantial. Participation in foreign futures contracts and foreign options transactions involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade. Non-U.S. markets may not be subject to the same degree of regulation as their U.S. counterparts. None of the CFTC, NFA or any domestic exchange regulates activities of any foreign boards of trade, including the execution, delivery and clearing of transactions, nor do they have the power to compel enforcement of the rules of a foreign board of trade or any applicable foreign laws. Trading on foreign exchanges also presents the risks of exchange controls, expropriation, taxation and government disruptions.

The Trust is Subject to Foreign Exchange Risk

The price of any foreign futures or foreign options contract and, therefore, the potential profit and loss thereon, may be affected by any variance in the foreign exchange rate between the time a position is established and the time it is liquidated, offset or exercised. Certain foreign exchanges may also be in a more or less developmental stage so that prior price histories may not be indicative of current price dynamics. In addition, the Trust may not have the same access to certain positions on foreign exchanges as do local traders, and the historical market data on which Campbell & Company bases its strategies may not be as reliable or accessible as it is in the United States. The rights of clients (such as the Trust) in the event of the insolvency or bankruptcy of a non-U.S. market or broker are also likely to be more limited than in the case of U.S. markets or brokers.

Transfers Could be Restricted

Unitholders may transfer or assign units only upon 30 days’ prior written notice to the managing operator and only if the managing operator is satisfied that the transfer complies with applicable laws and would not result in adverse legal or tax consequences for the Trust. A transferee shall not become a substituted unitholder without the written consent of the managing operator.

Restrictions on Investment by ERISA Plans, Employee Retirement Income Security Act of 1974

The managing operator anticipates that the underlying assets of the Trust may be considered for purposes of Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, and Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), to be assets of certain employee benefit plans and other Plans that purchase units. Under such circumstances, the investments of the Trust and the activities of the managing operator will be subject to and, in certain cases, limited by, ERISA and the Code. Accordingly, all investors should carefully read “Investment by Employee Benefit Plans” in Part Two of this Offering Memorandum.

When considering an investment in the Trust of the assets of an ERISA Plan, a fiduciary with respect to such plan should consider, among other things: (i) the definition of “Plan assets” under ERISA and

regulations issued by the Department of Labor (“DOL”) regarding the definition of Plan assets; (ii) whether the investment satisfies the diversification requirements of Section 404(a)(1) of ERISA; (iii) whether the investment satisfies the prudence requirements of Section 404(a)(1) of ERISA; and (iv) that there will be no secondary market in which such fiduciary can sell or otherwise dispose of the units.

A Single-Advisor Fund May be More Volatile Than a Multi-Advisor Fund

The Trust is a single-advisor managed futures fund. Potential investors should understand that many managed futures funds are structured as multi-advisor funds in order to attempt to control risk and reduce volatility through combining advisors whose historical performance records have exhibited a significant degree of non-correlation with each other. As a single-advisor managed futures fund, the Trust may have increased performance volatility and a higher risk of loss than investment vehicles employing multiple advisors.

The Performance Fee Could be an Incentive to Make Riskier Investments

Campbell & Company employs a speculative strategy for the Trust, and receives performance fees based on the trading profits earned by it for the Trust. Campbell & Company would not agree to manage the Trust’s account in the absence of such a performance fee arrangement. Accordingly, Campbell & Company may make investments that are riskier than might be made if the Trust’s assets were managed by a trading advisor that did not require performance-based compensation.

The Trust May Distribute Profits to Unitholders at Inopportune Times

Campbell & Company reserves the right to make distributions of profits of the Trust to the unitholders at any time in its sole discretion in order to control the growth of the assets under Campbell & Company’s management. Unitholders will have no choice in receiving these distributions as income, and may receive little notice that these distributions are being made. Distributions may be made at an inopportune time for the unitholders.

Potential Inability to Trade or Report Due to Systems Failure Could Adversely Affect the Trust

Campbell & Company’s strategies are dependent to a significant degree on the proper functioning of its internal computer systems. Accordingly, systems failures, whether due to third party failures upon which such systems are dependent or the failure of Campbell & Company’s hardware or software, could disrupt trading or make trading impossible until such failure is remedied. Any such failure, and consequential inability to trade (even for a short time), could, in certain market conditions, cause the Trust to experience significant trading losses or to miss opportunities for profitable trading. Additionally, any such failures could cause a temporary delay in reports to investors.

Failure to Receive Timely and Accurate Market Data from Third Party Vendors Could Cause Disruptions or the Inability to Trade

Campbell & Company’s strategies are dependent to a significant degree on the receipt of timely and accurate market data from third party vendors. Accordingly, the failure to receive such data in a timely manner or the receipt of inaccurate data, whether due to the acts or omissions of such third party vendors or otherwise, could disrupt trading to the detriment of the Trust or make trading impossible until such failure or inaccuracy is remedied. Any such failure or inaccuracy could, in certain market conditions, cause the Trust to experience significant trading losses, effect trades in a manner which it otherwise would not have done, or miss opportunities for profitable trading. For example, the receipt of inaccurate market data may cause Campbell & Company to establish (or exit) a position which it otherwise would not have established (or exited), or fail to establish (or exit) a position which it otherwise would have established (or exited), and any subsequent correction of such inaccurate data may cause Campbell & Company to reverse such action or inaction, all of which may ultimately be to the detriment of the Trust.


Item 1B.		Unresolved Staff Comments

None.


Item 2.		Properties

The Registrant does not use any physical properties in the conduct of its business. Its assets currently consist of futures and other contracts, cash, short-term time deposits and other fixed income securities.


Item 3.		Legal Proceedings

Campbell & Company is not aware of any material legal proceedings to which the Registrant is a party or to which any of their assets are subject.


Item 4.		(Removed and Reserved)

PART II


Item 5.		Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Units of Beneficial Interest are not publicly traded. Units may be transferred or redeemed subject to the conditions imposed by the Declaration of Trust and Trust Agreement. As of December 31, 2009, there were 379 Unitholders and 10,227.868 Units of Beneficial Interest outstanding in the Series A, 1,323 Unitholders and 141,431.505 Units of Beneficial Interest outstanding in the Series B and 68 Unitholders and 1,896.181 Units of Beneficial Interest outstanding in the Series W Registrant.

Campbell & Company has sole discretion in determining what distributions, if any, the Registrant will make to its Unitholders. Campbell & Company has not made any distributions as of the date hereof.

The Registrant has no securities authorized for issuance under equity compensation plans.


Item 6.		Selected Financial Data

Dollars in thousands, except per Unit amounts


				For the Year Ended December 31,
	2009			2008			2007			2006		2005
Total Assets	$	375,584		$	533,225		$	832,931		$	1,179,711	$	1,005,256
Total Unitholders’ Capital		365,318			501,507			774,739			1,153,999		934,698
Total Net Trading Gain (Loss) (includes brokerage commissions)		(10,341	)		25,343			(136,663	)		64,620		106,673
Net Income (Loss)		(27,085	)		10,211			(135,306	)		63,249		92,986

Net Income (Loss) Per Managing Operator and Other Unitholder Unit *
Series A**		(58.14	)		(32.19	)		n/a			n/a		n/a
Series B		(158.24	)		41.60			(360.46	)		153.91		295.68
Series W***		79.02			n/a			n/a			n/a		n/a

Increase (Decrease) in Net Asset Value per Managing Operator and Other Unitholder Unit
Series A**		(159.98	)		(35.35	)		n/a			n/a		n/a
Series B		(148.25	)		31.11			(370.14	)		168.95		288.33
Series W***		(164.27	)		n/a			n/a			n/a		n/a

The following summarized quarterly financial information presents the results of operations for the three-month periods ending March 31, June 30, September 30 and December 31, 2009 and 2008.


	1^st Qtr.			2^nd Qtr.			3^rd Qtr.		4^th Qtr.
	2009			2009			2009		2009
Total Net Trading Gain (Loss) (includes brokerage commissions)	$	2,461		$	(27,874	)	$	16,387	$	(1,315	)
Net Income (Loss)		(2,502	)		(32,170	)		12,495		(4,908	)
Net Income (Loss) per Managing Operator and Other Unitholder Unit *
Series A**		(21.39	)		(147.19	)		90.04		(37.35	)
Series B		(12.89	)		(179.53	)		73.55		(30.79	)
Series W***		(47.16	)		(149.28	)		119.32		(18.04	)

Increase (Decrease) in Net Asset Value per Managing Operator and Other Unitholder Unit
Series A**		(17.42	)		(180.76	)		72.37		(34.17	)
Series B		(14.29	)		(178.27	)		75.67		(31.36	)
Series W***		(48.18	)		(172.55	)		82.00		(25.54	)

Net Asset Value per Managing Operator and Other Unitholder Unit at the End of the Period
Series A**		2,507.60			2,326.84			2,399.21		2,365.04
Series B		2,513.76			2,335.49			2,411.16		2,379.80
Series W***		2,515.98			2,343.43			2,425.43		2,399.89




	1^st Qtr.		2^nd Qtr.		3^rd Qtr.			4^th Qtr.
	2008		2008		2008			2008
Total Net Trading Gain (Loss) (includes brokerage commissions)	$	11,832	$	33,551	$	(18,178	)	$	(1,862	)
Net Income (Loss)		9,419		29,690		(21,721	)		(7,177	)
Net Income (Loss) per Managing Operator and Other Unitholder Unit *
Series A**		n/a		n/a		n/a			(32.19	)
Series B		31.74		116.15		(95.41	)		(33.32	)

Increase (Decrease) in Net Asset Value per Managing Operator and Other Unitholder Unit
Series A**		n/a		n/a		n/a			(35.35	)
Series B		30.96		127.73		(95.26	)		(32.32	)

Net Asset Value per Managing Operator and Other Unitholder Unit at the End of the Period
Series A**		n/a		n/a		2,560.37			2,525.02
Series B		2,527.90		2,655.63		2,560.37			2,528.05


*		Based on weighted average number of units outstanding during the period.

**		Series A Units commenced trading on October 1, 2008.

***		Series W Units commenced trading on March 1, 2009


Item 7.		Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Introduction

The offering of its Units of Beneficial Interest commenced on January 2, 1996 at the time the Trust succeeded to the operations of the Campbell Fund Limited Partnership as described in Item 1. The offering of Units is continuous and ongoing.

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 realized and 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 are taken into account each month, the trade level of the Trust is adjusted and positions in the instruments the Trust trades are liquidated, if necessary, on a pro-rata basis to meet those increases or decreases in trade levels.

