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Private company

CAMPBELL FUND TRUST

CAMPBELL FUND TRUST is an American commodity contracts brokers and dealers company based in Wilmington.2

Last updated Oct 21, 2026.

Overview

-$28.4MNet income, fiscal 20253
  • IndustryCommodity Contracts Brokers & Dealers2
  • HeadquartersWilmington, United States2
  • Incorporated inDE4
  • Business address2850 Quarry Lake Drive, Baltimore, Md 212094
  • Filer categoryNon-accelerated filer4
  • Legal formBusiness Trust2
  • Kind of organizationInvestment fund2
  • LEI5493007BSRGRKBIJAB522
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O U.S. BANK TRUST NATIONAL ASSOCIATION, 19805 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 25778862

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Trust is subject to the provisions of the Commodity Exchange Act, regulations of the Commodity Futures Trading Commission (the “CFTC”), an agency of the United States government which regulates most aspects of the commodity futures industry;5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income673-$28.4M in 2025
-$50.0M0$50.0M$100.0M$150.0M2021: $34.9M$34.9M20212022: $111.2M$111.2M2022+219%2023: -$22.4M-$22.4M20232024: $85.4M$85.4M20242025: -$28.4M-$28.4M2025
Fiscal year20212022202320242025
Operating expenses$827.9K6$1.1M7$1.2M3$1.2M3$1.4M3
Net income$34.9M6$111.2M7-$22.4M3$85.4M3-$28.4M3

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What it owns

What CAMPBELL FUND TRUST reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$7.4M3 Dec 31, 2025$10.5M3 Dec 31, 2024−29.5%

Properties, in its own words

The Registrant does not use any physical properties in the conduct of its business. Its assets currently consist of futures and other contracts, cash, short-term time deposits and other fixed income securities.

Item 2 of the 10-K filed Mar 17, 2026.5

Leadership

Who has led CAMPBELL FUND TRUST, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Bruce L. Cleland2006–2007
  2. Theresa D. Becks2008–2011
  3. Stephen C. Roussin2012
  4. Kevin D. Cole2022

Chair

  1. D. Keith Campbell2006–2015

President

  1. Bruce L. Cleland2006–2007
  2. Theresa D. Becks2008–2011
  3. Stephen C. Roussin2012

Chief financial officer

  1. Theresa D. Becks2006–2007

Chief operating officer

  1. Gabriel Allen Morris2021–2022
  2. John Robert Radle2022
2010201520202025
Board members and other officers (10)

Timeline

  1. Oct 6, 20268-K Unregistered sale of shares28
  2. Sep 3, 20268-K Unregistered sale of shares29
  3. Aug 5, 20268-K Unregistered sale of shares30
  4. Jul 7, 20268-K Unregistered sale of shares31
  5. Jun 3, 20268-K Unregistered sale of shares32
  6. May 6, 20268-K Unregistered sale of shares33
  7. Apr 2, 20268-K Unregistered sale of shares; Executive or director change34
  8. Mar 4, 20268-K Unregistered sale of shares35
  9. Feb 5, 20268-K Unregistered sale of shares36
  10. Jan 8, 20268-K Unregistered sale of shares37
  11. Dec 4, 20258-K Unregistered sale of shares38
  12. Nov 6, 20258-K Unregistered sale of shares39
  13. Jan 12, 2022New chief executive Kevin D. Cole becomes CEO13
  14. Nov 6, 2012New chief executive Stephen C. Roussin becomes CEO14
  15. Feb 1, 2008New chief executive Theresa D. Becks becomes CEO15
  16. Jan 17, 2006New chief executive Bruce L. Cleland becomes CEO16
  17. Jan 2, 1996Founded CAMPBELL FUND TRUST is founded2

Filings

99 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 63 major events, 6 insider forms, 5 private raises, 5 other. The latest 20:

