Company Quick10K Filing
Quick10K
Campbell Fund Trust
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
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 2019-10-31 Sale of Shares
8-K 2019-09-30 Sale of Shares
8-K 2019-08-31 Sale of Shares
8-K 2019-07-31 Sale of Shares
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
IGXT Intelgenx Technologies 38
MPAC Micropac Industries 26
UCC Union Carbide 0
IAMXU I-Am Capital Acquisition 0
DDDR DD's Deluxe Rod Holder 0
UHLN US Highland 0
VRIAC Voya Retirement Insurance & Annuity 0
YEWB Yew Bio-Pharm 0
PGCG Prime Global Capital Group 0
ADMG Adamant Dri Processing & Minerals Group 0
CFT 2019-09-30
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 2019-09-30

CFT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 cft10q_sep2019.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 September 30, 2019

or

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: 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)
 

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

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Not applicable.
Not applicable.
Not applicable.

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 September 30, 2019, there were 98,035.166 Series A Units, 13,112.247 Series B Units, 2,383.085 Series D Units, and 8,340.121 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.
25-33
       
 
Item 3.
33-37
       
 
Item 4.
37
       
PART II — OTHER INFORMATION
 
       
 
Item 1.
38
       
 
Item 1A.
38
       
 
Item 2.
38
       
 
Item 3.
38
       
 
Item 4.
38
       
 
Item 5.
38
       
 
Item 6.
38-39
       
 
40

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2019 (Unaudited)

FIXED INCOME SECURITIES

Maturity
Face Value
 
Description
 
Fair
Value ($)
   
% of Net
Asset Value
 


 
Asset Backed Securities
           
     
United States
           
     
Auto Loans
 
$
13,265,911
     
3.84
%
     
Credit Cards
   
1,544,144
     
0.45
%
     
Equipment Loans
   
947,233
     
0.27
%
     
Utilities
   
1,067,365
     
0.31
%
     
Total Asset Backed Securities (cost $16,732,488)
   
16,824,653
     
4.87
%
                       
     
Bank Deposits
               
     
United States
               
     
Financials
   
4,906,975
     
1.42
%
     
Total Bank Deposits (cost $4,906,149)
   
4,906,975
     
1.42
%
                       
     
Commercial Paper
               
     
Ireland
               
     
Financials (cost $4,110,080)
   
4,110,320
     
1.19
%
     
Spain
               
     
Financials (cost $1,136,975)
   
1,137,022
     
0.33
%
     
Switzerland
               
     
Financials (cost $4,273,905)
   
4,274,039
     
1.24
%
     
United Kingdom
               
     
Financials (cost $3,552,837)
   
3,553,015
     
1.03
%
     
United States
               
     
Communications
   
6,884,541
     
1.99
%
     
Consumer Discretionary
   
18,684,820
     
5.40
%
     
Consumer Staples
   
14,211,218
     
4.11
%
     
Financials
   
17,980,312
     
5.20
%
     
Industrials
   
2,994,724
     
0.87
%
     
Utilities
   
32,406,375
     
9.37
%
     
Total United States (cost $93,164,117)
   
93,161,990
     
26.94
%
     
Total Commercial Paper (cost $106,237,914)
   
106,236,386
     
30.73
%
                       
     
Corporate Bonds
               
     
Canada
               
     
Financials
   
5,912,739
     
1.71
%
     
Industrials
   
1,596,896
     
0.46
%
     
Total Canada (cost $7,492,913)
   
7,509,635
     
2.17
%
     
Germany
               
     
Consumer Discretionary (cost $5,144,918)
   
5,151,904
     
1.49
%
     
Japan
               
     
Financials (cost $2,020,000)
   
2,022,218
     
0.58
%
     
United Kingdom
               
     
Energy
   
2,122,844
     
0.61
%
     
Financials
   
3,862,394
     
1.12
%
     
Total United Kingdom (cost $5,977,935)
   
