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EX-32.01 - EX-32.01 - Campbell Global Trend Fund, L.P.w82859exv32w01.htm
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
     
þ    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2011
or
     
o   Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _______________to______________
Commission File number: 333-166321
CAMPBELL GLOBAL TREND FUND, L.P.
 
(Exact name of registrant as specified in charter)
     
Delaware   27-1412568
     
(State of Organization)   (IRS Employer Identification Number)
2850 Quarry Lake Drive
Baltimore, Maryland 21209
 
(Address of principal executive offices, including zip code)
(410) 413-2600
 
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ    No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive data File required to be submitted and posted pursuant to Rule 405 of regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ    No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “accelerated filer”, “large accelerated filer” and “smaller reporting company” in 12b-2 of the Exchange Act. (Check one):
Large accelerated filer o Accelerated filer o  Non-accelerated filer o
(Do not check if a smaller reporting company)
Smaller reporting company þ
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No þ
 
 

 


 

                 
            Page
PART I — FINANCIAL INFORMATION        
 
               
 
  Item 1.   Financial Statements        
 
               
 
      Condensed Schedules of Investments as of March 31, 2011 and December 31, 2010 (Unaudited)     3-4  
 
               
 
      Statements of Financial Condition as of March 31, 2011 and December 31, 2010 (Unaudited)     5  
 
               
 
      Statement of Operations for the Three Months Ended March 31, 2011 (Unaudited)     6  
 
               
 
      Statement of Cash Flows for the Three Months Ended March 31, 2011 (Unaudited)     7  
 
               
 
      Statements of Changes in Partners’ Capital (Net Asset Value) for the Three Months Ended March 31, 2011 (Unaudited)     8  
 
               
 
      Financial Highlights for the Three Months Ended March 31, 2011 (Unaudited)     9-10  
 
               
 
      Notes to Financial Statements (Unaudited)     11-16  
 
               
 
  Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations     17-22  
 
               
 
  Item 3.   Quantitative and Qualitative Disclosure About Market Risk     22-28  
 
               
 
  Item 4.   Controls and Procedures     28  
 
               
PART II — OTHER INFORMATION        
 
               
 
  Item 6.   Exhibits and Reports on Form 8-K     29  
 
               
SIGNATURES     30  
 
               
CERTIFICATIONS        
 EX-31.01
 EX-31.02
 EX-32.01
 EX-32.02

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Table of Contents

CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
CONDENSED SCHEDULE OF INVESTMENTS
MARCH 31, 2011 (Unaudited)
LONG FUTURES CONTRACTS
                 
            % of Net  
Description   Values ($)     Asset Value  
Agriculture
  $ 26,904       0.17 %
Energy
  $ 80,744       0.50 %
Metals
  $ 49,666       0.30 %
Stock indices
  $ 100,063       0.61 %
Short-term interest rates
  $ (46,838 )     (0.29 )%
Long-term interest rates
  $ (103,185 )     (0.63 )%
 
           
Total long futures contracts
  $ 107,354       0.66 %
 
           
SHORT FUTURES CONTRACTS
                 
            % of Net  
Description   Values ($)     Asset Value  
Agriculture
  $ (10,770 )     (0.07 )%
Energy
  $ (2,850 )     (0.02 )%
Metals
  $ (42,812 )     (0.26 )%
Stock indices
  $ (4,213 )     (0.03 )%
Short-term interest rates
  $ 25,256       0.16 %
Long-term interest rates
  $ 17,779       0.11 %
 
           
Total short futures contracts
  $ (17,610 )     (0.11 )%
 
           
 
               
Total futures contracts
  $ 89,744       0.55 %
 
           
FORWARD CURRENCY CONTRACTS
                 
            % of Net  
Description   Values ($)     Asset Value  
Various long forward currency contracts
  $ 199,353       1.22 %
Various short forward currency contracts
  $ (242,862 )     (1.49 )%
 
           
Total forward currency contracts
  $ (43,509 )     (0.27 )%
 
           
See Accompanying Notes to Financial Statements.

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Table of Contents

CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2010 (Unaudited)
LONG FUTURES CONTRACTS
                 
            % of Net  
Description   Values ($)     Asset Value  
Agriculture
  $ 89,031       0.53 %
Energy
  $ 37,382       0.22 %
Metals
  $ 130,353       0.77 %
Stock indices
  $ 16,806       0.10 %
Short-term interest rates
  $ 21,390       0.13 %
Long-term interest rates
  $ 2,360       0.01 %
 
           
Total long futures contracts
  $ 297,322       1.76 %
 
           
SHORT FUTURES CONTRACTS
                 
            % of Net  
Description   Values ($)     Asset Value  
Agriculture
  $ (5,040 )     (0.03 )%
Energy
  $ (25,830 )     (0.15 )%
Metals
  $ (4,482 )     (0.03 )%
Stock indices
  $ 4,023       0.02 %
Short-term interest rates
  $ (312 )     0.00 %
Long-term interest rates
  $ (25,541 )     (0.15 )%
 
           
Total short futures contracts
  $ (57,182 )     (0.34 )%
 
           
 
               
Total futures contracts
  $ 240,140       1.42 %
 
           
FORWARD CURRENCY CONTRACTS
                 
            % of Net  
Description   Values ($)     Asset Value  
Various long forward currency contracts
  $ 563,554       3.34 %
Various short forward currency contracts
  $ (263,756 )     (1.56 )%
 
           
Total forward currency contracts
  $ 299,798       1.78 %
 
           
See Accompanying Notes to Financial Statements.

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Table of Contents

CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
STATEMENTS OF FINANCIAL CONDITION
March 31, 2011 and December 31, 2010 (Unaudited)
                 
    March 31, 2011     December 31, 2010  
ASSETS
               
Equity in broker trading accounts
               
Cash
  $ 13,475,574     $ 14,365,334  
Restricted cash
    1,537,256       1,098,083  
Net unrealized gain (loss) on open futures contracts
    89,744       240,140  
 
           
Total equity in broker trading accounts
    15,102,574       15,703,557  
 
               
Cash and cash equivalents
    1,190,557       1,137,076  
Net unrealized gain (loss) on open forward currency contracts
    (43,509 )     299,798  
Interest receivable
    843       1,879  
Subscriptions receivable
    145,009       0  
Prepaid expenses
    750       0  
Other assets
    25,525       62,733  
 
           
Total assets
  $ 16,421,749     $ 17,205,043  
 
           
 
               
LIABILITIES
               
Accounts payable
    29,855       30,958  
Advisory fee
    27,075       28,621  
General partner fee
    13,538       14,310  
Broker-dealer custodial fee
    3,384       3,732  
Accrued commissions and other trading fees on open contracts
    1,794       1,374  
Performance fee payable
    0       221,369  
Offering costs payable
    6,769       7,155  
 
