10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2018

☐ 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, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☑	Smaller reporting company ☐
		(Do not check if a smaller reporting company)
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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

TABLE OF CONTENTS

			Page
PART I — FINANCIAL INFORMATION
	Item 1.	Financial Statements.
		Condensed Schedules of Investments as of March 31, 2018 and December 31, 2017 (Unaudited)	1-4
		Statements of Financial Condition as of March 31, 2018 and December 31, 2017 (Unaudited)	5
		Statements of Operations for the Three Months Ended March 31, 2018 and 2017 (Unaudited)	6
		Statements of Cash Flows for the Three Months Ended March 31, 2018 and 2017 (Unaudited)	7
		Statements of Changes in Unitholders' Capital (Net Asset Value) for the Three Months Ended March 31, 2018 and 2017 (Unaudited)	8-9
		Financial Highlights for the Three Months Ended March 31, 2018 and 2017 (Unaudited)	10-13
		Notes to Financial Statements (Unaudited)	14-23
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	24-28
	Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	28-32
	Item 4.	Controls and Procedures.	32
PART II — OTHER INFORMATION
	Item 1.	Legal Proceedings.	33
	Item 1A.	Risk Factors.	33
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	33
	Item 3.	Defaults Upon Senior Securities.	33
	Item 4.	Mine Safety Disclosures.	33
	Item 5.	Other Information.	33
	Item 6.	Exhibits.	34-35
SIGNATURES			36

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

MARCH 31, 2018 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Asset Backed Securities
		United States
		Auto Loans	$	21,351,644		4.20	%
		Credit Cards		11,956,044		2.35	%
		Equipment Loans		485,311		0.10	%
		Total Asset Backed Securities (cost $33,976,008)		33,792,999		6.65	%
		Bank Deposits
		United States
		Financials		4,289,399		0.85	%
		Total Bank Deposits (cost $4,295,269)		4,289,399		0.85	%
		Commercial Paper
		Canada
		Financials (cost $7,855,515)		7,838,233		1.54	%
		Switzerland
		Financials (cost $3,012,388)		3,008,443		0.59	%
		United States
		Communications		17,558,785		3.45	%
		Consumer Discretionary		22,507,400		4.43	%
		Consumer Staples		19,566,537		3.85	%
		Financials		18,836,628		3.71	%
		Industrials		26,549,888		5.22	%
		Utilities		44,470,487		8.76	%
		Total United States (cost $149,507,834)		149,489,725		29.42	%
		Total Commercial Paper (cost $160,375,737)		160,336,401		31.55	%
		Corporate Bonds
		Canada
		Financials (cost $11,401,320)		11,352,380		2.24	%
		Ireland
		Financials (cost $2,976,656)		2,967,259		0.58	%
		Japan
		Financials (cost $2,020,000)		2,000,924		0.39	%
		United Kingdom
		Energy		4,872,597		0.96	%
		Financials		5,856,450		1.15	%
		Total United Kingdom (cost $10,784,487)		10,729,047		2.11	%
		United States
		Communications		37,913,274		7.46	%
		Consumer Discretionary		17,931,134		3.53	%
		Consumer Staples		11,809,227		2.32	%
		Energy		2,771,469		0.55	%
		Financials		54,103,587		10.65	%
		Industrials		5,908,861		1.16	%
		Technology		6,273,522		1.23	%
		Utilities		1,490,366		0.29	%
		Total United States (cost $138,321,012)		138,201,440		27.19	%
		Total Corporate Bonds (cost $165,503,475)		165,251,050		32.51	%
		Government And Agency Obligations
		United States
		U.S. Treasury Bills
$	35,680,000	U.S. Treasury Bills Due 04/26/2018*		35,642,177		7.01	%
$	18,892,500	U.S. Treasury Bills Due 05/24/2018*		18,848,016		3.71	%
$	23,217,500	U.S. Treasury Bills Due 06/21/2018*		23,131,074		4.55	%
		Total Government And Agency Obligations (cost $77,624,218)		77,621,267		15.27	%
		Total Fixed Income Securities ** (cost $441,774,707)	$	441,291,116		86.83	%

SHORT TERM INVESTMENTS

Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Money Market Funds
	United States
	Money Market Funds (cost $3,638)	$	3,638		0.00	%
	Total Short Term Investments (cost $3,638)	$	3,638		0.00	%

See Accompanying Notes to Financial Statements.

1

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

MARCH 31, 2018 (Unaudited)

LONG FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	330,944			0.06	%
Energy		3,435,796			0.68	%
Metals		(6,000,922	)		(1.18	)%
Stock indices		(469,497	)		(0.09	)%
Short-term interest rates		(354	)		0.00	%
Long-term interest rates		5,923,524			1.16	%
Net unrealized gain (loss) on long futures contracts	$	3,219,491			0.63	%

SHORT FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	4,603,279			0.91	%
Metals		5,527,354			1.09	%
Stock indices		(765,029	)		(0.15	)%
Short-term interest rates		(1,018,150	)		(0.20	)%
Long-term interest rates		(2,619,388	)		(0.52	)%
Net unrealized gain (loss) on short futures contracts		5,728,066			1.13	%
Net unrealized gain (loss) on open futures contracts	$	8,947,557			1.76	%

FORWARD CURRENCY CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	(4,640,124	)		(0.91	)%
Various short forward currency contracts		1,420,436			0.28	%
Net unrealized gain (loss) on open forward currency contracts	$	(3,219,688	)		(0.63	)%

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

** Included in fixed income securities are U.S. Treasury Bills with a fair value of $67,492,016 deposited with the futures brokers and $10,129,251 deposited with the interbank market maker.

See Accompanying Notes to Financial Statements.

2

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Asset Backed Securities
		United States
		Auto Loans	$	23,525,701		4.31	%
		Credit Cards		13,664,555		2.50	%
		Equipment Loans		1,128,744		0.21	%
		Total Asset Backed Securities (cost $38,400,582)		38,319,000		7.02	%
		Bank Deposits
		United States
		Financials		3,693,397		0.68	%
		Total Bank Deposits (cost $3,692,357)		3,693,397		0.68	%
		Commercial Paper
		Japan
		Financials (cost $6,721,959)		6,720,957		1.23	%
		Switzerland
		Financials (cost $2,999,246)		2,997,430		0.55	%
		United States
		Communications		5,625,384		1.03	%
		Consumer Discretionary		19,828,222		3.63	%
		Consumer Staples		22,089,851		4.05	%
		Energy		13,133,181		2.41	%
		Financials		41,070,220		7.52	%
		Industrials		32,138,351		5.89	%
		Utilities		41,087,251		7.53	%
		Total United States (cost $174,999,805)		174,972,460		32.06	%
		Total Commercial Paper (cost $184,721,010)		184,690,847		33.84	%
		Corporate Bonds
		Canada
		Financials (cost $2,498,830)		2,480,289		0.45	%
		United Kingdom
		Energy		4,884,470		0.89	%
		Financials		3,542,594		0.65	%
		Total United Kingdom (cost $8,448,898)		8,427,064		1.54	%
		United States
		Communications		37,630,534		6.89	%
		Consumer Discretionary		17,008,422		3.12	%
		Consumer Staples		11,818,118		2.17	%
		Energy		7,713,153		1.41	%
		Financials		69,000,751		12.65	%
		Industrials		10,972,758		2.01	%
		Technology		2,692,739		0.49	%
		Utilities		1,491,913		0.27	%
		Total United States (cost $158,246,949)		158,328,388		29.01	%
		Total Corporate Bonds (cost $169,194,677)		169,235,741		31.00	%
		Government And Agency Obligations
		United States
		U.S. Treasury Bills
$	25,292,500	U.S. Treasury Bills Due 02/22/2018*		25,247,353		4.63	%
$	37,867,500	U.S. Treasury Bills Due 03/29/2018*		37,744,133		6.91	%
$	35,680,000	U.S. Treasury Bills Due 04/26/2018*		35,526,056		6.51	%
		Total Government And Agency Obligations (cost $98,557,453)		98,517,542		18.05	%
		Total Fixed Income Securities ** (cost $494,566,079)	$	494,456,527		90.59	%

SHORT TERM INVESTMENTS

Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Money Market Funds
	United States
	Money Market Funds (cost $12,271)	$	12,271		0.00	%
	Total Short Term Investments (cost $12,271)	$	12,271		0.00	%

See Accompanying Notes to Financial Statements.

3

THE CAMPBELL FUND TRUST

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (Unaudited)

LONG FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	924,150			0.17	%
Energy		4,224,681			0.78	%
Metals		6,713,170			1.23	%
Stock indices		4,003,518			0.73	%
Short-term interest rates		(239,756	)		(0.04	)%
Long-term interest rates		(4,999,798	)		(0.92	)%
Net unrealized gain (loss) on long futures contracts	$	10,625,965			1.95	%

SHORT FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	2,408,552			0.44	%
Energy		(1,761,620	)		(0.32	)%
Metals		(2,785,648	)		(0.51	)%
Stock indices		(113,440	)		(0.02	)%
Short-term interest rates		250,252			0.04	%
Long-term interest rates		370,399			0.07	%
Net unrealized gain (loss) on short futures contracts		(1,631,505	)		(0.30	)%
Net unrealized gain (loss) on open futures contracts	$	8,994,460			1.65	%

FORWARD CURRENCY CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	15,396,303			2.82	%
Various short forward currency contracts		(12,294,439	)		(2.25	)%
Net unrealized gain (loss) on open forward currency contracts	$	3,101,864			0.57	%

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

** Included in fixed income securities are U.S. Treasury Bills with a fair value of $67,430,443 deposited with the futures brokers and $31,087,099 deposited with the interbank market maker.

See Accompanying Notes to Financial Statements.

4

THE CAMPBELL FUND TRUST

STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2018 AND DECEMBER 31, 2017 (Unaudited)

	March 31, 2018			December 31, 2017
ASSETS
Equity in futures broker trading accounts
Cash	$	38,164,562		$	46,914,581
Restricted cash		0			936,583
Fixed income securities (cost $67,493,074 and $67,458,506, respectively)		67,492,016			67,430,443
Net unrealized gain (loss) on open futures contracts		8,947,557			8,994,460
Total equity in futures broker trading accounts		114,604,135			124,276,067
Cash		9,000,569			1,828,845
Restricted cash at interbank market maker		24,895,468			0
Short term investments (cost $3,638 and $12,271, respectively)		3,638			12,271
Fixed income securities (cost $374,281,633 and $427,107,573, respectively)		373,799,100			427,026,084
Net unrealized gain (loss) on open forward currency contracts		(3,219,688	)		3,101,864
Interest receivable		810,278			951,297
Subscription receivable		0			50,000
Total assets	$	519,893,500		$	557,246,428
LIABILITIES
Accounts payable	$	380,369		$	330,154
Management fee payable		1,613,437			1,740,589
Payable for securities purchased		1,378,138			0
Accrued commissions and other trading fees on open contracts		77,023			79,893
Offering costs payable		187,846			202,016
Performance fee payable		0			3,207
Redemptions payable		8,010,589			9,067,414
Total liabilities		11,647,402			11,423,273
UNITHOLDERS' CAPITAL (Net Asset Value)
Series A Units - Redeemable
Other Unitholders -  150,598.963 and 155,656.273 units outstanding at March 31, 2018 and December 31, 2017		378,336,951			407,786,433
Series B Units – Redeemable
Other Unitholders - 23,438.326 and 24,609.317 units outstanding at March 31, 2018 and December 31, 2017		63,943,614			69,925,360
Series D Units – Redeemable
Other Unitholders - 973.760 and 259.610 units outstanding at March 31, 2018 and December 31, 2017		983,780			273,175
Series W Units – Redeemable
Other Unitholders - 22,636.352 and 22,774.964 units outstanding at March 31, 2018 and December 31, 2017		64,981,753			67,838,187
Total unitholders' capital (Net Asset Value)		508,246,098			545,823,155
Total liabilities and unitholders' capital (Net Asset Value)	$	519,893,500		$	557,246,428

See Accompanying Notes to Financial Statements.

5

THE CAMPBELL FUND TRUST

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 (Unaudited)

	Three Months Ended March 31,
	2018			2017
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	(20,699,374	)	$	20,430,798
Change in unrealized		(46,903	)		2,647,223
Brokerage commissions		(471,679	)		(807,617	)
Net gain (loss) from futures trading		(21,217,956	)		22,270,404
Forward currency trading gains (losses)
Realized		10,109,895			(5,502,888	)
Change in unrealized		(6,321,552	)		(14,864,813	)
Brokerage commissions		(35,340	)		(39,234	)
Net gain (loss) from forward currency trading		3,753,003			(20,406,935	)
Total net trading gain (loss)		(17,464,953	)		1,863,469
NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		2,156,415			1,730,563
Realized gain (loss) on fixed income securities		632			20,699
Change in unrealized gain (loss) on fixed income securities		(374,039	)		95,289
Total investment income		1,783,008			1,846,551
Expenses
Management fee		5,031,566			6,883,524
Service fee		0			25,238
Operating expenses		295,216			363,332
Total expenses		5,326,782			7,272,094
Net investment income (loss)		(3,543,774	)		(5,425,543	)
NET INCOME (LOSS)	$	(21,008,727	)	$	(3,562,074	)
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT (1)
(based on weighted average number of units outstanding during the period)
Series A	$	(103.07	)	$	(13.75	)
Series B	$	(112.70	)	$	(14.53	)
Series D	$	(53.66	)	$	-
Series W	$	(103.67	)	$	(1.31	)
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT (1)
Series A	$	(107.58	)	$	(15.81	)
Series B	$	(113.26	)	$	(13.63	)
Series D	$	(41.96	)	$	-
Series W	$	(107.95	)	$	(4.50	)
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD  (1)
Series A		154,223.168			219,166.365
Series B		24,352.679			35,666.446
Series D		336.849			-
Series W		22,677.194			23,368.768

(1) Series D Units commenced trading on October 1, 2017.

See Accompanying Notes to Financial Statements.