5,985,238
     
1.73
%
     
United States
               
     
Communications
   
3,075,862
     
0.89
%
     
Consumer Discretionary
   
9,593,286
     
2.77
%
     
Consumer Staples
   
7,560,095
     
2.19
%
     
Energy
   
5,375,614
     
1.55
%
     
Financials
   
27,324,208
     
7.90
%
     
Industrials
   
5,423,500
     
1.57
%
     
Materials
   
888,266
     
0.26
%
     
Technology
   
5,066,705
     
1.47
%
     
Utilities
   
2,352,095
     
0.68
%
     
Total United States (cost $66,523,030)
   
66,659,631
     
19.28
%
     
Total Corporate Bonds (cost $87,158,796)
   
87,328,626
     
25.25
%
                       
     
Government And Agency Obligations
               
     
United States
               
     
U.S. Treasury Bills
               
$
9,125,000
 
U.S. Treasury Bills Due * 10/08/2019
   
9,121,886
     
2.64
%
$
1,767,500
 
U.S. Treasury Bills Due * 10/17/2019
   
1,766,102
     
0.51
%
$
22,340,000
 
U.S. Treasury Bills Due * 11/14/2019
   
22,290,921
     
6.45
%
$
9,125,000
 
U.S. Treasury Bills Due * 12/19/2019
   
9,090,338
     
2.63
%
$
4,160,000
 
U.S. Treasury Bills Due * 01/02/2020
   
4,140,640
     
1.20
%
$
4,500,000
 
U.S. Treasury Bills Due * 01/16/2020
   
4,476,101
     
1.29
%
     
Total Government And Agency Obligations (cost $50,876,978)
   
50,885,988
     
14.72
%
     
Total Fixed Income Securities ** (cost $265,912,325)
 
$
266,182,628
     
76.99
%
 
See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2019 (Unaudited)

SHORT TERM INVESTMENTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Money Market Funds
           
United States
           
Money Market Funds (cost $2,877)
 
$
2,877
     
0.00
%
Total Short Term Investments (cost $2,877)
 
$
2,877
     
0.00
%

LONG FUTURES CONTRACTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Agriculture
 
$
590,299
     
0.17
%
Energy
   
(225,360
)
   
(0.07
)%
Metals
   
(604,542
)
   
(0.17
)%
Stock indices
   
1,661,698
     
0.48
%
Short-term interest rates
   
(1,467,425
)
   
(0.42
)%
Long-term interest rates
   
447,550
     
0.13
%
Net unrealized gain (loss) on long futures contracts
   
402,220
     
0.12
%

SHORT FUTURES CONTRACTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Agriculture
   
(1,230,837
)
   
(0.36
)%
Energy
   
1,273,022
     
0.37
%
Metals
   
792,340
     
0.23
%
Stock indices
   
(200,867
)
   
(0.06
)%
Short-term interest rates
   
(194,348
)
   
(0.06
)%
Long-term interest rates
   
(800,924
)
   
(0.23
)%
Net unrealized gain (loss) on short futures contracts
   
(361,614
)
   
(0.11
)%
Net unrealized gain (loss) on open futures contracts
 
$
40,606
     
0.01
%

FORWARD CURRENCY CONTRACTS

Description
 
Fair
Value ($)
   
% of Net
Asset Value
 
Various long forward currency contracts
 
$
(6,739,988
)
   
(1.95
)%
Various short forward currency contracts
   
9,537,569
     
2.76
%
Net unrealized gain (loss) on open forward currency contracts
 
$
2,797,581
     
0.81
%


*
Pledged as collateral for the trading of futures positions.
**
Included in fixed income securities are U.S. Treasury Bills with a fair value of $50,885,988 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
SEPTEMBER 30, 2019 AND DECEMBER 31, 2018 (Unaudited)

   
September 30, 2019
   
December 31, 2018
 
             
ASSETS
           
Equity in futures broker trading accounts
           
Cash
 
$
27,114,893
   
$
29,264,709
 
Restricted cash
   
182,925
     
0
 
Fixed income securities (cost $50,876,978 and $51,077,094, respectively)
   
