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, 2016

☐ 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 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  No 

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

Large accelerated filer 	Accelerated filer 	Non-accelerated filer 	Smaller reporting company 
		(Do not check if a smaller reporting company)

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

			Page
PART I — FINANCIAL INFORMATION
	Item 1.	Financial Statements.
		Condensed Schedules of Investments as of September 30, 2016 and December 31, 2015 (Unaudited)	1-4
		Statements of Financial Condition as of September 30, 2016 and December 31, 2015 (Unaudited)	5
		Statements of Operations for the Three and Nine Months Ended September 30, 2016 and 2015 (Unaudited)	6
		Statements of Cash Flows for the Nine Months Ended September 30, 2016 and 2015 (Unaudited)	7
		Statements of Changes in Unitholders' Capital (Net Asset Value) for the Nine Months Ended September 30, 2016 and 2015 (Unaudited)	8-10
		Financial Highlights for the Three and Nine Months Ended September 30, 2016 and 2015 (Unaudited)	11-13
		Notes to Financial Statements (Unaudited)	14-24
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	25-32
	Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	33-37
	Item 4.	Controls and Procedures.	37
PARTII — OTHER INFORMATION
	Item 1.	Legal Proceedings.	38
	Item 1A.	Risk Factors.	38
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	38
	Item 3.	Defaults Upon Senior Securities.	38
	Item 4.	Mine Safety Disclosures.	38
	Item 5.	Other Information.	38
	Item 6.	Exhibits.	38
SIGNATURES			39

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2016 (Unaudited)

FIXED INCOME SECURITIES
Maturity Face Value		Description	Fair Values ($)		% of Net Asset Value
		Asset Backed Securities
		United States
		Auto Loans	$	24,626,117		2.93	%
		Credit Cards		28,056,962		3.34	%
		Equipment Loans		7,770,077		0.92	%
		Utility Rate Reduction Bonds		1,109,345		0.13	%
		Total Asset Backed Securities (cost $61,553,022)		61,562,501		7.32	%
		Bank Deposits
		United States
		Financials		24,047,962		2.86	%
		Total Bank Deposits (cost $24,029,982)		24,047,962		2.86	%
		Commercial Paper
		United States
		Communications		23,184,933		2.76	%
		Consumer Discretionary		28,753,312		3.42	%
		Consumer Staples		29,469,438		3.51	%
		Energy		20,740,104		2.47	%
		Financials		57,297,612		6.82	%
		Health Care		18,879,585		2.25	%
		Industrials		33,662,874		4.01	%
		Technology		21,212,636		2.52	%
		Utilities		27,524,797		3.27	%
		Total Commercial Paper (cost $260,705,546)		260,725,291		31.03	%
		Corporate Bonds
		United States
		Communications		22,906,230		2.73	%
		Consumer Discretionary		42,628,985		5.07	%
		Consumer Staples		16,583,163		1.97	%
		Energy		6,562,322		0.78	%
		Financials		140,016,353		16.66	%
		Health Care		15,758,587		1.87	%
		Industrials		9,809,115		1.17	%
		Technology		25,704,146		3.06	%
		Total Corporate Bonds (cost $279,705,311)		279,968,901		33.31	%
		Government And Agency Obligations
		United States
		U.S. Treasury Bills
$	15,200,000	U.S. Treasury Bills Due 10/13/2016*		15,199,392		1.81	%
$	9,775,000	U.S. Treasury Bills Due 10/20/2016*		9,774,267		1.16	%
$	21,667,500	U.S. Treasury Bills Due 10/27/2016*		21,664,835		2.58	%
$	66,790,000	U.S. Treasury Bills Due 11/25/2016*		66,776,709		7.94	%
$	34,067,500	U.S. Treasury Bills Due 12/22/2016*		34,049,989		4.05	%
$	21,450,000	U.S. Treasury Bills Due 02/02/2017*		21,426,920		2.55	%
		Total Government And Agency Obligations (cost $168,870,759)		168,892,112		20.09	%
		Total Fixed Income Securities**  (cost $794,864,620)	$	795,196,767		94.61	%

SHORT TERM INVESTMENTS

Maturity Face Value	Description	Fair Values ($)		% of Net Asset Value
	Money Market Funds
	United States
	Money Market Funds (cost $3,325)	$	3,325		0.00	%
	Total Short Term Investments (cost $3,325)	$	3,325		0.00	%

See Accompanying Notes to Financial Statements.

1

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2016 (Unaudited)

LONG FUTURES CONTRACTS
Description	Fair Values ($)			% of Net Asset Value
Agriculture	$	5,716,177			0.68	%
Energy		508,730			0.06	%
Metals		6,096,187			0.72	%
Stock indices		807,609			0.10	%
Short-term interest rates		(155,724	)		(0.02	)%
Long-term interest rates		3,843,025			0.46	%
Net unrealized gain (loss) on long futures contracts	$	16,816,004			2.00	%
SHORT FUTURES CONTRACTS
Description	Fair Values ($)			% of Net Asset Value
Agriculture	$	6,797,137			0.80	%
Energy		(2,594,919	)		(0.31	)%
Metals		(6,423,313	)		(0.76	)%
Stock indices		(5,807	)		0.00	%
Short-term interest rates		(24,738	)		0.00	%
Long-term interest rates		48,037			0.01	%
Net unrealized gain (loss) on short futures contracts	$	(2,203,603	)		(0.26	)%
Net unrealized gain (loss) on open futures contracts	$	14,612,401			1.74	%
FORWARD CURRENCY CONTRACTS
Description	Fair Values ($)			% of Net Asset Value
Various long forward currency contracts	$	(3,741,262	)		(0.44	)%
Various short forward currency contracts		1,022,941			0.12	%
Net unrealized gain (loss) on open forward currency contracts	$	(2,718,321	)		(0.32	)%

* Pledged as collateral for the trading of futures or forward positions.

** Included in fixed income securities are U.S. Treasury Bills with a fair value of $116,968,845 deposited with the futures brokers and $51,923,267 deposited with the interbank market maker.

See Accompanying Notes to Financial Statements.

2

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2015 (Unaudited)

FIXED INCOME SECURITIES
Maturity Face Value		Description	Fair Values ($)		% of Net Asset Value
		Asset Backed Securities
		United States
		Auto Loans	$	32,296,389		3.48	%
		Credit Cards		21,617,224		2.33	%
		Equipment		3,276,502		0.35	%
		Utility Rate Reduction Bonds		1,667,655		0.18	%
		Total Asset Backed Securities (cost $58,983,770)		58,857,770		6.34	%
		Commercial Paper
		United States
		Communications		11,572,012		1.25	%
		Consumer Discretionary		45,284,606		4.88	%
		Consumer Staples		17,825,018		1.92	%
		Energy		3,511,542		0.38	%
		Financials		60,228,274		6.49	%
		Health Care		25,701,714		2.77	%
		Industrials		37,091,707		4.00	%
		Technology		25,109,992		2.70	%
		Utilities		54,997,140		5.92	%
		Total Commercial Paper (cost $281,294,649)		281,322,005		30.31	%
		Corporate Bonds
		Japan
		Consumer Discretionary (cost $4,881,998)		4,857,419		0.52	%
		United States
		Communications		36,566,791		3.94	%
		Consumer Discretionary		44,277,095		4.77	%
		Consumer Staples		28,814,680		3.11	%
		Financials		143,372,999		15.45	%
		Health Care		12,187,502		1.31	%
		Technology		16,967,118		1.83	%
		Total United States (cost $282,663,892)		282,186,185		30.41	%
		Total Corporate Bonds (cost $287,545,890)		287,043,604		30.93	%
		Government And Agency Obligations
		United States
		U.S. Treasury Bills
$	65,000,000	U.S. Treasury Bills Due 01/28/2016*		64,994,670		7.00	%
$	8,600,000	U.S. Treasury Bills Due 02/04/2016*		8,599,329		0.93	%
$	135,750,000	U.S. Treasury Bills Due 02/25/2016*		135,736,697		14.63	%
		Total Government And Agency Obligations (cost $209,347,466)		209,330,696		22.56	%
		Total Fixed Income Securities** (cost $837,171,775)	$	836,554,075		90.14	%

SHORT TERM INVESTMENTS

Maturity Face Value	Description	Fair Values ($)		% of Net Asset Value
	Money Market Funds
	United States
	Money Market Funds (cost $2,104)	$	2,104		0.00	%
	Total Short Term Investments (cost $2,104)	$	2,104		0.00	%

See Accompanying Notes to Financial Statements.

3

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2015 (Unaudited)

LONG FUTURES CONTRACTS
Description	Fair Values ($)			% of Net Asset Value
Agriculture	$	51,896			0.00	%
Energy		70,405			0.01	%
Metals		459,326			0.05	%
Stock indices		(658,566	)		(0.07	)%
Short-term interest rates		(671,792	)		(0.07	)%
Long-term interest rates		808,960			0.09	%
Net unrealized gain (loss) on long futures contracts	$	60,229			0.01	%
SHORT FUTURES CONTRACTS
Description	Fair Values ($)			% of Net Asset Value
Agriculture	$	1,008,869			0.11	%
Energy		(9,719,336	)		(1.05	)%
Metals		(4,592,137	)		(0.49	)%
Stock indices		(152,521	)		(0.02	)%
Short-term interest rates		(75,529	)		(0.01	)%
Long-term interest rates		(339,045	)		(0.04	)%
Net unrealized gain (loss) on short futures contracts	$	(13,869,699	)		(1.50	)%
Net unrealized gain (loss) on open futures contracts	$	(13,809,470	)		(1.49	)%
FORWARD CURRENCY CONTRACTS
Description	Fair Values ($)			% of Net Asset Value
Various long forward currency contracts	$	(11,389,490	)		(1.23	)%
Various short forward currency contracts		13,804,801			1.49	%
Net unrealized gain (loss) on open forward currency contracts	$	2,415,311			0.26	%

* Pledged as collateral for the trading of futures or forward positions.

** Included in fixed income securities are U.S. Treasury Bills with a fair value of $124,988,790 deposited with the futures brokers and $84,341,906 deposited with the interbank market maker.

See Accompanying Notes to Financial Statements.

4

THE CAMPBELL FUND TRUST

STATEMENTS OF FINANCIAL CONDITION

September 30, 2016 and December 31, 2015 (Unaudited)

	September 30, 2016			December 31, 2015
ASSETS
Equity in futures broker trading accounts
Cash	$	39,144,247		$	99,353,162
Restricted cash		0			8,747,696
Fixed income securities (cost $116,949,392 and $124,998,065, respectively)		116,968,845			124,988,790
Net unrealized gain on open futures contracts		14,612,401			(13,809,470	)
Total equity in futures broker trading accounts		170,725,493			219,280,178
Cash		5,068,479			5,183,930
Short term investments (cost $3,325 and $2,104, respectively)		3,325			2,104
Fixed income securities (cost $677,915,228 and $712,173,710, respectively)		678,227,922			711,565,285
Net unrealized gain (loss) on open forward currency contracts		(2,718,321	)		2,415,311
Interest receivable		680,327			1,061,401
Total assets	$	851,987,225		$	939,508,209
LIABILITIES
Accounts payable	$	379,312		$	406,928
Management fee payable		2,701,973			2,981,991
Service fee payable		15,405			16,452
Accrued commissions and other trading fees on open contracts		131,169			160,693
Offering costs payable		304,999			332,313
Redemptions payable		7,939,188			7,528,426
Total liabilities		11,472,046			11,426,803
UNITHOLDERS' CAPITAL (Net Asset Value)
Series A Units - Redeemable
Other Unitholders - 243,793.492 and 243,788.567 units outstanding at September 30, 2016 and December 31, 2015		651,431,207			711,962,948
Series B Units - Redeemable
Other Unitholders - 39,788.582 and 43,230.672 units outstanding at September 30, 2016 and December 31, 2015		114,590,847			135,564,706
Series W Units - Redeemable
Other Unitholders - 25,118.394 and 25,184.916 units outstanding at September 30, 2016 and December 31, 2015		74,493,125			80,553,752
Total unitholders' capital (Net Asset Value)		840,515,179			928,081,406
Total liabilities and unitholders' capital (Net Asset Value)	$	851,987,225		$	939,508,209

See Accompanying Notes to Financial Statements.

5

THE CAMPBELL FUND TRUST

STATEMENTS OF OPERATIONS

For the Three and Nine Months Ended September 30, 2016 and 2015 (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	(2,563,284	)	$	(10,419,882	)	$	(56,311,652	)	$	(33,024,076	)
Change in unrealized		(11,677,308	)		30,656,110			28,421,871			(12,721,274	)
Brokerage commissions		(1,033,567	)		(978,374	)		(3,527,551	)		(3,377,781	)
Net gain (loss) from futures trading		(15,274,159	)		19,257,854			(31,417,332	)		(49,123,131	)
Forward currency trading gains (losses)
Realized		(6,752,196	)		8,664,461			(16,779,911	)		43,532,041
Change in unrealized		(8,288,792	)		11,313,799			(5,133,632	)		(13,097,179	)
Brokerage commissions		(90,258	)		(95,610	)		(261,250	)		(264,020	)
Net gain (loss) from forward currency trading		(15,131,246	)		19,882,650			(22,174,793	)		30,170,842
Total net trading gain (loss)		(30,405,405	)		39,140,504			(53,592,125	)		(18,952,289	)
NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		1,702,389			1,050,083			4,699,257			2,514,223
Realized gain (loss) on fixed income securities		14,554			(24,715	)		38,828			(13,082	)
Change in unrealized gain (loss) on fixed income securities		(174,956	)		(415,739	)		949,847			(274,885	)
Total investment income		1,541,987			609,629			5,687,932			2,226,256
Expenses
Management fee		8,456,874			9,015,695			26,035,552			24,908,089
Service fee		44,227			47,573			137,623			147,383
Performance fee		0			0			0			13,671,976
Operating expenses		416,243			456,395			1,304,566			1,183,265
Total expenses		8,917,344			9,519,663			27,477,741			39,910,713
Net investment income (loss)		(7,375,357	)		(8,910,034	)		(21,789,809	)		(37,684,457	)
NET INCOME (LOSS)	$	(37,780,762	)	$	30,230,470		$	(75,381,934	)	$	(56,636,746	)
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT (based on weighted average units outstanding during the period)
Series A	$	(120.46	)	$	93.48		$	(240.35	)	$	(219.22	)
Series B	$	(128.06	)	$	101.62		$	(253.00	)	$	(177.61	)
Series W	$	(120.19	)	$	116.15		$	(221.29	)	$	(148.50	)
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR    AND OTHER UNITHOLDERS UNIT
Series A	$	(124.00	)	$	90.47		$	(248.35	)	$	(180.32	)
Series B	$	(129.87	)	$	100.86		$	(255.86	)	$	(179.64	)
Series W	$	(123.88	)	$	112.37		$	(232.81	)	$	(153.39	)
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD
Series A		245,937.673			243,138.560			246,571.644			204,731.203
Series B		40,350.892			45,544.115			41,613.378			46,170.128
Series W		24,859.370			24,739.511			25,266.275			23,948.293

See Accompanying Notes to Financial Statements.

6

THE CAMPBELL FUND TRUST

STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2016 and 2015 (Unaudited)

	Nine Months Ended September 30,
	2016			2015
Cash flows from (for) operating activities
Net income (loss)	$	(75,381,934	)	$	(56,636,746	)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and investments		(24,238,086	)		26,093,338
(Increase) decrease in restricted cash		8,747,696			7,319,383
(Increase) decrease in interest receivable		381,074			92,194
Increase (decrease) in payable for securities purchased		0			12,643,696
Increase (decrease) in accounts payable and accrued expenses		(338,205	)		(16,137,255	)
Purchases of investments		(7,768,924,889	)		(9,246,524,160	)
Sales/maturities of investments		7,811,230,823			8,983,198,179
Net cash from (for) operating activities		(48,523,521	)		(289,951,371	)
Cash flows from (for) financing activities
Addition of units		66,208,774			289,750,120
Redemption of units		(75,057,072	)		(33,381,861	)
Offering costs paid		(2,952,547	)		(2,597,023	)
Net cash from (for) financing activities		(11,800,845	)		253,771,236
Net increase (decrease) in cash		(60,324,366	)		(36,180,135	)
Unrestricted cash
Beginning of period		104,537,092			98,388,222
End of period	$	44,212,726		$	62,208,087
End of period cash consists of:
Cash in futures broker trading accounts	$	39,144,247		$	55,896,301
Cash		5,068,479			6,311,786
Total end of period cash	$	44,212,726		$	62,208,087

See Accompanying Notes to Financial Statements.

7

THE CAMPBELL FUND TRUST

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

For the Nine Months Ended September 30, 2016 and 2015 (Unaudited)

	Unitholders' Capital – Series A
	Managing Operator						Other Unitholders						Total
	Units			Amount			Units			Amount			Units			Amount
Nine Months Ended September 30, 2016
Balances at December 31, 2015		0.000		$	0			243,788.567		$	711,962,948			243,788.567		$	711,962,948
Net income (loss) for the nine months ended September 30, 2016					0						(59,262,613	)					(59,262,613	)
Additions		0.000			0			20,063.270			57,673,457			20,063.270			57,673,457
Redemptions		0.000			0			(20,058.345	)		(56,314,105	)		(20,058.345	)		(56,314,105	)
Offering costs											(2,628,480	)					(2,628,480	)
Balances at September 30, 2016		0.000		$	0			243,793.492		$	651,431,207			243,793.492		$	651,431,207
Nine Months Ended September 30, 2015
Balances at December 31, 2014		0.000		$	0			163,776.415		$	512,679,918			163,776.415		$	512,679,918
Net income (loss) for the nine months ended September 30, 2015					(5,994	)					(44,874,203	)					(44,880,197	)
Additions		14.925			50,000			88,888.821			280,764,834			88,903.746			280,814,834
Redemptions		(14.925	)		(43,930	)		(7,505.161	)		(22,958,431	)		(7,520.086	)		(23,002,361	)
Offering costs					(76	)					(2,381,009	)					(2,381,085	)
Balances at September 30, 2015		0.000		$	0			245,160.075		$	723,231,109			245,160.075		$	723,231,109

Net Asset Value per Other Unitholders' Unit - Series A
September 30, 2016		December 31, 2015		September 30, 2015		December 31, 2014
$	2,672.06	$	2,920.41	$	2,950.04	$	3,130.36

 See Accompanying Notes to Financial Statements.

8

THE CAMPBELL FUND TRUST

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

For the Nine Months Ended September 30, 2016 and 2015 (Unaudited)

	Unitholders' Capital – Series B
	Managing Operator						Other Unitholders						Total
	Units			Amount			Units			Amount			Units			Amount
Nine Months Ended September 30, 2016
Balances at December 31, 2015		0.000		$	0			43,230.672		$	135,564,706			43,230.672		$	135,564,706
Net income (loss) for the nine months ended September 30, 2016					(915	)					(10,527,146	)					(10,528,061	)
Additions		0.000			0			104.514			314,572			104.514			314,572
Redemptions		(19.003	)		(55,085	)		(3,527.601	)		(10,705,285	)		(3,546.604	)		(10,760,370	)
Transfers		19.003			56,000			(19.003	)		(56,000	)		0.000			0
Balances at September 30, 2016		0.000		$	0			39,788.582		$	114,590,847			39,788.582		$	114,590,847
Nine Months Ended September 30, 2015
Balances at December 31, 2014		0.000		$	0			47,305.148		$	158,156,273			47,305.148		$	158,156,273
Net income (loss) for the nine months ended September 30, 2015					0						(8,200,317	)					(8,200,317	)
Additions		0.000			0			470.653			1,593,531			470.653			1,593,531
Redemptions		0.000			0			(3,801.739	)		(12,429,432	)		(3,801.739	)		(12,429,432	)
Balances at September 30, 2015		0.000		$	0			43,974.062		$	139,120,055			43,974.062		$	139,120,055

Net Asset Value per Other Unitholders' Unit - Series B
September 30, 2016		December 31, 2015		September 30, 2015		December 31, 2014
$	2,879.99	$	$3,135.85	$	$3,163.68	$	$3,343.32

 See Accompanying Notes to Financial Statements.

9

THE CAMPBELL FUND TRUST

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

For the Nine Months Ended September 30, 2016 and 2015 (Unaudited)

	Unitholders' Capital – Series W
	Other Unitholders						Trust
	Units			Amount			Total Amount
Nine Months Ended September 30, 2016
Balances at December 31, 2015		25,184.916		$	80,553,752		$	928,081,406
Net income (loss) for the nine months ended September 30, 2016					(5,591,260	)		(75,381,934	)
Additions		2,617.248			8,220,745			66,208,774
Redemptions		(2,683.770	)		(8,393,359	)		(75,467,834	)
Offering costs					(296,753	)		(2,925,233	)
Balances at September 30, 2016		25,118.394		$	74,493,125		$	840,515,179
Nine Months Ended September 30, 2015
Balances at December 31, 2014		22,899.655		$	77,173,828		$	748,010,019
Net income (loss) for the nine months ended September 30, 2015					(3,556,232	)		(56,636,746	)
Additions		2,358.837			7,967,880			290,376,245
Redemptions		(927.881	)		(3,017,148	)		(38,448,941	)
Offering costs					(303,963	)		(2,685,048	)
Balances at September 30, 2015		24,330.611		$	78,264,365		$	940,615,529

Net Asset Value per Other Unitholders' Unit - Series W
September 30, 2016		December 31, 2015		September 30, 2015		December 31, 2014
$	2,965.68	$	3,198.49	$	3,216.70	$	3,370.09

See Accompanying Notes to Financial Statements.