           
Total liabilities
    82,415       307,519  
 
           
 
               
PARTNERS’ CAPITAL (Net Asset Value)
               
 
               
Class A (USD) Units — Redeemable
               
General Partner — 7,500.072 units outstanding at March 31, 2011 and December 31, 2010
    8,007,062       8,390,835  
Limited Partner — 157.956 and 13.975 units outstanding at March 31, 2011 and December 31, 2010
    168,635       15,634  
 
               
Class C (USD) Units — Redeemable
               
General Partner — 7,500.072 units outstanding at March 31, 2011 and December 31, 2010
    8,114,463       8,464,858  
Limited Partner — 45.452 and 23.212 units outstanding at March 31, 2011 and December 31, 2010
    49,174       26,197  
 
           
Total partners’ capital (Net Asset Value)
    16,339,334       16,897,524  
 
           
Total liabilities and partners’ capital (Net Asset Value)
  $ 16,421,749     $ 17,205,043  
 
           
See Accompanying Notes to Financial Statements.

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Table of Contents

CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
STATEMENT OF OPERATIONS
For the Three Months Ended March 31, 2011 (Unaudited)
         
    Three Months Ended  
    March 31, 2011(1)  
TRADING GAINS (LOSSES)
       
Futures trading gains (losses)
       
Realized
  $ (194,639 )
Change in unrealized
    (150,396 )
Brokerage commissions
    (10,826 )
 
     
Net gain (loss) from futures trading
    (355,861 )
 
     
 
       
Forward currency trading gains (losses)
       
Realized
    171,354  
Change in unrealized
    (343,307 )
Brokerage commissions
    (481 )
 
     
Net gain (loss) from forward currency trading
    (172,434 )
 
     
 
       
Total net trading gain (loss)
    (528,295 )
 
     
 
       
NET INVESTMENT INCOME (LOSS)
       
Investment income
       
Interest income
    4,150  
 
     
Total investment income
    4,150  
 
     
 
       
Expenses
       
Advisory fee
    84,155  
General partner fee
    42,078  
Service fee
    37,608  
Broker-dealer custodial fee
    10,266  
Operating expenses
    18,909  
 
     
Total expenses
    193,016  
 
     
Net investment income (loss)
    (188,866 )
 
     
 
       
NET INCOME (LOSS)
  $ (717,161 )
 
     
 
       
NET INCOME (LOSS) PER PARTNERS’ CAPITAL
(based on weighted average number of units outstanding during the year)
       
Class A
  $ (49.91 )
 
     
Class C
  $ (45.41 )
 
     
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT
       
Class A
  $ (51.17 )
 
     
Class C
  $ (46.72 )
 
     
 
(1)   The Fund commenced trading on June 1, 2010; therefore, no information is provided for the three months ended December 31, 2010
See Accompanying Notes to Financial Statements.

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Table of Contents

CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2011 (Unaudited)
         
    Three Months Ended  
    March 31, 2011(1)  
Cash flows from (for) operating activities
       
Net income (loss)
  $ (717,161 )
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
       
Net change in unrealized
    493,703  
(Increase) decrease in restricted cash
    (439,173 )
(Increase) decrease in interest receivable
    1,036  
(Increase) decrease in prepaid expenses
    (750 )
(Increase) decrease in other assets
    37,208  
Increase (decrease) in accounts payable and accrued expenses
    (224,718 )
 
       
 
     
Net cash from (for) operating activities
    (849,855 )
 
     
 
       
Cash flows from (for) financing activities
       
Addition of units
    35,001  
Offering costs paid
    (21,425 )
 
     
Net cash from (for) financing activities
    13,576  
 
     
 
       
Net increase (decrease) in cash and cash equivalents
    (836,279 )
 
       
Cash and cash equivalents
     
 
     
Beginning of period
    15,502,410  
 
       
End of period
  $ 14,666,131  
 
     
 
       
End of period cash and cash equivalents consists of:
       
Cash in broker trading accounts
  $ 13,475,574  
Cash and cash equivalents
    1,190,557  
 
     
 
       
Total end of period cash and cash equivalents
  $ 14,666,131  
 
     
 
(1)   The Fund commenced trading on June 1, 2010; therefore, no information is provided for the three months ended December 31, 2010
See Accompanying Notes to Financial Statements.

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Table of Contents

CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (NET ASSET VALUE)
For the Three Months Ended March 31, 2011 (Unaudited)
                                                 
    Partners’ Capital — Class A(1)  
    General Partner     Limited Partner     Total  
    Units     Amount     Units     Amount     Units     Amount  
Balances at December 31, 2010
    7,500.072     $ 8,390,835       13.975     $ 15,634       7,514.047     $ 8,406,469  
 
                                               
Additions
    0.000       0       143.981       155,009       143.981       155,009  
Net income (loss)
            (373,347 )             (1,981 )             (375,328 )
Offering costs
            (10,426 )             (27 )             (10,453 )
 
                                   
Balances at March 31, 2011
    7,500.072     $ 8,007,062       157.956     $ 168,635       7,658.028     $ 8,175,697  
 
                                   
     
Net Asset Value per General and Limited Partners’ Unit — Class A
March 31, 2011   December 31, 2010
 
   
$1,067.60   $1,118.77
     
                                                 
    Partners’ Capital — Class C(1)  
    General Partner     Limited Partner     Total  
    Units     Amount     Units     Amount     Units     Amount  
Balances at December 31, 2010
    7,500.072     $ 8,464,858       23.212     $ 26,197       7,523.284     $ 8,491,055  
 
                                               
Additions
    0.000       0       22.240       25,001       22.240       25,001  
Net income (loss)
            (339,847 )             (1,986 )             (341,833 )
Offering costs
            (10,548 )             (38 )             (10,586 )
 
                                   
Balances at March 31, 2011
    7,500.072     $ 8,114,463       45.452     $ 49,174       7,545.524     $ 8,163,637  
 
                                   
     
Net Asset Value per General and Limited Partners’ Unit — Class C
March 31, 2011   December 31, 2010
 
   
$1,081.92   $1,128.64
     
 
(1)   Class A Units and Class C Units commenced trading on June 1, 2010; therefore, no information is provided for the three months ended March 31, 2010.
See Accompanying Notes to Financial Statements.

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Table of Contents

CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
FINANCIAL HIGHLIGHTS
For the Three Months Ended March 31, 2011 (Unaudited)
    The following information presents per unit operating performance data and other supplemental financial data for Class A units for the three months ended March 31, 2011. This information has been derived from information presented in the unaudited financial statements.
         
