Company Quick10K Filing
Quick10K
Campbell Fund Trust
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-06-30 Sale of Shares
8-K 2019-05-31 Sale of Shares
8-K 2019-04-30 Sale of Shares
8-K 2019-03-31 Sale of Shares
8-K 2019-02-28 Sale of Shares
8-K 2019-01-31 Sale of Shares
8-K 2018-12-31 Sale of Shares
8-K 2018-12-19 Other Events
8-K 2018-11-30 Sale of Shares
8-K 2018-10-31 Sale of Shares
8-K 2018-09-30 Sale of Shares
8-K 2018-08-31 Other Events
8-K 2018-08-07 Other Events
8-K 2018-07-31 Sale of Shares, Other Events
8-K 2018-06-30 Sale of Shares
8-K 2018-05-31 Sale of Shares
8-K 2018-04-30 Sale of Shares
8-K 2018-03-31 Sale of Shares
8-K 2018-02-28 Sale of Shares
8-K 2018-01-31 Sale of Shares
8-K 2017-12-31 Sale of Shares
AEP American Electric Power 40,890
AFL Aflac 37,640
CG Carlyle Group 7,060
RDY Dr Reddys Laboratories 6,940
SMTC Semtech 3,430
ONB Old National Bancorp 2,940
ZLAB ZAI Lab 1,650
TPHS Trinity Place 132
BHTG Biohitech Global 40
CPMD Cannapharmarx 0
CFT 2019-03-31
Note 1. Organization and Summary of Significant Accounting Policies
Note 2. Managing Operator and Commodity Trading Advisor
Note 3. Trustee
Note 4. Administrator and Transfer Agent
Note 5. Cash Manager and Custodian
Note 6. Deposits with Futures Brokers
Note 7. Deposits with Interbank Market Maker
Note 8. Subscriptions, Distributions and Redemptions
Note 9. Trading Activities and Related Risks
Note 10. Indemnifications
Note 11. Interim Financial Statements
Note 12. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part Ii-Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 cftexhibit31_01.htm
EX-31.2 cftexhibit31_02.htm
EX-32.1 cftexhibit32_01.htm
EX-32.2 cftexhibit32_02.htm

Campbell Fund Trust Earnings 2019-03-31

CFT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 cft10q_mar2019.htm FORM 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2019

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                   

or

Commission File number: 000-50264

THE CAMPBELL FUND TRUST

(Exact name of Registrant as specified in charter)

Delaware
 
94-6260018
  (State of Organization)
 
  (IRS Employer Identification Number)

 
 2850 Quarry Lake Drive
 
 
 Baltimore, Maryland 21209
 
 
 (Address of principal executive offices, including zip code)
 
     
 
 (410) 413-2600
 
 
 (Registrant’s telephone number, including area code)
 

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

Indicate by check mark whether the registrant has submitted electronically every Interactive data File required to be submitted 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 such files).  Yes ☑ No ☐

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

 Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer ☑
Smaller reporting company ☐
       
Emerging growth company ☐
     

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐

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

The Registrant has no voting stock.  As of March 31, 2019, there were 103,661.437 Series A Units, 14,124.891 Series B Units, 1,569.589 Series D Units, and 8,801.113 Series W Units of Beneficial Interest issued and outstanding.



TABLE OF CONTENTS

 
Page
PART I — FINANCIAL INFORMATION
 
       
 
Item 1.
Financial Statements.
 
       
   
1-4
       
   
5
       
   
6
       
   
7
       
   
8-9
       
   
10-13
       
   
14-24
       
 
Item 2.
25-30
       
 
Item 3.
30-34
       
 
Item 4.
34
       
PART II — OTHER INFORMATION
 
       
 
Item 1.
35
       
 
Item 1A.
35
       
 
Item 2.
35
     
 
Item 3.
35
       
 
Item 4.
35
       
 
Item 5.
35
       
 
Item 6.
35-36
       
 
37

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
MARCH 31, 2019 (Unaudited)

FIXED INCOME SECURITIES

Maturity
Face Value
 
Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
     
Asset Backed Securities
           
     
United States
           
     
Auto Loans
 
$
9,757,811
     
3.02
%
     
Credit Cards
   
7,980,085
     
2.47
%
     
Equipment Loans
   
1,185,246
     
0.37
%
     
Utilities
   
572,717
     
0.18
%
     
Total Asset Backed Securities (cost $19,484,278)
   
