Campbell Global Trend Fund, L.P. - FORM 10-K/A

Attached files

file	filename
EX-31.01 - EX-31.01 - Campbell Global Trend Fund, L.P.	ex31_01cgtf.htm
EX-31.02 - EX-31.02 - Campbell Global Trend Fund, L.P.	ex31_02cgtf.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K/A

(Amendment No. 1)

(Mark One)


þ		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

		For the Fiscal Year Ended December 31, 2012


o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

		For the transition period from ___________ to __________

Commission file number

000-54311

CAMPBELL GLOBAL TREND FUND, L.P.

(Exact name of Registrant as specified in charter)



Delaware		27-1412568
(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: None

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

	Units of Limited Partnership Interest
	(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No þ

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 þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark if the disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ

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


Large accelerated filer o		Accelerated filer o		Non-accelerated filer o (Do not check if a smaller reporting company)		Smaller Reporting Company þ

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

The Registrant has no voting stock. As of December 31, 2012, there were 8,267.426 Class A Units, 1,117.142 Class B Units, 8,701.598 Class C Units and 692.093 Class D Units of Limited Partnership Interest issued and outstanding.

EXPLANATORY NOTE

The Campbell Global Trend Fund L.P. (“the Fund”) is filing this Amendment No. 1 on Form 10-K/A (this "Amendment") to its Annual Report on Form 10-K for the year ended December 31, 2012, originally filed with the Securities and Exchange Commission (the "SEC") on April 1, 2013 (the "Original Form 10-K"), to correct for a typographical error within the "Report of Independent Registered Public Accounting Firm" contained in Item 15.

Except as described above, no other changes have been made to the Original Form 10-K.

Item 15. Exhibits, Financial Statement Schedules.

(a)	The Following documents are filed as part of this report on Form 10-K/A:
	(1)	See Financial Statements beginning on page 4 thereof.

	(2)	Schedules:

		Financial statement schedules have been omitted because they are not included in the financial statements or notes hereto applicable or because equivalent information has been included in the financial statements or notes thereto.

	(3)	Exhibits


Exhibit Number				Description of Document



31.01				Certification of G. William Andrews, Chief Executive Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

31.02				Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on May 3, 2013.


	CAMPBELL GLOBAL TREND FUND, L.P.
	By:	CAMPBELL & COMPANY, INC.
		General Partner

	By:	/s/ G. William Andrews
		G. William Andrews
		Chief Executive Officer and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities of Campbell & Company, Inc., the General Partner of the Registrant, indicated on May 3, 2013.


Signature				Capacity

/s/ D. Keith Campbell				Chairman of the Board of Directors
D. Keith Campbell

/s/ G. William Andrews				Director and Chief Executive Officer
G. William Andrews

/s/ Michael S. Harris				Director and President
Michael S. Harris

/s/ Thomas P. Lloyd				Director and General Counsel
Thomas P. Lloyd

/s/ Gregory T. Donovan				Chief Financial Officer, Principal Accounting Officer
Gregory T. Donovan

CAMPBELL GLOBAL TREND FUND, L.P.

ANNUAL REPORT

December 31, 2012

CAMPBELL GLOBAL TREND FUND, L.P.

INDEX


		PAGES

Report of Independent Registered Public Accounting Firm		6

Financial Statements

Condensed Schedules of Investments as of December 31, 2012 and 2011		7-9

Statements of Financial Condition as of December 31, 2012 and 2011		10

Statements of Operations for the Years Ended December 31, 2012, 2011 and the Period April 6, 2010 (inception) through December 31, 2010		11

Statements of Cash Flows for the Years Ended December 31, 2012, 2011 and the Period April 6, 2010 (inception) through December 31, 2010		12

Statements of Changes in Partners’ Capital (Net Asset Value) for the Years Ended December 31, 2012, 2011 and the Period April 6, 2010 (inception) through December 31, 2010		13-15

Financial Highlights for the Years Ended December 31, 2012, 2011 and the Period April 6, 2010 (inception) through December 31, 2010		16-19

Notes to Financial Statements		20-28

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of

Campbell Global Trend Fund, L.P.

We have audited the accompanying statements of financial condition of Campbell Global Trend Fund, L.P. (the “Fund”), including the condensed schedules of investments, as of December 31, 2012 and 2011, and the related statements of operations, cash flows, changes in partners’ capital (net asset value) and financial highlights for the years ended December 31, 2012 and December 31, 2011, and for the period April 6, 2010 (inception) through December 31, 2010. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Campbell Global Trend Fund, L.P. as of December 31, 2012 and 2011, the results of its operations, its cash flows, changes in its partners’ capital (net asset value) and the financial highlights for the years ended December 31, 2012 and December 31, 2011, and for the period April 6, 2010 (inception) through December 31, 2010, in conformity with accounting principles generally accepted in the United States of America.

As discussed in Note 13 to the financial statements, the Fund will cease the Trust offering, effective April 30, 2013. The Fund will remain operational for existing investors, however, shares of the Fund may no longer be offered to new or existing investors. Management anticipates that the Fund will wrap up operations on or before December 31, 2013.

/s/ DELOITTE & TOUCHE LLP

McLean, Virginia

March 29, 2013

CAMPBELL GLOBAL TREND FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2012


FIXED INCOME SECURITIES

Maturity Face Value	Description	Fair Values ($)	% of Net Asset Value

	Bank Deposits
	Finland	$499,826	2.51 %
	Financials (cost $499,892)

	Commercial Paper
	United States
	Energy	$1,249,812	6.26 %
	Financials	$1,904,454	9.55 %
	Industrials	$333,993	1.67 %
	Materials	$624,952	3.13 %
	Telecommunication Services	$624,849	3.13 %
	Utilities	$599,964	3.01 %
	Total Commercial Paper (cost $5,337,080)	$5,338,024	26.75 %

	Corporate Bonds
	United States
	Financials	$5,507,106	27.60 %
	Utilities	$625,077	3.13 %
	Total Corporate Bonds (cost $6,132,056)	$6,132,183	30.73 %

	Government and Agency Obligations
	Multi-National
	Multi-National Agency
	Multi-National Government Agency (cost $490,405)	$490,000	2.46 %
	United States
	U.S. Treasury Bills
	U.S. Treasury Bills*
$1,000,000	Due 03/28/2013 (cost $999,821)	$999,888	5.01 %

	Total Government and Agency Obligations (cost $1,490,226)	$1,489,888	7.47 %

	Total Fixed Income Securities (cost $13,459,254)	$13,459,921	67.46 %


SHORT TERM INVESTMENTS

Maturity Face Value	Description	Fair Values ($)	% of Net Asset Value

	Money Market Funds
	United States	$775,249	3.89 %
	Money Market Funds (cost $775,249)
	Total Short Term Investments (cost $775,249)	$775,249	3.89 %

Pledged as collateral for the trading of forward positions.

