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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>As Filed with the Securities and Exchange Commission on
    April&#160;27, 2010</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Registration
    <FONT style="white-space: nowrap">No.&#160;333-</FONT>
    [-]</B>
</DIV>

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<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;S-1</FONT></FONT></B>
</DIV>

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    <B><FONT style="font-size: 12pt">REGISTRATION
    STATEMENT</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">UNDER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">CAMPBELL GLOBAL TREND FUND,
    L.P.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Registrant)</FONT></I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact name of registrant as
    specified in its charter)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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<TD align="center" valign="top">
    <B>Delaware<BR>
    </B><I><FONT style="font-size: 8pt">(State of
    Organization)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>6799<BR>
    </B><I><FONT style="font-size: 8pt">(Primary Standard
    Industrial<BR>
    Classification Code Number)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>27-1412568<BR>
    </B><I><FONT style="font-size: 8pt">(I.R.S. Employer<BR>
    Identification Number)</FONT></I>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B><FONT style="white-space: nowrap">c/o&#160;Campbell&#160;&#038;</FONT>
    Company, Inc.<BR>
    </B>2850 Quarry Lake Drive<BR>
    Baltimore, Maryland 21209<BR>
    <B><FONT style="white-space: nowrap">(410)&#160;413-2600</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Thomas P. Lloyd<BR>
    Campbell &#038; Company, Inc.<BR>
    </B>2850 Quarry Lake Drive<BR>
    Baltimore, Maryland 21209<BR>
    <B>(410) 413-2600</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(Address, including zip code,
    and telephone number, including area code, of registrant&#146;s
    principal executive offices)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service) </FONT></I>
</TD>
</TR>
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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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<TD nowrap align="center" valign="top">
    <B>Copies to:</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B>Michael J. Schmidtberger,&#160;Esq.<BR>
    Sidley Austin <FONT style="font-variant: SMALL-CAPS">llp<BR>
    </FONT></B>787 Seventh Avenue<BR>
    New York, New York 10019
</TD>
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</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Approximate
    date of commencement of proposed sale to the public:<BR>
    As promptly as practicable after the effective date of this
    Registration Statement.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933, other than
    securities offered only in connection with dividend or interest
    reinvestment plans, check the following box.
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule 462(b) under the Securities Act, check
    the following box and list the Securities Act registration
    statement number of the earlier effective registration statement
    for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    Rule&#160;12b2 of the Exchange Act.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
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<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Large accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Non-accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT><BR>
    <FONT style="font-size: 9pt">(Do not check if a smaller
    reporting company)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Smaller reporting
    company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act or until this Registration Statement shall
    become effective on such date as the Commission, acting pursuant
    to said Section&#160;8(a), may determine.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="60%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Offering<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration Fee<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of Each Class of Securities to be Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Price(1)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>(2)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Class&#160;A (USD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $100,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $7,130
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Class&#160;B (USD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $100,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $7,130
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Class&#160;C (USD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $100,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $7,130
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Class&#160;D (USD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $100,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $7,130
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Class&#160;E (USD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    N/A(3)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    N/A
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Class&#160;A (GLD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $100,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $7,130
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Class&#160;B (GLD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $100,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $7,130
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Class&#160;C (GLD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    N/A(4)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The proposed maximum aggregate
    offering has been calculated assuming that all Units are sold at
    a price of $1,000 per Unit of each Class. The amount of the
    registration fee for Units is calculated in reliance upon
    Rule&#160;457(o) promulgated under the Securities Act of 1933
    and using the proposed maximum aggregate offering price as
    described above.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">An aggregate registration fee of
    $22,320 in respect of the Class&#160;A (USD) Units, Class&#160;B
    (USD) Units, Class&#160;C (USD) Units and Class&#160;D (USD)
    Units was previously paid on December&#160;18, 2009 in
    connection with registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-163835-01).</FONT>
    Additionally, an aggregate registration fee of $14,260 in
    respect of the Class&#160;A (GLD) Units and Class&#160;B (GLD)
    Units was previously paid on February&#160;19, 2010 in
    connection with Pre-Effective Amendment Number 1 to the
    registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-163835-01).</FONT>
    Thus, the aggregate filing fee associated with Campbell Global
    Trend Fund, L.P. in connection with registration statements on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-163835-01)</FONT>
    was $36,580.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Campbell Strategic Allocation Fund,
    L.P. and Campbell Global Trend Fund, L.P. withdrew registration
    statements Nos.
    <FONT style="white-space: nowrap">333-163835</FONT>
    and
    <FONT style="white-space: nowrap">333-163835-01,</FONT>
    respectively, on April&#160;23, 2010 pursuant to Rule&#160;477
    under the Securities Act.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Pursuant to Rule&#160;457(p) under
    the Securities Act, Campbell Global Trend Fund, L.P. is applying
    the aggregate filing fee of $36,580 associated with the
    registered but unissued securities under registration statement
    on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-163835-01)</FONT>
    against the total filing fee of $42,780. The remaining balance
    of $6,200 due in connection with this registration statement was
    paid in connection with this filing.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">To be issued in exchange for
    Class&#160;A (USD) Units, Class&#160;B (USD) Units, Class&#160;C
    (USD) Units or Class&#160;D (USD) Units of Campbell Global Trend
    Fund, L.P. in the event Limited Partners holding Class&#160;A
    (USD) Units, Class&#160;B (USD) Units, Class&#160;C (USD) Units
    or Class&#160;D (USD) Units have reached a certain limit of fees
    payable to selling agents, as hereinafter described. No
    registration fee is payable in reliance upon Rule&#160;457(i)
    under the Securities Act.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">To be issued in exchange for
    Class&#160;A (GLD) Units and Class&#160;B (GLD) Units of
    Campbell Global Trend Fund, L.P. in the event Limited Partners
    holding Class&#160;A (GLD) Units and Class&#160;B (GLD) Units
    have reached a certain limit of fees payable to selling agents,
    as hereinafter described. No registration fee is payable in
    reliance upon Rule&#160;457(i) under the Securities Act.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPLANATORY
    STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="3%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>1.&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>The Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    of Campbell Strategic Allocation Fund, L.P. and Campbell Global
    Trend Fund, L.P. (Registration Statement Nos.
    <FONT style="white-space: nowrap">333-163835</FONT>
    and
    <FONT style="white-space: nowrap">333-163835-01,</FONT>
    respectively) and the Pre-Effective Amendment No.&#160;1 thereto
    were filed on December&#160;18, 2009 and February&#160;19, 2010,
    respectively (collectively, the &#147;Registration
    Statements&#148;).</B>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>2.&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Campbell Strategic Allocation Fund, L.P. and Campbell Global
    Trend Fund, L.P. filed a common prospectus as a part of the
    Registration Statements.</B>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>3.&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Campbell Strategic Allocation Fund, L.P. and Campbell Global
    Trend Fund, L.P. withdrew the Registration Statements on
    April&#160;23, 2010 pursuant to Rule&#160;477 under the
    Securities Act.</B>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>4.&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Because Campbell Global Trend Fund, L.P. is a separate
    registrant and not a co-registrant with Campbell Strategic
    Allocation Fund, Campbell Global Trend Fund, L.P. is
    contemporaneously re-filing herewith the common prospectus under
    a separate Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    and will be assigned a new registration statement number
    (Registration Statement
    <FONT style="white-space: nowrap">No.&#160;333-[-]).</FONT></B>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>5.&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>The prospectus contained in this Registration Statement
    relates to the offerings by each of the following
    registrants:</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="57%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Registrant</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Statement</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Units of Limited Partnership Interest</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Campbell Strategic Allocation Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <BR>
    333-[-]
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The Registration Statement No. 333-[-] registered $100,000,000
    of Units of Limited Partnership Interest.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Campbell Global Trend Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <BR>
    333-[-]
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The Registration Statement No. 333-[-] registered:<BR>
    (1) $100,000,000 of Class A (USD) Units of Limited Partnership
    Interest; $100,000,000 of Class B (USD) Units of Limited
    Partnership Interest; $100,000,000 of Class C (USD) Units of
    Limited Partnership Interest; $100,000,000 of Class D (USD)
    Units of Limited Partnership Interest; and Class E (USD) Units
    of Limited Partnership Interest to be issued in exchange for
    Class A (USD) Units, Class B (USD) Units, Class C (USD) Units or
    Class D (USD) Units in the event Limited Partners holding Class
    A (USD) Units, Class B (USD) Units, Class C (USD) Units or Class
    D (USD) Units have reached a certain limit of fees payable to
    selling agents; and (2) $100,000,000 of Class A (GLD) Units of
    Limited Partnership Interest; $100,000,000 of Class B (GLD)
    Units of Limited Partnership Interest; and Class C (GLD) Units
    of Limited Partnership Interest to be issued in exchange for
    Class A (GLD) Units and Class B (GLD) Units in the event Limited
    Partners holding Class A (GLD) Units and Class B (GLD) Units
    have reached a certain limit of fees payable to selling agents.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 93%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    GLOBAL TREND FUND, L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="32%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Maximum&#160;Available&#160;Units</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Minimum&#160;Initial&#160;Investment</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Minimum&#160;Additional&#160;Investment</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Price&#160;Per&#160;Unit</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Campbell Strategic Allocation Fund, L.P.&#160;
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
    $100,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
    $1,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Net Asset Value
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Campbell Global Trend Fund, L.P. Class&#160;A
    (USD)<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $100,000,000
</TD>
<TD rowspan="3" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD rowspan="3">
&nbsp;
</TD>
<TD rowspan="3" align="center" valign="top">
    $1,000 from IRAs and other<BR>
    tax-exempt accounts
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $1,000
</TD>
<TD rowspan="5" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD rowspan="5">
&nbsp;
</TD>
<TD rowspan="5" align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    Initial Offering Period:<BR>
    $1,000<SUP style="font-size: 85%; vertical-align: top">3</SUP>

</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Campbell Global Trend Fund, L.P. Class&#160;B
    (USD)<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $100,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Campbell Global Trend Fund, L.P. Class&#160;C
    (USD)<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $100,000,000
</TD>
<TD rowspan="3" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD rowspan="3">
&nbsp;
</TD>
<TD rowspan="3" align="center" valign="top">
    $5,000 from all other investors
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Campbell Global Trend Fund, L.P. Class&#160;D
    (USD)<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $100,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD rowspan="5" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD rowspan="5">
&nbsp;
</TD>
<TD rowspan="5" align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    Continuous Offering Period:<BR>
    Net Asset Value
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Campbell Global Trend Fund, L.P. Class&#160;A
    (GLD)<SUP style="font-size: 85%; vertical-align: top">2</SUP>

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $100,000,000
</TD>
<TD rowspan="3" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD rowspan="3">
&nbsp;
</TD>
<TD rowspan="3" nowrap align="center" valign="top">
    $50,000
</TD>
<TD rowspan="3" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD rowspan="3">
&nbsp;
</TD>
<TD rowspan="3" nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    $10,000
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Campbell Global Trend Fund, L.P. Class&#160;B
    (GLD)<SUP style="font-size: 85%; vertical-align: top">2</SUP>

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $100,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt"><FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">1</SUP></FONT><FONT style="font-size: 8pt">&#160;These

Units will be exchanged for Global Trend Fund&#160;Class&#160;E
(USD) Units as described in this disclosure document. The Classe
E (USD) Units are not being offered by this disclosure
document.</FONT></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt"><FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">2</SUP></FONT><FONT style="font-size: 8pt">&#160;These

Units will be exchanged for Global Trend Fund&#160;Class&#160;C
(GLD) Units as described in this disclosure document. The
Class&#160;C (GLD) Units are not being offered by this
disclosure document.</FONT></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt"><FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">3</SUP></FONT><FONT style="font-size: 8pt">&#160;This