    Class A(5)  
    Three Months Ended  
    March 31, 2011  
Per Unit Performance
(for a unit outstanding throughout the entire period)
       
 
       
Net asset value per unit at beginning of period
  $ 1,118.77  
 
     
 
       
Income (loss) from operations:
       
Total net trading gains (losses) (1)
    (34.78 )
Net investment income (loss)(1)
    (15.00 )
 
     
 
       
Total net income (loss) from operations
    (49.78 )
 
     
 
       
Offering costs (1)
    (1.39 )
 
     
 
       
Net asset value per unit at end of period
  $ 1,067.60  
 
     
 
       
Total Return
    (4.57 )%
 
     
 
       
Supplemental Data
       
 
       
Ratios to average net asset value:
       
Expenses prior to performance fee (4)
    5.50 %
Performance fee (3)
    0.00 %
 
     
 
       
Total expenses
    5.50 %
 
     
 
       
Net investment income (loss) (2,4)
    (5.40 )%
 
     
Total returns are calculated based on the change in value of a unit during the period. An individual unitholder’s total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions.
 
(1)   Net investment income (loss) per unit and offering costs per unit are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
 
(2)   Excludes performance fee.
 
(3)   Not annualized
 
(4)   Annualized
 
(5)   Class A Units commenced trading on June 1, 2010; therefore, no information is provided for the three months ended December 31, 2010
See Accompanying Notes to Financial Statements.

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Table of Contents

CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
FINANCIAL HIGHLIGHTS
For the Three Months Ended March 31, 2011 (Unaudited)
The following information presents per unit operating performance data and other supplemental financial data for Class C units for the three months ended March 31, 2011. This information has been derived from information presented in the unaudited financial statements.
         
    Class C(5)  
    Three Months Ended  
    March 31, 2011  
Per Unit Performance
(for a unit outstanding throughout the entire period)
       
 
       
Net asset value per unit at beginning of period
  $ 1,128.64  
 
     
 
       
Income (loss) from operations:
       
Total net trading gains (losses) (1)
    (35.20 )
Net investment income (loss)(1)
    (10.11 )
 
     
 
       
Total net income (loss) from operations
    (45.31 )
 
     
 
       
Offering costs (1)
    (1.41 )
 
     
 
       
Net asset value per unit at end of period
  $ 1,081.92  
 
     
 
       
Total Return
    (4.14 )%
 
     
 
       
Supplemental Data
       
 
       
Ratios to average net asset value:
       
Expenses prior to performance fee (4)
    3.70 %
Performance fee (3)
    0.00 %
 
     
 
Total expenses
    3.70 %
 
     
 
       
Net investment income (loss) (2,4)
    (3.60 )%
 
     
Total returns are calculated based on the change in value of a unit during the period. An individual unitholder’s total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions.
 
(1)   Net investment income (loss) per unit and offering costs per unit are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
 
(2)   Excludes performance fee.
 
(3)   Not annualized
 
(4)   Annualized
 
(5)   Class C Units commenced trading on June 1, 2010; therefore, no information is provided for the three months ended December 31, 2010
See Accompanying Notes to Financial Statements.

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Table of Contents

CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2011 (Unaudited)
Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.   General Description of the Trust
 
    Campbell Global Trend Fund, L.P. (the Fund) was formed as a Delaware series limited partnership pursuant to and in accordance with the provisions of the Delaware Revised Uniform Limited Partnership Act (the Act) on December 1, 2009. The Fund consists of two series (“Series”) — the Global Trend Series (USD) and the Global Trend Series (GLD). The Act provides for the limitation of liability of each Series of the Fund to the debts, liabilities, obligations and expenses of such Series and not those of any other Series or the Fund in general. The Fund operates as a commodity investment pool and engages in the speculative trading of futures and forward currency contracts.
 
    The Global Trend Series (USD) seeks appreciation through trading a diversified portfolio of global futures and currencies pursuant to both traditional trend following and factor based trend following models (the Trend Following Portfolio).
 
    The Global Trend Series (GLD) seeks to provide investors with a gold-denominated exposure to the Trend Following Portfolio. The gold-denominated exposure is achieved by maintaining an exposure to gold by purchasing long positions in gold futures with a value approximately equal to the net asset value of the Series (the Gold Portfolio). The Global Trend Series (GLD) then seeks appreciation through a 100% overlay of the Trend Following Portfolio.
 
    The Global Trend Series (USD) consists of five classes of limited partnership Units: Class A (USD) Units, Class B (USD) Units, Class C (USD) Units, Class D (USD) Units and Class E (USD) Units. Only Class A (USD) Units, Class B (USD) Units, Class C (USD) Units and Class D (USD) Units will be offered. Class E (USD) Units are not being offered for sale but will be issued in exchange for Class A (USD) Units, Class B (USD) Units, Class C (USD) Units and Class D (USD) Units in certain circumstances.
 
    The Global Trend Series (GLD) consists of three classes of limited partnership Units: Class A (GLD) Units, Class B (GLD) Units and Class C (GLD) Units. Only Class A (GLD) Units and Class B (GLD) Units are being offered for sale. Class C (GLD) Units are not being offered for sale but will be issued in exchange for Class A (GLD) Units and Class B (GLD) Units in certain circumstances.
 
    The Fund was initially seeded with $1,000 each in Class A (USD), Class B (USD), Class C (USD), Class D (USD), Class A (GLD) and Class B (GLD) as of April 6, 2010. These amounts were redeemed before the Fund began trading on June 1, 2010. The Global Trend Series (GLD) has yet to commence trading. Therefore, the financial statements presented for the Global Trend Series (USD) are representative of the financial statements of the Campbell Global Trend Fund, L.P. in its entirety, as the Global Trend Series (GLD) has no activity to report as of the date of the financial statements. Refer to Note 10 regarding the Fund’s filing with Securities and Exchange Commission to merge the Global Trend Series (GLD) into the Global Trend Series (USD).
 
B.   Regulation
 
    As a registrant with the Securities and Exchange Commission, the Fund is subject to the regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934. As a commodity investment pool, the Fund 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 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.
 
C.   Method of Reporting
 
    The Fund’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 Fund’s management. Actual results may differ from these estimates.
 
    Investment transactions are accounted for on the trade date. Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the statement of financial condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 210-20, “Offsetting — Balance Sheet.” The fair value of futures (exchange-traded) contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close on the last business day of the reporting period. The fair value of forward currency (non-exchange traded) contracts was extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period.
 
    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 Fund adopted the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
 
    ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

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CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2011 (Unaudited)
    Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund 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 Fund’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 that the Fund 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 period ended March 31, 2011, the Fund did not have any Level 3 assets or liabilities.
 