19,495,859
     
6.04
%
                       
     
Commercial Paper
               
     
Norway
               
     
Financials (cost $2,097,539)
   
2,097,359
     
0.65
%
     
United States
               
     
Consumer Discretionary
   
18,846,970
     
5.84
%
     
Consumer Staples
   
9,734,481
     
3.02
%
     
Energy
   
8,370,752
     
2.59
%
     
Financials
   
29,596,927
     
9.17
%
     
Industrials
   
5,580,303
     
1.73
%
     
Utilities
   
29,481,438
     
9.13
%
     
Total United States (cost $101,631,756)
   
101,610,871
     
31.48
%
     
Total Commercial Paper (cost $103,729,295)
   
103,708,230
     
32.13
%
                       
     
Corporate Bonds
               
     
Canada
               
     
Financials
   
8,398,560
     
2.60
%
     
Industrials
   
1,591,220
     
0.49
%
     
Total Canada (cost $9,989,559)
   
9,989,780
     
3.09
%
     
Japan
               
     
Financials (cost $2,698,678)
   
2,696,594
     
0.84
%
     
United Kingdom
               
     
Energy
   
838,025
     
0.26
%
     
Financials
   
3,855,572
     
1.19
%
     
Total United Kingdom (cost $4,696,864)
   
4,693,597
     
1.45
%
     
United States
               
     
Communications
   
7,149,005
     
2.21
%
     
Consumer Discretionary
   
9,581,873
     
2.97
%
     
Consumer Staples
   
4,620,488
     
1.43
%
     
Energy
   
2,768,156
     
0.86
%
     
Financials
   
40,088,421
     
12.43
%
     
Industrials
   
4,686,659
     
1.45
%
     
Technology
   
3,706,743
     
1.15
%
     
Utilities
   
947,312
     
0.29
%
     
Total United States (cost $73,517,269)
   
73,548,657
     
22.79
%
     
Total Corporate Bonds (cost $90,902,370)
   
90,928,628
     
28.17
%
                       
     
Government And Agency Obligations
               
     
United States
               
     
U.S. Treasury Bills
               
$
5,160,000
 
U.S. Treasury Bills Due 04/25/2019*
   
5,151,968
     
1.60
%
$
14,392,500
 
U.S. Treasury Bills Due 05/16/2019*
   
14,349,907
     
4.45
%
$
22,662,500
 
U.S. Treasury Bills Due 06/20/2019*
   
22,543,690
     
6.98
%
     
Total Government And Agency Obligations (cost $42,044,134)
   
42,045,565
     
13.03
%
     
Total Fixed Income Securities ** (cost $256,160,077)
 
$
256,178,282
     
79.37
%

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
MARCH 31, 2019 (Unaudited)

SHORT TERM INVESTMENTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Money Market Funds
           
United States
               
Money Market Funds (cost $20,677)
 
$
20,677
     
0.01
%
Total Short Term Investments (cost $20,677)
 
$
20,677
     
0.01
%

LONG FUTURES CONTRACTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Agriculture
 
$
(54,050
)
   
(0.02
)%
Energy
   
52,934
     
0.02
%
Metals
   
2,521,190
     
0.78
%
Stock indices
   
1,372,546
     
0.42
%
Short-term interest rates
   
3,502,459
     
1.09
%
Long-term interest rates
   
5,483,119
     
1.70
%
Net unrealized gain (loss) on long futures contracts
 
12,878,198
     
3.99
%

SHORT FUTURES CONTRACTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Agriculture
 
4,002,386
     
1.24
%
Energy
 
930
     
0.00
%
Metals
   
(2,917,543
)
   
(0.90
)%
Stock indices
   
30,842
     
0.01
%
Short-term interest rates
   
(28,339
)
   
(0.01
)%
Long-term interest rates
   
(672,388
)
   
(0.21
)%
Net unrealized gain (loss) on short futures contracts
 
415,888
     
0.13
%
Net unrealized gain (loss) on open futures contracts
 
$
13,294,086
     
4.12
%

FORWARD CURRENCY CONTRACTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Various long forward currency contracts
 
$
(8,677,366
)
   
(2.69
)%
Various short forward currency contracts
   
5,686,537
     
1.76
%
Net unrealized gain (loss) on open forward currency contracts
 
$
(2,990,829
)
   
(0.93
)%


*
Pledged as collateral for the trading of futures positions.
**
Included in fixed income securities are U.S. Treasury Bills with a fair value of $42,045,565 deposited with the futures brokers.