price has been arbitrarily determined inasmuch as the Units have
no inherent value other than their subscription price until
trading.</FONT></DIV>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund is being offered only to existing
    investors during the continuing offering. Units of each Class of
    the Global Trend Fund will initially be offered for a period
    ending ninety days from the date hereof, unless such date is
    extended by Campbell&#160;&#038; Company for up to an additional
    ninety days. The subscription minimum for each Series of the
    Global Trend Fund as of the end of the initial offering period
    is $15,000,000. However, if after the expiration of the initial
    offering period, the subscription minimum is not reached,
    Campbell&#160;&#038; Company may purchase Units with an
    aggregate initial Unit value in an amount equal to the
    difference between the actual total dollar amount of Units
    subscribed for during the initial offering period and
    $15,000,000. This initial offering period may be shorter if the
    subscription minimum is reached before the end of the initial
    offering period. If subscriptions for at least $15,000,000 for
    either Series have not been received and accepted by the end of
    the initial offering period, all subscriptions will be promptly
    returned to subscribers of that Series, with interest. After the
    end of the initial offering period, each of the Classes will be
    offered continuously.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The units are being offered on a best efforts basis without any
    firm underwriting commitment through selling agents which are
    registered broker-dealers and members of the Financial Industry
    Regulatory Authority. The selling agents are not required to
    sell any specific number or dollar amount of Units. The offering
    will terminate on the third anniversary of this registration
    statement unless prior thereto, a new registration statement is
    filed. Campbell&#160;&#038; Company may suspend, limit or
    terminate the continuing offering at any time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Risks</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These are speculative securities.
    <B><FONT style="font-size: 12pt">Before you decide whether to
    invest, read this entire prospectus carefully and consider
    &#147;The Risks You Face&#148; on page&#160;14 and
    &#147;Conflicts of Interest&#148; on page&#160;46.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    The Funds are speculative and leveraged.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Past results of Campbell&#160;&#038; Company are not necessarily
    indicative of future performance of the Funds, and the
    Funds&#146; performance can be volatile. As of the date of this
    disclosure document, the Global Trend Fund has no trading
    history. Past results of one Fund are not necessarily indicative
    of the future performance of that Fund or of the other Fund.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    You could lose all or a substantial amount of your investment in
    either Fund.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    By offering the Global Trend Series (GLD) neither the Fund nor
    Campbell&#160;&#038; Company is making any recommendation or
    providing any investment or other advice with respect to the
    possible future performance of gold, gold futures, or any other
    gold-related product, nor is it a prediction or recommendation
    as to the future performance of the U.S.&#160;Dollar. This
    Series is offered solely to provide a gold-denominated exposure
    to the Campbell Trend Following Portfolio to those investors who
    prefer to have their investments denominated in gold, as opposed
    to the U.S.&#160;Dollar.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The long gold futures position in the Global Trend Series (GLD)
    is not an actively managed position. Its performance depends
    entirely on the performance of a long-only exposure to gold
    futures.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Gold prices historically have been extremely volatile and have
    fluctuated widely in recent years. A drop in the price of gold
    may c ause significant loss in an investment of the Global Trend
    Fund&#146;s Global Trend Series (GLD).
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The trend following portion of the Global Trend Fund&#146;s
    Global Trend Series (GLD) may also contain gold positions.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Campbell&#160;&#038; Company has total trading authority over
    the Funds and the Funds are dependent upon the services of
    Campbell&#160;&#038; Company. The use of a single advisor could
    mean lack of diversification and, consequently, higher risk.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    There is no secondary market for the Units and none is expected
    to develop. While the Units have redemption rights, there are
    restrictions and possible fees assessed.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    There are restrictions on transferring units in the Funds.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Substantial expenses must be offset by trading profits and
    interest income.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    A substantial portion of the trades executed for the Funds takes
    place on foreign exchanges. No U.S.&#160;regulatory authority or
    exchange has the power to compel the enforcement of the rules of
    a foreign board of trade or any applicable foreign laws.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Campbell&#160;&#038; Company has full control over the
    management of the Funds and gives no management role to limited
    partners.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The Funds are subject to conflicts of interest. There are no
    independent experts representing investors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You are required to make representations and warranties relating
    to the suitability of this investment for you. You are
    encouraged to discuss this investment with your financial, legal
    and tax adviser.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>These securities have not been approved or disapproved by the
    Securities and Exchange Commission or any state securities
    commission, nor has the Securities and Exchange Commission or
    any state securities commission passed upon the accuracy or
    adequacy of this prospectus. Any representation to the contrary
    is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON
    THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION
    PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE
    DOCUMENT.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">CAMPBELL&#160;&#038; COMPANY,
    INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General Partner of both Funds</I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    May&#160;3, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 93%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">COMMODITY
    FUTURES TRADING COMMISSION<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    DISCLOSURE STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL
    CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO
    DOING, YOU SHOULD BE AWARE THAT FUTURES AND OPTIONS TRADING CAN
    QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING
    LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND
    CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN
    ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO
    WITHDRAW YOUR PARTICIPATION IN THE POOL.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL
    CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY
    BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO THESE CHARGES
    TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR
    EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A
    COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT
    PAGE&#160;49 AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY
    TO BREAK-EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL
    INVESTMENT, AT PAGE&#160;4.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER
    FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS
    COMMODITY POOL. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE IN
    THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE
    DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS
    OF THIS INVESTMENT, AT PAGE&#160;14.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL
    CONDITION PERMITS YOU TO PARTICIPATE IN A POOLED INVESTMENT
    VEHICLE. IN SO DOING, YOU SHOULD BE AWARE THAT THIS POOL ENTERS
    INTO TRANSACTIONS THAT ARE NOT TRADED ON AN EXCHANGE, AND THE
    FUNDS THE POOL INVESTS IN THOSE TRANSACTIONS MAY NOT RECEIVE THE
    SAME PROTECTIONS AS FUNDS USED TO MARGIN OR GUARANTEE
    EXCHANGE-TRADED FUTURES AND OPTIONS CONTRACTS. IF THE
    COUNTERPARTY BECOMES INSOLVENT AND THE POOL HAS A CLAIM FOR
    AMOUNTS DEPOSITED OR PROFITS EARNED ON TRANSACTIONS WITH THE
    COUNTERPARTY, THE POOL&#146;S CLAIM MAY NOT RECEIVE A PRIORITY.
    WITHOUT A PRIORITY, THE POOL IS A GENERAL CREDITOR AND ITS CLAIM
    WILL BE PAID, ALONG WITH THE CLAIMS OF OTHER GENERAL CREDITORS,
    FROM ANY MONIES STILL AVAILABLE AFTER PRIORITY CLAIMS ARE PAID.
    EVEN POOL FUNDS THAT THE COUNTERPARTY KEEPS SEPARATE FROM ITS
    OWN OPERATING FUNDS MAY NOT BE SAFE FROM THE CLAIMS OF OTHER
    GENERAL AND PRIORITY CREDITORS.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>FOREX TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS
    GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET
    VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN
    THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT
    YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>INVESTMENTS IN THE POOL MAY BE SUBJECT TO SUBSTANTIAL CHARGES
    FOR MANAGEMENT, ADVISORY, AND BROKERAGE FEES, AND THE POOL MAY
    NEED TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETING OR
    EXHAUSTING ITS ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A
    COMPLETE DESCRIPTION OF EACH EXPENSE (SEE PAGE&#160;49)&#160;AND
    A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN,
    THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT (SEE
    PAGE&#160;4).</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER
    FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS POOL.
    THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE YOU SHOULD CAREFULLY
    REVIEW THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE
    PRINCIPAL RISK FACTORS OF THIS INVESTMENT (SEE PAGE&#160;14).</B>
</DIV>
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    <BR>
    i
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NATIONAL FUTURES ASSOCIATION HAS NEITHER PASSED UPON THE
    MERITS OF PARTICIPATING IN THIS POOL NOR THE ADEQUACY OR
    ACCURACY OF THIS DISCLOSURE DOCUMENT.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE
    FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS
    LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY
    LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS
    WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND
    ITS PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES
    MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES&#160;OF
    REGULATORY AUTHORITIES OR MARKETS IN
    <FONT style="white-space: nowrap">NON-UNITED</FONT>
    STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE
    EFFECTED.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    <FONT style="font-size: 10pt">General Partner of both Funds<BR>
    2850 Quarry Lake Drive<BR>
    Baltimore, Maryland 21209<BR>
    <FONT style="white-space: nowrap">(410)&#160;413-2600</FONT></FONT></FONT></B>
</DIV>
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    <BR>
    ii
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REGULATORY
    NOTICES</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NO DEALER, SALESMAN, OR ANY OTHER PERSON HAS BEEN AUTHORIZED
    TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT
    CONTAINED IN THIS PROSPECTUS. AND, IF GIVEN OR MADE, SUCH OTHER
    INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING
    BEEN AUTHORIZED BY THE FUNDS, THE GENERAL PARTNER, OR ANY OTHER
    PERSON.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS PROSPECTUS DOES NOT CONSTITUTE AND OFFER TO SELL OR A
    SOLICITATION ON AN OFFER TO BUY THE SECURITIES OFFERED HEREBY TO
    ANY PERSON OR BY ANYONE IN ANY JURISDICTION IN WHICH SUCH OFFER
    OR SOLICITATION MAY NOT BE LAWFULLY MADE.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE BOOKS AND RECORDS OF THE FUNDS WILL BE MAINTAINED AT
    THEIR PRINCIPAL OFFICE, 2850 QUARRY LAKE DRIVE, BALTIMORE,
    MARYLAND 21209. LIMITED PARTNERS WILL HAVE THE RIGHT, DURING
    NORMAL BUSINESS HOURS, TO HAVE ACCESS TO AND COPY (UPON PAYMENT
    OF REASONABLE REPRODUCTION COSTS) SUCH BOOKS AND RECORDS IN
    PERSON OR BY THEIR AUTHORIZED ATTORNEY OR AGENT. EACH MONTH, THE
    GENERAL PARTNER WILL DISTRIBUTE REPORTS TO ALL LIMITED PARTNERS
    SETTING FORTH SUCH INFORMATION AS THE COMMODITY FUTURES TRADING
    COMMISSION (THE &#147;CFTC&#148;) AND THE NATIONAL FUTURES
    ASSOCIATION (THE &#147;NFA&#148;) MAY REQUIRE BE GIVEN TO THE
    PARTICIPANTS IN COMMODITY POOLS WITH RESPECT TO THE FUNDS AND
    ANY SUCH OTHER INFORMATION AS THE GENERAL PARTNER MAY DEEM
    APPROPRIATE. THERE WILL SIMILARLY BE DISTRIBUTED TO LIMITED
    PARTNERS, NOT MORE THAN 90 DAYS AFTER THE CLOSE OF EACH OF THE
    FUNDS&#146; FISCAL YEARS, CERTIFIED AUDIT FINANCIAL STATEMENTS
    AND (IN NO EVENT LATER THAN MARCH 15 OF THE IMMEDIATELY
    FOLLOWING YEAR) THE TAX INFORMATION RELATING TO THE
    SHARES&#160;OF THE FUNDS&#160;NECESSARY FOR THE PREPARATION OF
    LIMITED PARTNERS&#146; ANNUAL FEDERAL INCOME TAX RETURNS.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE DIVISION&#160;OF INVESTMENT MANAGEMENT OF THE SECURITIES
    AND EXCHANGE COMMISSION REQUIRES THAT THE FOLLOWING STATEMENT BE
    PROMINENTLY SET FORTH HEREIN: &#147;THE CAMPBELL STRATEGIC
    ALLOCATION FUND, L.P. AND THE CAMPBELL GLOBAL TREND FUND, L.P.
    ARE NOT MUTUAL FUNDS OR ANY OTHER TYPE OF INVESTMENT COMPANY
    WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT OF 1940, AS
    AMENDED, AND ARE NOT SUBJECT TO
    REGULATION&#160;THEREUNDER.&#148;</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>A NUMBER OF JURISDICTIONS IN WHICH THE UNITS ARE OFFERED
    IMPOSE ON THEIR RESIDENTS HIGHER MINIMUM SUITABILITY
    REQUIREMENTS, WHICH ARE DESCRIBED IN EXHIBIT&#160;D TO THIS
    PROSPECTUS. PLEASE SEE
    <FONT style="white-space: nowrap">PAGE&#160;D-2</FONT>
    OF EXHIBIT&#160;D FOR A DETAILED DESCRIPTION OF THE MINIMUM
    SUITABILITY REQUIREMENTS IN THE STATE IN WHICH YOU RESIDE. YOU
    WILL BE REQUIRED TO REPRESENT THAT YOU MEET THE REQUIREMENTS SET
    FORTH IN YOUR STATE OF RESIDENCE BEFORE YOUR SUBSCRIPTION TO
    PURCHASE UNITS WILL BE ACCEPTED. THESE SUITABILITY REQUIREMENTS
    ARE, IN EACH CASE, REGULATORY MINIMUMS ONLY, AND JUST BECAUSE
    YOU MEET SUCH REQUIREMENTS DOES NOT MEAN THAT AN INVESTMENT IN
    THE UNITS IS SUITABLE FOR YOU. IN NO EVENT MAY YOU INVEST MORE
    THAN 10% OF YOUR NET WORTH, EXCLUSIVE OF HOME, FURNISHINGS, AND
    AUTOMOBILES, IN EACH FUND.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PENNSYLVANIA INVESTORS: Because the minimum closing amount is
    less than $40,000,000, you are cautioned to carefully evaluate
    Global Trend Fund&#146;s ability to fully accomplish its stated
    objectives and to inquire as to the current dollar volume of
    subscriptions for Units in Global Trend Fund. The Units in
    Global Trend Fund will not be offered or sold in Pennsylvania
    until a minimum of $20,000,000 has been invested in the
    aggregate in Global Trend Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    iii
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>This prospectus does not include all of the information or
    exhibits in the Funds&#146; registration statement. You can read
    and copy the entire registration statement at the public
    reference facilities maintained by the Securities and Exchange
    Commission in Washington,&#160;D.C.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Each Fund files monthly, quarterly and annual reports with
    the SEC. You can read and copy these reports at the SEC public
    reference facilities in Washington,&#160;D.C. Please call the
    SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Funds&#146; filings are posted at the SEC website at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    iv
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;ONE&#160;&#151;
    DISCLOSURE DOCUMENT<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>SUMMARY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#102'>General</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#103'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#104'>Estimate of Break-Even Level</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#105'>A Summary of Risk Factors You Should Consider
    Before Investing in the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#106'>Investment Factors You Should Consider Before
    Investing in the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#107'>Objectives of the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#108'>Campbell&#160;&#038; Company, Inc.&#160;</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#109'>Charges to the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#110'>Distributions and Redemptions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#111'>Federal Income Tax Aspects</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
    ORGANIZATIONAL CHART</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>CAMPBELL GLOBAL TREND FUND, L.P. ORGANIZATIONAL
    CHART</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>THE RISKS YOU FACE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#115'>Market Risks</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#116'><I>You Could Possibly Lose Your Total Investment
    in the Funds</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#117'><I>The Funds are Highly Leveraged</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#118'><I>Changes in Financing Policies or the
    Imposition of Other Credit Limitations or Restrictions Could
    Compel the Funds to Liquidate at Disadvantageous Prices</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <I>The Funds&#146; Investments Could Be Illiquid</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#119'><I>Your Investment in Either Fund Could Be
    Illiquid</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#120'><I><FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Transactions are Subject to Little, if Any, Regulation</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <I><FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Transactions May Be Subject to the Risk of Counterparty
    Default</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#121'><I>Options on Futures and
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Contracts are Speculative and Highly Leveraged</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#122'><I>An Investment in the Funds May Not Diversify
    an Overall Portfolio</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#123'><I>The Current Markets are Subject to Market
    Disruptions That May Be a Detriment to Your Investment</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#274'><I>The Current Markets are Subject to
    Governmental Intervention That May Be a Detriment to Your
    Investment</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#276'><I>The Funds are Subject to Regulatory Risk
    Associated with Futures Contracts That Could Adversely Affect
    the Funds&#146; Operations and Profitability</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#124'><I>Gains, If Any, From the Trend Following
    Portion of the Global Trend Fund&#146;s Global Trend Series
    (GLD) May Be Offset by Losses on the Gold Portion of the Global
    Trend Series (GLD), and Gains, If Any, on the Gold Portion of
    the Global Trend Series (GLD) May be Offset by Losses From the
    Trend Following Portion of the Global Trend Series (GLD),
    Resulting in No Gains or Aggregate Losses for Investors in the
    Global Trend Series (GLD) Units</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#125'><I>Gold Prices Historically Have Been Extremely
    Volatile and Have Fluctuated Widely in Recent Years. A Drop in
    the Price of Gold May Cause a Significant Loss in an Investment
    in the Global Trend Fund&#146;s Global Trend Series (GLD)</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    v
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#126'><I>Large-Scale Sales of Gold May Lead to a
    Decline in the Price of Gold and a Decline in the Value of the
    Global Trend Fund&#146;s Class&#160;A (GLD) Units, Class&#160;B
    (GLD) Units Class&#160;C (GLD) Units, Possibly Resulting in an
    Overall Loss of an Investment in the Global Trend Fund&#146;s
    Global Trend Series (GLD)</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#127'><I>Widening Interest Rate Differentials Between
    the Cost of Money and the Cost of Borrowing Gold Could Result in
    Increased Sales and a Decline in the Price of Gold, Possibly
    Resulting in a Decline in the Value of the Global Trend
    Fund&#146;s Class&#160;A (GLD) Units, Class&#160;B (GLD) Units
    and Class&#160;C (GLD) Units and a Loss on an Investment in the
    Global Trend Fund&#146;s Global Trend Series (GLD)</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#128'><I>The Trend Following Portion of the Global
    Trend Fund&#146;s Global Trend Series (GLD) May Also Contain
    Gold Positions</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#129'><I>The Funds are a Party to Financial Instruments
    With Elements of Off-Balance Sheet Risk, Which Cause the Funds
    to Lose All of Their Assets</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#130'>Trading Risks</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#131'><I>There are Disadvantages to Making Trading
    Decisions Based Primarily on Technical Market Data</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#132'><I>Increased Competition from Other
    Trend-Following Traders Could Reduce Campbell&#160;&#038;
    Company&#146;s Profitability</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#133'><I>Limits Imposed by Futures Exchanges or Other
    Regulatory Organizations, Such as Speculative Position Limits
    and Daily Price Fluctuation Limits, May Alter Trading Decisions
    for the Funds</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#134'><I>Increase in Assets Under Management May Make
    Profitable Trading More Difficult</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#135'><I>Investors Will Not be Able to View the
    Funds&#146; Holdings on a Daily Basis, Which May Result in
    Unanticipated Losses</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#136'>Tax Risks</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#137'><I>Investors are Taxed Based on Their Share of
    the Funds&#146; Profits</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#138'><I>Tax Could be Due from Investors on Their Share
    of the Funds&#146; Ordinary Income Despite Overall Losses</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#139'><I>There Could be a Limit on the Deductibility of
    Brokerage and Performance Fees</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#140'>Other Risks</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#141'><I>Fees and Commissions are Charged Regardless of
    Profitability and are Subject to Change</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#142'><I>The Funds&#146; Service Providers Could Fail,
    Which May Result in Losses to the Funds</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#143'><I>Investors Must Not Rely on the Past
    Performance of Either Campbell&#160;&#038; Company or the Funds
    in Deciding Whether to Buy Units</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#144'><I>Conflicts of Interest Exist in the Structure
    and Operation of the Funds</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#145'><I>There Are No Independent Experts Representing
    Investors</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    vi
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#146'><I>The Funds Place Significant Reliance on
    Campbell&#160;&#038; Company and the Incapacity of its
    Principals Could Adversely Affect the Funds</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#147'><I>Either of the Funds Could Terminate Before You
    Achieve Your Investment Objective Causing Potential Loss of Your
    Investment or Upsetting Your Investment Portfolio</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#148'><I>The Funds are Not Regulated Investment
    Companies and are Therefore Subject to Different Protections
    Than a Regulated Investment Company</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#149'><I>Forwards, Options, Swaps, Hybrids and Other
    Derivatives are Not Subject to CFTC Regulation; Therefore, the
    Funds Will Not Receive the Same Protections on These
    Transactions</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#150'><I>The Funds are Subject to Foreign Market Credit
    and Regulatory Risk</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#151'><I>The Funds are Subject to Foreign Exchange
    Risk</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#152'><I>Transfers Could be Restricted</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#153'><I>A Single-Advisor Fund&#160;May Be More
    Volatile Than a Multi-Advisor Fund</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#154'><I>The Performance Fee Could be an Incentive to
    Make Riskier Investments</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#155'><I>The Funds May Distribute Profits to Limited
    Partners at Inopportune Times</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#156'><I>Potential Inability to Trade or Report Due to
    Systems Failure Could Adversely Affect the Funds</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#157'><I>Failure to Receive Timely and Accurate Market
    Data from Third Party Vendors Could Cause Disruptions or the
    Inability to Trade</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#158'>SELECTED FINANCIAL DATA WITH RESPECT TO THE
    STRATEGIC ALLOCATION FUND&#160;ONLY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#159'>SUPPLEMENTARY FINANCIAL INFORMATION WITH RESPECT
    TO THE STRATEGIC ALLOCATION FUND&#160;ONLY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#160'>CAMPBELL&#160;&#038; COMPANY, INC</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#161'>Description</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#162'>The Advisory Agreements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#163'>Trading Systems</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#164'>Trading Capacity</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#165'>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF
    FINANCIAL CONDITION AND RESULTS OF OPERATIONS&#160;&#151;
    Strategic Allocation Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#166'>Introduction</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#167'>Critical Accounting Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#168'>Capital Resources</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#169'>Liquidity</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#170'>Results of Operations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#171'>Off-Balance Sheet Risk</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#172'>Disclosures About Certain Trading Activities that
    Include Non-Exchange Traded Contracts Accounted for at Fair
    Value</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#173'>Quantitative and Qualitative Disclosures About
    Market Risk&#160;&#151; Strategic Allocation Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#174'>General</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#175'>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF
    FINANCIAL CONDITION AND RESULTS OF OPERATIONS&#160;&#151; Global
    Trend Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#176'>Critical Accounting Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#177'>Capital Resources</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#178'>Liquidity</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#179'>Off-Balance Sheet Risk</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#180'>PAST PERFORMANCE OF THE CAMPBELL STRATEGIC
    ALLOCATION FUND, L.P.&#160;</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
</TR>
</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    vii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#181'>CONFLICTS OF INTEREST</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#182'>Campbell&#160;&#038; Company, Inc.&#160;</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#183'>The Futures Brokers and the
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Counterparties</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#184'>The Selling Agents</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#185'>Fiduciary Duty and Remedies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#186'>Indemnification and Standard of Liability</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#187'>CHARGES TO THE FUNDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#188'>Strategic Allocation Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#189'><I>Brokerage Fee</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#190'><I>Other Fund&#160;Expenses</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#191'><I>Campbell&#160;&#038; Company,
    Inc.</I>&#160;</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#192'><I>The Futures Brokers</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#193'><I>The Selling Agents</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#194'><I>The
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Counterparties</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#195'><I>The Cash Managers and the Custodian</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#196'><I>Offering Expenses</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#197'><I>Other Expenses</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#198'>Global Trend Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#199'><I>Campbell&#160;&#038; Company,
    Inc.</I>&#160;</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#200'><I>The Futures Broker</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#201'><I>The Selling Agents</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#202'><I>The
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Counterparty</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#203'><I>The Cash Manager and the Custodian</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#204'><I>Organization and Offering Expenses</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <A HREF='#205'><I>Other Expenses</I></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -20pt; margin-left: 20pt">
    <A HREF='#206'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#207'>THE FUTURES BROKERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#208'>THE
    <FONT style="white-space: nowrap">OVER-THE-COUNTER</FONT>
    COUNTERPARTIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#209'>THE CASH MANAGERS AND THE CUSTODIAN</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#210'>DISTRIBUTIONS AND REDEMPTIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#211'>Distributions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#212'>Redemptions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#213'>Redemption&#160;Fees</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#214'>Net Asset Value</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#215'>AGREEMENTS OF LIMITED PARTNERSHIP</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#216'>Organization and Limited Liability</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#217'>Management of Partnership Affairs</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#218'>Sharing of Profits and Losses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#273'>Redemption Provisions of the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#219'>Dispositions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#220'>Dissolution and Termination of the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#221'>Amendments, Meetings and Voting Rights</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#222'>Indemnification</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#223'>Reports to Limited Partners</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#224'>FEDERAL INCOME TAX ASPECTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#225'>The Funds&#146; Partnership Tax Status</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#226'>Taxation of Limited Partners on Profits and
    Losses of the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#227'>Fund&#160;Losses by Limited Partners</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#228'>&#147;Passive-Activity Loss Rules&#148; and Their
    Effect on the Treatment of Income and Loss</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#229'>Cash Distributions and Unit Redemptions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#230'>Gain or Loss on Section&#160;1256 Contracts and
    Non-Section&#160;1256 Contracts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#231'>Tax on Capital Gains and Losses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#232'>Limited Deduction for Certain Expenses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#233'>Interest Income</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#234'>Syndication Fees</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#235'>Investment Interest Deductibility Limitations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#236'>Unrelated Business Taxable Income</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#237'>IRS Audits of the Funds and their Limited
    Partners</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#238'>State and Other Taxes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#239'>Taxation of Foreign Limited Partners</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#240'>INVESTMENT BY ERISA ACCOUNTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#241'>General</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#242'>Special Investment Consideration</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#243'>The Funds Should Not Be Deemed to Hold &#147;Plan
    Assets&#148;</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#244'>Ineligible Purchasers</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    viii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#245'> PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#246'>Subscription Procedure</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#247'>Representations and Warranties of Investors in
    the Subscription Agreement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#248'>Minimum Investment</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#249'>Investor Suitability</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#250'>The Selling Agents</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#251'>Indemnification of Selling Agents</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#252'>Selling Agent Compensation Tables</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#253'>Items of Compensation Pursuant to FINRA
    RULE&#160;2310</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#254'>LIMITED PARTNER PRIVACY NOTICE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#255'>RELATED PERFORMANCE INFORMATION OF THE COMMODITY
    POOL OPERATOR AND THE TRADING ADVISOR</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    81
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#256'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#257'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#258'>FORM&#160;OF STATEMENT OF FINANCIAL
    CONDITION&#160;&#151; Global Trend Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    88
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#275'>INDEX TO FINANCIAL STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="bottom">
    <A HREF='#259'><B>PART&#160;TWO&#160;&#151; STATEMENT OF<BR>
    ADDITIONAL INFORMATION<BR>
    TABLE OF CONTENTS</B></A>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#260'>The Futures, Forward, Option and Swap Markets</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    134
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#261'>Investment Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    136
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#262'>Value of Diversification&#160;&#151; Managed
    Futures Industry</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    139
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#263'>Value of Diversification&#160;&#151; Campbell
    Strategic Allocation Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    143
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#264'>Supplemental Performance</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    155
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#277'>Supplemental Gold Discussion</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    157
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#265'>Glossary of Terms</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    158
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="bottom">
    <B>APPENDIX</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#266'>Appendix&#160;1&#160;&#151; Blue Sky Glossary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    APP-1
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="bottom">
    <B>EXHIBITS</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#267'>EXHIBIT&#160;A&#160;&#151; Campbell Strategic
    Allocation Fund, L.P. Amended Agreement of Limited
    Partnership</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#268'>EXHIBIT&#160;B&#160;&#151; Campbell Global Trend
    Fund, L.P. Amended Agreement of Limited Partnership</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    B-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#269'>EXHIBIT&#160;C&#160;&#151; Requests for
    Redemption</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#270'>EXHIBIT&#160;D&#160;&#151; Subscription
    Requirements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    D-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#271'>EXHIBIT&#160;E&#160;&#151; Campbell Strategic
    Allocation Fund, L.P. Subscription Agreement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E-1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#272'>EXHIBIT&#160;F&#160;&#151; Campbell Global Trend
    Fund, L.P. Subscription Agreement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-1
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv1w1.htm">Exhibit 1.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv1w2.htm">Exhibit 1.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv3w1.htm">Exhibit 3.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv5w1.htm">Exhibit 5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv8w1.htm">Exhibit 8.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv10w1.htm">Exhibit 10.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv10w2.htm">Exhibit 10.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv10w3.htm">Exhibit 10.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv10w4.htm">Exhibit 10.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv10w5.htm">Exhibit 10.5</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv10w6.htm">Exhibit 10.6</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv10w7.htm">Exhibit 10.7</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv10w8.htm">Exhibit 10.8</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv10w9.htm">Exhibit 10.9</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv10w13.htm">Exhibit 10.13</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv23w2.htm">Exhibit 23.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="w78140bexv23w4.htm">Exhibit 23.4</A></FONT></TD></TR>
</TABLE>