    In January 2010, the FASB issued Accounting Standards Update No. 2010-06 (“ASU 2010-06”) for improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. As of January 1, 2010, the Fund adopted the provisions of ASC 2010-06 except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which were adopted as of January 1, 2011. The adoption of the remaining provisions have not had a material impact on the Fund’s financial statement disclosures.
 
    The following table sets forth by level within the fair value hierarchy the Fund’s investments accounted for at fair value on a recurring basis as of March 31, 2011 and December 31, 2010.
                                 
    Fair Value at March 31, 2011  
Description   Level 1     Level 2     Level 3     Total  
Exchange-traded futures contracts
  $ 89,744     $ 0     $ 0     $ 89,744  
Forward currency contracts
    0       (43,509 )     0       (43,509 )
 
                       
Total
  $ 89,744     $ (43,509 )   $ 0     $ 46,235  
 
                       
                                 
    Fair Value at December 31, 2010  
Description   Level 1     Level 2     Level 3     Total  
Exchange-traded futures contracts
  $ 240,140     $ 0     $ 0     $ 240,140  
Forward currency contracts
    0       299,798       0       299,798  
 
                       
Total
  $ 240,140     $ 299,798     $ 0     $ 539,938  
 
                       
    The gross presentation of the fair value of the Fund’s derivatives by instrument type is shown in Note 7. See Condensed Schedule of Investments for additional detail categorization.
 
D.   Cash and Cash Equivalents
 
    Cash and cash equivalents includes cash and overnight money market investments at financial institutions.
 
E.   Income Taxes
 
    The Fund will prepare calendar year U.S. federal and applicable state information tax returns and report to the partners their allocable shares of the Fund’s income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as each partner is individually responsible for reporting income or loss based on such partner’s respective share of the Fund’s income and expenses as reported for income tax purposes.
 
    Management has continued to evaluate the application of ASC 740, “Income Taxes”, to the Fund, and has determined that no reserves for uncertain tax positions were required. There are no tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months. The 2010 tax year generally remains subject to the examination by the U.S. federal and most state tax authorities.
 
F.   Organization and Initial Offering Costs
 
    Organization and initial offering costs were advanced by Campbell & Company, Inc. (Campbell & Company), the general partner. In addition, the general partner will incur all costs in connection with the continuous offering of units of the Fund. Each Class of Units, excluding Class E (USD) and Class C (GLD) , will be charged a monthly rate of 1/12 of 0.5% (0.5% annualized) of each Class of Units’ month-end net asset value (as defined in the Amended Agreement of Limited Partnership) until such amounts are fully reimbursed to the general partner. The reimbursement is limited to 2.5% of the total subscriptions accepted by the Fund. The Fund will only liable for payment of offering costs on a monthly basis.

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CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2011 (Unaudited)
    If the Fund terminates prior to completion of payment of such amounts to Campbell & Company, Campbell & Company will not be entitled to any additional payments and the Fund will have no further obligation. Organizational costs will be charged to expense as incurred and offering costs will be charged directly to partners’ capital. The amount of unreimbursed offering costs at March 31, 2011 and December 31, 2010 are $548,750 and $546,847, respectively.
 
G.       Foreign Currency Transactions
 
    The Fund’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the statement of financial condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income.
 
H.   Allocations
 
    Income or loss for each Series (prior to calculation of the advisory fee, general partner fee, organization and offering costs, sales fee, broker-dealer custody fee and performance fee) is allocated pro rata for the each Class within the Series. Each Class of Units is then charged the advisory fee, general partner fee, organization and offering costs, sales fee, broker-dealer custody fee and performance fee applicable to such Class of Units.
Note 2.   GENERAL PARTNER AND TRADING ADVISOR
    The general partner of the Fund is Campbell & Company, which conducts and manages the business of the Fund. Campbell & Company is also the trading advisor of the Fund. The Amended Agreement of Limited Partnership requires Campbell & Company to maintain a capital account in each Series equal to 1% of the net aggregate capital contributions of all partners in each Series or $25,000 whichever is greater. Additionally, Campbell & Company is required by the Amended Agreement of Limited Partnership to maintain a net worth so long as it acts as general partner equal to at least 5% of the capital contributed by all the limited partnerships for which it acts as general partner, including the Fund. The minimum required net worth shall in no case be less than $50,000 nor shall net worth in excess of $1,000,000 be required.
 
    Each Class of Units will pay a monthly advisory fee of 1/12 of 2% (2% annualized) and a monthly general partner fee of 1/12 of 1% (1% annualized) of such Class’ month-end net assets to Campbell & Company.
 
    Each Class of Units will pay Campbell & Company a quarterly performance fee equal to 20% of that Class of Units’ aggregate cumulative appreciation (as defined) in the net asset value per Unit, exclusive of appreciation attributable to interest income allocable to such Class of Units, and as adjusted for subscriptions and redemptions, on a cumulative high water mark basis. In determining the performance fee, net assets shall not be reduced by the performance fee being calculated. The performance fee is paid only on profits attributable to each Class of Units outstanding. The performance fee is accrued monthly, paid quarterly and is not subject to any clawback provisions.
Note 3.   SALES FEE
    The Fund will pay the selling agents for Class A (USD) Units, Class B (USD) Units, and Class A (GLD) Units a sales fee of 2% of the subscription amount of each subscription for Class A (USD) Units, Class B (USD) Units, and Class A (GLD) Units. In addition, commencing thirteen months after the sale of Units and in return for providing ongoing services to the limited partners, the Fund will pay those selling agents (or their assignees) up to 1/12 of 2% (2% annually) of the month-end net asset value of Class A (USD) Units, Class B (USD) Units, and Class A (GLD) Units.
 
    The amount paid to selling agents on Class A (USD) Units, Class B (USD) Units and Class A (GLD) Units sold will not exceed 8.0% of the gross offering proceeds of the Class A (USD) Units and Class A (GLD) Units and 9.0% of the gross offering proceeds of the Global Trend Fund Class B (USD) Units sold.
Note 4.   BROKER-DEALER CUSTODY FEE
    Class A (USD) Units, Class C (USD) Units, Class A (GLD) Units, and Class B (GLD) Units will pay a monthly broker-dealer custodial fee of 1/12 of 0.25% (0.25% annually) of each respective Class’ month-end net asset value (as defined) to the selling agents (the firm and not the individual). The total amount paid to the selling agents for such broker-dealer custodial fees per Unit will not exceed 1.0% of the gross offering proceeds of Class A (USD) of Units and Class A (GLD) Units and 6% of the gross offering proceeds of Class C (USD) Units and Class B (GLD) Units.
Note 5.   OPERATING EXPENSES
    Operating expenses for each Class of Units in the Fund are restricted by the Amended Agreement of Limited Partnership to 0.50% per annum of the average month-end net asset value (as defined) of each Class of Units. Any operating expense which exceeds the 0.50% expense cap will be reimbursed by Campbell & Company.
Note 6.   SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
    Investments in the Fund are made by subscription agreement, subject to acceptance by Campbell & Company.
 
