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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2025

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

For the transition period from to

Commission File number: 000-50264

THE CAMPBELL FUND TRUST

(Exact name of Registrant as specified in charter)

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

	2850 Quarry Lake Drive
	Baltimore, Maryland 21209
	(Address of principal executive offices, including zip code)

	(410) 413-2600
	(Registrant’s telephone number, including area code)

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

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

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

Indicate by check mark whether the registrant has submitted electronically every Interactive data File required to be submitted pursuant to Rule 405 of regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

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

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

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

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

The Registrant has no voting stock. As of September 30, 2025, there were 107,539.600 Series A Units, 8,144.814 Series B Units, 38,405.014 Series D Units, and 11,186.008 Series W Units of Beneficial Interest issued and outstanding.

TABLE OF CONTENTS

			Page
PART I — FINANCIAL INFORMATION

	Item 1.	Financial Statements.

		Condensed Schedules of Investments as of September 30, 2025 and December 31, 2024 (Unaudited)	1-6

		Statements of Financial Condition as of September 30, 2025 and December 31, 2024 (Unaudited)	7

		Statements of Operations for the Three Months and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	8

		Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)	9

		Statements of Changes in Unitholders’ Capital (Net Asset Value) for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)	10-11

		Financial Highlights for the Three Months and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	12-15

		Notes to Financial Statements (Unaudited)	16-31

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	32-42

	Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	42-47

	Item 4.	Controls and Procedures.	47

PART II — OTHER INFORMATION

	Item 1.	Legal Proceedings.	48

	Item 1A.	Risk Factors.	48

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	48

	Item 3.	Defaults Upon Senior Securities.	48

	Item 4.	Mine Safety Disclosures.	48

	Item 5.	Other Information.	48

	Item 6.	Exhibits.	49-50

SIGNATURES			51

Table of Contents

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Asset Backed Securities
	United States
	Auto Loans	$	29,602,147		4.58	%
	Equipment Loans		2,056,587		0.32	%
	Total Asset Backed Securities (cost $31,598,730)		31,658,734		4.90	%

	Bank Deposits
	France
	Financials (cost $3,124,531)		3,123,159		0.48	%
	United States
	Financials (cost $9,574,655)		9,576,118		1.48	%
	Total Bank Deposits (cost $12,699,186)		12,699,277		1.96	%

	Commercial Paper
	Canada
	Financials		8,189,055		1.27	%
	Materials		11,353,970		1.76	%
	Total Canada (cost $19,545,938)		19,543,025		3.03	%
	Ireland
	Financials (cost $3,589,353)		3,588,199		0.56	%
	United Kingdom
	Financials (cost $15,037,224)		15,035,506		2.33	%
	United States
	Consumer Discretionary		22,332,740		3.46	%
	Consumer Staples		5,166,963		0.80	%
	Energy		2,059,185		0.32	%
	Financials		56,334,552		8.72	%
	Health Care		6,541,303		1.01	%
	Industrials		10,064,624		1.56	%
	Materials		3,208,733		0.50	%
	Real Estate		18,630,430		2.88	%
	Utilities		48,981,816		7.58	%
	Total United States (cost $173,346,548)		173,320,346		26.83	%
	Total Commercial Paper (cost $211,519,063)		211,487,076		32.75	%

	Corporate Bonds
	Australia
	Financials		6,026,643		0.93	%
	Materials		518,618		0.08	%
	Total Australia (cost $6,509,421)		6,545,261		1.01	%
	Canada
	Energy		1,934,037		0.30	%
	Materials		2,352,759		0.36	%
	Financials		13,152,846		2.04	%
	Total Canada (cost $17,401,253)		17,439,642		2.70	%
	Japan
	Consumer Discretionary		1,137,208		0.18	%
	Financials		2,216,146		0.34	%
	Total Japan (cost $3,329,986)		3,353,354		0.52	%
	Netherlands
	Financials (cost $1,874,995)	$	1,882,050		0.29	%

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Corporate Bonds (continued)
		United States
		Communications	$	2,182,314		0.34	%
		Consumer Discretionary		8,862,532		1.37	%
		Consumer Staples		3,846,090		0.60	%
		Energy		4,485,627		0.69	%
		Financials		16,241,369		2.51	%
		Health Care		6,482,044		1.00	%
		Industrials		909,192		0.14	%
		Real Estate		5,556,200		0.86	%
		Technology		4,788,627		0.74	%
		Utilities		4,543,139		0.70	%
		Total United States (cost $57,570,865)		57,897,134		8.95	%
		Total Corporate Bonds (cost $86,686,520)		87,117,441		13.47	%

		Government and Agency Obligations
		United States
		U.S. Treasury Bills
$	26,850,000	U.S. Treasury Bills Due 10/09/2025⁽¹⁾		26,825,844		4.15	%
$	15,700,000	U.S. Treasury Bills Due 11/13/2025⁽¹⁾		15,624,802		2.42	%
$	44,300,000	U.S. Treasury Bills Due 12/04/2025⁽¹⁾		43,992,853		6.81	%
		Total Government And Agency Obligations (cost $86,432,159)		86,443,499		13.38	%

		Total Fixed Income Securities (cost $428,935,658)⁽²⁾	$	429,406,027		66.46	%

(1)	Pledged as collateral for the trading of futures positions.

(2)	Included in fixed income securities are U.S. Treasury Bills with a fair value of $86,443,499 deposited with the futures brokers.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025 (Unaudited)

SHORT TERM INVESTMENTS
Description	Fair Value ($)		% of Net Asset Value
Money Market Funds
United States
Money Market Funds (cost $8,590)	$	8,590		0.00	%
Total Short Term Investments (cost $8,590)	$	8,590		0.00	%

LONG FUTURES CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	(626,415	)		(0.10	)%
Energy		(735,948	)		(0.11	)%
Metals		10,144,365			1.57	%
Stock indices		3,761,079			0.58	%
Short-term interest rates		(1,802,914	)		(0.28	)%
Long-term interest rates		(1,034,124	)		(0.16	)%
Net unrealized gain (loss) on long futures contracts		9,706,043			1.50	%

SHORT FUTURES CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Agriculture		7,203,480			1.12	%
Energy		932,691			0.14	%
Metals		(7,864,852	)		(1.22	)%
Stock indices		(359,466	)		(0.06	)%
Short-term interest rates		545,264			0.08	%
Long-term interest rates		(212,290	)		(0.03	)%
Net unrealized gain (loss) on short futures contracts		244,827			0.03	%
Net unrealized gain (loss) on open futures contracts	$	9,950,870			1.53	%