See Accompanying Notes to Financial Statements.

CAMPBELL GLOBAL TREND FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2012

LONG FUTURES CONTRACTS
Description	Fair Values ($)	% of Net Asset Value
Agriculture	$(6,550)	(0.04)%
Energy	$3,574	0.02 %
Metals	$(10,399)	(0.05)%
Stock indices	$119,610	0.60 %
Short-term interest rates	$(23,932)	(0.12)%
Long-term interest rates	$39,687	0.20 %
Net unrealized gain (loss) on long futures contracts	$121,990	0.61%


SHORT FUTURES CONTRACTS
Description	Fair Values ($)	% of Net Asset Value
Agriculture	$137,313	0.69 %
Energy	$(16,529)	(0.08)%
Metals	$7,211	0.04 %
Stock indices	$(7,825)	(0.04)%
Long-term interest rates	$(3,074)	(0.02)%
Net unrealized gain (loss) on short futures contracts	$117,096	0.59 %

Net unrealized gain (loss) on open futures contracts	$239,086	1.20 %


FORWARD CURRENCY CONTRACTS
Description	Fair Values ($)	% of Net Asset Value
Various long forward currency contracts	$99,044	0.50 %
Various short forward currency contracts	$351,745	1.76 %
Net unrealized gain (loss) on open forward currency contracts	$450,789	2.26 %

See Accompanying Notes to Financial Statements.

CAMPBELL GLOBAL TREND FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2011


FIXED INCOME SECURITIES

Maturity Face Value	Description	Fair Values ($)	% of Net Asset Value
	Government And Agency Obligations
	United States
$650,000	U.S. Treasury Bills U.S. Treasury Bills* Due 02/02/2012 (cost $650,000)	$650,000	3.61 %

	Total Fixed Income Securities (cost $650,000)	$650,000	3.61 %

LONG FUTURES CONTRACTS
Description		Fair Values ($)	% of Net Asset Value
Energy		$(5,321)	(0.03)%
Metals		$12,412	0.07 %
Stock indices		$58,715	0.33 %
Short-term interest rates		$25,957	0.14 %
Long-term interest rates		$350,495	1.95 %
Net unrealized gain (loss) on long futures contracts		$442,258	2.46 %


SHORT FUTURES CONTRACTS
Description		Fair Values ($)	% of Net Asset Value
Agriculture		$(117,301)	(0.65)%
Energy		$49,652	0.27 %
Metals		$89,729	0.50 %
Stock indices		$21,537	0.12 %
Short-term interest rates		$(475)	0.00 %
Net unrealized gain (loss) on short futures contracts		$43,142	0.24 %

Net unrealized gain (loss) on open futures contracts		$485,400	2.70 %


FORWARD CURRENCY CONTRACTS
Description		Fair Values ($)	% of Net Asset Value
Various long forward currency contracts		$6,402	0.04 %
Various short forward currency contracts		$448,857	2.49 %
Total forward currency contracts		$455,259	2.53 %

Pledged as collateral for the trading of forward positions.

See Accompanying Notes to Financial Statements.

CAMPBELL GLOBAL TREND FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2012 AND 2011

	2012	2011
ASSETS
Equity in futures broker trading accounts
Cash	$906,749	$14,218,326
Restricted cash	2,425,826	1,887,062
Net unrealized gain (loss) on open futures contracts	239,086	485,400
Total equity in futures broker trading accounts	3,571,661	16,590,788

Cash	1,690,016	377,929
Short term investments	775,249	0
Fixed income securities (cost $13,459,254 and $650,000, respectively)	13,459,921	650,000
Net unrealized gain (loss) on open forward currency contracts	450,789	455,259
Interest receivable	67,212	218
Prepaid expenses	13,045	8,430
Other assets	28,089	6,947
Total assets	$20,055,982	$18,089,571

LIABILITIES
Accounts payable	$42,230	$21,807
Advisory fee	33,224	29,812
General partner fee	0	14,905
Broker-dealer custodial fee	3,813	3,593
Sales fee	13,804	13,797
Accrued commissions and other trading fees on open contracts	2,663	2,107
Offering costs payable	8,306	7,453
Total liabilities	104,040	93,474

PARTNERS’ CAPITAL (Net Asset Value)

Class A Units - Redeemable
General Partner - 437.174 and 7,500.072 units outstanding at December 31, 2012 and December 31, 2011, respectively	460,589	8,223,979
Limited Partners - 7,830.252 and 326.005 units outstanding at December 31, 2012 and December 31, 2011, respectively	8,249,665	357,462

Class B Units - Redeemable
Limited Partners - 1,117.142 and 237.712 units outstanding at December 31, 2012 and December 31, 2011, respectively	1,013,689	224,041

Class C Units - Redeemable
General Partner - 423.574 and 7,500.072 units outstanding at December 31, 2012 and December 31, 2011, respectively	466,109	8,456,406
Limited Partners - 8,278.024 and 172.262 units outstanding at December 31, 2012 and December 31, 2011, respectively	9,109,331	194,224

Class D Units - Redeemable
Limited Partners - 692.093 and 562.483 units outstanding at December 31, 2012 and December 31, 2011, respectively	652,559	539,985
Total partners’ capital (Net Asset Value)	19,951,942	17,996,097

Total liabilities and partners’ capital (Net Asset Value)	$20,055,982	$18,089,571

See Accompanying Notes to Financial Statements.