    The Fund is not required to make distributions, but may do so at the sole discretion of Campbell & Company. A limited partner may request and receive redemption of units owned, subject to restrictions in the Amended Agreement of Limited Partnership. 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.

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CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2011 (Unaudited)
    Redemption fees apply to Class A (USD) Units, Class B (USD) Units and Class A (GLD) Units through the first twelve month-ends following purchase as follows: 1.833% of net asset value per redeemed Unit through the second month-end, 1.666% of net asset value per redeemed Unit through the third month-end, 1.500% of net asset value per redeemed Unit through the fourth month-end, 1.333% of net asset value per redeemed Unit through the fifth month-end, 1.167% of net asset value per redeemed Unit through the sixth month-end, 1.000% of net asset value per redeemed Unit through the seventh month-end, 0.833% of net asset value per redeemed Unit through the eighth month-end, 0.667% of net asset value per redeemed Unit through the ninth month-end, 0.500% of net asset value per redeemed Unit through the tenth month-end, 0.333% of net asset value per redeemed Unit through the eleventh month-end, 0.167% of net asset value per redeemed Unit through the twelfth month-end. The month-end as of which the Unit is purchased is counted as the first month-end. After the twelfth month-end following purchase of a Class A (USD) Unit, Class B (USD) Unit or Class A (GLD) Unit, no redemption fees apply.
Note 7.   TRADING ACTIVITIES AND RELATED RISKS
    The Fund engages in the speculative trading of U.S. and foreign futures contracts and forward currency contracts (collectively, “derivatives”). Specifically, the Fund trades a portfolio focused on financial futures, which are instruments designed to hedge or speculate on changes in interest rates, currency exchange rates or stock index values, as well as metals, energy and agricultural values. The Fund is exposed to both market risk, the risk arising from changes in the fair value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract.
 
    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 cash deposited with interbank market makers at March 31, 2011 and December 31, 2010 was $1,168,599 and $997,000, respectively, which equals 7% and 6% of Net Asset Value, respectively. These amounts are included in cash and cash equivalents. Included in cash deposits with the broker and interbank market maker at March 31, 2011 and December 31, 2010 was restricted cash for margin requirements of $1,537,256 and $1,098,083 respectively, which equals 9% and 6% of Net Asset Value respectively.
 
    The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty nonperformance. Accordingly, the risks associated with forward 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 contracts typically involves delayed cash settlement.
 
    The Fund has a substantial portion of its assets on deposit with financial institutions. In the event of a financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits.
 
    For derivatives, risks arise from changes in the fair value of the contracts. Market movements result in frequent changes in the fair value of the Fund’s open positions and, consequently, in its earnings and cash flow. The Fund’s market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the fair value of financial instruments and contracts, the diversification effects among the Fund’s open positions and the liquidity of the markets in which it trades. Theoretically, the Fund 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. See Note 1. C. for an explanation of how the Fund determines its valuation for derivatives as well as the netting of derivatives.
 
    The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Financial Condition, as of March 31, 2011 and December 31, 2010 is as follows:
                             
        Asset     Liability          
        Derivatives at     Derivatives at          
    Statement of Financial   March 31, 2011     March 31, 2011          
Type of Instrument *   Condition Location   Fair Value     Fair Value     Net  
Agricultural Contracts  
Equity in broker trading accounts
  $ 56,032     $ (39,898 )   $ 16,134  
Energy Contracts  
Equity in broker trading accounts
    80,744       (2,850 )     77,894  
Metal Contracts  
Equity in broker trading accounts
    71,961       (65,107 )     6,854  
Stock Indices Contracts  
Equity in broker trading accounts
    105,029       (9,179 )     95,850  
Short-Term Interest Rate Contracts  
Equity in broker trading accounts
    25,256       (46,838 )     (21,582 )
Long-Term Interest Rate Contracts  
Equity in broker trading accounts
    21,168       (106,574 )     (85,406 )
Forward Currency Contracts  
Net unrealized gain (loss) on open forward currency contracts
    449,654       (493,163 )     (43,509 )
   
 
                 
Totals  
 
  $ 809,844     $ (763,609 )   $ 46,235  
   
 
                 
 
*   Derivatives not designated as hedging instruments under ASC 815

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CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2011 (Unaudited)
                             
        Asset     Liability        
        Derivatives at     Derivatives at        
    Statement of Financial   December 31, 2010     December 31, 2010        
Type of Instrument *   Condition Location   Fair Value     Fair Value     Net  
Agricultural Contracts  
Equity in broker trading accounts
  $ 97,458     $ (13,467 )   $ 83,991  
Energy Contracts  
Equity in broker trading accounts
    49,457       (37,905 )     11,552  
Metal Contracts  
Equity in broker trading accounts
    131,354       (5,483 )     125,871  
Stock Indices Contracts  
Equity in broker trading accounts
    78,515       (57,686 )     20,829  
Short-Term Interest Rate Contracts  
Equity in broker trading accounts
    23,451       (2,373 )     21,078  
Long-Term Interest Rate Contracts  
Equity in broker trading accounts
    15,285       (38,466 )     (23,181 )
Forward Currency Contracts  
Net unrealized gain (loss) on open forward currency contracts
    587,615       (287,817 )     299,798  
   
 
                 
Totals  
 
  $ 983,135     $ (443,197 )   $ 539,938  
   
 
                 
 
*   Derivatives not designated as hedging instruments under ASC 815
The trading revenue of the Fund’s derivatives by instrument type, as well as the location of those gains and losses on the Statement of Operations, for the period ended March 31, 2011 is as follows:
         
    Trading Revenue for  
    the Three Months Ended  
Type of Instrument   March 31, 2011  
Agricultural Contracts
  $ 29,974  
Energy Contracts
    401,652  
Metal Contracts
    (88,434 )
Stock Indices Contracts
    (353,856 )
Short-Term Interest Rate Contracts
    (154,530 )
Long Term Interest Rate Contracts
    (175,287 )
Forward Currency Contracts
    (171,953 )
 
     
Total
  $ (512,434 )
 
     
         
    Trading Revenue for  
    the Three Months Ended  
Line Item in the Statement of Operations   March 31, 2011  
Futures trading gains (losses):
       
Realized
  $ (190,085 )
Change in unrealized
    (150,396 )
Forward currency trading gains (losses):
       
Realized
    171,354  
Change in unrealized
    (343,307 )
 
     
Total
  $ (512,434 )
 
     
For the three months ended March 31, 2011, the monthly average of futures contracts bought and sold was approximately 930, and the monthly average of notional value of forward currency contracts was $51,270,000.
Open contracts generally mature within twelve months; as of March 31, 2011, the latest maturity date for open futures contracts is June 2012 and the latest maturity date for open forward currency contracts is June 2011. However, the Fund intends to close all futures and foreign currency contracts prior to maturity.