FORWARD CURRENCY CONTRACTS

Description	Fair Value ($)		% of Net Asset Value
Various long forward currency contracts	$	505,038		0.08	%
Various short forward currency contracts		5,728,301		0.89	%
Net unrealized gain (loss) on open forward currency contracts	$	6,233,339		0.97	%

CREDIT DEFAULT INDEX SWAPS

Description	Fair Value ($)			% of Net Asset Value
Centrally cleared credit default index swaps - protection sold (net cost $22,476,163)	$	22,515,182			3.49	%
Centrally cleared credit default index swaps - protection purchased (net proceeds $1,060,465)		(1,057,838	)		(0.16	)%
Total credit default swaps (net cost $21,415,698)⁽³⁾	$	21,457,344			3.33	%

INTEREST RATE SWAPS

Description	Fair Value ($)			% of Net Asset Value
Centrally cleared interest rate swaps - receive fixed (net proceeds $2,294,639)	$	(1,532,486	)		(0.24	)%
Centrally cleared interest rate swaps - pay fixed (net cost $2,367,652)		3,817,316			0.59	%
Total interest rate swaps (net cost $73,013)⁽⁴⁾	$	2,284,830			0.35	%

(3)	Includes $21,483,799 of cumulative appreciation/(depreciation) of swaps contracts that is considered variation margin receivable. Variation margin amount is included within cash at swaps broker in the Statement of Financial Condition.

(4)	Includes $(2,024,831) of cumulative appreciation/(depreciation) of swaps contracts that is considered variation margin payable. Variation margin amount is included within cash at swaps broker in the Statement of Financial Condition.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2024

FIXED INCOME SECURITIES

Maturity		Fair		% of Net
Face Value	Description	Value ($)		Asset Value
	Asset Backed Securities
	United States
	Auto Loans	$	24,059,963		4.18	%
	Equipment Loans		3,988,510		0.69	%
	Total Asset Backed Securities (cost $27,975,588)		28,048,473		4.87	%

	Bank Deposits
	France
	Financials (cost $1,496,793)		1,497,706		0.26	%
	United States
	Financials (cost $8,661,118)		8,662,613		1.50	%
	Total Bank Deposits (cost $10,157,911)		10,160,319		1.76	%

	Commercial Paper
	Canada
	Financials (cost $5,724,329)		5,723,209		0.99	%
	United Kingdom
	Financials (cost $2,874,590)		2,874,330		0.50	%
	United States
	Consumer Discretionary		22,160,991		3.85	%
	Consumer Staples		4,001,045		0.69	%
	Financials		71,138,617		12.35	%
	Industrials		12,717,617		2.21	%
	Materials		4,732,254		0.82	%
	Real Estate		12,082,957		2.10	%
	Utilities		46,662,621		8.10	%
	Total United States (cost $173,532,427)		173,496,102		30.12	%
	Total Commercial Paper (cost $182,131,346)		182,093,641		31.61	%

	Corporate Bonds
	Australia
	Financials (cost $8,924,895)		8,963,342		1.56	%
	Canada
	Energy		2,135,791		0.37	%
	Financials		10,079,455		1.75	%
	Total Canada (cost $12,179,980)		12,215,246		2.12	%
	Germany
	Consumer Discretionary (cost $1,175,088)		1,176,636		0.20	%
	Japan
	Financials (cost $3,439,986)		3,471,380		0.60	%
	Netherlands
	Financials (cost $3,549,671)		3,554,031		0.62	%
	Switzerland
	Financials (cost $2,129,941)		2,133,324		0.37	%
	United Kingdom
	Financials (cost $5,553,993)	$	5,589,535		0.97	%

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2024

FIXED INCOME SECURITIES

Maturity			Fair		% of Net
Face Value		Description	Value ($)		Asset Value
		Corporate Bonds (continued)
		United States
		Communications	$	2,145,529		0.37	%
		Consumer Discretionary		7,424,167		1.29	%
		Consumer Staples		1,530,959		0.27	%
		Energy		663,603		0.12	%
		Financials		16,980,028		2.95	%
		Health Care		3,538,911		0.61	%
		Industrials		4,759,066		0.83	%
		Real Estate		6,162,102		1.07	%
		Technology		3,106,232		0.54	%
		Utilities		1,953,743		0.34	%
		Total United States (cost $48,048,651)		48,264,340		8.39	%
		Total Corporate Bonds (cost $85,002,205)		85,367,834		14.83	%

		Government and Agency Obligations
		United States
		U.S. Treasury Bills
$	38,750,000	U.S. Treasury Bills Due 01/09/2025⁽¹⁾		38,718,305		6.72	%
$	7,700,000	U.S. Treasury Bills Due 02/06/2025⁽¹⁾		7,668,394		1.33	%
$	40,200,000	U.S. Treasury Bills Due 03/06/2025⁽¹⁾		39,905,585		6.93	%
		Total Government And Agency Obligations (cost $86,267,266)		86,292,284		14.98	%
		Total Fixed Income Securities (cost $391,534,316)⁽²⁾	$	391,962,551		68.05	%

(1)	Pledged as collateral for the trading of futures positions.

(2)	Included in fixed income securities are U.S. Treasury Bills with a fair value of $86,292,284 deposited with the futures brokers.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2024

SHORT TERM INVESTMENTS
	Fair		% of Net
Description	Value ($)		Asset Value
Money Market Funds
United States
Money Market Funds (cost $7,171,167)	$	7,171,167		1.24	%
Total Short Term Investments (cost $7,171,167)	$	7,171,167		1.24	%

LONG FUTURES CONTRACTS
	Fair			% of Net
Description	Value ($)			Asset Value
Agriculture	$	3,741,428			0.65	%
Energy		3,656,694			0.63	%
Metals		(5,731,070	)		(0.99	)%
Stock indices		(2,432,554	)		(0.42	)%
Short-term interest rates		(1,778,469	)		(0.31	)%
Long-term interest rates		(776,453	)		(0.13	)%
Net unrealized gain (loss) on long futures contracts		(3,320,424	)		(0.57	)%

SHORT FUTURES CONTRACTS
	Fair			% of Net
Description	Value ($)			Asset Value
Agriculture		(113,626	)		(0.02	)%
Energy		(2,356,432	)		(0.41	)%
Metals		4,961,562			0.86	%
Stock indices		63,345			0.01	%
Short-term interest rates		(338,179	)		(0.06	)%
Long-term interest rates		5,665,713			0.98	%
Net unrealized gain (loss) on short futures contracts		7,882,383			1.36	%
Net unrealized gain (loss) on open futures contracts	$	4,561,959			0.79	%