CAMPBELL GLOBAL TREND FUND, L.P.

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND

THE PERIOD APRIL 6, 2010 (INCEPTION) THROUGH DECEMBER 31, 2010

	2012	2011	2010(1)
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$966,791	$767,251	$2,037,922
Change in unrealized	(246,314)	245,260	240,140
Brokerage commissions	(87,352)	(59,592)	(28,867)
Net gain (loss) from futures trading	633,125	952,919	2,249,195

Forward currency trading gains (losses)
Realized	(409,068)	(405,484)	246,841
Change in unrealized	(4,470)	155,461	299,798
Brokerage commissions	(5,184)	(2,920)	(763)
Net gain (loss) from forward currency trading	(418,722)	(252,943)	545,876

Total net trading gain (loss)	214,403	699,976	2,795,071

NET INVESTMENT INCOME (LOSS)
Investment income
Interest income	36,790	8,271	6,221
Realized gain (loss) on fixed income securities	1,209	0	0
Change in unrealized gain (loss on fixed income securities	667	0	0
Total investment income	38,666	8,271	6,221

Expenses
Advisory fee	392,207	348,223	186,055
General partner fee	47,479	174,110	93,028
Sales fee	186,032	163,831	87,567
Broker-dealer custodial fee	45,979	42,461	23,237
Performance fee	37,865	2,941	462,947
Operating expenses	107,065	86,508	44,564
Organizational expenses	0	0	10,184

Total expenses	816,627	818,074	907,582

Net investment income (loss)	(777,961)	(809,803)	(901,361)

NET INCOME (LOSS)	$(563,558)	$(109,827)	$1,893,710


NET INCOME (LOSS) PER GENERAL PARTNER AND LIMITED PARTNER UNIT
(based on weighted average number of units outstanding during the period)
Class A	$(38.21)	$(16.36)	$121.18
Class B(2)	$(45.26)	$(86.18)	N/A
Class C	$(26.29)	$4.65	$131.12
Class D(2)	$(23.87)	$(49.18)	N/A


INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL PARTNER AND OTHER UNITHOLDERS UNIT
Class A	$(42.96)	$(22.25)	$118.77
Class B(2)	$(35.10)	$(57.51)	N/A
Class C	$(27.09)	$(1.13)	$128.64
Class D(2)	$(17.12)	$(40.00)	N/A

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD
Class A	8,031.211	7,661.684	7,505.460
Class B(2)	457.771	69.204	N/A
Class C	8,356.701	7,571.666	7,506.065
Class D(2)	683.181	280.005	N/A


(1)	The amounts shown are for the period June 1, 2010 (commencement of trading) through December 31, 2010.
(2)	Class B Units and Class D Units commenced trading on May 1, 2011; therefore, the information shown is for the period May 1 through December 31, 2011. No information is provided for the period April 6, 2010 (inception) through December 31, 2010.

See Accompanying Notes to Financial Statements.

CAMPBELL GLOBAL TREND FUND, L.P.
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND
THE PERIOD APRIL 6, 2010 (INCEPTION) THROUGH DECEMBER 31, 2010

	2012	2011	2010
Cash flows from (for) operating activities
Net income (loss)	$(563,558)	$(109,827)	$1,893,710
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and fixed income	250,117	(400,721)	(539,938)
(Increase) decrease in restricted cash	(538,764)	(788,979)	(1,098,083)
(Increase) decrease in interest receivable	(66,994)	1,661	(1,879)
(Increase) decrease in prepaid expenses	(4,615)	(8,430)	0
(Increase) decrease in other assets	(21,142)	55,786	(62,733)
Increase (decrease) in accounts payable and accrued expenses	9,713	(214,343)	300,364
Purchases of investments	(315,014,309)	(650,000)	0
Sales/maturities of investments	301,429,806	0	0
Net cash from (for) operating activities	(14,519,746)	(2,114,853)	491,441

Cash flows from (for) financing activities
Addition of units	3,001,281	1,295,455	15,042,144
Redemption of units	(383,827)	0	(2,000)
Offering costs paid	(97,198)	(86,757)	(29,175)
Net cash from (for) financing activities	2,520,256	1,208,698	15,010,969

Net increase (decrease) in cash	(11,999,490)	(906,155)	15,502,410

Unrestricted Cash
Beginning of period	14,596,255	15,502,410	0

End of period	$2,596,765	$14,596,255	$15,502,410

End of period cash consists of:
Cash in futures broker trading accounts	$906,749	$14,218,326	$14,365,334
Cash	1,690,016	377,929	1,137,076

Total end of period cash	$2,596,765	$14,596,255	$15,502,410


Supplemental Non-Cash Financing Activities
Non-Cash transfers of General Partner Class A and Class C units to a related Limited Partner	$15,941,083	$0	$0

See Accompanying Notes to Financial Statements.

CAMPBELL GLOBAL TREND FUND, L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (NET ASSET VALUE)
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND
THE PERIOD APRIL 6, 2010 (INCEPTION) THROUGH DECEMBER 31, 2010

	Partners’ Capital - Class A(1)
	General Partner		Limited Partners		Total
	Units	Amount	Units	Amount	Units	Amount
Balances at April 6, 2010	1.000	$1,000	0.000	$0	1.000	$1,000


Net income (loss)		908,848		651		909,499
Additions	7,500.072	7,500,072	13.975	15,000	7,514.047	7,515,072
Redemptions	(1.000)	(1,000)	0.000	0	(1.000)	(1,000)
Offering costs		(18,085)		(17)		(18,102)
Balances at December 31, 2010	7,500.072	8,390,835	13.975	15,634	7,514.047	8,406,469


Net income (loss)		(124,917)		(397)		(125,314)
Additions	0.000	0	312.030	343,126	312.030	343,126
Offering costs		(41,939)		(901)		(42,840)
Balances at December 31, 2011	7,500.072	$8,223,979	326.005	$357,462	7,826.077	$8,581,441