10

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

For the Three and Nine Months Ended September 30, 2016 and 2015

(Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series A units for the three and nine months ended September 30, 2016 and 2015. This information has been derived from information presented in the unaudited financial statements.

	Series A
	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	2,796.06		$	2,859.57		$	2,920.41		$	3,130.36
Income (loss) from operations:
Total net trading gains (losses) (1)		(96.17	)		123.20			(166.14	)		(33.07	)
Net investment income (loss) (1)		(24.34	)		(29.04	)		(71.55	)		(135.62	)
Total net income (loss) from operations		(120.51	)		94.16			(237.69	)		(168.69	)
Offering costs (1)		(3.49	)		(3.69	)		(10.66	)		(11.63	)
Net asset value per unit at end of period	$	2,672.06		$	2,950.04		$	2,672.06		$	2,950.04
Total Return (4)		(4.43	)%		3.16	%		(8.50	)%		(5.76)	%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (3)		4.20	%		4.29	%		4.20	%		4.19	%
Performance fee (4)		0.00	%		0.00	%		0.00	%		1.49	%
Total expenses		4.20	%		4.29	%		4.20	%		5.68	%
Net investment income (loss) (2,3)		(3.50	)%		(4.03	)%		(3.36	)%		(3.86	)%

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 is 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.

11

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

For the Three and Nine Months Ended September 30, 2016 and 2015

(Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series B units for the three and nine months ended September 30, 2016 and 2015. This information has been derived from information presented in the unaudited financial statements.

	Series B
	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	3,009.86		$	3,062.82		$	3,135.85		$	3,343.32
Income (loss) from operations:
Total net trading gains (losses) (1)		(103.65	)		132.00			(178.84	)		(23.36	)
Net investment income (loss) (1)		(26.22	)		(31.14	)		(77.02	)		(156.28	)
Total net income (loss) from operations		(129.87	)		100.86			(255.86	)		(179.64	)
Net asset value per unit at end of period	$	2,879.99		$	3,163.68		$	2,879.99		$	3,163.68
Total Return (4)		(4.31	)%		3.29	%		(8.16	)%		(5.37	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (3)		4.21	%		4.26	%		4.21	%		4.22	%
Performance fee (4)		0.00	%		0.00	%		0.00	%		1.81	%
Total expenses		4.21	%		4.26	%		4.21	%		6.03	%
Net investment income (loss) (2,3)		(3.51	)%		(4.00	)%		(3.37	)%		(3.86	)%

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.

12

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

For the Three and Nine Months Ended September 30, 2016 and 2015

(Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series W units for the three and nine months ended September 30, 2016 and 2015. This information has been derived from information presented in the unaudited financial statements.

	Series W
	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	3,089.56		$	3,104.33		$	3,198.49		$	3,370.09
Income (loss) from operations:
Total net trading gains (losses) (1)		(106.74	)		133.83			(183.77	)		(27.79	)
Net investment income (loss) (1)		(13.28	)		(17.45	)		(37.29	)		(112.91	)
Total net income (loss) from operations		(120.02	)		116.38			(221.06	)		(140.70	)
Offering costs (1)		(3.86	)		(4.01	)		(11.75	)		(12.69	)
Net asset value per unit at end of period	$	2,965.68		$	3,216.70		$	2,965.68		$	3,216.70
Total Return (4)		(4.01	)%		3.62	%		(7.28	)%		(4.55	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (3)		2.42	%		2.46	%		2.43	%		2.43	%
Performance fee (4)		0.00	%		0.00	%		0.00	%		1.79	%
Total expenses		2.42	%		2.46	%		2.43	%		4.22	%
Net investment income (loss) (2,3)		(1.72	)%		(2.20	)%		(1.59	)%		(2.08	)%

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 is 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

SEPTEMBER 30, 2016 (Unaudited)

Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.  General Description of the Trust

The Campbell Fund Trust (the "Trust") is a Delaware statutory trust which operates as a commodity investment pool. The Trust engages in the speculative trading of futures contracts 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. The rights of the Series A units, Series B units and Series W units are identical, except that the fees and commissions vary on a Series-by-Series basis. Series A and Series W commenced trading on October 1, 2008 and March 1, 2009, respectively. The initial minimum subscription for Series A units and Series W units is $25,000. Series B units are only available for additional investments by existing holders of Series B units. See Note 1F, Note 1H, Note 2 and Note 6 for an explanation of allocations and Series specific charges.

B.  Regulation

The Trust is a registrant with the Securities and Exchange Commission (the "SEC") pursuant to the Securities Exchange Act of 1934 (the "Act"). As a registrant, the Trust is subject to the regulations of the SEC and the informational requirements of the Act. As a commodity investment pool, the Trust is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of the various commodity exchanges where the Trust executes transactions. Additionally, the Trust is subject to the requirements of futures commission merchants (the "brokers") and interbank market makers through which the Trust trades.

C.  Method of Reporting

The Trust's financial statements are presented in accordance with accounting principles generally accepted in the United States of America, which may require the use of certain estimates made by the Trust's management. Actual results may differ from these estimates.

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, 2015. All adjustments of a normal recurring nature considered necessary for a fair presentation have been included.

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.

14

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016 (Unaudited)

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 September 30, 2016 and December 31, 2015 and for the periods ended September 30, 2016 and 2015, 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 September 30, 2016 and December 31, 2015.

	Fair Value at September 30, 2016
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,325	$	0		$	0	$	3,325
Fixed income securities		0		795,196,767			0		795,196,767
Other Financial Instruments
Exchange-traded futures contracts		14,612,401		0			0		14,612,401
Forward currency contracts		0		(2,718,321	)		0		(2,718,321	)
Total	$	14,615,726	$	792,478,446		$	0	$	807,094,172

	Fair Value at December 31, 2015
Description	Level 1			Level 2		Level 3		Total
Investments
Short term investments	$	2,104		$	0	$	0	$	2,104
Fixed income securities		0			836,554,075		0		836,554,075
Other Financial Instruments
Exchange-traded futures contracts		(13,809,470	)		0		0		(13,809,470	)
Forward currency contracts		0			2,415,311		0		2,415,311
Total	$	(13,807,366	)	$	838,969,386	$	0	$	825,162,020

The Trust recognizes transfers between fair value hierarchy levels at the beginning of the reporting period. There were no transfers to or from Level 1 to Level 2 for the period ended September 30, 2016 or the year ended December 31, 2015.

The gross presentation of the fair value of the Trust's derivatives by instrument type is shown in Note 10. See Condensed Schedules of Investments for additional detail categorization.

15

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016 (Unaudited)

E.  Income Taxes

The Trust prepares calendar year U.S. federal and applicable state information tax returns and reports to the unitholders their allocable shares of the Trust's income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as each unitholder is individually responsible for reporting income or loss based on such unitholder's respective share of the Trust's income and expenses as reported for income tax purposes.

Management has continued to evaluate the application of ASC 740, Income Taxes, to the Trust, and has determined that no reserves for uncertain tax positions were required. 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 Trust files federal and state tax returns. The 2012 through 2015 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

F.  Offering Costs

Campbell & Company, LP ("Campbell & Company") has incurred all costs in connection with the initial and continuous offering of units of the Trust ("offering costs"). Series A units and Series W units will each bear the offering costs incurred in relation to the offering of Series A units and Series W units, respectively. Offering costs are charged to Series A and Series W at a monthly rate of 1/12 of 0.5% (0.5% annualized) of each Series' month-end net asset value (as defined in the Declaration of Trust and Trust Agreement) until such amounts are fully reimbursed. Such amounts are charged directly to unitholders' capital. Series A and Series W are only liable for payment of offering costs on a monthly basis. The offering costs allocable to the Series B units are borne by Campbell & Company.

If the Trust terminates prior to completion of payment to Campbell & Company for the unreimbursed offering costs incurred through the date of such termination, Campbell & Company will not be entitled to any additional payments, and Series A units and Series W units will have no further obligation to Campbell & Company. At September 30, 2016 and December 31, 2015, the amount of unreimbursed offering costs incurred by Campbell & Company is $1,590,782 and $2,643,803 for Series A units and $401,560 and $500,923 for Series W units, respectively.

G.  Foreign Currency Transactions

The Trust's functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income.

H.  Allocations

Income or loss (prior to calculation of the management fee, service fee, offering costs and performance fee) is allocated pro rata to each Series of units. Each Series of units is then charged the management fee, service fee, offering costs and performance fee applicable to such Series of units.

Note 2.  MANAGING OPERATOR AND COMMODITY TRADING ADVISOR

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

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

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

16

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016 (Unaudited)

Note 3.  TRUSTEE

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

Note 4.  ADMINISTRATOR

Northern Trust Hedge Fund Services LLC became the Administrator of the Trust effective January 1, 2015. The Administrator receives fees at rates agreed upon between the Trust and the Administrator and is entitled to reimbursement of certain actual out-of-pocket expenses incurred while performing its duties. The Administrator's primary responsibilities are portfolio accounting and fund accounting services.

Note 5.  CASH MANAGER AND CUSTODIAN

PNC Capital Advisors, LLC serves as the cash manager under the Investment Advisory Agreement to manage and control the liquid assets of the Trust. PNC Capital Advisors, LLC is registered as an investment adviser with the SEC of the United States under the Investment Advisers Act of 1940.

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

Note 6.  SERVICE FEE

The selling firms who sell Series W units receive a monthly service fee equal to 1/12 of 0.25% of the month-end Net Asset Value (as defined) of the Series W units, totaling approximately 0.25% per year.

Note 7.  DEPOSITS WITH FUTURES BROKERS

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

Note 8.  DEPOSITS WITH INTERBANK MARKET MAKER

The Trust's counterparty with regard to its forward currency transactions is the Royal Bank of Scotland PLC ("RBS"). The Trust has entered into an International Swaps and Derivatives Association Master Agreement ("ISDA Agreement") with RBS which governs these transactions. The credit ratings reported by the three major rating agencies for RBS were considered investment grade as of September 30, 2016. Margin requirements are satisfied by the deposit of U.S. Treasury Bills and cash with RBS. The Trust typically earns interest income on its assets deposited with RBS.

17

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016 (Unaudited)

Note 9.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

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

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

Redemption fees, which are paid to Campbell & Company, apply to Series A units through the first twelve month-ends following purchase (the month-end as of which the unit is purchased is counted as the first month-end) as follows: 1.833% of Net Asset Value per unit redeemed through the second month-end, 1.666% of Net Asset Value per unit redeemed through the third month-end, 1.500% of Net Asset Value per unit redeemed through the fourth month-end, 1.333% of Net Asset Value per unit redeemed through the fifth month-end, 1.167% of Net Asset Value per unit redeemed through the sixth month-end, 1.000% of Net Asset Value per unit redeemed through the seventh month-end, 0.833% of Net Asset Value per unit redeemed through the eight month-end, 0.667% of Net Asset Value per unit redeemed through the ninth month-end, 0.500% of Net Asset Value per unit redeemed through the tenth month-end, 0.333% of Net Asset Value per unit redeemed through the eleventh month-end and 0.167% of Net Asset Value per unit redeemed through the twelfth month end.  For the nine months ended September 30, 2016 and 2015, Campbell & Company received redemption fees of $22,461 and $21,332, respectively.

Note 10.  TRADING ACTIVITIES AND RELATED RISKS

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

Market Risk

For derivatives, risks arise from changes in the fair value of the contracts. Market movements result in frequent changes in the fair value of the Trust's open positions and, consequently, in its earnings and cash flow. The Trust's market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the fair value of financial instruments and contracts, the diversification effects among the Trust's open positions and the liquidity of the markets in which it trades. Theoretically, the Trust is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short. See Note 1. C. for an explanation of how the Trust determines its valuation for derivatives as well as the netting of derivatives.

The Trust adopted the provisions of ASC 815, Derivatives and Hedging, ("ASC 815"). ASC 815 provides enhanced disclosures about how and why an entity uses derivative instruments, how derivative instruments are accounted for, and how derivative instruments affect an entity's financial position, financial performance and cash flows.

18

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016 (Unaudited)

The following tables summarize quantitative information required by ASC 815. The fair value of the Trust's derivatives by instrument type, as well as the location of those instruments on the Statements of Financial Condition, as of September 30, 2016 and December 31, 2015 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at September 30, 2016 Fair Value		Liability Derivatives at September 30, 2016 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	15,396,589	$	(2,883,275	)	$	12,513,314
Energy Contracts	Net unrealized gain (loss) on open futures contracts		664,895		(2,751,084	)		(2,086,189	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		6,928,408		(7,255,534	)		(327,126	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		3,748,382		(2,946,580	)		801,802
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		97,461		(277,923	)		(180,462	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		4,862,300		(971,238	)		3,891,062
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		24,568,608		(27,286,929	)		(2,718,321	)
Totals		$	56,266,643	$	(44,372,563	)	$	11,894,080

* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2015 Fair Value		Liability Derivatives at December 31, 2015 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	4,246,840	$	(3,186,075	)	$	1,060,765
Energy Contracts	Net unrealized gain (loss) on open futures contracts		2,219,147		(11,868,078	)		(9,648,931	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		2,238,119		(6,370,930	)		(4,132,811	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		974,091		(1,785,178	)		(811,087	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		18,382		(765,703	)		(747,321	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		2,669,840		(2,199,925	)		469,915
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		52,468,667		(50,053,356	)		2,415,311
Totals		$	64,835,086	$	(76,229,245	)	$	(11,394,159	)

* Derivatives not designated as hedging instruments under ASC 815

19

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016 (Unaudited)

The trading gains and losses of the Trust's derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations, for the periods ended September 30, 2016 and 2015 is as follows:

Type of Instrument	Trading Gains (Losses) for the Three Months Ended September 30, 2016			Trading Gains (Losses) for the Three Months Ended September 30, 2015
Agriculture Contracts	$	7,727,273		$	(5,623,833	)
Energy Contracts		(12,371,532	)		14,609,064
Metal Contracts		(5,845,334	)		26,982,442
Stock Indices Contracts		11,672,523			(11,594,034	)
Short-Term Interest Rate Contracts		(1,788,940	)		4,049,678
Long Term Interest Rate Contracts		(13,503,510	)		(8,394,913	)
Forward Currency Contracts		(15,040,988	)		19,978,260
Total	$	(29,150,508	)	$	40,006,664

Type of Instrument	Trading Gains (Losses) for the Nine Months Ended September 30, 2016			Trading Gains (Losses) for the Nine Months Ended September 30, 2015
Agriculture Contracts	$	(4,898,501	)	$	(25,812,905	)
Energy Contracts		(35,449,754	)		(8,652,903	)
Metal Contracts		(15,268,152	)		12,024,859
Stock Indices Contracts		(12,565,063	)		(6,453,029	)
Short-Term Interest Rate Contracts		(5,604,922	)		1,453,282
Long Term Interest Rate Contracts		46,001,412			(18,461,882	)
Forward Currency Contracts		(21,913,543	)		30,434,862
Total	$	(49,698,523	)	$	(15,467,716	)

Line Item in the Statement of Operations	Trading Gains (Losses) for the Three Months Ended September 30, 2016			Trading Gains (Losses) for the Three Months Ended September 30, 2015
Futures trading gains (losses):
Realized**	$	(2,432,212	)	$	(10,627,706	)
Change in unrealized		(11,677,308	)		30,656,110
Forward currency trading gains (losses):
Realized		(6,752,196	)		8,664,461
Change in unrealized		(8,288,792	)		11,313,799
Total	$	(29,150,508	)	$	40,006,664

Line Item in the Statement of Operations	Trading Gains (Losses) for the Nine Months Ended September 30, 2016			Trading Gains (Losses) for the Nine Months Ended September 30, 2015
Futures trading gains (losses):
Realized**	$	(56,206,851	)	$	(33,181,304	)
Change in unrealized		28,421,871			(12,721,274	)
Forward currency trading gains (losses):
Realized		(16,779,911	)		43,532,041
Change in unrealized		(5,133,632	)		(13,097,179	)
Total	$	(49,698,523	)	$	(15,467,716	)

** Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures broker.

20

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016 (Unaudited)

For the three months ended September 30, 2016 and 2015, the monthly average of futures contracts bought and sold was approximately 90,500 and 88,000, respectively, and the monthly average of notional value of forward currency contracts was $5,411,700,000 and $4,931,200,000, respectively.

For the nine months ended September 30, 2016 and 2015, the monthly average of futures contracts bought and sold was approximately 102,200 and 98,100, respectively, and the monthly average of notional value of forward currency contracts was $5,370,000,000 and $5,083,000,000, respectively.

Open contracts generally mature within three months; as of September 30, 2016, the latest maturity date for open futures contracts is December 2017 and the latest maturity date for open forward currency contracts is December 2016. However, the Trust intends to close all futures and forward currency contracts prior to maturity.

Credit Risk

The Trust trades futures contracts on exchanges that require margin deposits with the futures broker. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a futures broker to segregate all customer transactions and assets from such futures broker's proprietary activities. A customer's cash and other property (for example, U.S. Treasury Bills) deposited with a futures broker are considered commingled with all other customer funds subject to the futures broker's segregation requirements. In the event of a futures 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 Trust 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 Trust has a portion of its assets on deposit with PNC Bank. In the event of a financial institution's insolvency, recovery of the Trust's assets on deposit may be limited to account insurance or other protection afforded such deposits.

Under the terms of the ISDA Agreement with RBS, upon the designation of an Event of Default, as defined in the ISDA Agreement, the non-defaulting party may set-off any sum or obligation owed by the defaulting party to the non-defaulting party against any sum or obligation owed by the non-defaulting party to the defaulting party. If any sum or obligation is unascertained, the non-defaulting party may in good faith estimate that sum or obligation and set-off in respect to that estimate, accounting to the other party when such sum or obligation is ascertained.

Under the terms of each of the master netting agreement with UBS Securities and Goldman Sachs, upon occurrence of a default by the Trust, as defined in respective account documents, UBS Securities and Goldman Sachs have the right to close out any or all open contracts held in the Trust's account; sell any or all of the securities held; and borrow or buy any securities, contracts or other property for the Trust's account. The Trust would be liable for any deficiency in its account resulting from such transactions.

The amount of required margin and good faith deposits with the futures broker and interbank market maker usually range from 10% to 30% of Net Asset Value. The fair value of securities held to satisfy such requirements at September 30, 2016 and December 31, 2015 was $168,892,112 and $209,330,696, respectively, which equals 20% and 23% of Net Asset Value, respectively. The cash deposited with the interbank market maker at September 30, 2016 and December 31, 2015 was $79,610 and $147,386, respectively, which equals 0% and 0% of Net Asset Value, respectively. These amounts are included in cash. Included in cash deposits with the broker and interbroker market maker at September 30, 2016 and December 31, 2015 was restricted cash for margin requirements of $0 and $8,747,696, respectively, which equals 0% and 1 % of Net Asset Value, respectively.

21

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016 (Unaudited)

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Statements of Financial Condition and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to financial collateral (including U.S. Treasury Bills and cash collateral) held at clearing brokers and counterparties. Margin reflected in the Collateral tables is limited to the net amount of unrealized loss at each counterparty. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the Collateral tables.

Offsetting of Derivative Assets
As of September 30, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	15,876,796	$	(8,529,078	)	$	7,347,718
Futures contracts	Goldman Sachs		15,821,239		(8,556,556	)		7,264,683
Forward currency contracts	Royal Bank of Scotland		24,568,608		(24,568,608	)		0
Total derivatives		$	56,266,643	$	(41,654,242	)	$	14,612,401

Derivatives Assets and Collateral Received by Counterparty
As of September 30, 2016
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	7,347,718	$	0	$	0	$	7,347,718
Goldman Sachs		7,264,683		0		0		7,264,683
Royal Bank of Scotland		0		0		0		0
Total	$	14,612,401	$	0	$	0	$	14,612,401

Offsetting of Derivative Liabilities
As of September 30, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	8,529,078	$	(8,529,078	)	$	0
Futures contracts	Goldman Sachs		8,556,556		(8,556,556	)		0
Forward currency contracts	Royal Bank of Scotland		27,286,929		(24,568,608	)		2,718,321
Total derivatives		$	44,372,563	$	(41,654,242	)	$	2,718,321

Derivatives Liabilities and Collateral Pledged by Counterparty
As of September 30, 2016
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition		Financial Instruments			Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0		$	0	$	0
Goldman Sachs		0		0			0		0
Royal Bank of Scotland		2,718,321		(2,718,321	)*		0		0
Total	$	2,718,321	$	(2,718,321	)	$	0	$	0
*Represents a portion of the $51,923,267 fair value in U.S. Treasury Bills held at the interbank market maker.