FORWARD CURRENCY CONTRACTS
	Fair			% of Net
Description	Value ($)			Asset Value
Various long forward currency contracts	$	(22,424,781	)		(3.89	)%
Various short forward currency contracts		35,689,274			6.20	%
Net unrealized gain (loss) on open forward currency contracts	$	13,264,493			2.31	%

CREDIT DEFAULT INDEX SWAPS
	Fair		% of Net
Description	Value ($)		Asset Value
Centrally cleared credit default index swaps - sell protection (net cost $19,543,298)⁽³⁾	$	18,218,751		3.16	%

INTEREST RATE SWAPS
	Fair		% of Net
Description	Value ($)		Asset Value
Centrally cleared interest rate swaps - receive fixed (net cost $2,772,914)⁽⁴⁾	$	4,612,454		0.80	%

(3)	Includes $18,063,715 of cumulative appreciation/(depreciation) of swaps contracts that is considered variation margin receivable.Variation margin amount is included within cash at swaps broker in the Statement of Financial Condition.

(4)	Includes $(1,808,497) of cumulative appreciation/(depreciation) of swaps contracts that is considered variation margin payable.Variation margin amount is included within cash at swaps broker in the Statement of Financial Condition.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 (Unaudited)

	September 30, 2025		December 31, 2024
ASSETS
Equity in futures brokers trading accounts
Cash	$	42,515,210	$	43,175,820
Restricted cash		5,696,559		3,149,899
Fixed income securities (cost $86,432,159 and $86,267,266, respectively)		86,443,499		86,292,284
Net unrealized gain (loss) on open futures contracts		9,950,870		4,561,959
Total equity in futures brokers trading accounts		144,606,138		137,179,962

Cash and cash equivalents		19,872,773		10,548,219
Cash at interbank market maker		11,114,934		9,917,220
Restricted cash at interbank market maker		53,239,585		51,813,175
Short term investments (cost $8,590 and $7,171,167, respectively)		8,590		7,171,167
Cash at swaps broker		31,620,228		31,154,093
Restricted cash at swaps broker		39,344,690		11,729,739
Fixed income securities (cost $342,503,499 and $305,267,050, respectively)		342,962,528		305,670,267
Credit default index swaps		0		155,036
Interest rate swaps		4,309,661		6,420,951
Due from swaps broker		349,600		368,950
Net unrealized gain on open forward currency contracts		6,233,339		13,264,493
Interest receivable		1,865,889		1,902,177
Total assets	$	655,527,955	$	587,295,449

LIABILITIES
Redemptions payable	$	7,020,362	$	1,830,213
Management fee payable		1,084,183		949,376
Payable to custodian		0		7,165,000
Sales commission payable		874,189		768,757
Accounts payable		235,431		254,434
Credit default index swaps		26,455		0
Offering costs payable		183,265		141,857
Accrued commissions and other trading fees on open contracts		124,814		93,287
Total liabilities		9,548,699		11,202,924

UNITHOLDERS’ CAPITAL (Net Asset Value)

Series A Units - Redeemable
Other Unitholders - 107,539.600 and 98,800.557 units outstanding at September 30, 2025 and December 31, 2024		473,666,605		433,255,243
Series B Units – Redeemable
Other Unitholders - 8,144.814 and 8,454.757 units outstanding at September 30, 2025 and December 31, 2024		39,965,852		41,199,604
Series D Units – Redeemable
Other Unitholders - 38,405.014 and 22,377.137 units outstanding at September 30, 2025 and December 31, 2024		69,432,576		40,071,644
Series W Units – Redeemable
Other Unitholders - 11,186.008 and 11,074.860 units outstanding at September 30, 2025 and December 31, 2024		62,914,223		61,566,034
Total unitholders’ capital (Net Asset Value)		645,979,256		576,092,525
Total liabilities and unitholders’ capital (Net Asset Value)	$	655,527,955	$	587,295,449

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	4,064,026		$	23,970,354		$	(5,164,038	)	$	53,862,866
Change in unrealized		(5,291,532	)		(8,141,185	)		5,388,911			14,622,091
Brokerage commissions		(1,545,498	)		(832,273	)		(3,781,844	)		(2,233,331	)
Net gain (loss) from futures trading		(2,773,004	)		14,996,896			(3,556,971	)		66,251,626

Forward currency trading gains (losses)
Realized		(13,750,149	)		1,966,672			1,446,116			(17,739,549	)
Change in unrealized		11,403,494			10,373,174			(7,031,154	)		8,871,655
Brokerage commissions		(103,043	)		(114,262	)		(281,932	)		(491,916	)
Net gain (loss) from forward currency trading		(2,449,698	)		12,225,584			(5,866,970	)		(9,359,810	)

Swap trading gains (losses)
Realized		4,510,111			8,483,272			10,608,065			18,055,786
Change in unrealized		4,084,525			(3,224,352	)		1,738,470			(6,474,398	)
Net gain (loss) from swap trading		8,594,636			5,258,920			12,346,535			11,581,388
Total net trading gain (loss)		3,371,934			32,481,400			2,922,594			68,473,204

NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		6,561,006			6,700,093			19,314,572			19,634,265
Realized gain (loss) on fixed income securities		16,396			(101,384	)		103,866			155,105
Change in unrealized gain (loss) on fixed income securities		106,444			720,402			42,134			446,875
Total investment income (loss)		6,683,846			7,319,111			19,460,572			20,236,245

Expenses
Management fee		3,171,271			2,709,484			9,401,392			7,886,082
Sales commission		2,661,845			2,307,070			7,939,527			6,739,372
Operating expenses		357,849			321,528			1,008,337			909,446
Performance fee		0			0			574,435			0
Total expenses		6,190,965			5,338,082			18,923,691			15,534,900
Net investment income (loss)		492,881			1,981,029			536,881			4,701,345
NET INCOME (LOSS)	$	3,864,815		$	34,462,429		$	3,459,475		$	73,174,549

NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS’ UNIT
(based on weighted average number of units outstanding during the period)
Series A	$	22.68		$	265.40		$	19.32		$	556.32
Series B	$	20.17		$	293.61		$	30.37		$	615.71
Series D	$	17.65		$	114.41		$	10.75		$	242.31
Series W	$	54.71		$	364.07		$	77.61		$	777.37

INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS’ UNIT
Series A	$	18.19		$	262.21		$	19.43		$	544.69
Series B	$	23.92		$	294.45		$	33.96		$	615.31
Series D	$	12.19		$	111.08		$	17.16		$	234.27
Series W	$	48.42		$	353.75		$	65.29		$	752.31

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD
Series A		108,111.866			96,429.507			104,338.112			97,756.513
Series B		8,271.867			8,638.560			8,387.133			8,878.723
Series D		35,560.339			20,262.248			28,964.529			19,505.791
Series W		11,303.960			11,029.272			11,306.138			11,059.594

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Unaudited)

	Nine Months Ended September 30,
	2025			2024
Cash flows from (for) operating activities
Net income (loss)	$	3,459,475		$	73,174,549
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards, swaps and investments		(138,361	)		(17,466,223	)
(Increase) decrease in interest receivable		36,288			(281,325	)
(Increase) decrease in due from swaps broker		19,350			(100,664	)
Increase (decrease) in payable to custodian		(7,165,000	)		0
Increase (decrease) in payable for securities purchased		0			904,958
Increase (decrease) in accounts payable and accrued expenses		252,763			172,571
Net purchases from swaps broker		4,031,252			(5,176,791	)
Purchases of investments		(3,842,025,155	)		(3,293,419,550	)
Sales/maturities of investments		3,811,786,392			3,261,356,223
Net cash from (for) operating activities		(29,742,996	)		19,163,748

Cash flows from (for) financing activities
Addition of units		95,667,183			49,145,080
Redemption of units		(22,441,067	)		(49,076,240	)
Offering costs paid		(1,567,306	)		(1,321,160	)
Net cash from (for) financing activities		71,658,810			(1,252,320	)

Net increase (decrease) in cash, cash equivalents and restricted cash		41,915,814			17,911,428

Cash, cash equivalents and restricted cash at beginning of period		161,488,165			163,411,690
Cash, cash equivalents and restricted cash at end of period	$	203,403,979		$	181,323,118

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

	September 30, 2025		December 31, 2024
Cash, cash equivalents and restricted cash at end of period consists of:
Equity in futures brokers trading accounts:
Cash	$	42,515,210	$	43,175,820
Restricted cash		5,696,559		3,149,899
Cash and cash equivalents		19,872,773		10,548,219
Cash at interbank market maker		11,114,934		9,917,220
Restricted cash at interbank market maker		53,239,585		51,813,175
Cash at swaps broker		31,620,228		31,154,093
Restricted cash at swaps broker		39,344,690		11,729,739
Total cash, cash equivalents and restricted cash at end of period	$	203,403,979	$	161,488,165

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

STATEMENTS OF CHANGES IN UNITHOLDERS’ CAPITAL (NET ASSET VALUE)
FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Unaudited)

	Series A - Other Unitholders						Series B - Other Unitholders
	Units			Amount			Units			Amount
Nine Months Ended September 30, 2025

Balances at December 31, 2024		98,800.557		$	433,255,243			8,454.757		$	41,199,604
Net income (loss) for the three months ended March 31, 2025					27,215,044						2,558,748
Additions		5,194.018			23,812,774			12.802			65,696
Redemptions		(1,340.708	)		(6,201,909	)		(22.564	)		(116,700	)
Offering costs					(432,875	)					0
Balances at March 31, 2025		102,653.867		$	477,648,277			8,444.995		$	43,707,348

Net income (loss) for the three months ended June 30, 2025					(27,651,168	)					(2,470,847	)
Additions		5,996.081			27,041,937			12.871			64,077
Redemptions		(1,171.647	)		(5,211,238	)		(94.764	)		(463,650	)
Offering costs					(385,945	)					0
Balances at June 30, 2025		107,478.301		$	471,441,863			8,363.102		$	40,836,928

Net income (loss) for the three months ended September 30, 2025					2,452,032						166,858
Additions		2,066.526			8,871,010			13.009			62,599
Redemptions		(2,005.227	)		(8,748,240	)		(231.297	)		(1,100,533	)
Offering costs					(350,060	)					0
Balances at September 30, 2025		107,539.600		$	473,666,605			8,144.814		$	39,965,852

Nine Months Ended September 30, 2024

Balances at December 31, 2023		100,750.468		$	378,102,257			9,165.999		$	38,104,608
Net income (loss) for the three months ended March 31, 2024					27,748,720						2,811,450
Additions		2,406.028			9,329,266			6.938			30,065
Redemptions		(5,317.370	)		(20,725,801	)		(117.654	)		(504,557	)
Offering costs					(432,541	)					0
Balances at March 31, 2024		97,839.126		$	394,021,901			9,055.283		$	40,441,566

Net income (loss) for the three months ended June 30, 2024					1,042,911						118,903
Additions		1,040.713			4,195,388			7.292			32,576
Redemptions		(2,212.915	)		(8,915,701	)		(398.679	)		(1,795,853	)
Offering costs					(260,542	)					0
Balances at June 30, 2024		96,666.924		$	390,083,957			8,663.896		$	38,797,192

Net income (loss) for the three months ended September 30, 2024					25,592,359						2,536,367
Additions		1,573.339			6,613,259			10.813			50,569
Redemptions		(1,751.425	)		(7,327,800	)		(122.545	)		(569,103	)
Offering costs					(295,860	)					0
Balances at September 30, 2024		96,488.838		$	414,665,915			8,552.164		$	40,815,025

Net Asset Value per Other Unitholders’ Unit - Series A

September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024
$	4,404.58			$	4,386.39			$	4,653.00			$	4,385.15

September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
$	4,297.55			$	4,035.34			$	4,027.24			$	3,752.86

Net Asset Value per Other Unitholders’ Unit - Series B

September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024
$	4,906.91			$	4,882.99			$	5,175.53			$	4,872.95

September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
$	4,772.48			$	4,478.03			$	4,466.07			$	4,157.17

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST
STATEMENTS OF CHANGES IN UNITHOLDERS’ CAPITAL (NET ASSET VALUE)
FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Unaudited)

	Series D - Other Unitholders						Series W - Other Unitholders						Trust
	Units			Amount			Units			Amount			Total Amount
Nine Months Ended September 30, 2025