Liquidity

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

The entire offering proceeds, without deductions, will be credited to the Trust’s bank, brokerage and/or cash management accounts. The Trust meets margin requirements for its trading activities by depositing cash or U.S. government securities with the futures broker and the over-the-counter counterparties. This does not reduce the risk of loss from trading futures, forward and option contracts. 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 thereunder. Approximately 10% to 30% of the Trust’s assets are deposited with over-the-counter counterparties in order to initiate and maintain forward and options on forward contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties.

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

The Trust occasionally receives margin calls (requests to post more collateral) from its futures broker or over-the-counter counterparties, which are met by moving the required portion of the assets held in the custody account at Northern Trust to the margin accounts. In the past 3 years, the Trust has not needed to liquidate any position as a result of a margin call.

Off-Balance Sheet Risk

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

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

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

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

The Trust invests in futures, forward currency and option on forward currency contracts. 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 of the last business day of the reporting period. The fair value of 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 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 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 years ended December 31, 2009, 2008 and 2007 for Series B were (5.86)%, 1.25% and (12.91)%, respectively. The returns for the year ended December 31, 2009 and for the period October 1, 2008 (commencement of trading) through December 31, 2008 for Series A was (6.34)% and (1.38)%, respectively. The return for the period March 1, 2009 (commencement of trading) through December 31, 2009 for Series W was (6.41)%.

The following is a discussion of the management and performance fees accrued and paid. During the years ended December 31, 2009, 2008 and 2007, the Trust accrued management fees in the amount of $16,971,300, $25,405,845 and $41,054,959, respectively, and paid management fees in the amounts of $17,509,152, $26,410,933; and $42,206,967, respectively.

Performance fees were accrued or paid during the years ended December 31, 2009, 2008 and 2007, the Trust accrued performance fees in the amount of $0, $0 and $3,914,242 respectively, and paid performance fees in the amounts of $0, $0 and $3,914,242, respectively.

2009

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

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

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

An analysis of the 1.71% gross trading losses for the Trust for the year by sector is as follows:


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

		(1.71)	%

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

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

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

While equity index trading produced the most profitable sector results for the Trust for 2008, the Trust’s net exposure on the short side of global stock indices through April 2009 has hurt performance as markets continued to stage rallies that began in mid-March. U.S. economic indicators, including housing and manufacturing, showed signs of improvement and stabilization rather than further deterioration. In addition, the G-20 agreed to trust more than $1 trillion in emergency aid to help cushion the economic fallout of the current international financial crisis. While the general tone of the economic outlook was more upbeat, officials have still been cautious in their assessment. April saw a continuation of the March risk-seeking rally leading to several growth currencies registering solid gains against the dollar. Losses were realized in the foreign exchange sector due to the Trust’s general bias to be long the dollar against most major currencies. In fixed income, the equity market rally helped general investor sentiment, driving bond prices lower across the board which produced losses for the Trust in this sector. Commodity trading finished relatively flat with gains from the energy sector offsetting small losses in base and precious metals.

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

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

Contrary to investor fears, global stock market returns in 2009 have fueled improved risk appetite as economic data and corporate earnings support the rally for yet another month in July. The Trust’s trading performance was relatively flat, with positive results from long stock and short U.S. Dollar positions being offset by losses incurred from short interest rate positions. For the first half of 2009, many “trend-following” strategies struggled to curb losses and eked out small gains in a market environment that is in a classic “consolidation” (trendless and choppy) period.

While risk appetite was generally strong in August, investors’ risk behavior was a bit random as fixed income initially sold off on better than expected payrolls data, but spent the rest of the month rallying. Bernanke’s nomination for a second term and continued “lower rates for longer” comments from Fed officials helped support treasury prices against the Trust’s general positioning across the curve. Smaller losses were recorded in currency trading as investors appeared unwilling to chase growth currencies higher, at the expense of the dollar, from already stretched levels. Gains were recorded in commodity markets as the Trust increased its exposure to this sector with the launch of more agile models providing more efficient holding period diversification. Trading in base and precious metals was a primary driver as the “risk on” trade prevailed on improving economic data. Equity indices trading yielded a marginal gain as positioning geographically and across model groups remains mixed.

During the month of September, the Trust’s technical and fundamental strategies both recorded healthy gains in the foreign exchange sector from short positions in the U.S. Dollar vs. most major currencies. Commodity-linked currencies were particularly profitable for the Trust, as both the Australian and New Zealand Dollars rose in value close to 5%. Technical and fundamental signals were also effective in the equity index sector, where the Trust benefited from primarily long positions across global stock indices. With the exception of Japan, global equities moved higher by 2 — 3% during the month on healthy

M&A activity, as well as favorable signs of a manufacturing rebound and consumer spending renewal. Results were mixed in fixed income trading as gains earned from short-term rates were largely offset by losses on the long end of the curve. Commodities trading resulted in marginal losses overall, primarily due to short positions in natural gas. The price of natural gas rallied over 20% during the month as a result of significant short covering in the market despite record storage levels.

The risk pendulum continued to swing between “risk on” and “risk off” during the month of October, culminating in “risk off” at month-end and impacting all sectors of the portfolio. As global equity markets fell, commodities fell in tandem and the U.S. Dollar rallied along with fixed income in a thematic trade tied to central bank activity. While the Trust’s risk exposure to equity indices was relatively low, our net long position yielded the largest sector loss during the month. The high volatility environment for mean-reversion equity trading was quite favorable, resulting in gains in the cash equities statistical models in both U.S. and Japan. The perseverance of the “risk off” trade at month-end resulted in modest losses in foreign exchange, modest gains in commodities.

November saw strong trends generate a return of 3.03%, with solid gains in interest rates, foreign exchange, and commodities. Weaker than expected new home sales to start the month, the Federal Open Market Committee’s retention of “extended period” language at mid-month, and a flight to quality at month-end fueled by fears over Dubai debt pushed bond prices higher throughout the month. Thus, trading in fixed income contributed to strong gains from both the short and long end of the curve; foreign exchange trading profited from a continued downward trend of the U.S. Dollar; and commodity trading benefitted from gains in precious metals.

In December, the markets saw a rapid reversal in fixed income and the U.S. Dollar. Inflationary fears subsided as better than expected U.S. economic data fueled equity prices higher and bond prices lower. While market participants seemed to be trading at reduced risk levels, price trends were inconsistent leading into the holiday break, causing losses for many systematic managers, including Campbell. Sharp losses in fixed income trading and modest losses in foreign exchange outweighed solid gains in cash equities and equity indices trading, resulting in a net loss for the month.

2008

Of the decrease of 1.38% for Series A for the period October 1, 2008 through December 31, 2009, approximately 0.27% was due to trading losses (before commissions) and approximately 1.15% was due to brokerage fees, management fees, and offering costs borne by Series A offset by approximately 0.04% due to interest income.

Of the 2008 year-to-date increase of 1.25% for Series B, approximately 3.82% was due to trading gains (before commissions) and approximately 1.68% due to interest income offset by approximately 4.25% due to brokerage fees, management fees and operating costs borne by Series B.

An analysis of the 3.82% gross trading gains for the Trust for the year by sector is as follows:


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

		3.82	%

The first quarter of 2008 began where 2007 left off, with the credit crisis causing more write-downs, more credit downgrades, and a growing realization that sub-prime issues would have broader and longer-lasting impacts than initially suspected. In January, weak economic data caused the Federal

Open Market Committee to cut short-term rates by a total of 1.25%, which included an unprecedented 0.75% emergency cut. The S&P 500 recorded one of its worst monthly performances in the history of the index. The Trust’s performance in January was a small loss, with gains in equity indices trading more than offset by losses in currencies and flat performance in fixed income and commodities.

February saw the U.S. dollar weaken against most major currencies, as U.S. economic data disappointed, stagflation concerns grew and U.S. interest rate expectations declined dramatically. The Trust’s currency trading profited from these moves, generating a positive return for the month. The Trust also recorded gains in equity indices trading, as the S&P 500, Dow, and NASDAQ continued to slide. Overall, the Trust had a positive month.

March brought more Federal Reserve intervention, which resulted in a slight recovery by U.S. stocks from mid-month slides to finish flat for the month, but still significantly negative for the year. The US dollar continued to weaken. The Trust’s performance was close to flat for the month at (0.23)%, with gains in equity indices and currencies offset by losses in commodities and fixed income. The Trust closed the first quarter of 2008 with a year-to-date small gain.

In April, the U.S. Dollar rallied against key funding currencies, despite a generally weak global economy. The Trust realized gains in foreign exchange and commodities. However, those gains were overshadowed by losses in the fixed income and equity indices sectors, as prior trends in both sectors reversed course. For the month of April, the Trust suffered a loss.

May was a strong month for the Trust. Positive commodity trading led the charge as crude oil breached new technical levels, touching $135 mid-month. Foreign exchange models also posted gains, as high-yielding currencies performed well. These gains, together with modest gains in the fixed income more than offset a loss in equity indices. The Trust achieved a positive return on the month.

In June the Trust realized its best month of the year. Equity indices trading produced strong gains as short positions benefitted from the negative news that roiled the markets around the globe. Signs of commodity-based inflation were constantly in the headlines. Consumer confidence fell to a 16-year low, as U.S., European, and Asian equities markets fell in tandem. Fixed income trading produced additional gains for the Trust, in response to fears of inflation and the ECB’s increasingly hawkish stance. Commodities also posted gains as crude oil hit new highs on the back of increased tensions in the Middle East and among OPEC members. In addition, the Trust had modest gains in foreign exchange sector. The Trust concluded the second quarter with a gain of 4.43% for the quarter, and a year-to-date gain of 5.19%.

The month of July was characterized by reversals in many asset classes. The Dow and S&P hit technical bear market territory early in the month, while Japanese equities saw their longest back-to-back losing streak in 54 years. Equity markets seemed to find a bottom mid-month after the U.S. announced the Government-Sponsored Enterprises bailout plan. Commodity prices also reversed, with crude oil declining almost 12% on fears that a weakened economy would reduce global demand. The Trust earned profits in equity indices trading. Those gains were offset by losses in fixed income and commodities. All-in, the Trust finished the month with a loss.

In August, sub-prime fallout continued to plague the global financial markets. The U.S. unemployment rate hit a four-year high. Commodity prices continued to decline, with natural gas leading the way with a decline of 12.75% and gold falling to its lowest level in eight months. The Trust experienced losses in foreign exchange and commodities sectors as currencies linked to commodities fell in tandem with metal and energy markets, while the U.S. Dollar Index posted unusually strong gains. Those losses edged out gains in fixed income, resulting in a loss for the month.

September saw concern over the widening credit crises come to a boiling point. Equity markets in the U.S., Europe, and Asia declined sharply. Investors fled high-yielding currencies in response to the global decline in equity markets. The Trust posted a loss of 1.37%. Gains in equity indices were offset by losses in foreign exchange, fixed income, and commodities. Diversification of positions by sector and

geography played an important role in dampening losses to the Trust, as did a decrease in risk levels across the portfolio. The Trust concluded the third quarter with a loss for the quarter.