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018

FIXED INCOME SECURITIES

Maturity
Face Value
 
Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
   
Asset Backed Securities
           
   
United States
           
   
Auto Loans
 
$
11,260,081
     
3.37
%
   
Credit Cards
   
7,922,740
     
2.37
%
   
Equipment Loans
   
949,326
     
0.29
%
   
Total Asset Backed Securities (cost $20,184,656)
   
20,132,147
     
6.03
%
                     
   
Bank Deposits
               
   
United States
               
   
Financials
   
4,348,492
     
1.30
%
   
Total Bank Deposits (cost $4,350,132)
   
4,348,492
     
1.30
%
                     
   
Commercial Paper
               
   
United States
               
   
Communications
   
3,728,528
     
1.11
%
   
Consumer Discretionary
   
8,545,981
     
2.56
%
   
Consumer Staples
   
18,595,739
     
5.57
%
   
Financials
   
2,026,496
     
0.61
%
   
Industrials
   
4,103,477
     
1.23
%
   
Utilities
               
$
7,301,000
 
Kentucky Utilities Co Due 01/02/2019
   
7,299,939
     
2.19
%
$
885,000
 
Kentucky Utilities Co Due 01/08/2019
   
884,469
     
0.26
%
$
2,280,000
 
Kentucky Utilities Co Due 01/14/2019
   
2,277,534
     
0.68
%
$
6,750,000
 
Kentucky Utilities Co Due 01/23/2019
   
6,737,718
     
2.02
%
     
Other
   
16,156,320
     
4.84
%
     
Total Commercial Paper (cost $70,360,185)
   
70,356,201
     
21.07
%
                       
     
Corporate Bonds
               
     
Canada
               
     
Financials (cost $13,018,958)
   
12,960,949
     
3.88
%
     
Japan
               
     
Financials (cost $2,697,498)
   
2,681,988
     
0.80
%
     
United Kingdom
               
     
Financials (cost $9,746,548)
   
9,700,528
     
2.91
%
     
United States
               
     
Communications
   
12,685,658
     
3.80
%
     
Consumer Discretionary
   
9,534,815
     
2.85
%
     
Consumer Staples
   
12,644,398
     
3.79
%
     
Energy
   
2,760,187
     
0.83
%
     
Financials
   
39,791,199
     
11.92
%
     
Industrials
   
7,322,498
     
2.19
%
     
Technology
   
6,235,512
     
1.87
%
     
Utilities
   
942,078
     
0.28
%
     
Total United States (cost $92,174,110)
   
91,916,345
     
27.53
%
     
Total Corporate Bonds (cost $117,637,114)
   
117,259,810
     
35.12
%
                       
     
Government And Agency Obligations
               
     
United States
               
     
U.S. Treasury Bills
               
$
8,735,000
 
U.S. Treasury Bills Due 01/17/2019*
   
8,726,578
     
2.61
%
$
14,392,500
 
U.S. Treasury Bills Due 02/21/2019*
   
14,344,561
     
4.30
%
$
28,162,500
 
U.S. Treasury Bills Due 03/28/2019*
   
28,002,067
     
8.39
%
     
Total Government And Agency Obligations (cost $51,077,094)
   
51,073,206
     
15.30
%
     
Total Fixed Income Securities ** (cost $263,609,181)
 
$
263,169,856
     
78.82
%

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2018

SHORT TERM INVESTMENTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Money Market Funds
           
United States
           
Money Market Funds (cost $2,868)
 
$
2,868
     
0.00
%
Total Short Term Investments (cost $2,868)
 
$
2,868
     
0.00
%

LONG FUTURES CONTRACTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Agriculture
 
$
245,490
     
0.07
%
Energy
   
(1,580,415
)
   
(0.47
)%
Metals
   
(3,242,497
)
   
(0.97
)%
Stock indices
   
(177,210
)
   