Balances at December 31, 2024		22,377.137		$	40,071,644			11,074.860		$	61,566,034		$	576,092,525
Net income (loss) for the three months ended March 31, 2025					2,537,695						3,738,085			36,049,572
Additions		3,460.697			6,527,793			512.870			2,998,227			33,404,490
Redemptions		(234.951	)		(444,267	)		(126.981	)		(741,157	)		(7,504,033	)
Offering costs					(54,626	)					(82,337	)		(569,838	)
Balances at March 31, 2025		25,602.883		$	48,638,239			11,460.749		$	67,478,852		$	637,472,716

Net income (loss) for the three months ended June 30, 2025					(2,853,831	)					(3,479,063	)		(36,454,909	)
Additions		8,568.725			15,645,086			267.199			1,531,157			44,282,257
Redemptions		(135.528	)		(245,818	)		(360.562	)		(2,065,827	)		(7,986,533	)
Offering costs					(64,703	)					(81,192	)		(531,840	)
Balances at June 30, 2025		34,036.080		$	61,118,973			11,367.386		$	63,383,927		$	636,781,691

Net income (loss) for the three months ended September 30, 2025					627,530						618,395			3,864,815
Additions		4,585.061			8,153,292			162.436			893,535			17,980,436
Redemptions		(216.127	)		(388,235	)		(343.814	)		(1,903,642	)		(12,140,650	)
Offering costs					(78,984	)					(77,992	)		(507,036	)
Balances at September 30, 2025		38,405.014		$	69,432,576			11,186.008		$	62,914,223		$	645,979,256

Nine Months Ended September 30, 2024

Balances at December 31, 2023		18,665.278		$	28,301,256			11,146.280		$	52,072,261		$	496,580,382
Net income (loss) for the three months ended March 31, 2024					2,220,935						4,131,813			36,912,918
Additions		1,078.818			1,732,407			128.509			615,528			11,707,266
Redemptions		(421.229	)		(682,629	)		(244.478	)		(1,183,556	)		(23,096,543	)
Offering costs					(37,322	)					(67,938	)		(537,801	)
Balances at March 31, 2024		19,322.867		$	31,534,647			11,030.311		$	55,568,108		$	521,566,222

Net income (loss) for the three months ended June 30, 2024					187,232						450,156			1,799,202
Additions		896.541			1,470,470			479.724			2,410,859			8,109,293
Redemptions		(415.649	)		(685,506	)		(322.694	)		(1,636,258	)		(13,033,318	)
Offering costs					(39,854	)					(69,901	)		(370,297	)
Balances at June 30, 2024		19,803.759		$	32,466,989			11,187.341		$	56,722,964		$	518,071,102

Net income (loss) for the three months ended September 30, 2024					2,318,286						4,015,417			34,462,429
Additions		2,282.666			3,890,900			254.944			1,347,749			11,902,477
Redemptions		(821.985	)		(1,408,687	)		(460.309	)		(2,446,182	)		(11,751,772	)
Offering costs					(43,568	)					(73,373	)		(412,801	)
Balances at September 30, 2024		21,264.440		$	37,223,920			10,981.976		$	59,566,575		$	552,271,435

Net Asset Value per Other Unitholders’ Unit - Series D

September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024
$	1,807.90			$	1,795.71			$	1,899.72			$	1,790.74

September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
$	1,750.52			$	1,639.44			$	1,631.99			$	1,516.25

Net Asset Value per Other Unitholders’ Unit - Series W

September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024
$	5,624.37			$	5,575.95			$	5,887.82			$	5,559.08

September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
$	5,424.03			$	5,070.28			$	5,037.76			$	4,671.72

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series A units for the three months and nine months ended September 30, 2025 and 2024. This information has been derived from information presented in the financial statements.

	Series A
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	4,386.39		$	4,035.34		$	4,385.15		$	3,752.86

Income (loss) from operations:
Total net trading gains (losses)⁽¹⁾		21.54			252.96			33.15			527.35
Net investment income (loss)⁽¹⁾		(0.11	)		12.32			(2.52	)		27.46
Total net income (loss) from operations		21.43			265.28			30.63			554.81
Offering costs⁽¹⁾		(3.24	)		(3.07	)		(11.20	)		(10.12	)
Net asset value per unit at end of period	$	4,404.58		$	4,297.55		$	4,404.58		$	4,297.55
Total Return ⁽⁴⁾		0.41	%		6.50	%		0.44	%		14.51	%

Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee⁽³⁾		4.20	%		4.32	%		4.21	%		4.28	%
Performance fee ⁽⁴⁾		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		4.20	%		4.32	%		4.21	%		4.28	%
Net investment income (loss)^(2),(3)		0.00	%		1.20	%		(0.08	)%		0.91	%

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.

Table of Contents

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series B units for the three months and nine months ended September 30, 2025 and 2024. This information has been derived from information presented in the financial statements.

	Series B
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	4,882.99		$	4,478.03		$	4,872.95		$	4,157.17

Income (loss) from operations:
Total net trading gains (losses)⁽¹⁾		24.04			280.76			37.00			584.92
Net investment income (loss) ⁽¹⁾		(0.12	)		13.69			(3.04	)		30.39
Total net income (loss) from operations		23.92			294.45			33.96			615.31
Net asset value per unit at end of period	$	4,906.91		$	4,772.48		$	4,906.91		$	4,772.48
Total Return ⁽⁴⁾		0.49	%		6.58	%		0.70	%		14.80	%

Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee⁽³⁾		4.24	%		4.32	%		4.25	%		4.29	%
Performance fee ⁽⁴⁾		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		4.24	%		4.32	%		4.25	%		4.29	%
Net investment income (loss)^(2),(3)		0.00	%		1.20	%		(0.08	)%		0.91	%

(1)

Net investment income (loss) per unit are 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.

Table of Contents

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series D units for the three months and nine months ended September 30, 2025 and 2024. This information has been derived from information presented in the financial statements.

	Series D
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	1,795.71		$	1,639.44		$	1,790.74		$	1,516.25

Income (loss) from operations:
Total net trading gains (losses)⁽¹⁾		8.89			102.86			12.40			213.75
Net investment income (loss)⁽¹⁾		5.52			10.37			11.61			26.71
Total net income (loss) from operations		14.41			113.23			24.01			240.46
Offering costs⁽¹⁾		(2.22	)		(2.15	)		(6.85	)		(6.19	)
Net asset value per unit at end of period	$	1,807.90		$	1,750.52		$	1,807.90		$	1,750.52
Total Return⁽⁴⁾		0.68	%		6.78	%		0.96	%		15.45	%

Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee⁽³⁾		2.96	%		3.00	%		2.91	%		2.99	%
Performance fee ⁽⁴⁾		0.00	%		0.00	%		0.25	%		0.00	%
Total expenses		2.96	%		3.00	%		3.16	%		2.99	%
Net investment income (loss)^(2),(3)		1.24	%		2.44	%		1.17	%		2.16	%

(1)

(2)	Excludes performance fee.