At the time, the month of October seemed like a month to remember, as equity markets around the world plummeted, fueling further anxiety about the length and depth of a global recession and further exacerbating the liquidity, growth, and confidence crisis. With the benefit of hindsight, it was but the beginning of a quarter to remember. For the Trust, the month was about the benefits and disadvantages of diversification. Modest gains in equity indices trading were more than offset by losses in foreign exchange and fixed income, resulting in a loss for the month.

November brought further global economic panic, as governments around the world continued to announce plans to help bolster sagging economies. The U.S. reversed course on its bailout effort, from buying troubled assets to facilitating lending flow. Economic data reflected another sharp drop in manufacturing, rising unemployment, and the largest drop in retail sales since 1992, prompting wild swings in both equity and bond markets. The Trust maintained a relatively low risk profile during the month, which resulted in marginal losses and gains across the sectors. For the Trust, losses in fixed income offset marginal gains in other sectors, resulting in a loss for the month.

December saw more of the same on the global economic front. The Trust, however, took advantage of dramatic moves in the British Pound, particularly against the Euro, to achieve gains in foreign exchange. Likewise, fixed income trading was profitable as central banks across the globe continued to lower interest rates on persistent negative data. Overall, the Trust had a gain for December.

2007

For the 2007 decrease of 12.91% for Series B, approximately 12.79% was due to trading losses (before commissions) and approximately 4.69% due to brokerage fees, management fees, performance fees, and operating costs borne by the Trust offset by approximately 4.57% was due to interest income. An analysis of the 12.79% trading losses by sector is as follows:


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

		(12.79	)%

The first quarter demonstrated how market perceptions on the global macroeconomic environment can drastically change during a quarter. Fixed income was initially a driver in performance as a result of the acceleration of global economic momentum, but ultimately resulted in overall losses for the quarter. The global growth environment turned into a flight to quality from risky assets, sponsored by former Federal Reserve Chairman Alan Greenspan’s comments about a recession by year end and the whipsaw activity experience in fixed income. Currency trading followed a similar path of fixed income (initial gains and overall quarterly losses); initial gains from currency crosses were generated from unexpected rate hikes by the Bank of England in the beginning of the quarter but were wiped out by the liquidations of Yen-based carry trades in February, followed by whipsaw activity at the end of quarter. The Trust’s equity indices initially bucked the trend of fixed income and currency with gains coming from our fundamental models and strong M&A activity, but ultimately succumbed to an overall quarterly loss. Energy losses were driven by price declines in January on inventory build-ups due to warmer than average

temperatures, but finished the last two months of the quarter basically flat. Global economic worries that were sparked at the end of February continued through the early part of March. All major market sectors experienced increased volatility accompanied by sharply higher short-term correlation. Whipsaw activity in currencies, interest rates and equities indices led to negative performance in all of these sectors, acting as the primary drivers of March losses. Risk levels for the Trust were reduced early in March in response to market conditions, and were restored to normal levels as conditions warranted.

The second quarter charged forward with M&A activity supported by impressive earnings, unfettered access to liquidity and major U.S. indices reaching all time highs, to only end with inflation concerns and a flight to quality related to the sub-prime world. Currencies provided gains early and late in the quarter related to negative U.S. dollar sentiment, but experienced losses mid-quarter mainly in outright exposures. Fixed income gains early in the month of April were given back during the last days of the month, but global fixed income prices breaking out of their trading ranges in May allowed the Trust to gain on both the long and short end of the yield curve. Early in the quarter commodity trading was positive as copper prices rallied on China’s release of high import figures, then finished slightly negative mid-quarter with energy trading gains mitigating some losses in metals. Commodities ended the quarter with small losses related to being short crude as it rallied above $70 per barrel on geo-political risks and inventory changes keeping traders bullish.

The third quarter began with a sudden flight to quality, reversal of high yielding currencies, and a highly correlated, unusually large move against the Trust’s positions resulting in one of the Trust’s largest monthly declines in recent years. Losses were broadly based and evenly spread between the interest rate, foreign exchange and equity index sectors. In response to this “perfect storm,” the Trust’s leverage was temporarily cut by 50%. Continuing the unusual market conditions theme into the first half of August, the contagion effect throughout the financial system created a confidence and liquidity crisis that also negatively impacted the Trust’s performance. Major stock, bond and currency markets globally experienced double digit losses from mid-July to mid-August. The foreign exchange sector proved very difficult in August as the Trust’s technical and macro models were both exposed to high-yielding currencies that suffered market value declines of historical proportions in mid-August. The Trust’s leverage was cut again in mid-August. Trading in the equity indices sector was also difficult as volatility dominated global stock markets, with the S&P dropping over 8% from its intra-month high only to bounce off of its lows once the Trust’s exposure was reduced. The Trust earned the majority of its gains at the end of the quarter in the foreign exchange markets as higher-yielding currencies once again gained favor. Trading in the stock indices sector also posted positive results, as the markets breathed a collective sigh of relief that the Federal Reserve was seriously addressing the credit crisis and resulting economic impact. The Trust’s portfolio maintained a lower risk posture throughout the month of September with full re-engagement resuming in the early part of the fourth quarter.

The fourth quarter started with mixed messages as corporate earnings’ reports either beat estimates or severely disappointed, money centers and investment banks grappling with major credit related losses, housing data continuing to soften, and the Federal Open Market Committee complying with market expectations of a 25 basis point cut. High yielding currencies provided healthy gains early in the quarter battling back from August lows, however, during the remainder of the quarter the Trust incurred its largest sector losses in currencies enduring the yen reaching levels not seen since June of 2005. Trading in global indices proved a similar fate to the currency sector, initially beginning the quarter with gains followed up by two consecutive months of incurring losses related to U.S. recessionary fears spawning fears of a global slowdown in growth. Fixed income began the quarter flat as credit quality remained an underlying concern, then moving to positive returns mid-quarter thanks to Treasuries posting the best month in 12 years, to finishing negative at year-end related to extreme volatility. Energy and base metals began the quarter with a minimal loss and flat performance, respectively, as the markets continued to wrestle with a tight supply/demand picture, deteriorating geo-political landscape, a weakening dollar and strong growth from India & China. This market landscape then switched to fears of slowing global growth and fundamental arguments for lower energy prices in which Campbell recorded losses in both sectors. The quarter ended with gains realized in base and precious metals as gold rallied 6% to all time highs amid strong buying in the face of a bounce in the U.S. dollar.

Item 7A. 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, “Quantitative and Qualitative 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 maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

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

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

The VaR for a sector represents the one day downside risk for the aggregate exposures associated with this sector. The current methodology used to calculate the aggregate VaR represents the VaR of the Trust’s open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.

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

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

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

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

The following tables indicate the trading Value at Risk associated with the Trust’s open positions by market category as of December 31, 2009, 2008 and 2007 and the trading gains/losses by market category for the years then ended.


	December 31, 2009
Market Sector	Value at Risk*			Gain/(Loss)**
Currencies		0.90	%		3.74	%
Interest Rates		0.69	%		(4.77)	%
Stock Indices		0.45	%		(0.47	)%
Commodities		0.41	%		(0.21	)%


Aggregate/Total		1.62	%		(1.71)	%


*		- The VaR for a sector represents the one day downside risk for the aggregate exposures associated with this sector. The aggregate VaR represents the VaR of the Trust’s open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.

**		- Represents the gross trading for the Trust for the year ended December 31, 2009.

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

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

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


	December 31, 2008
				Trading
Market Sector	Value at Risk*			Gain/(Loss)**
Currencies		0.50	%		(0.60	)%
Interest Rates		0.29	%		(4.69	)
Stock Indices		0.17	%		8.68	%
Commodities		0.06	%		0.43	%


Aggregate/Total		0.59	%		3.82	%


*		- The VaR for a sector represents the one day downside risk for the aggregate exposures associated with this sector. The aggregate VaR represents the VaR of the Trust’s open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.

**		- Represents the gross trading for the Trust for the year ended December 31, 2008.

Of the return for the period October 1, 2008 (commencement of trading) to December 31, 2008 for Series A, approximately 0.27% was due to trading losses (before commissions) and approximately 1.15% was due to brokerage fees, management fees, offering costs and operating costs borne by Series A offset by interest income of approximately 0.04% giving a net return of (1.38)%.

Of the return for the year ended December 31, 2008 for Series B, approximately 3.82% was due to trading gains (before commissions) and approximately 1.68% was due to interest income offset by approximately 4.25% in brokerage fees, management fees and operating costs borne by Series B giving a net return of 1.25%.


	December 31, 2007
				Trading
Market Sector	Value at Risk*			Gain/(Loss)**
Currencies		1.44	%		(7.94	)%
Stock Indices		0.50	%		(2.90	)%
Interest Rates		0.40	%		0.80	%
Energy		0.08	%		(1.88	)%
Agricultural and Metals		0.16	%		(0.87	)%


Aggregate/Total		1.68	%		(12.79	)%


*		- The VaR for a sector represents the one day downside risk for the aggregate exposures associated with this sector. The aggregate VaR represents the VaR of the Trust’s open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.

**		- Of the return for the year ended December 31, 2007 for Series B, approximately 12.79% was due to trading gains (before commissions) and approximately 4.69% in brokerage fees, management fees, performance fees and operating costs borne by the Trust offset by approximately 4.57% due to interest income giving a net return of (12.91)%.

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.

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 were the primary trading risk exposures of the Trust as of December 31, 2009, by market sector.

Currencies

Exchange rate risk is the principal 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 (Hong Kong, Spain, Taiwan and 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 loses.

Energy

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

Metals

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

Agricultural

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

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the non-trading risk exposures of the Trust as of December 31, 2009.

Foreign Currency Balances

The Trust’s primary foreign currency balances are in Japanese 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 per month, and more frequently if a particular foreign currency balance becomes unusually large).

Fixed Income Securities

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

Treasury Bill Positions for Margin Purposes

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

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Trust and Campbell & Company, severally, attempt to manage the risk of the Trust’s open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per “risk unit” of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as precalculating “stop-loss” points at which systems will signal to close out open positions.

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

General

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


Item 8.		Financial Statements and Supplementary Data

Financial statements meeting the requirements of Regulation S-X appear beginning on Page 41 of this report. The supplementary financial information specified by Item 302 of Regulation S-K is included in Item 6 — Selected Financial Data.


Item 9.		Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.


Item 9A.		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 annual 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 quarterly that have materially affected, or is reasonably likely to materially affect, internal control over financial reporting applicable to the Trust.