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</DIV>

<DIV align="left">
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    <BR>
    ix
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<A name='101'>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This summary, which highlights information contained
    elsewhere in this prospectus, is intended for quick reference
    only. The remainder of this prospectus contains more detailed
    information; you should read the entire prospectus, including
    all exhibits to the prospectus, before deciding to invest in any
    Units. This prospectus is dated May&#160;3, 2010.</I>
</DIV>

<A name='102'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund and Global Trend Fund</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The offering consists of two Funds, the Campbell Strategic
    Allocation Fund, L.P., (the &#147;Strategic Allocation
    Fund&#148;) and the Campbell Global Trend Fund, L.P. (the
    &#147;Global Trend Fund&#148; and together with the Strategic
    Allocation Fund, the &#147;Funds&#148;). Both Funds trade
    speculatively in the U.S.&#160;and international futures,
    forward and option markets. Campbell&#160;&#038; Company, Inc.
    (&#147;Campbell&#160;&#038; Company&#148; or &#147;general
    partner&#148; or &#147;trading advisor&#148;), the Funds&#146;
    general partner and trading advisor, allocates assets across a
    broad spectrum of markets. Each Fund offers units of limited
    partnership interest (the &#147;Units&#148;) pursuant to this
    disclosure document. Unless provided otherwise, all references
    in this disclosure document to the term Units refer to the Units
    of both the Strategic Allocation Fund and the Global Trend Fund.
    The offered Units have different fee arrangements and trading
    portfolios, and may have different restrictions on redemptions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Campbell Strategic Allocation Fund&#160;L.P., (the
    &#147;Strategic Allocation Fund&#148;), was formed as a Delaware
    limited partnership on May&#160;11, 1993. The Strategic
    Allocation Fund issues units of limited partnership interest,
    which represent units of fractional undivided limited
    partnership interest in the Strategic Allocation Fund. The
    Strategic Allocation Fund will continue in existence until
    December&#160;31, 2023 (unless terminated earlier in certain
    circumstances). The principal offices of the Strategic
    Allocation Fund are located at
    <FONT style="white-space: nowrap">c/o&#160;Campbell&#160;&#038;</FONT>
    Company, Inc., 2850 Quarry Lake Drive, Baltimore, Maryland
    21209, and its telephone number is
    <FONT style="white-space: nowrap">(410)&#160;413-2600.</FONT>
    The books and records of the Strategic Allocation Fund are
    maintained at the offices of Campbell&#160;&#038; Company, Inc.,
    its general partner and trading advisor
    (&#147;Campbell&#160;&#038; Company&#148; or &#147;general
    partner&#148; or &#147;trading advisor&#148;). The Strategic
    Allocation Fund consists of one class of limited partnership
    Units, which is being offered only to existing investors in the
    Strategic Allocation Fund during the continuing offering at the
    net asset value per Unit as of each month-end closing date on
    which additions are accepted. The Strategic Allocation Fund
    trades pursuant to the Campbell Financial, Metal&#160;&#038;
    Energy Large (&#147;FME Large&#148;) Portfolio. The FME Large
    Portfolio seeks exposure to financial markets, such as interest
    rates, foreign exchange and stock indices, as well as metals,
    energy products, soft commodities and other commodities. As with
    all Campbell Portfolios, the FME Large Portfolio seeks exposure
    to these markets by following signals generated by a series of
    systematic computer models. The FME Large Portfolio employs a
    broad spectrum of models including traditional and factor-based
    trend following models, as well as a number of
    macroeconomic-based models.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Campbell Global Trend Fund&#160;L.P., (the &#147;Global
    Trend Fund&#148; and together with the Strategic Allocation
    Fund, the &#147;Funds&#148;), was formed as a Delaware series
    limited partnership on December&#160;1, 2009. The Global Trend
    Fund issues units of limited partnership interest, which
    represent units of fractional undivided limited partnership
    interest in the Global Trend Fund. The Global Trend Fund will
    continue in existence unless terminated in certain
    circumstances. The principal offices of the Global Trend Fund
    are located at
    <FONT style="white-space: nowrap">c/o&#160;Campbell&#160;&#038;</FONT>
    Company, Inc., 2850 Quarry Lake Drive, Baltimore, Maryland
    21209, and its telephone number is
    <FONT style="white-space: nowrap">(410)&#160;413-2600.</FONT>
    The books and records of the Global Trend Fund are maintained at
    the offices of Campbell&#160;&#038; Company, its general
    partner, promoter and trading advisor. As the promoter, the
    general partner is not receiving anything of value, directly or
    indirectly, outside of the fee for acting as general partner and
    trading advisor to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund currently consists of two series
    (&#147;Series&#148;)&#160;&#151; the Global Trend Series (USD)
    and the Global Trend Series (GLD). The general partner has
    formed the Global Trend Fund as a series limited partnership
    pursuant to and in accordance with the provisions of the
    Delaware Revised Uniform Limited Partnership Act (6 <U>Del. C.
    </U><FONT style="white-space: nowrap">&#167;&#160;17-101</FONT>
    <I>et seq.</I>, as amended from time to time, the
    &#147;Act&#148;). The Act provides for the limitation of
    liability of each Series to the debts, liabilities, obligations
    and expenses of such Series and not those of any other Series or
    the Global Trend Fund in general. The Global Trend Series (USD)
    seeks to provide investors with a U.S.&#160;Dollar-denominated
    exposure to the Campbell Trend Following Portfolio. The Global
    Trend Series (USD) will trade pursuant to the Campbell Trend
    Following Portfolio. The Trend Following Portfolio includes both
    traditional trend following and factor based trend following
    models. The Campbell Trend Following Portfolio employs the same
    traditional and
</DIV>
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    <BR>
    -1-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    factor-based trend following models that the FME Large Portfolio
    employs, but does not employ the macroeconomic-based models
    employed by FME Large.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Series (GLD) trades the Trend Following (GLD)
    Portfolio, which seeks to provide investors with a
    gold-denominated exposure to the Campbell Trend Following
    Portfolio. The gold-denominated exposure is achieved by first
    converting the investors&#146; U.S.&#160;Dollar investment to an
    exposure to gold by purchasing long positions in gold futures
    with a value approximately equal to the net asset value of that
    Series. The Global Trend Series (GLD) then seeks appreciation
    through a 100% overlay of the Campbell Trend Following
    Portfolio. The trading advisor will adjust the Global Trend
    Series (GLD)&#146;s respective allocations to gold and the Trend
    Following Portfolio at the beginning of each month to reflect
    additions to and redemptions of Series capital, as well as to
    reflect profits and losses from the Series&#146; long gold
    futures and its futures and currencies trading activities and
    interest income as of the end of the preceding month so as to
    maintain a gold futures position with a value approximately
    equal to the Series&#146; net asset value at the beginning of
    each month.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Series (USD) consists of five classes of
    limited partnership Units: Class&#160;A (USD) Units,
    Class&#160;B (USD) Units, Class&#160;C (USD) Units, Class&#160;D
    (USD) Units and Class&#160;E (USD) Units. Only Class&#160;A
    (USD) Units, Class&#160;B (USD) Units, Class&#160;C (USD) Units
    and Class&#160;D (USD) Units are being offered hereby and each
    of them is being offered to new investors in the Global Trend
    Fund. Class&#160;E (USD) Units are not being offered by this
    disclosure document but will be issued in exchange for
    Class&#160;A (USD) Units, Class&#160;B (USD) Units, Class&#160;C
    (USD) Units and Class&#160;D (USD) Units in certain
    circumstances which are described in this disclosure document.
    The Global Trend Series (GLD) consists of three classes of
    limited partnership Units: Class&#160;A (GLD) Units,
    Class&#160;B (GLD) Units and Class&#160;C (GLD) Units. Only
    Class&#160;A (GLD) Units and Class&#160;B (GLD) Units are being
    offered hereby and each of them is being offered to new
    investors in the Global Trend Fund. Class&#160;C (GLD) Units are
    not being offered by this disclosure document but will be issued
    in exchange for Class&#160;A (GLD) Units and Class&#160;B (GLD)
    Units in certain circumstances which are described in this
    disclosure document. The selling agents will offer the Global
    Trend Fund&#160;Units at a price of $1,000 per unit of Units of
    each Class during the initial offering period. This price has
    been arbitrarily determined inasmuch as the Units have no
    inherent value other than their subscription price until trading
    begins. Units sold during the continuing offering period will be
    sold at a price equal to the net asset value per unit of Units
    of each Class at the close of business on each closing date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company, the general partner of both Funds
    is a Maryland Corporation organized in April 1978 as a successor
    to a partnership originally organized in January 1974.
    Campbell&#160;&#038; Company uses its technical trading and risk
    control methods to seek substantial medium- and long-term
    capital appreciation while, at the same time, seeking to manage
    risk and volatility. Campbell&#160;&#038; Company provides
    advisory services to numerous other funds and individually
    managed accounts similar to the services Campbell&#160;&#038;
    Company provides to the Funds. Campbell&#160;&#038; Company has
    been using its technical approach since 1972&#160;&#151; one of
    the longest performance records of any currently active futures
    fund manager&#160;&#151; and has developed and refined its
    approach over the past 38&#160;years. See &#147;Past Performance
    of the Campbell Strategic Allocation Fund, L.P.&#148; for the
    performance data required to be disclosed for the most recent
    five calendar years and
    <FONT style="white-space: nowrap">year-to-date.</FONT>
    <B>The Campbell Global Trend Fund, L.P. has not commenced
    trading and does not have any performance history.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Futures are standardized contracts traded on commodity exchanges
    that call for the future delivery of commodities at a specified
    time and place. While futures contracts are traded on a wide
    variety of commodities, both Funds will concentrate their
    futures trading in financial instruments such as interest rates,
    foreign exchange and stock index contracts, metal (including
    gold) and energy contracts, soft commodities and other
    commodities. The U.S.&#160;futures markets are regulated under
    the Commodity Exchange Act, which is administered by the CFTC.
    The Funds will trade futures positions on margin, meaning that
    the Funds will utilize leverage in their trading.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Currencies and other commodities may be purchased or sold by the
    Funds for future delivery or cash settlement through banks or
    dealers pursuant to forward or option contracts. Unlike futures
    contracts, forward and option contracts are not standardized and
    these markets are largely unregulated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following summary provides a review in outline form of
    important aspects of an investment in the Funds.
</DIV>
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    <BR>
    -2-
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='103'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Plan of
    Distribution</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">How to
    Subscribe for Units &#151; Strategic Allocation Fund and Global
    Trend Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    During the initial offering period, the selling agents will
    offer the Global Trend Fund Units at a price of $1,000 per unit
    of Units of each Class.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    During the continuing offering, Units of both Funds are offered
    at a price equal to their net asset value per Unit. The net
    asset values of each Fund are its assets less its liabilities
    determined in accordance with its respective Limited Partnership
    Agreement. The net asset value per Unit Class equals the net
    asset value of each Unit Class divided by the number of Units
    outstanding as of the date of determination.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Investors in both Funds must submit subscriptions at least five
    (5)&#160;business days prior to the applicable month-end closing
    date. Approved subscriptions will be accepted once payments are
    received and cleared. The general partner in its sole and
    absolute discretion may change the foregoing notice requirement
    by written notice to you.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Both Funds will accept subscriptions throughout the continuing
    offering, which can be terminated by Campbell&#160;&#038;
    Company at any time.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Interest earned while subscriptions are being processed will be
    paid to accepted subscribers in the form of additional Units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The selling agents will use their best efforts to sell the Units
    offered, without any firm underwriting commitment. <I>Investors
    are required to make representations and warranties relating to
    the suitability for them of an investment in Units in the
    Subscription Agreement. You should read the Subscription
    Agreement as well as this prospectus carefully before you decide
    whether to invest.</I>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    There is no limit on the number of Units that may be offered by
    the Funds, but all Units must be registered with the
    U.S.&#160;Securities and Exchange Commission prior to issuance.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Initial
    Offering Period &#151; Global Trend Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selling agents will offer the Global Trend Fund&#160;Units
    at a price of $1,000 per unit of Units of each Class during the
    initial offering period, and thereafter, at a price equal to the
    net asset value per unit of Units of each Class at the close of
    business on each closing date. Units of each Class will
    initially be offered for a period ending ninety days from the
    date hereof, unless such date is extended by
    Campbell&#160;&#038; Company for up to an additional ninety
    days. The subscription minimum for each Series of the Global
    Trend Fund as of the end of the initial offering period is
    $15,000,000. However, if after the expiration of the initial
    offering period, the subscription minimum is not reached,
    Campbell&#160;&#038; Company may purchase Units with an
    aggregate initial Unit value in an amount equal to the
    difference between the actual total dollar amount of Units
    subscribed for during the initial offering period and
    $15,000,000 at a price of net asset value per Unit. This initial
    offering period may be shorter if the subscription minimum is
    reached before the end of the initial offering period. If
    subscriptions for at least $15,000,000 for either Series have
    not been received and accepted by the end of the initial
    offering period, all subscriptions will be promptly returned to
    subscribers of that Series, with interest. After the end of the
    initial offering period, each of the Classes will be offered
    continuously.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Escrow
    of Funds During the Initial Offering Period &#151; Global Trend
    Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subscription funds for the Global Trend Fund received during the
    initial offering period will be deposited in escrow accounts at
    PNC Bank, National Association, the escrow agent, and held there
    until the funds are released for trading purposes or returned to
    the payors of such funds in case of rejection. The escrowed
    subscription funds will earn interest, which will either be paid
    to subscribers in the form of additional Units or will be
    returned in cash to those whose applications are rejected. In
    case of rejection, no fees or other amounts will be deducted
    from the subscription, which will be returned to the subscriber
    as promptly as practicable after such rejection.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">What
    is the Minimum Investment Amount &#151; Strategic Allocation
    Fund and Global Trend Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The minimum initial investment for the Global Trend Fund&#146;s
    Class&#160;A (USD) Units, Class&#160;B (USD) Units, Class&#160;C
    (USD) Units and Class&#160;D (USD) Units is $1,000 for eligible
    employee benefit plans and individual retirement accounts and
    $5,000 from all other investors. The minimum initial investment
    for the Global Trend Fund&#146;s Class&#160;A (GLD) Units and
    Class&#160;B (GLD) Units is $50,000. The Strategic Allocation
    Fund is not currently available for initial investments. Limited
    partners of the Strategic Allocation Fund and Global Trend
    Fund&#160;Class&#160;A (USD) Units, Class&#160;B (USD) Units,
    Class&#160;C (USD) Units and Class&#160;D (USD) Units may
    increase their investment with a
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -3-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    minimum additional investment of $1,000. Limited partners of the
    Global Trend Fund&#160;Class&#160;A (GLD) Units and Class&#160;B
    (GLD) Units may increase their investment with a minimum
    additional investment of $10,000.
</DIV>