Net income (loss)		88,217		(395,051)		(306,834)
Additions	0.000	0	534.747	587,819	534.747	587,819
Transfers In	0.000	0	7,062.898	7,829,081	7,062.898	7,829,081
Transfers Out	(7,062.898)	(7,829,081)	0.000	0	(7,062.898)	(7,829,081)
Redemptions	0.000	0	(93.398)	(107,582)	(93.398)	(107,582)
Offering costs		(22,526)		(22,064)		(44,590)
Balances at December 31, 2012	437.174	$460,589	7,830.252	$8,249,665	8,267.426	$8,710,254

Net Asset Value per General and Limited Partners’ Unit - Class A

December 31, 2012	December 31, 2011	December 31, 2010

$1,053.56	$1,096.52	$1,118.77


(1)	Class A Units commenced trading on June 1, 2010.

See Accompanying Notes to Financial Statements.

	Partners’ Capital - Class C(1)
	General Partner		Limited Partners		Total
	Units	Amount	Units	Amount	Units	Amount
Balances at April 6, 2010	1.000	$1,000	0.000	$0	1.000	$1,000


Net income (loss)		982,994		1,217		984,211
Additions	7,500.072	7,500,072	23.212	25,000	7,523.284	7,525,072
Redemptions	(1.000)	(1,000)	0.000	0	(1.000)	(1,000)
Offering costs		(18,208)		(20)		(18,228)
Balances at December 31, 2010	7,500.072	8,464,858	23.212	26,197	7,523.284	8,491,055


Net income (loss)		34,245		976		35,221
Additions	0.000	0	149.050	167,456	149.050	167,456
Offering costs		(42,697)		(405)		(43,102)
Balances at December 31, 2011	7,500.072	8,456,406	172.262	194,224	7,672.334	8,650,630



Net income (loss)		144,886		(364,584)		(219,698)
Additions	0.000	0	1,060.618	1,230,184	1,060.618	1,230,184
Transfers In	0.000	0	7,076.498	8,112,002	7,076.498	8,112,002
Transfers Out	(7,076.498)	(8,112,002)	0.000	0	(7,076.498)	(8,112,002)
Redemptions	0.000	0	(31.354)	(37,708)	(31.354)	(37,708)
Offering costs		(23,181)		(24,787)		(47,968)
Balances at December 31, 2012	423.574	$466,109	8,278.024	$9,109,331	8,701.598	$9,575,440

Net Asset Value per General and Limited Partners’ Unit - Class C

December 31, 2012	December 31, 2011	December 31, 2010

$1,100.42	$1,127.51	$1,128.64


(1)	Class C Units commenced trading on June 1, 2010.

See Accompanying Notes to Financial Statements.

	Partners’ Capital - Class B(1)
	Limited Partners
	Units	Amount
Balances at December 31, 2010	0.000	$0


Net income (loss)		(5,964)
Additions	237.712	230,221
Offering Costs		(216)
Balances at December 31, 2011	237.712	$224,041


Net income (loss)		(20,718)
Additions	889.089	820,958
Redemptions	(9.659)	(8,452)
Offering costs		(2,140)
Balances at December 31, 2012	1,117.142	$1,013,689

Net Asset Value per General and Limited Partners’ Unit - Class B

December 31, 2012	December 31, 2011	May 1, 2011

$907.39	$942.49	$1,000.00

	Partners’ Capital - Class D(1)
	Limited Partners
	Units	Amount
Balances at December 31, 2010	0.000	$0


Net income (loss)		(13,770)
Additions	562.483	554,652
Offering costs		(897)
Balances at December 31, 2011	562.483	$539,985


Net income (loss)		(16,308)
Additions	369.611	362,320
Redemptions	(240.001)	(230,085)
Offering costs		(3,353)
Balances at December 31, 2012	692.093	$652,559

Net Asset Value per General and Limited Partners’ Unit - Class D

December 31, 2012	December 31, 2011	May 1, 2011

$942.88	$960.00	$1,000.00


(1)	Class B Units and Class D Units commenced trading on May 1, 2011; therefore, no information is presented for the period April 6, 2010 (inception) through December 31, 2010.

See Accompanying Notes to Financial Statements.

CAMPBELL GLOBAL TREND FUND, L.P.
FINANCIAL HIGHLIGHTS
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND
THE PERIOD JUNE 1, 2010 (Commencement of trading)
THROUGH DECEMBER 31, 2010

The following information presents per unit operating performance data and other supplemental financial data for Class A for the years ended December 31, 2012, 2011 and the period June 1, 2010 (commencement of trading) through December 31, 2010. This information has been derived from information presented in the financial statements.

		Class A
	2012	2011	2010
Per Unit Performance
(for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period(4)	$1,096.52	$1,118.77	$1,000.00

Income (loss) from operations:
Total net trading gains (losses) (1)	16.45	45.93	185.74
Net investment income (loss)(1)	(53.86)	(62.59)	(64.56)

Total net income (loss) from operations	(37.41)	(16.66)	121.18

Offering costs (1)	(5.55)	(5.59)	(2.41)

Net asset value per unit at end of period	$1,053.56	$1,096.52	$1,118.77

Total Return	(3.92) %	(1.99)%	11.88 %

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee (3)	5.06 %	5.68 %	5.81 %
Performance fee	0.01 %	0.00 %	2.84 %

Total expenses	5.07 %	5.68 %	8.65 %

Net investment income (loss)(2,3)	(4.86) %	(5.63)%	(5.74)%

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 for the period June 1, 2010 (commencement of trading) through December 31, 2010.
(4)	Represents the net asset value per Class A Unit at June 1, 2010 (commencement of trading).

See Accompanying Notes to Financial Statements.

CAMPBELL GLOBAL TREND FUND, L.P.
FINANCIAL HIGHLIGHTS
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND
THE PERIOD JUNE 1, 2010 (Commencement of trading)
THROUGH DECEMBER 31, 2010

The following information presents per unit operating performance data and other supplemental financial data for Class B for the year ended December 31, 2012 and the period May 1, 2011 (commencement of trading) through December 31, 2011. This information has been derived from information presented in the financial statements.