22

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016 (Unaudited)

Offsetting of Derivative Assets
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,203,954	$	(6,203,954	)	$	0
Futures contracts	Goldman Sachs		6,162,464		(6,162,464	)		0
Forward currency contracts	Royal Bank of Scotland		52,468,667		(50,053,356	)		2,415,311
Total derivatives		$	64,835,085	$	(62,419,774	)	$	2,415,311

Derivatives Assets and Collateral Received by Counterparty
As of December 31, 2015
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	0	$	0	$	0	$	0
Goldman Sachs		0		0		0		0
Royal Bank of Scotland		2,415,311		0		0		2,415,311
Total	$	2,415,311	$	0	$	0	$	2,415,311

Offsetting of Derivative Liabilities
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	13,056,095	$	(6,203,954	)	$	6,852,141
Futures contracts	Goldman Sachs		13,119,793		(6,162,464	)		6,957,329
Forward currency contracts	Royal Bank of Scotland		50,053,356		(50,053,356	)		0
Total derivatives		$	76,229,244	$	(62,419,774	)	$	13,809,470

Derivatives Liabilities and Collateral Pledged by Counterparty
As of December 31, 2015
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged			Net Amount
UBS Securities LLC	$	6,852,141	$	0	$	(6,852,141	)	$	0
Goldman Sachs		6,957,329		0		(6,957,329	)		0
Royal Bank of Scotland		0		0		0			0
Total	$	13,809,470	$	0	$	(13,809,470	)	$	0

23

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016 (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 Trust's open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per "risk unit" of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as reducing position sizes dynamically in response to trading losses. Campbell & Company controls the risk of the Trust's non-trading fixed income instruments by limiting the duration of such instruments and requiring a minimum credit quality of the issuers of those instruments.

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

Note 11.  INDEMNIFICATIONS

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

Note 12.  INTERIM FINANCIAL STATEMENTS

The statements of financial condition, including the condensed schedules of investments, as of September 30, 2016 and December 31, 2015, the statements of operations and financial highlights for the three and nine months ended September 30, 2016 and 2015, and the statements of cash flows and changes in unitholders' capital (Net Asset Value) for the nine months ended September 30, 2016 and 2015 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 September 30, 2016 and December 31, 2015, the results of operations and financial highlights for the three and nine months ended September 30, 2016 and 2015, and cash flows and changes in unitholders' capital (Net Asset Value) for the nine months ended September 30, 2016 and 2015.

Note 13.  SUBSEQUENT EVENTS

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

24

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations.

Introduction

The Campbell Fund Trust (the "Trust") is a business trust organized on January 2, 1996 under the Delaware Business Trust Act, which was replaced by the Delaware Statutory Trust Act as of September 1, 2002. The Trust is a successor to the Campbell Fund Limited Partnership (formerly known as the Commodity Trend Fund) which began trading operations in January 1972. The Trust currently trades in the U.S. and international futures and forward markets under the sole direction of Campbell & Company, LP, the managing operator of the Trust. Specifically, the Trust trades in a diverse array of global assets, including global interest rates, stock indices, currencies and commodities. The Trust is an actively managed account with speculative trading profits as its objective.

Effective August 31, 2008, the Trust began offering Series A, Series B, and Series W Units. The units in the Trust prior to that date became Series B Units. Series B Units are only available for additional investment by existing holders of Series B Units.

As of September 30, 2016, the aggregate capitalization of the Trust was $840,515,179 with Series A, Series B and Series W comprising $651,431,207, $114,590,847 and $74,493,125, respectively, of the total. The Net Asset Value per Unit was $2,672.06 for Series A, $2,879.99 for Series B, and $2,965.68 for Series W.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Management believes that the estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from those estimates. The Trust's significant accounting policies are described in detail in Note 1 of the Financial Statements.

The Trust records all investments at fair value in its financial statements, with changes in fair value reported as a component of change in unrealized trading gain (loss) in the Statements of Operations. Generally, fair values are based on market prices; however, in certain circumstances, estimates are involved in determining fair value in the absence of an active market closing price (i.e., forward contracts which are traded in the inter-bank market).

Capital Resources

The Trust will raise additional capital only through the sale of Units offered pursuant to the continuing offering, and does not intend to raise any capital through borrowing. Due to the nature of the Trust's business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

The Trust generally maintains 60% to 75% of its net asset value in cash, cash equivalents or other liquid positions in its cash management program over and above that needed to post as collateral for trading. These funds are available to meet redemptions each month. After redemptions and additions are taken into account each month, the trade levels of the Trust are adjusted and positions in the instruments the Trust trades are added or liquidated on a pro-rata basis to meet those increases or decreases in trade levels.

25

Liquidity

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

The entire offering proceeds, without deductions, will be credited to the Trust's bank, custodial and/or cash management accounts. The Trust meets margin requirements for its trading activities by depositing cash and U.S. government securities with the futures broker and the over-the-counter counterparty. This does not reduce the risk of loss from trading activities. The Trust receives all interest earned on its assets. No other person shall receive any interest or other economic benefits from the deposit of Trust assets.

Approximately 10% to 30% of the Trust's assets normally are committed as required margin for futures contracts and held by the futures broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. Treasury Bills in segregated accounts with the futures broker pursuant to the Commodity Exchange Act and regulations thereunder. Approximately 5% to 15% of the Trust's assets are deposited with the 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 are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparty.

The managing operator deposits the majority of those assets of the Trust that are not required to be deposited as margin with the futures brokers and over-the-counter counterparties in a custodial account with Northern Trust Company. The assets deposited in the custodial account with Northern Trust Company are segregated. Such custodial account constitutes approximately 60% to 75% of the Trust's assets and are invested directly by PNC Capital Advisors, LLC ("PNC"). PNC is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940. PNC does not guarantee any interest or profits will accrue on the Trust's assets in the custodial account. PNC invest the assets according to agreed upon investment guidelines that first preserve capital, second allow for sufficient liquidity, and third provide a yield beyond the risk-free rate. Investments can include, but are not limited to, (i) U.S. Government Securities, Government Agency Securities, Municipal Securities, banker acceptances and certificates of deposits; (ii) commercial paper; (iii) short-term investment grade corporate debt; and (iv) Asset Backed Securities.

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

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

Off-Balance Sheet Risk

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

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

26

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 trades for the Trust only with those counterparties which it believes to be creditworthy. All positions of the Trust are valued each day on a mark-to-market basis. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Trust.

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

The Trust invests in futures and forward currency contracts. The market value of futures (exchange-traded) contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of the last business day of the reporting period. The market value of swap and forward (non-exchange traded) contracts is extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) of the last business day of the reporting period or based on the market value of its exchange-traded equivalent.

Results of Operations

The returns for Series A for the nine months ended September 30, 2016 and 2015 were (8.50)% and (5.76)%. The returns for Series B for the nine months ended September 30, 2016 and 2015 were (8.16)% and (5.37)%, respectively. The returns for Series W for the nine months ended September 30, 2016 and 2015 were (7.28)% and (4.55)%, respectively.

2016 (For the Nine Months Ending September 30)

Of the (8.50)% year to date return for Series A, approximately (5.21)% was due to trading losses (before commissions) and approximately (3.92)% due to brokerage fees, management fees, operating costs and offering costs, offset by approximately 0.63% due to investment income earned by Series A.

Of the (8.16)% year to date return for Series B, approximately (5.21)% was due to trading losses (before commissions) and approximately (3.58)% due to brokerage fees, management fees and operating costs, offset by approximately 0.63% due to investment income earned by Series B.

Of the (7.28)% year to date return for Series W, approximately (5.21)% was due to trading losses (before commissions) and approximately (2.70)% due to brokerage fees, management fees, service fees, operating costs and offering costs, offset by approximately 0.63% due to investment income earned by Series W.

During the nine months ended September 30, 2016, the Trust accrued management fees in the amount of $26,035,552 and paid management fees in the amount of $26,315,570. No performance fees were accrued or paid during this period.

An analysis of the (5.21)% gross trading loss for the Trust for the nine months ended September 30, 2016 by sector is as follows:

Sector	% Gain (Loss)
Commodities		(5.93)%
Currencies		(2.49)
Interest Rates		4.64
Stock Indices		(1.43)
		(5.21)%

27

 

The Trust showed a gain during January as profits came from foreign exchange, interest rate, and commodity holdings while stock indexes provided small offsetting losses during the month. Foreign exchange positions from both trend following and non-trend strategies produced some of the best gains.  Long US dollar positioning versus short commodity currencies, such as the Mexican peso, Canadian dollar, and South African rand, showed gains as the commodity sell-off continued, especially within the energy complex.  Short positioning on the British pound versus the US dollar also benefitted as global growth concerns reduced the likelihood of a Bank of England interest rate hike and on heightened speculation of a UK exit from the European Union (the so-called "BREXIT"). Interest rate positions provided additional gains to the Trust during January, particularly from the non-trend systems.  Long positioning on both long-dated and short-dated instruments experienced profits.  The sharp sell-off in global stock indexes fueled safe-haven buying in interest rate products.  In addition, ongoing dovish commentary from global central banks added to the upward price pressure.  In fact, near month-end, the Bank of Japan adopted a new, and unexpected, negative interest rate policy that fueled additional buying of global interest rate markets. Some additional gains during the month came from commodity positions, with both trend and non-trend strategies contributing.  Short positioning within the energy complex, namely on WTI and Brent, produced some of the best gains.  Oil prices touched a 12-year low during the month as Iranian export sanctions were lifted which only added to the persistent oversupply within global markets as world demand continued to wane.  Short positioning on copper returned profits as that metal saw lower prices amid ongoing economic weakness within China.  A short position on gold produced some offsetting losses as risk-off sentiment produced safe-haven buying of the metal. Stock indexes showed losses as long positioning from the trend systems suffered amid the steep sell-off in equities as global growth concerns persisted to start the New Year.

February for the Trust comprised of profits from interest rate, commodity, and stock index holdings while foreign exchange positions provided some offsetting losses during the month. Interest rate positions provided some of the best gains to the Trust during February, particularly from the non-trend systems.  Long positioning on long-dated instruments experienced profits, while short-dated products saw small losses.  The best sector gains were found within Germany and the UK.  Concerns about European bank stocks were a major contributor to the risk-off sentiment during February which provided a tailwind to interest rate markets in the region.  Anxieties over a possible BREXIT also drove safe-haven buying. Additional gains during the month came from commodity positions, with both trend and non-trend strategies contributing.  Shorts within the energy complex, namely on natural gas, produced some of the best gains.  Natural gas prices fell to a 17-year low amid milder temperatures and abundant production.  Short positioning on the grains, especially corn and wheat, benefitted when prices dropped due to weaker export sales and healthy global supplies.  Short positions on gold and silver produced some offsetting sector losses as the risk-off environment produced safe-haven buying of those metals. Stock index holdings showed a very small gain.  A short position on the Hang Seng index in Hong Kong was one of the best performing trades as that index fell amid ongoing concerns over the health of the Chinese economy. Foreign exchange positions from both trend following and non-trend strategies produced losses for the Trust.  February saw some very choppy price action within the various currency pairs making for a difficult trading environment.  The Trust was short the Japanese yen versus the US dollar and experienced losses when the yen strengthened despite the Bank of Japan's recent negative interest rate policy announcement.  Trend following systems saw some offsetting gains from a short on the British pound as BREXIT concerns drove the currency to new multi-year lows.

The Trust declined in March due to losses driven by commodity positioning, while foreign exchange, interest rate and stock index holdings had only a slightly negative impact during the month. Commodity positions from both the trend and non-trend systems provided some of the biggest losses during March.  Short positioning across the petroleum complex suffered when those markets moved higher in response to an OPEC announcement that the organization had scheduled a mid-April meeting to discuss output levels.  Natural gas shorts hurt the Trust as well as that product rallied amid larger than expected inventory draws.  Short holdings on the grain markets also led to losses with soybeans being one of the worst performers.  Strong exports, political tensions in Brazil, and lower inventory projections were all behind the move higher.  Coffee shorts also suffered as the political tensions in Brazil drove prices up. Foreign exchange positions added small additional losses.  Long positioning on the Australian dollar produced profits as a dovish U.S. Federal Reserve and ultra-loose policies in Japan and Europe collectively boosted the appeal of higher yielding currencies.  A short on the British pound produced some offsetting losses as that currency experienced an oversold bounce fueled in part by a more dovish US Fed. Interest rate holdings had a slightly negative impact on the monthly P&L.  Price action during March was very choppy making it difficult for some systems to find and hold profitable trades.  The first half of the month saw fixed income prices chop lower as stock prices moved higher.  The second half of the month saw a sharp reversal higher as the US Fed took a more dovish than expected stance on interest rate policy. Stock index holdings also had only a slightly negative monthly P&L impact.  Global equity indexes generally moved higher during March as commodity prices bounced and global central banks continued to provide an accommodative backdrop for stocks.  The Trust held a mix of long and short holdings leading to offsetting gains and losses that left the sector nearly flat at month-end.

The Trust showed a decline in April as losses came from interest rate, commodity, stock index, and foreign exchange holdings. Interest rate holdings had the largest negative impact on the monthly P&L with both trend following and non-trend systems suffering.  Fixed income prices saw a sharp reversal lower during the month which hurt long positioning within the Trust.  Increasing inflation expectations amid a sharp bounce in crude oil prices, which have rallied over 60% from the decade-plus low seen in February, pushed interest rate yields higher and prices lower.  Tentative signs that Chinese economic activity was beginning to stabilize only added to the downward pressure as money rotated to riskier assets, such as stocks and commodities. Commodity positions from both the trend and non-trend systems also provided losses to the Trust during April.  Short positioning on the energies, industrial metals, soft commodities, and grain markets all contributed to the losses.  Many markets in each of these sub-sectors saw sharp intra-month reversals to the upside fueled by short covering amid a revived "risk-on" environment.  A weaker US dollar also contributed upward momentum to many of the dollar-denominated commodity markets.  Some offsetting gains came from long positioning on silver which benefitted from the weaker US dollar and low inventory levels and short holdings on the cattle complex as those markets retreated on the back of slow seasonal demand and oversupply concerns. Stock index holdings showed a negative monthly P&L impact, especially from the trend models.  Global equity indexes generally moved higher during April as commodity prices bounced and global central banks continued to provide an accommodative backdrop for stocks. Foreign exchange positions added additional losses.  Short positioning on the British pound versus the US dollar showed losses when the pound strengthened as fears began to subside that the United Kingdom might vote to exit the European Union at a planned referendum in June (the so-called BREXIT).

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Losses in commodities and foreign exchange leave the Trust with a decline in May, while interest rate and stock index holdings produced gains. Commodity positions from both the trend and non-trend models provided losses to the Trust.  Long holdings on gold and silver both suffered as the US dollar strengthened during the month.  Short positioning within the energy complex generated losses as the price of crude rallied on back of the supply and demand equilibrium showing tentative signs of rebalancing.  In the meats, short cattle positions suffered as those markets rose amid signs of increased demand.  Small offsetting profits were found within the grains sub-sector as a long soybean position profited due to strong US export sales and South American crop concerns. Foreign exchange positions from both the trend and non-trend systems also showed losses during May.  After weakening for several months in a row, the US dollar steadily strengthened throughout most of the month hurting the Trust's short dollar positions against a variety of currencies.  Front-end US yields repriced higher as the Fed reminded markets through multiple channels that all FOMC meetings going forward are "live" with respect to potential policy change, fueling US dollar strength. Interest rate holdings had one of the largest positive impacts on the monthly P&L with both trend following and non-trend systems showing gains.  Long positioning on long-dated markets in Europe, Australia, and the UK produced some of the best gains.  A mix of weaker economic data, dovish central bank actions, and concern over the late June UK referendum to leave the Euro-zone (i.e. "BREXIT") all helped to push prices higher in those regions during May. Stock index holdings showed a positive monthly P&L impact, especially from the non-trend models.  The faster-reacting non-trend systems were able to successfully navigate the choppy price action seen in many of the global stock indexes.  A short position on the S&P 500 volatility index benefitted from the general risk-on environment in the second half of the month which pushed that index sharply lower.

The Trust showed a profit in June as gains came from interest rate and commodity markets, while stock index and foreign exchange holdings produced some losses. Interest rate holdings had the largest positive impact on the monthly P&L with both trend following and non-trend systems showing gains.  Long positions across global interest rate markets showed strong profits, especially within Europe.  United Kingdom voters surprised and shocked markets worldwide with their decision to leave the European Union.  The so-called BREXIT sparked a risk-off reaction globally, with government bond futures among the largest beneficiaries, as investors accepted record low bond yields in multiple markets in exchange for the safety of government paper. Commodity positions from the trend models provided some additional gains.  Long positioning on the precious metals was one of the best performing sub-sectors.  The flight to safety triggered by the UK BREXIT vote along with dampened expectations of additional US FOMC interest rate hikes this year pushed gold and silver prices sharply higher.  The grains sub-sector contributed additional profits led by a long soybean holding which rose amid a bullish June crop report.  Short positioning on natural gas produced some offsetting losses as lower average inventories, as calculated by the US EIA, helped contribute to a short squeeze in that market. Stock index holdings produced some of the largest monthly losses with both the trend following and non-trend systems contributing.  Long global stock index exposure suffered from risk-off selling caused by the uncertainty that the UK BREXIT vote created.  In addition, a short position on the CBOE volatility index future produced losses amid the sharp spike in volatility due to the UK referendum. Foreign exchange positions showed some small losses during June.  Mixed FX positioning against the US dollar led to mostly offsetting gains and losses.  Profits were seen on a long Japanese yen position which strengthened in a flight-to safety trade.  Losses were produced by positioning on the Euro which saw choppy price action leading up to and after the surprising BREXIT decision.

The Trust showed a profit in July with gains from stock index, commodity, and interest rate markets, while foreign exchange holdings produced some small losses. Stock index holdings produced some of the largest monthly gains with both the trend following and non-trend systems contributing.  Global equity markets shook off the fear and uncertainty created by the UK's decision to leave the European Union and produced strong gains during July.  Long positioning within the Trust across global stock indexes benefitted from the higher prices with holdings in Australia, the UK, Canada, Germany, and Taiwan producing some of the best performance.  Generally better than expected Q2 earnings results, attractive dividend yields, and the expectation that global central banks will keep rates lower for longer all offset terror attacks, a coup attempt in Turkey, and uncertainty over the US presidential election. Commodity positions from both the trend and non-trend models provided some additional gains to the Trust.  Short positioning across the energy complex was profitable with both gasoline and WTI crude producing some of the best returns.  Inventory reports during the month showed that supply was plentiful leading to lower prices.  Precious metals added to gains within the sector as long positioning benefitted from a slightly weaker US dollar and ongoing accommodation from the US Federal Reserve.  Some offsetting losses were produced within the grain sub-sector.  A long position on soybeans suffered from weaker demand amid robust crop expectations. Interest rate holdings had a positive impact on the monthly P&L with trend following systems showing gains.  Long positioning on long-dated interest rate markets produced some of the best profits.  Holdings in Australia benefitted from an accommodative central bank that is grappling with persistently low inflation readings and uncertainty around the newly elected Prime Minister's effectiveness given his very narrow victory. Foreign exchange positioning produced small losses driven by non-trend following strategies.  Choppy price action and a mix of long and short positioning versus the US dollar led to the muted P&L within the FX sector overall.

Decline in August came from losses primarily in commodity, foreign exchange, and interest rate positions, while stock index positions closed the month flat. Commodity holdings from the trend models provided some of the largest losses to the Trust.  Positioning within the energy and precious metal sub-sectors caused a bulk of the damage.  Short positioning within the energy complex suffered from concerns that OPEC might try to rein in production at an informal meeting scheduled for September which helped fuel a short squeeze.  Long holdings on precious metals also caused losses as growing expectations for higher interest rates in the US led to a sell-off in both gold and silver.  The Trust did receive some offsetting gains from a short position on wheat which saw its price decline to a 10-year low on abundant supply. Foreign exchange positions from both trend following and non-trend following strategies also showed losses during August.  Some of the largest monthly losses were seen in the euro, Mexican peso, and Australian dollar (all versus the US dollar). Choppy price action in the euro and peso created a difficult environment for our systems to trade profitably.  A multi-month uptrend in the Aussie dollar produced losses when that currency experienced a price reversal beginning in the middle of the month. Interest rate holdings had a negative impact on the monthly P&L with trend following and non-trend systems both showing losses.  Long positioning, especially within the US, suffered from a better than expected July US employment report released early in the month.  A growing stream of comments from US Federal Reserve members signaling their willingness to potentially raise interest rates at one of three remaining 2016 FOMC meetings also pressured interest rate markets lower, sending yields higher. Stock index P&L was relatively flat as a long position within Australia was hurt by a sell-off in the financial, mining, and telecommunication sectors.  Some offsetting gains were found in a long position within Hong Kong which rose in value on better than expected earnings and amid the news that the long-planned stock-trading link between Hong Kong and China was officially approved.