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CAMPBELL GLOBAL TREND FUND, L.P.
GLOBAL TREND SERIES (USD)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2011 (Unaudited)
    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 Fund’s open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per “risk unit” of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as reducing position sizes dynamically in response to trading losses. Campbell & Company controls the risk of the Fund’s non-trading fixed income instruments by limiting the duration of such instruments and requiring a minimum credit quality of the issuers of those instruments.
 
    Campbell & Company seeks to minimize credit risk primarily by depositing and maintaining the Fund’s assets at financial institutions and brokers which Campbell & Company believes to be credit worthy. The limited partners 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 8.   INDEMNIFICATIONS
    In the normal course of business, the Fund enters into contracts and agreements that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Fund expects the risk of any future obligation under these indemnifications to be remote.
Note 9.   INTERIM FINANCIAL STATEMENTS
    The statement of financial condition, including the condensed schedule of investments, as of March 31, 2011 and December 31, 2010 , and the statement of operations, cash flows, changes in partners’ capital (Net Asset Value) and financial highlights for the three months ended March 31, 2011 are unaudited. In the opinion of management, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of March 31, 2011, and the results of operations, cash flows, changes in partners’ capital (Net Asset Value) and financial highlights for the three months ended March 31, 2011.
Note 10.   SUBSEQUENT EVENTS
    Management of the Fund has evaluated subsequent events through the date the financial statements were filed. Other than the following, there are no subsequent events to dislose or record. On March 18, 2011, the Fund filed a registration statement with the Securities and Exchange Commission to merge the Global Trend Series (GLD) into the Global Trend Series (USD). The registration became effective on May 2, 2011.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Introduction
The Campbell Global Trend Fund L.P. (the “Registrant” or “the Fund”) was formed as a Delaware series limited partnership on December 1, 2009. The Registrant operates as a commodity investment pool, whose purpose is to trade speculatively in the U.S. and international futures and forward markets. 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 agricultural values.
The general partner and trading advisor of the Registrant is Campbell & Company, Inc. (“Campbell & Company”). In addition to making all trading decisions in its capacity as trading advisor, Campbell & Company conducts and manages all aspects of the business and administration of the Registrant in its role as general partner. Campbell & Company uses a systematic trading approach combined with quantitative portfolio management analysis and seeks to identify and profit from price movements in futures and forward 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.
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.
The Global Trend Fund currently consists of two series (“Series”) — the Global Trend Series (USD) and the Global Trend Series (GLD). The general partner has formed the Global Trend Fund as a series limited partnership pursuant to and in accordance with the provisions of the Delaware Revised Uniform Limited Partnership Act (6 Del. C. § 17-101 et seq., as amended from time to time, the “Act”). The Act provides for the limitation of liability of each Series to the debts, liabilities, obligations and expenses of such Series and not those of any other Series or the Global Trend Fund in general. The Global Trend Series (USD) seeks to provide investors with a U.S. Dollar-denominated exposure to the Campbell Trend Following Portfolio. The Global Trend Series (USD) will trade pursuant to the Campbell Trend Following Portfolio. The Trend Following Portfolio includes both traditional trend following and factor based trend following models. The Campbell Trend Following Portfolio employs the same traditional and factor-based trend following models that the FME Large Portfolio employs, but does not employ the macroeconomic-based models employed by the FME Large Portfolio. The Global Trend Series (GLD) trades the Trend Following (GLD) Portfolio, which seeks to provide investors with a gold-denominated exposure to the Campbell Trend Following Portfolio.

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The Global Trend Fund (USD) began trading on June 1, 2010. As of March 31, 2011, the Global Trend Series (GLD) has not commenced trading and does not have any performance history. On March 18, 2011, the Fund filed a registration statement with the Securities and Exchange Commission to merge the Global Trend Series (GLD) into the Global Trend Series (USD). The registration became effective on May 2, 2011.
As of March 31, 2011, the aggregate capitalization of the Global Trend Fund was $16,339,334 with Class A and Class C comprising $8,175,697 and $8,163,637, respectively, of the total. The Net Asset Value per Unit was $1,067.60 for Class A and $1,081.92 for Class C. No units have been issued for Class B, Class D or Class E.
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 Fund’s significant accounting policies are described in Note 1 of the Financial Statements.
The Fund will record all investments at fair value in its financial statements, with changes in fair value reported as a component of change in unrealized trading gain (loss) in the Statements of Operations. Generally, fair values are based on market prices; however, in certain circumstances, estimates are involved in determining fair value in the absence of an active market closing price (e.g. forward contracts which are traded in the inter-bank market).
Capital Resources
The selling agents will offer the Fund Units during the initial offering period, and thereafter through the sale of Units offered pursuant to the continuing offering. The Fund does not intend to raise any capital through borrowing. Due to the nature of the Fund’s business, it will make no capital expenditures and will have no capital assets, which are not operating capital or assets.
Liquidity
Most United States commodity exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” During a single trading day, no trades may be executed at prices beyond the daily limit. Once the price of a futures contract has reached the daily limit for that day, positions in that contract can neither be taken nor liquidated. Futures prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Fund from promptly liquidating unfavorable positions and subject the Fund 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 Fund 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 Fund’s futures trading operations, the Fund’s assets are expected to be highly liquid.