(0.05
)%
Short-term interest rates
   
1,926,368
     
0.57
%
Long-term interest rates
   
2,133,111
     
0.64
%
Net unrealized gain (loss) on long futures contracts
   
(695,153
)
   
(0.21
)%

SHORT FUTURES CONTRACTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Agriculture
   
3,069,621
     
0.92
%
Energy
   
906,219
     
0.27
%
Metals
   
4,581,047
     
1.37
%
Stock indices
   
49,319
     
0.01
%
Short-term interest rates
   
(10,448
)
   
0.00
%
Long-term interest rates
   
(2,215,414
)
   
(0.66
)%
Net unrealized gain (loss) on short futures contracts
   
6,380,344
     
1.91
%
Net unrealized gain (loss) on open futures contracts
 
$
5,685,191
     
1.70
%

FORWARD CURRENCY CONTRACTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Various long forward currency contracts
 
$
6,864,179
     
2.06
%
Various short forward currency contracts
   
1,503,207
     
0.45
%
Net unrealized gain (loss) on open forward currency contracts
 
$
8,367,386
     
2.51
%


*
Pledged as collateral for the trading of futures positions.
**
Included in fixed income securities are U.S. Treasury Bills with a fair value of $51,073,206 deposited with the futures brokers.

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENTS OF FINANCIAL CONDITION
MARCH 31, 2019 AND DECEMBER 31, 2018 (Unaudited)

   
March 31, 2019
   
December 31, 2018
 
ASSETS
           
Equity in futures broker trading accounts
           
Cash
 
$
27,207,645
   
$
29,264,709
 
Fixed income securities (cost $42,044,134 and $51,077,094, respectively)
   
42,045,565
     
51,073,206
 
Net unrealized gain (loss) on open futures contracts
   
13,294,086
     
5,685,191
 
Total equity in futures broker trading accounts
   
82,547,296
     
86,023,106
 
                 
Cash and cash equivalents
   
11,792,026
     
22,653,467
 
Restricted cash at interbank market maker
   
29,166,932
     
15,828,352
 
Short term investments (cost $20,677 and $2,868, respectively)
   
20,677
     
2,868
 
Fixed income securities (cost $214,115,943 and $212,532,087, respectively)
   
214,132,717
     
212,096,650
 
Net unrealized gain (loss) on open forward currency contracts
   
(2,990,829
)
   
8,367,386
 
Interest receivable
   
596,444
     
865,914
 
Total assets
 
$
335,265,263
   
$
345,837,743
 
                 
LIABILITIES
               
Accounts payable
 
$
378,647
   
$
315,936
 
Management fee payable
   
1,063,193
     
1,104,485
 
Payable for securities purchased
   
1,895,106
      0
 
Accrued commissions and other trading fees on open contracts
   
63,231
     
65,526
 
Offering costs payable
   
169,931
     
126,325
 
Redemptions payable
   
8,917,197
     
10,333,537
 
Total liabilities
   
12,487,305
     
11,945,809
 
                 
UNITHOLDERS’ CAPITAL (Net Asset Value)
               
                 
Series A Units - Redeemable
               
Other Unitholders -  103,661.437 and 111,488.756 units outstanding at March 31, 2019 and December 31, 2018
   
257,469,360
     
265,715,642
 
Series B Units – Redeemable
               
Other Unitholders - 14,124.891 and 15,779.825 units outstanding at March 31, 2019 and December 31, 2018
   
38,258,408
     
40,954,227
 
Series D Units – Redeemable
               
Other Unitholders - 1,569.589 and 1,569.589 units outstanding at March 31, 2019 and December 31, 2018
   
1,586,243
     
1,517,078
 
Series W Units – Redeemable
               
Other Unitholders - 8,801.113 and 9,306.953 units outstanding at March 31, 2019 and December 31, 2018
   
25,463,947
     
25,704,987
 
Total unitholders’ capital (Net Asset Value)
   
322,777,958
     
333,891,934
 
Total liabilities and unitholders’ capital (Net Asset Value)
 
$
335,265,263
   
$
345,837,743
 

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018 (Unaudited)

   
Three Months Ended March 31,
 
   
2019
   
2018
 
TRADING GAINS (LOSSES)
           
Futures trading gains (losses)
           