(3)	Annualized.

(4)	Not annualized.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for Series W units for the three months and nine months ended September 30, 2025 and 2024. This information has been derived from information presented in the financial statements.

	Series W
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	5,575.95		$	5,070.28		$	5,559.08		$	4,671.72

Income (loss) from operations:
Total net trading gains (losses)⁽¹⁾		27.88			318.29			43.43			660.53
Net investment income (loss)⁽¹⁾		27.44			42.11			43.22			110.88
Total net income (loss) from operations		55.32			360.40			86.65			771.41
Offering costs ⁽¹⁾		(6.90	)		(6.65	)		(21.36	)		(19.10	)
Net asset value per unit at end of period	$	5,624.37		$	5,424.03		$	5,624.37		$	5,424.03
Total Return ⁽⁴⁾		0.87	%		6.98	%		1.17	%		16.10	%

Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee⁽³⁾		2.24	%		2.28	%		2.23	%		2.25	%
Performance fee ⁽⁴⁾		0.00	%		0.00	%		0.68	%		0.00	%
Total expenses		2.24	%		2.28	%		2.91	%		2.25	%
Net investment income (loss)^(2),(3)		2.00	%		3.20	%		1.93	%		2.93	%

(1)

(2)	Excludes performance fee.

(3)	Annualized.

(4)	Not annualized.

See Accompanying Notes to Financial Statements.

Table of Contents

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2025 (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, forward currency contracts, and centrally cleared swap 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 1.G., Note 1.I., Note 2, Note 3 and Note 10 for an explanation of allocations and Series specific charges.

On September 15, 2025, Campbell Fund Trust (the “Trust”) entered into an Amended and Restated Declaration of Trust and Trust Agreement (the “Amended Trust Agreement”) with U.S. Bank Trust National Association, as trustee, and Campbell & Company, LP, as managing operator. The Amended Trust Agreement was approved by the requisite vote of the Trust’s unitholders, as described in the Trust’s definitive proxy statement filed with the Securities and Exchange Commission on May 29, 2025.

The principal change effected by the Amended Trust Agreement is the elimination of the Trust’s fixed termination date of December 31, 2025. Under the Amended Trust Agreement, the Trust will continue in existence indefinitely until the first to occur of the following: (i) the withdrawal, insolvency, death, incapacity, or bankruptcy of the managing operator as described in the Amended Trust Agreement; (ii) the termination or suspension of trading in commodity futures, or if trading becomes impossible or economically unfeasible as determined solely by the managing operator; or (iii) the dissolution of the Trust by operation of law or judicial decree.

All other material terms of the Trust Agreement remain unchanged.

B. Regulation

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

C. Method of Reporting

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

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, including futures, forwards and fixed income securities are accounted for on the trade date. Gains or losses are realized when contracts are liquidated. Realized gains or losses on spot trades associated with forward currency contract trading are included in realized gains or losses from forward currency trading. 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 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 daily exchange of variation margin associated with a Central Counterparty Clearing House derivative instrument is legally characterized as the daily settlement of the derivative instrument itself. Accordingly, the Trust accounts for the daily receipt or payment of variation margin associated with its centrally cleared swaps and futures as a direct reduction to the carrying value of the centrally cleared swaps and futures derivative asset or liability, respectively. The carrying amount of centrally cleared swaps and futures reflected in the Trust’s Statements of Financial Condition is equal to the unsettled fair value of such instruments, which generally represents the change in fair value that occurred on the last day of the reporting period.

Table of Contents

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025 (Unaudited)

Centrally cleared credit default index swaps and interest rate swap transactions are recorded on the trade date. Realized gains or losses are determined using the identified cost method. The fair value of centrally cleared swap contracts is determined by using current market quotations provided by an independent external pricing source. Valuation using an external pricing source involves the use of observable inputs in accordance with the fair value hierarchy. Any change in net unrealized gain or loss from the prior period is reported in “Swap trading gains (losses) - Change in Unrealized” in the Statements of Operations. Period payments received or paid on swap contracts, commissions and fees associated with trading the swap contracts and cash payments received or made due to the underlying obligation in the event of a credit event are recorded as part of “Swap trading gains (losses) – Realized” in the Statements of Operations.

The fixed income investments are marked to market on the last business day of the reporting period 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”). 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 and short term investments 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. For centrally cleared swap contracts, the Trust uses current market quotations provided by an independent external pricing source to determine fair value. This category also includes fixed income investments.

Level 3 inputs are unobservable inputs for an asset or liability (including the Trust’s own assumptions used in determining the fair value of investments). Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of September 30, 2025 and December 31, 2024 and for the periods ended September 30, 2025 and 2024, the Trust did not have any Level 3 assets or liabilities.

Table of Contents

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025 (Unaudited)

The following tables set forth by level within the fair value hierarchy the Trust’s investments accounted for at fair value on a recurring basis as of September 30, 2025 and December 31, 2024.

	Fair Value at September 30, 2025
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	8,590	$	0	$	0	$	8,590
Fixed income securities		0		429,406,027		0		429,406,027

Other Financial Instruments
Exchange-traded futures contracts		9,950,870		0		0		9,950,870
Forward currency contracts		0		6,233,339		0		6,233,339
Credit default index swap contracts		0		21,457,344		0		21,457,344
Interest rate swap contracts		0		2,284,830		0		2,284,830
Total	$	9,959,460	$	459,381,540	$	0	$	469,341,000

	Fair Value at December 31, 2024
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	7,171,167	$	0	$	0	$	7,171,167
Fixed income securities		0		391,962,551		0		391,962,551

Other Financial Instruments
Exchange-traded futures contracts		4,561,959		0		0		4,561,959
Forward currency contracts		0		13,264,493		0		13,264,493
Credit default index swap contracts		0		18,218,751		0		18,218,751
Interest rate swap contracts		0		4,612,454		0		4,612,454
Total	$	11,733,126	$	428,058,249	$	0	$	439,791,375

The gross presentation of the fair value of the Trust’s derivatives by instrument type is shown in Note 12. See Condensed Schedules of Investments for additional detail categorization.

E. Cash and Cash Equivalents

Cash and cash equivalents includes cash and overnight money market investments at financial institutions.