Item 9A (T).		Controls and Procedures

Management’s Annual Report on Internal Control over Financial Reporting

Campbell & Company, Inc. (“CCI”), the managing operator of the Trust, is responsible for the management of the Trust. Management of CCI (“Management”) is responsible for establishing and maintaining adequate internal control over financial reporting. The internal control over financial reporting is designed 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.

The Trust’s internal control over financial reporting includes those policies and procedures that:

	•		Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Trust;

	•		Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the partnership’s transactions are being made only in accordance with authorizations of Management and;

	•		Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Trust’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2009. In making this assessment, Management used the framework established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). As a result of this assessment and based on the criteria in the COSO framework, management has concluded that, as of December 31, 2009, the Trust’s internal control over financial reporting was effective.

This annual report does not include an attestation report of the Trust’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the company to provide only management’s reporting this annual report.


Item 9B.		Other Information

There was no information required to be disclosed in a report on form 8-K during the fourth quarter of 2009 that was not reported on Form 8-K.

PART III


Item 10.		Directors, Executive Officers and Corporate Governance

The Registrant has no directors or executive officers. The Registrant has no employees. It is managed by Campbell & Company in its capacity as managing operator. Campbell & Company has been registered as a commodity pool operator (CPO) since September 1982. Its main business address is 2850 Quarry Lake Drive, Baltimore, Maryland, 21209, (410) 413-2600. Campbell & Company’s directors and executive officers are as follows:

G. William Andrews, born in 1972, has been employed by Campbell & Company since April 1997 and was appointed Vice President: Director of Research Operations in March 2006 and has served as Vice President: Director of Operations since April 2007. His duties include managing daily research and trade operations, new research product implementation and code management. From November 1995 to April 1997, Mr. Andrews was employed at Legg Mason as a Research Analyst in the Realty Group. Before immigrating to the United States, he was employed by the Japanese Department of Education in the town of Fujimi, Nagano prefecture. Mr. Andrews holds an M.B.A. in Finance from Loyola College in Maryland and a Bachelor of Social Science from Waikato University, New Zealand. Mr. Andrews became listed as a Principal of Campbell & Company effective June 21, 2006.

Theresa D. Becks, born in 1963, joined Campbell & Company in June 1991 and has served as President and Chief Executive Officer since April 2007, Secretary since May 1992, a Director since January 1994, and was Chief Financial Officer and Treasurer until July 2008. Ms. Becks is also the President and Chief Executive Officer of Campbell & Company Investment Adviser LLC, a wholly-owned subsidiary of Campbell & Company, and Trustee, President and Chief Executive Officer of The Campbell Multi-Strategy Trust, a registered investment company. Ms. Becks served as a member of the Board of Directors of the Managed Funds Association from November 2002 to November 2006. From December 1987 to June 1991, she was employed by Bank Maryland Corp, a publicly held company, as a Vice President and Chief Financial Officer. From September 1985 to December 1987, she worked with the public accounting firm Ernst & Young as a C.P.A. Ms. Becks is a C.P.A. and has a B.S. in Accounting from the University of Delaware. Ms. Becks became registered as an Associated Person and listed as a Principal and NFA Associate Member of Campbell & Company effective May 7, 1999, March 10, 1993 and April 21, 1999, respectively. Ms. Becks became registered as an Associated Person and listed as a Principal and NFA Associate Member of Campbell & Company Investment Adviser LLC effective December 14, 2005, December 12, 2005 and December 14, 2005, respectively.

D. Keith Campbell, born in 1942, has served as the Chairman of the Board of Directors of Campbell & Company since it began operations, was President until January 1994, and was Chief Executive Officer until January 1998. Mr. Campbell is the majority voting stockholder of Campbell & Company. Mr. Campbell has acted as a commodity trading advisor since January 1972 when, as general partner of the Campbell Fund, a limited partnership engaged in commodity futures trading, he assumed sole responsibility for trading decisions made on its behalf. Since then, he has applied various technical

trading models to numerous discretionary futures trading accounts. Mr. Campbell is registered with the CFTC and NFA as a commodity pool operator. Mr. Campbell became registered as an Associated Person and listed as a Principal and NFA Associate Member of Campbell & Company effective October 29, 1997, September 29, 1978 and September 29, 1997, respectively. Mr. Campbell became listed as a Principal of Campbell & Company Investment Adviser LLC effective July 9, 2008. Mr. Campbell became listed as a Principal of his Commodity Pool Operator effective March 10, 1975.

Bruce L. Cleland, born in 1947, joined Campbell & Company in January 1993 and has served as Vice Chairman of the Board of Directors of Campbell & Company since April 2007, was President from January 1994 to April 2007, and Chief Executive Officer from January 1998 to April 2007. Until April 2007, Mr. Cleland was also the President and Chief Executive Officer of Campbell & Company Investment Adviser LLC, a wholly-owned subsidiary of Campbell & Company, and Trustee, Chief Executive Officer and President of The Campbell Multi-Strategy Trust, a registered investment company. Mr. Cleland has worked in the international derivatives industry for over thirty years, and has owned and managed firms engaged in global clearing, floor brokerage, trading and portfolio management. Mr. Cleland is currently a member of the Board of Directors of the National Futures Association, and previously served as a member of the Board of Directors of the Managed Funds Association and as a member of the Board of Governors of the COMEX, in New York. Mr. Cleland is a graduate of Victoria University in Wellington, New Zealand where he earned a Bachelor of Commerce and Administration degree. Mr. Cleland became registered as an Associated Person and listed as a Principal and NFA Associate Member of Campbell & Company effective December 15, 1993, September 15, 1993 and December 15, 1993, respectively. Mr. Cleland became listed as a Principal of Campbell & Company Investment Adviser LLC effective July 9, 2008. Mr. Cleland was a registered Associated Person and NFA Associate Member with Campbell & Company Investment Adviser LLC from December 2005 to April 2007.

Gregory T. Donovan, born in 1972, joined Campbell & Company in October 2006 and has served as Chief Financial Officer and Treasurer of Campbell & Company since July 2008, and was Senior Vice President of Accounting and Finance from October 2006 to July 2008. His duties include oversight of accounting and finance functions and review of accounting policies and procedures. Mr. Donovan is also the Chief Financial Officer, Treasurer and Assistant Secretary of both Campbell & Company Investment Adviser LLC, a wholly-owned subsidiary of Campbell & Company, and The Campbell Multi-Strategy Trust, a registered investment company. From November 2003 to October 2006, Mr. Donovan was employed by Huron Consulting Services serving as Director in the Financial and Economic Consulting Practice. From May 1998 until November 2003, Mr. Donovan was employed by KPMG LLP in which he served in the capacity of Manager in the Forensic and Litigation Services Practice. Mr. Donovan is a C.P.A. and has a B.S. in Business Administration with concentrations in Accounting and Management from Castleton State College and holds a M.S. in Finance from the University of Baltimore. Mr. Donovan became registered as an Associated Person and listed as a Principal and NFA Associate Member of Campbell & Company effective July 5, 2007, May 9, 2007 and July 2, 2007, respectively. Mr. Donovan became listed as a Principal of Campbell & Company Investment Adviser LLC effective May 16, 2007.

Michael S. Harris, born in 1975, has been employed by Campbell & Company since July 2000, was appointed Deputy Manager of Trading in September 2004 and has served as Vice President and Director of Trading since June 2006. His duties include managing daily trade execution for the assets under Campbell & Company’s management. From October 1999 to July 2000, Mr. Harris worked as a futures and options broker for Refco Inc. (NY). From May 1997 to October 1999, he worked in the Sales and Product Development groups at Morgan Stanley Managed Futures. Mr. Harris holds a B.A. in Economics and Japanese Studies from Gettysburg College. He also spent time studying abroad at Kansai Gaidai University in Osaka, Japan. Mr. Harris became registered as an Associated Person and listed as a Principal and NFA Associate Member of Campbell & Company effective September 21, 2000, June 15, 2006 and August 19, 2000, respectively.

Michael J. Hebrank, born in 1955, joined Campbell & Company in April 2004 and has served as Chief Technology Officer since then. From February 1999 to April 2004, Mr. Hebrank was the Chief Information Officer at Greater Baltimore Medical Center, the fourth largest healthcare system in

Maryland. Mr. Hebrank holds a B.S. in Applied Statistics from the University of Baltimore and an M.S. in Computer Engineering from Loyola College of Maryland. Mr. Hebrank became listed as a Principal of Campbell & Company effective June 21, 2006.

Kevin M. Heerdt, born in 1958, joined Campbell & Company in March 2003 and has served as Chief Investment Officer and Director of Research since July 2007, was Executive Vice President-Research from March 2003 to June 2007 and Chief Operating Officer from June 2005 to June 2007. His duties include risk management, research, and the development of quantitatively based hedge fund and options strategies. Mr. Heerdt is also the Vice President and Chief Investment Officer of both Campbell & Company Investment Adviser LLC, a wholly-owned subsidiary of Campbell & Company, and The Campbell Multi-Strategy Trust, a registered investment company. From February 2002 to March 2003, he was the sole proprietor of Integrity Consulting, a start-up business consulting firm. From December 1990 to February 2002, Mr. Heerdt worked for Moore Capital Management, Inc., a private investment management firm, and its affiliates, where he was a Director and a Managing Director. Mr. Heerdt holds a B.A. in Economics and in International Relations from the University of Southern California. Mr. Heerdt became registered as an Associated Person and listed as a Principal and NFA Associate Member of Campbell & Company effective April 15, 2003, April 15, 2003 and April 1, 2003, respectively. Mr. Heerdt became registered as an Associated Person and listed as a Principal and NFA Associate Member of Campbell & Company Investment Adviser LLC effective December 14, 2005, December 12, 2005 and December 14, 2005, respectively. On March 12, 2010, by mutual agreement, Chief Investment Officer Kevin Heerdt left Campbell & Company to pursue other interests. Going forward, management of the research and investment process at Campbell will be conducted by an Investment Committee chaired by Campbell’s Vice Chairman Bruce Cleland. Other members of the Investment Committee will be Research Director, Xiaohua Hu, PhD, and Chief Operating Officer Will Andrews.