50,885,988
     
51,073,206
 
Net unrealized gain (loss) on open futures contracts
   
40,606
     
5,685,191
 
Total equity in futures broker trading accounts
   
78,224,412
     
86,023,106
 
                 
Cash and cash equivalents
   
13,575,683
     
22,653,467
 
Restricted cash at interbank market maker
   
37,748,799
     
15,828,352
 
Short term investments (cost $2,877 and $2,868, respectively)
   
2,877
     
2,868
 
Fixed income securities (cost $215,035,347 and $212,532,087, respectively)
   
215,296,640
     
212,096,650
 
Net unrealized gain (loss) on open forward currency contracts
   
2,797,581
     
8,367,386
 
Interest receivable
   
598,374
     
865,914
 
Subscription receivable
   
1,638,666
     
0
 
Total assets
 
$
349,883,032
   
$
345,837,743
 
                 
LIABILITIES
               
Accounts payable
 
$
284,823
   
$
315,936
 
Management fee payable
   
1,111,474
     
1,104,485
 
Accrued commissions and other trading fees on open contracts
   
119,241
     
65,526
 
Offering costs payable
   
128,161
     
126,325
 
Performance fee payable
   
21,165
     
0
 
Redemptions payable
   
2,492,833
     
10,333,537
 
Total liabilities
   
4,157,697
     
11,945,809
 
                 
UNITHOLDERS’ CAPITAL (Net Asset Value)
               
                 
Series A Units - Redeemable
               
Other Unitholders - 98,035.166 and 111,488.756 units outstanding at September 30, 2019 and December 31, 2018
   
275,235,393
     
265,715,642
 
Series B Units – Redeemable
               
Other Unitholders - 13,112.247 and 15,779.825 units outstanding at September 30, 2019 and December 31, 2018
   
40,238,551
     
40,954,227
 
Series D Units – Redeemable
               
Other Unitholders - 2,383.085 and 1,569.589 units outstanding at September 30, 2019 and December 31, 2018
   
2,705,931
     
1,517,078
 
Series W Units – Redeemable
               
Other Unitholders - 8,340.121 and 9,306.953 units outstanding at September 30, 2019 and December 31, 2018
   
27,545,460
     
25,704,987
 
Total unitholders’ capital (Net Asset Value)
   
345,725,335
     
333,891,934
 
Total liabilities and unitholders’ capital (Net Asset Value)
 
$
349,883,032
   
$
345,837,743
 
 
See Accompanying Notes to Financial Statements.
 
THE CAMPBELL FUND TRUST
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018 (Unaudited)

   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2019
   
2018
   
2019
   
2018
 
TRADING GAINS (LOSSES)
                       
Futures trading gains (losses)
                       
Realized
 
$
30,127,764
   
$
(11,042,290
)
 
$
68,472,848
   
$
(30,729,684
)
Change in unrealized
   
(10,072,681
)
   
7,741,426
     
(5,644,585
)
   
2,958,543
 
Brokerage commissions
   
(470,721
)
   
(429,297
)
   
(1,491,863
)
   
(1,400,752
)
Net gain (loss) from futures trading
   
19,584,362
     
(3,730,161
)
   
61,336,400
     
(29,171,893
)
                                 
Forward currency trading gains (losses)
                               
Realized
   
(573,244
)
   
18,335,233
     
3,800,316
     
11,050,256
 
Change in unrealized
   
5,440,788
     
(16,096,697
)
   
(5,569,805
)
   
(7,758,467
)
Brokerage commissions
   
(56,975
)
   
(40,089
)
   
(208,988
)
   
(119,306
)
Net gain (loss) from forward currency trading
   
4,810,569
     
2,198,447
     
(1,978,477
)
   
3,172,483
 
Total net trading gain (loss)
   
24,394,931
     
(1,531,714
)
   
59,357,923
     
(25,999,410
)
                                 
NET INVESTMENT INCOME (LOSS)
                               