<A name='104'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Estimate
    of Break-Even Level</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for an investor to &#147;break-even&#148; on his
    investment in the first year of trading, assuming an additional
    investment of $1,000, the Strategic Allocation Fund must earn
    $73.80, or 7.38%, provided that no redemption charge is
    applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Redemption fees apply through the first twelve month-ends
    following purchase as follows: 4% of net asset value per Unit
    redeemed through the third month-end, 3% of net asset value per
    Unit redeemed through the sixth month-end, 2% of net asset value
    per Unit redeemed through the ninth month-end, and 1% of net
    asset value per Unit redeemed 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 Unit, no redemption fees apply. Because the purchase date
    counts as the first month-end in determining whether a
    redemption fee applies, no redemption fee would be due in
    respect of a Unit redeemed on the first anniversary of the
    purchase. Accordingly, redemption fees are not included in the
    &#147;break-even&#148; estimate set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="color: #000000; background: #CCEEFF; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Assumed Additional Investment
</DIV>
</TD>
<TD style="color: #000000; background: #CCEEFF">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="color: #000000; background: #CCEEFF">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="color: #000000; background: #CCEEFF">
    1,000.00
</TD>
<TD nowrap align="left" valign="bottom" style="color: #000000; background: #CCEEFF; border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Brokerage Fee (estimated at 7.30)%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    73.00
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="color: #000000; background: #CCEEFF; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Offering Expense Reimbursement (estimated at 0.20)%
</DIV>
</TD>
<TD style="color: #000000; background: #CCEEFF">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="color: #000000; background: #CCEEFF">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="color: #000000; background: #CCEEFF">
    2.00
</TD>
<TD nowrap align="left" valign="bottom" style="color: #000000; background: #CCEEFF; border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Operating Expenses (estimated at 0.10%)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.00
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="color: #000000; background: #CCEEFF; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Cash Manager and Custodian Fees (estimated at
    0.08%)<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</DIV>
</TD>
<TD style="color: #000000; background: #CCEEFF">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="color: #000000; background: #CCEEFF">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="color: #000000; background: #CCEEFF">
    0.80
</TD>
<TD nowrap align="left" valign="bottom" style="color: #000000; background: #CCEEFF; border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Less: Interest Income (estimated at
    0.30%)<SUP style="font-size: 85%; vertical-align: top">2</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3.00
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="color: #000000; background: #CCEEFF; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Amount of Trading Income Required to Break-Even on an
    Investor&#146;s Additional Investment in the First Year of
    Trading
</DIV>
</TD>
<TD style="color: #000000; background: #CCEEFF">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="color: #000000; background: #CCEEFF">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="color: #000000; background: #CCEEFF">
    73.80
</TD>
<TD nowrap align="left" valign="bottom" style="color: #000000; background: #CCEEFF; border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Percentage of Additional Investment Required to Break-Even
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.38
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: 0pt; margin-left: 18pt">
    <FONT style="font-size: 8pt">The maximum offering expense
    reimbursement is 2.5% of the total subscription amount over
    30&#160;months. The amount actually reimbursed represents, over
    the last two years, a charge equal to approximately 0.20% of
    average month-end net asset value. Operating expenses are
    subject to a maximum limit of 0.50% of the Strategic Allocation
    Fund&#146;s net asset value per annum. The estimates also do not
    account for the bid-ask spreads in connection with the Strategic
    Allocation Fund&#146;s forward and option contract trading since
    these spreads are indeterminable (they are embedded in the price
    of forward and option contracts). No performance fee is included
    in the calculation of the &#147;break-even&#148; level since all
    operating expenses of the Strategic Allocation Fund must be
    offset before a performance fee is accrued.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -13pt; margin-left: 31pt">
    <FONT style="font-size: 8pt">(1)&#160;The Strategic Allocation
    Fund pays the cash managers and the custodian a combined
    annualized fee equal to approximately 0.10% per annum of the
    Strategic Allocation Fund&#146;s funds they manage. Based on the
    assumption that cash management constitutes 80% of the
    additional investment, a fee equal to 0.08% is used for this
    break-even analysis (80% of $1,000 multiplied by 0.10% equals
    $0.80 or 0.08% of the assumed additional investment).
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -13pt; margin-left: 31pt">
    <FONT style="font-size: 8pt">(2)&#160;Variable based on current
    interest rates.
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -4-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for an investor to break-even on
    <FONT style="white-space: nowrap">his/her</FONT>
    investment in the first twelve months of trading, assuming an
    initial investment of $5,000, (a)&#160;Class&#160;A (USD) Units
    and Class&#160;A (GLD) Units must earn $316.50 or 6.33%;
    (b)&#160;Class&#160;B (USD) Units must earn $304.00 or 6.08%;
    (c)&#160;Class&#160;C (USD) and Class&#160;B (GLD) Units must
    earn $216.50 or 4.33%; (d)&#160;Class&#160;D (USD) Units must
    earn $204.00 or 4.08%; and (e)&#160;Class&#160;E (USD) and
    Class&#160;C (GLD) Units must earn $179.00 or 3.58% of the
    assumed initial investment, provided that no redemption charge
    is applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Redemption fees apply to the Class&#160;A (USD) Units,
    Class&#160;B (USD) Units and Class&#160;A (GLD) 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, 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&#160;A (USD) Unit, Class&#160;B (USD) Unit or
    Class&#160;A (GLD) Unit, no redemption fees apply. Because the
    purchase date counts as the first month-end in determining
    whether a redemption fee applies, no redemption fee would be due
    in respect of a Class&#160;A (USD) Unit, Class&#160;B (USD) Unit
    or Class&#160;A (GLD) Unit redeemed on the first anniversary of
    the purchase. Accordingly, redemption fees are not included in
    the &#147;break-even&#148; estimate set forth below.
</DIV>



<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Class A (USD)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Class C (USD)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Class E (USD) and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Class B (USD)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Class D (USD)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Class C (GLD)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Class A (GLD) Units</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Units</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Class B (GLD) Units</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Units</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Units<SUP style="font-size: 85%; vertical-align: top">5</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Assumed Initial Investment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Advisory Fee (2.00)%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    General Partner Fee (1.00)%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Organization&#160;&#038; Offering Expense Reimbursement
    (0.50%)<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Operating Expenses
    (0.50%)<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Cash Manager and Custodian Fees (estimated at
    0.08%)<SUP style="font-size: 85%; vertical-align: top">2</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Sales Fee (2.00)%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Broker-Dealer Custodial Fee (0.25)%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Transaction Fees (estimated at
    0.30%)<SUP style="font-size: 85%; vertical-align: top">3</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Less: Interest Income
    (0.30%)<SUP style="font-size: 85%; vertical-align: top">4</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Amount of Trading Income Required to Break-Even on an
    Investor&#146;s Initial Investment in the First Year of Trading
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    316.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    304.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    216.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    204.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    179.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Percentage of Initial Investment Required to Break-Even
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.33
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.08
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.33
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.08
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.58
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The estimate does not account for the bid-ask spreads in
    connection with the Global Trend Fund&#146;s forward and option
    contract trading since these spreads are indeterminable (they
    are imbedded in the price of forward and option contracts). No
    performance fee is included in the calculation of the
    &#147;break-even&#148; level since all operating expenses of the
    Global Trend Fund must be offset before a performance fee is
    accrued.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -5-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    Reflects maximum amount. Actual amount may be less.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    The Global Trend Fund pays the cash managers and the custodian a
    combined annualized fee equal to approximately 0.10% per annum
    of the Global Trend Fund&#146;s funds they manage. Based on the
    assumption that cash management constitutes 80% of the
    additional investment, a fee equal to 0.08% is used for this
    break-even analysis (80% of $1,000 multiplied by 0.10% equals
    $0.80 or 0.08% of the assumed additional investment).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;
</TD>
    <TD align="left">    Clearing fees, execution fees and other transaction fees that
    will be paid to futures broker and the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty. In aggregate, transaction fees generally are not
    expected to exceed 0.30% (and will not exceed 1.00%) per annum
    of each Class of Units&#146; respective net asset value.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (4)&#160;
</TD>
    <TD align="left">    Variable based on current interest rates.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (5)&#160;
</TD>
    <TD align="left">    Once total underwriting compensation paid on any Class&#160;A
    (USD) Unit, Class&#160;B (USD) Unit, Class&#160;C (USD) Unit,
    Class&#160;D (USD) Unit, Class&#160;A (GLD) Unit or Class&#160;B
    (GLD) Unit reaches 10% of the gross offering proceeds, the
    Class&#160;A (USD) Unit, Class&#160;B (USD) Unit, Class&#160;C
    (USD) Unit or Class&#160;D (USD) Unit will automatically be
    re-designated as Class&#160;E (USD) Units, and the Class&#160;A
    (GLD) Unit or Class&#160;B (GLD) Unit will automatically be
    re-designated as Class&#160;C (GLD) Units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Is the
    Campbell Strategic Allocation Fund or the Campbell Global Trend
    Fund a Suitable Investment for You?</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An investment in either Fund is speculative and involves a high
    degree of risk. Neither Fund is a complete investment program.
    Campbell&#160;&#038; Company offers both of the Funds as
    diversification opportunities for an investor&#146;s entire
    investment portfolio, and therefore an investment in either or
    both Funds should only be a limited portion of the
    investor&#146;s portfolio. You must, at a minimum, have:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    a net worth of at least $250,000, exclusive of home, furnishings
    and automobiles;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    a net worth, similarly calculated, of at least $70,000 and an
    annual gross income of at least $70,000.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A number of jurisdictions in which the Units are offered impose
    higher minimum suitability standards on prospective investors.
    These suitability standards are, regulatory minimums only, and
    merely because you meet these standards does not mean that an
    investment in the Units is suitable for you. <B><I>You may not
    invest more than 10% of your net worth, exclusive of home,
    furnishings and automobiles, in each Fund.</I></B>
</DIV>

<A name='105'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">A Summary
    of Risk Factors You Should Consider Before Investing in the
    Funds</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Each Fund is a highly volatile and speculative investment. There
    can be no assurance that either Fund will achieve its objectives
    or avoid substantial losses. You must be prepared to lose all or
    a substantial amount of your investment. Campbell&#160;&#038;
    Company has from time to time in the past incurred substantial
    losses in trading on behalf of its clients.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Futures, forward and option trading is a &#147;zero-sum&#148;
    economic activity in which for every gain there is an equal and
    offsetting loss (disregarding transaction costs), as opposed to
    a typical securities investment, in which there is an
    expectation of constant yields (in the case of debt) or
    participation over time in general economic growth (in the case
    of equity). It is possible that the Funds could incur major
    losses while stock and bond prices rise substantially in a
    prospering economy.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Funds trade in futures, forward and option contracts.
    Therefore, the Funds are a party to financial instruments with
    elements of off-balance sheet market risk, including market
    volatility and possible illiquidity. There is also a credit risk
    that a counterparty will not be able to meet its obligations to
    the Funds.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Notwithstanding Campbell&#160;&#038; Company&#146;s research,
    risk and portfolio management efforts, there may come a time
    when the combination of available markets and new strategies may
    not be sufficient for Campbell&#160;&#038; Company to add new
    assets without detriment to diversification. Reduced
    diversification and more concentrated portfolios may have a
    detrimental effect on your investment.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Funds are subject to numerous conflicts of interest
    including the following:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    Campbell&#160;&#038; Company is both the general partner and
    trading advisor of both Funds and its fees were not negotiated
    at arm&#146;s length. For these reasons, Campbell&#160;&#038;
    Company has a disincentive to add or replace advisors, even if
    doing so may be in the best interests of the Funds;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -6-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    Campbell&#160;&#038; Company may have incentives to favor other
    accounts over the Funds;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3)&#160;
</TD>
    <TD align="left">
    Campbell&#160;&#038; Company, the Funds&#146; futures brokers
    and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties and their respective principals and affiliates
    may trade in the futures, forward and option markets for their
    own accounts and may take positions opposite or ahead of those
    taken for the Funds;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    4)&#160;
</TD>
    <TD align="left">
    Selling agents will be entitled to ongoing compensation as a
    result of their clients remaining in the Funds, so a conflict
    exists between the agents&#146; interest in maximizing
    compensation and in advising their clients to make investment
    decisions in the clients&#146; best interests;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    5)&#160;
</TD>
    <TD align="left">
    Campbell&#160;&#038; Company operates other commodity pool
    offerings which may have materially different terms and operate
    at a lower overall cost structure.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Limited partners take no part in the management of the Funds and
    although Campbell&#160;&#038; Company is an experienced
    professional manager, past performance is not necessarily
    indicative of future results.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Strategic Allocation Fund will pay Campbell&#160;&#038;
    Company a brokerage fee of up to 8% of the Strategic Allocation
    Fund&#146;s month-end net asset value per annum (prior to
    accruals for such brokerage fee or performance fees),
    irrespective of profitability, of which up to 1% is paid to the
    futures brokers and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties and 4% is paid to the selling agents. The amount
    paid to selling agents on Units sold pursuant to this disclosure
    document will not, however, exceed 9.0% of the gross offering
    proceeds of the Strategic Allocation Fund&#160;Units sold
    pursuant to this disclosure document. Once the 9.0% threshold is
    reached with respect to a Strategic Allocation Fund&#160;Unit
    sold pursuant to this disclosure document, the selling agent
    will receive no future compensation and the up to 4% amount that
    would otherwise be paid to the selling agent for that Unit will
    instead be rebated to the Strategic Allocation Fund for the
    benefit of all holders of the Strategic Allocation Fund Units.
    Campbell&#160;&#038; Company retains the remaining 3%.
    Currently, the Strategic Allocation Fund&#146;s actual brokerage
    fee is approximately 7.30% of the Strategic Allocation
    Fund&#146;s month-end net asset value per annum.
    Campbell&#160;&#038; Company will also be paid a quarterly
    performance fee equal to 20% of aggregate cumulative
    appreciation in the Strategic Allocation Fund&#146;s net asset
    value per Unit, if any, excluding interest income and as
    adjusted for subscriptions and redemptions. For the full
    disclosure of fees paid by the Strategic Allocation Fund, see
    &#147;Charges to the Funds&#160;&#151; Strategic Allocation
    Fund&#148;.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    All classes of the Global Trend Fund will pay
    Campbell&#160;&#038; Company a monthly (i)&#160;advisory fee at
    the annual rate of 2%; and (ii)&#160;general partner fee at the
    annual rate of 1%, of the net asset value of the respective
    Class, prior to any accrual for or payment of any advisory fee,
    general partner fee, performance fee, redemption or subscription
    during said month. All classes of the Global Trend Fund will
    also pay Campbell&#160;&#038; Company a quarterly performance
    fee equal to 20% aggregate cumulative appreciation in the
    respective Class&#146;s net asset value per Unit, if any,
    excluding interest income and as adjusted for subscription and
    redemptions. For full disclosure of fees paid by the Global
    Trend Fund, see &#147;Charges to the Funds&#160;&#151; Global
    Trend Fund&#148;.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Funds are single-advisor funds which may be inherently more
    volatile than multi-advisor managed futures products.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Although the Funds are liquid compared to other alternative
    investments such as real estate or venture capital, liquidity is
    restricted, as the Units may only be redeemed on a monthly
    basis, upon ten business days&#146; advance written notice to
    Campbell&#160;&#038; Company.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Redemption fees apply to certain Units of the Funds redeemed on
    or prior to the twelfth month-end following purchase. You may
    transfer or assign your Units on 30&#160;days&#146; written
    notice to Campbell&#160;&#038; Company, but only with the
    consent of Campbell&#160;&#038; Company. There is no secondary
    market for Units, and none is expected to develop.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Investors are taxed each year on their share of the Funds&#146;
    profits, irrespective of whether they redeem any Units or
    receive any cash distributions from the Funds.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -7-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='106'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Factors You Should Consider Before Investing in the
    Funds</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Funds are leveraged investment funds managed by an
    experienced, professional trading advisor and both trade in a
    wide range of futures, forward and option markets.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Campbell&#160;&#038; Company utilizes several independent and
    different proprietary trading systems for the Funds.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Funds have the potential to help diversify traditional
    securities portfolios. A diverse portfolio consisting of assets
    that perform in an unrelated manner, or non-correlated assets,
    has the potential to increase overall return and reduce the
    volatility (a primary measure of risk) of a portfolio. As a risk
    transfer activity, futures, forward and option trading has no
    inherent correlation with any other investment. However,
    non-correlation will not provide any diversification advantages
    unless the non-correlated assets are outperforming other
    portfolio assets, and there is no guarantee that the Funds will
    outperform other sectors of an investor&#146;s portfolio or not
    produce losses. The Funds&#146; profitability also depends on
    the success of Campbell&#160;&#038; Company&#146;s trading
    techniques. If the Funds are unprofitable, then they will not
    increase the return on an investor&#146;s portfolio or achieve
    its diversification objectives.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Investors in the Funds get the advantage of limited liability in
    highly leveraged trading.
</TD>
</TR>

</TABLE>

<A name='107'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Objectives
    of the Funds</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds seek to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Reduce overall portfolio volatility and enhance returns by
    adding non-correlated assets.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Provide global diversification within a single investment.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Provide the potential to profit regardless of the economic
    environment.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Hedge the consequences of potential future market dislocations,
    including inflation (for the Global Trend Series (GLD)).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Generate returns independent of the stock and bond markets.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Potentially take advantage of global trends regardless of
    direction across 80+ markets in 11 countries on 23 exchanges.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Achieve capital appreciation over the medium- to long-term.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is no guarantee that the Funds will achieve these
    objectives.
</DIV>

<A name='108'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Campbell&#160;&#038;
    Company, Inc.</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company, the general partner and trading
    advisor for the Funds, administers the Funds and directs their
    trading. Campbell&#160;&#038; Company has over 38&#160;years of
    experience trading in the futures and forward markets. As of
    February&#160;28, 2010, Campbell&#160;&#038; Company and its
    affiliates were managing approximately $3.2&#160;billion,
    including approximately $2.6&#160;billion in its Financial,
    Metal&#160;&#038; Energy Large Portfolio, approximately
    $17.3&#160;million (including proprietary assets) in its Trend
    Following Portfolio, and approximately $6.5&#160;million
    (including proprietary assets) in its Trend Following (GLD)
    Portfolio. Campbell&#160;&#038; Company has sole authority and
    responsibility for directing investment and reinvestment of the
    Funds&#146; assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company uses a systematic trading approach
    combined with quantitative portfolio management analysis and
    seeks to identify and profit from price movements in the
    futures, forward and option markets. Multiple trading models are
    utilized across most markets traded. Each model analyzes market
    movements and internal market and price configurations in order
    to generate signals to be executed through a variety of
    execution platforms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund trades pursuant to the Campbell
    Financial, Metal&#160;&#038; Energy Large (&#147;FME
    Large&#148;) Portfolio. The FME Large Portfolio seeks to
    generate attractive risk-adjusted returns across a broad range
    of market conditions through systematic investments in a
    diversified portfolio of futures, forward and option contracts
    in a diverse array of global assets, including global interest
    rates, stock indices, currencies and commodities. The Portfolio
    consists of underlying investment strategies that aim for low
    correlation and are diversified by investment style, investment
    holding period and instrument.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Two primary portfolio
    <FONT style="white-space: nowrap">sub-strategies,</FONT>
    Diversified and Sector Specific, look for momentum-oriented
    movement across global asset classes on the basis of price or
    other technical indicators, while also capturing global trends
    on the basis of underlying fundamental or econometric data.
    Additional models, markets
    <FONT style="white-space: nowrap">and/or</FONT>
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    contracts may also be included or eliminated from time to time
    in Campbell&#160;&#038; Company&#146;s sole discretion without
    notice to unitholders.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -8-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund currently consists of two series
    (&#147;Series&#148;)&#160;&#151; the Global Trend Series (USD)
    and the Global Trend Series (GLD). The Global Trend Series (USD)
    seeks to provide investors with a U.S.&#160;Dollar-denominated
    exposure to the Campbell Trend Following Portfolio. The Global
    Trend Series (USD) will trade pursuant to the Campbell Trend
    Following Portfolio. The Trend Following Portfolio seeks to
    exploit both the tendency for individual market momentum to
    persist and the tendency for markets to influence each other by
    aggregating (either negatively or positively) into independent
    factor groups. Campbell&#160;&#038; Company&#146;s Technical
    Model Series is based on traditional and alternative
    trend-following methods to exploit future market moves. A focus
    of the model series is to equalize exposure to multiple time
    horizons, trading strategies, asset classes, and signal
    information. Proper position sizing and risk control is closely
    monitored. Additional models, markets
    <FONT style="white-space: nowrap">and/or</FONT>
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    contracts may also be included or eliminated from time to time
    in Campbell&#160;&#038; Company&#146;s sole discretion without
    notice to unitholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Series (GLD) trades the Trend Following (GLD)
    Portfolio, which seeks to provide investors with a
    gold-denominated exposure to the Campbell Trend Following
    Portfolio. The gold-denominated exposure is achieved by first
    converting the investors&#146; U.S.&#160;Dollar investment to an
    exposure to gold by purchasing long positions in gold futures
    with a value approximately equal to the net asset value of that
    Series. The Global Trend Series (GLD) then seeks appreciation
    through a 100% overlay of the Campbell Trend Following
    Portfolio. The trading advisor will adjust the Global Trend
    Series (GLD)&#146;s respective allocations to gold and the Trend
    Following Portfolio at the beginning of each month to reflect
    additions to and redemptions of Series capital, as well as to
    reflect profits and losses from the Series&#146; long gold
    futures and its futures and currencies trading activities and
    interest income as of the end of the preceding month so as to
    maintain a gold futures position with a value approximately
    equal to the Series&#146; net asset value at the beginning of
    each month.
</DIV>