  1. Oct 6, 20268-K CURRENT REPORT FILING EDGAR
  2. Sep 3, 20268-K EDGAR
  3. Aug 13, 202610-Q EDGAR
  4. Aug 5, 20268-K EDGAR
  5. Jul 7, 20268-K EDGAR
  6. Jun 3, 20268-K EDGAR
  7. May 15, 2026D/A EDGAR
  8. May 14, 202610-Q EDGAR
  9. May 6, 20268-K EDGAR
  10. Apr 9, 20263 PRIMARY DOCUMENT EDGAR
  11. Apr 2, 20268-K EDGAR
  12. Mar 17, 202610-K EDGAR
  13. Mar 4, 20268-K EDGAR
  14. Feb 5, 20268-K EDGAR
  15. Jan 8, 20268-K EDGAR
  16. Dec 4, 20258-K EDGAR
  17. Nov 13, 202510-Q EDGAR
  18. Nov 6, 20258-K EDGAR
  19. Oct 6, 20258-K EDGAR
  20. Sep 16, 20258-K EDGAR

The 99 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$2.7B 1996–1996
Money received by yearMoney received by year, 1996–1996: $2.7B in all. Private raises (Form D) $2.7B.$0$1B$2B$3B1996 · Private raises (Form D): $2.7B1996
Figures by year
YearPrivate raises (Form D)Total
1996$2.7B$2.7B

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jan 1, 1996Raised $2.7 billion in a private offering of securities40 Form D: 14,441 investors so far Form D

SEC filer profile

How CAMPBELL FUND TRUST is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCAMPBELL FUND TRUST1
  • CIK0001043951
  • Employer ID (EIN)94-62600185
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address2850 Quarry Lake Drive, Baltimore, MD 212091
  • Phone410-413-26001
  • Shares outstanding106,993 Capital Unit Class A shares; 7,866 Capital Unit Class B shares; 43,487 Capital Unit Class D shares; 11,088 Capital Unit Class W shares as of Dec 31, 20255
  • Public float$0 as of Jun 30, 20253
  • AuditorDeloitte & Touche LLP, McLean, Virginia PCAOB ID 34; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceApr 30, 20031
  • Filings504 in all: 8-K (277), 10-Q (70), 5 (51), 10-K (23), 3 (19), D/A (18), 4 (15), 8-K/A (7)1
    All 19 form types

    UPLOAD (7), CORRESP (4), DEFA14A (3), 10-12G/A (2), 10-Q/A (2), 10-12G (1), 3/A (1), 4/A (1), DEF 14A (1), PRE 14A (1), REGDEX/A (1)

  • Latest filingsAnnual report (10-K) Mar 17, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) May 29, 2025
    Latest 8-K (8-K) Oct 6, 2026

Risk factors and legal proceedings

The risks CAMPBELL FUND TRUST names in Item 1A of its 10-K filed Mar 17, 2026: 43 risks under these headings, as written.5

  • General Investment Related Risks
  • Potential Loss of Investment
  • Short Sales May Lead to Potentially Unlimited Losses
  • Investing Globally Subjects the Trust to International Risks
  • Exchange-Rate Risk
  • 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
  • The Current Markets are Subject to Market Disruptions That May Be Detrimental to Your Investment
  • Governmental and Regulatory Intervention May Impede the Fund’s Ability to Trade.
  • Risk of Natural Disasters, Epidemics, Terrorist Attacks and War
The other 37 risks
  • Sanctions and Related Geopolitical Measures.
  • Fixed-Income Investments Risks
  • Inflation Risk.
  • Trading 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
  • Portfolio Turnover
  • 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
  • Swap Agreements
  • Credit Default Swaps
  • Interest Rate Swaps
  • The Current Markets are Subject to Governmental Intervention That May Be a Detriment to Your Investment
  • 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
  • Partnership Audit Rules
  • Potential Changes in Tax Law.
  • 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
  • Cybersecurity Issues
  • 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

Legal proceedings

Campbell & Company is not aware of any material legal proceedings to which the Registrant or Campbell & Company is a party or to which any of their assets are subject.

The opening of Item 3, Legal Proceedings.5

Sources

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