Losses across all asset classes leave the Trust lower in September as interest rate holdings had a negative impact on the monthly P&L with trend following and non-trend systems both showing losses.  Uncertainty and nervousness over central bank interest rate decisions drove global fixed income prices lower in the first half of September as the US Federal Reserve, the Bank of Japan, and the European Central Bank all made intra-month policy announcements.  On balance, all three major central banks leaned more hawkish than expected, with the US FOMC indicating that one interest rate hike was likely before year-end.  The Trust was hurt by long positioning on long-dated markets, especially within Australia, the US, and the UK.  Commodity holdings from both non-trend and trend models provided additional losses.  A surprise announcement from OPEC that the cartel had agreed to some production cuts sent the crude complex sharply higher, hurting short positioning.  Oversold price bounces in corn and wheat hurt short positioning within the grains.  Some offsetting gains were seen in the softs and meats.  A continued trend higher in the price of sugar benefitted long positioning, while a drop in both hog and cattle prices was profitable for short holdings, as prices fell about 23% and 7%, respectively.  Stock index holdings added to the monthly losses as the non-trend systems struggled to successfully trade choppy global equity index markets. Global stocks sold off in the first half of the month following bond prices lower as yields rose.  Stocks then bounced once markets digested major central bank announcements, only to see prices fall on financial health concerns surrounding Deutsche Bank (DB).  Prices then rebounded when headlines turned more positive on the outlook for DB near month-end.  Foreign exchange positions from the non-trend following strategies showed small losses.  The non-trend systems failed to successfully navigate a very choppy environment for many major currencies.  Among the biggest P&L contributors, the Mexican peso produced gains, while the Canadian dollar and euro produced losses.

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2015 (For the Nine Months Ending September 30)

Of the 2015 year-to-date decrease of (5.76)% for Series A, approximately (0.24)% was due to trading losses (before commissions) and approximately (5.79)% due to brokerage fees, management fees, performance fees, operating costs and offering costs, offset by approximately 0.27% due to investment income earned by Series A.

Of the 2015 year-to-date decrease of (5.37)% for Series B, approximately (0.24)% was due to trading losses (before commissions) and approximately (5.40)% due to brokerage fees, management fees, performance fees and operating costs, offset by approximately 0.27% due to investment income earned by  Series B.

Of the 2015 year-to-date decrease of (4.55)% for Series W, approximately (0.24)% was due to trading losses (before commissions) and approximately (4.58)% due to brokerage fees, management fees, performance fees, service fees, operating costs and offering costs, offset by approximately 0.27% due to investment income earned by Series W.

During the nine months ended September 30, 2015, the Trust accrued management fees in the amount of $24,908,089 and paid management fees in the amount of $24,289,447. Performance fees were accrued in the amount of $13,671,976 and paid in the amount of $30,518,362.

An analysis of the (0.24)% gross trading losses for the Trust for the nine months ended September 30, 2015 by sector is as follows:

Sector	% Gain (Loss)
Commodities		(2.30)%
Currencies		3.47
Interest Rates		(1.44)
Stock Indices		0.03
		(0.24)%

The Trust had a strong start to 2015 with gains during January in all sectors - interest rates, commodities, foreign exchange, and stock indices. The largest gains for January came from long global interest rate positions driven by the trend-following strategies as interest rate products rallied during the month. Widespread deflationary concerns and slowing economic growth led to extraordinary central bank actions during the month. The European Central Bank (ECB) exceeded market expectations with their quantitative easing (QE) package and over ten other central banks eased financial conditions as well. Commodity positions were another source of profits during the month. Trend following strategies showed gains while non-trend programs produced some offsetting losses. Short energy exposure was one of the best performing sub-sectors as the sell-off across the energy complex continued unabated. Both WTI and Brent each lost more than 8% during the month. In the industrial metal sub-sector, short copper positioning was also a winner as slowing demand and growing inventories sent the price to a five year low. Precious metals produced the largest offsetting losses as shorts on silver and gold suffered from flight to safety buying during the month. Foreign exchange contributed additional gains, driven by the trend following systems. Long positioning in the U.S. dollar proved profitable, especially versus short the Canadian dollar and the euro. The Canadian central bank unexpectedly cut interest rates pushing their currency sharply lower. The ECB announced a larger than expected QE package that sent the euro down to levels not seen since 2003. Some offsetting losses were experienced in short Swiss franc positioning when the Swiss National Bank shocked global markets by suddenly removing its three-year old peg to the euro which sent the franc sharply higher. Stock index positioning from the trend following systems showed small additional gains during the month. Gains were found from long positioning in Europe and Canada where central bank easing provided a boost to equities in those regions.

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February for the Trust comprised of losses in commodities, interest rates, and foreign exchange offset gains from stock indices. The largest losses came from short commodity positions driven by both trend-following and non-trend following strategies. Short energy exposure was one of the worst performing sub-sectors as the crude complex experienced a significant bounce during the month after a sharp six-month sell-off. Signs of falling production, refinery disruptions, and cold weather helped to squeeze prices higher. Grain positions added to losses as short positions in corn and wheat were hurt by stronger export sales. Some offsetting gains were found in the soft commodities. A short position in coffee experienced profits as improving weather in Brazil boosted prospects for an abundant harvest which weighed heavily on the product. Interest rate positions were another source of losses during the month. Trend following strategies showed declines while non-trend programs produced some offsetting gains. Long positioning within the United States and the United Kingdom produced some of the largest losses as better economic data, improving inflation trends, and less dovish central bank comments pressured markets lower. Foreign exchange contributed small additional losses. Short positioning on the British pound versus the U.S. dollar suffered from hawkish U.K. central bank comments on the back of stronger than expected economic data. Some offsetting gains came from short euro and short yen positions, both versus the U.S. dollar, as diverging central bank policy paths continue to provide opportunity for our strategies. Stock index positioning from both trend following and non-trend following systems showed strong gains during the month. Global profits were found from long positioning in the U.S., Japan, Australia, Europe, and Canada as a bounce in oil prices alleviated some fears around a global growth slowdown. Pockets of stronger than expected economic data linked with a tentative resolution to the Greek geopolitical crisis fed the risk-on sentiment for stocks.

Gains in foreign exchange and commodities led to a profitable March for the Trust as profits from foreign exchange, commodity, and interest rate holdings all contributed while stock index positions produced some offsetting losses during the month. The largest profits for March were provided by foreign exchange positions from both trend following and non-trend strategies. Short euro positioning versus the U.S. dollar was one of the best performing holdings. The euro continued to trade lower as the European Central Bank's unprecedented monetary stimulus contrasted sharply with the U.S. Federal Reserve, which many expect to raise interest rates later this year. The euro was also pressured lower as Greece struggles to secure bailout funds and avert a default. Other gains came from short positioning on several commodity currencies as the price of oil resumed its downward trend pulling those markets lower. Commodities were another source of profits during the month. Short positioning across the energy complex proved profitable as the sell-off in those markets began again amid new signs of global oversupply. A potential political agreement with Iran also threatened to dump even more supply on the already saturated market if Western sanctions are scaled back. Soft commodities were another source of gains. Short positioning on sugar and coffee produced profits as favorable growing weather increased expectations for plentiful supplies of those commodities. Small additional gains came from interest rate positions. Long positioning across long-dated global instruments continues to be the theme for positioning within this sector. Losses in Japan and Germany were more than offset by gains experienced in the United States, Australia, the United Kingdom, and Canada. Global stock indexes showed losses from both trend and non-trend strategies. Global stocks were mixed during March as some gains in Europe, helped by the ECB's quantitative easing program, were offset by losses in the U.S., U.K., Canada, and Australia hampered by a stronger U.S. dollar and falling global commodity prices.

The Trust showed a decline in April as losses from foreign exchange, interest rate, and commodity holdings all contributed to the decline while stock index positions produced some offsetting gains during the month. Some of the largest losses for April were produced by foreign exchange positions from both trend following and non-trend following strategies.  Short euro positioning versus the U.S. dollar was one of the worst performing holdings.  The euro moved higher as weaker U.S. economic data suggested that the U.S. Fed will hold off on an interest rate hike longer than expected.  A calming of concern around the solvency of Greece also helped to boost the euro.  Faster reacting non-trend models showed some offsetting gains in the British pound as that currency reversed higher during the month on hawkish U.K. central bank comments and an improvement in sentiment around their upcoming elections. Interest rates were another source of losses during the month.  Long positioning across long-dated fixed income instruments provided most of the declines as global interest rate products sold-off.  Losses in Australia stemmed from hawkish central bank comments and some surprisingly strong economic data.  Concern over ultra-low interest rate yields in Germany linked with bearish comments from several prominent asset managers caused those bond prices to fall.  Additional declines came from commodity positions.  Short positioning across the energy complex was hurt by rising prices as supply concerns eased and the weaker U.S. dollar was supportive to prices.  Trading in soft commodities, namely sugar and coffee, also produced losses.  Non-trend strategies produced some offsetting gains within the industrial metals sub-sector.  Long metals positions benefitted from a weaker U.S. dollar and new Chinese stimulus measures which helped to push those markets higher.  Global stock indices showed gains from the trend strategies.  Long positioning on the Hang Seng index in Hong Kong was one of the best performing holdings during the month as the index rose almost 13%.  Hong Kong shares rose sharply when Chinese regulators allowed mutual funds to buy shares in companies included in the index.

The Trust showed a decline in May as losses from interest rate and commodity holdings were only partially offset by gains from foreign exchange and stock index positions, leaving the portfolio lower on the month.  Some of the largest losses were produced by interest rate positions from both trend following and non-trend strategies.  Long positioning across long-dated interest rate products suffered when well established trends sharply reversed during the month.  Some of the largest losses were seen in Germany and Australia.  The German sell-off, which spilled over into other global interest rate markets, was primarily driven by technical factors, including liquidity and positioning.  Australia saw some stronger than expected economic data, which put pressure on their interest rate markets.  Additional declines came from commodity positions within trend following as non-trend strategies showed some smaller offsetting gains in the sector.  One of the worst performing sub-sectors was industrial metals.  Long positioning on copper and zinc suffered from a strengthening U.S. dollar and additional signs of an economic slowdown in China.  Long positioning on precious metals also suffered from the stronger dollar.  Some offsetting gains came from the grain sub-sector. Shorts on both corn and soybeans profited from a drop in prices due to steady planting progress.  Some of the best gains during May were within foreign exchange holdings where both trend following and non-trend strategies showed profits.  Short positioning on the Japanese yen versus the U.S. dollar was one of the biggest gains.  The yen weakened to a 12-year low versus the dollar.  After a soft first quarter, data suggested that the U.S. economy was starting to accelerate leading to speculation that the U.S. Federal Reserve could raise interest rates later this year for the first time since 2006.  Global stock indices also showed gains with both the trend and non-trend strategies contributing.  Long positioning on the Japanese Nikkei 225 index produced some of the largest sector gains.  Japanese stocks rose steadily throughout the month as the falling yen provided a strong tailwind for stocks.

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The Trust showed a sharp decline in June as losses from commodity, stock index, foreign exchange, and interest rate holdings left the Trust lower on the month.  Some of the largest losses were produced by commodity positions from both trend following and non-trend strategies.  Short positioning on various grain markets proved unprofitable.  Corn, wheat, and soybean futures rose sharply due to crop concerns amid heavy rainfall in the Midwest.  These moves were exacerbated by significant short covering in the marketplace.  Energy markets also contributed to losses.  A short natural gas holding was hurt by signs of slowing production growth, stronger power burns, and a slowing pace of storage builds which sent the market higher.  Soft commodities showed losses as short positioning on coffee suffered from higher prices amid improved demand prospects and a lowered Brazilian output forecast.  Additional declines came from stock index positions within both trend following and non-trend following systems.  The Trust was generally positioned long global stocks during the month, with an emphasis on the U.S. and Japan.  A lack of positive progress on the Greek financial crisis near month-end caused a bout of "risk-off" selling which sent all global stock markets sharply lower leading to losses.  Foreign exchange positioning also detracted from performance as both trend and non-trend strategies saw declines.  A short New Zealand dollar position proved to be a profitable trade given the continued downtrend, but most of the other currencies in the Trust saw negative performance due to choppy, directionless trading.  In interest rate markets non-trend strategies provided some partially offsetting gains to the losses encountered by the trend systems.  Global bond markets experienced some very choppy price action that was difficult for the trend systems to navigate.  For example, in the U.S. interest rate markets were under pressure early in the month after some better than expected economic data.  These markets then sharply reversed to the upside later in June driven by safe haven buying amid the worsening Greek financial crisis and the uncertainty that it fueled.

The Trust showed a gain in July as profits from commodity and foreign exchange positions more than offset losses experienced on stock index and interest rate holdings.  Some of the largest gains were produced by commodity positions from both trend following and non-trend strategies.  Short positioning within precious metals was one of the most profitable trades during the month.  Gold and silver both fell sharply amid the ongoing strength of the US dollar.  Demand for gold by the Chinese government was shown to be much weaker than expected, sending the metal to its lowest level in five years.  Short holdings on the industrial metals, namely copper, also proved profitable.  Copper fell sharply amid growing concerns over the health of the Chinese economy.  The Trust experienced some offsetting losses in the grains.  A long position in wheat suffered as the commodity experienced a harsh sell-off due to healthy crop expectations and continued US export weakness.  Additional profits during the month came from foreign exchange positions, especially within the trend following systems.  Short positioning on the Australian dollar, Canadian dollar, and New Zealand dollar, commonly referred to as "commodity currencies," all proved profitable.  The global commodity weakness seen during July, as evidenced by a more than 14% decline in the S&P GSCI Index, a measure of a basket of 24 commodities, pressured all these currencies lower.  Stock index positioning detracted from performance as both trend and especially non-trend strategies saw declines.  Short-term non-trend models struggled to successfully navigate several risk-on / risk-off shifts in the equity markets.  The Greek financial crisis provided some of the market moving news as headlines shifted from dire to hopeful.  Interest rate positions showed a decline during the month as losses from trend following strategies overwhelmed gains from non-trend systems.  The Greek crisis proved to be a major driver of interest rate markets, in addition to ongoing expectations that the U.S. Federal Reserve is getting closer to its first interest rate hike in years.

The Trust had offsetting gains and losses in August as profits from commodity positions were offset by losses in interest rate positions.  Foreign exchange and stock index holdings had little positive or negative impact on the Trust.  Some of the largest gains were produced by commodity positions from trend following systems as non-trend strategies showed some losses in the sector.  Short holdings on the industrial metals, namely zinc, nickel, and aluminum, were some of the largest gainers amid growing concern that the Chinese economy is in worse shape than previously thought.  China is a huge consumer of these metals.  Short positions within the energy sub-sector also proved to be profitable trades during the month with Brent and WTI among the best gainers.  Chinese growth concerns coupled with ongoing abundant petroleum supplies conspired to put downward pressure on prices.  The Trust experienced some offsetting losses in the precious metals and soft commodities.  A short position from gold suffered from flight to safety buying amid a sharp decline in global equities.  A short holding on coffee was hurt in the first half of the month amid concerns surrounding smaller bean sizes in Brazil.  Foreign exchange was relatively flat for August.  Short positioning on the Canadian, New Zealand, and Australian dollars, commonly referred to as "commodity currencies," proved profitable.  The Chinese economic slowdown was the catalyst for the sell-off in these markets. Offsetting losses were incurred by positioning in the Euro, Japanese yen, and Swedish krona. Stock index positioning had little impact on monthly performance.  Shorter-term, faster reacting non-trend strategies showed gains in the sector while trend following systems with longer-term, slower indicators showed offsetting losses.  Poor Chinese economic data linked with their surprising currency devaluation sent global stocks sharply lower.  Interest rate positions showed a small decline during the month as losses from non-trend strategies overwhelmed gains from trend following systems.  Interest rate markets experienced choppy price action amid risk-off / risk-on buying and selling plus continued uncertainty over the timing of the first U.S. Federal Reserve rate hike in some nine years.

The Trust showed a gain in September as profits from commodity and foreign exchange positions were the primary drivers during the month, although both fixed income and stock index holdings also contributed positively to the month's profits.  The commodity sector produced gains during the month primarily driven by non-trend systems.  Some of the best gains were found in short positioning on natural gas, WTI, and Brent.  Natural gas sold off on inventory builds along with moderating power demand.  Both WTI and Brent resumed their sell-offs as supplies remained robust while demand, especially from China, continued to show signs of slowing.  A short position on live cattle was also a standout gainer as prices fell amid lower exports and increased supplies.  Some partially offsetting losses were experienced in the sector from the precious metal and grain markets.  Choppy price action for silver produced losses as the strategies failed to find successful trades.  Short positions on both corn and wheat produced losses as those prices rose amid a variety of more bullish news.  Additional gains were produced by foreign exchange positions from trend following systems as non-trend strategies showed some losses in the sector.  Short holdings on the Canadian dollar, Norwegian krone, and Australian dollar (all versus the US dollar) were some of the most profitable trades during the month.  A renewed sell-off in the energy complex linked with softness in commodity prices overall, helped to drag these currencies lower benefitting the Trust's short positioning.  Interest rate positions also added to profits as trend strategies overwhelmed losses from non-trend following systems.  Long positioning on German and Japanese long-dated fixed income produced some of the best gains.  Buying seen in these markets was driven by safe haven demand amidst the slump in stock prices.  Stock index positioning added a small gain to monthly performance.  Shorter-term, faster reacting non-trend strategies experienced gains in the sector while trend following systems produced small losses.  Global growth concerns plus several bearish, high-profile stock-specific news items, weighed on equities throughout the month.

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Item 3.Quantitative and Qualitative Disclosures About Market Risk.

Introduction

Past Results Not Necessarily Indicative of Future Performance

The Trust is a speculative commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes, and all or a substantial amount of the Trust's assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Trust's main line of business.

Market movements result in frequent changes in the fair market value of the Trust's open positions and, consequently, in its earnings and cash flow. The Trust's market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Trust's open positions and the liquidity of the markets in which it trades.

The Trust rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Trust's past performance is not necessarily indicative of its future results.

Standard of Materiality

Materiality as used in this section, "Quantitative and Qualitative Disclosures About Market Risk," is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage and multiplier features of the Trust's market sensitive instruments.

Quantifying the Trust's Trading Value at Risk

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Trust's market risk exposures contain "forward-looking statements" within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

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

33

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

The VaR for a sector represents the 2.5 percentile of outcomes for the aggregate exposures associated with that sector alone. The current methodology used to calculate the aggregate VaR represents the VaR of the Trust's open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.

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

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

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

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

The following tables indicate the trading Value at Risk associated with the Trust's open positions by market category as of September 30, 2016 and December 31, 2015 and the trading gains/losses by market category for the nine months ended September 30, 2016 and the year ended December 31, 2015.

	September 30, 2016
Market Sector	Value at Risk*		Trading Gain/(Loss)**
Commodities		0.62%		(5.93)%
Currencies		0.38%		(2.49)%
Interest Rates		0.64%		4.64 %
Stock Indices		0.81%		(1.43)%
Aggregate/Total		1.62%		(5.21)%

* – The VaR for a sector represents the 2.5 percentile of outcomes for the aggregate exposures associated with that sector alone. The aggregate VaR represents the VaR of the Trust's open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes

** – Represents the gross trading for the Trust for the nine months ended September 30, 2015.

Of the (8.50)% year to date return for Series A, approximately (5.21)% was due to trading losses (before commissions) and approximately (3.92)% due to brokerage fees, management fees, operating costs and offering costs, offset by approximately 0.63% due to investment income earned by Series A.

Of the (8.16)% year to date return for Series B, approximately (5.21)% was due to trading losses (before commissions) and approximately (3.58)% due to brokerage fees, management fees and operating costs, offset by approximately 0.63% due to investment income earned by Series B.

Of the (7.28)% year to date return for Series W, approximately (5.21)% was due to trading losses (before commissions) and approximately (2.70)% due to brokerage fees, management fees, service fees, operating costs and offering costs, offset by approximately 0.63% due to investment income earned by Series W.

34

	December 31, 2015
Market Sector	Value at Risk*		Trading Gain/(Loss)**
Commodities		0.91%		1.83 %
Currencies		0.61%		3.08 %
Interest Rates		0.66%		(4.01)%
Stock Indices		0.36%		(0.83)%
Aggregate/Total		1.82%		0.07 %

* – The VaR for a sector represents the 2.5 percentile of outcomes for the aggregate exposures associated with that sector alone. The aggregate VaR represents the VaR of the Trust's open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.