Realized
 
$
11,332,347
   
$
(20,699,374
)
Change in unrealized
   
7,608,895
     
(46,903
)
Brokerage commissions
   
(510,955
)
   
(471,679
)
Net gain (loss) from futures trading
   
18,430,287
     
(21,217,956
)
                 
Forward currency trading gains (losses)
               
Realized
   
7,832,537
     
10,109,895
 
Change in unrealized
   
(11,358,215
)
   
(6,321,552
)
Brokerage commissions
   
(67,001
)
   
(35,340
)
Net gain (loss) from forward currency trading
   
(3,592,679
)
   
3,753,003
 
Total net trading gain (loss)
   
14,837,608
     
(17,464,953
)
                 
NET INVESTMENT INCOME (LOSS)
               
Investment income
               
Interest income
   
2,035,444
     
2,156,415
 
Realized gain (loss) on fixed income securities
   
518
     
632
 
Change in unrealized gain (loss) on fixed income securities
   
457,530
     
(374,039
)
Total investment income
   
2,493,492
     
1,783,008
 
                 
Expenses
               
Management fee
   
3,169,297
     
5,031,566
 
Operating expenses
   
263,524
     
295,216
 
Total expenses
   
3,432,821
     
5,326,782
 
Net investment income (loss)
   
(939,329
)
   
(3,543,774
)
NET INCOME (LOSS)
 
$
13,898,279
   
$
(21,008,727
)
                 
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS’ UNIT
               
(based on weighted average number of units outstanding during the period)
               
Series A
 
$
100.68
   
$
(103.07
)
Series B
 
$
106.90
   
$
(112.70
)
Series D
 
$
45.29
   
$
(53.66
)
Series W
 
$
133.18
   
$
(103.67
)
                 
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS’ UNIT
               
Series A
 
$
100.41
   
$
(107.58
)
Series B
 
$
113.23
   
$
(113.26
)
Series D
 
$
44.07
   
$
(41.96
)
Series W
 
$
131.35
   
$
(107.95
)
                 
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD
               
Series A
   
108,849.717
     
154,223.168
 
Series B
   
15,312.285
     
24,352.679
 
Series D
   
1,569.589
     
336.849
 
Series W
   
9,241.854
     
22,677.194
 

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018 (Unaudited)

   
Three Months Ended March 31,
 
   
2019
   
2018
 
Cash flows from (for) operating activities
           
Net income (loss)
 
$
13,898,279
   
$
(21,008,727
)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
               
Net change in unrealized on futures, forwards and investments
   
3,291,790
     
6,742,494
 
(Increase) decrease in interest receivable
   
269,470
     
141,019
 
Increase (decrease) in payable for securities purchased
   
1,895,106
     
1,378,138
 
Increase (decrease) in accounts payable and accrued expenses
   
19,124
     
(83,014
)
Purchases of investments
   
(902,961,960
)
   
(1,475,689,035
)
Sales/maturities of investments
   
910,393,255
     
1,528,489,040
 
Net cash from (for) operating activities
   
26,805,064
     
39,969,915
 
                 
Cash flows from (for) financing activities
               
Addition of units
   
1,088,823
     
4,537,172
 
Redemption of units
   
(27,107,021
)
   
(21,527,136
)
Offering costs paid
   
(366,791
)
   
(599,361
)
Net cash from (for) financing activities
   
(26,384,989
)
   
(17,589,325
)
                 
Net increase (decrease) in cash, cash equivalents and restricted cash
   
420,075
     
22,380,590
 
                 
Cash, cash equivalents and restricted cash at beginning of period
   
67,746,528
     
49,680,009
 
Cash, cash equivalents and restricted cash at end of period
 
$
68,166,603
   
$
72,060,599
 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Statements of Financial Condition that sum to the total of the same such amounts shown in the Statements of Cash Flows.