<A name='109'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Charges
    to the Funds</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds&#146; charges are substantial and must be offset by
    trading gains and interest income in order to avoid depletion of
    the Funds&#146; assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Campbell&#160;&#038;
    Company</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Strategic Allocation Fund will pay Campbell&#160;&#038;
    Company a brokerage fee of up to 8% of the Strategic Allocation
    Fund&#146;s month-end net asset value per annum (prior to
    accruals for such brokerage fee or performance fees),
    irrespective of profitability, of which up to 1% is paid to the
    futures brokers and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties and 4% is paid to the selling agents. The amount
    paid to selling agents on Units sold pursuant to this disclosure
    document will not, however, exceed 9.0% of the gross offering
    proceeds of the Strategic Allocation Fund&#160;Units sold
    pursuant to this disclosure document. Once the 9.0% threshold is
    reached with respect to a Strategic Allocation Fund&#160;Unit
    sold pursuant to this disclosure document, the selling agent
    will receive no future compensation and the up to 4% amount that
    would otherwise be paid to the selling agent for that Unit will
    instead be rebated to the Strategic Allocation Fund for the
    benefit of all holders of the Strategic Allocation Fund Units.
    Campbell&#160;&#038; Company retains the remaining 3%.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Campbell&#160;&#038; Company will be paid a quarterly
    performance fee equal to 20% of aggregate cumulative
    appreciation in the Strategic Allocation Fund&#146;s net asset
    value per Unit, if any, excluding interest income and as
    adjusted for subscriptions and redemptions.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Reimbursement of Strategic Allocation Fund&#146;s offering
    expenses incurred during the continuing offering over a
    <FONT style="white-space: nowrap">30-month</FONT>
    period following incurrence of each such expense, not to exceed
    2.5% of the aggregate subscriptions accepted by
    Campbell&#160;&#038; Company.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Futures Brokers and
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Counterparties</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The futures brokers and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties for the Strategic Allocation Fund are paid out of
    the brokerage fee as discussed in
    &#147;&#151;&#160;Campbell&#160;&#038; Company&#148;.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Selling Agents</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The selling agents for the Strategic Allocation Fund are paid
    out of the brokerage fee as discussed in
    &#147;&#151;&#160;Campbell&#160;&#038; Company&#148;.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Dealers
    and Others</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    &#147;Bid-ask&#148; spreads for off-exchange contracts.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -9-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Operating expenses such as legal, auditing, administration,
    printing and postage, as incurred, up to a maximum of 0.50% of
    the Strategic Allocation Fund&#146;s net asset value per annum.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Cash management and custodial fees (0.10% annualized fee based
    on the percentage of assets under management) for management of
    the Strategic Allocation Fund&#146;s non-margin assets.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Redemption fees apply to Units redeemed through the first twelve
    month-ends following purchase.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Campbell&#160;&#038;
    Company</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    All Classes of the Global Trend Fund will pay
    Campbell&#160;&#038; Company a monthly (i)&#160;advisory fee at
    the annual rate of 2%; and (ii)&#160;general partner fee at the
    annual rate of 1%, of the net asset value of the respective
    Class, prior to any accrual for or payment of any advisory fee,
    general partner fee, performance fee, redemption or subscription
    during said month. These fees are paid in arrears based on the
    net asset value of the respective Class as of the end of each
    month. These fees are paid out of and reduce the net assets
    attributable to each Class of Units.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Global Trend Fund&#146;s offering expenses will be advanced
    by Campbell &#038; Company. Reimbursement of the Global Trend
    Fund&#146;s offering expenses is subject to an annual cap of
    0.50% of the Global Trend Fund&#146;s, and in turn, each
    Units&#146;, month-end net asset value (excluding Class&#160;E
    (USD) Units and Class&#160;C (GLD) Units). Any offering costs
    advanced by Campbell &#038; Company in excess of the
    aforementioned annual cap may be reimbursed in later periods; if
    the Global Trend Fund is able to do so within the limit of each
    annual cap. Furthermore in no case will reimbursements of
    offering costs exceed 2.5% of aggregate subscriptions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Futures Brokers and
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Counterparties</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    All Classes of the Global Trend Fund will pay the futures broker
    and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty up to 1% of the net asset value of each Class.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Selling Agents</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Global Trend Fund will pay to selected selling agents who
    have sold Class&#160;A (USD) Units, Class&#160;B (USD) Units and
    Class&#160;A (GLD) Units, selling commissions of 2% of the
    subscription amount of each subscription for Class&#160;A (USD),
    Class&#160;B (USD) and Class&#160;A (GLD) Units. In addition,
    commencing thirteen months after the sale of Units and in return
    for providing ongoing services to limited partners, the Global
    Trend Fund will pay those selling agents (or their assignees) up
    to 2% of the Global Trend Fund&#146;s average month-end net
    asset value. The amount paid to selling agents on Global Trend
    Fund&#160;Class&#160;A (USD) Units, Class&#160;B (USD) Units and
    Class&#160;A (GLD) Units sold pursuant to this disclosure
    document will not, however, exceed 8.0% of the gross offering
    proceeds of the Global Trend Fund&#160;Class&#160;A (USD) Units
    and Class&#160;A (GLD) Units and 9.0% of the gross offering
    proceeds of the Global Trend Fund&#160;Class&#160;B (USD) Units
    sold pursuant to this disclosure document. Once the respective
    threshold is reached with respect to the Global Trend
    Fund&#160;Class&#160;A (USD) Units, Class&#160;B (USD) Units or
    Class&#160;A (GLD) Units sold pursuant to this disclosure
    document, the selling agent will receive no future compensation.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Global Trend Fund&#160;Class&#160;A (USD) Units,
    Class&#160;C (USD) Units, Class&#160;A (GLD) Units and
    Class&#160;B (GLD) Units will pay a monthly broker-dealer
    custodial fee of 0.25% of Class&#160;A (USD) Units&#146;,
    Class&#160;C (USD) Units&#146;, Class&#160;A (GLD) Units&#146;
    and Class&#160;B (GLD) Units&#146; month-end net asset value per
    annum to the selling agents (the firm and not the individual)
    provided, however that the total of such broker-dealer custodial
    fees per Unit do not exceed 1.0% of the gross offering proceeds
    of Class&#160;A (USD) Units and Class&#160;A (GLD) Units and 6%
    of the gross offering proceeds of Class&#160;C (USD) Units and
    Class&#160;B (GLD) Units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once total underwriting compensation, including, but not limited
    to, the fees mentioned in the preceding paragraphs, paid on any
    Class&#160;A (USD) Unit, Class&#160;B (USD) Unit, Class&#160;C
    (USD) Unit, Class&#160;D (USD) Unit, Class&#160;A (GLD) Unit or
    Class&#160;B (GLD) Unit reaches 10% of the gross offering
    proceeds, (1)&#160;the Class&#160;A (USD) Unit, Class&#160;B
    (USD) Unit, Class&#160;C (USD) Unit or Class&#160;D (USD) Unit
    will automatically be re-designated as Class&#160;E (USD)
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -10-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Units, which are identical to Class&#160;A (USD) Units,
    Class&#160;B (USD) Units, Class&#160;C (USD) Units and
    Class&#160;D (USD) Units except that Class&#160;E (USD) Units do
    not pay any offering expenses, selling agent fee, broker-dealer
    custodial fee payable to the selling agents and, if applicable,
    redemption fees, and (2)&#160;the Class&#160;A (GLD) Unit or
    Class&#160;B (GLD) Unit will automatically be re-designated as
    Class&#160;C (GLD) Units, which are identical to Class&#160;A
    (GLD) Units and Class&#160;B (GLD) Units, except that
    Class&#160;C (GLD) Units do not pay any offering expenses,
    selling agent fee, broker-dealer custodial fee payable to the
    selling agents and, if applicable, redemption fees.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Dealers
    and Others</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    &#147;Bid-ask&#148; spreads for off-exchange contracts.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Operating expenses such as legal, auditing, administration,
    printing and postage, as incurred, up to a maximum of 0.50% of
    the Global Trend Fund&#146;s net asset value per annum.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Cash management and custodial fees for both Funds (0.10%
    annualized fee based on the percentage of assets under
    management) for management of the Global Trend Fund&#146;s
    non-margin assets.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Redemption fees apply to certain Units redeemed through the
    first twelve month-ends following purchase.
</TD>
</TR>

</TABLE>

<A name='110'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Distributions
    and Redemptions</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds are intended to be medium- to long-term, <I>i.e.</I>,
    3- to
    <FONT style="white-space: nowrap">5-year,</FONT>
    investments. Units are transferable, but no secondary market
    exists for Units and none is expected to develop. Monthly
    redemptions are permitted from both Funds upon ten
    (10)&#160;business days&#146; advance written notice to
    Campbell&#160;&#038; Company. The general partner of the Global
    Trend Fund has reserved the right to permit redemptions and
    accept subscriptions on a more frequent basis than monthly. The
    general partner in its sole and absolute discretion may change
    the foregoing notice requirement by written notice to you.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The redemption fees described above apply through the first
    twelve month-ends following purchase of Strategic Allocation
    Fund&#160;Units and Global Trend Fund&#160;Class&#160;A (USD)
    Units, Class&#160;B (USD) Units and Class&#160;A (GLD) Units.
    After the twelfth month-end following purchase of a Unit, no
    redemption fees apply for either Fund. Campbell&#160;&#038;
    Company reserves the right to make distributions of profits at
    any time in either Fund in its sole discretion.
</DIV>

<A name='111'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Federal
    Income Tax Aspects</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the opinion of Sidley Austin LLP, counsel to
    Campbell&#160;&#038; Company, each Fund is classified as a
    partnership and will not be considered a publicly traded
    partnership taxable as a corporation for federal income tax
    purposes based on the type of income it is expected to earn. As
    such, whether or not either Fund has distributed any cash to the
    limited partners, each limited partner must report his allocable
    share of items of income, gain, loss and deduction of either
    Fund and is individually liable for income tax on such share.
    The Funds invest in futures and other commodity contracts, gain
    or loss on which will, depending on the contracts traded,
    constitute a mixture of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    ordinary income or loss; and/or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    capital gain or loss.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Trading losses of the Funds, which will generally constitute
    capital losses, may only be available to offset a limited amount
    of interest income or other ordinary income allocated to the
    limited partners. Although the Funds treat the brokerage fees
    and performance fees paid to Campbell&#160;&#038; Company as
    ordinary and necessary business expenses, all or a portion of
    such expenses may be subject to restrictions on deductibility
    for federal income tax purposes or be treated as non-deductible
    syndication costs by the Internal Revenue Service, or IRS.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -11-
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    ORGANIZATIONAL CHART</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The organizational chart below illustrates the relationships
    among the various service providers of this offering.
    Campbell&#160;&#038; Company is both the general partner and
    trading advisor for the Fund. The selling agents (other than
    Campbell Financial Services, Inc.), futures brokers,
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties, cash managers and the custodian of excess
    collateral, are not affiliated with Campbell&#160;&#038; Company
    or the Strategic Allocation Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814004.gif" alt="(ORGANIZATIONAL CHART)">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    *&#160;</TD>
    <TD align="left">
    Campbell&#160;&#038; Company presently serves as commodity pool
    operator for six other commodity pools.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -12-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    GLOBAL TREND FUND, L.P.<BR>
    ORGANIZATIONAL CHART</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The organizational chart below illustrates the relationships
    among the various service providers of this offering.
    Campbell&#160;&#038; Company is both the general partner and
    trading advisor for the Fund. The selling agents (other than
    Campbell Financial Services, Inc.), futures broker,
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty, cash manager and custodian of excess collateral
    are not affiliated with Campbell&#160;&#038; Company or the
    Global Trend Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814005.gif" alt="(ORGANIZATIONAL CHART)">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    *&#160;</TD>
    <TD align="left">
    Campbell&#160;&#038; Company presently serves as commodity pool
    operator for six other commodity pools.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -13-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<A name='114'>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE RISKS
    YOU FACE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    following risk factors apply to both Funds except where
    noted.</FONT></I>
</DIV>

<A name='115'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Market
    Risks</FONT></B>
</DIV>

</A>
<A name='116'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">You
    Could Possibly Lose Your Total Investment in the
    Funds</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Futures, forward and option contracts have a high degree of
    price variability and are subject to occasional rapid and
    substantial changes. Consequently, you could lose all or a
    substantial amount of your investment in the Funds.
</DIV>

<A name='117'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Funds are Highly Leveraged</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because the amount of margin funds necessary to be deposited in
    order to enter into a futures, forward or option contract
    position is typically about 2% to 10% of the total value of the
    contract, Campbell&#160;&#038; Company is able to hold positions
    in each Fund&#146;s account with face values equal to several
    times each Fund&#146;s net asset value. The ratio of margin to
    equity is typically 10% to 30%. As a result of this leveraging,
    even a small movement in the price of a contract can cause major
    losses.
</DIV>

<A name='118'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Changes
    In Financing Policies or the Imposition of Other Credit
    Limitations or Restrictions Could Compel the Funds to Liquidate
    Positions at Disadvantageous Prices</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds may utilize and may depend on the availability of
    credit in order to trade their portfolios. There can be no
    assurance that the Funds will be able to maintain adequate
    financing arrangements under all market circumstances. As a
    general matter, the dealers that provide financing to the Funds
    can apply essentially discretionary margin, haircut, financing
    security and collateral valuation policies. Changes by dealers
    in such financing policies, or the imposition of other credit
    limitations or restrictions, whether due to market circumstances
    or governmental, regulatory or judicial action, may result in
    large margin calls, loss of financing, forced liquidation of
    positions at disadvantageous prices, termination of swap and
    repurchase agreements and cross-defaults to agreements with
    other dealers. Any such adverse effects may be exacerbated in
    the event that such limitations or restrictions are imposed
    suddenly
    <FONT style="white-space: nowrap">and/or</FONT> by
    multiple market participants at or about the same time. The
    imposition of such limitations or restrictions could compel the
    Funds to liquidate all or part of their portfolios at
    disadvantageous prices. In recent months, banks and dealers have
    substantially curtailed financing activities and increased
    collateral requirements, forcing many hedge funds to liquidate.
</DIV>

<A name='119'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Fund&#146;s Investments Could Be Illiquid</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Futures, forward and option positions cannot always be
    liquidated at the desired price; this can occur when the market
    is thinly traded (i.e., a relatively small volume of buy and
    sell orders) or in the event of disrupted markets and other
    extraordinary events in which historical pricing relationships
    become materially distorted. The financing available to the
    Funds from banks, dealers and other counterparties is likely to
    be restricted in disrupted markets. The Funds may incur material
    losses and the risk of loss from pricing distortions is
    compounded by the fact that in disrupted markets many positions
    become illiquid making it difficult or impossible to close out
    positions against which the markets are moving. For example, in
    1994, 1998 and again from 2007&#160;&#151; 2009 (it appears at
    this time that the
    <FONT style="white-space: nowrap">2007-2009</FONT>
    liquidity crisis has eased, however the potential of future
    liquidity issues continues to be a concern) there was a sudden
    restriction of credit by the dealer community that resulted in
    forced liquidations and major losses for a number of private
    investment funds. Campbell&#160;&#038; Company was not forced to
    liquidate positions during the 1994, 1998 or 2007&#160;&#151;
    2009 liquidity crises. However, it is possible that in the
    future, in such situations, Campbell&#160;&#038; Company may be
    unable for some time to liquidate certain unprofitable positions
    thereby increasing the loss to the Funds from the trade.
    Additionally, foreign governments may take or be subject to
    political actions which disrupt the markets in their currency or
    major exports, such as energy products or metals. Market
    disruptions caused by unexpected political, military and
    terrorist events may from time to time cause dramatic losses for
    the Funds, and such events can result in otherwise historically
    low-risk strategies performing with unprecedented volatility and
    risk. Any of these actions could also result in losses to the
    Funds. A subscription for Units should be considered only by
    persons financially able to maintain their investment and who
    can afford the loss of all or substantially all of such
    investment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Your
    Investment in Either Fund Could Be Illiquid</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is no secondary market for the Units and none is expected
    to develop. While the Units have redemption rights, there are
    restrictions, and possible fees assessed. For example,
    redemptions from each Fund can occur only at the end of a month.
    If a large
</DIV>
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    <BR>
    -14-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    number of redemption requests were to be received at one time
    for either Fund, the Funds might have to liquidate positions to
    satisfy the requests. Such a forced liquidation could adversely
    affect the Funds and consequently your investment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Transfers of interest in the Units are subject to limitations,
    such as 30&#160;days&#146; advance notice of any intent to
    transfer. Also, Campbell&#160;&#038; Company may deny a request
    to transfer if it determines that the transfer may result in
    adverse legal or tax consequences for the Funds. See each
    Fund&#146;s &#147;Agreement of Limited Partnership&#160;&#151;
    Dispositions.&#148;
</DIV>

<A name='120'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Transactions are Subject to Little, if Any,
    Regulation</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds trade forward and option contracts in foreign
    currencies. Such contracts are typically traded
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    through a dealer market, which is dominated by major money
    center and investment banks, and is not regulated by the
    Commodity Futures Trading Commission. Thus, you do not receive
    the protection of CFTC regulation or the statutory scheme of the
    Commodity Exchange Act in connection with this trading activity
    by the Funds. The market for forward and option contracts relies
    upon the integrity of market participants in lieu of the
    additional regulation imposed by the CFTC on participants in the
    futures markets. This regulation includes, for example, trading
    practices and other customer protection requirements, and
    minimum financial and trade reporting requirements. The absence
    of regulation could expose the Funds to significant losses in
    the event of trading abuses or financial failure by participants
    in the forward and option markets which it might otherwise have
    avoided.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Transactions May Be Subject to the Risk of Counterparty
    Default</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds face the risk of non-performance by its counterparties
    to forward and option contracts and such non-performance may
    cause some or all of its gains to remain unrealized.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unlike in futures contracts, the counterparty to these contracts
    is generally a single bank or other financial institution,
    rather than a clearing organization backed by a group of
    financial institutions. As a result, there will be greater
    counterparty credit risk in these transactions. The clearing
    member, clearing organization or other counterparty may not be
    able to meet its obligations, in which case, the Funds could
    suffer significant losses on these contracts.
</DIV>

<A name='121'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Options
    on Futures and
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Contracts are Speculative and Highly Leveraged</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Options on futures and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    contracts may be used by the Funds to generate premium income or
    capital gains. The buyer of an option risks losing the entire
    purchase price (the premium as well as any commissions and fees)
    of the option. The writer (seller) of an option risks losing the
    difference between the premium received for the option and the
    price of the commodity, futures or forward contract underlying
    the option which the writer must purchase or deliver upon
    exercise of the option (which losses can be unlimited). Specific
    market movements of the commodity, futures or forward contracts
    underlying an option cannot accurately be predicted. Successful
    options trading requires an accurate assessment of near-term
    volatility in the underlying instruments, as that volatility is
    immediately reflected in the price of the option. Correct
    assessment of market volatility can therefore be of much greater
    significance in trading options than it is in trading futures
    and forwards, where volatility may not have as great an effect
    on price.
</DIV>