** – Represents the gross trading for the Trust for the year ended December 31, 2015.

Of the (6.71)% return for year ended 2015 for Series A, approximately (7.13)% was due to brokerage fees, management fees, performance fees, offering costs and operating costs borne by Series A, offset by approximately 0.07% due to trading gains (before commissions) and approximately 0.35% due to investment income.

Of the (6.21)% return for year ended 2015 for Series B, approximately (6.63)% due to brokerage fees, management fees, performance fees and operating costs borne by Series B, offset by approximately 0.07% due to trading gains (before commissions) and approximately 0.35% due to investment income.

Of the (5.09)% return for year ended 2015 for Series W, approximately (5.51)% due to brokerage fees, management fees, performance fees, service fees, offering costs and operating costs borne by Series W, offset by approximately 0.07% due to trading gains (before commissions) and approximately 0.35% due to investment income.

Material Limitations on Value at Risk as an Assessment of Market Risk

The following limitations of VaR as an assessment of market risk should be noted:

1) Past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements;

2) Changes in portfolio value caused by market movements may differ from those of the VaR model;

3) VaR results reflect past trading positions while future risk depends on future positions;

4) VaR using a one day time horizon does not fully capture the market risk of positions that cannot be liquidated or hedged within one day; and

5) The historical market risk factor data for VaR estimation may provide only limited insight into losses that could be incurred under certain unusual market movements.

VaR is not necessarily representative of historic risk nor should it be used to predict the Trust's future financial performance or its ability to manage and monitor risk. There can be no assurance that the Trust's actual losses on a particular day will not exceed the VaR amounts indicated or that such losses will not occur more than once in 40 trading days.

Non-Trading Risk

The Trust has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are immaterial. The Trust also has non-trading market risk as a result of investing a portion of its available assets in U.S. Treasury Bills held at the broker and over-the-counter counterparty. The market risk represented by these investments is minimal. Finally, the Trust has non-trading market risk on fixed income securities held as part of its cash management program. The cash manager will use its best endeavors in the management of the assets of the Trust but provide no guarantee that any profit or interest will accrue to the Trust as a result of such management.

35

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Trust's market risk exposures — except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Trust manages its primary market risk exposures — constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. The Trust's primary market risk exposures as well as the strategies used and to be used by Campbell & Company for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Trust's risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Trust. There can be no assurance that the Trust's current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Trust.

The following represent the primary trading risk exposures of the Trust as of September 30, 2016 by market sector.

Currencies

The Trust's currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Trust trades in a large number of currencies, including cross-rates — i.e., positions between two currencies other than the U.S. Dollar. Campbell & Company does not anticipate that the risk profile of the Trust's currency sector will change significantly in the future.

Interest Rates

Interest rate movements directly affect the price of the sovereign bond positions held by the Trust and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Trust's profitability. The Trust's primary interest rate exposure is to interest rate fluctuations in the United States and the other G-7 countries. Campbell & Company anticipates that G-7 interest rates will remain the primary rate exposure of the Trust 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 Trust may be held in medium to long-term fixed income positions.

Stock Indices

The Trust's primary equity exposure is to equity price risk in the G-7 countries as well as Australia, Hong Kong, Singapore, Spain, Taiwan, Netherlands, India, South Africa and Sweden. The stock index futures traded by the Trust are by law limited to futures on broadly based indices. The Trust is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese indices. Markets that trade in a narrow range could result in the Trust's positions being "whipsawed" into numerous small losses.

Energy

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

Metals

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

Agricultural

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

36

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the primary non-trading risk exposures of the Trust as of September 30, 2016.

Foreign Currency Balances

The Trust's primary foreign currency balances are in Australian Dollar, British Pounds, Canadian Dollar, Euros, Hong Kong Dollar, Japanese Yen, Singapore Dollar, South African Rand and Swedish Krona. The Trust controls the non-trading risk of these balances by regularly converting these balances back into dollars (no less frequently than twice a month, and more frequently if a particular foreign currency balance becomes unusually large).

Fixed Income Securities and Short Term Investments

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

U.S. Treasury Bill Positions Held for Margin Purposes

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

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Trust and Campbell & Company, severally, attempt to manage the risk of the Trust's open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per "risk unit" of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as reducing position sizes dynamically in response to trading losses.

General

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

Item 4.  Controls and Procedures

Campbell & Company, the managing operator of the Trust, with the participation of the managing operator's chief executive officer and chief financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) or 15d-15(e)) with respect to the Trust as of the end of the period covered by this annual report. Based on their evaluation, the chief executive officer and chief financial officer have concluded that these disclosure controls and procedures are effective. Effective January 1, 2015, Northern Trust Hedge Fund Services LLC became the Administrator of the Trust. The Administrator's primary responsibilities are portfolio accounting and fund accounting services. The general partner maintains a full shadow set of books which are periodically reconciled to the Administrator. There were no changes in the managing operator's internal control over financial reporting applicable to the Trust identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or is reasonably likely to materially affect, internal control over financial reporting applicable to the Trust.

37

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.

None

Item 1A.  Risk Factors.

None

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3.  Defaults Upon Senior Securities.

Not applicable

Item 4.  Mine Safety Disclosures.

Not applicable

Item 5.  Other Information.

None

Item 6.  Exhibits.

Exhibit Number	Description of Document
3.01	Articles and Plan of Merger of the Campbell Fund Limited Partnership with and into the Registrant dated January 2, 1996 (1)
3.02	Amended and Restated Declaration of Trust and Trust Agreement of the Registrant dated February 3, 2010 (2)
10.01	Advisory Agreement between the Registrant and Campbell & Company, LP (1)
10.02	Global Institutional Master Custody Agreement (2)
31.01	Certification of G. William Andrews, 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 G. William Andrews, 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.
101.01	Interactive data file pursuant to Rule 405 of Regulation S-T: (i) Condensed Schedules of Investments September 30, 2016 and December 31, 2015, (ii) Statements of Financial Condition September 30, 2016 and December 31, 2015, (iii) Statements of Operations For the Three and Nine Months Ended September 30, 2016 and 2015, (iv) Statements of Cash Flows For the Nine Months Ended September 30, 2016 and 2015, (v) Statements of Changes in Partners' Capital (Net Asset Value) For the Nine Months Ended September 30, 2016 and 2015, (vi) Financial Highlights For the Three and Nine Months Ended September 30, 2016 and 2015, (vii) Notes to Financial Statements.

(1)Incorporated by reference to the respective exhibit to the Registrant's Form 10 filed on April 30, 2003.

(2)Incorporated by reference to the respective exhibit to the Registrant's Form 10-Q filed on August 15, 2011.

38

SIGNATURES

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

	THE CAMPBELL FUND TRUST (Registrant)
	By:	Campbell & Company, LP
		Managing Operator
Date: November 14, 2016	By:	/s/ G. William Andrews
		G. William Andrews Chief Executive Officer

39

EXHIBIT INDEX

Exhibit Number	Description of Document
31.01	Certification of G. William Andrews, 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 G. William Andrews, 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.
101.01	Interactive data file pursuant to Rule 405 of Regulation S-T: (i) Condensed Schedules of Investments September 30, 2016 and December 31, 2015, (ii) Statements of Financial Condition September 30, 2016 and December 31, 2015, (iii) Statements of Operations For the Three and Nine Months Ended September 30, 2016 and 2015, (iv) Statements of Cash Flows For the Nine Months Ended September 30, 2016 and 2015, (v) Statements of Changes in Partners' Capital (Net Asset Value) For the Nine Months Ended September 30, 2016 and 2015, (vi) Financial Highlights For the Three and Nine Months Ended September 30, 2016 and 2015, (vii) Notes to Financial Statements.

EX-31.1

EXHIBIT 31.01

CERTIFICATION

I, G. William Andrews, certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2016
	By:	/s/ G. William Andrews
		G. William Andrews
		Chief Executive Officer
		Campbell & Company, LP
		Managing Operator
		The Campbell Fund Trust

EX-31.2

EXHIBIT 31.02

CERTIFICATION

I, Gregory T. Donovan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2016
	By:	/s/ Gregory T. Donovan
		Gregory T. Donovan
		Chief Financial Officer
		Campbell & Company, LP
		Managing Operator
		The Campbell Fund Trust

EX-32.1

EXHIBIT 32.01

CERTIFICATION BY CHIEF EXECUTIVE OFFICER

I, G. William Andrews, certify that (i) the Form 10Q for the quarter ended September 30, 2016 of The Campbell Fund Trust fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Form 10Q for the quarter ended September 30, 2016 fairly presents, in all material respects, the financial condition and results of operations of The Campbell Fund Trust.

Date: November 14, 2016	THE CAMPBELL FUND TRUST
	By:	Campbell & Company, LP, Managing Operator
	By:	/s/ G. William Andrews
		G.William Andrews
		Chief Executive Officer

EX-32.2

EXHIBIT 32.02

CERTIFICATION BY CHIEF FINANCIAL OFFICER

I, Gregory T. Donovan, certify that (i) the Form 10Q for the quarter ended September 30, 2016 of The Campbell Fund Trust fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Form 10Q for the quarter ended September 30, 2016 fairly presents, in all material respects, the financial condition and results of operations of The Campbell Fund Trust.

Date: November 14, 2016	THE CAMPBELL FUND TRUST
	By:	Campbell & Company, LP, Managing Operator
	By:	/s/ Gregory T. Donovan
		Gregory T. Donovan
		Chief Financial Officer

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2016 shares
Entity Information [Line Items]
Entity Registrant Name	CAMPBELL FUND TRUST
Entity Central Index Key	0001043951
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Series A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	243,793.492
Series B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	39,788.582
Series W [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	25,118.394

XML

CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) - USD ($)		Sep. 30, 2016		Dec. 31, 2015
Investment Owned
Short term investments		$ 3,325		$ 2,104
Net unrealized gain (loss) on open futures contracts		14,612,401		(13,809,470)
Net unrealized gain (loss) on open forward currency contracts		(2,718,321)		2,415,311
Fixed Income Securities [Member]
Investment Owned
Fair value		$ 795,196,767	[1]	$ 836,554,075	[2]
% of Net Asset Value		94.61%		90.14%
Fixed Income Securities [Member] | Asset Backed Securities [Member]
Investment Owned
Fair value		$ 61,562,501		$ 58,857,770
% of Net Asset Value		7.32%		6.34%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Auto Loans [Member]
Investment Owned
Fair value		$ 24,626,117		$ 32,296,389
% of Net Asset Value		2.93%		3.48%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Credit Cards [Member]
Investment Owned
Fair value		$ 28,056,962		$ 21,617,224
% of Net Asset Value		3.34%		2.33%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Equipment Loans [Member]
Investment Owned
Fair value		$ 7,770,077		$ 3,276,502
% of Net Asset Value		0.92%		0.35%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Utility Rate Reduction Bonds [Member]
Investment Owned
Fair value		$ 1,109,345		$ 1,667,655
% of Net Asset Value		0.13%		0.18%
Fixed Income Securities [Member] | Bank Deposits [Member]
Investment Owned
Fair value		$ 24,047,962
% of Net Asset Value		2.86%
Fixed Income Securities [Member] | Bank Deposits [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 24,047,962
% of Net Asset Value		2.86%
Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Owned
Fair value		$ 260,725,291		$ 281,322,005
% of Net Asset Value		31.03%		30.31%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Communications [Member]
Investment Owned
Fair value		$ 23,184,933		$ 11,572,012
% of Net Asset Value		2.76%		1.25%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value		$ 28,753,312		$ 45,284,606
% of Net Asset Value		3.42%		4.88%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Staples [Member]
Investment Owned
Fair value		$ 29,469,438		$ 17,825,018
% of Net Asset Value		3.51%		1.92%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Energy [Member]
Investment Owned
Fair value		$ 20,740,104		$ 3,511,542
% of Net Asset Value		2.47%		0.38%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 57,297,612		$ 60,228,274
% of Net Asset Value		6.82%		6.49%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Health Care [Member]
Investment Owned
Fair value		$ 18,879,585		$ 25,701,714
% of Net Asset Value		2.25%		2.77%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Industrials [Member]
Investment Owned
Fair value		$ 33,662,874		$ 37,091,707
% of Net Asset Value		4.01%		4.00%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Technology [Member]
Investment Owned
Fair value		$ 21,212,636		$ 25,109,992
% of Net Asset Value		2.52%		2.70%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Utilities [Member]
Investment Owned
Fair value		$ 27,524,797		$ 54,997,140
% of Net Asset Value		3.27%		5.92%
Fixed Income Securities [Member] | Corporate Bonds [Member]
Investment Owned
Fair value		$ 279,968,901		$ 287,043,604
% of Net Asset Value		33.31%		30.93%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Japan [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value				$ 4,857,419
% of Net Asset Value				0.52%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member]
Investment Owned
Fair value				$ 282,186,185
% of Net Asset Value				30.41%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Communications [Member]
Investment Owned
Fair value		$ 22,906,230		$ 36,566,791
% of Net Asset Value		2.73%		3.94%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value		$ 42,628,985		$ 44,277,095
% of Net Asset Value		5.07%		4.77%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Consumer Staples [Member]
Investment Owned
Fair value		$ 16,583,163		$ 28,814,680
% of Net Asset Value		1.97%		3.11%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Energy [Member]
Investment Owned
Fair value		$ 6,562,322
% of Net Asset Value		0.78%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 140,016,353		$ 143,372,999
% of Net Asset Value		16.66%		15.45%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Health Care [Member]
Investment Owned
Fair value		$ 15,758,587		$ 12,187,502
% of Net Asset Value		1.87%		1.31%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Industrials [Member]
Investment Owned
Fair value		$ 9,809,115
% of Net Asset Value		1.17%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Technology [Member]
Investment Owned
Fair value		$ 25,704,146		$ 16,967,118
% of Net Asset Value		3.06%		1.83%
Fixed Income Securities [Member] | Government and Agency Obligations [Member]
Investment Owned
Fair value		$ 168,892,112		$ 209,330,696
% of Net Asset Value		20.09%		22.56%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 10/13/2016 [Member]
Investment Owned
Fair value	[3]	$ 15,199,392
% of Net Asset Value		1.81%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 10/20/2016 [Member]
Investment Owned
Fair value	[3]	$ 9,774,267
% of Net Asset Value		1.16%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 10/27/2016 [Member]
Investment Owned
Fair value	[3]	$ 21,664,835
% of Net Asset Value		2.58%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 11/25/2016 [Member]
Investment Owned
Fair value	[3]	$ 66,776,709
% of Net Asset Value		7.94%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 12/22/2016 [Member]
Investment Owned
Fair value	[3]	$ 34,049,989
% of Net Asset Value		4.05%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/02/2017 [Member]
Investment Owned
Fair value	[3]	$ 21,426,920
% of Net Asset Value		2.55%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 01/28/2016 [Member]
Investment Owned
Fair value	[3]			$ 64,994,670
% of Net Asset Value				7.00%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/04/2016 [Member]
Investment Owned
Fair value	[3]			$ 8,599,329
% of Net Asset Value				0.93%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/25/2016 [Member]
Investment Owned
Fair value	[3]			$ 135,736,697
% of Net Asset Value				14.63%
Short Term Investments [Member]
Investment Owned
Short term investments		$ 3,325		$ 2,104
% of Net Asset Value		0.00%		0.00%
Short Term Investments [Member] | Money Market Funds [Member] | United States [Member]
Investment Owned
Short term investments		$ 3,325		$ 2,104
% of Net Asset Value		0.00%		0.00%
Futures Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 14,612,401		$ (13,809,470)
% of Net Asset Value		1.74%		(1.49%)
Futures Contracts [Member] | Long Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 16,816,004		$ 60,229
% of Net Asset Value		2.00%		0.01%
Futures Contracts [Member] | Long Contracts [Member] | Agriculture [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 5,716,177		$ 51,896
% of Net Asset Value		0.68%		0.00%
Futures Contracts [Member] | Long Contracts [Member] | Energy [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 508,730		$ 70,405
% of Net Asset Value		0.06%		0.01%
Futures Contracts [Member] | Long Contracts [Member] | Metals [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 6,096,187		$ 459,326
% of Net Asset Value		0.72%		0.05%
Futures Contracts [Member] | Long Contracts [Member] | Stock Indices [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 807,609		$ (658,566)
% of Net Asset Value		0.10%		(0.07%)
Futures Contracts [Member] | Long Contracts [Member] | Short-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (155,724)		$ (671,792)
% of Net Asset Value		(0.02%)		(0.07%)
Futures Contracts [Member] | Long Contracts [Member] | Long-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 3,843,025		$ 808,960
% of Net Asset Value		0.46%		0.09%
Futures Contracts [Member] | Short Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (2,203,603)		$ (13,869,699)
% of Net Asset Value		(0.26%)		(1.50%)
Futures Contracts [Member] | Short Contracts [Member] | Agriculture [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 6,797,137		$ 1,008,869
% of Net Asset Value		0.80%		0.11%
Futures Contracts [Member] | Short Contracts [Member] | Energy [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (2,594,919)		$ (9,719,336)
% of Net Asset Value		(0.31%)		(1.05%)
Futures Contracts [Member] | Short Contracts [Member] | Metals [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (6,423,313)		$ (4,592,137)
% of Net Asset Value		(0.76%)		(0.49%)
Futures Contracts [Member] | Short Contracts [Member] | Stock Indices [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (5,807)		$ (152,521)
% of Net Asset Value		0.00%		(0.02%)
Futures Contracts [Member] | Short Contracts [Member] | Short-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (24,738)		$ (75,529)
% of Net Asset Value		0.00%		(0.01%)
Futures Contracts [Member] | Short Contracts [Member] | Long-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 48,037		$ (339,045)
% of Net Asset Value		0.01%		(0.04%)
Forward Currency Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ (2,718,321)		$ 2,415,311
% of Net Asset Value		(0.32%)		0.26%
Forward Currency Contracts [Member] | Long Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ (3,741,262)		$ (11,389,490)
% of Net Asset Value		(0.44%)		(1.23%)
Forward Currency Contracts [Member] | Short Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ 1,022,941		$ 13,804,801
% of Net Asset Value		0.12%		1.49%

[1] Included in fixed income securities are U.S. Treasury Bills with a fair value of $116,968,845 deposited with the futures brokers and $51,923,267 deposited with the interbank market maker.

[2] Included in fixed income securities are U.S. Treasury Bills with a fair value of $124,988,790 deposited with the futures brokers and $84,341,906 deposited with the interbank market maker.

[3] Pledged as collateral for the trading of futures or forward positions.