   
March 31, 2019
      December 31, 2018
 
Cash, cash equivalents and restricted cash at end of period consists of:
               
Cash in futures brokers trading accounts
 
$
27,207,645
   
$
29,264,709
 
Restricted cash in futures brokers trading accounts
   
0
     
0
 
Cash and cash equivalents
   
11,792,026
     
22,653,467
 
Restricted cash at interbank market maker
   
29,166,932
     
15,828,352
 
Total cash, cash equivalents and restricted cash at end of period
 
$
68,166,603
   
$
67,746,528
 

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENTS OF CHANGES IN UNITHOLDERS’ CAPITAL (NET ASSET VALUE)
FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018 (Unaudited)


   
Series A - Other Unitholders
   
Series B - Other Unitholders
   
Series D - Other Unitholders
 
   
Units
   
Amount
   
Units
   
Amount
   
Units
   
Amount
 
Three Months Ended March 31, 2019
                                   
                                     
Balances at December 31, 2018
   
111,488.756
   
$
265,715,642
     
15,779.825
   
$
40,954,227
     
1,569.589
   
$
1,517,078
 
Net income (loss) for the three months ended March 31, 2019
           
10,959,406
             
1,636,947
             
71,088
 
Additions
   
402.786
     
966,271
     
29.109
     
78,844
     
0.000
     
0
 
Redemptions
   
(8,230.105
)
   
(19,795,854
)
   
(1,684.043
)
   
(4,411,610
)
   
0.000
     
0
 
Offering costs
           
(376,105
)
           
0
             
(1,923
)
Balances at March 31, 2019
   
103,661.437
   
$
257,469,360
     
14,124.891
   
$
38,258,408
     
1,569.589
   
$
1,586,243
 
                                                 
Three Months Ended March 31, 2018
                                               
                                                 
Balances at December 31, 2017
   
155,656.273
   
$
407,786,433
     
24,609.317
   
$
69,925,360
     
259.610
   
$
273,175
 
Net income (loss) for the three months ended March 31, 2018
           
(15,895,347
)
           
(2,744,441
)
           
(18,073
)
Additions
   
942.555
     
2,394,608
     
0.000
     
0
     
714.150
     
729,114
 
Redemptions
   
(5,999.865
)
   
(15,447,850
)
   
(1,170.991
)
   
(3,237,305
)
   
0.000
     
0
 
Offering costs
           
(500,893
)
           
0
             
(436
)
Balances at March 31, 2018
   
150,598.963
   
$
378,336,951
     
23,438.326
   
$
63,943,614
     
973.760
   
$
983,780
 


Net Asset Value per Other Unitholders’ Unit - Series A
 
March 31, 2019
     
December 31, 2018
   
March 31, 2018
      December 31, 2017  
$
2,483.75
   
$
2,383.34
   
$
2,512.21
   
$
2,619.79
 

Net Asset Value per Other Unitholders’ Unit - Series B
 
March 31, 2019
     
December 31, 2018
   
March 31, 2018
     
December 31, 2017
 
$
2,708.58
   
$
2,595.35
   
$
2,728.16
   
$
2,841.42
 

Net Asset Value per Other Unitholders’ Unit - Series D
 
March 31, 2019
     
December 31, 2018
   
March 31, 2018
      December 31, 2017  
$
1,010.61
   
$
966.54
   
$
1,010.29
   
$
1,052.25
 

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENTS OF CHANGES IN UNITHOLDERS’ CAPITAL (NET ASSET VALUE)
FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018 (Unaudited)

   
Series W - Other Unitholders
   
Trust
 
   
Units
   
Amount
   
Total Amount
 
Three Months Ended March 31, 2019
                 
                   
Balances at December 31, 2018
   
9,306.953
   
$
25,704,987
   
$
333,891,934
 
Net income (loss) for the three months ended March 31, 2019
           
1,230,838
     
13,898,279
 
Additions
   
16.012
     
43,708
     
1,088,823
 
Redemptions
   
(521.852
)
   
(1,483,217
)
   
(25,690,681
)
Offering costs
           
(32,369
)
   
(410,397
)
Balances at March 31, 2019
   
8,801.113
   
$
25,463,947
   
$
322,777,958
 
                         
Three Months Ended March 31, 2018
                       
                         
Balances at December 31, 2017
   
22,774.964
   
$
67,838,187
   
$
545,823,155
 
Net income (loss) for the three months ended March 31, 2018
           
(2,350,866
)
   
(21,008,727
)
Additions
   
477.234
     
1,363,450
     
4,487,172
 
Redemptions
   
(615.846
)
   
(1,785,156
)
   
(20,470,311
)
Offering costs
           
(83,862
)
   
(585,191
)
Balances at March 31, 2018
   
22,636.352
   
$
64,981,753
   
$
508,246,098
 


Net Asset Value per Other Unitholders’ Unit - Series W
 
 
March 31, 2019
     
December 31, 2018
   
March 31, 2018
     
December 31, 2017
 
$
2,893.26
   
$
2,761.91
   
$
2,870.68
   
$
2,978.63
 

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
FINANCIAL HIGHLIGHTS
FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series A units for the three months ended March 31, 2019 and 2018. This information has been derived from information presented in the financial statements.