<A name='122'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">An
    Investment in the Funds May Not Diversify an Overall
    Portfolio</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, alternative investments such as managed futures
    funds have been generally non-correlated to the performance of
    other asset classes such as stocks and bonds. Non-correlation
    means that there is no statistically valid relationship between
    the past performance of futures, forward and option contracts on
    the one hand and stocks or bonds on the other hand.
    Non-correlation should not be confused with negative
    correlation, where the performance of two asset classes would be
    exactly opposite. Because of this non-correlation, the Funds
    cannot be expected to be automatically profitable during
    unfavorable periods for the stock market or vice versa. The
    futures, forward and option markets are fundamentally different
    from the securities markets in that for every gain made in a
    futures, forward or option transaction, the opposing side of
    that transaction will have an equal and off-setting loss. If the
    Funds do not perform in a manner non-correlated with the general
    financial markets or does not perform successfully, you will
    obtain no diversification benefits by investing in the Units and
    the Funds may have no gains to offset your losses from other
    investments.
</DIV>
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    <BR>
    -15-
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='123'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Current Markets are Subject to Market Disruptions That May Be a
    Detriment to Your Investment</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The global financial markets have recently undergone pervasive
    and fundamental disruptions which have led to extensive and
    unprecedented governmental intervention. Such intervention has,
    in certain cases, been implemented on an &#147;emergency&#148;
    basis, suddenly and substantially eliminating market
    participants&#146; ability to continue to implement certain
    strategies or manage the risk of their outstanding positions. In
    addition, as one would expect given the complexities of the
    financial markets and the limited time frame within which
    governments have felt compelled to take action, these
    interventions have typically been unclear in scope and
    application, resulting in confusion and uncertainty which in
    itself has been materially detrimental to the efficient
    functioning of the markets as well as to previously successful
    investment strategies. Confusion and uncertainty have also
    resulted from the apparent inconsistency which has characterized
    recent governmental actions. For example, while the Federal
    Reserve assisted or otherwise intervened with respect to certain
    distressed financial institutions, it refused to do so for
    others. Such inconsistency has caused both severe losses for a
    number of market participants, who assumed either no
    intervention or intervention consistent with past precedent, and
    contributed to the general uncertainty and resulting illiquidity
    of the markets.
</DIV>

<A name='274'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Current Markets are Subject to Governmental Intervention That
    May Be a Detriment to Your Investment</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the second half of 2008, losses at brokers, banks and
    other financial sector companies as well as extreme volatility
    and disruptions in the credit markets globally led to extensive
    and unprecedented governmental intervention in worldwide
    financial markets. Such intervention was in certain cases
    implemented on an &#147;emergency&#148; basis, subjecting market
    participants without notice to a set of regulations which were
    in some cases unclear in scope and in application.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading advisor believes that it is possible that emergency
    intervention may take place again in the future. The trading
    advisor also believes that the regulation of financial markets
    is likely to be increased in the future. It is impossible to
    predict the impact of any such intervention
    <FONT style="white-space: nowrap">and/or</FONT>
    increased regulation on the performance of the Funds or the
    fulfillment of their investment objectives.
</DIV>

<A name='276'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Funds Are Subject to Regulatory Risk Associated with Futures
    Contracts that Could Adversely Affect the Funds&#146; Operations
    and Profitability</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CFTC has recently proposed and invited public comment
    regarding a new rule to implement position limits on energy
    futures contracts such as crude oil, heating oil, natural gas,
    gasoline and other energy products and has solicited public
    comment regarding the advisability of imposing similar limits in
    the metals futures markets. We do not anticipate these limits,
    if accepted, will affect the Funds&#146; ability to trade, but
    it is possible that they may in the future if either or both
    Funds&#146; assets increase dramatically.
</DIV>

<A name='124'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Gains,
    If Any, From the Trend Following Portion of the Global Trend
    Fund&#146;s Global Trend Series (GLD) May Be Offset by Losses on
    the Gold Portion of the Global Trend Series (GLD), and Gains, If
    Any, on the Gold Portion of the Global Trend Series (GLD) May be
    Offset by Losses From the Trend Following Portion of the Global
    Trend Series (GLD), Resulting in No Gains or Aggregate Losses
    for Investors in the Global Trend Series (GLD)
    Units</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An investment in the Global Trend Series (GLD) Units is not
    equivalent to an investment in gold. Rather, it is an investment
    in a product that combines a gold investment with a trend
    following futures portfolio, which is comprised of trend
    following trading models applied to a diverse portfolio of
    global futures and currencies. The gold investment is intended
    to de-link the net asset value, which is denominated in
    U.S.&#160;dollars, from the value of the U.S.&#160;dollar
    relative to gold, essentially denominating the net asset value
    in terms of gold. Consequently, if the U.S.&#160;dollar value of
    gold declines, gains, if any, from the Trend Following Portfolio
    may not be sufficient for the Global Trend Series (GLD) of the
    Global Trend Fund to avoid a decline in the net asset value of
    its Class&#160;A (GLD) Units, Class&#160;B (GLD) Units and
    Class&#160;C (GLD) Units expressed in U.S.&#160;dollars, the
    currency in which Units are redeemed. Likewise, losses from the
    Trend Following Portfolio may be greater than any increase in
    the U.S.&#160;dollar value of gold resulting in a decline in the
    net asset value of the Class&#160;A (GLD) Units, the
    Class&#160;B (GLD) Units and the Class&#160;C (GLD) Units.
    Additionally, there can be no assurance that, if the value of
    gold declines relative to the U.S.&#160;dollar, there will be
    any corresponding increase in the value or purchasing power of
    the U.S.&#160;dollar for goods (other than gold) or services
    priced in U.S.&#160;dollars.
</DIV>
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    <BR>
    -16-
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='125'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Gold
    Prices Historically Have Been Extremely Volatile and Have
    Fluctuated Widely in Recent Years. A Drop in the Price of Gold
    May Cause a Significant Loss in an Investment in the Global
    Trend Fund&#146;s Global Trend Series (GLD)</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The price of gold has fluctuated widely over the past several
    years. Several factors may affect the price of gold, including:
    (a)&#160;changes in supply and demand, which is influenced by
    such factors as forward selling by producers, purchases made by
    producers to unwind hedge positions, central bank purchases and
    sales, and production and cost levels in major gold producing
    countries; (b)&#160;market uncertainty and investors&#146;
    expectations with respect to the rate of inflation;
    (c)&#160;currency exchange rates; (d)&#160;interest rates;
    (e)&#160;investment and trading activities of investment funds;
    and (f)&#160;political, economic or financial conditions
    <FONT style="white-space: nowrap">and/or</FONT>
    instability globally or in major producing regions. The trading
    advisor has no control over the price volatility, and cannot
    prevent or mitigate it, because the investment strategy does not
    permit hedging of gold positions. On the contrary, it requires
    the trading advisor to maintain a fully invested position in
    gold at all times. As a result, unless offset by trading profits
    from trend following and interest income, a decline in the price
    of gold will result in a decline in the net asset value of the
    Global Trend Series (GLD) Units and an overall loss on the
    investments of Class&#160;A (GLD), Class&#160;B (GLD) and
    Class&#160;C (GLD) limited partners. Because of the extreme
    volatility of gold prices, the trading advisor believes that any
    investment in the Global Trend Fund, but particularly an
    investment in the Class&#160;A (GLD) Units, Class&#160;B (GLD)
    Units and Class&#160;C (GLD) Units should be a long-term
    investment of at least three to five years, and that investors
    should consider this when determining whether to make such an
    investment part of their overall portfolio.
</DIV>

<A name='126'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Large-Scale
    Sales of Gold May Lead to a Decline in the Price of Gold and a
    Decline in the Value of the Global Trend Fund&#146;s
    Class&#160;A (GLD) Units, Class&#160;B (GLD) Units Class&#160;C
    (GLD) Units, Possibly Resulting in an Overall Loss of an
    Investment in the Global Trend Fund&#146;s Global Trend Series
    (GLD)</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The possibility of large-scale distress sales of gold in times
    of crisis may have a short-term negative impact on the price of
    gold and adversely affect the value of the Class&#160;A (GLD)
    Units, Class&#160;B (GLD) Units and Class&#160;C (GLD) Units.
    For example, the 1997 Asian financial crisis resulted in
    significant sales of gold by individuals which depressed the
    price of gold. Crises in the future may impair gold&#146;s price
    performance which would, in turn, adversely affect an investment
    in the Class&#160;A (GLD) Units, Class&#160;B (GLD) Units and
    Class&#160;C (GLD) Units. Moreover, substantial sales of gold by
    the official sector could adversely affect an investment in the
    Class&#160;A (GLD) Units, Class&#160;B (GLD) Units and
    Class&#160;C (GLD) Units. The official sector consists of
    central banks, other governmental agencies and multilateral
    institutions that buy, sell and hold gold as part of their
    reserve assets. Since 1999, most gold sales by the official
    sector have been made in a coordinated manner under the terms of
    the Central Bank Gold Agreement. In the event that future
    economic, political or social conditions or pressures result in
    members of the official sector liquidating their gold assets all
    at once or in an uncoordinated manner, the demand for gold might
    not be sufficient to accommodate the sudden increase in supply.
    Consequently, the price of gold could decline significantly,
    which would adversely affect the value of the Class&#160;A (GLD)
    Units, Class&#160;B (GLD) Units and Class&#160;C (GLD) Units
    expressed in U.S.&#160;dollars, the currency in which the Units
    are redeemed, possibly resulting in an overall loss on your
    investment.
</DIV>

<A name='127'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Widening
    Interest Rate Differentials Between the Cost of Money and the
    Cost of Borrowing Gold Could Result in Increased Sales and a
    Decline in the Price of Gold, Possibly Resulting in a Decline in
    the Value of the Global Trend Fund&#146;s Class&#160;A (GLD)
    Units, Class&#160;B (GLD) Units and Class&#160;C (GLD) Units and
    a Loss on an Investment in the Global Trend Fund&#146;s Global
    Trend Series (GLD)</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A combination of rising interest rates and a continuation of the
    current low cost of borrowing gold (the gold lease rate) could
    improve the economics of selling gold forward. This could result
    in increased hedging by gold mining companies and short selling
    by speculators, which could adversely affect the price of gold
    and thus the value of the Class&#160;A (GLD) Units, Class&#160;B
    (GLD) Units and Class&#160;C (GLD) Units expressed in
    U.S.&#160;dollars, the currency in which Class&#160;A (GLD)
    Units, Class&#160;B (GLD) Units and Class&#160;C (GLD) Units are
    redeemed, possibly resulting in an overall loss on an investment
    in Class&#160;A (GLD) Units, Class&#160;B (GLD) Units or
    Class&#160;C (GLD) Units.
</DIV>

<A name='128'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Trend Following Portion of the Global Trend Fund&#146;s Global
    Trend Series (GLD) May Also Contain Gold Positions</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trend Following Portfolio may contain gold positions that
    could counter the passive long gold
</DIV>
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    <BR>
    -17-
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    strategy of the Global Trend Series (GLD) if the trading models
    used indicate trends in the price of gold declining.
</DIV>

<A name='129'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Funds are a Party to Financial Instruments With Elements of
    Off-Balance Sheet Risk, Which Cause the Funds to Lose All of
    Their Assets</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;off-balance sheet risk&#148; refers to an
    unrecorded potential liability that, even though it does not
    appear on the balance sheet, may result in future obligation or
    loss. The Funds trade in futures, forward and options contracts
    and are therefore a party to financial instruments with elements
    of off-balance sheet market and credit risk. In entering into
    these contracts there exists a risk to the Funds, market risk,
    that such contracts may be significantly influenced by market
    conditions, such as interest rate volatility, resulting in such
    contracts being less valuable. If the markets should move
    against all of the futures interests positions of the Funds at
    the same time, and if the Funds&#146; trading advisor was unable
    to offset futures interests positions of the Funds, the Funds
    could lose all of their assets and the limited partners would
    realize a 100% loss. Campbell&#160;&#038; Company, Inc., the
    general partner (who also acts as trading advisor), minimizes
    market risk through real-time monitoring of open positions,
    diversification of the portfolio and maintenance of a
    <FONT style="white-space: nowrap">margin-to-equity</FONT>
    ratio that rarely exceeds 30%; however, these precautions may
    not be effective in limiting the risk of loss.
</DIV>

<A name='130'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Trading
    Risks</FONT></B>
</DIV>

</A>
<A name='131'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    are Disadvantages to Making Trading Decisions Based Primarily on
    Technical Market Data</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading systems used by Campbell&#160;&#038; Company for the
    Funds are primarily technical. The profitability of trading
    under these systems depends on, among other things, the
    occurrence of significant price movements, up or down, in
    futures, forward or option prices. Such price movements may not
    develop; there have been periods in the past without such price
    movements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The likelihood of the Units being profitable could be materially
    diminished during periods when events external to the markets
    themselves have an important impact on prices. During such
    periods, Campbell&#160;&#038; Company&#146;s historic price
    analysis could establish positions on the wrong side of the
    price movements caused by such events.
</DIV>

<A name='132'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Increased
    Competition from Other Trend-Following Traders Could Reduce
    Campbell&#160;&#038; Company&#146;s Profitability</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There has been a dramatic increase in the volume of assets
    managed by trend-following trading systems like some of the
    Campbell&#160;&#038; Company programs. For example, in 1980, the
    assets in the managed futures industry were estimated at
    approximately $300&#160;million; by the end of 2009, this
    estimate had risen to approximately $213.6&#160;billion.
    Increased trading competition from other trend-following traders
    could operate to the detriment of the Funds. It may become more
    difficult for the Funds to implement their trading strategies if
    other trading advisors using technical systems are, at the same
    time, also attempting to initiate or liquidate futures, forward
    or option positions, or otherwise alter trading patterns.
</DIV>

<A name='133'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limits
    Imposed by Futures Exchanges or Other Regulatory Organizations,
    Such As Speculative Position Limits and Daily Price Fluctuation
    Limits, May Alter Trading Decisions for the Funds</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CFTC and U.S.&#160;futures exchanges have established
    limits, known as speculative position limits, on the maximum net
    long or net short positions that any person may hold or control
    in certain futures and option on futures contracts. Most
    U.S.&#160;futures exchanges also have established &#147;daily
    price fluctuation limits&#148; which preclude the execution of
    trades at prices outside of the limit. Contract prices have
    occasionally moved the daily limit for several consecutive days
    with little or no trading. All accounts controlled by
    Campbell&#160;&#038; Company are combined for speculative
    position limit purposes. If positions in those accounts were to
    approach the level of the particular speculative position limit,
    or if prices were to approach the level of the daily limit,
    these limits could cause a modification of Campbell&#160;&#038;
    Company&#146;s trading decisions for the Funds or force the
    liquidation of certain futures or options on futures positions.
    Either of these actions may not be in the best interest of the
    investors. From time to time, the CFTC or the exchanges may
    suspend trading in market disruption circumstances. In these
    cases, it is possible that Campbell&#160;&#038; Company, as
    trading advisor, could be required to maintain a losing position
    that it otherwise would exit and incur significant losses or be
    unable to establish a position and miss a profit opportunity.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -18-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='134'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Increase
    in Assets Under Management May Make Profitable Trading More
    Difficult</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company has not agreed to limit the amount
    of additional equity which it may manage, and is actively
    engaged in raising assets for existing and new accounts
    including the Funds. The more equity Campbell&#160;&#038;
    Company manages, the more difficult it may be for
    Campbell&#160;&#038; Company to trade profitably because of the
    difficulty of trading larger positions without adversely
    affecting prices and performance. Accordingly, such increases in
    equity under management may require Campbell&#160;&#038; Company
    to modify its trading decisions for the Funds which could have a
    detrimental effect on your investment. Such considerations may
    also cause Campbell&#160;&#038; Company to eliminate smaller
    markets from consideration for inclusion in either or both of
    its Financial, Metal&#160;&#038; Energy Large Portfolio or its
    Trend Following Portfolio, reducing the range of markets in
    which trading opportunities may be pursued. Campbell&#160;&#038;
    Company reserves the right to make distributions of profits to
    limited partners in an effort to control asset growth. In
    addition, Campbell&#160;&#038; Company may have an incentive to
    favor other accounts because the compensation received from some
    other accounts may exceed the compensation it receives from
    managing each of the Fund&#146;s account. Because records with
    respect to other accounts are not accessible to limited partners
    in the Funds, the limited partners will not be able to determine
    if Campbell&#160;&#038; Company is favoring other accounts. See
    &#147;Campbell&#160;&#038; Company, Inc.&#160;&#151; Trading
    Capacity.&#148;
</DIV>

<A name='135'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Investors
    Will Not be Able to View the Funds&#146; Holdings on a Daily
    Basis, Which May Result in Unanticipated Losses</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Campbell&#160;&#038; Company makes the Funds&#146; trading
    decisions.</I>&#160;&#160;While Campbell&#160;&#038; Company
    receives daily trade confirmations from the futures brokers and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties, the Funds&#146; trading results are reported to
    limited partners monthly. Accordingly, an investment in the
    Funds does not offer limited partners the same transparency,
    <I>i.e.</I>, an ability to review all investment positions
    daily, that a personal trading account offers. As a result, you
    may suffer unanticipated losses due to the Funds&#146; holdings.
</DIV>

<A name='136'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Tax
    Risks</FONT></B>
</DIV>

</A>
<A name='137'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Investors
    are Taxed Based on Their Share of the Funds&#146;
    Profits</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investors are taxed each year on their share of the Funds&#146;
    profits, if any, irrespective of whether they redeem any Units
    or receive any cash distributions from the Funds.
    Campbell&#160;&#038; Company has the authority to make such
    distributions at any time in its sole discretion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All performance information included in this prospectus is
    presented on a pre-tax basis; the investors who experienced such
    performance had to pay the related taxes from other sources.
</DIV>

<A name='138'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Tax
    Could be Due from Investors on Their Share of the Funds&#146;
    Ordinary Income Despite Overall Losses</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investors may be required to pay tax on their allocable share of
    either Fund&#146;s ordinary income, which in the case of the
    Funds is the Funds&#146; interest income, gain on some foreign
    futures contracts, and certain other investment assets, even
    though the Funds incur overall losses. Capital losses of
    individual taxpayers can be used only to offset capital gains
    and $3,000 of ordinary income each year. Consequently, if an
    individual investor were allocated $5,000 of ordinary income and
    $10,000 of capital losses, the investor would owe tax on $2,000
    of ordinary income even though the investor would have a $5,000
    loss for the year. The remaining $7,000 capital loss could be
    used in subsequent years to offset capital gain and ordinary
    income, but subject to the same annual limitation on its
    deductibility against ordinary income.
</DIV>