Thomas P. Lloyd, born in 1959, joined Campbell & Company in September 2005 as General Counsel and Executive Vice President-Legal and Compliance. In this capacity, he is involved in all aspects of legal affairs, compliance and regulatory oversight. Since April 2007, Mr. Lloyd has also overseen Campbell & Company’s fund administration function. Mr. Lloyd is also the Secretary, Chief Compliance Officer and Assistant Treasurer of both Campbell & Company Investment Adviser LLC, a wholly-owned subsidiary of Campbell & Company, and The Campbell Multi-Strategy Trust, a registered investment company. From July 1999 to September 2005, Mr. Lloyd was employed by Deutsche Bank Securities Inc. (“DBSI”) in several positions, including Managing Director and head of the legal group for Deutsche Bank Alex. Brown, the Private Client Division of DBSI. From March 1997 to July 1999, Mr. Lloyd was an attorney in the Enforcement Department of NASD Regulation, Inc., and, from July 1995 to March 1997, he served as a senior counsel in the Division of Enforcement of the United States Securities and Exchange Commission. From January 1989 to July 1995, he was engaged in the private practice of law. Mr. Lloyd holds a B.A. in Economics from the University of Maryland, and a J.D. from the University of Baltimore School of Law. Mr. Lloyd is a member of the Bars of the State of Maryland and the United States Supreme Court. Mr. Lloyd became listed as a Principal of Campbell & Company and Campbell & Company Investment Adviser LLC effective October 20, 2005 and December 12, 2005, respectively.

Tracy Wills-Zapata, born in 1971, joined Campbell & Company in February 2006 and has served as Managing Director — Business Development since January 2007 and was Managing Director of Institutional Business Development from February 2006 to January 2007. Prior to joining Campbell, Ms. Wills-Zapata was a Managing Director of DB Advisors LLC, and affiliates, from September 2002 to December 2005, where she was responsible for distribution of Deutsche Bank’s single manager hedge fund platform. Ms. Wills-Zapata was registered as an Associated Person from January 2005 to December 2005 with DB Capital Advisers Inc., from February 2003 to January 2005 with DB Advisors LLC, and from November 2002 to February 2003 with Deutsche Bank Securities Inc. Ms. Wills-Zapata was listed as a Principal with DB Advisors LLC from February 2003 to February 2004. Ms. Wills-Zapata was an NFA Associate Member from December 2004 to December 2005 with DB Capital Advisers Inc., from January 2003 to January 2005 with DB Advisors LLC, and from November 2002 to February 2003 with Deutsche Bank Securities, Inc. From April 1995 to September 2002, Ms. Wills-Zapata was employed by Dominion Capital Management, Inc., a global money management firm specializing in financial derivatives portfolios, where she served as a Principal and Executive Vice President. Ms. Wills-Zapata was registered

as an Associated Person and listed as a Principal and NFA Associate Member with Dominion Capital Management, Inc. from April 1995 to September 2002, from November 1999 to September 2002, and from April 1995 to September 2002, respectively. From December 1993 to April 1995, Ms. Wills-Zapata was employed by R.J. O’Brien & Associates, Inc., an independent futures brokerage firm, as an Executive Vice President. Ms. Wills-Zapata was registered as an Associated Person and listed as an NFA Associate Member with R.J. O’Brien & Associates, Inc. from March 1995 to June 2000. Ms. Wills-Zapata is currently a member of the Board of Directors and a Member of the Executive Committee for the Managed Funds Association. Ms. Wills-Zapata became registered as an Associated Person and listed as a Principal and NFA Associate Member of Campbell & Company effective March 27, 2006, July 21, 2008 and March 27, 2006, respectively. Ms. Wills-Zapata became registered as an Associated Person and listed as a Principal and NFA Associate Member of Campbell & Company Investment Adviser LLC effective February 18, 2009.

There has never been a material administrative, civil or criminal action brought against Campbell & Company or any of its directors, executive officers, promoters or control persons.

No Forms 3, 4, or 5 have been furnished to the Registrant since inception. To the best of the Registrant’s knowledge, no such forms have been or are required to be filed.

Audit Committee Financial Expert

The Board of Directors of Campbell & Company, in its capacity as the audit committee for the Trust, has determined that Gregory T. Donovan qualifies as an “audit committee financial expert” in accordance with the applicable rules and regulations of the Securities and Exchange Commission. He is not independent of management.

Code of Ethics

Campbell & Company has adopted a code of ethics for its chief executive officer, chief financial officer, director of fund accounting, accounting managers and persons performing similar functions. A copy of the code of ethics may be obtained at no charge by written request to Campbell & Company’s corporate secretary, 2850 Quarry Lake Drive, Baltimore, Maryland 21209 or by calling 1-800-698-7235.


Item 11.		Executive Compensation

The Trust does not itself have any officers, directors or employees. The Trust pays management fees and performance fees to Campbell & Company. The directors and managing officers of Campbell & Company are remunerated by Campbell & Company in their respective positions. The directors and managing officers receive no “other compensation” from the Trust. There are no compensation plans or arrangements relating to a change in control of either the Trust or Campbell & Company.

Campbell & Company receives from the Trust a monthly management fee of 1/12 of 4% of the month-end net assets of the Series A units and Series B units, totaling approximately 4% of the average month-end net assets per year of the Series A units and Series B units; a monthly management fee of 1/12 of 2% of the month-end net assets of the Series W units, totaling approximately 2% of average month-end net assets per year of the Series W units. The managing operator may pay a portion or all of its monthly management fee either upfront (with respect to Series A units) or on an ongoing basis with respect to Series B units (commencing with the 13^th month with respect to Series A units) to selected selling agents who have sold the Series A units and the Series B units, in return for their provision of ongoing services to the Series A and/or the Series B unitholders. It is intended that, in most cases, the ongoing payment paid to selling agents will be 2% per annum, paid monthly, on the then current net asset value of units sold by the selling agents, net of redemptions. In addition, Campbell & Company receives a quarterly performance fee of 20% of the aggregate cumulative appreciation (if any) in the net asset value per unit of the Series A units, Series B units and Series W units at the end of each quarter, exclusive of appreciation attributable to interest income. 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 fees in this paragraph, 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 brokerage fee and performance fee are typically paid in the month following the month in which they are earned. The brokerage fee and performance fee are paid from the available cash at the Fund’s bank, broker or cash management accounts.


Item 12.		Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

	(a)		Security Ownership of Certain Beneficial Owners. As of December 31, 2009, no Units of Beneficial Interest are owned or held by an officer of Campbell & Company.

	(b)		Security Ownership of Management. As of December 31, 2009, Campbell & Company owned 20.360 Units of Beneficial Interest in Series B having a value of $48,453. The amounts are summarized in the table below:


		Amount and Nature
	Name of Beneficial	of Beneficial
Title of Class	Owner	Ownership	Percentage of Class
Units of Beneficial Interest in Series B	Campbell & Company, Inc.	20.360 Units	0.01% of Units outstanding

Campbell & Company did not own any additional units of Series A and Series W at December 31, 2010.


Item 13.		Certain Relationships and Related Transactions, and Director Independence

See Item 11, Executive Compensation and Item 12, Security Ownership of Certain Beneficial Owners and Management.


Item 14.		Principal Accounting Fees and Services

The principal accountant for the years ended December 31, 2009 and 2007 was Deloitte & Touche LLP.

	(a)		Audit Fees The aggregate fees billed for professional services rendered by the principal accountant for the audit of the Trust’s annual financial statements, for review of financial statements included in the Trust’s Forms 10-Q and other services normally provided in connection with regulatory filings for the years ended December 31, 2009 and 2008 were $85,050 and $74,050, respectively.

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

	(c)		Tax Fees None.

	(d)		All Other Fees None.

	(e)		The Board of Directors of Campbell & Company approved all of the services described above. The Board of Directors has determined that the payments made to its independent accountants for these services are compatible with maintaining such auditors’ independence. The Board of Directors explicitly pre-approves all audit and non-audit services and all engagement fees and terms.

PART IV


Item 15.		Exhibits, Financial Statement Schedules

(a)

The Following documents are filed as part of this report:

	(1)		See Financial Statements beginning on page 41 thereof.

	(2)		Schedules:

			Financial statement schedules have been omitted because they are not included in the financial statements or notes hereto applicable or because equivalent information has been included in the financial statements or notes thereto.

	(3)		Exhibits


Exhibit Number		Description of Document
1.01		Form of Selling Agreement among the Registrant, Campbell & Company and the Selling Agent. (Incorporated by reference to the respective exhibit to the Registrant’s Form 10 (No. 0-50264) filed on April 30, 2003.)

3.01		Articles and Plan of Merger of the Campbell Fund Limited Partnership with and into the Registrant dated January 2, 1996. (Incorporated by reference to the respective exhibit to the Registrant’s Form 10 (No. 0-50264) filed on April 30, 2003.)

3.02		Declaration of Trust and Trust Agreement of the Registrant dated January 2, 1996. (Incorporated by reference to the respective exhibit to the Registrant’s Form 10 (No. 0-50264) filed on April 30, 2003.)

3.03		Certificate of Trust of the Registrant dated January 2, 1996. (Incorporated by reference to the respective exhibit to the Registrant’s Form 10 (No. 0-50264) filed on April 30, 2003.)

10.01		Advisory Agreement between the Registrant and Campbell & Company. (Incorporated by reference to the respective exhibit to the Registrant’s Form 10 (No. 0-50264) filed on April 30, 2003.)

10.02		Customer Agreement between the Registrant, Campbell & Company and ABN AMRO Incorporated. (Incorporated by reference to the respective exhibit to the Registrant’s Form 10 (No. 0-50264) filed on April 30, 2003.)

10.03		Form of Subscription Agreement and Power of Attorney. (Incorporated by reference to the respective exhibit to the Registrant’s Form 10 (No. 0-50264) filed on April 30, 2003.)

10.04		International Swap Dealers Association, Inc. Master Agreement between the Registrant, Campbell & Company and ABN AMRO Bank, N.V., Chicago Branch. (Incorporated by reference to the respective exhibit to the Registrant’s Form 10 (No. 0-50264) filed on April 30, 2003.)

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

31.02		Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.

32.01		Certification of Theresa D. Becks, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.

32.02		Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.

	(b)		Reports on Form 8-K

			None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) 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 on March 31, 2010.


	THE CAMPBELL FUND TRUST
	By:	CAMPBELL & COMPANY, INC.
		Managing Operator

	By:	/s/ Theresa D. Becks
		Theresa D. Becks
		Chief Executive Officer and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities of Campbell & Company, Inc., the Managing Operator of the Registrant, indicated on March 31, 2010.