6

THE CAMPBELL FUND TRUST

STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 (Unaudited)

	Three Months Ended March 31,
	2018			2017
Cash flows from (for) operating activities
Net income (loss)	$	(21,008,727	)	$	(3,562,074	)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and investments		6,742,494			12,122,301
(Increase) decrease in interest receivable		141,019			460,130
Increase (decrease) in payable for securities purchased		1,378,138			0
Increase (decrease) in accounts payable and accrued expenses		(83,014	)		(320,644	)
Purchases of investments		(1,475,689,035	)		(1,981,906,445	)
Sales/maturities of investments		1,528,489,040			2,045,186,101
Net cash from (for) operating activities		39,969,915			71,979,369
Cash flows from (for) financing activities
Addition of units		4,537,172			7,412,865
Redemption of units		(21,527,136	)		(66,759,141	)
Offering costs paid		(599,361	)		(801,646	)
Net cash from (for) financing activities		(17,589,325	)		(60,147,922	)
Net increase (decrease) in cash and restricted cash		22,380,590			11,831,447
Cash and restricted cash at beginning of period		49,680,009			47,611,597
Cash and restricted cash at end of period	$	72,060,599		$	59,443,044

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

	March 31, 2018		December 31, 2017
Cash and restricted cash at end of period consists of:
Cash in futures broker trading accounts	$	38,164,562	$	46,914,581
Restricted cash in futures broker trading accounts		0		936,583
Cash		9,000,569		1,828,845
Restricted cash at interbank market maker		24,895,468		0
Total cash and restricted cash at end of period	$	72,060,599	$	49,680,009

See Accompanying Notes to Financial Statements.

7

THE CAMPBELL FUND TRUST

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

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 (Unaudited)

	Series A - Other Unitholders						Series B - Other Unitholders						Series D - Other Unitholders (1)
	Units			Amount			Units			Amount			Units		Amount
Three Months Ended March 31, 2018
Balances at December 31, 2017		155,656.273		$	407,786,433			24,609.317		$	69,925,360			259.610	$	273,175
Net income (loss) for the three months ended March 31, 2018					(15,895,347	)					(2,744,441	)				(18,073	)
Additions		942.555			2,394,608			0.000			0			714.150		729,114
Redemptions		(5,999.865	)		(15,447,850	)		(1,170.991	)		(3,237,305	)		0.000		0
Offering costs					(500,893	)					0					(436	)
Balances at March 31, 2018		150,598.963		$	378,336,951			23,438.326		$	63,943,614			973.760	$	983,780
Three Months Ended March 31, 2017
Balances at December 31, 2016		224,143.366		$	572,449,293			36,691.856		$	101,127,802			0.000	$	0
Net income (loss) for the three months ended March 31, 2017					(3,013,391	)					(518,168	)				0
Additions		2,337.333			5,930,020			14.356			40,002			0.000		0
Redemptions		(17,030.818	)		(43,059,140	)		(3,145.811	)		(8,610,006	)		0.000		0
Offering costs					(696,589	)					0					0
Balances at March 31, 2017		209,449.881		$	531,610,193			33,560.401		$	92,039,630			0.000	$	0

Net Asset Value per Other Unitholders' Unit - Series A
March 31, 2018		December 31, 2017		March 31, 2017		December 31, 2016
$	2,512.21	$	2,619.79	$	2,538.13	$	2,553.94

Net Asset Value per Other Unitholders' Unit - Series B
March 31, 2018		December 31, 2017		March 31, 2017		December 31, 2016
$	2,728.16	$	2,841.42	$	2,742.51	$	2,756.14

Net Asset Value per Other Unitholders' Unit - Series D(1)
March 31, 2018		December 31, 2017		March 31, 2017		December 31, 2016
$	1,010.29	$	1,052.25	$	0.00	$	0.00

(1) Series D Units commenced trading on October 1, 2017.

See Accompanying Notes to Financial Statements.

8

THE CAMPBELL FUND TRUST

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

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 (Unaudited)

	Series W - Other Unitholders						Trust
	Units			Amount			Total Amount
Three Months Ended March 31, 2018
Balances at December 31, 2017		22,774.964		$	67,838,187		$	545,823,155
Net income (loss) for the three months ended March 31, 2018					(2,350,866	)		(21,008,727	)
Additions		477.234			1,363,450			4,487,172
Redemptions		(615.846	)		(1,785,156	)		(20,470,311	)
Offering costs					(83,862	)		(585,191	)
Balances at March 31, 2018		22,636.352		$	64,981,753		$	508,246,098
Three Months Ended March 31, 2017
Balances at December 31, 2016		23,481.665		$	66,856,645		$	740,433,740
Net income (loss) for the three months ended March 31, 2017					(30,515	)		(3,562,074	)
Additions		561.528			1,592,843			7,562,865
Redemptions		(989.084	)		(2,800,264	)		(54,469,410	)
Offering costs					(82,938	)		(779,527	)
Balances at March 31, 2017		23,054.109		$	65,535,771		$	689,185,594

Net Asset Value per Other Unitholders' Unit - Series W
March 31, 2018		December 31, 2017		March 31, 2017		December 31, 2016
$	2,870.68	$	2,978.63	$	2,842.69	$	2,847.19

See Accompanying Notes to Financial Statements.

9

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series A units for the three months ended March 31, 2018 and 2017. This information has been derived from information presented in the financial statements.

	Series A
	Three Months Ended March 31,
	2018			2017
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	2,619.79		$	2,553.94
Income (loss) from operations:
Total net trading gains (losses) (1)		(85.55	)		7.57
Net investment income (loss) (1)		(18.78	)		(20.20	)
Total net income (loss) from operations		(104.33	)		(12.63	)
Offering costs (1)		(3.25	)		(3.18	)
Net asset value per unit at end of period	$	2,512.21		$	2,538.13
Total Return (4)		(4.11	)%		(0.62	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (3)		4.23	%		4.23	%
Performance fee (4)		0.00	%		0.00	%
Total expenses		4.23	%		4.23	%
Net investment income (loss) (2),(3)		(2.90	)%		(3.20	)%

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

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

(2) Excludes performance fee.

(3) Annualized.

(4) Not annualized.

See Accompanying Notes to Financial Statements.

10

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series B units for the three months ended March 31, 2018 and 2017. This information has been derived from information presented in the financial statements.

	Series B
	Three Months Ended March 31,
	2018			2017
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	2,841.42		$	2,756.14
Income (loss) from operations:
Total net trading gains (losses) (1)		(92.88	)		8.17
Net investment income (loss) (1)		(20.38	)		(21.80	)
Total net income (loss) from operations		(113.26	)		(13.63	)
Net asset value per unit at end of period	$	2,728.16		$	2,742.51
Total Return (4)		(3.99	)%		(0.49	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (3)		4.24	%		4.24	%
Performance fee (4)		0.00	%		0.00	%
Total expenses		4.24	%		4.24	%
Net investment income (loss) (2),(3)		(2.90	)%		(3.20	)%

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.

11

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 (Unaudited)

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

	Series D (1)
	Three Months Ended
	March 31, 2018
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	1,052.25
Income (loss) from operations:
Total net trading gains (losses) (2)		(36.41	)
Net investment income (loss) (2)		(4.26	)
Total net income (loss) from operations		(40.67	)
Offering costs (2)		(1.29	)
Net asset value per unit at end of period	$	1,010.29
Total Return (5)		(3.99	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (4)		2.83	%
Performance fee (5)		0.00	%
Total expenses		2.83	%
Net investment income (loss) (3),(4)		(1.57	)%

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

(1) Series D Units commenced trading on October 1, 2017.

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

(3) Excludes performance fee.

(4) Annualized.

(5) Not annualized.

See Accompanying Notes to Financial Statements.

12

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series W units for the three months ended March 31, 2018 and 2017. This information has been derived from information presented in the financial statements.

	Series W
	Three Months Ended March 31,
	2018			2017
Per Unit Performance
(for a unit outstanding throughout the entire year)
Net asset value per unit at beginning of year	$	2,978.63		$	2,847.19
Income (loss) from operations:
Total net trading gains (losses) (1)		(97.66	)		8.50
Net investment income (loss) (1)		(6.59	)		(9.45	)
Total net income (loss) from operations		(104.25	)		(0.95	)
Offering costs (1)		(3.70	)		(3.55	)
Net asset value per unit at end of year	$	2,870.68		$	2,842.69
Total Return (4)		(3.62	)%		(0.16	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (3)		2.22	%		2.36	%
Performance fee (4)		0.00	%		0.00	%
Total expenses		2.22	%		2.36	%
Net investment income (loss) (2),(3)		(0.89	)%		(1.33	)%

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

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

(2) Excludes performance fee.

(3) Annualized.

(4) Not annualized.

See Accompanying Notes to Financial Statements.

13

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2018 (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. Effective July 1, 2017, the Trust began offering units of beneficial interest classified into Series D units. The rights of the Series A units, Series B units, Series D units and Series W units are identical, except that the fees and commissions vary on a Series-by-Series basis. Series A, Series D and Series W commenced trading on October 1, 2008, October 1, 2017 and March 1, 2009, respectively. The initial minimum subscription for Series A units, Series D units and Series W units is $25,000. Series B units are only available for additional investments by existing holders of Series B units. See Note 1F, Note 1H, Note 2 and Note 6 for an explanation of allocations and Series specific charges.

B. Regulation

As a registrant with the Securities and Exchange Commission (the "SEC"), the Trust is subject to the regulatory requirements under the Securities and Exchange Act of 1934. As a commodity investment pool, the Trust is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of the various commodity exchanges where the Trust executes transactions. Additionally, the Trust is subject to the requirements of futures commission merchants (the "futures brokers") and interbank market 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 Form 10-K filed with the SEC for the year ended December 31, 2017. All adjustments of a normal recurring nature considered necessary for a fair presentation have been included herein.

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

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

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

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

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

14

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2018 (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 March 31, 2018 and December 31, 2017, and for the periods ended March 31, 2018 and 2017, the Trust did not have any Level 3 assets or liabilities.

The following tables set forth by level within the fair value hierarchy the Trust's investments accounted for at fair value on a recurring basis as of March 31, 2018 and December 31, 2017.

	Fair Value at March 31, 2018
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,638	$	0		$	0	$	3,638
Fixed income securities		0		441,291,116			0		441,291,116
Other Financial Instruments
Exchange-traded futures contracts		8,947,557		0			0		8,947,557
Forward currency contracts		0		(3,219,688	)		0		(3,219,688	)
Total	$	8,951,195	$	438,071,428		$	0	$	447,022,623

	Fair Value at December 31, 2017
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	12,271	$	0	$	0	$	12,271
Fixed income securities		0		494,456,527		0		494,456,527
Other Financial Instruments
Exchange-traded futures contracts		8,994,460		0		0		8,994,460
Forward currency contracts		0		3,101,864		0		3,101,864
Total	$	9,006,731	$	497,558,391	$	0	$	506,565,122

There were no transfers to or from Level 1 to Level 2 for the period ended March 31, 2018 or the year ended December 31, 2017.

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 2014 through 2017 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

15

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2018 (Unaudited)

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, Series D units and Series W units will each bear the offering costs incurred in relation to the offering of Series A units, Series D units and Series W units, respectively. Offering costs are charged to Series A, Series D 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, Series D 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, Series D units and Series W units will have no further obligation to Campbell & Company. At March 31, 2018, and December 31, 2017, the amount of unreimbursed offering costs incurred by Campbell & Company is $13,751 and $206,222 for Series A units, $24,774 and $19,412 for Series D units and $256,998 and $285,675 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.

I. Recently Issued Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which aims to reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement. The amendment is effective for the interim and annual reporting periods beginning after December 15, 2017. Campbell & Company has adopted the new guidance, and management has determined its adoption has no material impact on the Trust’s financial statement disclosures.

J. Reclassification

Certain 2017 amounts in the Statements of Cash Flows were reclassified to conform with the adoption of ASU 2016-18 in the 2018 presentation. Specifically, restricted cash is no longer included as a cash flow from (for) operating activities; and a reconciliation of cash and restricted cash to amounts on the Statements of Financial Condition is presented on a gross basis.

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 D units pay the managing operator a monthly management fee equal to 1/12 of 2.75% (2.75% annually) of the Net Assets (as defined) of Series D units 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.

16

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2018 (Unaudited)

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.

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 serves as the Administrator of the Trust. 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

Prior to March 1, 2017, the selling firms who sold Series W units received 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. Effective March 1, 2017, a monthly service fee will no longer be paid by the Series W Units.

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 March 31, 2018. 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.

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.