Investment income
                               
Interest income
   
1,963,269
     
2,336,863
     
6,063,413
     
7,033,639
 
Realized gain (loss) on fixed income securities
   
10,418
     
(21,654
)
   
14,468
     
(69,239
)
Change in unrealized gain (loss) on fixed income securities
   
39,047
     
211,537
     
709,628
     
(2,009
)
Total investment income
   
2,012,734
     
2,526,746
     
6,787,509
     
6,962,391
 
                                 
Expenses
                               
Management fee
   
3,359,726
     
3,944,102
     
9,695,861
     
13,492,725
 
Performance fee
   
21,165
     
0
     
21,165
     
0
 
Operating expenses
   
273,180
     
282,906
     
800,984
     
854,794
 
Total expenses
   
3,654,071
     
4,227,008
     
10,518,010
     
14,347,519
 
Net investment income (loss)
   
(1,641,337
)
   
(1,700,262
)
   
(3,730,501
)
   
(7,385,128
)
NET INCOME (LOSS)
 
$
22,753,594
   
$
(3,231,976
)
 
$
55,627,422
   
$
(33,384,538
)
                                 
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS’ UNIT
                               
(based on weighted average number of units outstanding during the period)
                               
Series A
 
$
182.38
   
$
(19.89
)
 
$
425.47
   
$
(178.48
)
Series B
 
$
201.33
   
$
(27.76
)
 
$
463.18
   
$
(199.82
)
Series D
 
$
54.96
   
$
(5.09
)
 
$
164.08
   
$
(40.88
)
Series W
 
$
230.00
   
$
(5.64
)
 
$
544.22
   
$
(158.95
)
                                 
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS’ UNIT
                               
Series A
 
$
178.01
   
$
(20.08
)
 
$
424.18
   
$
(175.41
)
Series B
 
$
198.18
   
$
(19.08
)
 
$
473.43
   
$
(182.79
)
Series D
 
$
62.39
   
$
(5.22
)
 
$
168.93
   
$
(64.00
)
Series W
 
$
224.89
   
$
(9.58
)
 
$
540.86
   
$
(160.00
)
                                 
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD
                               
Series A
   
98,909.779
     
129,372.124
     
103,422.686
     
143,023.321
 
Series B
   
13,322.219
     
19,710.876
     
14,214.142
     
22,313.918
 
Series D
   
1,724.770
     
1,311.521
     
1,609.926
     
911.099
 
Series W
   
8,422.307
     
18,480.544
     
8,776.466
     
21,151.715
 

See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018 (Unaudited)

   
Nine Months Ended September 30,
 
   
2019
   
2018
 
Cash flows from (for) operating activities
           
Net income (loss)
 
$
55,627,422
   
$
(33,384,538
)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
               
Net change in unrealized on futures, forwards and investments
   
10,504,762
     
4,801,933

(Increase) decrease in interest receivable
   
267,540
     
229,986

Increase (decrease) in accounts payable and accrued expenses
   
50,756
     
(502,914
)
Purchases of investments
   
(1,287,177,662
)
   
(4,001,427,649
)
Sales/maturities of investments
   
1,284,874,509
     
4,180,044,810
 
Net cash from (for) operating activities
   
64,147,327
     
149,761,628
 
                 
Cash flows from (for) financing activities
               
Addition of units
   
11,853,876
     
17,458,250
 
Redemption of units
   
(64,014,197
)
   
(144,205,933
)
Offering costs paid
   
(1,111,234
)
   
(1,313,961
)
Net cash from (for) financing activities
   
(53,271,555
)
   
(128,061,644
)
                 
Net increase (decrease) in cash, cash equivalents and restricted cash
   
10,875,772
     
21,699,984
 
                 
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
 
$
78,622,300
   
$
71,379,993
 

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.