Table of Contents

THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025 (Unaudited)

F. Income Taxes

The Trust prepares calendar year U.S. federal and applicable state 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 2021 through 2024 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

G. 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 September 30, 2025 and December 31, 2024, the amount of unreimbursed offering costs incurred by Campbell & Company is $129,075 and $99,820 for Series A units, $385,424 and $218,854 for Series D units and $336,030 and $285,236 for Series W units, respectively.

H. 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.

I. Allocations

Income or loss (prior to calculation of the management 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, offering costs and performance fee applicable to such Series of units.

J. Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The ASU applies to all public entities that are required to report segment information in accordance with Accounting Standards Codification Topic 280 (ASC 280). ASU 2023-07 improves reportable segment disclosure requirements, primarily through the enhanced disclosures about significant segment expenses. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expense, has operating results that are regularly reviewed by the chief operating decision maker, and for which discrete financial information is available. Management has evaluated the ASU and adopted it as of December 31, 2024, with no material impact on the Trust’s financial statements and did not affect the Trust’s financial position or results of operations.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application are permitted. Management is currently assessing the impact that this guidance will have, if any, on the Trust’s financial statements.

K. Segment Reporting

The Chief Operating Officer of Campbell & Company acts as the Trust’s Chief Operating Decision Maker (CODM) and is responsible for assessing performance and allocating resources with respect to the Trust. Management has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy as disclosed in its Offering Memorandum, against which the CODM assesses performance. As the Trust’s operations comprise a single operating segment, the financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.

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THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025 (Unaudited)

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, Series B units, Series D units and 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 A units, Series B units, Series D units and 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.

Note 3. SALES COMMISSION

The managing operator pays an upfront sales commission based on Series A units sold by selling agents who have executed selling agreements with the Trust. The Trust pays commissions based on Series A, Series B, and Series D units.

For Series A, there is an upfront sales commission paid by the managing operator of 2% of the subscription amount of each subscription for units. For up to twelve months after the sale of units, the managing operator will receive from the Trust a monthly reimbursement of 1/12 of 2% (2% annually) of the current net asset value of the units the selling agent has sold and which are outstanding at the end of such month. In the event that the units are redeemed before the twelfth month, the managing operator will receive the redemption fee the Trust deducts from the redemption proceeds. In addition, commencing thirteen months after the sale of units and in return for providing ongoing services to the unitholder, the Trust will pay the selling agent (or its assignees) a monthly trail commission of 1/12 of 2% (2% annually) of the current net asset value of the units it has sold and which are outstanding at the end of such month in respect of which the selling agent provides ongoing services.

Series B and Series D units pay a monthly trail commission of 1/12 of 2% (2% annually) and 1/12 of 0.75% (0.75% annually), respectively, of the current net asset value of the units the selling agent has sold and which are outstanding at the end of such month in respect of which the selling agent provides ongoing services. Such ongoing compensation shall commence the first full month after the sale of the units.

Any monthly trail commission which is not paid to a selling agent pursuant to an executed selling or servicing agreement with the Trust will be rebated to unitholders in the form of a capital addition and is reported as such in the financial statements.

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THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025 (Unaudited)

Note 4. 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 5. ADMINISTRATOR AND TRANSFER AGENT

NAV Consulting, Inc. 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.

NAV Consulting, Inc. serves as the Transfer Agent of the Trust. The Transfer Agent receives fees at rates agreed upon between the Trust and the Transfer Agent and is entitled to reimbursement of certain actual out-of-pocket expenses incurred while performing its duties.

Note 6. 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 opened 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 the Trust’s 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 7. DEPOSITS WITH FUTURES BROKERS

The Trust deposits assets with UBS Securities LLC and Goldman, Sachs & Co., 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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THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025 (Unaudited)

Note 8. DEPOSITS WITH INTERBANK MARKET MAKER

The Trust’s counterparty with regard to its forward currency transactions is NatWest Markets Plc (“NatWest”). The Trust has entered into an International Swap and Derivatives Association, Inc. agreement (“ISDA Agreement”) with NatWest which governs these transactions. The credit ratings reported by the three major rating agencies for NatWest were considered investment grade as of September 30, 2025. Margin requirements are satisfied by the deposit of cash with NatWest. The Trust typically earns interest income on its assets deposited with NatWest.

Note 9. DEPOSITS WITH SWAPS BROKER

The Trust deposits cash with Goldman, Sachs & Co. to act as swaps broker for its centrally cleared swap contracts, subject to Commodity Futures Trading Commission regulations and central counterparty and broker requirements. Margin requirements are satisfied by the deposit of cash with such swaps broker. Accordingly, assets used to meet margin and other broker or regulatory requirements are partially restricted. The Trust typically earns interest on its credit balances and pays interest on debit balances with the swaps broker.

The Trust pays commissions to the swaps broker on a transaction basis at rates agreed upon between the Trust and the swaps broker.

Note 10. 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 eighth month-end, 0.667% of Net Asset Value per unit redeemed through the ninth month-end, 0.500% of Net Asset Value per unit redeemed through the tenth month-end, 0.333% of Net Asset Value per unit redeemed through the eleventh month-end and 0.167% of Net Asset Value per unit redeemed through the twelfth month end. For the nine months ended September 30, 2025 and 2024, Campbell & Company received redemption fees of $0 and $5,410, respectively.

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THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025 (Unaudited)

Note 11. CREDIT DERIVATIVES AND CREDIT-RELATED CONTINGENCY FEATURES

Credit derivatives generally require the seller to make a payment to the buyer in the event the underlying referenced security or index to the contract defaults or another triggering event, as defined in the applicable derivative contract, occurs. The Trust sells credit derivative contracts for speculative investment purposes. The following table summarizes the notional amounts of credit derivative contracts sold by the Trust by their maturity for contracts which are outstanding at September 30, 2025 and December 31, 2024. Notional amounts are disclosed as they represent the maximum potential payout, however, management believes that the carrying value of these contracts is a more relevant measure of these obligations. At September 30, 2025 and December 31, 2024, the carrying value of such credit derivative contracts purchased was $21,457,344 and $18,218,751, respectively.

	September 30, 2025			December 31, 2024
Credit Default Index Swaps	Maturity Date: December 2030			Maturity Date: December 2029
Investment grade		$	323,126,124		$	481,459,595
Non-investment grade			298,932,206			151,495,514
Total		$	622,058,330		$	632,955,109

The Trust does not monitor its exposure to credit derivatives based on the notional amounts because that measure does not take into consideration the probability of a credit default event, the legal right to offset assets and liabilities by a counterparty, or collateral posted. However, the notional value of these credit derivative contracts has been included to provide information about the magnitude of involvement with these types of contracts.