Signature		Capacity

/s/ D. Keith Campbell

D. Keith Campbell		Chairman of the Board of Directors

/s/ Bruce L. Cleland

Bruce L. Cleland		Vice Chairman of the Board of Directors

/s/ Theresa D. Becks

Theresa D. Becks		Chief Executive Officer

/s/ Gregory T. Donovan

Gregory T. Donovan		Chief Financial Officer, Principal Accounting Officer

THE CAMPBELL FUND TRUST

ANNUAL REPORT

December 31, 2009

THE CAMPBELL FUND TRUST

INDEX


	PAGES
Reports of Independent Registered Public Accounting Firm Deloitte & Touche LLP		43

Financial Statements

Condensed Schedules of Investments December 31, 2009 and 2008		44-48

Statements of Financial Condition December 31, 2009 and 2008		49

Statements of Operations For the Years Ended December 31, 2009, 2008 and 2007		50-51

Statements of Cash Flows For the Years Ended December 31, 2009, 2008 and 2007		52

Statements of Changes in Unitholders’ Capital (Net Asset Value) For the Years Ended December 31, 2009, 2008 and 2007		53-54

Financial Highlights For the Years Ended December 31, 2009, 2008 and 2007		55-57

Notes to Financial Statements		58-66

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Unitholders of
The Campbell Fund Trust

We have audited the accompanying statements of financial condition of The Campbell Fund Trust (the “Trust”), including the condensed schedules of investments, as of December 31, 2009 and 2008, and the related statements of operations, cash flows, changes in unitholders’ capital (net asset value) and financial highlights for each of the three years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Campbell Fund Trust as of December 31, 2009 and 2008, the results of its operations, cash flows, changes in its unitholders’ capital (net asset value) and financial highlights for each of the three years in the period ended December 31, 2009, in conformity with accounting principles generally accepted in the United States of America.

/s/ DELOITTE & TOUCHE LLP

Princeton, New Jersey
March 26, 2010

The Campbell Fund Trust

Condensed Schedule of Investments

December 31, 2009

FIXED INCOME SECURITIES


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

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

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

		United States
		Consumer Discretionary	$	41,353,531		11.32	%
		Consumer Staples	$	19,579,580		5.36	%
		Energy	$	11,644,613		3.19	%
		Financials	$	22,628,225		6.19	%
		Industrials
$	30,060,000	Avery Dennison Corporation Due 01/04/2010	$	30,058,964		8.23	%
		Municipal	$	76,574,854		20.96	%
		Telecommunications	$	14,985,483		4.10	%

		Total United States (cost $216,781,978)	$	216,825,250		59.35	%


		Total Commercial Paper (cost $234,802,718)	$	234,849,053		64.29	%


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

		Government And Agency Obligations
		United States
		Financials
		US Government Agency	$	54,732,604		14.98	%
$	17,000,000	U.S. Treasury Bills Due 03/25/2010 *	$	16,997,648		4.65	%

		Total United States (cost $71,704,748)	$	71,730,252		19.63	%

		Short Term Investment Funds
		United States
		Short Term Investment Funds (cost $3,061)	$	3,061		0.00	%

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

See Accompanying Notes to Financial Statements.

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

LONG FUTURES CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Agricultural	$	(2,825	)		0.00	%
Energy	$	166,195			0.05	%
Metals	$	847,192			0.23	%
Stock indices	$	2,707,780			0.74	%
Short-term interest rates	$	(1,205,283	)		(0.33	)%
Long-term interest rates	$	(3,107,032	)		(0.85	)%

Total long futures contracts	$	(593,973	)		(0.16	)%

SHORT FUTURES CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Agricultural	$	12,863			0.00	%
Metals	$	(570,225	)		(0.16	)%
Long-term interest rates	$	119,654			0.03	%

Total short futures contracts	$	(437,708	)		(0.13	)%


Total futures contracts	$	(1,031,681	)		(0.29	)%

FORWARD CURRENCY CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Various long forward currency contracts	$	(13,342,441	)		(3.65	)%
Various short forward currency contracts	$	10,265,262			2.81	%

Total forward currency contracts	$	(3,077,179	)		(0.84	)%

See Accompanying Notes to Financial Statements.

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

PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS


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

WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Written options on forward currency contracts (premiums received — $264,078)	$	(230,427	)		(0.06	)%


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

See Accompanying Notes to Financial Statements.

The Campbell Fund Trust
Condensed Schedule of Investments
December 31, 2008

FIXED INCOME SECURITIES

UNITED STATES GOVERNMENT SECURITIES*


Maturity	Maturity					% of Net
Face Value	Date		Description	Values ($)		Asset Value
$25,000,000		01/22/2009	U.S. Treasury Bills	$	25,000,000		4.99	%

Total United States government securities (cost, including accrued interest, — $25,000,000)				$	25,000,000		4.99	%

LONG FUTURES CONTRACTS


			% of Net
Description	Values ($)		Asset Value
Metals	$	21,852		0.00	%
Stock indices	$	226,850		0.05	%
Short-term interest rates	$	860,185		0.17	%
Long-term interest rates	$	1,064,421		0.21	%

Total long futures contracts	$	2,173,308		0.43	%

SHORT FUTURES CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Agricultural	$	(454,939	)		(0.09	)%
Energy	$	(155,724	)		(0.03	)%
Metals	$	(347,611	)		(0.07	)%
Stock indices	$	(678,007	)		(0.14	)%
Short-term interest rates	$	(84,325	)		(0.02	)%
Long-term interest rates	$	(475,421	)		(0.09	)%

Total short futures contracts	$	(2,196,027	)		(0.44	)%


Total futures contracts	$	(22,719	)		(0.01	)%

See Accompanying Notes to Financial Statements.

The Campbell Fund Trust
Condensed Schedule of Investments
December 31, 2008

FORWARD CURRENCY CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Various long forward currency contracts	$	5,898,461			1.18	%
Various short forward currency contracts	$	(3,203,651	)		(0.64	)%

Total forward currency contracts	$	2,694,810			0.54	%

PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS


			% of Net
Description	Values ($)		Asset Value
Purchased options on forward currency contracts (premiums paid — $202,448)	$	109,058		0.02	%

WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Written options on forward currency contracts (premiums received — $739,584)	$	(665,741	)		(0.13	)%


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

See Accompanying Notes to Financial Statements.

The Campbell Fund Trust

Statements of Financial Condition

December 31, 2009 And 2008


	2009			2008
ASSETS
Equity in broker trading accounts
Cash	$	18,882,546		$	488,681,500
Restricted cash		24,115,214			14,578,416
Net unrealized gain (loss) on open futures contracts		(1,031,681	)		(22,719	)

Total equity in broker trading accounts		41,966,079			503,237,197

Cash and cash equivalents		8,129,710			15,195
Fixed income securities (cost $327,522,499 and $25,000,000, respectively)		327,620,030			25,000,000
Options purchased, at fair value (premiums paid — $847,190 and $202,448, respectively)		855,611			109,058
Net unrealized gain (loss) on open forward currency contracts		(3,077,179	)		2,694,810
Interest receivable		90,033			5,337
Subscriptions receivable		0			2,163,382

Total assets	$	375,584,284		$	533,224,979


LIABILITIES
Cash deficit at forwards broker	$	0		$	67,540
Accounts payable		114,739			117,146
Management fee		1,229,415			1,767,267
Service fee		1,729			0
Options written, at fair value (premiums received — $264,078 and $739,584, respectively)		230,427			665,741
Accrued commissions and other trading fees on open contracts		41,418			30,509
Offering costs payable		10,230			619
Redemptions payable		8,638,173			29,369,592

Total liabilities		10,266,131			32,018,414


UNITHOLDERS’ CAPITAL (Net Asset Value)

*Series A Units — Redeemable*
Other Unitholders — 10,227.868 and 1,052.200 units outstanding at December 31, 2009 and December 31, 2008		24,189,310			2,656,823
*Series B Units — Redeemable*
Managing Operator — 20.360 units outstanding at December 31, 2009 and December 31, 2008		48,453			51,471
Other Unitholders — 141,411.145 and 197,186.512 units outstanding at December 31, 2009 and December 31, 2008		336,529,754			498,498,271
*Series W Units — Redeemable*
Other Unitholders — 1,896.181 and 0.000 units outstanding at December 31, 2009 and December 31, 2008		4,550,636			0

Total unitholders’ capital (Net Asset Value)		365,318,153			501,206,565


Total liabilities and unitholders’ capital (Net Asset Value)	$	375,584,284		$	533,224,979

See Accompanying Notes to Financial Statements.

The Campbell Fund Trust

Statements of Operations

For The Years Ended December 31, 2009, 2008 And 2007


	2009			2008			2007
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	(22,697,082	)	$	33,097,735		$	(25,846,706	)
Change in unrealized		(1,008,960	)		(4,652,238	)		(24,810,820	)
Brokerage commissions		(585,700	)		(856,401	)		(1,781,328	)

Net gain (loss) from futures trading		(24,291,742	)		27,589,096			(52,438,854	)


Forward currency and options on forward currency trading gains (losses)
Realized		19,731,296			(19,095,861	)		(29,870,447	)
Change in unrealized		(5,710,372	)		16,933,839			(53,572,831	)
Brokerage commissions		(70,270	)		(84,502	)		(780,643	)

Net gain (loss) from forward currency and options on forward currency trading		13,950,654			(2,246,524	)		(84,223,921	)


Total net trading gain (loss)		(10,341,088	)		25,342,572			(136,662,775	)


NET INVESTMENT INCOME (LOSS)
Income
Investment income		451,367			10,467,453			46,531,028
Realized gain (loss) on fixed income securities		(15,455	)		0			0
Change in unrealized gain (loss) on fixed income securities		97,531			0			0

Total investment income		533,443			10,467,453			46,531,028


Expenses
Management fee		16,971,300			25,405,845			41,054,959
Service fee		8,487			0			0
Performance fee		0			0			3,914,242
Operating expenses		297,133			193,586			204,930


Total expenses		17,276,920			25,599,431			45,174,131


Net investment income (loss)		(16,743,477	)		(15,131,978	)		1,356,897


NET INCOME (LOSS)	$	(27,084,565	)	$	10,210,594		$	(135,305,878	)

NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT _{(1), (2)} (based on weighted average number of units outstanding during the year)
Series A	$	(58.14	)	$	(32.19	)	$	0.00


Series B	$	(158.24	)	$	41.06		$	(360.46	)


Series W	$	79.02		$	0.00		$	0.00

See Accompanying Notes to Financial Statements.

The Campbell Fund Trust
Statements of Operations
For The Years Ended December 31, 2009, 2008 And 2007


	2009			2008			2007
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT _{(1), (2)}
Series A	$	(159.98	)	$	(35.35	)	$	0.00


Series B	$	(148.25	)	$	31.11		$	(370.14	)


Series W	$	(164.27	)	$	0.00		$	0.00


(1)		Series A Units commenced trading on October 1, 2008; therefore, no information is provided for the Series A Units for the year ended December 31, 2007. The amounts shown for 2008 are for the period October 1, 2008 (commencement of trading) to December 31, 2008.

(2)		Series W Units commenced trading on March 1, 2009; therefore, the information shown is for the period March 1, 2009 through December 31, 2009. No information is provided for Series W Units for the year ended December 31, 2008 and 2007.

See Accompanying Notes to Financial Statements.