17

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2018 (Unaudited)

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 three months ended March 31, 2018 and 2017, Campbell & Company received redemption fees of $0 and $6,159, 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 futures and forward contracts, 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 March 31, 2018 and December 31, 2017 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at March 31, 2018 Fair Value		Liability Derivatives at March 31, 2018 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	5,559,595	$	(625,372	)	$	4,934,223
Energy Contracts	Net unrealized gain (loss) on open futures contracts		3,504,393		(68,597	)		3,435,796
Metal Contracts	Net unrealized gain (loss) on open futures contracts		5,881,400		(6,354,968	)		(473,568	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		809,821		(2,044,347	)		(1,234,526	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		302,245		(1,320,749	)		(1,018,504	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		5,939,842		(2,635,706	)		3,304,136
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		8,160,502		(11,380,190	)		(3,219,688	)
Totals		$	30,157,798	$	(24,429,929	)	$	5,727,869

* Derivatives not designated as hedging instruments under ASC 815

18

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2018 (Unaudited)

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2017 Fair Value		Liability Derivatives at December 31, 2017 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	3,638,592	$	(305,890	)	$	3,332,702
Energy Contracts	Net unrealized gain (loss) on open futures contracts		4,230,158		(1,767,097	)		2,463,061
Metal Contracts	Net unrealized gain (loss) on open futures contracts		6,733,650		(2,806,128	)		3,927,522
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		6,430,613		(2,540,535	)		3,890,078
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		509,198		(498,702	)		10,496
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		853,564		(5,482,963	)		(4,629,399	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		17,067,988		(13,966,124	)		3,101,864
Totals		$	39,463,763	$	(27,367,439	)	$	12,096,324

* Derivatives not designated as hedging instruments under ASC 815

The trading revenue 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 three months ended March 31, 2018 and 2017 is as follows:

Type of Instrument	Trading  Gains/(Losses) for the Three Months Ended March 31, 2018			Trading Gains/(Losses) for the Three Months Ended March 31, 2017
Agriculture Contracts	$	(4,329,334	)	$	(11,055,648	)
Energy Contracts		2,303,319			(15,569,615	)
Metal Contracts		(472,264	)		8,960,811
Stock Indices Contracts		(27,516,280	)		53,742,969
Short-Term Interest Rate Contracts		4,116,466			(2,162,101	)
Long-Term Interest Rate Contracts		5,126,124			(10,930,037	)
Forward Currency Contracts		3,788,343			(20,367,701	)
Total	$	(16,983,626	)	$	2,618,678

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Three Months Ended March 31, 2018			Trading Gains/(Losses) for the Three Months Ended March 31, 2017
Futures trading gains (losses):
Realized**	$	(20,725,066	)	$	20,339,156
Change in unrealized		(46,903	)		2,647,223
Forward currency trading gains (losses):
Realized		10,109,895			(5,502,888	)
Change in unrealized		(6,321,552	)		(14,864,813	)
Total	$	(16,983,626	)	$	2,618,678

** 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 brokers.

For the three months ended March 31, 2018 and 2017, the monthly average of futures contracts bought and sold was approximately 44,400 and 66,700, respectively, and the monthly average of notional value of forward currency contracts was $2,056,400,000 and $2,765,000,000, respectively.

19

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2018 (Unaudited)

Open contracts generally mature within three months; as of March 31, 2018, the latest maturity date for open futures contracts is June 2019 and the latest maturity date for open forward currency contracts is June 2018. 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 brokers. 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 March 31, 2018 and December 31, 2017 was $77,621,267 and $98,517,542, respectively, which equals approximately 15% and 18% of Net Asset Value, respectively. The cash deposited with the interbank market maker at March 31, 2018 and December 31, 2017 was $31,404,365 and $265,952, respectively, which equals approximately 6% 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 March 31, 2018 and December 31, 2017 was restricted cash for margin requirements of $24,895,468 and $936,583, respectively, which equals approximately 5% and 0% 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 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.

20

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2018 (Unaudited)

Offsetting of Derivative Assets
As of March 31, 2018
Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the  Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	11,436,663	$	(6,768,140	)	$	4,668,523
Futures contracts	Goldman Sachs		10,560,633		(6,281,599	)		4,279,034
Forward currency contracts	Royal Bank of Scotland		8,160,502		(8,160,502	)		0
Total derivatives		$	30,157,798	$	(21,210,241	)	$	8,947,557

Derivative Assets and Collateral Received by Counterparty
As of March 31, 2018
	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	4,668,523	$	0	$	0	$	4,668,523
Goldman Sachs		4,279,034		0		0		4,279,034
Royal Bank of Scotland		0		0		0		0
Total	$	8,947,557	$	0	$	0	$	8,947,557

Offsetting of Derivative Liabilities
As of March 31, 2018
Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,768,140	$	(6,768,140	)	$	0
Futures contracts	Goldman Sachs		6,281,599		(6,281,599	)		0
Forward currency contracts	Royal Bank of Scotland		11,380,190		(8,160,502	)		3,219,688
Total derivatives		$	24,429,929	$	(21,210,241	)	$	3,219,688

Derivative Liabilities and Collateral Pledged by Counterparty
As of March 31, 2018
	Net Amounts of Unrealized Loss in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments			Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0		$	0	$	0
Goldman Sachs		0		0			0		0
Royal Bank of Scotland		3,219,688		(3,219,688	)*		0		0
Total	$	3,219,688	$	(3,219,688	)	$	0	$	0

* Represents a portion of the $10,129,251 fair value in U.S. Treasury Bills held at the interbank market maker.

21

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2018 (Unaudited)

Offsetting of Derivative Assets
As of December 31, 2017
Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	11,246,678	$	(6,805,740	)	$	4,440,938
Futures contracts	Goldman Sachs		11,149,097		(6,595,575	)		4,553,522
Forward currency contracts	Royal Bank of Scotland		17,067,988		(13,966,124	)		3,101,864
Total derivatives		$	39,463,763	$	(27,367,439	)	$	12,096,324

Derivative Assets and Collateral Received by Counterparty
As of December 31, 2017
	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	4,440,938	$	0	$	0	$	4,440,938
Goldman Sachs		4,553,522		0		0		4,553,522
Royal Bank of Scotland		3,101,864		0		0		3,101,864
Total	$	12,096,324	$	0	$	0	$	12,096,324

Offsetting of Derivative Liabilities
As of December 31, 2017
Type of Instrument	Counterparty	Gross Amounts of Recognized  Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,805,740	$	(6,805,740	)	$	0
Futures contracts	Goldman Sachs		6,595,575		(6,595,575	)		0
Forward currency contracts	Royal Bank of Scotland		13,966,124		(13,966,124	)		0
Total derivatives		$	27,367,439	$	(27,367,439	)	$	0

Derivative Liabilities and Collateral Pledged by Counterparty
As of December 31, 2017
	Net Amounts of Unrealized Loss in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0	$	0	$	0
Goldman Sachs		0		0		0		0
Royal Bank of Scotland		0		0		0		0
Total	$	0	$	0	$	0	$	0

22

THE CAMPBELL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2018 (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 FINANCIALS STATEMENTS

The Statements of Financial Condition, including the Condensed Schedules of Investments, as of March 31, 2018 and December 31, 2017, the Statements of Operations and Financial Highlights for the three months ended March 31, 2018 and 2017, and the Statements of Cash Flows and Changes in Unitholders’ Capital (Net Asset Value) for the three months ended March 31, 2018 and 2017 are unaudited. In the opinion of management, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of March 31, 2018 and December 31, 2017, the results of operations and financial highlights for the three months ended March 31, 2018 and 2017, and cash flows and changes in unitholders’ capital (Net Asset Value) for the three months ended March 31, 2018 and 2017.

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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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. Effective August 1, 2017, the Trust began offering Series D units.

As of March 31, 2018, the aggregate capitalization of the Trust was $508,246,098 with Series A, Series B, Series D and Series W comprising $378,336,951, $63,943,614, $983,780 and $64,981,753, respectively, of the total. The Net Asset Value per Unit was $2,512.21 for Series A, $2,728.16 for Series B, $1,010.29 for Series D and $2,870.68 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 assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Management believes that the estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from those estimates. The Trust's significant accounting policies are described in detail in Note 1 of the Financial Statements.

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

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 brokers, 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 brokers 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.

24

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 brokers 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.

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 at fair value. 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 fair value of forward (non-exchange traded) contracts is extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) of the last business day of the reporting period.

Results of Operations

The returns for the three months ended March 31, 2018 and 2017 for Series A were (4.11)% and (0.62)%, Series B were (3.99)% and (0.49)%, Series D (commenced trading on October 1, 2017) were (3.99)% and 0.00% and Series W were (3.62)% and (0.16)%, respectively.

25

2018 (For the Three Months Ended March 31)

Of the (4.11)% return for three months ended March 31, 2018 for Series A, approximately (3.17)% was due to trading losses (before commissions) and approximately (1.27)% due to brokerage fees, management fees, offering costs and operating costs, offset by approximately 0.33% due to investment income earned by Series A.

Of the (3.99)% return for three months ended March 31, 2018 for Series B, approximately (3.17)% was due to trading losses (before commissions) and approximately (1.15)% due to brokerage fees, management fees and operating costs, offset by approximately 0.33% due to investment income earned by Series B.

Of the (3.99)% return for three months ended March 31, 2018 for Series D, approximately (3.17)% was due to trading losses (before commissions) and approximately (1.15)% due to brokerage fees, management fees, offering costs and operating costs, offset by approximately 0.33% due to investment income earned  by Series D.

Of the (3.62)% return for three months ended March 31, 2018 for Series W, approximately (3.17)% was due to trading losses (before commissions) and approximately (0.78)% due to brokerage fees, management fees, offering costs and operating costs, offset by approximately 0.33% due to investment income earned  by Series W.

During the three months ended March 31, 2018, the Trust accrued management fees in the amount of $5,031,566 and paid management fees in the amount of $5,158,718. There were no performance fees accrued during this period and performance fees were paid in the amount of $3,207.

An analysis of the (3.17)% gross trading losses for the Trust for the three months ended March 31, 2018 by sector is as follows:

Sector	% Gain (Loss)
Commodities		(0.21	)%
Currencies		0.73
Interest Rates		1.51
Stock Indices		(5.20	)
		(3.17	)%

The Trust showed a profit in January as gains came from foreign exchange, stock index, and interest rate holdings.  Commodity positions showed some losses. Foreign exchange positioning, in both developed and emerging FX markets, generated gains during January.  The Trust was predominately positioned short the US dollar against other traded currencies and benefitted from a weaker greenback during the month.  The weakness can be attributed to a few different themes, including expected hawkish central bank policy shifts outside the US as growth exceeds expectations, trade tensions, and US deficit concerns.  The best gains came from long positioning on the British pound, Norwegian krone, and euro all versus short the US dollar. Long positioning on global stock indices also drove profits for the Trust.  Most global stock indices welcomed 2018 with robust gains driven by a variety of factors.  A synchronized upswing of global economic growth, stronger than expected corporate earnings results, and a major tailwind from the recently passed tax reform in the US all drove equities higher.  The so-called “fear of missing out” dynamic only intensified the demand for equity exposure.  The best profits were generated in the United States and across Asia, specifically in Hong Kong and Taiwan. Interest rate positions, from long-dated and short-dated bond markets, created additional gains for the Trust.  Short positioning on US markets, specifically the 10-year and 5-year notes along with 90-day Eurodollar and 2-year notes, drove a bulk of the profits in the sector.  US yields marched higher throughout the month as bond prices dropped amid expectations that the US Federal Reserve will continue its gradual interest rate policy tightening, as US inflation expectations continue to firm against a positive economic backdrop. Commodity holdings produced losses during the month.  Profits from long positioning on precious and industrial metals and energy markets were overwhelmed by losses from short grain holdings.  The weaker US dollar and stronger economic environment helped the metal and energy longs while strong export sales data hurt the grain shorts.

The Trust declined in February due to losses from stock index, commodity, and foreign exchange holdings.  Fixed income positions showed partially offsetting gains. Long positioning on global stock indices drove losses for the Trust.  After extending the long-term rally to start 2018, global equity markets spiked lower in the first half of the month.  The sell-off was led by US stocks as markets experienced a sharp increase in volatility.  While crowded equity positions sold off on profit-taking, the VIX (a measure of volatility on the S&P 500) had its largest ever daily climb on February 5th.  The largest Trust loss came out of the US, specifically on the short VIX contract. Commodity holdings produced additional losses.  The biggest commodity sub-sector losses were found within the energy markets as long positioning across the complex suffered on the back of increasing US supplies.  Additionally, short grain positions generated losses as those markets rallied on strong export sales activity and weather concerns in key growing regions.  Long precious metal positions also produced losses amid the stronger US dollar, firmer inflation, and quicker Fed tightening expectations.  Foreign exchange positioning, in both developed and emerging FX markets, generated losses during February.  After the recent trend of a weakening US dollar, the Trust was positioned short the USD against all of our traded currencies and suffered from a broad correction in the greenback during the month.  The reaction from the FX markets to the equity sell-off early in the month was relatively muted, and the market instead focused on higher US yields and heightened inflation expectations. Interest rate positions created some offsetting gains for the Trust.  Short positioning on US markets drove the bulk of the profits in the sector.  After global fixed income markets rallied on the risk-off trade early in February, Treasuries saw a greater correction than other government bond markets.  US yields ultimately moved higher on the month amid expectations that the Federal Reserve will continue its path of tightening, while inflation expectations continue to firm against a positive economic backdrop.

26

March for the Trust was comprised of gains from commodity holdings while stock index and foreign exchange positions showed partially offsetting losses.  Interest rate positions had little impact on the Trust during the month. Commodity holdings produced the best gains during March.  Long positioning on the crude complex within the energy sub-sector generated profits.  Geopolitical concerns around the US potentially pulling out of the Iran nuclear deal, bullish inventory data, and speculation that OPEC might extend existing production cuts all combined to push energy prices higher during the month.  Mixed positioning across the softs sub-sector proved profitable in March as well.  A short sugar position gained amid ongoing global surplus concerns while a long cocoa holding also experienced profits as output worries from the Ivory Coast lifted prices. Long positioning on global stock indices produced some losses for the Trust.  Holdings in Australia, Singapore, Hong Kong, Japan, and the US contributed to some of the worst performance within the sector.  Fear over a potential global trade war, tightening financial conditions after the US Federal Reserve raised interest rates, and concern over additional turnover among senior members of President Trump’s inner circle all put pressure on global equity markets during the month. Foreign exchange positioning on developed FX markets drove the sector’s losses during March.  A late month rally in the US dollar produced losses from short dollar positions.  The largest loss came from short US dollar versus a long euro holding.  Dampening of concerns around a global trade war and quarter-end flows into the greenback both helped to boost the currency in the waning days of the month.  Positioning on emerging market currencies produced almost no P&L effect for the Trust during March. Interest rate positions contributed a negligible P&L impact for the Trust.  Gains from long-term markets were offset by losses in short-term markets leaving the sector nearly unchanged for the month.

2017 (For the Three Months Ended March 31)

Of the (0.62)% return for three months ended March 31, 2017 for Series A, approximately 0.43% due to trading gains (before commissions) and approximately 0.26% due to investment income, offset by approximately (1.31)% due to brokerage fees, management fees, operating costs and offering costs borne by Series A.