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CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) (Parenthetical) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Investment Owned
Fixed income securities deposited with futures brokers	$ 116,968,845	$ 124,988,790
Fixed income securities deposited with interbank market maker	678,227,922	711,565,285
Fixed Income Securities [Member]
Investment Owned
Cost	794,864,620	837,171,775
Fixed Income Securities [Member] | Asset Backed Securities [Member]
Investment Owned
Cost	61,553,022	58,983,770
Fixed Income Securities [Member] | Bank Deposits [Member]
Investment Owned
Cost	24,029,982
Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Owned
Cost	260,705,546	281,294,649
Fixed Income Securities [Member] | Corporate Bonds [Member]
Investment Owned
Cost	279,705,311	287,545,890
Fixed Income Securities [Member] | Corporate Bonds [Member] | Japan [Member] | Consumer Discretionary [Member]
Investment Owned
Cost		4,881,998
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member]
Investment Owned
Cost		282,663,892
Fixed Income Securities [Member] | Government and Agency Obligations [Member]
Investment Owned
Cost	168,870,759	209,347,466
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member]
Investment Owned
Fixed income securities deposited with futures brokers	116,968,845	124,988,790
Fixed income securities deposited with interbank market maker	51,923,267	84,341,906
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 10/13/2016 [Member]
Investment Owned
Maturity face value	$ 15,200,000
Due date	Oct. 13, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 10/20/2016 [Member]
Investment Owned
Maturity face value	$ 9,775,000
Due date	Oct. 20, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 10/27/2016 [Member]
Investment Owned
Maturity face value	$ 21,667,500
Due date	Oct. 27, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 11/25/2016 [Member]
Investment Owned
Maturity face value	$ 66,790,000
Due date	Nov. 25, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 12/22/2016 [Member]
Investment Owned
Maturity face value	$ 34,067,500
Due date	Dec. 22, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/02/2017 [Member]
Investment Owned
Maturity face value	$ 21,450,000
Due date	Feb. 02, 2017
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 01/28/2016 [Member]
Investment Owned
Maturity face value		$ 65,000,000
Due date		Jan. 28, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/04/2016 [Member]
Investment Owned
Maturity face value		$ 8,600,000
Due date		Feb. 04, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/25/2016 [Member]
Investment Owned
Maturity face value		$ 135,750,000
Due date		Feb. 25, 2016
Short Term Investments [Member]
Investment Owned
Cost	$ 3,325	$ 2,104
Short Term Investments [Member] | Money Market Funds [Member] | United States [Member]
Investment Owned
Cost	$ 3,355	$ 2,104

XML

STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Equity in futures broker trading accounts
Cash	$ 39,144,247	$ 99,353,162
Restricted cash	0	8,747,696
Fixed income securities (cost $116,949,392 and $124,998,065, respectively)	116,968,845	124,988,790
Net unrealized gain on open futures contracts	14,612,401	(13,809,470)
Total equity in futures broker trading accounts	170,725,493	219,280,178
Cash	5,068,479	5,183,930
Short term investments (cost $3,325 and $2,104, respectively)	3,325	2,104
Fixed income securities (cost $677,915,228 and $712,173,710, respectively)	678,227,922	711,565,285
Net unrealized gain (loss) on open forward currency contracts	(2,718,321)	2,415,311
Interest receivable	680,327	1,061,401
Total assets	851,987,225	939,508,209
LIABILITIES
Accounts payable	379,312	406,928
Management fee payable	2,701,973	2,981,991
Service fee payable	15,405	16,452
Accrued commissions and other trading fees on open contracts	131,169	160,693
Offering costs payable	304,999	332,313
Redemptions payable	7,939,188	7,528,426
Total liabilities	11,472,046	11,426,803
UNITHOLDERS' CAPITAL (Net Asset Value)
Total unitholders' capital (Net Asset Value)	840,515,179	928,081,406
Total liabilities and unitholders' capital (Net Asset Value)	851,987,225	939,508,209
Series A Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders	651,431,207	711,962,948
Total unitholders' capital (Net Asset Value)	651,431,207	711,962,948
Series B Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders	114,590,847	135,564,706
Total unitholders' capital (Net Asset Value)	114,590,847	135,564,706
Series W Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders	$ 74,493,125	$ 80,553,752

XML

STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Equity in futures broker trading accounts
Fixed income securities, cost	$ 116,949,392	$ 124,998,065
Short term investments, cost	3,325	2,104
Fixed income securities, cost	$ 677,915,228	$ 712,173,710
Series A Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders, units outstanding (in units)	243,793.492	243,788.567
Series B Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders, units outstanding (in units)	39,788.582	43,230.672
Series W Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders, units outstanding (in units)	25,118.394	25,184.916

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STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Futures trading gains (losses)
Realized	$ (2,563,284)	$ (10,419,882)	$ (56,311,652)	$ (33,024,076)
Change in unrealized	(11,677,308)	30,656,110	28,421,871	(12,721,274)
Brokerage commissions	(1,033,567)	(978,374)	(3,527,551)	(3,377,781)
Net gain (loss) from futures trading	(15,274,159)	19,257,854	(31,417,332)	(49,123,131)
Forward currency trading gains (losses)
Realized	(6,752,196)	8,664,461	(16,779,911)	43,532,041
Change in unrealized	(8,288,792)	11,313,799	(5,133,632)	(13,097,179)
Brokerage commissions	(90,258)	(95,610)	(261,250)	(264,020)
Net gain (loss) from forward currency trading	(15,131,246)	19,882,650	(22,174,793)	30,170,842
Total net trading gain (loss)	(30,405,405)	39,140,504	(53,592,125)	(18,952,289)
Investment income
Interest income	1,702,389	1,050,083	4,699,257	2,514,223
Realized gain (loss) on fixed income securities	14,554	(24,715)	38,828	(13,082)
Change in unrealized gain (loss) on fixed income securities	(174,956)	(415,739)	949,847	(274,885)
Total investment income	1,541,987	609,629	5,687,932	2,226,256
Expenses
Management fee	8,456,874	9,015,695	26,035,552	24,908,089
Service fee	44,227	47,573	137,623	147,383
Performance fee	0	0	0	13,671,976
Operating expenses	416,243	456,395	1,304,566	1,183,265
Total expenses	8,917,344	9,519,663	27,477,741	39,910,713
Net investment income (loss)	(7,375,357)	(8,910,034)	(21,789,809)	(37,684,457)
NET INCOME (LOSS)	$ (37,780,762)	$ 30,230,470	(75,381,934)	(56,636,746)
Series A [Member]
Expenses
NET INCOME (LOSS)			$ (59,262,613)	$ (44,880,197)
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT (based on weighted average outstanding during the period) (in dollars per unit)	$ (120.46)	$ 93.48	$ (240.35)	$ (219.22)
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT (in dollars per unit)	(124.00)	90.47	(248.35)	(180.32)
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD (in units)	245,937.673	243,138.560	246,571.644	204,731.203
Series B [Member]
Expenses
NET INCOME (LOSS)			$ (10,528,061)	$ (8,200,317)
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT (based on weighted average outstanding during the period) (in dollars per unit)	$ (128.06)	$ 101.62	$ (253.00)	$ (177.61)
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT (in dollars per unit)	(129.87)	100.86	(255.86)	(179.64)
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD (in units)	40,350.892	45,544.115	41,613.378	46,170.128
Series W [Member]
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT (based on weighted average outstanding during the period) (in dollars per unit)	$ (120.19)	$ 116.15	$ (221.29)	$ (148.50)
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT (in dollars per unit)	(123.88)	112.37	(232.81)	(153.39)
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD (in units)	24,859.370	24,739.511	25,266.275	23,948.293

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STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Cash flows from (for) operating activities
Net income (loss)	$ (37,780,762)	$ 30,230,470	$ (75,381,934)	$ (56,636,746)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and investments			(24,238,086)	26,093,338
(Increase) decrease in restricted cash			8,747,696	7,319,383
(Increase) decrease in interest receivable			381,074	92,194
Increase (decrease) in payable for securities purchased			0	12,643,696
Increase (decrease) in accounts payable and accrued expenses			(338,205)	(16,137,255)
Purchases of investments			(7,768,924,889)	(9,246,524,160)
Sales/maturities of investments			7,811,230,823	8,983,198,179
Net cash from (for) operating activities			(48,523,521)	(289,951,371)
Cash flows from (for) financing activities
Addition of units			66,208,774	289,750,120
Redemption of units			(75,057,072)	(33,381,861)
Offering costs paid			(2,952,547)	(2,597,023)
Net cash from (for) financing activities			(11,800,845)	253,771,236
Net increase (decrease) in cash			(60,324,366)	(36,180,135)
Unrestricted cash
Beginning of period			104,537,092	98,388,222
End of period	44,212,726	62,208,087	44,212,726	62,208,087
End of period cash consists of:
Cash in futures broker trading accounts	39,144,247	55,896,301	39,144,247	55,896,301
Cash	5,068,479	6,311,786	5,068,479	6,311,786
End of period	$ 44,212,726	$ 62,208,087	$ 44,212,726	$ 62,208,087

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STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Balances at beginning of year			$ 928,081,406	$ 748,010,019
Net income (loss)	$ (37,780,762)	$ 30,230,470	(75,381,934)	(56,636,746)
Additions			66,208,774	290,376,245
Redemptions			(75,467,834)	(38,448,941)
Offering costs			(2,925,233)	(2,685,048)
Balances at end of period	840,515,179	940,615,529	840,515,179	940,615,529
Series A [Member]
Balances at beginning of year			$ 711,962,948	$ 512,679,918
Balances at beginning of year (in units)			243,788.567	163,776.415
Net income (loss)			$ (59,262,613)	$ (44,880,197)
Additions			$ 57,673,457	$ 280,814,834
Additions (in units)			20,063.270	88,903.746
Redemptions			$ (56,314,105)	$ (23,002,361)
Redemptions (in units)			(20,058.345)	(7,520.086)
Offering costs			$ (2,628,480)	$ (2,381,085)
Balances at end of period	$ 651,431,207	$ 723,231,109	$ 651,431,207	$ 723,231,109
Balances at end of period (in units)	243,793.492	245,160.075	243,793.492	245,160.075
Series A [Member] | Managing Operator [Member]
Balances at beginning of year			$ 0	$ 0
Balances at beginning of year (in units)			0	0
Net income (loss)			$ 0	$ (5,994)
Additions			$ 0	$ 50,000
Additions (in units)			0	14.925
Redemptions			$ 0	$ (43,930)
Redemptions (in units)			0	(14.925)
Offering costs				$ (76)
Balances at end of period	$ 0	$ 0	$ 0	$ 0
Balances at end of period (in units)	0	0	0	0
Series A [Member] | Other Unitholders [Member]
Balances at beginning of year			$ 711,962,948	$ 512,679,918
Balances at beginning of year (in units)			243,788.567	163,776.415
Net income (loss)			$ (59,262,613)	$ (44,874,203)
Additions			$ 57,673,457	$ 280,764,834
Additions (in units)			20,063.270	88,888.821
Redemptions			$ (56,314,105)	$ (22,958,431)
Redemptions (in units)			(20,058.345)	(7,505.161)
Offering costs			$ (2,628,480)	$ (2,381,009)
Balances at end of period	$ 651,431,207	$ 723,231,109	$ 651,431,207	$ 723,231,109
Balances at end of period (in units)	243,793.492	245,160.075	243,793.492	245,160.075
Series B [Member]
Balances at beginning of year			$ 135,564,706	$ 158,156,273
Balances at beginning of year (in units)			43,230.672	47,305.148
Net income (loss)			$ (10,528,061)	$ (8,200,317)
Additions			$ 314,572	$ 1,593,531
Additions (in units)			104.514	470.653
Redemptions			$ (10,760,370)	$ (12,429,432)
Redemptions (in units)			(3,546.604)	(3,801.739)
Transfers			$ 0
Transfers (in shares)			0
Balances at end of period	$ 114,590,847	$ 139,120,055	$ 114,590,847	$ 139,120,055
Balances at end of period (in units)	39,788.582	43,974.062	39,788.582	43,974.062
Series B [Member] | Managing Operator [Member]
Balances at beginning of year			$ 0	$ 0
Balances at beginning of year (in units)			0	0
Net income (loss)			$ (915)	$ 0
Additions			$ 0	$ 0
Additions (in units)			0	0
Redemptions			$ (55,085)	$ 0
Redemptions (in units)			(19.003)	0
Transfers			$ 56,000
Transfers (in shares)			19.003
Balances at end of period	$ 0	$ 0	$ 0	$ 0
Balances at end of period (in units)	0	0	0	0
Series B [Member] | Other Unitholders [Member]
Balances at beginning of year			$ 135,564,706	$ 158,156,273
Balances at beginning of year (in units)			43,230.672	47,305.148
Net income (loss)			$ (10,527,146)	$ (8,200,317)
Additions			$ 314,572	$ 1,593,531
Additions (in units)			104.514	470.653
Redemptions			$ (10,705,285)	$ (12,429,432)
Redemptions (in units)			(3,527.601)	(3,801.739)
Transfers			$ (56,000)
Transfers (in shares)			(19.003)
Balances at end of period	$ 114,590,847	$ 139,120,055	$ 114,590,847	$ 139,120,055
Balances at end of period (in units)	39,788.582	43,974.062	39,788.582	43,974.062
Series W [Member] | Other Unitholders [Member]
Balances at beginning of year			$ 80,553,752	$ 77,173,828
Balances at beginning of year (in units)			25,184.916	22,899.655
Net income (loss)			$ (5,591,260)	$ (3,556,232)
Additions			$ 8,220,745	$ 7,967,880
Additions (in units)			2,617.248	2,358.837
Redemptions			$ (8,393,359)	$ (3,017,148)
Redemptions (in units)			(2,683.770)	(927.881)
Offering costs			$ (296,753)	$ (303,963)
Balances at end of period	$ 74,493,125	$ 78,264,365	$ 74,493,125	$ 78,264,365
Balances at end of period (in units)	25,118.394	24,330.611	25,118.394	24,330.611

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STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE) (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Series A [Member]
Net Asset Value per Managing Operator and Other Unitholders' Unit (in dollars per unit)	2,672.06	2,796.06	2,920.41	2,950.04	2,859.57	3,130.36
Series B [Member]
Net Asset Value per Managing Operator and Other Unitholders' Unit (in dollars per unit)	2,879.99	3,009.86	3,135.85	3,163.68	3,062.82	3,343.32
Series W [Member]
Net Asset Value per Managing Operator and Other Unitholders' Unit (in dollars per unit)	2,965.68	3,089.56	3,198.49	3,216.70	3,104.33	3,370.09

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FINANCIAL HIGHLIGHTS (Unaudited) - $ / shares		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Series A [Member]
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period (in dollars per unit)		2,796.06	2,859.57	2,920.41	3,130.36
Income (loss) from operations:
Total net trading gains (losses) (in dollars per unit)	[1]	(96.17)	123.20	(166.14)	(33.07)
Net investment income (loss) (in dollars per unit)	[1]	(24.34)	(29.04)	(71.55)	(135.62)
Total net income (loss) from operations (in dollars per unit)		(120.51)	94.16	(237.69)	(168.69)
Offering costs (in dollars per unit)	[1]	(3.49)	(3.69)	(10.66)	(11.63)
Net asset value per unit at end of period (in dollars per unit)		2,672.06	2,950.04	2,672.06	2,950.04
Total Return	[2]	(4.43%)	3.16%	(8.50%)	(5.76%)
Ratios to average net asset value:
Expenses prior to performance fee	[3]	4.20%	4.29%	4.20%	4.19%
Performance fee	[2]	0.00%	0.00%	0.00%	1.49%
Total expenses		4.20%	4.29%	4.20%	5.68%
Net investment income (loss)	[3],[4]	(3.50%)	(4.03%)	(3.36%)	(3.86%)
Series B [Member]
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period (in dollars per unit)		3,009.86	3,062.82	3,135.85	3,343.32
Income (loss) from operations:
Total net trading gains (losses) (in dollars per unit)	[5]	(103.65)	132.00	(178.84)	(23.36)
Net investment income (loss) (in dollars per unit)	[5]	(26.22)	(31.14)	(77.02)	(156.28)
Total net income (loss) from operations (in dollars per unit)		(129.87)	100.86	(255.86)	(179.64)
Net asset value per unit at end of period (in dollars per unit)		2,879.99	3,163.68	2,879.99	3,163.68
Total Return	[2]	(4.31%)	3.29%	(8.16%)	(5.37%)
Ratios to average net asset value:
Expenses prior to performance fee	[3]	4.21%	4.26%	4.21%	4.22%
Performance fee	[2]	0.00%	0.00%	0.00%	1.81%
Total expenses		4.21%	4.26%	4.21%	6.03%
Net investment income (loss)	[3],[4]	(3.51%)	(4.00%)	(3.37%)	(3.86%)
Series W [Member]
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period (in dollars per unit)		3,089.56	3,104.33	3,198.49	3,370.09
Income (loss) from operations:
Total net trading gains (losses) (in dollars per unit)	[1]	(106.74)	133.83	(183.77)	(27.79)
Net investment income (loss) (in dollars per unit)	[1]	(13.28)	(17.45)	(37.29)	(112.91)
Total net income (loss) from operations (in dollars per unit)		(120.02)	116.38	(221.06)	(140.70)
Offering costs (in dollars per unit)	[1]	(3.86)	(4.01)	(11.75)	(12.69)
Net asset value per unit at end of period (in dollars per unit)		2,965.68	3,216.70	2,965.68	3,216.70
Total Return	[2]	(4.01%)	3.62%	(7.28%)	(4.55%)
Ratios to average net asset value:
Expenses prior to performance fee	[3]	2.42%	2.46%	2.43%	2.43%
Performance fee	[2]	0.00%	0.00%	0.00%	1.79%
Total expenses		2.42%	2.46%	2.43%	4.22%
Net investment income (loss)	[3],[4]	(1.72%)	(2.20%)	(1.59%)	(2.08%)

[1] Net investment income (loss) per unit and offering costs per unit is 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] Not annualized.

[3] Annualized.

[4] Excludes performance fee.

[5] 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.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2016

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.  General Description of the Trust

The Campbell Fund Trust (the "Trust") is a Delaware statutory trust which operates as a commodity investment pool. The Trust engages in the speculative trading of futures contracts 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. The rights of the Series A units, Series B units and Series W units are identical, except that the fees and commissions vary on a Series-by-Series basis. Series A and Series W commenced trading on October 1, 2008 and March 1, 2009, respectively. The initial minimum subscription for Series A units and Series W units is $25,000. Series B units are only available for additional investments by existing holders of Series B units. See Note 1F, Note 1H, Note 2 and Note 6 for an explanation of allocations and Series specific charges.

B.  Regulation

The Trust is a registrant with the Securities and Exchange Commission (the "SEC") pursuant to the Securities Exchange Act of 1934 (the "Act"). As a registrant, the Trust is subject to the regulations of the SEC and the informational requirements of the Act. As a commodity investment pool, the Trust is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of the various commodity exchanges where the Trust executes transactions. Additionally, the Trust is subject to the requirements of futures commission merchants (the "brokers") and interbank market makers through which the Trust trades.

C.  Method of Reporting

The Trust's financial statements are presented in accordance with accounting principles generally accepted in the United States of America, which may require the use of certain estimates made by the Trust's management. Actual results may differ from these estimates.

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, 2015. All adjustments of a normal recurring nature considered necessary for a fair presentation have been included.

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.

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 September 30, 2016 and December 31, 2015 and for the periods ended September 30, 2016 and 2015, 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 September 30, 2016 and December 31, 2015.

	Fair Value at September 30, 2016
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,325	$	0		$	0	$	3,325
Fixed income securities		0		795,196,767			0		795,196,767
Other Financial Instruments
Exchange-traded futures contracts		14,612,401		0			0		14,612,401
Forward currency contracts		0		(2,718,321	)		0		(2,718,321	)
Total	$	14,615,726	$	792,478,446		$	0	$	807,094,172

	Fair Value at December 31, 2015
Description	Level 1			Level 2		Level 3		Total
Investments
Short term investments	$	2,104		$	0	$	0	$	2,104
Fixed income securities		0			836,554,075		0		836,554,075
Other Financial Instruments
Exchange-traded futures contracts		(13,809,470	)		0		0		(13,809,470	)
Forward currency contracts		0			2,415,311		0		2,415,311
Total	$	(13,807,366	)	$	838,969,386	$	0	$	825,162,020

The Trust recognizes transfers between fair value hierarchy levels at the beginning of the reporting period. There were no transfers to or from Level 1 to Level 2 for the period ended September 30, 2016 or the year ended December 31, 2015.

The gross presentation of the fair value of the Trust's derivatives by instrument type is shown in Note 10. See Condensed Schedules of Investments for additional detail categorization.

E.  Income Taxes

The Trust prepares calendar year U.S. federal and applicable state information tax returns and reports to the unitholders their allocable shares of the Trust's income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as each unitholder is individually responsible for reporting income or loss based on such unitholder's respective share of the Trust's income and expenses as reported for income tax purposes.

Management has continued to evaluate the application of ASC 740, Income Taxes, to the Trust, and has determined that no reserves for uncertain tax positions were required. 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 Trust files federal and state tax returns. The 2012 through 2015 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

F.  Offering Costs

Campbell & Company, LP ("Campbell & Company") has incurred all costs in connection with the initial and continuous offering of units of the Trust ("offering costs"). Series A units and Series W units will each bear the offering costs incurred in the relation to the offering of Series A units and Series W units, respectively. Offering costs are charged to Series A and Series W at a monthly rate of 1/12 of 0.5% (0.5% annualized) of each Series' month-end net asset value (as defined in the Declaration of Trust and Trust Agreement) until such amounts are fully reimbursed. Such amounts are charged directly to unitholders' capital. Series A and Series W are only liable for payment of offering costs on a monthly basis. The offering costs allocable to the Series B units are borne by Campbell & Company.

If the Trust terminates prior to completion of payment to Campbell & Company for the unreimbursed offering costs incurred through the date of such termination, Campbell & Company will not be entitled to any additional payments, and Series A units and Series W units will have no further obligation to Campbell & Company. At September 30, 2016 and December 31, 2015, the amount of unreimbursed offering costs incurred by Campbell & Company is $1,590,782 and $2,643,803 for Series A units and $401,560 and $500,923 for Series W units, respectively.

G.  Foreign Currency Transactions

The Trust's functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income.

H.  Allocations

Income or loss (prior to calculation of the management fee, service fee, offering costs and performance fee) is allocated pro rata to each Series of units. Each Series of units is then charged the management fee, service fee, offering costs and performance fee applicable to such Series of units.

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MANAGING OPERATOR AND COMMODITY TRADING ADVISOR

9 Months Ended

Sep. 30, 2016

MANAGING OPERATOR AND COMMODITY TRADING ADVISOR [Abstract]

MANAGING OPERATOR AND COMMODITY TRADING ADVISOR

Note 2.  MANAGING OPERATOR AND COMMODITY TRADING ADVISOR

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

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

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

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TRUSTEE

9 Months Ended

Sep. 30, 2016

TRUSTEE [Abstract]

TRUSTEE

Note 3.  TRUSTEE

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

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ADMINISTRATOR

9 Months Ended

Sep. 30, 2016

ADMINISTRATOR [Abstract]

ADMINISTRATOR

Note 4.  ADMINISTRATOR

Northern Trust Hedge Fund Services LLC became the Administrator of the Trust effective January 1, 2015. The Administrator receives fees at rates agreed upon between the Trust and the Administrator and is entitled to reimbursement of certain actual out-of-pocket expenses incurred while performing its duties. The Administrator's primary responsibilities are portfolio accounting and fund accounting services.