Note 12. TRADING ACTIVITIES AND RELATED RISKS

The Trust engages in the speculative trading of U.S. and foreign futures contracts, forward currency contracts and centrally cleared swap contracts (collectively, “derivatives”). Specifically, the Trust trades a portfolio focused on futures, forward, credit default index swap and interest rate swap contracts, which are instruments designed to hedge changes in interest rates, currency exchange rates, stock index values, metals, energy, agriculture values, and credit risks. 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. The value of an interest rate swap will change as market interest rates rise and fall in conjunction with whether the contract is to receive or pay a fixed interest rate. As a purchaser of credit default index swaps, the Trust’s risk of loss is limited to any cash payments required under the swap contracts. Written credit default contracts (i.e., sell protection) expose the Trust to a market risk equal to the notional value of such swap contracts and any cash payments required under the swap contracts. See Note 1.C. for an explanation of how the Trust determines its valuation for derivatives as well as the netting of derivatives.

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THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025 (Unaudited)

The following tables summarize quantitative information required by 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 fair value of the Trust’s derivatives by instrument type, as well as the location of those instruments on the Statements of Financial Condition, as of September 30, 2025 and December 31, 2024 are as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at September 30, 2025 Fair Value		Liability Derivatives at September 30, 2025 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	8,026,405	$	(1,449,340	)	$	6,577,065
Energy Contracts	Net unrealized gain (loss) on open futures contracts		1,586,306		(1,389,563	)		196,743
Metal Contracts	Net unrealized gain (loss) on open futures contracts		11,602,601		(9,323,088	)		2,279,513
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		4,184,809		(783,196	)		3,401,613
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		658,182		(1,915,832	)		(1,257,650	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,017,923		(2,264,337	)		(1,246,414	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		25,526,935		(19,293,596	)		6,233,339
Credit Default Index Swap Contracts**	Credit default index swaps		25,080,452		(3,623,108	)		21,457,344
Interest Rate Swap Contracts**	Interest rate swaps		7,254,842		(4,970,012	)		2,284,830
Totals		$	84,938,455	$	(45,012,072	)	$	39,926,383

*	Derivatives not designated as hedging instruments under ASC 815.

**	Amount of centrally cleared swap contracts is not reconciled with the Statements of Financial Condition due to variation margin amount included within cash at swaps broker in the Statements of Financial Condition.

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2024 Fair Value		Liability Derivatives at December 31, 2024 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	8,190,511	$	(4,562,709	)	$	3,627,802
Energy Contracts	Net unrealized gain (loss) on open futures contracts		3,658,019		(2,357,757	)		1,300,262
Metal Contracts	Net unrealized gain (loss) on open futures contracts		5,704,711		(6,474,219	)		(769,508	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		1,679,068		(4,048,277	)		(2,369,209	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		612,042		(2,728,690	)		(2,116,648	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		6,447,824		(1,558,564	)		4,889,260
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		37,015,094		(23,750,601	)		13,264,493
Credit Default Index Swap Contracts**	Credit default index swaps		19,498,289		(1,279,538	)		18,218,751
Interest Rate Swap Contracts**	Interest rate swaps		10,236,261		(5,623,807	)		4,612,454
Totals		$	93,041,819	$	(52,384,162	)	$	40,657,657

*	Derivatives not designated as hedging instruments under ASC 815.

**	Amount of centrally cleared swap contracts is not reconciled with the Statements of Financial Condition due to variation margin amount included within cash at swaps broker in the Statements of Financial Condition.

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THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025 (Unaudited)

The trading gains and losses of the Trust’s derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations, for the three months and nine months ended September 30, 2025 and 2024 are as follows:

Type of Instrument	Trading Gains (Losses) for the Three Months Ended September 30, 2025			Trading Gains (Losses) for the Three Months Ended September 30, 2024
Agriculture Contracts	$	18,434,410		$	9,830,405
Energy Contracts		(3,340,022	)		(7,644,092	)
Metal Contracts		10,450,573			(3,226,588	)
Stock Indices Contracts		24,984,581			8,160,493
Short-Term Interest Rate Contracts		(7,443,435	)		4,066,148
Long-Term Interest Rate Contracts		(44,313,613	)		4,642,803
Forward Currency Contracts		(2,346,655	)		12,339,846
Credit default index swap contracts		5,267,100			1,455,898
Interest rate swap contracts		3,327,536			3,803,022
Total	$	5,020,475		$	33,427,935

Type of Instrument	Trading Gains (Losses) for the Nine Months Ended September 30, 2025			Trading Gains (Losses) for the Nine Months Ended September 30, 2024
Agriculture Contracts	$	26,375,673		$	16,088,687
Energy Contracts		(22,558,392	)		(17,544,930	)
Metal Contracts		12,622,586			1,844,974
Stock Indices Contracts		45,357,683			54,613,485
Short-Term Interest Rate Contracts		(4,545,459	)		13,694,957
Long-Term Interest Rate Contracts		(57,027,218	)		(212,216	)
Forward Currency Contracts		(5,585,038	)		(8,867,894	)
Credit default index swap contracts		1,268,786			4,784,259
Interest rate swap contracts		11,077,749			6,797,129
Total	$	6,986,370		$	71,198,451

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THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025 (Unaudited)

Line Item in the Statements of Operations	Trading Gains (Losses) for the Three Months Ended September 30, 2025			Trading Gains (Losses) for the Three Months Ended September 30, 2024
Futures trading gains (losses):
Realized***	$	4,064,026		$	23,970,354
Change in unrealized		(5,291,532	)		(8,141,185	)
Forward currency trading gains (losses):
Realized***		(13,750,149	)		1,966,672
Change in unrealized		11,403,494			10,373,174
Swap trading gains (losses):
Realized***		4,510,111			8,483,272
Change in unrealized		4,084,525			(3,224,352	)
Total	$	5,020,475		$	33,427,935

Line Item in the Statements of Operations	Trading Gains (Losses) for the Nine Months Ended September 30, 2025			Trading Gains (Losses) for the Nine Months Ended September 30, 2024
Futures trading gains (losses):
Realized****	$	(5,164,038	)	$	53,862,866
Change in unrealized

CAMPBELL FUND TRUST 10-Q