Of the (0.49)% return for three months ended March 31, 2017 for Series B, approximately 0.43% due to trading gains (before commissions) and approximately 0.26% due to investment income, offset by approximately (1.18)% due to brokerage fees, management fees and operating costs borne by Series B.

Of the (0.16)% return for three months ended March 31, 2017 for Series W, approximately 0.43% due to trading gains (before commissions) and approximately 0.26% due to investment income, offset by approximately (0.85)% due to brokerage fees, management fees, service fees, operating costs and offering costs borne by Series W.

During the three months ended March 31, 2017, the Trust accrued management fees in the amount of $6,883,524 and paid management fees in the amount of $7,083,408.  No performance fees were accrued or paid during this period.

An analysis of the 0.43% gross trading gains for the Trust for the three months ended March 31, 2017 by sector is as follows:

Sector	% Gain (Loss)
Commodities		(2.42	)%
Currencies		(2.78	)
Interest Rates		(1.82	)
Stock Indices		7.45
		0.43	%

FX and commodity losses offset gains in stock indices and led to a down January as losses came from foreign exchange, commodity, and interest rate positions while stock index holdings produced some partially offsetting gains. Foreign exchange (FX) produced some of the largest losses during the month.  Positioning within FX was broadly long the US dollar versus most other major currencies.  Following the election of Donald Trump, the US dollar strengthened and our trading systems generally aligned positioning with that momentum.  However, January saw a reversal of this trend as investors pared back their bullish bets on the greenback amid worries that President Trump was focusing more on protectionism than on pro-growth economic policies.  Our FX holdings suffered as a result of this broad reversal in the US dollar. Commodity holdings added to the January losses.  Within the energy sub-sector, long positioning on gasoline produced losses amid bearish inventory data.  Short soybean holdings, part of the grains sub-sector, experienced losses due to a weakening US dollar and flood conditions in Argentina.  In the softs sub-sector, a short on coffee saw losses due to a stronger Brazilian real and a downgrade to Brazil’s output forecast.  Some partially offsetting gains came from the industrial metals sub-sector.  Long positioning on zinc, copper, and aluminum all saw gains amid a combination of bullish fundamentals, especially from China, and some supply disruptions. Interest rate holdings also produced losses.  Long holdings on the German 10-year note saw declines as bond prices fell amid rising inflation in the Eurozone.  Inflation reached a 4-year high and approached the ECB’s stated 2% target. Stock index holdings contributed some offsetting gains.  Long holdings across our universe of global stock indices benefited from a continuation of the rally that started with the election of Trump and his expected reflationary policies.  Concerns over President Trump’s Executive Order limiting some immigration into the US capped gains late in the month as some investors became unnerved by the action.

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Gains in stock indices, FX, and interest rates led to a profitable February as profits came from stock indices, foreign exchange, and interest rate positions while commodity holdings produced some partially offsetting losses for the Trust. Stock index holdings contributed some of the strongest gains to the Trust.  Long holdings across the Trust’s universe of global stock indices benefited from generally better than expected economic data.  The Bloomberg US indicator of economic surprises reached its strongest level since 2012.  Solid fourth quarter 2016 corporate earnings reports also helped to fuel the rally, along with a steadily improving US labor market.  Stock markets continued to look past the new Trump administration’s lack of policy implementation details and focused more on the potential benefits that tax reform, deregulation, and infrastructure spending might provide to global economies. Foreign exchange (FX) produced some additional gains as the Trust's models took advantage of the mixed performance among the developed and emerging FX markets.  Long positioning on higher-yielding currencies, such as the South African rand which rallied over 3% in February, proved profitable.  A short position on the euro also showed a gain when it weakened on the back of French election concerns in the EU. Interest rate holdings also produced profits.  Long positioning on longer-dated instruments within Germany provided some of the best gains.  German 5-year and 10-year notes both rallied on a flight to quality move as investors grew more concerned about the spring French Presidential election.  Marine Le Pen, the head of the far-right French Front National Party who has threatened to try to pull France out of the EU if elected, rose in the polls during the month. Commodity holdings modestly detracted from the February gains for the Trust.  Profits from precious metals (mostly from silver) and industrial metals (mostly from aluminum) were more than offset by losses in the other sub-sectors.  Grains were one of the worst performing sub-sectors as a short position on wheat suffered as the market rose to a 7-month high amid tight global ending stock projections.

Mixed performance across the asset classes traded led to a down March as losses came from interest rate, foreign exchange, and commodity positions while stock index holdings produced some partially offsetting gains. Interest rate holdings produced some of the largest losses during the month.  Long positioning on instruments within Germany sold off on higher EU inflation readings and as investors grew more comfortable that anti-EU political populism in France and the Netherlands was stalling.  Short positioning within the US was hurt when fixed income instruments reversed the recent downtrend mid-month amid a less hawkish Federal Open Market Committee (“FOMC”) message communicated after their decision to hike interest rates on March 15th. Foreign exchange produced some additional losses as our models failed to successfully navigate a choppy month of price action for the US dollar.  For example, long positioning on the New Zealand dollar (kiwi) suffered early in the month as that currency weakened against the US dollar leading up to the mid-month FOMC meeting which was widely expected to be hawkish.  Our models then flipped to short the kiwi only to see the currency begin to strengthen when the US dollar sold off on the more dovish than expected message delivered by the Federal Reserve.  Commodity holdings modestly detracted from the Trust during March.  Some of the largest monthly losses came from the energy, precious metal, industrial metal, and meat sub-sectors.  Partially offsetting gains were found in the soft commodity and grain sub-sectors, with some of the best profits coming from sugar and wheat.  Stock index holdings contributed the strongest profits to the Trust during the month.  Some of the best gains were found via long positions on European stock indices which benefited from the ongoing global reflation trade and dampening concerns around anti-EU political populism in the region.  Our models also saw success in Asia as long positioning within Australia, Hong Kong, and Taiwan proved profitable as ongoing improvements in the Chinese economy, linked with enduring hopes for US tax reform and infrastructure spending, supported shares around the globe.

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.

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Quantifying the Trust's Trading Value at Risk

Quantitative Forward-Looking Statements

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

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

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

The VaR for a sector represents the 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 March 31, 2018 and December 31, 2017 and the trading gains/losses by market category for the three months ended March 31, 2018 and the year ended December 31, 2017.

	March 31, 2018
Market Sector	Value at Risk*			Trading Gain/(Loss)**
Commodities		0.80	%		(0.21	)%
Currencies		0.71	%		0.73	%
Interest Rates		0.42	%		1.51	%
Stock Indices		1.60	%		(5.20	)%
Aggregate/Total		2.66	%		(3.17	)%

* 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 three months ended March 31, 2018.

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Of the (4.11)% return for three months ended March 31, 2018 for Series A, approximately (3.17)% was due to trading losses (before commissions) and approximately (1.27)% due to brokerage fees, management fees, offering costs and operating costs, offset by approximately 0.33% due to investment income earned by Series A.

Of the (3.99)% return for three months ended March 31, 2018 for Series B, approximately (3.17)% was due to trading losses (before commissions) and approximately (1.15)% due to brokerage fees, management fees and operating costs, offset by approximately 0.33% due to investment income earned by Series B.

Of the (3.99)% return for three months ended March 31, 2018 for Series D, approximately (3.17)% was due to trading losses (before commissions) and approximately (1.15)% due to brokerage fees, management fees, offering costs and operating costs, offset by approximately 0.33% due to investment income earned  by Series D.

Of the (3.62)% return for three months ended March 31, 2018 for Series W, approximately (3.17)% was due to trading losses (before commissions) and approximately (0.78)% due to brokerage fees, management fees, offering costs and operating costs, offset by approximately 0.33% due to investment income earned  by Series W.

	December 31, 2017
Market Sector	Value at Risk*			Trading Gain/(Loss)**
Commodities		0.53	%		(5.04	)%
Currencies		0.42	%		(5.05	)%
Interest Rates		0.52	%		(4.29	)%
Stock Indices		0.74	%		21.08	%
Aggregate/Total		1.24	%		6.70	%

* 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, 2017.

Of the 2.58% return for the year ended December 31, 2017 for Series A, approximately 6.70% was due to trading gains (before commissions) and approximately 1.15% due to investment income, offset by approximately (5.27)% due to brokerage fees, management fees, offering costs and operating costs borne by Series A.

Of the 3.09% return for the year ended December 31, 2017 for Series B, approximately 6.70% was due to trading gains (before commissions) and approximately 1.15% due to investment income, offset by approximately (4.76)% due to brokerage fees, management fees and operating costs borne by Series B.

Of the 5.23% return for the year ended December 31, 2017  for Series D, which commenced trading on October 1, 2017, approximately 6.70% was due to trading gains (before commissions) and approximately 1.15% due to investment income, offset by approximately (2.62)% due to brokerage fees, management fees, performance fees, offering costs and operating costs borne  by Series D.

Of the 4.62% return for the year ended December 31, 2017  for Series W, approximately 6.70% was due to trading gains (before commissions) and approximately 1.15% due to investment income, offset by approximately (3.23)% due to brokerage fees, management fees, service fees, offering costs and operating costs borne by Series W.

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

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

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

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

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

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

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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.

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 March 31, 2018 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.

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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.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the primary non-trading risk exposures of the Trust as of March 31, 2018.

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

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 quarterly report. Based on their evaluation, the chief executive officer and chief financial officer have concluded that these disclosure controls and procedures are effective. There were no changes in the 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.

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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

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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)
10.03	Investment Management Agreement with PNC Capital Advisors LLC, as cash manager(3)
31.01	Certification of G. William Andrews, Chief Executive Officer, pursuant to Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.
31.02	Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.
32.01	Certification of 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 March 31, 2018 and December 31, 2017, (ii) Statements of Financial Condition March 31, 2018 and December 31, 2017, (iii) Statements of Operations For the Three Months Ended March 31, 2018 and 2017, (iv) Statements of Cash Flows For the Three Months Ended March 31, 2018 and 2017, (v) Statements of Changes in Unitholders' Capital (Net Asset Value) For the Three Months Ended March 31, 2018 and 2017, (vi) Financial Highlights For the Three Months Ended March 31, 2018 and 2017, (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 Quarterly Report on Form 10-Q filed on August 15, 2011.

(3) Incorporated by reference to the respective exhibit to the Registrant's Quarterly Report on Form 10-Q filed on May 15, 2014.

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EXHIBIT INDEX

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 March 31, 2018 and December 31, 2017, (ii) Statements of Financial Condition March 31, 2018 and December 31, 2017, (iii) Statements of Operations For the Three Months Ended March 31, 2018 and 2017, (iv) Statements of Cash Flows For the Three Months Ended March 31, 2018 and 2017, (v) Statements of Changes in Unitholders' Capital (Net Asset Value) For the Three Months Ended March 31, 2018 and 2017, (vi) Financial Highlights For the Three Months Ended March 31, 2018 and 2017, (vii) Notes to Financial Statements.

35

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: May 15, 2018	By:	/s/ G. William Andrews
		G. William Andrews
		Chief Executive Officer

36

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: May 15, 2018
	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: May 15, 2018
	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 March 31, 2018 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 March 31, 2018 fairly presents, in all material respects, the financial condition and results of operations of The Campbell Fund Trust.

Date: May 15, 2018	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 March 31, 2018 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 March 31, 2018 fairly presents, in all material respects, the financial condition and results of operations of The Campbell Fund Trust.

Date: May 15, 2018	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	3 Months Ended
	Mar. 31, 2018 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	2018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Series A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	150,598.963
Series B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	23,438.326
Series D [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	973.760
Series W [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	22,636.352