<A name='139'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    Could be a Limit on the Deductibility of Brokerage and
    Performance Fees</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although the Funds treat the brokerage fees and performance fees
    paid to Campbell&#160;&#038; Company and other expenses of the
    Funds as ordinary and necessary business expenses, upon an IRS
    audit either Fund may be required to treat such fees as
    &#147;investment advisory fees&#148; if the Funds&#146; trading
    activities did not constitute a trade or business for tax
    purposes. If the limited partner&#146;s share of expenses were
    deemed to be investment advisory fees, a limited partner&#146;s
    tax liability would likely increase because of statutory
    limitations applicable to miscellaneous itemized deductions,
    including investment advisory fees, of individual taxpayers. In
    addition, upon audit, a portion of the brokerage fees might be
    treated as a non-deductible syndication cost or might be treated
    as a reduction in the Funds&#146; capital gain or as an increase
    in the Funds&#146; capital loss. If the brokerage fees were so
    treated, a limited partner&#146;s tax liability would likely
    increase.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -19-
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='140'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Risks</FONT></B>
</DIV>

</A>
<A name='141'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Fees
    and Commissions are Charged Regardless of Profitability and are
    Subject to Change</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds are subject to substantial charges payable
    irrespective of profitability, in addition to performance fees
    which are payable based on the Fund&#146;s profitability.
    Included in these charges are brokerage fees and operating
    expenses. On the Funds&#146; forward and option trading,
    &#147;bid-ask&#148; spreads and prime brokerage fees are
    incorporated into the pricing of the Funds&#146; forward and
    option contracts by the counterparties in addition to the
    brokerage fees paid by the Funds. It is not possible to quantify
    the &#147;bid-ask&#148; spreads paid by the Funds because the
    Funds cannot determine the profit its counterparty is making on
    the forward and option transactions. Such spreads can at times
    be significant. In addition, while currently not contemplated,
    each Limited Partnership Agreement allows for changes to be made
    to the brokerage fee and performance fee upon sixty days&#146;
    notice to the limited partners.
</DIV>

<A name='142'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Funds&#146; Service Providers Could Fail, Which May Result in
    Losses to the Funds</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The institutions, including but not limited to, the futures
    brokers,
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties, the cash managers and the custodian, with which
    the Funds trade or invest may encounter financial difficulties
    that impair the operational capabilities or the capital position
    of the Funds. The futures brokers are generally required by
    U.S.&#160;law to segregate all funds received from such
    brokers&#146; customers from such brokers&#146; proprietary
    assets. If the futures brokers do not do so to the full extent
    required by law, the assets of the Funds might not be fully
    protected in the event of the bankruptcy of the futures brokers.
    Furthermore, in the event of the futures brokers&#146;
    bankruptcy, the Funds could lose the entire amount, or be
    limited to recovering only a pro rata share of all available
    funds segregated on behalf of the futures brokers&#146; combined
    customer accounts, even though certain property specifically
    traceable to the Funds (for example, Treasury bills deposited by
    the Funds with the futures brokers as margin) was held by the
    futures brokers. Furthermore, dealers in forward and option
    contracts are not regulated by the Commodity Exchange Act and
    are not obligated to segregate customer assets. The futures
    brokers have been the subject of regulatory and private causes
    of action, as described under &#147;The Futures Brokers.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The recent events surrounding the bankruptcies or similar
    proceedings with respect to various parties have demonstrated
    the risk that assets that traders such as the Funds believed
    were custodial under statutory and regulatory protections could
    be subject to various risks, and apparently significant losses
    incurred by many hedge funds in relation to the bankruptcy
    <FONT style="white-space: nowrap">and/or</FONT>
    administration of Lehman Brothers Holdings and its affiliates
    illustrate the risks incurred in other derivatives trading and
    brokerage arrangements. Although Campbell&#160;&#038; Company
    had no assets held at Lehman Brothers or its affiliates at the
    time of its bankruptcy, and accounts held by
    Campbell&#160;&#038; Company suffered no losses as a result of
    the Lehman Brothers bankruptcy, there is no guarantee that
    Campbell&#160;&#038; Company traded assets would be immune from
    such losses if a similar scenario were to occur in the future.
</DIV>

<A name='143'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Investors
    Must Not Rely on the Past Performance of Either
    Campbell&#160;&#038; Company or the Funds in Deciding Whether to
    Buy Units</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The future performance of the Funds is not predictable, and no
    assurance can be given that the Funds will perform successfully
    in the future in as much as past performance is not necessarily
    indicative of future results. Additionally, the markets in which
    the Funds operate have been severely disrupted over the past
    year or more, so results observed in earlier periods may have
    little relevance to the results observable in the current
    environment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund is a recently-formed entity with no
    operating history, as of the date set forth on the cover page of
    this prospectus, upon which prospective investors can evaluate
    its potential performance. The personnel of the trading advisor
    responsible for managing the Global Trend Fund&#146;s investment
    portfolio have substantial experience in managing investments
    and private and public investment funds and have provided and
    continue to provide advisory and management services to clients
    and private and public investment funds that have similar
    investment programs to that of the Global Trend Fund. However,
    the past performance of the trading advisor may not be construed
    as an indication of the future results of an investment in
    either Fund.
</DIV>

<A name='144'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conflicts
    of Interest Exist in the Structure and Operation of the
    Funds</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company has not established any formal
    procedures to resolve the following conflicts of interest.
    Consequently, there is no independent control
</DIV>
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    <BR>
    -20-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    over how Campbell&#160;&#038; Company resolves these conflicts
    which can be relied upon by investors as ensuring that the Funds
    are treated equitably with other Campbell&#160;&#038; Company
    clients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company has a conflict of interest because
    it acts as the general partner and sole trading advisor for the
    Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Since Campbell&#160;&#038; Company acts as both trading advisor
    and general partner for the Funds, it is very unlikely that its
    advisory contract will be terminated by the Funds. The fees
    payable to Campbell&#160;&#038; Company were established by it
    and were not the subject of arm&#146;s-length negotiation. These
    fees on the Strategic Allocation Fund consist of a
    (i)&#160;brokerage fee of up to 8% of the Strategic Allocation
    Fund&#146;s month-end net asset value per annum (prior to
    accruals for such brokerage fee or performance fees) (of which
    3% is retained by Campbell&#160;&#038; Company) and
    (ii)&#160;quarterly performance fee equal to 20% of aggregate
    cumulative appreciation in the Strategic Allocation Fund&#146;s
    net asset value per Unit, if any, excluding interest income and
    redemptions and as adjusted for subscriptions and redemptions.
    These fees on the Global Trend Fund consist of a monthly
    (i)&#160;advisory fee at the annual rate of 2% and
    (ii)&#160;general partner fee at the annual rate of 1%, of the
    net asset value of each Class of Units, prior to any accrual for
    or payment of any advisory fee, general partner fee, performance
    fee, redemption or subscription during said month and
    (iii)&#160;a quarterly performance fee equal to 20% aggregate
    cumulative appreciation in the respective Class of Units&#146;
    net asset value per Unit, if any, excluding interest income and
    as adjusted for subscriptions and redemptions.
    Campbell&#160;&#038; Company, as general partner, determines
    whether or not distributions are made and it receives increased
    fees to the extent distributions are not made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the limit on selling agent compensation discussed in
    &#147;Plan of Distribution&#160;&#151; Items of Compensation
    Pursuant to FINRA Rule&#160;2310&#148;, selling agents will be
    entitled to ongoing compensation as a result of their clients
    remaining in the Funds, so a conflict exists between the selling
    agent&#146;s interest in maximizing compensation and in advising
    its clients to make investment decisions in the client&#146;s
    best interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other conflicts are also present in the operation of the Funds.
    See &#147;Conflicts of Interest.&#148;
</DIV>

<A name='145'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    Are No Independent Experts Representing Investors</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company has consulted with counsel,
    accountants and other experts regarding the formation and
    operation of the Funds. No counsel has been appointed to
    represent the limited partners in connection with the offering
    of the Units. Accordingly, each prospective investor should
    consult his own legal, tax and financial advisers regarding the
    desirability of an investment in the Funds.
</DIV>

<A name='146'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Funds Place Significant Reliance on Campbell&#160;&#038; Company
    and the Incapacity of its Principals Could Adversely Affect the
    Funds</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The incapacity of Campbell&#160;&#038; Company&#146;s principals
    could have a material and adverse effect on Campbell&#160;&#038;
    Company&#146;s ability to discharge its obligations under the
    advisory agreement. However, there are no individual principals
    at Campbell&#160;&#038; Company whose absence would result in a
    material and adverse effect on Campbell&#160;&#038;
    Company&#146;s ability to adequately carry out its advisory
    responsibilities.
</DIV>

<A name='147'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Either
    of the Funds Could Terminate Before You Achieve Your Investment
    Objective Causing Potential Loss of Your Investment or Upsetting
    Your Investment Portfolio</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As general partner of both Funds, Campbell&#160;&#038; Company
    may withdraw from either or both of the Funds upon
    120&#160;days&#146; notice, which would cause that Fund to
    terminate unless a substitute general partner were obtained.
    Other events, such as a long-term substantial loss suffered by
    either Fund, could also cause that Fund to terminate before the
    expiration of its stated term. This could cause you to liquidate
    your investments and upset the overall maturity and timing of
    your investment portfolio. If the registrations with the CFTC or
    memberships in the National Futures Association of
    Campbell&#160;&#038; Company or the futures brokers were revoked
    or suspended, such entity would no longer be able to provide
    services to the Funds.
</DIV>

<A name='148'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Funds are Not Regulated Investment Companies and are Therefore
    Subject to Different Protections Than a Regulated Investment
    Company</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although the Funds and Campbell&#160;&#038; Company are subject
    to regulation by the CFTC, neither of the Funds is an investment
    company subject to the Investment Company Act of 1940 and
    Campbell&#160;&#038; Company is not registered as an investment
    adviser under the Investment Advisers Act of 1940. Accordingly,
</DIV>
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    <BR>
    -21-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    you do not have the protections afforded by those statutes
    which, for example, requires investment companies to have a
    majority of disinterested directors and regulates the
    relationship between the adviser and the investment company.
</DIV>

<A name='149'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Forwards,
    Options, Swaps, Hybrids and Other Derivatives are Not Subject to
    CFTC Regulation; Therefore, the Funds Will Not Receive the Same
    Protections on These Transactions</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds trade foreign exchange contracts and options in the
    interbank market. In the future, the Funds may also trade swaps,
    hybrid instruments and other off-exchange contracts. Swap
    agreements involve trading income streams such as fixed rate for
    floating rate interest. Hybrids are instruments which combine
    features of a security with those of a futures contract. There
    is no exchange or clearinghouse for these contracts and they are
    not regulated by the CFTC. The Funds will not receive the
    protections which are provided by the CFTC&#146;s regulatory
    scheme for these transactions.
</DIV>

<A name='150'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Funds are Subject to Foreign Market Credit and Regulatory
    Risk</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A substantial portion of Campbell&#160;&#038; Company&#146;s
    trades takes place on markets or exchanges outside the United
    States. From time to time, over 50% of each Fund&#146;s overall
    market exposure could involve positions taken on foreign
    markets. Such markets may include, but are not limited to: the
    International Petroleum Exchange, Singapore International
    Monetary Exchange, London Metal Exchange, the Tokyo Commodity
    Exchange, and the list of markets, including their respective
    countries, in the pie chart entitled &#147;Contracts by Sector
    for Both Funds&#148; on page&#160;30. The risk of loss in
    trading foreign futures contracts and foreign options can be
    substantial. Participation in foreign futures contracts and
    foreign options transactions involves the execution and clearing
    of trades on, or subject to the rules of, a foreign board of
    trade.
    <FONT style="white-space: nowrap">Non-U.S.&#160;markets</FONT>
    may not be subject to the same degree of regulation as their
    U.S.&#160;counterparts. None of the CFTC, NFA or any domestic
    exchange regulates activities of any foreign boards of trade,
    including the execution, delivery and clearing of transactions,
    nor do they have the power to compel enforcement of the rules of
    a foreign board of trade or any applicable foreign laws. Trading
    on foreign exchanges also presents the risks of exchange
    controls, expropriation, taxation and government disruptions.
</DIV>

<A name='151'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Funds are Subject to Foreign Exchange Risk</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The price of any foreign futures or foreign options contract
    and, therefore, the potential profit and loss thereon, may be
    affected by any variance in the foreign exchange rate between
    the time a position is established and the time it is
    liquidated, offset or exercised. Certain foreign exchanges may
    also be in a more or less developmental stage so that prior
    price histories may not be indicative of current price dynamics.
    In addition, the Funds may not have the same access to certain
    positions on foreign exchanges as do local traders, and the
    historical market data on which Campbell&#160;&#038; Company
    bases its strategies may not be as reliable or accessible as it
    is in the United States. The rights of clients (such as the
    Funds) in the event of the insolvency or bankruptcy of a
    <FONT style="white-space: nowrap">non-U.S.&#160;market</FONT>
    or broker are also likely to be more limited than in the case of
    U.S.&#160;markets or brokers.
</DIV>

<A name='152'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Transfers
    Could be Restricted</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may transfer or assign your Units only upon
    30&#160;days&#146; prior written notice to Campbell&#160;&#038;
    Company and only if Campbell&#160;&#038; Company is satisfied
    that the transfer complies with applicable laws and would not
    result in adverse legal or tax consequences for the Funds.
</DIV>

<A name='153'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    Single-Advisor Fund&#160;May Be More Volatile Than a
    Multi-Advisor Fund</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Both Funds are single-advisor managed futures funds. You should
    understand that many managed futures funds are structured as
    multi-advisor funds in order to attempt to control risk and
    reduce volatility through combining advisors whose historical
    performance records have exhibited a significant degree of
    non-correlation with each other. As single-advisor managed
    futures funds, the Funds may have increased performance
    volatility and a higher risk of loss than investment vehicles
    employing multiple advisors.
</DIV>

<A name='154'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Performance Fee Could be an Incentive to Make Riskier
    Investments</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company employs speculative strategies for
    the Funds, and receives performance fees based on the trading
    profits earned by it for the Funds. Campbell&#160;&#038; Company
    would not agree to manage the Funds&#146; accounts in the
    absence of such a performance fee arrangement. Accordingly,
    Campbell&#160;&#038; Company may make investments that are
    riskier than might be made if the Funds&#146; assets were
    managed by a trading advisor that did not require
    performance-based compensation.
</DIV>
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    <BR>
    -22-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='155'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Funds May Distribute Profits to Limited Partners at Inopportune
    Times</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company reserves the right to make
    distributions of profits of the Funds to the limited partners at
    any time in its sole discretion in order to control the growth
    of the assets under Campbell&#160;&#038; Company&#146;s
    management. Limited partners will have no choice in receiving
    these distributions as income, and may receive little notice
    that these distributions are being made. Distributions may be
    made at an inopportune time for the limited partners.
</DIV>

<A name='156'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Potential
    Inability to Trade or Report Due to Systems Failure Could
    Adversely Affect the Funds</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company&#146;s strategies are dependent to
    a significant degree on the proper functioning of its internal
    computer systems. Accordingly, systems failures, whether due to
    third party failures upon which such systems are dependent or
    the failure of Campbell&#160;&#038; Company&#146;s hardware or
    software, could disrupt trading or make trading impossible until
    such failure is remedied. Any such failure, and consequential
    inability to trade (even for a short time), could, in certain
    market conditions, cause the Funds to experience significant
    trading losses or to miss opportunities for profitable trading.
    Additionally, any such failures could cause a temporary delay in
    reports to investors.
</DIV>

<A name='157'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Failure
    to Receive Timely and Accurate Market Data from Third Party
    Vendors Could Cause Disruptions or the Inability to
    Trade</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company&#146;s strategies are dependent to
    a significant degree on the receipt of timely and accurate
    market data from third party vendors. Accordingly, the failure
    to receive such data in a timely manner or the receipt of
    inaccurate data, whether due to the acts or omissions of such
    third party vendors or otherwise, could disrupt trading to the
    detriment of the Funds or make trading impossible until such
    failure or inaccuracy is remedied. Any such failure or
    inaccuracy could, in certain market conditions, cause the Funds
    to experience significant trading losses, effect trades in a
    manner which it otherwise would not have done, or miss
    opportunities for profitable trading. For example, the receipt
    of inaccurate market data may cause the Funds to establish (or
    exit) a position which it otherwise would not have established
    (or exited), or fail to establish (or exit) a position which it
    otherwise would have established (or exited), and any subsequent
    correction of such inaccurate data may cause the Funds to
    reverse such action or inaction, all of which may ultimately be
    to the detriment of the Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    [REMAINDER OF THIS PAGE&#160;LEFT BLANK INTENTIONALLY.]
</DIV>
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    <BR>
    -23-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<A name='158'>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SELECTED
    FINANCIAL DATA WITH RESPECT TO THE STRATEGIC ALLOCATION
    FUND&#160;ONLY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dollars
    in thousands, except per unit amounts</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For The Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,858,856
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,541,717
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,999,585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,777,987
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,233,064
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total Partners&#146; Capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,708,492
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,455,894
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,803,392
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,654,540
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,175,699
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total Net Trading Gain (Loss) (includes brokerage commissions)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (56,051
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    139,135
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (620,158
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    348,176
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    611,580
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net Income (Loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (199,877
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (24,940
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (739,180
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    211,997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    424,794
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net Income (Loss) Per General and Limited Partner Unit*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (240.77
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (21.87
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (440.33
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    272.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Increase (Decrease) in Net Asset Value per General and Limited
    Partner Unit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (235.52
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (40.75
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (458.41
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    121.64
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    261.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on weighted average number of Units outstanding during the
    period.</TD>
</TR>

</TABLE>

<A name='159'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUPPLEMENTARY
    FINANCIAL INFORMATION WITH RESPECT TO THE STRATEGIC ALLOCATION
    FUND&#160;ONLY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dollars
    in thousands, except per unit amounts</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following summarized quarterly financial information
    presents the results of operations for the three month periods
    ended March&#160;31, June&#160;30, September&#160;30, and
    December&#160;31, 2009 and 2008.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>1st Qtr.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2nd Qtr.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>3rd Qtr.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>4th Qtr.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total Net Trading Gain (Loss) (includes brokerage commissions)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,220
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (137,234
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    79,151
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (6,188
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net Income (Loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (34,226
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (174,076
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46,059
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (37,634
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net Income (Loss) per General and Limited Partner Unit*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (37.40
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (203.11
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57.43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (50.42
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Increase (Decrease) in Net Asset Value per General and Limited
    Partner Unit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (39.68
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (202.41
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (52.36
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net Asset Value per General and Limited Partner Unit at the End
    of the Period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,590.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,387.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,446.74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,394.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on weighted average number of Units outstanding during the
    period.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>1st Qtr.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2nd Qtr.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>3rd Qtr.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>4th Qtr.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total Net Trading Gain (Loss) (includes brokerage commissions)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    64,968
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    173,742
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (85,127
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (14,448
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net Income (Loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,628
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    130,870
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (124,310
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (59,128
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net Income (Loss) per General and Limited Partner Unit*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.41
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    111.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (118.24
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (60.14
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Increase (Decrease) in Net Asset Value per General and Limited
    Partner Unit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    119.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (119.34
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (60.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net Asset Value per General and Limited Partner Unit at the End
    of the Period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,690.19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,809.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,689.97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,629.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on weighted average number of Units outstanding during the
    period.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -24-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<A name='160'>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.</FONT></B>
</DIV>