   
Series A
 
   
Three Months Ended March 31,
 
   
2019
   
2018
 
Per Unit Performance
           
(for a unit outstanding throughout the entire period)
           
Net asset value per unit at beginning of period
 
$
2,383.34
   
$
2,619.79
 
                 
Income (loss) from operations:
               
Total net trading gains (losses) (1)
   
111.71
     
(85.55
)
Net investment income (loss) (1)
   
(7.84
)
   
(18.78
)
Total net income (loss) from operations
   
103.87
     
(104.33
)
Offering costs (1)
   
(3.46
)
   
(3.25
)
Net asset value per unit at end of period
 
$
2,483.75
   
$
2,512.21
 
Total Return (4)
   
4.21
%
   
(4.11
)%
                 
Supplemental Data
               
Ratios to average net asset value:
               
Expenses prior to performance fee (3)
   
4.37
%
   
4.23
%
Performance fee (4)
   
0.00
%
   
0.00
%
Total expenses
   
4.37
%
   
4.23
%
Net investment income (loss) (2),(3)
   
(1.31
)%
   
(2.90
)%

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)
Annualized.
(4)
Not annualized

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
FINANCIAL HIGHLIGHTS
FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series B units for the three months ended March 31, 2019 and 2018. This information has been derived from information presented in the financial statements.

   
Series B
 
 
 
Three Months Ended March 31,
 
 
 
2019
   
2018
 
Per Unit Performance
           
(for a unit outstanding throughout the entire period)
           
Net asset value per unit at beginning of period
 
$
2,595.35
   
$
2,841.42
 
 
               
Income (loss) from operations:
               
Total net trading gains (losses) (1)
   
121.76
     
(92.88
)
Net investment income (loss) (1)
   
(8.53
)
   
(20.38
)
Total net income (loss) from operations
   
113.23
     
(113.26
)
Net asset value per unit at end of period
 
$
2,708.58
   
$
2,728.16
 
Total Return (4)
   
4.36
%
   
(3.99
)%
 
               
Supplemental Data
               
Ratios to average net asset value:
               
Expenses prior to performance fee (3)
   
4.40
%
   
4.24
%
Performance fee (4)
   
0.00
%
   
0.00
%
Total expenses
   
4.40
%
   
4.24
%
Net investment income (loss) (2),(3)
   
(1.32
)%
   
(2.90
)%

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

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
FINANCIAL HIGHLIGHTS
FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series D units for the three months ended March 31, 2019 and 2018. This information has been derived from information presented in the financial statements.

   
Series D
 
   
Three Months Ended March 31,
 
   
2019
   
2018
 
Per Unit Performance
           
(for a unit outstanding throughout the entire period)
           
Net asset value per unit at beginning of period
 
$
966.54
   
$
1,052.25
 
                 
Income (loss) from operations:
               
Total net trading gains (losses) (1)
   
45.44
     
(36.41
)
Net investment income (loss) (1)
   
(0.14
)
   
(4.26
)
Total net income (loss) from operations
   
45.30
     
(40.67
)
Offering costs (1)
   
(1.23
)
   
(1.29
)
Net asset value per unit at end of period
 
$
1,010.61
   
$
1,010.29
 
Total Return (4)
   
4.56
%
   
(3.99
)%
                 
Supplemental Data
               
Ratios to average net asset value:
               
Expenses prior to performance fee (3)
   
3.09
%
   
2.83
%
Performance fee (4)
   
0.00
%
   
0.00
%
Total expenses
   
3.09
%
   
2.83
%
Net investment income (loss) (2),(3)
   
(0.06
)%
   
(1.57
)%

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)
Annualized.
(4)
Not annualized.