XML

CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) - USD ($)		Mar. 31, 2018		Dec. 31, 2017
Investment Owned
Short term investments		$ 3,638		$ 12,271
Net unrealized gain (loss) on open futures contracts		8,947,557		8,994,460
Net unrealized gain (loss) on open forward currency contracts		(3,219,688)		3,101,864
Fixed Income Securities [Member]
Investment Owned
Fair value		$ 441,291,116	[1]	$ 494,456,527	[2]
% of Net Asset Value		86.83%		90.59%
Fixed Income Securities [Member] | Asset Backed Securities [Member]
Investment Owned
Fair value		$ 33,792,999		$ 38,319,000
% of Net Asset Value		6.65%		7.02%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Auto Loans [Member]
Investment Owned
Fair value		$ 21,351,644		$ 23,525,701
% of Net Asset Value		4.20%		4.31%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Credit Cards [Member]
Investment Owned
Fair value		$ 11,956,044		$ 13,664,555
% of Net Asset Value		2.35%		2.50%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Equipment Loans [Member]
Investment Owned
Fair value		$ 485,311		$ 1,128,744
% of Net Asset Value		0.10%		0.21%
Fixed Income Securities [Member] | Bank Deposits [Member]
Investment Owned
Fair value		$ 4,289,399		$ 3,693,397
% of Net Asset Value		0.85%		0.68%
Fixed Income Securities [Member] | Bank Deposits [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 4,289,399		$ 3,693,397
% of Net Asset Value		0.85%		0.68%
Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Owned
Fair value		$ 160,336,401		$ 184,690,847
% of Net Asset Value		31.55%		33.84%
Fixed Income Securities [Member] | Commercial Paper [Member] | Canada [Member] | Financials [Member]
Investment Owned
Fair value		$ 7,838,233
% of Net Asset Value		1.54%
Fixed Income Securities [Member] | Commercial Paper [Member] | Japan [Member] | Financials [Member]
Investment Owned
Fair value				$ 6,720,957
% of Net Asset Value				1.23%
Fixed Income Securities [Member] | Commercial Paper [Member] | Switzerland [Member] | Financials [Member]
Investment Owned
Fair value		$ 3,008,443		$ 2,997,430
% of Net Asset Value		0.59%		0.55%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member]
Investment Owned
Fair value		$ 149,489,725		$ 174,972,460
% of Net Asset Value		29.42%		32.06%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Communications [Member]
Investment Owned
Fair value		$ 17,558,785		$ 5,625,384
% of Net Asset Value		3.45%		1.03%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value		$ 22,507,400		$ 19,828,222
% of Net Asset Value		4.43%		3.63%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Staples [Member]
Investment Owned
Fair value		$ 19,566,537		$ 22,089,851
% of Net Asset Value		3.85%		4.05%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Energy [Member]
Investment Owned
Fair value				$ 13,133,181
% of Net Asset Value				2.41%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 18,836,628		$ 41,070,220
% of Net Asset Value		3.71%		7.52%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Industrials [Member]
Investment Owned
Fair value		$ 26,549,888		$ 32,138,351
% of Net Asset Value		5.22%		5.89%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Utilities [Member]
Investment Owned
Fair value		$ 44,470,487		$ 41,087,251
% of Net Asset Value		8.76%		7.53%
Fixed Income Securities [Member] | Corporate Bonds [Member]
Investment Owned
Fair value		$ 165,251,050		$ 169,235,741
% of Net Asset Value		32.51%		31.00%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Canada [Member] | Financials [Member]
Investment Owned
Fair value		$ 11,352,380		$ 2,480,289
% of Net Asset Value		2.24%		0.45%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Ireland [Member] | Financials [Member]
Investment Owned
Fair value		$ 2,967,259
% of Net Asset Value		0.58%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Japan [Member] | Financials [Member]
Investment Owned
Fair value		$ 2,000,924
% of Net Asset Value		0.39%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member]
Investment Owned
Fair value		$ 10,729,047		$ 8,427,064
% of Net Asset Value		2.11%		1.54%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member] | Energy [Member]
Investment Owned
Fair value		$ 4,872,597		$ 4,884,470
% of Net Asset Value		0.96%		0.89%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member] | Financials [Member]
Investment Owned
Fair value		$ 5,856,450		$ 3,542,594
% of Net Asset Value		1.15%		0.65%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member]
Investment Owned
Fair value		$ 138,201,440		$ 158,328,388
% of Net Asset Value		27.19%		29.01%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Communications [Member]
Investment Owned
Fair value		$ 37,913,274		$ 37,630,534
% of Net Asset Value		7.46%		6.89%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value		$ 17,931,134		$ 17,008,422
% of Net Asset Value		3.53%		3.12%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Consumer Staples [Member]
Investment Owned
Fair value		$ 11,809,227		$ 11,818,118
% of Net Asset Value		2.32%		2.17%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Energy [Member]
Investment Owned
Fair value		$ 2,771,469		$ 7,713,153
% of Net Asset Value		0.55%		1.41%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 54,103,587		$ 69,000,751
% of Net Asset Value		10.65%		12.65%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Industrials [Member]
Investment Owned
Fair value		$ 5,908,861		$ 10,972,758
% of Net Asset Value		1.16%		2.01%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Technology [Member]
Investment Owned
Fair value		$ 6,273,522		$ 2,692,739
% of Net Asset Value		1.23%		0.49%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Utilities [Member]
Investment Owned
Fair value		$ 1,490,366		$ 1,491,913
% of Net Asset Value		0.29%		0.27%
Fixed Income Securities [Member] | Government and Agency Obligations [Member]
Investment Owned
Fair value		$ 77,621,267		$ 98,517,542
% of Net Asset Value		15.27%		18.05%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/22/2018 [Member]
Investment Owned
Fair value	[3]			$ 25,247,353
% of Net Asset Value				4.63%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 03/29/2018 [Member]
Investment Owned
Fair value	[3]			$ 37,744,133
% of Net Asset Value				6.91%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 04/26/2018 [Member]
Investment Owned
Fair value	[3]	$ 35,642,177		$ 35,526,056
% of Net Asset Value		7.01%		6.51%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 05/24/2018 [Member]
Investment Owned
Fair value	[3]	$ 18,848,016
% of Net Asset Value		3.71%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 06/21/2018 [Member]
Investment Owned
Fair value	[3]	$ 23,131,074
% of Net Asset Value		4.55%
Short Term Investments [Member]
Investment Owned
Short term investments		$ 3,638		$ 12,271
% of Net Asset Value		0.00%		0.00%
Short Term Investments [Member] | Money Market Funds [Member] | United States [Member]
Investment Owned
Short term investments		$ 3,638		$ 12,271
% of Net Asset Value		0.00%		0.00%
Futures Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 8,947,557		$ 8,994,460
% of Net Asset Value		1.76%		1.65%
Futures Contracts [Member] | Long Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 3,219,491		$ 10,625,965
% of Net Asset Value		0.63%		1.95%
Futures Contracts [Member] | Long Contracts [Member] | Agriculture [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 330,944		$ 924,150
% of Net Asset Value		0.06%		0.17%
Futures Contracts [Member] | Long Contracts [Member] | Energy [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 3,435,796		$ 4,224,681
% of Net Asset Value		0.68%		0.78%
Futures Contracts [Member] | Long Contracts [Member] | Metals [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (6,000,922)		$ 6,713,170
% of Net Asset Value		(1.18%)		1.23%
Futures Contracts [Member] | Long Contracts [Member] | Stock Indices [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (469,497)		$ 4,003,518
% of Net Asset Value		(0.09%)		0.73%
Futures Contracts [Member] | Long Contracts [Member] | Short-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (354)		$ (239,756)
% of Net Asset Value		0.00%		(0.04%)
Futures Contracts [Member] | Long Contracts [Member] | Long-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 5,923,524		$ (4,999,798)
% of Net Asset Value		1.16%		(0.92%)
Futures Contracts [Member] | Short Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 5,728,066		$ (1,631,505)
% of Net Asset Value		1.13%		(0.30%)
Futures Contracts [Member] | Short Contracts [Member] | Agriculture [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 4,603,279		$ 2,408,552
% of Net Asset Value		0.91%		0.44%
Futures Contracts [Member] | Short Contracts [Member] | Energy [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts				$ (1,761,620)
% of Net Asset Value				(0.32%)
Futures Contracts [Member] | Short Contracts [Member] | Metals [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 5,527,354		$ (2,785,648)
% of Net Asset Value		1.09%		(0.51%)
Futures Contracts [Member] | Short Contracts [Member] | Stock Indices [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (765,029)		$ (113,440)
% of Net Asset Value		(0.15%)		(0.02%)
Futures Contracts [Member] | Short Contracts [Member] | Short-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (1,018,150)		$ 250,252
% of Net Asset Value		(0.20%)		0.04%
Futures Contracts [Member] | Short Contracts [Member] | Long-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (2,619,388)		$ 370,399
% of Net Asset Value		(0.52%)		0.07%
Forward Currency Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ (3,219,688)		$ 3,101,864
% of Net Asset Value		(0.63%)		0.57%
Forward Currency Contracts [Member] | Long Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ (4,640,124)		$ 15,396,303
% of Net Asset Value		(0.91%)		2.82%
Forward Currency Contracts [Member] | Short Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ 1,420,436		$ (12,294,439)
% of Net Asset Value		0.28%		(2.25%)

[1] Included in fixed income securities are U.S. Treasury Bills with a fair value of $67,492,016 deposited with the futures brokers and $10,129,251 deposited with the interbank market maker.

[2] Included in fixed income securities are U.S. Treasury Bills with a fair value of $67,430,443 deposited with the futures brokers and $31,087,099 deposited with the interbank market maker.

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

XML

CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Investment Owned
Fixed income securities deposited with futures brokers	$ 67,492,016	$ 67,430,443
Fixed income securities deposited with interbank market maker	373,799,100	427,026,084
U.S. Treasury Bills [Member]
Investment Owned
Fixed income securities deposited with interbank market maker	10,129,251
Fixed Income Securities [Member]
Investment Owned
Cost	441,774,707	494,566,079
Fixed Income Securities [Member] | Asset Backed Securities [Member]
Investment Owned
Cost	33,976,008	38,400,582
Fixed Income Securities [Member] | Bank Deposits [Member]
Investment Owned
Cost	4,295,269	3,692,357
Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Owned
Cost	160,375,737	184,721,010
Fixed Income Securities [Member] | Commercial Paper [Member] | Canada [Member] | Financials [Member]
Investment Owned
Cost	7,855,515
Fixed Income Securities [Member] | Commercial Paper [Member] | Japan [Member] | Financials [Member]
Investment Owned
Cost		6,721,959
Fixed Income Securities [Member] | Commercial Paper [Member] | Switzerland [Member] | Financials [Member]
Investment Owned
Cost	3,012,388	2,999,246
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member]
Investment Owned
Cost	149,507,834	174,999,805
Fixed Income Securities [Member] | Corporate Bonds [Member]
Investment Owned
Cost	165,503,475	169,194,677
Fixed Income Securities [Member] | Corporate Bonds [Member] | Canada [Member] | Financials [Member]
Investment Owned
Cost	11,401,320	2,498,830
Fixed Income Securities [Member] | Corporate Bonds [Member] | Ireland [Member] | Financials [Member]
Investment Owned
Cost	2,976,656
Fixed Income Securities [Member] | Corporate Bonds [Member] | Japan [Member] | Financials [Member]
Investment Owned
Cost	2,020,000
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member]
Investment Owned
Cost	10,784,487	8,448,898
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member]
Investment Owned
Cost	138,321,012	158,246,949
Fixed Income Securities [Member] | Government and Agency Obligations [Member]
Investment Owned
Cost	77,624,218	98,557,453
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 02/22/2018 [Member]
Investment Owned
Maturity face value		$ 25,292,500
Due date		Feb. 22, 2018
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 03/29/2018 [Member]
Investment Owned
Maturity face value		$ 37,867,500
Due date		Mar. 29, 2018
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 04/26/2018 [Member]
Investment Owned
Maturity face value		$ 35,680,000
Due date		Apr. 26, 2018
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	67,492,016	$ 67,430,443
Fixed income securities deposited with interbank market maker	10,129,251	31,087,099
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 04/26/2018 [Member]
Investment Owned
Maturity face value	$ 35,680,000
Due date	Apr. 26, 2018
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 05/24/2018 [Member]
Investment Owned
Maturity face value	$ 18,892,500
Due date	May 24, 2018
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 06/21/2018 [Member]
Investment Owned
Maturity face value	$ 23,217,500
Due date	Jun. 21, 2018
Short Term Investments [Member]
Investment Owned
Cost	$ 3,638	12,271
Short Term Investments [Member] | Money Market Funds [Member] | United States [Member]
Investment Owned
Cost	$ 3,638	$ 12,271

XML

STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Equity in futures broker trading accounts
Cash	$ 38,164,562	$ 46,914,581
Restricted cash	0	936,583
Fixed income securities (cost $67,493,074 and $67,458,506, respectively)	67,492,016	67,430,443
Net unrealized gain (loss) on open futures contracts	8,947,557	8,994,460
Total equity in futures broker trading accounts	114,604,135	124,276,067
Cash	9,000,569	1,828,845
Restricted cash at interbank market maker	24,895,468	0
Short term investments (cost $3,638 and $12,271, respectively)	3,638	12,271
Fixed income securities (cost $374,281,633 and $427,107,573, respectively)	373,799,100	427,026,084
Net unrealized gain (loss) on open forward currency contracts	(3,219,688)	3,101,864
Interest receivable	810,278	951,297
Subscriptions receivable	0	50,000
Total assets	519,893,500	557,246,428
LIABILITIES
Accounts payable	380,369	330,154
Management fee payable	1,613,437	1,740,589
Payable for securities purchased	1,378,138	0
Accrued commissions and other trading fees on open contracts	77,023	79,893
Offering costs payable	187,846	202,016
Performance fee payable	0	3,207
Redemptions payable	8,010,589	9,067,414
Total liabilities	11,647,402	11,423,273
UNITHOLDERS' CAPITAL (Net Asset Value)
Total unitholders' capital (Net Asset Value)	508,246,098	545,823,155
Total liabilities and unitholders' capital (Net Asset Value)	519,893,500	557,246,428
Series A Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders	378,336,951	407,786,433
Series B Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders	63,943,614	69,925,360
Series D Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders	983,780	273,175
Series W Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders	$ 64,981,753	$ 67,838,187

XML

STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Equity in futures broker trading accounts
Fixed income securities, cost	$ 67,493,074	$ 67,458,506
Short term investments, cost	3,638	12,271
Fixed income securities, cost	$ 374,281,633	$ 427,107,573
Series A Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders, units outstanding (in units)	150,598.963	155,656.273
Series B Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders, units outstanding (in units)	23,438.326	24,609.317
Series D Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders, units outstanding (in units)	973.760	259.610
Series W Units - Redeemable [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Other Unitholders, units outstanding (in units)	22,636.352	22,774.964

XML

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Futures trading gains (losses)
Realized	$ (20,699,374)	$ 20,430,798
Change in unrealized	(46,903)	2,647,223
Brokerage commissions	(471,679)	(807,617)
Net gain (loss) from futures trading	(21,217,956)	22,270,404
Forward currency trading gains (losses)
Realized	10,109,895	(5,502,888)
Change in unrealized	(6,321,552)	(14,864,813)
Brokerage commissions	(35,340)	(39,234)
Net gain (loss) from forward currency trading	3,753,003	(20,406,935)
Total net trading gain (loss)	(17,464,953)	1,863,469
Investment income
Interest income	2,156,415	1,730,563
Realized gain (loss) on fixed income securities	632	20,699
Change in unrealized gain (loss) on fixed income securities	(374,039)	95,289
Total investment income	1,783,008	1,846,551
Expenses
Management fee	5,031,566	6,883,524
Service fee	0	25,238
Operating expenses	295,216	363,332
Total expenses	5,326,782	7,272,094
Net investment income (loss)	(3,543,774)	(5,425,543)
NET INCOME (LOSS)	$ (21,008,727)	$ (3,562,074)
Series A [Member]
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT
NET INCOME (LOSS) PER OTHER UNITHOLDERS' UNIT (based on weighted average number of units outstanding during the period) (in dollars per unit)	$ (103.07)	$ (13.75)
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT (in dollars per unit)	(107.58)	(15.81)
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD (in units)	154,223.168	219,166.365
Series B [Member]
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT
NET INCOME (LOSS) PER OTHER UNITHOLDERS' UNIT (based on weighted average number of units outstanding during the period) (in dollars per unit)	$ (112.70)	$ (14.53)
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT (in dollars per unit)	(113.26)	(13.63)
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD (in units)	24,352.679	35,666.446
Series D [Member]
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT
NET INCOME (LOSS) PER OTHER UNITHOLDERS' UNIT (based on weighted average number of units outstanding during the period) (in dollars per unit)	$ (53.66)		[1]
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT (in dollars per unit)	(41.96)		[1]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD (in units)	336.849		[1]
Series W [Member]
NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT
NET INCOME (LOSS) PER OTHER UNITHOLDERS' UNIT (based on weighted average number of units outstanding during the period) (in dollars per unit)	$ (103.67)	$ (1.31)
INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS' UNIT (in dollars per unit)	(107.95)	(4.50)
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD (in units)	22,677.194	23,368.768

[1] Series D Units commenced trading on October 1, 2017.