   
September 30, 2019
   
December 31, 2018
 
Cash, cash equivalents and restricted cash at end of period consists of:
           
Cash in futures brokers trading accounts
 
$
27,114,893
   
$
29,264,709
 
Restricted cash in futures brokers trading accounts
   
182,925
     
0
 
Cash and cash equivalents
   
13,575,683
     
22,653,467
 
Restricted cash at interbank market maker
   
37,748,799
     
15,828,352
 
Total cash, cash equivalents and restricted cash at end of period
 
$
78,622,300
   
$
67,746,528
 
 
See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENT OF CHANGES IN UNITHOLDERS’ CAPITAL (NET ASSET VALUE)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018 (Unaudited)

   
Series A - Other Unitholders
   
Series B - Other Unitholders
 
   
Units
   
Amount
   
Units
   
Amount
 
Nine Months Ended September 30, 2019
                   
                         
Balances at December 31, 2018
   
111,488.756
   
$
265,715,642
     
15,779.825
   
$
40,954,227
 
Net income (loss) for the three months ended March 31, 2019
           
10,959,406
             
1,636,947
 
Additions
   
402.786
     
966,271
     
29.109
     
78,844
 
Redemptions
   
(8,230.105
)
   
(19,795,854
)
   
(1,684.043
)
   
(4,411,610
)
Offering costs
           
(376,105
)
           
0
 
Balances at March 31, 2019
   
103,661.437
   
$
257,469,360
     
14,124.891
   
$
38,258,408
 
                                 
Net income (loss) for the three months ended June 30, 2019
           
15,004,346
             
2,264,553
 
Additions
   
2,299.229
     
5,873,079
     
0.000
     
0
 
Redemptions
   
(6,398.768
)
   
(16,266,862
)
   
(643.330
)
   
(1,822,852
)
Offering costs
           
(281,414
)
           
0
 
Balances at June 30, 2019
   
99,561.898
   
$
261,798,509
     
13,481.561
   
$
38,700,109
 
                                 
Net income (loss) for the three months ended September 30, 2019
           
18,039,515
             
2,682,188
 
Additions
   
1,804.464
     
5,154,277
     
0.000
     
0
 
Redemptions
   
(3,331.196
)
   
(9,407,495
)
   
(369.314
)
   
(1,143,746
)
Offering costs
           
(349,413
)
           
0
 
Balances at September 30, 2019
   
98,035.166
   
$
275,235,393
     
13,112.247
   
$
40,238,551
 
                     
Nine Months Ended September 30, 2018
                   
                         
Balances at December 31, 2017
   
155,656.273
   
$
407,786,433
     
24,609.317
   
$
69,925,360
 
Net income (loss) for the three months ended March 31, 2018
           
(15,895,347
)
           
(2,744,441
)
Additions
   
942.555
     
2,394,608
     
0.000
     
0
 
Redemptions
   
(5,999.865
)
   
(15,447,850
)
   
(1,170.991
)
   
(3,237,305
)
Offering costs
           
(500,893
)
           
0
 
Balances at March 31, 2018
   
150,598.963
   
$
378,336,951
     
23,438.326
   
$
63,943,614
 
                                 
Net income (loss) for the three months ended June 30, 2018
           
(7,057,350
)
           
(1,167,129
)
Additions
   
723.185
     
1,765,410
     
0.000
     
0
 
Redemptions
   
(18,400.994
)
   
(45,283,437
)
   
(1,360.540
)
   
(3,658,502
)
Offering costs
           
(182,617
)
           
0
 
Balances at June 30, 2018
   
132,921.154
   
$
327,578,957
     
22,077.786
   
$
59,117,983
 
                                 
Net income (loss) for the three months ended September 30, 2018
           
(2,573,785
)
           
(547,219
)
Additions
   
2,239.886
     
5,492,435
     
0.000
     
0
 
Redemptions
   
(13,026.831
)
   
(31,632,125
)
   
(4,983.567
)
   
(13,123,600
)
Offering costs
           
(323,503
)
           