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
FINANCIAL HIGHLIGHTS
FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series W units for the three months ended March 31, 2019 and 2018. This information has been derived from information presented in the financial statements.

   
Series W
 
   
Three Months Ended March 31,
 
   
2019
   
2018
 
Per Unit Performance
           
(for a unit outstanding throughout the entire period)
           
Net asset value per unit at beginning of period
 
$
2,761.91
   
$
2,978.63
 
                 
Income (loss) from operations:
               
Total net trading gains (losses) (1)
   
129.99
     
(97.66
)
Net investment income (loss) (1)
   
4.86
     
(6.59
)
Total net income (loss) from operations
   
134.85
     
(104.25
)
Offering costs (1)
   
(3.50
)
   
(3.70
)
Net asset value per unit at end of period
 
$
2,893.26
   
$
2,870.68
 
Total Return (4)
   
4.76
%
   
(3.62
)%
                 
Supplemental Data
               
Ratios to average net asset value:
               
Expenses prior to performance fee (3)
   
2.34
%
   
2.22
%
Performance fee (4)
   
0.00
%
   
0.00
%
Total expenses
   
2.34
%
   
2.22
%
Net investment income (loss) (2),(3)
   
0.70
%
   
(0.89
)%

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)
Annualized.
(4)
Not annualized.

See Accompanying Notes to Financial Statements.

13

 THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2019
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 and 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. Effective July 1, 2017, the Trust began offering units of beneficial interest classified into Series D units. The rights of the Series A units, Series B units, Series D units and Series W units are identical, except that the fees and commissions vary on a Series-by-Series basis. Series A, Series D and Series W commenced trading on October 1, 2008, October 1, 2017 and March 1, 2009, respectively. The initial minimum subscription for Series A units, Series D 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, and Note 2 for an explanation of allocations and Series specific charges.

B. Regulation

As a registrant with the Securities and Exchange Commission (the “SEC”), the Trust is subject to the regulatory requirements under the Securities and Exchange Act of 1934. 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 (the “futures brokers”) and interbank market maker 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.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2018. All adjustments of a normal recurring nature considered necessary for a fair presentation have been included herein.

The Trust meets the definition of an investment company according to the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946-10, Financial Services - Investment Companies.

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 value and fair value) are reported in the Statements of Financial Condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with ASC 210-20, Offsetting - Balance Sheet. The fair value of futures (exchange-traded) contracts is based on the various futures exchanges, and reflects the settlement price for each contract as of the close on the last business day of the reporting period. The fair value of forward currency (non-exchange traded) contracts was extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period.

The fixed income investments are marked to market on the last business day of the reporting period by the Administrator using a third party vendor hierarchy of pricing providers who specialize in such markets. The prices furnished by the providers consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Premiums and discounts on fixed income securities are amortized and accreted for financial reporting purposes.

The short term investments represent cash held at the custodian and invested overnight in a money market fund.

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.

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Table of Contents
THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2019
D. Fair Value

The Trust follows the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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

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

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

Level 3 inputs are unobservable inputs for an asset or liability (including the Trust’s own assumptions used in determining the fair value of investments). Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of March 31, 2019 and December 31, 2018, and for the periods ended March 31, 2019 and 2018, 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 March 31, 2019 and December 31, 2018.

   
Fair Value at March 31, 2019
 
Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments
                       
Short term investments
 
$
20,677
   
$
0
   
$
0
   
$
20,677
 
Fixed income securities
   
0
     
256,178,282
     
0
     
256,178,282
 
                                 
Other Financial Instruments
                               
Exchange-traded futures contracts
   
13,294,086
     
0
     
0
     
13,294,086
 
Forward currency contracts
   
0
     
(2,990,829
)
   
0
     
(2,990,829
)
Total
 
$
13,314,763
   
$
253,187,453
   
$
0
   
$
266,502,216
 

   
Fair Value at December 31, 2018
 
Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments
                       
Short term investments
 
$
2,868
   
$
0
   
$
0
   
$
2,868
 
Fixed income securities
   
0
     
263,169,856
     
0
     
263,169,856
 
                                 
Other Financial Instruments
                               
Exchange-traded futures contracts
   
5,685,191
     
0
     
0
     
5,685,191
 
Forward currency contracts
   
0
     
8,367,386
     
0
     
8,367,386
 
Total