		Class B(5)
	2012		2011
Per Unit Performance
(for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period(4)	$942.49		$1,000.00

Income (loss) from operations:
Total net trading gains (losses) (1)	11.16		(18.67)
Net investment income (loss)(1)	(41.59)		(35.72)

Total net income (loss) from operations	(30.43)		(54.39)

Offering costs (1)	(4.67)		(3.12)

Net asset value per unit at end of period	$907.39		$942.49

Total Return	(3.72)%		(5.75)%

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee(3)	4.73 %		5.69 %
Performance fee	0.00 %		0.00 %

Total expenses	4.73 %		5.69 %

Net investment income (loss)(2, 3)	(4.44)%		(5.66)%

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, for the period May 1, 2011 (commencement of trading) through December 31, 2011.
(4)	Represents the net asset value per Class B Unit at May 1, 2011 (commencement of trading).
(5)	The amounts shown are for the period May 1, 2011 (commencement of trading) through December 31, 2011.

See Accompanying Notes to Financial Statements.

CAMPBELL GLOBAL TREND FUND, L.P.
FINANCIAL HIGHLIGHTS
FOR THE YEAR ENDED DECEMBER 31, 2012, 2011 AND
THE PERIOD JUNE 1, 2010 (Commencement of trading)
THROUGH DECEMBER 31, 2011

The following information presents per unit operating performance data and other supplemental financial data for Class C for the years ended December 31, 2012, December 31, 2011 and the period June 1, 2010 (commencement of trading) through December 31, 2010. This information has been derived from information presented in the financial statements.

		Class C
	2012	2011	2010
Per Unit Performance
(for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period(4)	$1,127.51	$1,128.64	$1,000.00

Income (loss) from operations:
Total net trading gains (losses) (1)	15.60	47.02	186.60
Net investment income (loss)(1)	(36.95)	(42.46)	(55.53)

Total net income (loss) from operations	(21.35)	4.56	131.07

Offering costs (1)	(5.74)	(5.69)	(2.43)

Net asset value per unit at end of period	$1,100.42	$1,127.51	$1,128.64

Total Return	(2.40)%	(0.10)%	12.86 %

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee (3)	3.05 %	3.77 %	3.90 %
Performance fee	0.38 %	0.03 %	3.06 %

Total expenses	3.43 %	3.80 %	6.96 %

Net investment income (loss)(2,3)	(2.85)%	(3.72)%	(3.84)%

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 for the period June 1, 2010 (commencement of trading) through December 31, 2010.
(4)	Represents the net asset value per Class C Unit at June 1, 2010 (commencement of trading).

See Accompanying Notes to Financial Statements.

CAMPBELL GLOBAL TREND FUND, L.P.
FINANCIAL HIGHLIGHTS
FOR THE YEAR ENDED DECEMBER 31, 2012, 2011 AND
THE PERIOD JUNE 1, 2010 (Commencement of trading)
THROUGH DECEMBER 31, 2010

The following information presents per unit operating performance data and other supplemental financial data for Class D for the year December 31, 2012 and the period May 1, 2011 (commencement of trading) through December 31, 2011. This information has been derived from information presented in the financial statements.

		Class D(5)
	2012		2011
Per Unit Performance
(for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period(4)	$960.00		$1,000.00

Income (loss) from operations:
Total net trading gains (losses) (1)	13.50		(14.10)
Net investment income (loss)(1)	(25.71)		(22.70)

Total net income (loss) from operations	(12.21)		(36.80)

Offering costs (1)	(4.91)		(3.20)

Net asset value per unit at end of period	$942.88		$960.00

Total Return	(1.78)%		(4.00)%

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee (3)	2.77 %		3.56 %
Performance fee	0.06 %		0.00 %

Total expenses	2.83 %		3.56 %

Net investment income (loss)(2,3)	(2.57)%		(3.54)%

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, for the period May 1, 2011 (commencement of trading) through December 31, 2011.
(4)	Represents the net asset value per Class D Unit at May 1, 2011 (commencement of trading).
(5)	The amounts shown are for the period May 1, 2011 (commencement of trading) through December 31, 2011.

See Accompanying Notes to Financial Statements.

CAMPBELL GLOBAL TREND FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. General Description of the Fund

Campbell Global Trend Fund, L.P. (the "Fund") was formed as a Delaware series limited partnership pursuant to and in accordance with the provisions of the Delaware Revised Uniform Limited Partnership Act (the "Act") on December 1, 2009. The Fund operates as a commodity investment pool and engages in the speculative trading of futures and forward currency contracts.

The Global Trend Fund seeks appreciation through trading a diversified portfolio of global futures and currencies pursuant to both traditional trend following and factor based trend following models. The Fund consists of five classes of limited partnership Units: Class A Units, Class B Units, Class C Units, Class D Units and Class E Units. Only Class A Units, Class B Units, Class C Units and Class D Units will be offered. Class E Units are not being offered for sale but will be issued in exchange for Class A Units, Class B Units, Class C Units and Class D Units in certain circumstances.

The Fund was initially comprised of two series - the Global Trend Series (USD) and the Global Trend Series (GLD). On April 6, 2010, the Fund was seeded with $1,000 each in Class A (USD), Class B (USD), Class C (USD), Class D (USD), Class A (GLD) and Class B (GLD). These amounts were redeemed before the Fund began trading on June 1, 2010. The Global Trend Series (GLD) did not commence trading. On March 18, 2011, the Fund filed a registration statement with the Securities and Exchange Commission (the “SEC”) to merge the Global Trend Series (GLD) into the Global Trend Series (USD). The registration became effective on May 2, 2011.

B. Regulation

As a registrant with the SEC, the Fund is subject to the regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934. As a commodity investment pool, the Fund 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 Fund executes transactions. Additionally, the Fund is subject to the requirements of futures commission merchants (the "futures brokers") and interbank market makers through which the Fund trades.