The Campbell Fund Trust

Statements of Cash Flows

For The Years Ended December 31, 2009, 2008 And 2007


	2009			2008			2007
Cash flows from (for) operating activities
Net income (loss)	$	(27,084,565	)	$	10,210,594		$	(135,305,878	)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized		6,621,801			(12,281,601	)		78,383,651
(Increase) decrease in restricted cash		(9,536,798	)		(14,578,416	)		0
(Increase) decrease in option premiums paid		(644,742	)		1,436,651			(823,338	)
Increase (decrease) in option premiums received		(475,506	)		(181,056	)		446,294
(Increase) decrease in interest receivable		(84,696	)		91,894			320,413
(Increase) decrease in other assets		0			648			(648	)
Increase (decrease) in accounts payable and accrued expenses		(527,621	)		(1,035,044	)		(1,347,758	)
Net maturities (purchases) of investments in fixed income securities		(302,522,499	)		741,738,739			157,038,705


Net cash from (for) operating activities		(334,254,626	)		725,402,409			98,711,441


Cash flows from (for) financing activities
Addition of units		31,595,573			9,404,485			26,024,191
Redemption of units		(158,909,554	)		(320,714,859	)		(236,172,102	)
Offering costs paid		(48,292	)		0			0

Net cash from (for) financing activities		(127,362,273	)		(311,310,374	)		(210,147,911	)


Net increase (decrease) in cash and cash equivalents		(461,616,899	)		414,092,035			(111,436,470	)
Cash and cash equivalents
Beginning of year		488,629,155			74,537,120			185,973,590


End of year	$	27,012,256		$	488,629,155		$	74,537,120


End of year cash and cash equivalents consists of:
Cash in broker trading accounts	$	18,882,546		$	488,681,500		$	31,596,452
Cash deficit at forwards broker		0			(67,540	)		0
Cash and cash equivalents		8,129,710			15,195			42,940,668


Total end of year cash and cash equivalents	$	27,012,256		$	488,629,155		$	74,537,120

See Accompanying Notes to Financial Statements.

The Campbell Fund Trust

Statements Of Changes In Unitholders’ Capital (Net Asset Value)

For The Years Ended December 31, 2009, 2008 And 2007


	Unitholders’ Capital - Series B
	Managing Operator					Other Unitholders						Total
	Units		Amount			Units			Amount			Units			Amount
Balances at December 31, 2006		20.360	$	58,374			402,479.470		$	1,153,940,424			402,499.830		$	1,153,998,798

Net income (loss) for the year ended December 31, 2007				(7,536	)					(135,298,342	)					(135,305,878	)
Additions		0.000		0			9,471.225			26,063,439			9,471.225			26,063,439
Redemptions		0.000		0			(101,695.987	)		(270,017,583	)		(101,695.987	)		(270,017,583	)

Balances at December 31, 2007		20.360		50,838			310,254.708			774,687,938			310,275.068			774,738,776

Net income (loss) for the year ended December 31, 2008				633						10,216,252						10,216,885
Additions		0.000		0			3,499.136			8,864,886			3,499.136			8,864,886
Redemptions		0.000		0			(116,567.332	)		(295,270,805	)		(116,567.332	)		(295,270,805	)

Balances at December 31, 2008		20.360		51,471			197,186.512			498,498,271			197,206.872			498,549,742

Net income (loss) for the year ended December 31, 2009				(3,018	)					(26,908,145	)					(26,911,163	)
Additions		0.000		0			371.739			880,515			371.739			880,515
Redemptions		0.000		0			(56,147.106	)		(135,940,887	)		(56,147.106	)		(135,940,887	)

Balances at December 31, 2009		20.360	$	48,453			141,411.145		$	336,529,754			141,431.505		$	336,578,207


Net Asset Value per Managing Operator and Other Unitholders’ Unit - Series B
December 31, 2009	December 31, 2008	December 31, 2007
$ 2,379.80	$ 2,528.05	$ 2,496.94

See Accompanying Notes to Financial Statements.

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


	Series A₍₁₎						Series W₍₂₎
	Units			Amount			Units			Amount
Balances at December 31, 2007		0.000		$	0			0.000		$	0

Net income (loss) for the year ended December 31, 2008					(6,291	)					0
Additions		1,052.200			2,663,733			0.000			0
Offering costs					(619	)					0

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

Net income (loss) for the year ended December 31, 2009					(240,057	)					66,655
Additions		9,982.649			23,768,054			2,015.801			4,783,622
Redemptions		(806.981	)		(1,946,094	)		(119.620	)		(291,154	)
Offering costs					(49,416	)					(8,487	)

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


Net Asset Value per Other Unitholders’ Unit — Series A₍₁₎
December 31, 2009		December 31, 2008
$2,365.04		$2,525.02


Net Asset Value per Other Unitholders’ Unit — Series W₍₂₎
December 31, 2009		February 28, 2009
$2,399.89		$2,564.16


(1)		Series A Units commenced trading on October 1, 2008; therefore, no information is provided for the Series A Units for the year ended December 31, 2007.

(2)		Series W Units commenced trading on March 1, 2009; therefore, no information is provided for Series W Units for the year ended December 31, 2008 and 2007.

See Accompanying Notes to Financial Statements.

The Campbell Fund Trust
Financial Highlights
For The Years Ended December 31, 2009, 2008 And 2007

The following information presents per unit operating performance data and other supplemental financial data for Series A for the period October 1, 2008 (commencement of trading) to December 31, 2008 and the year ended December 31, 2009. This information has been derived from information presented in the financial statements.


	Series A
	2009			2008
Per Unit Performance (for a unit outstanding throughout the entire year)

Net asset value per unit at beginning of year₍₄₎	$	2,525.02		$	2,560.37


Income (loss) from operations:
Total net trading gains (losses) ₍₁₎		(55.23	)		(7.62	)
Net investment income (loss)₍₁₎		(92.78	)		(24.56	)


Total net income (loss) from operations		(148.01	)		(32.18	)


Offering costs ₍₁₎		(11.97	)		(3.17	)


Net asset value per unit at end of year	$	2,365.04		$	2,525.02


Total Return		(6.34	)%		(1.38	)%


Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee ₍₃₎		4.10	%		4.03	%
Performance fee		0.00	%		0.00	%


Total expenses		4.10	%		4.03	%


Net investment income (loss)_(2,3)		(3.88	)%		(3.88	)%


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


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

(2)		Excludes performance fee.

(3)		Annualized.

(4)		Represents the net asset value per Series A Unit at October 1, 2008 (commencement of trading).

See Accompanying Notes to Financial Statements.

The Campbell Fund Trust

Financial Highlights

For The Years Ended December 31, 2009, 2008 And 2007

The following information presents per unit operating performance data and other supplemental financial data for Series B for the years ended December 31, 2009, 2008 and 2007. This information has been derived from information presented in the financial statements.


	Series B
	2009			2008			2007
Per Unit Performance
(for a unit outstanding throughout the entire year)

Net asset value per unit at beginning of year	$	2,528.05		$	2,496.94		$	2,867.08


Income (loss) from operations:
Total net trading gains (losses) ₍₁₎		(52.28	)		91.91			(373.75	)
Net investment income (loss)₍₁₎		(95.97	)		(60.80	)		3.61


Total net income (loss) from operations		(148.25	)		31.11			(370.14	)


Net asset value per unit at end of year	$	2,379.80		$	2,528.05		$	2,496.94


Total Return		(5.86	)%		1.25	%		(12.91	)%


Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee		4.11	%		4.10	%		4.05	%
Performance fee		0.00	%		0.00	%		0.38	%


Total expenses		4.11	%		4.10	%		4.43	%


Net investment income (loss)₍₂₎		(3.99	)%		(2.42	)%		0.52	%

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


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

(2)		Excludes performance fee.

See Accompanying Notes to Financial Statements.

The Campbell Fund Trust
Financial Highlights
For The Years Ended December 31, 2009, 2008 And 2007

The following information presents per unit operating performance data and other supplemental financial data for Series W for the period March 1, 2009 (commencement of trading) to December 31, 2009. This information has been derived from information presented in the financial statements.


	Series W
	2009
Per Unit Performance
(for a unit outstanding throughout the entire year)

Net asset value per unit at beginning of year₍₄₎	$	2,564.16


Income (loss) from operations:
Total net trading gains (losses) ₍₁₎		(107.29	)
Net investment income (loss)₍₁₎		(46.92	)


Total net income (loss) from operations		(154.21	)


Offering costs ₍₁₎		(10.06	)


Net asset value per unit at end of year	$	2,399.89


Total Return		(6.41	)%


Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee ₍₃₎		2.62	%
Performance fee		0.00	%


Total expenses		2.62	%


Net investment income (loss)(_2,3)		(2.34	)%


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

(2)		Excludes performance fee.

(3)		Annualized for the period October 1, 2008 (commencement of trading) through December 31, 2008.

(4)		Represents the net asset value per Series W Unit at March 1, 2009 (commencement of trading).

See Accompanying Notes to Financial Statements.

The Campbell Fund Trust

Notes to Financial Statements

December 31, 2009

Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.		General Description of the Trust

		The Campbell Fund Trust (the Trust) is a Delaware statutory trust which operates as a commodity investment pool. The Trust engages in the speculative trading of futures contracts, forward currency contracts and options on forward currency contracts.

		Effective August 31, 2008, the Trust began offering units of beneficial interest classified into Series A units, Series B units and Series W units. The rights of the Series A units, Series B units and Series W units are identical, except that the fees and commissions vary on a Series-by-Series basis. The initial minimum subscription for Series A units and Series W units is $25,000. Series B units are only available for additional investments by existing holders of Series B units. See Note 1G, Note 1I, 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, (formerly FAS No. 39 - “Offsetting of Amounts Related to Certain Contracts”). The market value of futures (exchange-traded) contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close on the last business day of the reporting period. The market value of forward currency (non-exchange traded) contracts was extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period or based on the market value of its exchange-traded equivalent.

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

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

		The fixed income investments, other than U.S. Treasury bills held at the brokers or interbank market makers, are marked-to-market on the last business day of the reporting period by a custodian who utilizes a third party vendor hierarchy of pricing providers who specialize in such markets. The prices furnished by the providers consider the yield or price of bonds of comparable

The Campbell Fund Trust

Notes to Financial Statements

December 31, 2009

		quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. U.S. Treasury bills not held by the custodian are stated at cost plus accrued interest, which approximates fair value. Premiums and discounts on debt securities are amortized for financial reporting purposes.

		For purposes of both financial reporting and calculation of redemption value, Net Asset Value per unit is calculated by dividing Net Asset Value by the number of outstanding units.