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CASH MANAGER AND CUSTODIAN

9 Months Ended

Sep. 30, 2016

CASH MANAGER AND CUSTODIAN [Abstract]

CASH MANAGER AND CUSTODIAN

Note 5.  CASH MANAGER AND CUSTODIAN

PNC Capital Advisors, LLC serves as the cash manager under the Investment Advisory Agreement to manage and control the liquid assets of the Trust. PNC Capital Advisors, LLC is registered as an investment adviser with the SEC of the United States under the Investment Advisers Act of 1940.

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

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SERVICE FEE

9 Months Ended

Sep. 30, 2016

SERVICE FEE [Abstract]

SERVICE FEE

Note 6.  SERVICE FEE

The selling firms who sell Series W units receive a monthly service fee equal to 1/12 of 0.25% of the month-end Net Asset Value (as defined) of the Series W units, totaling approximately 0.25% per year.

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DEPOSITS WITH FUTURES BROKERS

9 Months Ended

Sep. 30, 2016

DEPOSITS WITH FUTURES BROKERS [Abstract]

DEPOSITS WITH FUTURES BROKERS

Note 7.  DEPOSITS WITH FUTURES BROKERS

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

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DEPOSITS WITH INTERBANK MARKET MAKER

9 Months Ended

Sep. 30, 2016

DEPOSITS WITH INTERBANK MARKET MAKER [Abstract]

DEPOSITS WITH INTERBANK MARKET MAKER

Note 8.  DEPOSITS WITH INTERBANK MARKET MAKER

The Trust's counterparty with regard to its forward currency transactions is the Royal Bank of Scotland PLC ("RBS"). The Trust has entered into an International Swaps and Derivatives Association Master Agreement ("ISDA Agreement") with RBS which governs these transactions. The credit ratings reported by the three major rating agencies for RBS were considered investment grade as of September 30, 2016. Margin requirements are satisfied by the deposit of U.S. Treasury Bills and cash with RBS. The Trust typically earns interest income on its assets deposited with RBS.

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SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

9 Months Ended

Sep. 30, 2016

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS [Abstract]

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

Note 9.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

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

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

Redemption fees, which are paid to Campbell & Company, apply to Series A units through the first twelve month-ends following purchase (the month-end as of which the unit is purchased is counted as the first month-end) as follows: 1.833% of Net Asset Value per unit redeemed through the second month-end, 1.666% of Net Asset Value per unit redeemed through the third month-end, 1.500% of Net Asset Value per unit redeemed through the fourth month-end, 1.333% of Net Asset Value per unit redeemed through the fifth month-end, 1.167% of Net Asset Value per unit redeemed through the sixth month-end, 1.000% of Net Asset Value per unit redeemed through the seventh month-end, 0.833% of Net Asset Value per unit redeemed through the eight month-end, 0.667% of Net Asset Value per unit redeemed through the ninth month-end, 0.500% of Net Asset Value per unit redeemed through the tenth month-end, 0.333% of Net Asset Value per unit redeemed through the eleventh month-end and 0.167% of Net Asset Value per unit redeemed through the twelfth month end.  For the nine months ended September 30, 2016 and 2015, Campbell & Company received redemption fees of $22,461 and $21,332, respectively.

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TRADING ACTIVITIES AND RELATED RISKS

9 Months Ended

Sep. 30, 2016

TRADING ACTIVITIES AND RELATED RISKS [Abstract]

TRADING ACTIVITIES AND RELATED RISKS

Note 10.  TRADING ACTIVITIES AND RELATED RISKS

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

Market Risk

For derivatives, risks arise from changes in the fair value of the contracts. Market movements result in frequent changes in the fair value of the Trust's open positions and, consequently, in its earnings and cash flow. The Trust's market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the fair value of financial instruments and contracts, the diversification effects among the Trust's open positions and the liquidity of the markets in which it trades. Theoretically, the Trust is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short. See Note 1. C. for an explanation of how the Trust determines its valuation for derivatives as well as the netting of derivatives.

The Trust adopted the provisions of ASC 815, Derivatives and Hedging, ("ASC 815"). ASC 815 provides enhanced disclosures about how and why an entity uses derivative instruments, how derivative instruments are accounted for, and how derivative instruments affect an entity's financial position, financial performance and cash flows.

The following tables summarize quantitative information required by ASC 815. The fair value of the Trust's derivatives by instrument type, as well as the location of those instruments on the Statements of Financial Condition, as of September 30, 2016 and December 31, 2015 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at September 30, 2016 Fair Value		Liability Derivatives at September 30, 2016 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	15,396,589	$	(2,883,275	)	$	12,513,314
Energy Contracts	Net unrealized gain (loss) on open futures contracts		664,895		(2,751,084	)		(2,086,189	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		6,928,408		(7,255,534	)		(327,126	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		3,748,382		(2,946,580	)		801,802
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		97,461		(277,923	)		(180,462	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		4,862,300		(971,238	)		3,891,062
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		24,568,608		(27,286,929	)		(2,718,321	)
Totals		$	56,266,643	$	(44,372,563	)	$	11,894,080

* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2015 Fair Value		Liability Derivatives at December 31, 2015 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	4,246,840	$	(3,186,075	)	$	1,060,765
Energy Contracts	Net unrealized gain (loss) on open futures contracts		2,219,147		(11,868,078	)		(9,648,931	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		2,238,119		(6,370,930	)		(4,132,811	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		974,091		(1,785,178	)		(811,087	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		18,382		(765,703	)		(747,321	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		2,669,840		(2,199,925	)		469,915
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		52,468,667		(50,053,356	)		2,415,311
Totals		$	64,835,086	$	(76,229,245	)	$	(11,394,159	)

* Derivatives not designated as hedging instruments under ASC 815

The trading gains and losses of the Trust's derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations, for the periods ended September 30, 2016 and 2015 is as follows:

Type of Instrument	Trading Gains (Losses) for the Three Months Ended September 30, 2016			Trading Gains (Losses) for the Three Months Ended September 30, 2015
Agriculture Contracts	$	7,727,273		$	(5,623,833	)
Energy Contracts		(12,371,532	)		14,609,064
Metal Contracts		(5,845,334	)		26,982,442
Stock Indices Contracts		11,672,523			(11,594,034	)
Short-Term Interest Rate Contracts		(1,788,940	)		4,049,678
Long Term Interest Rate Contracts		(13,503,510	)		(8,394,913	)
Forward Currency Contracts		(15,040,988	)		19,978,260
Total	$	(29,150,508	)	$	40,006,664

Type of Instrument	Trading Gains (Losses) for the Nine Months Ended September 30, 2016			Trading Gains (Losses) for the Nine Months Ended September 30, 2015
Agriculture Contracts	$	(4,898,501	)	$	(25,812,905	)
Energy Contracts		(35,449,754	)		(8,652,903	)
Metal Contracts		(15,268,152	)		12,024,859
Stock Indices Contracts		(12,565,063	)		(6,453,029	)
Short-Term Interest Rate Contracts		(5,604,922	)		1,453,282
Long Term Interest Rate Contracts		46,001,412			(18,461,882	)
Forward Currency Contracts		(21,913,543	)		30,434,862
Total	$	(49,698,523	)	$	(15,467,716	)

Line Item in the Statement of Operations	Trading Gains (Losses) for the Three Months Ended September 30, 2016			Trading Gains (Losses) for the Three Months Ended September 30, 2015
Futures trading gains (losses):
Realized**	$	(2,432,212	)	$	(10,627,706	)
Change in unrealized		(11,677,308	)		30,656,110
Forward currency trading gains (losses):
Realized		(6,752,196	)		8,664,461
Change in unrealized		(8,288,792	)		11,313,799
Total	$	(29,150,508	)	$	40,006,664

Line Item in the Statement of Operations	Trading Gains (Losses) for the Nine Months Ended September 30, 2016			Trading Gains (Losses) for the Nine Months Ended September 30, 2015
Futures trading gains (losses):
Realized**	$	(56,206,851	)	$	(33,181,304	)
Change in unrealized		28,421,871			(12,721,274	)
Forward currency trading gains (losses):
Realized		(16,779,911	)		43,532,041
Change in unrealized		(5,133,632	)		(13,097,179	)
Total	$	(49,698,523	)	$	(15,467,716	)

** Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures broker.

For the three months ended September 30, 2016 and 2015, the monthly average of futures contracts bought and sold was approximately 90,500 and 88,000, respectively, and the monthly average of notional value of forward currency contracts was $5,411,700,000 and $4,931,200,000, respectively.

For the nine months ended September 30, 2016 and 2015, the monthly average of futures contracts bought and sold was approximately 102,200 and 98,100, respectively, and the monthly average of notional value of forward currency contracts was $5,370,000,000 and $5,083,000,000, respectively.

Open contracts generally mature within three months; as of September 30, 2016, the latest maturity date for open futures contracts is December 2017 and the latest maturity date for open forward currency contracts is December 2016. However, the Trust intends to close all futures and forward currency contracts prior to maturity.

Credit Risk

The Trust trades futures contracts on exchanges that require margin deposits with the futures broker. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a futures broker to segregate all customer transactions and assets from such futures broker's proprietary activities. A customer's cash and other property (for example, U.S. Treasury Bills) deposited with a futures broker are considered commingled with all other customer funds subject to the futures broker's segregation requirements. In the event of a futures 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 Trust 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 Trust has a portion of its assets on deposit with PNC Bank. In the event of a financial institution's insolvency, recovery of the Trust's assets on deposit may be limited to account insurance or other protection afforded such deposits.

Under the terms of the ISDA Agreement with RBS, upon the designation of an Event of Default, as defined in the ISDA Agreement, the non-defaulting party may set-off any sum or obligation owed by the defaulting party to the non-defaulting party against any sum or obligation owed by the non-defaulting party to the defaulting party. If any sum or obligation is unascertained, the non-defaulting party may in good faith estimate that sum or obligation and set-off in respect to that estimate, accounting to the other party when such sum or obligation is ascertained.

Under the terms of each of the master netting agreement with UBS Securities and Goldman Sachs, upon occurrence of a default by the Trust, as defined in respective account documents, UBS Securities and Goldman Sachs have the right to close out any or all open contracts held in the Trust's account; sell any or all of the securities held; and borrow or buy any securities, contracts or other property for the Trust's account. The Trust would be liable for any deficiency in its account resulting from such transactions.

The amount of required margin and good faith deposits with the futures broker and interbank market maker usually range from 10% to 30% of Net Asset Value. The fair value of securities held to satisfy such requirements at September 30, 2016 and December 31, 2015 was $168,892,112 and $209,330,696, respectively, which equals 20% and 23% of Net Asset Value, respectively. The cash deposited with the interbank market maker at September 30, 2016 and December 31, 2015 was $79,610 and $147,386, respectively, which equals 0% and 0% of Net Asset Value, respectively. These amounts are included in cash. Included in cash deposits with the broker and interbroker market maker at September 30, 2016 and December 31, 2015 was restricted cash for margin requirements of $0 and $8,747,696, respectively, which equals 0% and 1 % of Net Asset Value, respectively.

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Statements of Financial Condition and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to financial collateral (including U.S. Treasury Bills and cash collateral) held at clearing brokers and counterparties. Margin reflected in the Collateral tables is limited to the net amount of unrealized loss at each counterparty. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the Collateral tables.

Offsetting of Derivative Assets
As of September 30, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	15,876,796	$	(8,529,078	)	$	7,347,718
Futures contracts	Goldman Sachs		15,821,239		(8,556,556	)		7,264,683
Forward currency contracts	Royal Bank of Scotland		24,568,608		(24,568,608	)		0
Total derivatives		$	56,266,643	$	(41,654,242	)	$	14,612,401

Derivatives Assets and Collateral Received by Counterparty
As of September 30, 2016
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	7,347,718	$	0	$	0	$	7,347,718
Goldman Sachs		7,264,683		0		0		7,264,683
Royal Bank of Scotland		0		0		0		0
Total	$	14,612,401	$	0	$	0	$	14,612,401

Offsetting of Derivative Liabilities
As of September 30, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	8,529,078	$	(8,529,078	)	$	0
Futures contracts	Goldman Sachs		8,556,556		(8,556,556	)		0
Forward currency contracts	Royal Bank of Scotland		27,286,929		(24,568,608	)		2,718,321
Total derivatives		$	44,372,563	$	(41,654,242	)	$	2,718,321

Derivatives Liabilities and Collateral Pledged by Counterparty
As of September 30, 2016
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition		Financial Instruments			Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0		$	0	$	0
Goldman Sachs		0		0			0		0
Royal Bank of Scotland		2,718,321		(2,718,321	)*		0		0
Total	$	2,718,321	$	(2,718,321	)	$	0	$	0

* Represents a portion of the $51,923,267 fair value in the U.S. Treasury Bills held at the interbank market maker.

Offsetting of Derivative Assets
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,203,954	$	(6,203,954	)	$	0
Futures contracts	Goldman Sachs		6,162,464		(6,162,464	)		0
Forward currency contracts	Royal Bank of Scotland		52,468,667		(50,053,356	)		2,415,311
Total derivatives		$	64,835,085	$	(62,419,774	)	$	2,415,311

Derivatives Assets and Collateral Received by Counterparty
As of December 31, 2015
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	0	$	0	$	0	$	0
Goldman Sachs		0		0		0		0
Royal Bank of Scotland		2,415,311		0		0		2,415,311
Total	$	2,415,311	$	0	$	0	$	2,415,311

Offsetting of Derivative Liabilities
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	13,056,095	$	(6,203,954	)	$	6,852,141
Futures contracts	Goldman Sachs		13,119,793		(6,162,464	)		6,957,329
Forward currency contracts	Royal Bank of Scotland		50,053,356		(50,053,356	)		0
Total derivatives		$	76,229,244	$	(62,419,774	)	$	13,809,470

Derivatives Liabilities and Collateral Pledged by Counterparty
As of December 31, 2015
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged			Net Amount
UBS Securities LLC	$	6,852,141	$	0	$	(6,852,141	)	$	0
Goldman Sachs		6,957,329		0		(6,957,329	)		0
Royal Bank of Scotland		0		0		0			0
Total	$	13,809,470	$	0	$	(13,809,470	)	$	0

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

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

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INDEMNIFICATIONS

9 Months Ended

Sep. 30, 2016

INDEMNIFICATIONS [Abstract]

INDEMNIFICATIONS

Note 11.  INDEMNIFICATIONS

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

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INTERIM FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2016

INTERIM FINANCIAL STATEMENTS [Abstract]

INTERIM FINANCIAL STATEMENTS

Note 12.  INTERIM FINANCIAL STATEMENTS

The statements of financial condition, including the condensed schedules of investments, as of September 30, 2016 and December 31, 2015, the statements of operations and financial highlights for the three and nine months ended September 30, 2016 and 2015, and the statements of cash flows and changes in unitholders' capital (Net Asset Value) for the nine months ended September 30, 2016 and 2015 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 September 30, 2016 and December 31, 2015, the results of operations and financial highlights for the three and nine months ended September 30, 2016 and 2015, and cash flows and changes in unitholders' capital (Net Asset Value) for the nine months ended September 30, 2016 and 2015.

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SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2016

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

Note 13.  SUBSEQUENT EVENTS

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

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2016

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Use of Estimates

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.

Investments

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.

Net Asset Value per Unit

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

Fair Value

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 September 30, 2016 and December 31, 2015 and for the periods ended September 30, 2016 and 2015, 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 September 30, 2016 and December 31, 2015.

	Fair Value at September 30, 2016
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,325	$	0		$	0	$	3,325
Fixed income securities		0		795,196,767			0		795,196,767
Other Financial Instruments
Exchange-traded futures contracts		14,612,401		0			0		14,612,401
Forward currency contracts		0		(2,718,321	)		0		(2,718,321	)
Total	$	14,615,726	$	792,478,446		$	0	$	807,094,172

	Fair Value at December 31, 2015
Description	Level 1			Level 2		Level 3		Total
Investments
Short term investments	$	2,104		$	0	$	0	$	2,104
Fixed income securities		0			836,554,075		0		836,554,075
Other Financial Instruments
Exchange-traded futures contracts		(13,809,470	)		0		0		(13,809,470	)
Forward currency contracts		0			2,415,311		0		2,415,311
Total	$	(13,807,366	)	$	838,969,386	$	0	$	825,162,020

The Trust recognizes transfers between fair value hierarchy levels at the beginning of the reporting period. There were no transfers to or from Level 1 to Level 2 for the period ended September 30, 2016 or the year ended December 31, 2015.

The gross presentation of the fair value of the Trust's derivatives by instrument type is shown in Note 10. See Condensed Schedules of Investments for additional detail categorization.

Income Taxes

E.  Income Taxes

The Trust prepares calendar year U.S. federal and applicable state information tax returns and reports to the unitholders their allocable shares of the Trust's income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as each unitholder is individually responsible for reporting income or loss based on such unitholder's respective share of the Trust's income and expenses as reported for income tax purposes.

Management has continued to evaluate the application of ASC 740, Income Taxes, to the Trust, and has determined that no reserves for uncertain tax positions were required. 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 Trust files federal and state tax returns. The 2012 through 2015 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Offering Costs

F.  Offering Costs

Campbell & Company, LP ("Campbell & Company") has incurred all costs in connection with the initial and continuous offering of units of the Trust ("offering costs"). Series A units and Series W units will each bear the offering costs incurred in the relation to the offering of Series A units and Series W units, respectively. Offering costs are charged to Series A and Series W at a monthly rate of 1/12 of 0.5% (0.5% annualized) of each Series' month-end net asset value (as defined in the Declaration of Trust and Trust Agreement) until such amounts are fully reimbursed. Such amounts are charged directly to unitholders' capital. Series A and Series W are only liable for payment of offering costs on a monthly basis. The offering costs allocable to the Series B units are borne by Campbell & Company.

If the Trust terminates prior to completion of payment to Campbell & Company for the unreimbursed offering costs incurred through the date of such termination, Campbell & Company will not be entitled to any additional payments, and Series A units and Series W units will have no further obligation to Campbell & Company. At September 30, 2016 and December 31, 2015, the amount of unreimbursed offering costs incurred by Campbell & Company is $1,590,782 and $2,643,803 for Series A units and $401,560 and $500,923 for Series W units, respectively.

Foreign Currency Transactions

G.  Foreign Currency Transactions

The Trust's functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statements 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.

Allocations

H.  Allocations

Income or loss (prior to calculation of the management fee, service fee, offering costs and performance fee) is allocated pro rata to each Series of units. Each Series of units is then charged the management fee, service fee, offering costs and performance fee applicable to such Series of units.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2016

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Investments Accounted for at Fair Value on a Recurring Basis

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 September 30, 2016 and December 31, 2015.