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STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from (for) operating activities
Net income (loss)	$ (21,008,727)	$ (3,562,074)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and investments	6,742,494	12,122,301
(Increase) decrease in interest receivable	141,019	460,130
Increase (decrease) in payable for securities purchased	1,378,138	0
Increase (decrease) in accounts payable and accrued expenses	(83,014)	(320,644)
Purchases of investments	(1,475,689,035)	(1,981,906,445)
Sales/maturities of investments	1,528,489,040	2,045,186,101
Net cash from (for) operating activities	39,969,915	71,979,369
Cash flows from (for) financing activities
Addition of units	4,537,172	7,412,865
Redemption of units	(21,527,136)	(66,759,141)
Offering costs paid	(599,361)	(801,646)
Net cash from (for) financing activities	(17,589,325)	(60,147,922)
Net increase (decrease) in cash and restricted cash	22,380,590	11,831,447
Cash and restricted cash at beginning of period	49,680,009	47,611,597
Cash and restricted cash at end of period	$ 72,060,599	$ 59,443,044

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STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Cash and restricted cash at end of period consists of:
Cash in futures broker trading accounts	$ 38,164,562	$ 46,914,581
Restricted cash in futures broker trading accounts	0	936,583
Cash	9,000,569	1,828,845
Restricted cash at interbank market maker	24,895,468	0
Total cash and restricted cash at end of period	$ 72,060,599	$ 49,680,009	$ 59,443,044	$ 47,611,597

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STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Balances at beginning of year	$ 545,823,155	$ 740,433,740
Net income (loss)	(21,008,727)	(3,562,074)
Additions	4,487,172	7,562,865
Redemptions	(20,470,311)	(54,469,410)
Offering costs	(585,191)	(779,527)
Balances at end of period	508,246,098	689,185,594
Series A [Member] | Other Unitholders [Member]
Balances at beginning of year	$ 407,786,433	$ 572,449,293
Balances at beginning of year (in units)	155,656.273	224,143.366
Net income (loss)	$ (15,895,347)	$ (3,013,391)
Additions	$ 2,394,608	$ 5,930,020
Additions (in units)	942.555	2,337.333
Redemptions	$ (15,447,850)	$ (43,059,140)
Redemptions (in units)	(5,999.865)	(17,030.818)
Offering costs	$ (500,893)	$ (696,589)
Balances at end of period	$ 378,336,951	$ 531,610,193
Balances at end of period (in units)	150,598.963	209,449.881
Series B [Member] | Other Unitholders [Member]
Balances at beginning of year	$ 69,925,360	$ 101,127,802
Balances at beginning of year (in units)	24,609.317	36,691.856
Net income (loss)	$ (2,744,441)	$ (518,168)
Additions	$ 0	$ 40,002
Additions (in units)	0.000	14.356
Redemptions	$ (3,237,305)	$ (8,610,006)
Redemptions (in units)	(1,170.991)	(3,145.811)
Offering costs	$ 0	$ 0
Balances at end of period	$ 63,943,614	$ 92,039,630
Balances at end of period (in units)	23,438.326	33,560.401
Series D [Member] | Other Unitholders [Member]
Balances at beginning of year	$ 273,175		[1]
Balances at beginning of year (in units)	259.610		[1]
Net income (loss)	$ (18,073)		[1]
Additions	$ 729,114		[1]
Additions (in units)	714.150		[1]
Redemptions	$ 0		[1]
Redemptions (in units)	(0.000)		[1]
Offering costs	$ (436)		[1]
Balances at end of period	$ 983,780		[1]
Balances at end of period (in units)	973.760		[1]
Series W [Member] | Other Unitholders [Member]
Balances at beginning of year	$ 67,838,187	$ 66,856,645
Balances at beginning of year (in units)	22,774.964	23,481.665
Net income (loss)	$ (2,350,866)	$ (30,515)
Additions	$ 1,363,450	$ 1,592,843
Additions (in units)	477.234	561.528
Redemptions	$ (1,785,156)	$ (2,800,264)
Redemptions (in units)	(615.846)	(989.084)
Offering costs	$ (83,862)	$ (82,938)
Balances at end of period	$ 64,981,753	$ 65,535,771
Balances at end of period (in units)	22,636.352	23,054.109

[1] Series D Units commenced trading on October 1, 2017.

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STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE) (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017		Dec. 31, 2016
Series A [Member]
Net Asset Value per Other Unitholders' Unit (in dollars per unit)	2,512.21	2,619.79	2,538.13		2,553.94
Series B [Member]
Net Asset Value per Other Unitholders' Unit (in dollars per unit)	2,728.16	2,841.42	2,742.51		2,756.14
Series D [Member]
Net Asset Value per Other Unitholders' Unit (in dollars per unit)	1,010.29	1,052.25		[1]		[1]
Series W [Member]
Net Asset Value per Other Unitholders' Unit (in dollars per unit)	2,870.68	2,978.63	2,842.69		2,847.19

[1] Series D Units commenced trading on October 1, 2017.

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FINANCIAL HIGHLIGHTS (Unaudited) - $ / shares		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Series A [Member]
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of year (in dollars per unit)		2,619.79	2,553.94
Income (loss) from operations:
Total net trading gains (losses) (in dollars per unit)	[1]	(85.55)	7.57
Net investment income (loss) (in dollars per unit)	[1]	(18.78)	(20.20)
Total net income (loss) from operations (in dollars per unit)		(104.33)	(12.63)
Offering costs (in dollars per unit)	[1]	(3.25)	(3.18)
Net asset value per unit at end of year (in dollars per unit)		2,512.21	2,538.13
Total Return	[2]	(4.11%)	(0.62%)
Ratios to average net asset value:
Expenses prior to performance fee	[3]	4.23%	4.23%
Performance fee	[2]	0.00%	0.00%
Total expenses		4.23%	4.23%
Net investment income (loss)	[3],[4]	(2.90%)	(3.20%)
Series B [Member]
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of year (in dollars per unit)		2,841.42	2,756.14
Income (loss) from operations:
Total net trading gains (losses) (in dollars per unit)	[5]	(92.88)	8.17
Net investment income (loss) (in dollars per unit)	[5]	(20.38)	(21.80)
Total net income (loss) from operations (in dollars per unit)		(113.26)	(13.63)
Net asset value per unit at end of year (in dollars per unit)		2,728.16	2,742.51
Total Return	[2]	(3.99%)	(0.49%)
Ratios to average net asset value:
Expenses prior to performance fee	[3]	4.24%	4.24%
Performance fee	[2]	0.00%	0.00%
Total expenses		4.24%	4.24%
Net investment income (loss)	[3],[4]	(2.90%)	(3.20%)
Series D [Member]
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of year (in dollars per unit)		1,052.25		[6]
Income (loss) from operations:
Total net trading gains (losses) (in dollars per unit)	[1]	(36.41)
Net investment income (loss) (in dollars per unit)	[1]	(4.26)
Total net income (loss) from operations (in dollars per unit)		(40.67)
Offering costs (in dollars per unit)	[1]	(1.29)
Net asset value per unit at end of year (in dollars per unit)		1,010.29		[6]
Total Return	[2]	(3.99%)
Ratios to average net asset value:
Expenses prior to performance fee	[3]	2.83%
Performance fee	[2]	0.00%
Total expenses		2.83%
Net investment income (loss)	[3],[4]	(1.57%)
Series W [Member]
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of year (in dollars per unit)		2,978.63	2,847.19
Income (loss) from operations:
Total net trading gains (losses) (in dollars per unit)	[1]	(97.66)	8.50
Net investment income (loss) (in dollars per unit)	[1]	(6.59)	(9.45)
Total net income (loss) from operations (in dollars per unit)		(104.25)	(0.95)
Offering costs (in dollars per unit)	[1]	(3.70)	(3.55)
Net asset value per unit at end of year (in dollars per unit)		2,870.68	2,842.69
Total Return	[2]	(3.62%)	(0.16%)
Ratios to average net asset value:
Expenses prior to performance fee	[3]	2.22%	2.36%
Performance fee	[2]	0.00%	0.00%
Total expenses		2.22%	2.36%
Net investment income (loss)	[3],[4]	(0.89%)	(1.33%)

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

[2] 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.

[6] Series D Units commenced trading on October 1, 2017.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2018

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. Effective July 1, 2017, the Trust began offering units of beneficial interest classified into Series D units. The rights of the Series A units, Series B units, Series D units and Series W units are identical, except that the fees and commissions vary on a Series-by-Series basis. Series A, Series D and Series W commenced trading on October 1, 2008, October 1, 2017 and March 1, 2009, respectively. The initial minimum subscription for Series A units, Series D units and Series W units is $25,000. Series B units are only available for additional investments by existing holders of Series B units. See Note 1F, Note 1H, Note 2 and Note 6 for an explanation of allocations and Series specific charges.

B. Regulation

As a registrant with the Securities and Exchange Commission (the "SEC"), the Trust is subject to the regulatory requirements under the Securities and Exchange Act of 1934. As a commodity investment pool, the Trust is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of the various commodity exchanges where the Trust executes transactions. Additionally, the Trust is subject to the requirements of futures commission merchants (the "futures brokers") and interbank market 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 Form 10-K filed with the SEC for the year ended December 31, 2017. All adjustments of a normal recurring nature considered necessary for a fair presentation have been included herein.

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

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

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

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

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

D. Fair Value

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

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

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

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

Level 3 inputs are unobservable inputs for an asset or liability (including the Trust's own assumptions used in determining the fair value of investments). Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of March 31, 2018 and December 31, 2017, and for the periods ended March 31, 2018 and 2017, the Trust did not have any Level 3 assets or liabilities.

The following tables set forth by level within the fair value hierarchy the Trust's investments accounted for at fair value on a recurring basis as of March 31, 2018 and December 31, 2017.

	Fair Value at March 31, 2018
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,638	$	0		$	0	$	3,638
Fixed income securities		0		441,291,116			0		441,291,116
Other Financial Instruments
Exchange-traded futures contracts		8,947,557		0			0		8,947,557
Forward currency contracts		0		(3,219,688	)		0		(3,219,688	)
Total	$	8,951,195	$	438,071,428		$	0	$	447,022,623

	Fair Value at December 31, 2017
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	12,271	$	0	$	0	$	12,271
Fixed income securities		0		494,456,527		0		494,456,527
Other Financial Instruments
Exchange-traded futures contracts		8,994,460		0		0		8,994,460
Forward currency contracts		0		3,101,864		0		3,101,864
Total	$	9,006,731	$	497,558,391	$	0	$	506,565,122

There were no transfers to or from Level 1 to Level 2 for the period ended March 31, 2018 or the year ended December 31, 2017.

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 2014 through 2017 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, Series D units and Series W units will each bear the offering costs incurred in relation to the offering of Series A units, Series D units and Series W units, respectively. Offering costs are charged to Series A, Series D 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, Series D 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, Series D units and Series W units will have no further obligation to Campbell & Company. At March 31, 2018, and December 31, 2017, the amount of unreimbursed offering costs incurred by Campbell & Company is $13,751 and $206,222 for Series A units, $24,774 and $19,412 for Series D units and $256,998 and $285,675 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.

I. Recently Issued Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which aims to reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement. The amendment is effective for the interim and annual reporting periods beginning after December 15, 2017. Campbell & Company has adopted the new guidance, and management has determined its adoption has no material impact on the Trust’s financial statement disclosures.

J. Reclassification

Certain 2017 amounts in the Statements of Cash Flows were reclassified to conform with the adoption of ASU 2016-18 in the 2018 presentation. Specifically, restricted cash is no longer included as a cash flow from (for) operating activities; and a reconciliation of cash and restricted cash to amounts on the Statements of Financial Condition is presented on a gross basis.

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MANAGING OPERATOR AND COMMODITY TRADING ADVISOR

3 Months Ended

Mar. 31, 2018

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 D units pay the managing operator a monthly management fee equal to 1/12 of 2.75% (2.75% annually) of the Net Assets (as defined) of Series D units 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

3 Months Ended

Mar. 31, 2018

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

3 Months Ended

Mar. 31, 2018

ADMINISTRATOR [Abstract]

ADMINISTRATOR

Note 4. ADMINISTRATOR

Northern Trust Hedge Fund Services LLC serves as the Administrator of the Trust. 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

3 Months Ended

Mar. 31, 2018

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

3 Months Ended

Mar. 31, 2018

SERVICE FEE [Abstract]

SERVICE FEE

Note 6. SERVICE FEE

Prior to March 1, 2017, the selling firms who sold Series W units received 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. Effective March 1, 2017, a monthly service fee will no longer be paid by the Series W Units.

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DEPOSITS WITH FUTURES BROKERS

3 Months Ended

Mar. 31, 2018

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

3 Months Ended

Mar. 31, 2018

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 March 31, 2018. 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

3 Months Ended

Mar. 31, 2018

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 three months ended March 31, 2018 and 2017, Campbell & Company received redemption fees of $0 and $6,159, respectively.