0
 
Balances at September 30, 2018
   
122,134.209
   
$
298,541,979
     
17,094.219
   
$
45,447,164
 
 
Net Asset Value per Other Unitholders’ Unit - Series A

September 30, 2019
   
June 30, 2019
   
March 31, 2019
   
December 31, 2018
 
$
2,807.52
   
$
2,629.51
   
$
2,483.75
   
$
2,383.34
 

September 30, 2018
   
June 30, 2018
   
March 31, 2018
   
December 31, 2017
 
$
2,444.38
   
$
2,464.46
   
$
2,512.21
   
$
2,619.79
 
 
Net Asset Value per Other Unitholders’ Unit - Series B

September 30, 2019
   
June 30, 2019
   
March 31, 2019
   
December 31, 2018
 
$
3,068.78
   
$
2,870.60
   
$
2,708.58
   
$
2,595.35
 

September 30, 2018
   
June 30, 2018
   
March 31, 2018
   
December 31, 2017
 
$
2,658.63
   
$
2,677.71
   
$
2,728.16
   
$
2,841.42
 
 
See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
STATEMENT OF CHANGES IN UNITHOLDERS’ CAPITAL (NET ASSET VALUE)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018 (Unaudited)

   
Series D - Other Unitholders
   
Series W - Other Unitholders
   
Trust
 
   
Units
   
Amount
   
Units
   
Amount
   
Total Amount
 
Nine Months Ended September 30, 2019
                         
                               
Balances at December 31, 2018
   
1,569.589
   
$
1,517,078
     
9,306.953
   
$
25,704,987
   
$
333,891,934
 
Net income (loss) for the three months ended March 31, 2019
           
71,088
             
1,230,838
     
13,898,279
 
Additions
   
0.000
     
0
     
16.012
     
43,708
     
1,088,823
 
Redemptions
   
0.000
     
0
     
(521.852
)
   
(1,483,217
)
   
(25,690,681
)
Offering costs
           
(1,923
)
           
(32,369
)
   
(410,397
)
Balances at March 31, 2019
   
1,569.589
   
$
1,586,243
     
8,801.113
   
$
25,463,947
   
$
322,777,958
 
                                         
Net income (loss) for the three months ended June 30, 2019
           
98,275
             
1,608,375
     
18,975,549
 
Additions
   
45.684
     
49,023
     
63.879
     
190,008
     
6,112,110
 
Redemptions
   
(51.255
)
   
(53,220
)
   
(431.580
)
   
(1,272,851
)
   
(19,415,785
)
Offering costs
           
(2,009
)
           
(32,463
)
   
(315,886
)
Balances at June 30, 2019
   
1,564.018
   
$
1,678,312
     
8,433.412
   
$
25,957,016
   
$
328,133,946
 
                                         
Net income (loss) for the three months ended September 30, 2019
           
94,797
             
1,937,094
     
22,753,594
 
Additions
   
819.067
     
935,309
     
61.448
     
202,023
     
6,291,609
 
Redemptions
   
0.000
     
0
     
(154.739
)
   
(515,786
)
   
(11,067,027
)
Offering costs
           
(2,487
)
           
(34,887
)
   
(386,787
)
Balances at September 30, 2019
   
2,383.085
   
$
2,705,931
     
8,340.121
   
$
27,545,460
   
$
345,725,335
 
                               
Nine Months Ended September 30, 2018
                         
                               
Balances at December 31, 2017
   
259.610
   
$
273,175
     
22,774.964
   
$
67,838,187
   
$
545,823,155
 
Net income (loss) for the three months ended March 31, 2018
           
(18,073
)
           
(2,350,866
)
   
(21,008,727
)
Additions
   
714.150
     
729,114
     
477.234
     
1,363,450
     
4,487,172
 
Redemptions
   
0.000
     
0
     
(615.846
)
   
(1,785,156
)
   
(20,470,311
)
Offering costs
           
(436
)
           
(83,862
)
   
(585,191
)
Balances at March 31, 2018
   
973.760
   
$
983,780
     
22,636.352
   
$
64,981,753
   
$
508,246,098
 
                                         
Net income (loss) for the three months ended June 30, 2018
           
(12,497
)
           
(906,859
)
   