	Fair Value at September 30, 2016
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,325	$	0		$	0	$	3,325
Fixed income securities		0		795,196,767			0		795,196,767
Other Financial Instruments
Exchange-traded futures contracts		14,612,401		0			0		14,612,401
Forward currency contracts		0		(2,718,321	)		0		(2,718,321	)
Total	$	14,615,726	$	792,478,446		$	0	$	807,094,172

	Fair Value at December 31, 2015
Description	Level 1			Level 2		Level 3		Total
Investments
Short term investments	$	2,104		$	0	$	0	$	2,104
Fixed income securities		0			836,554,075		0		836,554,075
Other Financial Instruments
Exchange-traded futures contracts		(13,809,470	)		0		0		(13,809,470	)
Forward currency contracts		0			2,415,311		0		2,415,311
Total	$	(13,807,366	)	$	838,969,386	$	0	$	825,162,020

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TRADING ACTIVITIES AND RELATED RISKS (Tables)

9 Months Ended

Sep. 30, 2016

TRADING ACTIVITIES AND RELATED RISKS [Abstract]

Fair Value of the Trust's Derivatives by Instrument Type and Location of Instruments on the Statements of Financial Condition

The following tables summarize quantitative information required by ASC 815. The fair value of the Trust's derivatives by instrument type, as well as the location of those instruments on the Statements of Financial Condition, as of September 30, 2016 and December 31, 2015 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at September 30, 2016 Fair Value		Liability Derivatives at September 30, 2016 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	15,396,589	$	(2,883,275	)	$	12,513,314
Energy Contracts	Net unrealized gain (loss) on open futures contracts		664,895		(2,751,084	)		(2,086,189	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		6,928,408		(7,255,534	)		(327,126	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		3,748,382		(2,946,580	)		801,802
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		97,461		(277,923	)		(180,462	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		4,862,300		(971,238	)		3,891,062
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		24,568,608		(27,286,929	)		(2,718,321	)
Totals		$	56,266,643	$	(44,372,563	)	$	11,894,080

* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2015 Fair Value		Liability Derivatives at December 31, 2015 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	4,246,840	$	(3,186,075	)	$	1,060,765
Energy Contracts	Net unrealized gain (loss) on open futures contracts		2,219,147		(11,868,078	)		(9,648,931	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		2,238,119		(6,370,930	)		(4,132,811	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		974,091		(1,785,178	)		(811,087	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		18,382		(765,703	)		(747,321	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		2,669,840		(2,199,925	)		469,915
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		52,468,667		(50,053,356	)		2,415,311
Totals		$	64,835,086	$	(76,229,245	)	$	(11,394,159	)

* Derivatives not designated as hedging instruments under ASC 815

Trading Gains and Losses of the Trust's Derivatives by Instrument Type and Location of Gains and Losses on the Statements of Operations

The trading gains and losses of the Trust's derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations, for the periods ended September 30, 2016 and 2015 is as follows:

Type of Instrument	Trading Gains (Losses) for the Three Months Ended September 30, 2016			Trading Gains (Losses) for the Three Months Ended September 30, 2015
Agriculture Contracts	$	7,727,273		$	(5,623,833	)
Energy Contracts		(12,371,532	)		14,609,064
Metal Contracts		(5,845,334	)		26,982,442
Stock Indices Contracts		11,672,523			(11,594,034	)
Short-Term Interest Rate Contracts		(1,788,940	)		4,049,678
Long Term Interest Rate Contracts		(13,503,510	)		(8,394,913	)
Forward Currency Contracts		(15,040,988	)		19,978,260
Total	$	(29,150,508	)	$	40,006,664

Type of Instrument	Trading Gains (Losses) for the Nine Months Ended September 30, 2016			Trading Gains (Losses) for the Nine Months Ended September 30, 2015
Agriculture Contracts	$	(4,898,501	)	$	(25,812,905	)
Energy Contracts		(35,449,754	)		(8,652,903	)
Metal Contracts		(15,268,152	)		12,024,859
Stock Indices Contracts		(12,565,063	)		(6,453,029	)
Short-Term Interest Rate Contracts		(5,604,922	)		1,453,282
Long Term Interest Rate Contracts		46,001,412			(18,461,882	)
Forward Currency Contracts		(21,913,543	)		30,434,862
Total	$	(49,698,523	)	$	(15,467,716	)

Line Item in the Statement of Operations	Trading Gains (Losses) for the Three Months Ended September 30, 2016			Trading Gains (Losses) for the Three Months Ended September 30, 2015
Futures trading gains (losses):
Realized**	$	(2,432,212	)	$	(10,627,706	)
Change in unrealized		(11,677,308	)		30,656,110
Forward currency trading gains (losses):
Realized		(6,752,196	)		8,664,461
Change in unrealized		(8,288,792	)		11,313,799
Total	$	(29,150,508	)	$	40,006,664

Line Item in the Statement of Operations	Trading Gains (Losses) for the Nine Months Ended September 30, 2016			Trading Gains (Losses) for the Nine Months Ended September 30, 2015
Futures trading gains (losses):
Realized**	$	(56,206,851	)	$	(33,181,304	)
Change in unrealized		28,421,871			(12,721,274	)
Forward currency trading gains (losses):
Realized		(16,779,911	)		43,532,041
Change in unrealized		(5,133,632	)		(13,097,179	)
Total	$	(49,698,523	)	$	(15,467,716	)

** Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures broker.

Offsetting of Derivative Assets and Collateral Received by Counterparty

Offsetting of Derivative Assets
As of September 30, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	15,876,796	$	(8,529,078	)	$	7,347,718
Futures contracts	Goldman Sachs		15,821,239		(8,556,556	)		7,264,683
Forward currency contracts	Royal Bank of Scotland		24,568,608		(24,568,608	)		0
Total derivatives		$	56,266,643	$	(41,654,242	)	$	14,612,401

Derivatives Assets and Collateral Received by Counterparty
As of September 30, 2016
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	7,347,718	$	0	$	0	$	7,347,718
Goldman Sachs		7,264,683		0		0		7,264,683
Royal Bank of Scotland		0		0		0		0
Total	$	14,612,401	$	0	$	0	$	14,612,401

Offsetting of Derivative Assets
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,203,954	$	(6,203,954	)	$	0
Futures contracts	Goldman Sachs		6,162,464		(6,162,464	)		0
Forward currency contracts	Royal Bank of Scotland		52,468,667		(50,053,356	)		2,415,311
Total derivatives		$	64,835,085	$	(62,419,774	)	$	2,415,311

Derivatives Assets and Collateral Received by Counterparty
As of December 31, 2015
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	0	$	0	$	0	$	0
Goldman Sachs		0		0		0		0
Royal Bank of Scotland		2,415,311		0		0		2,415,311
Total	$	2,415,311	$	0	$	0	$	2,415,311

Offsetting of Derivative Liabilities and Collateral Pledged by Counterparty

Offsetting of Derivative Liabilities
As of September 30, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	8,529,078	$	(8,529,078	)	$	0
Futures contracts	Goldman Sachs		8,556,556		(8,556,556	)		0
Forward currency contracts	Royal Bank of Scotland		27,286,929		(24,568,608	)		2,718,321
Total derivatives		$	44,372,563	$	(41,654,242	)	$	2,718,321

Derivatives Liabilities and Collateral Pledged by Counterparty
As of September 30, 2016
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition		Financial Instruments			Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0		$	0	$	0
Goldman Sachs		0		0			0		0
Royal Bank of Scotland		2,718,321		(2,718,321	)*		0		0
Total	$	2,718,321	$	(2,718,321	)	$	0	$	0

* Represents a portion of the $51,923,267 fair value in the U.S. Treasury Bills held at the interbank market maker.

Offsetting of Derivative Liabilities
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	13,056,095	$	(6,203,954	)	$	6,852,141
Futures contracts	Goldman Sachs		13,119,793		(6,162,464	)		6,957,329
Forward currency contracts	Royal Bank of Scotland		50,053,356		(50,053,356	)		0
Total derivatives		$	76,229,244	$	(62,419,774	)	$	13,809,470

Derivatives Liabilities and Collateral Pledged by Counterparty
As of December 31, 2015
			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged			Net Amount
UBS Securities LLC	$	6,852,141	$	0	$	(6,852,141	)	$	0
Goldman Sachs		6,957,329		0		(6,957,329	)		0
Royal Bank of Scotland		0		0		0			0
Total	$	13,809,470	$	0	$	(13,809,470	)	$	0

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Sep. 30, 2016 USD ($) $ / shares	Dec. 31, 2015 USD ($)
Investments [Abstract]
Transfers from Level 1 to Level 2	$ 0	$ 0
Transfers from Level 2 to Level 1	0	0
Income Taxes [Abstract]
Reserves for uncertain tax positions	0
Increase in unrecognized tax benefits within twelve months	0
Decrease in unrecognized tax benefits within twelve months	0
Fair Value on a Recurring Basis [Member]
Investments [Abstract]
Short term investments	3,325	2,104
Fixed income securities	795,196,767	836,554,075
Total	807,094,172	825,162,020
Fair Value on a Recurring Basis [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	14,612,401	(13,809,470)
Fair Value on a Recurring Basis [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	(2,718,321)	2,415,311
Fair Value on a Recurring Basis [Member] | Level 1 [Member]
Investments [Abstract]
Short term investments	3,325	2,104
Fixed income securities	0	0
Total	14,615,726	(13,807,366)
Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	14,612,401	(13,809,470)
Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Fair Value on a Recurring Basis [Member] | Level 2 [Member]
Investments [Abstract]
Short term investments	0	0
Fixed income securities	795,196,767	836,554,075
Total	792,478,446	838,969,386
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	(2,718,321)	2,415,311
Fair Value on a Recurring Basis [Member] | Level 3 [Member]
Investments [Abstract]
Short term investments	0	0
Fixed income securities	0	0
Total	0	0
Fair Value on a Recurring Basis [Member] | Level 3 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Fair Value on a Recurring Basis [Member] | Level 3 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	$ 0	0
Federal Tax Authority [Member] | Minimum [Member]
Income Taxes [Abstract]
Open tax year	2012
Federal Tax Authority [Member] | Maximum [Member]
Income Taxes [Abstract]
Open tax year	2015
State Tax Authorities [Member] | Minimum [Member]
Income Taxes [Abstract]
Open tax year	2012
State Tax Authorities [Member] | Maximum [Member]
Income Taxes [Abstract]
Open tax year	2015
Series A [Member]
General Description of the Trust [Abstract]
Initial minimum subscription (in dollars per unit) | $ / shares	25,000
Offering Costs [Abstract]
Monthly offering costs percentage	0.04167%
Annualized offering costs percentage	0.50%
Unreimbursed offering costs	$ 1,590,782	2,643,803
Series W [Member]
General Description of the Trust [Abstract]
Initial minimum subscription (in dollars per unit) | $ / shares	25,000
Offering Costs [Abstract]
Monthly offering costs percentage	0.04167%
Annualized offering costs percentage	0.50%
Unreimbursed offering costs	$ 401,560	$ 500,923

XML

MANAGING OPERATOR AND COMMODITY TRADING ADVISOR (Details)	9 Months Ended
	Sep. 30, 2016
Series A [Member]
Management and Performance Fees [Abstract]
Monthly management fee percentage	0.33%
Annualized management fee percentage	4.00%
Quarterly performance fee percentage	20.00%
Series B [Member]
Management and Performance Fees [Abstract]
Monthly management fee percentage	0.33%
Annualized management fee percentage	4.00%
Quarterly performance fee percentage	20.00%
Series W [Member]
Management and Performance Fees [Abstract]
Monthly management fee percentage	0.167%
Annualized management fee percentage	2.00%
Quarterly performance fee percentage	20.00%

XML

SERVICE FEE (Details) - Series W [Member]	9 Months Ended
	Sep. 30, 2016
Service Fees [Abstract]
Monthly service fee percentage	0.02083%
Annualized service fee percentage	0.25%

XML

DEPOSITS WITH INTERBANK MARKET MAKER (Details)	9 Months Ended
	Sep. 30, 2016 Counterparty
DEPOSITS WITH INTERBANK MARKET MAKER [Abstract]
Number of major rating agencies reporting credit ratings for RBS and UBS as investment grade	3

XML

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS [Abstract]
Number of business days advance written notice is required for monthly redemptions	10 days
Series A [Member]
Redemption Fees [Abstract]
Period for which redemption fees apply following purchase	12 months
Redemption fee percentage of Net Asset Value per unit redeemed through the second month-end	1.833%
Redemption fee percentage of Net Asset Value per unit redeemed through the third month-end	1.666%
Redemption fee percentage of Net Asset Value per unit redeemed through the fourth month-end	1.50%
Redemption fee percentage of Net Asset Value per unit redeemed through the fifth month-end	1.333%
Redemption fee percentage of Net Asset Value per unit redeemed through the sixth month-end	1.167%
Redemption fee percentage of Net Asset Value per unit redeemed through the seventh month-end	1.00%
Redemption fee percentage of Net Asset Value per unit redeemed through the eight month-end	0.833%
Redemption fee percentage of Net Asset Value per unit redeemed through the ninth month-end	0.667%
Redemption fee percentage of Net Asset Value per unit redeemed through the tenth month-end	0.50%
Redemption fee percentage of Net Asset Value per unit redeemed through the eleventh month-end	0.333%
Redemption fee percentage of Net Asset Value per unit redeemed through the twelfth month-end	0.167%
Redemption fees received by Campbell & Company	$ 22,461	$ 21,332

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TRADING ACTIVITIES AND RELATED RISKS, Derivatives by Instrument Type and Location of Instruments on the Statements of Financial Condition (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	$ 14,612,401	$ 2,415,311
Liability derivatives at fair value	(2,718,321)	(13,809,470)
Not Designated as Hedging Instruments [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	56,266,643	64,835,086
Liability derivatives at fair value	(44,372,563)	(76,229,245)
Net	11,894,080	(11,394,159)
Agriculture Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain/Loss on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	15,396,589	4,246,840
Liability derivatives at fair value	(2,883,275)	(3,186,075)
Net	12,513,314	1,060,765
Energy Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain/Loss on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	664,895	2,219,147
Liability derivatives at fair value	(2,751,084)	(11,868,078)
Net	(2,086,189)	(9,648,931)
Metal Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain/Loss on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	6,928,408	2,238,119
Liability derivatives at fair value	(7,255,534)	(6,370,930)
Net	(327,126)	(4,132,811)
Stock Indices Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain/Loss on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	3,748,382	974,091
Liability derivatives at fair value	(2,946,580)	(1,785,178)
Net	801,802	(811,087)
Short-Term Interest Rate Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain/Loss on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	97,461	18,382
Liability derivatives at fair value	(277,923)	(765,703)
Net	(180,462)	(747,321)
Long-Term Interest Rates [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain/Loss on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	4,862,300	2,669,840
Liability derivatives at fair value	(971,238)	(2,199,925)
Net	3,891,062	469,915
Forward Currency Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain (Loss) on Open Forward Currency Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	24,568,608	52,468,667
Liability derivatives at fair value	(27,286,929)	(50,053,356)
Net	$ (2,718,321)	$ 2,415,311

XML

TRADING ACTIVITIES AND RELATED RISKS, Derivatives by Instrument Type (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		$ (29,150,508)	$ 40,006,664	$ (49,698,523)	$ (15,467,716)
Futures Trading Gains (Losses) - Realized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)	[1]	(2,432,212)	(10,627,706)	(56,206,851)	(33,181,304)
Futures Trading Gains (Losses) - Change in Unrealized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		(11,677,308)	30,656,110	28,421,871	(12,721,274)
Forward Currency Trading Gains (Losses) - Realized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		(6,752,196)	8,664,461	(16,779,911)	43,532,041
Forward Currency Trading Gains (Losses) - Change in Unrealized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		(8,288,792)	11,313,799	(5,133,632)	(13,097,179)
Agriculture Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		7,727,273	(5,623,833)	(4,898,501)	(25,812,905)
Energy Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		(12,371,532)	14,609,064	(35,449,754)	(8,652,903)
Metal Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		(5,845,334)	26,982,442	(15,268,152)	12,024,859
Stock Indices Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		11,672,523	(11,594,034)	(12,565,063)	(6,453,029)
Short-Term Interest Rate Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		(1,788,940)	4,049,678	(5,604,922)	1,453,282
Long-Term Interest Rates [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		(13,503,510)	(8,394,913)	46,001,412	(18,461,882)
Forward Currency Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		$ (15,040,988)	$ 19,978,260	$ (21,913,543)	$ 30,434,862

[1] Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures broker.

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TRADING ACTIVITIES AND RELATED RISKS, Location of Gains and Losses on the Statements of Operations (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016 USD ($) Contract	Sep. 30, 2015 USD ($) Contract	Sep. 30, 2016 USD ($) Contract	Sep. 30, 2015 USD ($) Contract
Derivatives [Abstract]
Average number of months until maturity for open contracts			3 months
Futures Contracts [Member]
Derivatives [Abstract]
Monthly average of contracts bought and sold | Contract	90,500	88,000	102,200	98,100
Futures Contracts [Member] | Maximum [Member]
Derivatives [Abstract]
Latest maturity date for open contracts			Dec. 31, 2017
Forward Currency Contracts [Member]
Derivatives [Abstract]
Monthly average notional value | $	$ 5,411,700,000	$ 4,931,200,000	$ 5,370,000,000	$ 5,083,000,000
Forward Currency Contracts [Member] | Maximum [Member]
Derivatives [Abstract]
Latest maturity date for open contracts			Dec. 31, 2016

XML

TRADING ACTIVITIES AND RELATED RISKS, Credit Risk (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
TRADING ACTIVITIES AND RELATED RISKS [Abstract]
Percentage of Net Asset Value required for margin and good faith deposits, low end	10.00%
Percentage of Net Asset Value required for margin and good faith deposits, high end	30.00%
Fair value of securities held to satisfy margin and good faith deposits	$ 168,892,112	$ 209,330,696
Fair value of securities held to satisfy margin and good faith deposits as a percentage of Net Asset Value	20.00%	23.00%
Cash deposited with interbank market makers	$ 79,610	$ 147,386
Cash deposited with interbank market makers as a percentage of Net Asset Value	0.00%	0.00%
Restricted cash for margin requirements	$ 0	$ 8,747,696
Restricted cash for margin requirements as a percentage of Net Asset Value	0.00%	1.00%
Maximum margin-to-equity ratio	30.00%

XML

TRADING ACTIVITIES AND RELATED RISKS, Offsetting of Derivative Assets and Collateral Received by Counterparty (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Offsetting of Derivative Assets [Abstract]
Gross amount of recognized assets	$ 56,266,643	$ 64,835,085
Gross amount offset in the Statements of Financial Condition	(41,654,242)	(62,419,774)
Net amount of unrealized gain presented in the Statements of Financial Condition	14,612,401	2,415,311
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amount of unrealized gain in the Statements of Financial Condition	14,612,401	2,415,311
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral received	0	0
Net amount	14,612,401	2,415,311
Futures Contracts [Member] | UBS Securities LLC [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets [Abstract]
Gross amount of recognized assets	15,876,796	6,203,954
Gross amount offset in the Statements of Financial Condition	(8,529,078)	(6,203,954)
Net amount of unrealized gain presented in the Statements of Financial Condition	7,347,718	0
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amount of unrealized gain in the Statements of Financial Condition	7,347,718	0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral received	0	0
Net amount	7,347,718	0
Futures Contracts [Member] | Goldman, Sachs & Co. [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets [Abstract]
Gross amount of recognized assets	15,821,239	6,162,464
Gross amount offset in the Statements of Financial Condition	(8,556,556)	(6,162,464)
Net amount of unrealized gain presented in the Statements of Financial Condition	7,264,683	0
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amount of unrealized gain in the Statements of Financial Condition	7,264,683	0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral received	0	0
Net amount	7,264,683	0
Forward Currency Contracts [Member] | Royal Bank of Scotland [Member] | Over-the-Counter [Member]
Offsetting of Derivative Assets [Abstract]
Gross amount of recognized assets	24,568,608	52,468,667
Gross amount offset in the Statements of Financial Condition	(24,568,608)	(50,053,356)
Net amount of unrealized gain presented in the Statements of Financial Condition	0	2,415,311
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amount of unrealized gain in the Statements of Financial Condition	0	2,415,311
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral received	0	0
Net amount	$ 0	$ 2,415,311

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TRADING ACTIVITIES AND RELATED RISKS, Offsetting of Derivative Liabilities and Collateral Pledged by Counterparty (Details) - USD ($)	Sep. 30, 2016		Dec. 31, 2015
Offsetting of Derivative Liabilities [Abstract]
Gross amount of recognized liabilities	$ 44,372,563		$ 76,229,244
Gross amount offset in the Statements of Financial Condition	(41,654,242)		(62,419,774)
Net amount of unrealized loss presented in the Statements of Financial Condition	2,718,321		13,809,470
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amount of unrealized loss in the Statements of Financial Condition	2,718,321		13,809,470
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	(2,718,321)		0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0		(13,809,470)
Net amount	0		0
Investment Holdings [Line Items]
Fixed income securities	678,227,922		711,565,285
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member]
Investment Holdings [Line Items]
Fixed income securities	51,923,267		84,341,906
Futures Contracts [Member] | UBS Securities LLC [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amount of recognized liabilities	8,529,078		13,056,095
Gross amount offset in the Statements of Financial Condition	(8,529,078)		(6,203,954)
Net amount of unrealized loss presented in the Statements of Financial Condition	0		6,852,141
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amount of unrealized loss in the Statements of Financial Condition	0		6,852,141
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0		0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0		(6,852,141)
Net amount	0		0
Futures Contracts [Member] | Goldman, Sachs & Co. [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amount of recognized liabilities	8,556,556		13,119,793
Gross amount offset in the Statements of Financial Condition	(8,556,556)		(6,162,464)
Net amount of unrealized loss presented in the Statements of Financial Condition	0		6,957,329
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amount of unrealized loss in the Statements of Financial Condition	0		6,957,329
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0		0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0		(6,957,329)
Net amount	0		0
Forward Currency Contracts [Member] | Royal Bank of Scotland [Member] | Over-the-Counter [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amount of recognized liabilities	27,286,929		50,053,356
Gross amount offset in the Statements of Financial Condition	(24,568,608)		(50,053,356)
Net amount of unrealized loss presented in the Statements of Financial Condition	2,718,321		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amount of unrealized loss in the Statements of Financial Condition	2,718,321		0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	(2,718,321)	[1]	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0		0
Net amount	$ 0		$ 0

[1] Represents a portion of the $51,923,267 fair value in the U.S. Treasury Bills held at the interbank market maker.