		The Trust adopted the provisions of ASC 820, Fair Value Measurements and Disclosures (formerly FASB No. 157, “Fair Value Measurements”), as of January 1, 2008. ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

		ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

		Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The value of the Trust’s exchange-traded futures contracts fall into this category.

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

		Level 3 inputs are unobservable inputs for an asset or liability (including the Fund’s own assumptions used in determining the fair value of investments). Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of and for the year ended December 31, 2009, the Trust did not have any Level 3 assets or liabilities.

		The following tables set forth by level within the fair value hierarchy the Trust’s investments accounted for at fair value on a recurring basis as of December 31, 2009 and December 31, 2008.


	Fair Value at December 31, 2009
Description	Level 1			Level 2			Level 3		Total
Investments
Fixed income securities	$	0		$	327,620,030		$	0	$	327,620,030
Other Financial Instruments
Exchange-traded futures contracts		(1,031,681	)		0			0		(1,031,681	)
Forward currency contracts		0			(3,077,179	)		0		(3,077,179	)
Options purchased		0			855,611			0		855,611
Options written		0			(230,427	)		0		(230,427	)

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

The Campbell Fund Trust

Notes to Financial Statements

December 31, 2009


	Fair Value at December 31, 2008
Description	Level 1			Level 2			Level 3		Total
Investments
Fixed income securities	$	0		$	25,000,000		$	0	$	25,000,000
Other Financial Instruments
Exchange-traded futures contracts		(22,719	)		0			0		(22,719	)
Forward currency contracts		0			2,694,810			0		2,694,810
Options purchased		0			109,058			0		109,058
Options written		0			(665,741	)		0		(665,741	)

Total	$	(22,719	)	$	27,138,127		$	0	$	27,115,408

D.		Cash and Cash Equivalents

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

E.		Cash Deficit at Interbank Market Maker

		At December 31, 2008, the Trust recorded an overdraft of $67,540 which resulted from estimates of available cash.

F.		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 (formerly FIN No. 48, “Accounting for Uncertainty in Income Taxes”) to the Trust, and has determined that no reserves for uncertain tax positions were required. The Trust files federal and state tax returns. The 2006 through 2009 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

G.		Offering 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 December 31, 2009 and December 31, 2008, the

The Campbell Fund Trust

Notes to Financial Statements

December 31, 2009

		amount of unreimbursed offering costs incurred by Campbell & Company is $1,653,661 and $111,829 for Series A units and $328,196 and $31,754 for Series W units respectively.

H.		Foreign Currency 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.

I.		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.

J.		Recently Issued Accounting Pronouncements

		In January 2010, the Financial Accounting Standards Board issued Accounting Standards update No. 2010-06 (“ASU 2010-06”) for improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The impact of this guidance on the Trust’s financial statements and disclosures, if any, is currently being assessed.

Note 2. MANAGING OPERATOR AND COMMODITY TRADING ADVISOR

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

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

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

The Campbell Fund Trust

Notes to Financial Statements

December 31, 2009

Note 3. TRUSTEE

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

Note 4. CASH MANAGER AND CUSTODIAN

		The Trust has appointed Wilmington Trust Investment Management LLC, a wholly owned subsidiary of Wilmington Trust Corporation, as cash manager under the Non-Custody Investment Advisory Agreement dated July 8, 2009, to manage and control the liquid assets of the Trust. The cash manager is registered as an investment adviser with the Securities and Exchange Commission of the United States under the Investment Advisers Act of 1940.

		The Trust opened a custodial account at The Northern Trust Company (the custodian) and has granted the cash manager authority to make certain investments on behalf of the Trust provided such investments are consistent with the investment guidelines created by the managing operator. All securities purchased by the cash manager on behalf of the Trust will be held in its custody account at the custodian. The cash manager will have no beneficial or other interest in the securities and cash in such custody account. The cash manager began trading on behalf of the Trust in August 2009.

Note 5. SERVICE FEE

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

Note 6. DEPOSITS WITH BROKER

The Trust deposits assets with UBS Securities LLC to act as broker, subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of U.S. Treasury bills and cash with such broker. The Trust typically earns interest income on its assets deposited with the broker.

Note 7. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

Investments in the Trust are made by subscription agreement, subject to acceptance by Campbell & Company.

		The Trust is not required to make distributions, but may do so at the sole discretion of Campbell & Company. A unitholder may request and receive redemption of units owned, subject to restrictions in the Declaration of Trust and Trust Agreement. Units are transferable, but no market exists for their sale and none is expected to develop. Monthly redemptions are permitted upon ten (10) business days’ advance written notice to Campbell & 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.

The Campbell Fund Trust

Notes to Financial Statements

December 31, 2009

Note 8. TRADING ACTIVITIES AND RELATED RISKS

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

		Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than total cash and other property deposited.

		The amount of required margin and good faith deposits with the broker and interbank market makers usually range from 10% to 30% of Net Asset Value. The market value of securities held to satisfy such requirements at December 31, 2009 and December 31, 2008 was $16,997,648 and $25,000,000, respectively, which equals 5% and 5% of Net Asset Value, respectively. The cash deposited with interbank market makers at December 31, 2009 and December 31, 2008 was $3,604,499 and $(67,540), respectively, which equals 1% and (0)% of Net Asset Value, respectively. These amounts are included in cash. Included in cash deposits with the broker and interbank market maker at December 31, 2009 and December 31, 2008 was restricted cash for margin requirements of $24,115,214 and $14,578,416, which equals 7% and 3% of Net Asset Value, respectively.

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

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

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


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

The Campbell Fund Trust

Notes to Financial Statements

December 31, 2009


							Forward Currency and
							Options on Forward
	Futures Contracts						Currency Contracts
	(exchange traded)						(non-exchange traded)
	December 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
Gross unrealized gains	$	5,253,447		$	3,247,644		$	14,345,436		$	13,542,469
Gross unrealized losses		(6,285,128	)		(3,270,363	)		(17,380,543	)		(10,867,206	)

Net unrealized gain (loss)	$	(1,031,681	)	$	(22,719	)	$	(3,035,107	)	$	2,675,263

		In March 2008, the FASB issued ASC 815, “Derivatives and Hedging” (formerly SFAS No. 161, “Disclosures about Dervative instruments and Hedging Activities”). ASC 815 provides enhanced disclosures about how and why an entity uses derivative instruments, how derivative instruments are accounted for, and how derivative instruments affect an entity’s financial position, financial performance and cash flows. ASC 815 is effective for financial statements issued for the Trust’s first fiscal year beginning after November 15, 2008. The Trust adopted ASC 815 effective January 1, 2009.

		The following tables summarize quantitative information required by ASC 815.

		The fair value of the Trust’s derivatives by instrument type, as well as the location of those instruments on the Statement of Financial Condition, as of December 31, 2009 is as follows:


		Asset		Liability
		Derivatives at		Derivatives at
	Statement of Financial	December 31, 2009		December 31, 2009
Type of Instrument *	Condition Location	Fair Value		Fair Value			Net
Agricultural Contracts	Equity in broker trading accounts	$	142,638	$	(132,600	)	$	10,038
Energy Contracts	Equity in broker trading accounts		214,581		(48,386	)		166,195
Metal Contracts	Equity in broker trading accounts		1,609,537		(1,332,570	)		276,967
Stock Indices Contracts	Equity in broker trading accounts		2,915,275		(207,495	)		2,707,780
Short-Term Interest Rate Contracts	Equity in broker trading accounts		0		(1,205,283	)		(1,205,283	)
Long Term Interest Rate Contracts	Equity in broker trading accounts		371,416		(3,358,794	)		(2,987,378	)
Forward Currency Contracts	Net unrealized gain (loss) on forward currency contracts		13,988,095		(17,065,274	)		(3,077,179	)
Purchased Options on Forward Currency Contracts	Options purchased, at fair value		855,611		0			855,611
Written Options on Forward Currency Contracts	Options written, at fair value		0		(230,427	)		(230,427	)

Totals		$	20,097,153	$	(23,580,829	)	$	(3,483,676	)


*		Derivatives not designated, as hedging instruments under ASC 815

The Campbell Fund Trust

Notes to Financial Statements

December 31, 2009

The trading revenue of the Trust’s derivatives by instrument type, as well as the location of those gains and losses on the Statement of Operations, for the year ended December 31, 2009 is as follows:


	Trading Revenue for
	the Twelve Months Ended
Type of Instrument	December 31, 2009
Agricultural Contracts	$	(1,863,441	)
Energy Contracts		(4,907,898	)
Metal Contracts		5,425,104
Stock Indices Contracts		(3,588,375	)
Short-Term Interest Rate Contracts		(2,553,519	)
Long Term Interest Rate Contracts		(16,466,479	)
Forward Currency Contracts		8,474,832
Purchased Options on Forward Currency Contracts		(8,456,964	)
Written Options on Forward Currency Contracts		14,003,056

Total	$	(9,933,684	)


	Trading Revenue for
	the Twelve Months Ended
Line Item in the Statement of Operations	December 31, 2009
Futures trading gains (losses):
Realized	$	(22,945,648	)
Change in unrealized		(1,008,960	)
Forward currency and options on forward currency trading gains (losses):
Realized		19,731,296
Change in unrealized		(5,710,372	)

Total	$	(9,933,684	)

		For the twelve months ended December 31, 2009, the monthly average of futures contracts bought and sold was approximately 17,900, and the monthly average of notional value of forward currency and options on forward currency contracts was $2,101,400,500.

		Open contracts generally mature within three months; as of December 31, 2009, the latest maturity date for open futures contracts is March 2011, the latest maturity date for open forward currency contracts is March 2010, and the latest expiry date for options on forward currency contracts is January 2010. However, the Trust intends to close all futures and foreign currency contracts prior to maturity.

		Campbell & Company has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. Campbell & Company’s basic market risk control procedures consist of continuously monitoring open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30%. Campbell & Company’s attempt to manage the risk of the Trust’s open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per “risk unit” of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as precalculating “stop-loss” points at which systems will signal to close open positions. Campbell & Company controls the risk of the Trust’s non-trading fixed income instruments by limiting the duration of such instruments and requiring a minimum credit quality of the issuers of those instruments.

The Campbell Fund Trust

Notes to Financial Statements

December 31, 2009

Campbell & Company seeks to minimize credit risk primarily by depositing and maintaining the Trust’s assets at financial institutions and brokers which Campbell & Company believes to be credit worthy. The unitholder bears the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received.

Note 9. INDEMNIFICATIONS

In the normal course of business, the Trust enters into contracts and agreements that contain a variety of representations and warranties which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The Trust expects the risk of any future obligation under these indemnifications to be remote.

Note 10. SUBSEQUENT EVENTS

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

EXHIBIT INDEX


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

E-1

Attached files

CAMPBELL FUND TRUST Reports

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