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The entire offering proceeds, without deductions, will be credited to the Fund’s bank and brokerage accounts to engage in trading activities and as reserves for that trading. The Fund will meet margin requirements for its trading activities by depositing cash or U.S. government securities with the futures broker and the over-the-counter counterparty. In this way, substantially all (i.e., 95% or more) of the Fund’s assets, whether used as margin for trading purposes or as reserves for such trading, can be invested in U.S. government securities and time deposits with U.S. banks. This does not reduce the risk of loss from trading futures and forward contracts. The Fund will receive all interest earned on its assets. No other person shall receive any interest or other economic benefits from the deposit of the Fund’s assets.
Approximately 10% to 30% of the Fund’s assets will normally be committed as required margin for futures contracts and held by the futures broker, although the amount committed may vary significantly. Such assets will be maintained in the form of cash or U.S. Treasury bills in segregated accounts with the futures brokers pursuant to the Commodity Exchange Act and regulations thereunder. Approximately 10% to 30% of the Fund’s assets will be deposited with over-the-counter counterparty in order to initiate and maintain forward contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets will be 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 may be invested in cash equivalents, such as U.S. Treasury bills, and held by the futures broker or the over-the-counter counterparties.
The Trust may occasionally receive margin calls (requests to post more collateral) from its futures broker or over-the-counter counterparties, which will be met by moving the required portion of the assets held in bank or other brokerage accounts to the account on margin call. The Fund has not needed to liquidate any position as a result of a margin call.
The Fund’s assets will not be, directly or indirectly, commingled with the property of any other person in violation of law or invested with or loaned to Campbell & Company or any affiliated entities.
Off-Balance Sheet Risk
The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Fund will trade in futures and forward contracts and therefore will be 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 Fund, 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 Fund at the same time, and if the Fund’s trading advisor was unable to offset futures interests positions of the Fund, the Fund could lose all of its assets and the Limited Partners would realize a 100% loss. Campbell & Company, as general partner of the Fund (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%.

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In addition to market risk, in entering into futures and forward contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. 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 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 will trade for the Fund only with those counterparties which it believes to be creditworthy. All positions of the Fund will be 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 Fund.
Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts Accounted for at Fair Value
The Fund invests in futures and 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.
Results of Operations
The returns for the three months ending March 31, 2011 for Class A and Class C were (4.57)% and (4.14)%, respectively. During this period, the Fund accrued advisory and general partner fees in the amount of $126,233, and paid advisory and general partner fees in the amount of $128,551. The Fund accrued performance fees in the amount of $0, and paid performance fees in the amount of $221,369 during this period.
2011
Of the 2011 year-to-date decrease of (4.57)% for Class A, approximately (3.03)% was due to trading losses (before commissions) and approximately (1.56)% due to brokerage fees, management fees, selling agent fees, offering costs and operating expenses borne by Class A, offset by approximately 0.02% due to investment income.
Of the 2011 year-to-date decrease of (4.14)% for Class C, approximately (3.03)% was due to trading losses (before commissions) and approximately (1.13)% due to brokerage fees, management fees, offering costs and operating expenses borne by Class C, offset by approximately 0.02% due to investment income.

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An analysis of the 3.03% trading loss by sector is as follows:
         
Sector   % Gain (Loss)
Commodities
    2.04 %
Currencies
    (1.02 )
Interest Rates
    (1.95 )
Stock Indices
    (2.10 )
 
       
 
    (3.03) %
 
       
2011 started with global equities trending higher, fueled by improving U.S. labor market conditions, a “pro-business” move toward the center by President Obama, stronger corporate earnings and a general rotation from fixed income into stocks. The Fund’s long equity positions made the sector the best performer for the month, in the face of such a rising global equity environment. Commodity trading also produced gains for the month from the Fund’s long positions in agricultural and energy contracts. Most energy contracts exploded to 24 month highs on strong global demand due to cold weather in the U.S. / U.K. and civil unrest in the Middle East. Cotton started 2011 up over 16% for the month on surging demand from the world’s biggest consumer, China. Currency trading on the month proved difficult as the Fund’s short position in the U.S. Dollar generated losses as emerging market risk aversion was prompted by the Egyptian anti-government protests. Additional losses were recorded in the fixed income markets from the Fund’s long position in short-term European rates. The bond market was choppy during the first part of January until concerns were raised about Euro-zone inflation, causing a sell-off in short-term rates as market participants began pricing in future rate hikes.
In February, geo-political concerns, centering on the growing Middle East/North African (MENA) populist uprising, overwhelmed commodity markets. This regional tension generated significant price movements in the energy sector fueling gains for the Fund. Precious Metals, including gold and silver, were also strong contributors, along with soft commodities such as cotton (+17% during the month) and coffee as they continued their upward trends. Despite the MENA unrest, additional gains were recorded in equity trading on improving macroeconomic data supporting the global recovery theme. Currency trading took its cue from the energy complex during the month, as investors grew cautious about global monetary policy. While some of the major currencies rallied during the month, others like the New Zealand Dollar fell dramatically on the devastation of a massive earthquake in the Christchurch region. In the aggregate, currency trading was marginally positive on the month for the Fund. Fixed Income trading finished slightly negative as price action was choppy across the global, mainly from better economic data in the early part of the month followed by risk aversion in the second half of the month.

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The “V-shaped” behavior in most sectors during March can be widely attributed to global stock market volatility compounded by the devastating earthquake and resulting tsunami in Japan, followed by upside surprises to manufacturing data and other economic activity as the month came to a close. Global stock markets were extremely volatile as the Middle East/North Africa (MENA) unrest and Europe’s sovereign debt crisis both worsened prior to the crisis in Japan that concluded with threats of a nuclear reactor emergency. While the Nikkei finished down approximately 8% for March, the U.S. stock market was relatively unchanged despite large mid-month swings. The Trust’s models adjusted to the abrupt price swings by reducing long equity exposure over 50% (region specific) by mid-month across the U.S., Europe and Asia. Stock indices trading was the worst performing sector for March. Commodities took their cue from the Equity markets in reacting to the “twin shocks,” with particular impact on base metal prices. Risk-aversion-based gains from long positions in energies and precious metals were not enough to overcome losses in nickel, copper and corn. Currency trading also proved challenging as Central Banks intervened, in a resolute way, in response to excess volatility and disorderly movements in exchange rates that were perceived as having adverse implications for economic and financial stability. In particular, the Trust’s short position in the Japanese Yen suffered as a result of the repatriation of Yen back to Japan. While risk exposures were light in fixed income trading, small losses were incurred in both short-term and long-term rates due to choppy market price action.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Introduction
Past Results Not Necessarily Indicative of Future Performance
The Fund 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 Fund’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 Fund’s main line of business.
Market movements result in frequent changes in the fair market value of the Fund’s open positions and, consequently, in its earnings and cash flow. The Fund’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 Fund’s open positions and the liquidity of the markets in which it trades.
The Fund rapidly acquires and liquidates both long and short positions in a wide range of difference markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Fund’s past performance is not necessarily indicative of its futures 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 Fund’s market sensitive instruments.
Quantifying the Fund’s Trading Value at Risk

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Quantitative Forward-Looking Statements
The following quantitative disclosures regarding the Fund’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 Fund’s risk exposure in the various market sectors traded is estimated in terms of Value at Risk (VaR). The Fund 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 Fund’s VaR at a one day 97.5% confidence level of the Fund’s VaR 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 Fund 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 Fund’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 Fund’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 Fund’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 Fund 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.