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TRADING ACTIVITIES AND RELATED RISKS

3 Months Ended

Mar. 31, 2018

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 futures and forward contracts, 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 March 31, 2018 and December 31, 2017 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at March 31, 2018 Fair Value		Liability Derivatives at March 31, 2018 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	5,559,595	$	(625,372	)	$	4,934,223
Energy Contracts	Net unrealized gain (loss) on open futures contracts		3,504,393		(68,597	)		3,435,796
Metal Contracts	Net unrealized gain (loss) on open futures contracts		5,881,400		(6,354,968	)		(473,568	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		809,821		(2,044,347	)		(1,234,526	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		302,245		(1,320,749	)		(1,018,504	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		5,939,842		(2,635,706	)		3,304,136
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		8,160,502		(11,380,190	)		(3,219,688	)
Totals		$	30,157,798	$	(24,429,929	)	$	5,727,869

* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2017 Fair Value		Liability Derivatives at December 31, 2017 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	3,638,592	$	(305,890	)	$	3,332,702
Energy Contracts	Net unrealized gain (loss) on open futures contracts		4,230,158		(1,767,097	)		2,463,061
Metal Contracts	Net unrealized gain (loss) on open futures contracts		6,733,650		(2,806,128	)		3,927,522
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		6,430,613		(2,540,535	)		3,890,078
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		509,198		(498,702	)		10,496
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		853,564		(5,482,963	)		(4,629,399	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		17,067,988		(13,966,124	)		3,101,864
Totals		$	39,463,763	$	(27,367,439	)	$	12,096,324

* Derivatives not designated as hedging instruments under ASC 815

The trading revenue 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 three months ended March 31, 2018 and 2017 is as follows:

Type of Instrument	Trading  Gains/(Losses) for the Three Months Ended March 31, 2018			Trading Gains/(Losses) for the Three Months Ended March 31, 2017
Agriculture Contracts	$	(4,329,334	)	$	(11,055,648	)
Energy Contracts		2,303,319			(15,569,615	)
Metal Contracts		(472,264	)		8,960,811
Stock Indices Contracts		(27,516,280	)		53,742,969
Short-Term Interest Rate Contracts		4,116,466			(2,162,101	)
Long-Term Interest Rate Contracts		5,126,124			(10,930,037	)
Forward Currency Contracts		3,788,343			(20,367,701	)
Total	$	(16,983,626	)	$	2,618,678

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Three Months Ended March 31, 2018			Trading Gains/(Losses) for the Three Months Ended March 31, 2017
Futures trading gains (losses):
Realized**	$	(20,725,066	)	$	20,339,156
Change in unrealized		(46,903	)		2,647,223
Forward currency trading gains (losses):
Realized		10,109,895			(5,502,888	)
Change in unrealized		(6,321,552	)		(14,864,813	)
Total	$	(16,983,626	)	$	2,618,678

** 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 brokers.

For the three months ended March 31, 2018 and 2017, the monthly average of futures contracts bought and sold was approximately 44,400 and 66,700, respectively, and the monthly average of notional value of forward currency contracts was $2,056,400,000 and $2,765,000,000, respectively.

Open contracts generally mature within three months; as of March 31, 2018, the latest maturity date for open futures contracts is June 2019 and the latest maturity date for open forward currency contracts is June 2018. 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 brokers. 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 March 31, 2018 and December 31, 2017 was $77,621,267 and $98,517,542, respectively, which equals approximately 15% and 18% of Net Asset Value, respectively. The cash deposited with the interbank market maker at March 31, 2018 and December 31, 2017 was $31,404,365 and $265,952, respectively, which equals approximately 6% 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 March 31, 2018 and December 31, 2017 was restricted cash for margin requirements of $24,895,468 and $936,583, respectively, which equals approximately 5% and 0% 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 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 March 31, 2018
Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the  Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	11,436,663	$	(6,768,140	)	$	4,668,523
Futures contracts	Goldman Sachs		10,560,633		(6,281,599	)		4,279,034
Forward currency contracts	Royal Bank of Scotland		8,160,502		(8,160,502	)		0
Total derivatives		$	30,157,798	$	(21,210,241	)	$	8,947,557

Derivative Assets and Collateral Received by Counterparty
As of March 31, 2018
	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	4,668,523	$	0	$	0	$	4,668,523
Goldman Sachs		4,279,034		0		0		4,279,034
Royal Bank of Scotland		0		0		0		0
Total	$	8,947,557	$	0	$	0	$	8,947,557

Offsetting of Derivative Liabilities
As of March 31, 2018
Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,768,140	$	(6,768,140	)	$	0
Futures contracts	Goldman Sachs		6,281,599		(6,281,599	)		0
Forward currency contracts	Royal Bank of Scotland		11,380,190		(8,160,502	)		3,219,688
Total derivatives		$	24,429,929	$	(21,210,241	)	$	3,219,688

Derivative Liabilities and Collateral Pledged by Counterparty
As of March 31, 2018
	Net Amounts of Unrealized Loss in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments			Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0		$	0	$	0
Goldman Sachs		0		0			0		0
Royal Bank of Scotland		3,219,688		(3,219,688	)*		0		0
Total	$	3,219,688	$	(3,219,688	)	$	0	$	0

* Represents a portion of the $10,129,251 fair value in U.S. Treasury Bills held at the interbank market maker.

Offsetting of Derivative Assets
As of December 31, 2017
Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	11,246,678	$	(6,805,740	)	$	4,440,938
Futures contracts	Goldman Sachs		11,149,097		(6,595,575	)		4,553,522
Forward currency contracts	Royal Bank of Scotland		17,067,988		(13,966,124	)		3,101,864
Total derivatives		$	39,463,763	$	(27,367,439	)	$	12,096,324

Derivative Assets and Collateral Received by Counterparty
As of December 31, 2017
	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	4,440,938	$	0	$	0	$	4,440,938
Goldman Sachs		4,553,522		0		0		4,553,522
Royal Bank of Scotland		3,101,864		0		0		3,101,864
Total	$	12,096,324	$	0	$	0	$	12,096,324

Offsetting of Derivative Liabilities
As of December 31, 2017
Type of Instrument	Counterparty	Gross Amounts of Recognized  Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,805,740	$	(6,805,740	)	$	0
Futures contracts	Goldman Sachs		6,595,575		(6,595,575	)		0
Forward currency contracts	Royal Bank of Scotland		13,966,124		(13,966,124	)		0
Total derivatives		$	27,367,439	$	(27,367,439	)	$	0

Derivative Liabilities and Collateral Pledged by Counterparty
As of December 31, 2017
	Net Amounts of Unrealized Loss in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0	$	0	$	0
Goldman Sachs		0		0		0		0
Royal Bank of Scotland		0		0		0		0
Total	$	0	$	0	$	0	$	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

3 Months Ended

Mar. 31, 2018

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

3 Months Ended

Mar. 31, 2018

INTERIM FINANCIAL STATEMENTS [Abstract]

INTERIM FINANCIAL STATEMENTS

Note 12. INTERIM FINANCIALS STATEMENTS

The Statements of Financial Condition, including the Condensed Schedules of Investments, as of March 31, 2018 and December 31, 2017, the Statements of Operations and Financial Highlights for the three months ended March 31, 2018 and 2017, and the Statements of Cash Flows and Changes in Unitholders’ Capital (Net Asset Value) for the three months ended March 31, 2018 and 2017 are unaudited. In the opinion of management, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of March 31, 2018 and December 31, 2017, the results of operations and financial highlights for the three months ended March 31, 2018 and 2017, and cash flows and changes in unitholders’ capital (Net Asset Value) for the three months ended March 31, 2018 and 2017.

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2018

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)

3 Months Ended

Mar. 31, 2018

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Accounting

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

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 March 31, 2018 and December 31, 2017, and for the periods ended March 31, 2018 and 2017, the Trust did not have any Level 3 assets or liabilities.

The following tables set forth by level within the fair value hierarchy the Trust's investments accounted for at fair value on a recurring basis as of March 31, 2018 and December 31, 2017.

	Fair Value at March 31, 2018
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,638	$	0		$	0	$	3,638
Fixed income securities		0		441,291,116			0		441,291,116
Other Financial Instruments
Exchange-traded futures contracts		8,947,557		0			0		8,947,557
Forward currency contracts		0		(3,219,688	)		0		(3,219,688	)
Total	$	8,951,195	$	438,071,428		$	0	$	447,022,623

	Fair Value at December 31, 2017
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	12,271	$	0	$	0	$	12,271
Fixed income securities		0		494,456,527		0		494,456,527
Other Financial Instruments
Exchange-traded futures contracts		8,994,460		0		0		8,994,460
Forward currency contracts		0		3,101,864		0		3,101,864
Total	$	9,006,731	$	497,558,391	$	0	$	506,565,122

There were no transfers to or from Level 1 to Level 2 for the period ended March 31, 2018 or the year ended December 31, 2017.

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 2014 through 2017 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, Series D units and Series W units will each bear the offering costs incurred in relation to the offering of Series A units, Series D units and Series W units, respectively. Offering costs are charged to Series A, Series D 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, Series D 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, Series D units and Series W units will have no further obligation to Campbell & Company. At March 31, 2018, and December 31, 2017, the amount of unreimbursed offering costs incurred by Campbell & Company is $13,751 and $206,222 for Series A units, $24,774 and $19,412 for Series D units and $256,998 and $285,675 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.

Recently Issued Accounting Pronouncements

I. Recently Issued Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which aims to reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement. The amendment is effective for the interim and annual reporting periods beginning after December 15, 2017. Campbell & Company has adopted the new guidance, and management has determined its adoption has no material impact on the Trust’s financial statement disclosures.

Reclassification

J. Reclassification

Certain 2017 amounts in the Statements of Cash Flows were reclassified to conform with the adoption of ASU 2016-18 in the 2018 presentation. Specifically, restricted cash is no longer included as a cash flow from (for) operating activities; and a reconciliation of cash and restricted cash to amounts on the Statements of Financial Condition is presented on a gross basis.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 and December 31, 2017.

	Fair Value at March 31, 2018
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,638	$	0		$	0	$	3,638
Fixed income securities		0		441,291,116			0		441,291,116
Other Financial Instruments
Exchange-traded futures contracts		8,947,557		0			0		8,947,557
Forward currency contracts		0		(3,219,688	)		0		(3,219,688	)
Total	$	8,951,195	$	438,071,428		$	0	$	447,022,623

	Fair Value at December 31, 2017
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	12,271	$	0	$	0	$	12,271
Fixed income securities		0		494,456,527		0		494,456,527
Other Financial Instruments
Exchange-traded futures contracts		8,994,460		0		0		8,994,460
Forward currency contracts		0		3,101,864		0		3,101,864
Total	$	9,006,731	$	497,558,391	$	0	$	506,565,122

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TRADING ACTIVITIES AND RELATED RISKS (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 and December 31, 2017 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at March 31, 2018 Fair Value		Liability Derivatives at March 31, 2018 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	5,559,595	$	(625,372	)	$	4,934,223
Energy Contracts	Net unrealized gain (loss) on open futures contracts		3,504,393		(68,597	)		3,435,796
Metal Contracts	Net unrealized gain (loss) on open futures contracts		5,881,400		(6,354,968	)		(473,568	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		809,821		(2,044,347	)		(1,234,526	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		302,245		(1,320,749	)		(1,018,504	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		5,939,842		(2,635,706	)		3,304,136
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		8,160,502		(11,380,190	)		(3,219,688	)
Totals		$	30,157,798	$	(24,429,929	)	$	5,727,869

* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2017 Fair Value		Liability Derivatives at December 31, 2017 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	3,638,592	$	(305,890	)	$	3,332,702
Energy Contracts	Net unrealized gain (loss) on open futures contracts		4,230,158		(1,767,097	)		2,463,061
Metal Contracts	Net unrealized gain (loss) on open futures contracts		6,733,650		(2,806,128	)		3,927,522
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		6,430,613		(2,540,535	)		3,890,078
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		509,198		(498,702	)		10,496
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		853,564		(5,482,963	)		(4,629,399	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		17,067,988		(13,966,124	)		3,101,864
Totals		$	39,463,763	$	(27,367,439	)	$	12,096,324

* 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 revenue 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 three months ended March 31, 2018 and 2017 is as follows:

Type of Instrument	Trading  Gains/(Losses) for the Three Months Ended March 31, 2018			Trading Gains/(Losses) for the Three Months Ended March 31, 2017
Agriculture Contracts	$	(4,329,334	)	$	(11,055,648	)
Energy Contracts		2,303,319			(15,569,615	)
Metal Contracts		(472,264	)		8,960,811
Stock Indices Contracts		(27,516,280	)		53,742,969
Short-Term Interest Rate Contracts		4,116,466			(2,162,101	)
Long-Term Interest Rate Contracts		5,126,124			(10,930,037	)
Forward Currency Contracts		3,788,343			(20,367,701	)
Total	$	(16,983,626	)	$	2,618,678

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Three Months Ended March 31, 2018			Trading Gains/(Losses) for the Three Months Ended March 31, 2017
Futures trading gains (losses):
Realized**	$	(20,725,066	)	$	20,339,156
Change in unrealized		(46,903	)		2,647,223
Forward currency trading gains (losses):
Realized		10,109,895			(5,502,888	)
Change in unrealized		(6,321,552	)		(14,864,813	)
Total	$	(16,983,626	)	$	2,618,678

** 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 brokers.

Offsetting of Derivative Assets and Collateral Received by Counterparty

Offsetting of Derivative Assets
As of March 31, 2018
Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the  Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	11,436,663	$	(6,768,140	)	$	4,668,523
Futures contracts	Goldman Sachs		10,560,633		(6,281,599	)		4,279,034
Forward currency contracts	Royal Bank of Scotland		8,160,502		(8,160,502	)		0
Total derivatives		$	30,157,798	$	(21,210,241	)	$	8,947,557

Derivative Assets and Collateral Received by Counterparty
As of March 31, 2018
	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	4,668,523	$	0	$	0	$	4,668,523
Goldman Sachs		4,279,034		0		0		4,279,034
Royal Bank of Scotland		0		0		0		0
Total	$	8,947,557	$	0	$	0	$	8,947,557

Offsetting of Derivative Assets
As of December 31, 2017
Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	11,246,678	$	(6,805,740	)	$	4,440,938
Futures contracts	Goldman Sachs		11,149,097		(6,595,575	)		4,553,522
Forward currency contracts	Royal Bank of Scotland		17,067,988		(13,966,124	)		3,101,864
Total derivatives		$	39,463,763	$	(27,367,439	)	$	12,096,324

Derivative Assets and Collateral Received by Counterparty
As of December 31, 2017
	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	4,440,938	$	0	$	0	$	4,440,938
Goldman Sachs		4,553,522		0		0		4,553,522
Royal Bank of Scotland		3,101,864		0		0		3,101,864
Total	$	12,096,324	$	0	$	0	$	12,096,324

Offsetting of Derivative Liabilities and Collateral Pledged by Counterparty

Offsetting of Derivative Liabilities
As of March 31, 2018
Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,768,140	$	(6,768,140	)	$	0
Futures contracts	Goldman Sachs		6,281,599		(6,281,599	)		0
Forward currency contracts	Royal Bank of Scotland		11,380,190		(8,160,502	)		3,219,688
Total derivatives		$	24,429,929	$	(21,210,241	)	$	3,219,688

Derivative Liabilities and Collateral Pledged by Counterparty
As of March 31, 2018
	Net Amounts of Unrealized Loss in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments			Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0		$	0	$	0
Goldman Sachs		0		0			0		0
Royal Bank of Scotland		3,219,688		(3,219,688	)*		0		0
Total	$	3,219,688	$	(3,219,688	)	$	0	$	0

* Represents a portion of the $10,129,251 fair value in U.S. Treasury Bills held at the interbank market maker.