C. Method of Reporting

The Fund'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 Fund's management. Actual results may differ from these estimates.

Investment transactions are accounted for on the trade date. Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade price 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 Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 210-20, Offsetting - Balance Sheet. The fair value of futures (exchange-traded) contracts is based on the various futures exchanges, and reflects the settlement price for each contract as of the close on the last business day of the reporting period. The fair value of forward currency (non-exchange traded) contracts was extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period.

The fixed income investments, other than U.S. Treasury bills, are held at the custodian and 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. U.S. Treasury bills are held at the brokers or interbank market makers and are stated at cost plus accrued interest, which approximates fair value. Premiums or 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 account investing in high quality instruments.

For the 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 units outstanding.

CAMPBELL GLOBAL TREND FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

D. Fair Value

The Fund adopted 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 Fund 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 Fund'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 Fund values using models or other valuation methodologies derived from observable market data. This category also includes fixed income investments.

Level 3 inputs are unobservable inputs for an asset or liability (including the Fund'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 and for the years ended December 31, 2012 and 2011, the Fund did not have any Level 3 assets or liabilities. 

The following table sets forth by level within the fair value hierarchy the Fund's investments accounted for at fair value on a recurring basis as of December 31, 2012 and December 31, 2011.

	Fair Value at December 31, 2012
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	775,249	$	0	$	0	$	775,249
Fixed income securities		0		13,459,921		0		13,459,921
Other Financial Instruments
Exchange-traded futures contracts		239,086		0		0		239,086
Forward currency contracts		0		450,789		0		450,789
Total	$	1,014,335	$	13,910,710	$	0	$	14,925,045

CAMPBELL GLOBAL TREND FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

	Fair Value at December 31, 2011
Description	Level 1		Level 2		Level 3		Total
Investments
Fixed income securities		0		650,000		0		650,000
Other Financial Instruments
Exchange-traded futures contracts		485,400		0		0		485,400
Forward currency contracts		0		455,259		0		455,259
Total	$	485,400	$	1,105,259	$	0	$	1,590,659

There were no transfers to or from Level 1 to Level 2 for the years ended December 31, 2012 and 2011.

The gross presentation of the fair value of the Fund's derivatives by instrument type is shown in Note 11. See Condensed Schedules of Investments for additional detail categorization.

E. Income Taxes

The Fund will prepare calendar year U.S. federal and applicable state tax returns and report to the partners their allocable shares of the Fund’s income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as each partner is individually responsible for reporting income or loss based on such partner’s respective share of the Fund’s income and expenses as reported for income tax purposes.

Management has continued to evaluate the application of ASC 740, Income Taxes, to the Fund, 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 2010 through 2012 tax years generally remain subject to the examination by the U.S. federal and most state tax authorities.

F. Organization and Initial Offering Costs

Organization and initial offering costs were advanced by Campbell & Company, Inc. ("Campbell & Company"), the general partner. In addition, the general partner will incur all costs in connection with the continuous offering of units of the Fund. Each Class of Units, excluding Class E, will be charged a monthly rate of 1/12 of 0.5% (0.5% annualized) of each Class of Units’ month-end net asset value (as defined in the Amended Agreement of Limited Partnership) until such amounts are fully reimbursed to the general partner. The reimbursement is limited to 2.5% of the total subscriptions accepted by the Fund. The Fund will only be liable for payment of offering costs on a monthly basis.

If the Fund terminates prior to completion of payment of such amounts to Campbell & Company, Campbell & Company will not be entitled to any additional payments and the Fund will have no further obligation. Organizational costs will be charged to expense as incurred and offering costs will be charged directly to partners’ capital. At December 31, 2012 and 2011, the amount of unreimbursed offering costs incurred by Campbell & Company is $802,496 and $650,763, respectively.

G. Foreign Currency Transactions

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

H. Allocations

Income or loss for the Fund (prior to calculation of the advisory fee, general partner fee, organization and offering costs, sales fee, broker-dealer custody fee and performance fee) is allocated pro rata for each Class within the Fund. Each Class of Units is then charged the advisory fee, general partner fee, organization and offering costs, sales fee, broker-dealer custody fee and performance fee applicable to such Class of Units.

CAMPBELL GLOBAL TREND FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

I. Recently Issued Accounting Pronouncements

In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS ("ASU 2011-04"), to achieve common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards. ASU 2011-04 explains how to measure fair value. It does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. As of January 1, 2012, the Fund adopted the provisions of ASU 2011-04. The adoption of ASU 2011-04 did not have a material impact on the Fund's financial statement disclosures.

In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"), which requires entities to disclose information about financial instruments and derivative instruments that have been offset or that are subject to enforceable master netting agreements, to enable users of its financial statements to evaluate the effect or potential effect of those agreements on its financial position. Entities will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements. In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update clarifies that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815. ASU Nos. 2011-11 and 2013-01 are effective for interim and annual periods beginning on or after January 1, 2013. The Fund is in the process of evaluating the disclosure requirements and any impact the new disclosures will have on its financial statements.

Note 2. GENERAL PARTNER AND TRADING ADVISOR

The general partner of the Fund is Campbell & Company, which conducts and manages the business of the Fund. Campbell & Company is also the trading advisor of the Fund. The Amended Agreement of Limited Partnership requires Campbell & Company to maintain a capital account in the Fund equal to 1% of the net aggregate capital contributions of all partners in the Fund or $25,000, whichever is greater. Additionally, Campbell & Company is required by the Amended Agreement of Limited Partnership to maintain a net worth so long as it acts as general partner equal to at least 5% of the capital contributed by all the limited partnerships for which it acts as general partner, including the Fund. The minimum required net worth shall in no case be less than $50,000 nor shall net worth in excess of $1,000,000 be required.

Each Class of Units pays a monthly advisory fee of 1/12 of 2% (2% annualized) of such Class’ month-end net assets to Campbell & Company. Prior to April 1, 2012, each Class of Units paid a monthly general partner fee of 1/12 of 1% (1% annualized) of such Class’ month-end net assets to Campbell & Company. Effective April 1, 2012, the Agreement of Limited Partnership between the Fund and Campbell & Company was amended to remove the 1% general partner fee.