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Because the business of the Fund is the speculative trading of futures and forwards, the composition of the Fund’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 Fund’s Trading Value at Risk in Different Market Sectors
The following table indicates the trading Value at Risk associated with the Fund’s open positions by market category as of March 31, 2011 and December 31, 2010 and the trading gains/losses by market category for the three months ended March 31, 2011 and the period June 1 (commencement of trading) through December 31, 2010.
                 
    March 31, 2011
            Trading
Market Sector   Value at Risk*   Gain/(Loss)**
 
               
Stock Indices
    1.05 %     (2.10 )%
Commodities
    1.02 %     2.04 %
Currencies
    0.66 %     (1.02 )%
Interest Rates
    0.31 %     (1.95 )%
 
               
 
               
Aggregate/Total
    2.29 %     (3.03 )%
 
               
 
*   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 Fund’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 three months ended March 31, 2011.
Of the 2011 year-to-date decrease of (4.57)% for Class A, approximately (3.03)% was due to trading losses (before commissions) and approximately (1.56)% due to brokerage fees, management fees, selling agent fees, offering costs and operating expenses borne by Class A, offset by approximately 0.02% due to investment income.
Of the 2011 year-to-date decrease of (4.14)% for Class C, approximately (3.03)% was due to trading losses (before commissions) and approximately (1.13)% due to brokerage fees, management fees, offering costs and operating expenses borne by Class C, offset by approximately 0.02% due to investment income.

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    December 31, 2010
            Trading
Market Sector   Value at Risk*   Gain/(Loss)**
 
               
Commodities
    0.83 %     6.08 %
Stock Indices
    0.61 %     2.66 %
Interest Rates
    0.56 %     6.28 %
Currencies
    0.55 %     3.47 %
 
               
 
               
Aggregate/Total
    1.95 %     18.49 %
 
               
 
*   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 Fund’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 period June 1 (commencement of trading) through December 31, 2010.
Of the 11.88% return for the period June 1 (commencement of trading) through December 31, 2010 for Class A, approximately 18.49% was due to trading gains (before commissions) and approximately 0.04% due to investment income, offset by approximately (6.65)% due to brokerage fees, management fees, selling agent fees, offering costs and operating expenses borne by Class A.
Of the 12.86% return for the period June 1 (commencement of trading) through December 31, 2010 for Class C, approximately 18.49% was due to trading gains (before commissions) and approximately 0.04% due to investment income, offset by approximately (5.67)% due to brokerage fees, management fees, offering costs and operating expenses borne by Class C.
Material Limitations of 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 Fund’s future financial performance or its ability to manage and monitor risk. There can be no assurance that the Fund’s actual losses on a particular day will not exceed the VaR amounts indicated or that such losses will not occur more than once in 40 trading days.

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Non-Trading Risk
The Fund 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 Fund may also incur non-trading market risk as a result of investing a 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.
Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Fund’s market risk exposures — except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Fund 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 Fund’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 Fund’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 Fund. There can be no assurance that the Fund’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 Fund.
The following were the primary trading risk exposures of the Fund as of March 31, 2011, by market sector.
Currencies
Exchange rate risk can be a significant market exposure of the Fund. The Fund’s currency exposure is to foreign 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 Fund 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 Fund’s currency sector will change significantly in the future.

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Interest Rates
Interest rate risk can be a significant market exposure of the Fund. Interest rate movements directly affect the price of the sovereign bond positions held by the Fund 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 Fund’s profitability. The Fund’s primary interest rate exposure is to interest rate fluctuations in the United States and the other G-7 countries. Campbell & Company anticipates that G-7 interest rates will remain the primary rate exposure of the Fund for the foreseeable future. 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 Fund may be held in medium to long-term fixed income positions.
Stock Indices
The Fund’s primary equity exposure is to equity price risk in the G-7 countries and several other countries (Hong Kong, Spain, the Netherlands and Taiwan). The stock index futures traded by the Fund are by law limited to futures on broadly based indices. The Fund 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 Fund’s positions being “whipsawed” into numerous small losses.
Energy
The Fund’s primary energy market exposure is to natural gas, crude oil and derivative product price movements, often resulting from international political developments and ongoing conflicts in the Middle East and the perceived outcome. Oil and gas prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.
Metals
The Fund’s metals market exposure is to fluctuations in the price of aluminum, platinum, gold, silver, copper, nickel, and zinc.
Agricultural
The Fund’s agricultural exposure is to the fluctuations in the price of wheat, corn, coffee, cocoa, sugar, soy, hogs, cattle, canola oil and cotton.
Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following were the primary non-trading risk exposures of the Fund as of March 31, 2011.
Foreign Currency Balances
The Fund’s primary foreign currency balances are in Australian Dollar, Japanese Yen, British Pounds and Euros. The Fund controls the non-trading risk of these balances by regularly converting these balances back into dollars (no less frequently than twice a month, and more frequently if a particular foreign currency balance becomes unusually large).

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Qualitative Disclosures Regarding Means of Managing Risk Exposure
The means by which the Fund and Campbell & Company, severally, attempt to manage the risk of the Fund’s open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per “risk unit” of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as reducing position sizes dynamically in response to trading losses.
General
The Fund 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 Fund generally will use a small percentage of assets as margin, the Fund does not believe that any increase in margin requirements, as proposed, will have a material effect on the Fund’s operations.
Item 4. Controls and Procedures
Campbell & Company, Inc., the general partner of the Fund, with the participation of the general partner’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 Fund as of the end of the period covered by this quarterly report. Based on their evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective. There were no changes in the general partner’s internal control over financial reporting applicable to the Fund identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or is reasonably likely to materially affect, internal control over financial reporting applicable to the Fund.

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PART II-OTHER INFORMATION
Item 1. Legal Proceedings.
     None
Item 1A. Risk Factors.
     Note
Item 2. Changes in Securities and Use of Proceeds.
     None
Item 3. Defaults Upon Senior Securities.
     Not applicable.
Item 4. (Removed and Reserved).
Item 5. Other Information.
     None
Item 6. Exhibits and Reports on Form 8-K.
     (a) Exhibits
     
Exhibit    
Number   Description of Document
 
   
31.01
  Certification of Theresa D. Becks, Chief Executive Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.
 
   
31.02
  Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.
 
   
32.01
  Certification of Theresa D. Becks, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.
 
   
32.02
  Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.
     (b) Reports of Form 8-K
     None.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
         
  CAMPBELL GLOBAL TREND FUND, L.P.
(Registrant)
 
 
  By:   Campbell & Company, Inc.    
    General Partner   
       
 
Date: May 16, 2011  By:   /s/ Theresa D. Becks    
    Theresa D. Becks   
    Chief Executive Officer   

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

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