(9,143,835
)
Additions
   
361.838
     
356,940
     
79.194
     
220,061
     
2,342,411
 
Redemptions
   
0.000
     
0
     
(1,139.809
)
   
(3,195,719
)
   
(52,137,658
)
Offering costs
           
(1,343
)
           
(78,544
)
   
(262,504
)
Balances at June 30, 2018
   
1,335.598
   
$
1,326,880
     
21,575.737
   
$
61,020,692
   
$
449,044,512
 
                                         
Net income (loss) for the three months ended September 30, 2018
           
(6,673
)
           
(104,299
)
   
(3,231,976
)
Additions
   
30.268
     
30,009
     
1,790.910
     
5,056,223
     
10,578,667
 
Redemptions
   
(51.250
)
   
(49,436
)
   
(11,142.336
)
   
(31,452,158
)
   
(76,257,319
)
Offering costs
           
(1,613
)
           
(64,675
)
   
(389,791
)
Balances at September 30, 2018
   
1,314.616
   
$
1,299,167
     
12,224.311
   
$
34,455,783
   
$
379,744,093
 
 
Net Asset Value per Other Unitholders’ Unit - Series D

September 30, 2019
   
June 30, 2019
   
March 31, 2019
   
December 31, 2018
 
$
1,135.47
   
$
1,073.08
   
$
1,010.61
   
$
966.54
 

September 30, 2018
   
June 30, 2018
   
March 31, 2018
   
December 31, 2017
 
$
988.25
   
$
993.47
   
$
1,010.29
   
$
1,052.25
 
 
Net Asset Value per Other Unitholders’ Unit - Series W

September 30, 2019
   
June 30, 2019
   
March 31, 2019
   
December 31, 2018
 
$
3,302.77
   
$
3,077.88
   
$
2,893.26
   
$
2,761.91
 

September 30, 2018
   
June 30, 2018
   
March 31, 2018
   
December 31, 2017
 
$
2,818.63
   
$
2,828.21
   
$
2,870.68
   
$
2,978.63
 
 
See Accompanying Notes to Financial Statements.

THE CAMPBELL FUND TRUST
FINANCIAL HIGHLIGHTS
FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 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 and nine months ended September 30, 2019 and 2018. This information has been derived from information presented in the financial statements.
 
   
Series A
 
   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2019
   
2018
   
2019
   
2018
 
Per Unit Performance
                       
(for a unit outstanding throughout the entire period)
                       
Net asset value per unit at beginning of period
 
$
2,629.51
   
$
2,464.46
   
$
2,383.34
   
$
2,619.79
 
                                 
Income (loss) from operations:
                               
Total net trading gains (losses) (1)
   
195.78
     
(6.15
)
   
465.70
     
(125.04
)
Net investment income (loss) (1)
   
(14.24
)
   
(11.43
)
   
(31.78
)
   
(43.33
)
Total net income (loss) from operations
   
181.54
     
(17.58
)
   
433.92
     
(168.37
)
Offering costs (1)
   
(3.53
)
   
(2.50
)
   
(9.74
)
   
(7.04
)
Net asset value per unit at end of period
 
$
2,807.52
   
$
2,444.38
   
$
2,807.52
   
$
2,444.38
 
Total Return (4)
   
6.77
%
   
(0.81
)%
   
17.80
%
   
(6.70
)%
                                 
Supplemental Data
                               
Ratios to average net asset value:
                               
Expenses prior to performance fee (3)
   
4.41
%
   
4.29
%
   
4.39
%
   
4.28
%
Performance fee (4)
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
Total expenses
   
4.41
%
   
4.29
%
   
4.39
%
   
4.28
%
Net investment income (loss) (2),(3)
   
(2.06
)%
   
(1.88
)%
   
(1.66
)%
   
(2.33
)%
 
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 AND NINE MONTHS ENDED SEPTEMBER 30, 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 and nine months ended September 30, 2019 and 2018. This information has been derived from information presented in the financial statements.
 
   
Series B
 
   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2019
   
2018
   
2019
   
2018
 
Per Unit Performance