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New words:
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Removed:
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Financial report summary
?Risks
- General Investment Related Risks
- Potential Loss of Investment
- Short Sales May Lead to Potentially Unlimited Losses
- Investing Globally Subjects the Trust to International Risks
- Changes in Financing Policies or the Imposition of Other Credit Limitations or Restrictions Could Compel the Trust to Liquidate Positions at Disadvantageous Prices
- The Trust’s Investments Could be Illiquid
- Your Investment in the Trust Could Be Illiquid; Suspension of Trading
- Reduced Market Exposure in Times of High Volatility May Limit Profit Potential
- An Investment in the Trust May Not Diversify an Overall Portfolio
- The Current Markets are Subject to Market Disruptions That May be Detrimental to Your Investment
- Risk of Natural Disasters, Epidemics, Terrorist Attacks and War
- Fixed-Income Investments Risks
- There are Disadvantages to Making Trading Decisions Based Primarily on Technical Market Data
- Increased Competition in Alternative Asset Investments
- Increase in Assets Under Management May Make Profitable Trading More Difficult
- Investors Will Not be Able to Review the Trust’s Holdings on a Daily Basis
- Inadequate Models Could Negatively Affect the Trust’s Investment Portfolio
- Investors Must Not Rely on the Past Performance of Campbell & Company or the Trust in Deciding Whether to Buy Units
- Reliance on the Campbell & Company’s Discretion and Trading Models
- Market Factors May Adversely Influence the Models
- Availability of Investment Opportunities
- Holding Period of Investment Positions
- Futures, Forwards and Swaps
- Futures, Forwards and Swaps Trading Can be Highly Volatile
- Futures, Forwards and Swaps Trading is Highly Speculative and Volatile
- Futures, Forwards and Swaps Trading Involves Substantial Leverage
- Futures, Forwards and Swaps Trading May Be Illiquid
- Forwards Trading and its Counterparty, Regulatory and Related Risks
- The Trust is a Party to Financial Instruments with Elements of Off-Balance Sheet Risk, Which May Cause the Trust to Lose All of Its Assets
- Currency/Cross Rates Trading
- Speculative Position Limits
- Over-the-Counter Derivatives Markets
- Regulatory Changes or Additional Government or Market Regulation or Actions May Alter the Operations and Profitability of the Trust
- The Trust, in particular, is dependent upon the use of leverage in implementing its investment strategy across the markets and instruments described herein. Any regulatory limitations may have a materially adverse impact on the Trust
- Daily Price Fluctuation Limits Imposed by Futures Exchanges May Alter Trading Decisions for the Trust
- The Trust is Subject to Foreign Market Credit and Regulatory Risk
- Membership in a Swap Execution Facility
- The Trust is Not a Regulated Investment Company and is Therefore Subject to Different Protections Than a Regulated Investment Company
- Investors are Taxed Based on Their Share of Trust Income and Gain
- Tax Could be Due from Investors on Their Share of the Trust’s Ordinary Income Despite Overall Losses
- Deductibility of Management and Performance Fees
- Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
- The Trust’s Service Providers Could Fail
- Risks due to Redemption or Credit Restriction
- There are No Independent Experts Representing Investors
- The Trust Places Significant Reliance on Campbell & Company and the Incapacity of its Principals Could Adversely Affect the Trust
- The Trust Could Terminate Before You Achieve Your Investment Objective Causing Potential Loss of Your Investment or Disruption of Your Investment Portfolio
- Transfers Could Be Restricted
- Restrictions on Investment by ERISA Plans, Employee Retirement Income Security Act of 1974
- A Single-Advisor Trust May be More Volatile Than a Multi-Advisor Trust
- The Performance Fee Could Be an Incentive to Make Riskier Investments
- The Trust May Distribute Profits to Investors at Inopportune Times
- Potential Inability to Trade or Report Due to Systems Failure Could Adversely Affect the Trust
- Failure to Receive Timely and Accurate Market Data from Third Party Vendors Could Cause Disruptions or the Inability to Trade
- Conflicts of Interest Exist in the Structure and Operation of the Trust
- The Value of the Units Will Be Adversely Affected If the Trust is Required to Make Indemnification Payments
- Reliance on Corporate Management and Financial Reporting
- The Trust’s Fees and Expenses
- Compulsory Redemption of Units
Management Discussion
- 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, forward and centrally cleared swap 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, credit and commodities. The Trust is an actively managed account with speculative trading profits as its objective.