Offsetting of Derivative Liabilities
As of December 31, 2017
Type of Instrument	Counterparty	Gross Amounts of Recognized  Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,805,740	$	(6,805,740	)	$	0
Futures contracts	Goldman Sachs		6,595,575		(6,595,575	)		0
Forward currency contracts	Royal Bank of Scotland		13,966,124		(13,966,124	)		0
Total derivatives		$	27,367,439	$	(27,367,439	)	$	0

Derivative Liabilities and Collateral Pledged by Counterparty
As of December 31, 2017
	Net Amounts of Unrealized Loss in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0	$	0	$	0
Goldman Sachs		0		0		0		0
Royal Bank of Scotland		0		0		0		0
Total	$	0	$	0	$	0	$	0

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, General Description of the Trust (Details)	3 Months Ended
	Mar. 31, 2018 $ / shares
Series A [Member]
General Description of the Trust [Abstract]
Initial minimum subscription (in dollars per unit)	25,000
Series D [Member]
General Description of the Trust [Abstract]
Initial minimum subscription (in dollars per unit)	25,000
Series W [Member]
General Description of the Trust [Abstract]
Initial minimum subscription (in dollars per unit)	25,000

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Fair Value (Details) - Fair Value on a Recurring Basis [Member] - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Investments [Abstract]
Short term investments	$ 3,638	$ 12,271
Fixed income securities	441,291,116	494,456,527
Total	447,022,623	506,565,122
Transfers from Level 1 to Level 2	0	0
Transfers from Level 2 to Level 1	0	0
Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	8,947,557	8,994,460
Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	(3,219,688)	3,101,864
Level 1 [Member]
Investments [Abstract]
Short term investments	3,638	12,271
Fixed income securities	0	0
Total	8,951,195	9,006,731
Level 1 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	8,947,557	8,994,460
Level 1 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Level 2 [Member]
Investments [Abstract]
Short term investments	0	0
Fixed income securities	441,291,116	494,456,527
Total	438,071,428	497,558,391
Level 2 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Level 2 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	(3,219,688)	3,101,864
Level 3 [Member]
Investments [Abstract]
Short term investments	0	0
Fixed income securities	0	0
Total	0	0
Level 3 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Level 3 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	$ 0	$ 0

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details)	3 Months Ended
	Mar. 31, 2018 USD ($)
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
Federal Tax Authority [Member] | Minimum [Member]
Income Taxes [Abstract]
Open tax year	2014
Federal Tax Authority [Member] | Maximum [Member]
Income Taxes [Abstract]
Open tax year	2017
State Tax Authorities [Member] | Minimum [Member]
Income Taxes [Abstract]
Open tax year	2014
State Tax Authorities [Member] | Maximum [Member]
Income Taxes [Abstract]
Open tax year	2017

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Offering Costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Series A [Member]
Offering Costs [Abstract]
Monthly offering costs percentage	0.04167%
Annualized offering costs percentage	0.50%
Unreimbursed offering costs	$ 13,751	$ 206,222
Series D [Member]
Offering Costs [Abstract]
Monthly offering costs percentage	0.04167%
Annualized offering costs percentage	0.50%
Unreimbursed offering costs	$ 24,774	19,412
Series W [Member]
Offering Costs [Abstract]
Monthly offering costs percentage	0.04167%
Annualized offering costs percentage	0.50%
Unreimbursed offering costs	$ 256,998	$ 285,675

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MANAGING OPERATOR AND COMMODITY TRADING ADVISOR (Details)	3 Months Ended
	Mar. 31, 2018
Series A [Member]
Management and Performance Fees [Abstract]
Monthly management fee percentage	0.333%
Annualized management fee percentage	4.00%
Quarterly performance fee percentage	20.00%
Series B [Member]
Management and Performance Fees [Abstract]
Monthly management fee percentage	0.333%
Annualized management fee percentage	4.00%
Quarterly performance fee percentage	20.00%
Series D [Member]
Management and Performance Fees [Abstract]
Monthly management fee percentage	0.229%
Annualized management fee percentage	2.75%
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%

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SERVICE FEE (Details) - Series W [Member]	1 Months Ended	2 Months Ended
	Mar. 31, 2017	Feb. 28, 2017
Service Fees [Abstract]
Monthly service fee percentage	0.00%	0.02083%
Annualized service fee percentage		0.25%

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DEPOSITS WITH INTERBANK MARKET MAKER (Details)	Mar. 31, 2018 Counterparty
DEPOSITS WITH INTERBANK MARKET MAKER [Abstract]
Number of major rating agencies reporting credit ratings considered investment grade for RBS	3

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SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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	$ 0	$ 6,159

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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 ($)	Mar. 31, 2018	Dec. 31, 2017
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	$ 8,947,557	$ 12,096,324
Liability derivatives at fair value	(3,219,688)	0
Not Designated as Hedging Instruments [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	30,157,798	39,463,763
Liability derivatives at fair value	(24,429,929)	(27,367,439)
Net	5,727,869	12,096,324
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	5,559,595	3,638,592
Liability derivatives at fair value	(625,372)	(305,890)
Net	4,934,223	3,332,702
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	3,504,393	4,230,158
Liability derivatives at fair value	(68,597)	(1,767,097)
Net	3,435,796	2,463,061
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	5,881,400	6,733,650
Liability derivatives at fair value	(6,354,968)	(2,806,128)
Net	(473,568)	3,927,522
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	809,821	6,430,613
Liability derivatives at fair value	(2,044,347)	(2,540,535)
Net	(1,234,526)	3,890,078
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	302,245	509,198
Liability derivatives at fair value	(1,320,749)	(498,702)
Net	(1,018,504)	10,496
Long-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	5,939,842	853,564
Liability derivatives at fair value	(2,635,706)	(5,482,963)
Net	3,304,136	(4,629,399)
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	8,160,502	17,067,988
Liability derivatives at fair value	(11,380,190)	(13,966,124)
Net	$ (3,219,688)	$ 3,101,864

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TRADING ACTIVITIES AND RELATED RISKS, Derivatives by Instrument Type (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)	$ (16,983,626)	$ 2,618,678
Agriculture Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)	(4,329,334)	(11,055,648)
Energy Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)	2,303,319	(15,569,615)
Metal Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)	(472,264)	8,960,811
Stock Indices Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)	(27,516,280)	53,742,969
Short-Term Interest Rate Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)	4,116,466	(2,162,101)
Long-Term Interest Rate Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)	5,126,124	(10,930,037)
Forward Currency Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)	$ 3,788,343	$ (20,367,701)

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TRADING ACTIVITIES AND RELATED RISKS, Location of Gains and Losses on the Statements of Operations (Details)		3 Months Ended
		Mar. 31, 2018 USD ($) Contract	Mar. 31, 2017 USD ($) Contract
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		$ (16,983,626)	$ 2,618,678
Derivatives [Abstract]
Average number of months until maturity for open contracts		3 months
Futures Trading Gains (Losses) - Realized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)	[1]	$ (20,725,066)	20,339,156
Futures Trading Gains (Losses) - Change in Unrealized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		(46,903)	2,647,223
Forward Currency Trading Gains (Losses) - Realized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		10,109,895	(5,502,888)
Forward Currency Trading Gains (Losses) - Change in Unrealized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains / (losses)		$ (6,321,552)	$ (14,864,813)
Futures Contracts [Member]
Derivatives [Abstract]
Monthly average of contracts bought and sold | Contract		44,400	66,700
Futures Contracts [Member] | Maximum [Member]
Derivatives [Abstract]
Latest maturity date for open contracts		Jun. 30, 2019
Forward Currency Contracts [Member]
Derivatives [Abstract]
Monthly average notional value		$ 2,056,400,000	$ 2,765,000,000
Forward Currency Contracts [Member] | Maximum [Member]
Derivatives [Abstract]
Latest maturity date for open contracts		Jun. 30, 2018

[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, Credit Risk (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
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	$ 77,621,267	$ 98,517,542
Fair value of securities held to satisfy margin and good faith deposits as a percentage of Net Asset Value	15.00%	18.00%
Cash deposited with interbank market maker	$ 31,404,365	$ 265,952
Cash deposited with interbank market maker as a percentage of Net Asset Value	6.00%	0.00%
Restricted cash for margin requirements	$ 24,895,468	$ 936,583
Restricted cash for margin requirements as a percentage of Net Asset Value	5.00%	0.00%
Maximum margin-to-equity ratio	30.00%

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TRADING ACTIVITIES AND RELATED RISKS, Offsetting of Derivative Assets and Collateral Received by Counterparty (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Offsetting of Derivative Assets [Abstract]
Gross amounts of recognized assets	$ 30,157,798	$ 39,463,763
Gross amounts offset in the Statements of Financial Condition	(21,210,241)	(27,367,439)
Net amounts of unrealized gain presented in the Statements of Financial Condition	8,947,557	12,096,324
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain in the Statements of Financial Condition	8,947,557	12,096,324
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	8,947,557	12,096,324
Futures Contracts [Member] | UBS Securities LLC [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets [Abstract]
Gross amounts of recognized assets	11,436,663	11,246,678
Gross amounts offset in the Statements of Financial Condition	(6,768,140)	(6,805,740)
Net amounts of unrealized gain presented in the Statements of Financial Condition	4,668,523	4,440,938
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain in the Statements of Financial Condition	4,668,523	4,440,938
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	4,668,523	4,440,938
Futures Contracts [Member] | Goldman, Sachs & Co. [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets [Abstract]
Gross amounts of recognized assets	10,560,633	11,149,097
Gross amounts offset in the Statements of Financial Condition	(6,281,599)	(6,595,575)
Net amounts of unrealized gain presented in the Statements of Financial Condition	4,279,034	4,553,522
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain in the Statements of Financial Condition	4,279,034	4,553,522
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	4,279,034	4,553,522
Forward Currency Contracts [Member] | Royal Bank of Scotland [Member] | Over-the-Counter [Member]
Offsetting of Derivative Assets [Abstract]
Gross amounts of recognized assets	8,160,502	17,067,988
Gross amounts offset in the Statements of Financial Condition	(8,160,502)	(13,966,124)
Net amounts of unrealized gain presented in the Statements of Financial Condition	0	3,101,864
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain in the Statements of Financial Condition	0	3,101,864
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	$ 3,101,864

XML

TRADING ACTIVITIES AND RELATED RISKS, Offsetting of Derivative Liabilities and Collateral Pledged by Counterparty (Details) - USD ($)	Mar. 31, 2018		Dec. 31, 2017
Offsetting of Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	$ 24,429,929		$ 27,367,439
Gross amounts offset in the Statements of Financial Condition	(21,210,241)		(27,367,439)
Net amounts of unrealized loss presented in the Statements of Financial Condition	3,219,688		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss in the Statements of Financial Condition	3,219,688		0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	(3,219,688)		0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0		0
Net amount	0		0
Fixed income securities deposited with interbank market maker	373,799,100		427,026,084
U.S. Treasury Bills [Member]
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Fixed income securities deposited with interbank market maker	10,129,251
Futures Contracts [Member] | UBS Securities LLC [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	6,768,140		6,805,740
Gross amounts offset in the Statements of Financial Condition	(6,768,140)		(6,805,740)
Net amounts of unrealized loss presented in the Statements of Financial Condition	0		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss in the Statements of Financial Condition	0		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 pledged	0		0
Net amount	0		0
Futures Contracts [Member] | Goldman, Sachs & Co. [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	6,281,599		6,595,575
Gross amounts offset in the Statements of Financial Condition	(6,281,599)		(6,595,575)
Net amounts of unrealized loss presented in the Statements of Financial Condition	0		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss in the Statements of Financial Condition	0		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 pledged	0		0
Net amount	0		0
Forward Currency Contracts [Member] | Royal Bank of Scotland [Member] | Over-the-Counter [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	11,380,190		13,966,124
Gross amounts offset in the Statements of Financial Condition	(8,160,502)		(13,966,124)
Net amounts of unrealized loss presented in the Statements of Financial Condition	3,219,688		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss in the Statements of Financial Condition	3,219,688		0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	(3,219,688)	[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 $10,129,251 fair value in U.S. Treasury Bills held at the interbank market maker.