Each Class of Units will pay Campbell & Company a quarterly performance fee equal to 20% of that Class of Units’ aggregate cumulative appreciation (as defined in the Fund's Agreement of Limited Partnership, as amended) in the net asset value per Unit, exclusive of appreciation attributable to interest income allocable to such Class of Units, and as adjusted for subscriptions and redemptions, on a cumulative high water mark basis. In determining the performance fee, net assets shall not be reduced by the performance fee being calculated. The performance fee is paid only on profits attributable to each Class of Units outstanding. The performance fee is accrued monthly, paid quarterly and is not subject to any clawback provisions.

Note 3. ADMINISTRATOR

Effective August 1, 2012, SEI Global Services, Inc. (SEI) became the Administrator of the Fund. The Administrator receives fees at rates agreed upon between the Fund 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.

The Administration Agreement (the Agreement) with SEI is effective until July 31, 2015 and is automatically renewed for successive one year periods unless terminated by the Fund or SEI pursuant to giving of ninety days written notice prior to the last day of the current term. The Agreement may be terminated by the Fund or SEI giving at least thirty days prior notice in writing to the other party if at any time the other party or parties have been first (i) notified in writing that such party shall have materially failed to perform its duties and obligations under the Agreement (“Breach Notice”) and (ii) the party receiving the Breach Notice shall not have remedied the noticed failure within thirty days after receipt of the Breach Notice requiring it to be remedied.

Note 4. CASH MANAGER AND CUSTODIAN

The Fund appointed Horizon Cash Management LLC as cash manager under the Investment Advisory Agreement dated January 7, 2011 to manage and control the liquid assets of the Fund. The cash manager is registered as an investment adviser with the SEC of the United States under the Investment Advisers Act of 1940.

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

Note 5. SALES FEE

The Fund will pay the selling agents for Class A Units and Class B Units a sales fee of 2% of the subscription amount of each subscription for Class A Units and Class B Units. In addition, commencing thirteen months after the sale of Units and in return for providing ongoing services to the limited partners, the Fund will pay those selling agents (or their assignees) up to 1/12 of 2% (2% annually) of the month-end net asset value of Class A Units and Class B Units.

The amount paid to selling agents on Class A Units and Class B Units sold will not exceed 8% of the gross offering proceeds of the Class A Units and 9% of the gross offering proceeds of the Class B Units sold.

CAMPBELL GLOBAL TREND FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

Note 6. DEPOSITS WITH BROKER

The Fund deposits assets with a futures broker, Newedge USA, LLC, 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 broker. The Fund typically earns interest income on its assets deposited with the futures broker.

Note 7. DEPOSITS WITH INTERBANK MARKET MAKER

The Fund’s counterparty with regard to its forward currency transactions is the Royal Bank of Scotland PLC ("RBS"). The Fund has entered into an International Swap and Derivatives Association, Inc. agreement with RBS which governs these transactions. The credit ratings reported by the three major rating agencies for RBS were considered investment grade as of December 31, 2012. Margin requirements are satisfied by the deposit of U.S. Treasury bills and cash with RBS. The Fund typically earns interest income on its assets deposited with RBS.

Note 8. BROKER-DEALER CUSTODY FEE

Class A Units and Class C Units will pay a monthly broker-dealer custodial fee of 1/12 of 0.25% (0.25% annually) of each respective Class’ month-end net asset value (as defined in the Fund's Agreement of Limited Partnership, as amended) to the selling agents (the firm and not the individual). The total amount paid to the selling agents for such broker-dealer custodial fees per Unit will not exceed 1% of the gross offering proceeds of Class A Units and 6% of the gross offering proceeds of Class C Units.

Note 9. OPERATING EXPENSES

Operating expenses for each Class of Units in the Fund are restricted by the Amended Agreement of Limited Partnership to 0.50% per annum of the average month-end net asset value (as defined) of each Class of Units. Any operating expense which exceeds the 0.50% expense cap will be reimbursed by Campbell & Company. Actual operating expenses exceeded the cap for the years ended December 31, 2012 and 2011 by $10,899 and $1,817, respectively. This amount is due from Campbell & Company and is included in other assets on the Statements of Financial Condition as of December 31, 2012 and December 31, 2011. As of December 31, 2012, Campbell & Company has reimbursed the Fund for the operating expenses which exceeded the cap for the year ended December 31, 2011.

Note 10. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

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

On June 30, 2012, the general partner transferred $15,941,083 of Class A and Class C units to a related limited partner.

The Fund is not required to make distributions, but may do so at the sole discretion of Campbell & Company. A limited partner may request and receive redemption of units owned, subject to restrictions in the Amended Agreement of Limited Partnership. 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 paid to Campbell & Company apply to Class A Units and Class B Units through the first twelve month-ends following purchase as follows: 1.833% of net asset value per redeemed Unit through the second month-end, 1.666% of net asset value per redeemed Unit through the third month-end, 1.500% of net asset value per redeemed Unit through the fourth month-end, 1.333% of net asset value per redeemed Unit through the fifth month-end, 1.167% of net asset value per redeemed Unit through the sixth month-end, 1.000% of net asset value per redeemed Unit through the seventh month-end, 0.833% of net asset value per redeemed Unit through the eighth month-end, 0.667% of net asset value per redeemed Unit through the ninth month-end, 0.500% of net asset value per redeemed Unit through the tenth month-end, 0.333% of net asset value per redeemed Unit through the eleventh month-end, and 0.167% of net asset value per redeemed Unit through the twelfth month-end. The month-end as of which the Unit is purchased is counted as the first month-end. After the twelfth month-end following purchase of a Class A Unit or Class B Unit, no redemption fees apply.

CAMPBELL GLOBAL TREND FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

Note 11. TRADING ACTIVITIES AND RELATED RISKS

The Fund engages in the speculative trading of U.S. and foreign futures contracts and forward currency contracts (collectively, "derivatives"). Specifically, the Fund trades a portfolio focused on financial futures, which are instruments designed to hedge or speculate on changes in interest rates, currency exchange rates or stock index values, as well as metals, energy and agriculture values. The Fund 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.

Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a futures broker to segregate all customer transactions and assets from such futures broker's proprietary activities. A customer's cash and other property (for example, U.S. Treasury bills) deposited with a futures broker are considered commingled with all other customer funds subject to the futures broker's segregation requirements. In the event of a futures broker's insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than total cash and other property deposited.

The amount of required margin and good faith deposits with the futures broker and interbank market makers usually range from 10% to 30% of Net Asset Value. The cash deposited with interbank market maker at December 31, 2012 and 2011 was $7,573 and $139,944, respectively, which equals 0% and 1% of Net Asset Value, respectively. These amounts are included in cash. Included in cash deposits with the futures broker and interbank market maker at December 31, 2012 and 2011 was restricted cash for margin requirements of $2,425,826 and $1,887,062, respectively, which equals 12% and 10% of Net Asset Value respectively.

The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty nonperformance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

The Fund has a substantial portion of its assets on deposit with financial institutions. In the event of a financial institution's insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits.

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 Fund's open positions and, consequently, in its earnings and cash flow. The Fund'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 Fund's open positions and the liquidity of the markets in which it trades. Theoretically, the Fund is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short. See Note 1. C. for an explanation of how the Fund determines its valuation for derivatives as well as the netting of derivatives. See Note 1. D. for an explanation of fair value and disclosure of the Fund’s investments accounted for at fair value.

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

The following tables summarize quantitative information required by ASC 815.

The fair value of the Fund's derivatives by instrument type, as well as the location of those instruments on the Statements of Financial Condition, as of December 31, 2012 and 2011 is as follows: 

CAMPBELL GLOBAL TREND FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2012 Fair Value		Liability Derivatives at December 31, 2012 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	159,502	$	(28,739	)	$	130,763
Energy Contracts	Net unrealized gain (loss) on open futures contracts		8,550		(21,505	)		(12,955	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		44,851		(48,039	)		(3,188	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		199,347		(87,562	)		111,785
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		8,471		(32,403	)		(23,932	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		147,219		(110,606	)		36,613
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		930,463		(479,674	)		450,789
Totals		$	1,498,403	$	(808,528	)	$	689,875
* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2011 Fair Value		Liability Derivatives at December 31, 2011 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	28,306	$	(145,607	)	$	(117,301	)
Energy Contracts	Net unrealized gain (loss) on open futures contracts		57,909		(13,578	)		44,331
Metal Contracts	Net unrealized gain (loss) on open futures contracts		125,387		(23,246	)		102,141
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		84,653		(4,401	)		80,252
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		40,646		(15,164	)		25,482
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		357,701		(7,206	)		350,495
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		705,298		(250,039	)		455,259
Totals		$	1,399,900	$	(459,241	)	$	940,659
* Derivatives not designated as hedging instruments under ASC 815

The trading revenue of the Fund's derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations, for the years ended December 31, 2012, December 31, 2011 and the period April 6, 2010 (inception) through December 31, 2010 is as follows.

CAMPBELL GLOBAL TREND FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

Type of Instrument		Trading Gains (Losses) for the Year Ended December 31, 2012	Trading Gains (Losses) for the Year Ended December 31, 2011			Trading Gains (Losses) for the Period April 6, 2010 (inception) through December 31, 2010**
Agriculture Contracts	$	537,515	$	(793,249	)	$	618,397
Energy Contracts		(446,427)		68,832			(200,005	)
Metal Contracts		(696,736)		(478,811	)		533,188
Stock Indices Contracts		527,049		(1,575,622	)		469,767
Short-Term Interest Rate Contracts		596,881		781,969			166,690
Long-Term Interest Rate Contracts		229,158		3,029,229			691,487
Forward Currency Contracts		(413,538)		(250,023	)		546,639
Total	$	333,902	$	782,325		$	2,826,163

Line Item in the Statements of Operations		Trading Gains (Losses) for the Year Ended December 31, 2012	Trading Gains (Losses) for the Year Ended December 31, 2011			Trading Gains (Losses) for the Period April 6, 2010 (inception) through December 31, 2010**
Futures trading gains (losses):
Realized***	$	993,754	$	787,088		$	2,039,384
Change in unrealized		(246,314)		245,260			240,140
Forward currency trading gains (losses):
Realized		(409,068)		(405,484	)		246,841
Change in unrealized		(4,470)		155,461			299,798
Total	$	333,902	$	782,325		$	2,826,163

**	The Fund began trading on June 1, 2010.
***	Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures brokers.

For the years ended December 31, 2012 and 2011, and the period April 6, 2010 (inception) through December 31, 2010, the monthly average of futures contracts bought and sold was approximately 1,950, 1,300, and 650, respectively, and the monthly average of notional value of forward currency contracts was $113,200,000, $62,425,000 and $39,710,000, respectively.

Open contracts generally mature within twelve months; as of December 31, 2012, the latest maturity date for open futures contracts is September 2014 and the latest maturity date for open forward currency contracts is March 2013. However, the Fund intends to close all futures and forward currency contracts prior to maturity.

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

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

CAMPBELL GLOBAL TREND FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

Note 12. INDEMNIFICATIONS

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

Note 13. SUBSEQUENT EVENTS

Management of the Fund has evaluated subsequent events through the date the financial statements were filed. Other than the following, there are no subsequent events to disclose or record in the financial statements. Effective April 30, 2013, the Fund will cease offering new units. The Fund will remain operational for existing investors. However, shares of the Fund may no longer be offered to new or existing investors. It is anticipated that the Fund will wrap up operations on or before December 31, 2013.

EXHIBIT INDEX


Exhibit Number	Description of Document	Page Number
31.01	Certification by Chief Executive Officer	E-2
31.02	Certification by Chief Financial Officer	E-3

E-1

Campbell Global Trend Fund, L.P. - FORM 10-K/A - May 3, 2013

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