</A>
<A name='161'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Description</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company is the general partner and trading
    advisor of the Funds. It is a Maryland corporation organized in
    April 1978 as a successor to a partnership originally organized
    in January 1974. Its offices are located at 2850 Quarry Lake
    Drive, Baltimore, Maryland 21209, and its telephone number is
    <FONT style="white-space: nowrap">(410)&#160;413-2600.</FONT>
    Its primary business is the trading and management of
    discretionary futures and forward accounts, including commodity
    pools. As of February&#160;28, 2010, Campbell&#160;&#038;
    Company and its affiliates had approximately $3.2&#160;billion
    under management (including approximately $2.6&#160;billion
    traded pursuant to the same Financial, Metal&#160;&#038; Energy
    Large Portfolio as traded by the Strategic Allocation Fund and
    approximately $17.3&#160;million (including proprietary assets)
    and $6.5&#160;million (including proprietary assets) traded
    pursuant to the same Trend Following Portfolio and Trend
    Following (GLD) Portfolio, respectively, as traded by the Global
    Trend Fund). Please refer to &#147;Campbell&#160;&#038; Company,
    Inc.&#160;&#151; Trading Systems&#148; for a discussion of all
    of the portfolios offered by Campbell&#160;&#038; Company, which
    includes the Financial, Metal&#160;&#038; Energy Large
    Portfolio, the Trend Following Portfolio and the Trend Following
    (GLD) Portfolio. Please refer to &#147;Past Performance of the
    Campbell Strategic Allocation Fund, L.P.&#148; on page&#160;46
    for the performance data required to be disclosed for the most
    recent five calendar years and
    <FONT style="white-space: nowrap">year-to-date.</FONT>
    The Global Trend Fund has not commenced trading and does not
    have any performance history.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company has been a member of the NFA since
    July&#160;1, 1982, and has been registered as a commodity pool
    operator since September&#160;10, 1982 and as a commodity
    trading advisor since May&#160;6, 1978. Pools currently operated
    by Campbell&#160;&#038; Company, in addition to the two pools
    discussed herein, include: Campbell Financial Futures
    Fund&#160;Limited Partnership, which trades pursuant to the FME
    Large Portfolio; Campbell Fund&#160;Trust, which trades pursuant
    to the Global Diversified Large Portfolio (this portfolio that
    trades a fully diversified portfolio including energy products,
    soft and other commodities, precious and base metals, stock
    market indices, interest rates and foreign currencies); Campbell
    Global Assets Fund&#160;Limited SAC (Classes&#160;A and D),
    which trade pursuant to the FME Large Portfolio; The Campbell
    Gold Plus Fund, L.P., which trades pursuant to the Trend
    Following Portfolio and the Trend Following (GLD) Portfolio, and
    Campbell Alternative Asset Trust, which trades pursuant to the
    FME Large Portfolio. None of these Funds are in direct
    competition with the Strategic Allocation Fund or the Global
    Trend Fund. Campbell&#160;&#038; Company&#146;s compensation is
    discussed in &#147;Charges to the Funds&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The principals of Campbell&#160;&#038; Company have not
    purchased, and do not intend to purchase, Units. Although
    Campbell&#160;&#038; Company has an employee trading policy, it
    has no policy, written or otherwise, in place that limits the
    amount of Units that a principal may purchase in either Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company has agreed that its capital account
    as general partner at all times will equal to the greater of
    either (i)&#160;1% of the net aggregate capital contributions of
    all partners or (ii)&#160;$25,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There has never been any material administrative, civil or
    criminal proceedings brought against Campbell&#160;&#038;
    Company or its principals, whether pending, on appeal or
    concluded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company&#146;s principals are
    G.&#160;William Andrews, Theresa D. Becks, D. Keith Campbell,
    Bruce L. Cleland, Gregory T. Donovan, Michael S. Harris, Michael
    J. Hebrank, Xiaohua Hu, Thomas P. Lloyd and Tracy Wills-Zapata.
    The majority voting stockholder of Campbell&#160;&#038; Company
    is D. Keith Campbell.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading advisor makes the Funds&#146; trading decisions
    using proprietary trading models which analyze both technical
    and fundamental market indicators.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds utilize a systematic, model driven trading approach.
    The trading advisor manages the Funds&#146; assets based on
    signals derived from trading models, thereby minimizing the
    &#147;human&#148; element in the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    individual investment decision making process. More
    specifically, risk management sits at the model and portfolio
    level. Portfolio-wide position limits, portfolio volatility, and
    model diversification are also monitored.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    G. William Andrews, born in 1972, has been employed by
    Campbell&#160;&#038; Company since April 1997 and was appointed
    Chief Operating Officer in January 2010, was Vice President:
    Director of Operations from April 2007 to January 2010, Vice
    President: Director of Research Operations from March 2006 to
    April 2007 and Research Assistant from March 2005 to 2007. As
    Chief Operating Officer, he is involved in all operational
    aspects of the firm. In March 2010, Mr.&#160;Andrews was
    appointed to the firm&#146;s Investment Committee, which is
    responsible for the management of the research and investment
    process at
</DIV>
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    -25-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the firm. Mr.&#160;Andrews is also the Vice President and Chief
    Operating Officer of both Campbell&#160;&#038; Company
    Investment Adviser LLC, a wholly-owned subsidiary of
    Campbell&#160;&#038; Company, a registered commodity trading
    advisor and an SEC registered investment adviser, and The
    Campbell Multi-Strategy Trust, a registered investment company.
    Mr.&#160;Andrews holds an M.B.A. in Finance from Loyola College
    in Maryland and a Bachelor of Social Science from Waikato
    University, New Zealand. Mr.&#160;Andrews became listed as a
    Principal of Campbell&#160;&#038; Company effective
    June&#160;21, 2006. Mr.&#160;Andrews became listed as a
    Principal of Campbell &#038; Company Investment Adviser LLC
    effective March&#160;29, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Theresa D. Becks, born in 1963, joined Campbell&#160;&#038;
    Company in June 1991 and has served as President and Chief
    Executive Officer since April 2007, Secretary since May 1992, a
    Director since January 1994, and was Chief Financial Officer and
    Treasurer until July 2008. Ms.&#160;Becks is also the President
    and Chief Executive Officer of Campbell&#160;&#038; Company
    Investment Adviser LLC, a wholly-owned subsidiary of
    Campbell&#160;&#038; Company, a registered commodity trading
    advisor and an SEC registered investment adviser, and Trustee,
    President, and Chief Executive Officer of The Campbell
    Multi-Strategy Trust, a registered investment company.
    Ms.&#160;Becks served as a member of the Board of Directors of
    the Managed Funds Association from November 2002 to November
    2006. Ms.&#160;Becks is a C.P.A. and has a B.S. in Accounting
    from the University of Delaware. Ms.&#160;Becks became
    registered as an Associated Person and listed as a Principal and
    NFA Associate Member of Campbell&#160;&#038; Company effective
    May&#160;7, 1999, March&#160;10, 1993 and April&#160;21, 1999,
    respectively. Ms.&#160;Becks became registered as an Associated
    Person and listed as a Principal and NFA Associate Member of
    Campbell&#160;&#038; Company Investment Adviser LLC effective
    December&#160;14, 2005, December&#160;12, 2005 and
    December&#160;14, 2005, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    D. Keith Campbell, born in 1942, has served as the Chairman of
    the Board of Directors of Campbell&#160;&#038; Company since it
    began operations in 1972, was President until January 1994, and
    was Chief Executive Officer until January 1998.
    Mr.&#160;Campbell is the majority voting stockholder of
    Campbell&#160;&#038; Company. Mr.&#160;Campbell has acted as a
    commodity trading advisor since 1972 when, as general partner of
    the Campbell Fund, a limited partnership engaged in commodity
    futures trading, he assumed sole responsibility for trading
    decisions made on its behalf. Since then, he has applied various
    technical trading models to numerous discretionary futures
    trading accounts. Mr.&#160;Campbell is registered with the CFTC
    and NFA as a commodity pool operator. Mr.&#160;Campbell became
    registered as an Associated Person and listed as a Principal and
    NFA Associate Member of Campbell&#160;&#038; Company effective
    October&#160;29, 1997, September&#160;29, 1978 and
    September&#160;29, 1997, respectively. Mr.&#160;Campbell became
    listed as a Principal of Campbell&#160;&#038; Company Investment
    Adviser LLC effective July&#160;9, 2008. Mr.&#160;Campbell
    became listed as a Principal of his Commodity Pool Operator
    effective March&#160;10, 1975.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bruce L. Cleland, born in 1947, joined Campbell&#160;&#038;
    Company in January 1993 and has served as Vice Chairman of the
    Board of Directors of Campbell&#160;&#038; Company since April
    2007, was President from January 1994 to April 2007, and Chief
    Executive Officer from January 1998 to April 2007. Until April
    2007, Mr.&#160;Cleland was also the President and Chief
    Executive Officer of Campbell&#160;&#038; Company Investment
    Adviser LLC, a wholly-owned subsidiary of Campbell&#160;&#038;
    Company, a registered commodity trading advisor and an SEC
    registered investment adviser, and Trustee, Chief Executive
    Officer and President of The Campbell Multi-Strategy Trust, a
    registered investment company. In March 2010, Mr.&#160;Cleland
    was appointed to the firm&#146;s Investment Committee, which is
    responsible for the management of the research and investment
    process at the firm. Mr.&#160;Cleland is currently a member of
    the Board of Directors of the National Futures Association, and
    previously served as a member of the Board of Directors of the
    Managed Funds Association and as a member of the Board of
    Governors of the COMEX, in New York. Mr.&#160;Cleland is a
    graduate of Victoria University in Wellington, New Zealand where
    he earned a Bachelor of Commerce and Administration degree.
    Mr.&#160;Cleland became registered as an Associated Person and
    listed as a Principal and NFA Associate Member of
    Campbell&#160;&#038; Company effective December&#160;15, 1993,
    September&#160;15, 1993 and December&#160;15, 1993,
    respectively. Mr.&#160;Cleland was an Associated Person,
    Principal and NFA Associate Member of Campbell&#160;&#038;
    Company Investment Adviser LLC from December 2005 to April 2007.
    Effective July&#160;9, 2008, Mr.&#160;Cleland again became
    listed as a Principal of Campbell&#160;&#038; Company Investment
    Adviser LLC. Mr.&#160;Cleland was a registered Associated Person
    and NFA Associate Member of Campbell&#160;&#038; Company
    Investment Adviser LLC from December 2005 to April 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gregory T. Donovan, born in 1972, has been employed by
    Campbell&#160;&#038; Company since October
</DIV>
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    <BR>
    -26-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2006 as Chief Financial Officer and Treasurer since July 2008,
    and was Senior Vice President of Accounting and Finance from
    October 2006 to July 2008. His duties include oversight of
    accounting and finance functions and review of accounting
    policies and procedures. Mr.&#160;Donovan is also the Chief
    Financial Officer, Treasurer and Assistant Secretary of both
    Campbell&#160;&#038; Company Investment Adviser LLC, a
    wholly-owned subsidiary of Campbell&#160;&#038; Company, a
    registered commodity trading advisor and an SEC registered
    investment adviser, and The Campbell Multi-Strategy Trust, a
    registered investment company. From November 2003 to October
    2006, Mr.&#160;Donovan was employed by Huron Consulting
    Services, a managing consulting firm, serving as Director in the
    Financial and Economic Consulting Practice. Mr.&#160;Donovan is
    a C.P.A. and has a B.S. in Business Administration with
    concentrations in Accounting and Management from Castleton State
    College and holds a M.S. in Finance from the University of
    Baltimore. Mr.&#160;Donovan became registered as an Associated
    Person and listed as a Principal and NFA Associate Member of
    Campbell&#160;&#038; Company effective July&#160;5, 2007,
    May&#160;9, 2007 and July&#160;2, 2007, respectively.
    Mr.&#160;Donovan became listed as a Principal of
    Campbell&#160;&#038; Company Investment Adviser LLC effective
    May&#160;16, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Michael S. Harris, born in 1975, has been employed by
    Campbell&#160;&#038; Company since July 2000, was appointed
    Deputy Manager of Trading in September 2004 and has served as
    Vice President and Director of Trading since June 2006. His
    duties include managing daily trade execution for the assets
    under Campbell&#160;&#038; Company&#146;s management.
    Mr.&#160;Harris holds a B.A. in Economics and Japanese Studies
    from Gettysburg College. He also spent time studying abroad at
    Kansai Gaidai University in Osaka, Japan. Mr.&#160;Harris became
    registered as an Associated Person and listed as a Principal and
    NFA Associate Member of Campbell&#160;&#038; Company effective
    September&#160;21, 2000, June&#160;15, 2006 and August&#160;19,
    2000, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Michael J. Hebrank, born in 1955, joined Campbell&#160;&#038;
    Company in April 2004 and has served as Chief Technology Officer
    since then. From February 1999 to April 2004, Mr.&#160;Hebrank
    was the Chief Information Officer at Greater Baltimore Medical
    Center, the fourth largest healthcare system in Maryland.
    Mr.&#160;Hebrank holds a B.S. in Applied Statistics from the
    University of Baltimore and an M.S. in Computer Engineering from
    Loyola College of Maryland. Mr.&#160;Hebrank became listed as a
    Principal of Campbell&#160;&#038; Company effective
    June&#160;21, 2006.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Xiaohua Hu, born in 1963, joined Campbell&#160;&#038; Company in
    April 1994 and was appointed Research Director in March 2010.
    Since he joined the firm, Mr.&#160;Hu has had a major role in
    the ongoing research and development of Campbell&#160;&#038;
    Company&#146;s trading systems. In March 2010, Mr.&#160;Hu was
    appointed to the firm&#146;s Investment Committee, which is
    responsible for the management of the research and investment
    process at the firm. Mr.&#160;Hu holds a B.A. in Manufacturing
    Engineering from Changsha University of Technology in China. He
    went on to receive an M.A. and Ph.D. in Systems and Information
    Engineering from the Toyohashi University of Technology, in
    Japan. During his studies at Toyohashi, Mr.&#160;Hu was also a
    Visiting Researcher in Computer Science and Operations Research
    and published several research papers. Mr.&#160;Hu became listed
    as a Principal of Campbell&#160;&#038; Company effective
    April&#160;7, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Thomas P. Lloyd, born in 1959, joined Campbell&#160;&#038;
    Company in September 2005 as General Counsel and Executive Vice
    President-Legal and Compliance. In this capacity, he is involved
    in all aspects of legal affairs, compliance and regulatory
    oversight. Since April 2007, Mr.&#160;Lloyd has also overseen
    Campbell&#160;&#038; Company&#146;s fund administration
    function. Mr.&#160;Lloyd is also the Secretary, Chief Compliance
    Officer and Assistant Treasurer of both Campbell&#160;&#038;
    Company Investment Adviser LLC, a wholly-owned subsidiary of
    Campbell&#160;&#038; Company, a registered commodity trading
    advisor and an SEC registered investment adviser, and The
    Campbell Multi-Strategy Trust, a registered investment company.
    From July 1999 to September 2005, Mr.&#160;Lloyd was employed by
    Deutsche Bank Securities Inc. (&#147;DBSI&#148;) in several
    positions, including Managing Director and head of the legal
    group for Deutsche Bank Alex. Brown, the Private Client Division
    of DBSI. Mr.&#160;Lloyd holds a B.A. in Economics from the
    University of Maryland, and a J.D. from the University of
    Baltimore School of Law. Mr.&#160;Lloyd is a member of the Bars
    of the State of Maryland and the United States Supreme Court.
    Mr.&#160;Lloyd became listed as a Principal of
    Campbell&#160;&#038; Company and Campbell&#160;&#038; Company
    Investment Adviser LLC effective October&#160;20, 2005 and
    December&#160;12, 2005, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tracy Wills-Zapata, born in 1971, joined Campbell&#160;&#038;
    Company in February 2006 and has served as Managing
    Director&#160;&#151; Business Development since January 2007 and
    was Managing Director of
</DIV>
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    <BR>
    -27-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Institutional Business Development from February 2006 to January
    2007. Ms.&#160;Wills-Zapata is also the Vice President of both
    Campbell&#160;&#038; Company Investment Adviser LLC, a
    wholly-owned subsidiary of Campbell&#160;&#038; Company, a
    registered commodity trading advisor and an SEC registered
    investment adviser, and The Campbell Multi-Strategy Trust, a
    registered investment company. Prior to joining Campbell,
    Ms.&#160;Wills-Zapata was a Managing Director of DB Advisors
    LLC, and affiliates, from September 2002 to December 2005, where
    she was responsible for distribution of Deutsche Bank&#146;s
    single manager hedge fund platform. Ms.&#160;Wills-Zapata was
    registered as an Associated Person from January 2005 to December
    2005 with DB Capital Advisers Inc., from February 2003 to
    January 2005 with DB Advisors LLC, and from November 2002 to
    February 2003 with Deutsche Bank Securities Inc.
    Ms.&#160;Wills-Zapata was listed as a Principal with DB Advisors
    LLC from February 2003 to February 2004. Ms.&#160;Wills-Zapata
    was an NFA Associate Member from December 2004 to December 2005
    with DB Capital Advisers Inc., from January 2003 to January 2005
    with DB Advisors LLC, and from November 2002 to February 2003
    with Deutsche Bank Securities, Inc. Wills-Zapata is currently a
    member of the Board of Directors and a Member of the Executive
    Committee for the Managed Funds Association.
    Ms.&#160;Wills-Zapata became registered as an Associated Person
    and listed as a Principal and NFA Associate Member of
    Campbell&#160;&#038; Company effective March&#160;27, 2006,
    July&#160;21, 2008 and March&#160;27, 2006, respectively.
    Ms.&#160;Wills-Zapata became registered as an Associated Person
    and listed as a Principal and NFA Associate Member of
    Campbell&#160;&#038; Company Investment Adviser LLC effective
    February&#160;18, 2009.
</DIV>

<A name='162'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Advisory Agreements</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the Advisory Agreement for each Fund,
    Campbell&#160;&#038; Company has the sole authority and
    responsibility for directing the investment and reinvestment of
    the Funds&#146; assets. The Funds&#146; advisory agreement with
    Campbell&#160;&#038; Company is valid for successive periods of
    one year, subject to each party&#146;s right to terminate on
    60&#160;days&#146; prior written notice. It is unlikely that
    either advisory agreement would be terminated other than as a
    direct result of the dissolution of either or both Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The advisory agreements do not alter any fiduciary duties that
    may otherwise be imposed by state law on Campbell&#160;&#038;
    Company.
</DIV>

<A name='163'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Trading
    Systems</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company makes the Funds&#146; trading
    decisions using proprietary computerized trading models which
    analyze market statistics. There can be no assurance that the
    trading models will produce results similar to those produced in
    the past. In addition, limited partners will not have any vote
    or consent with respect to the trading approaches utilized by
    Campbell&#160;&#038; Company. Existing limited partners will be
    notified in advance via their monthly statements with regard to
    any changes deemed to be a material change from the trading
    approach as currently described.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company currently offers the following
    portfolios:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    The Financial, Metal&#160;&#038; Energy Large Portfolio,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2)&#160;The Trend Following Portfolio,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3)&#160;The Global Diversified Portfolio,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4)&#160;The Trend Following (GLD) Portfolio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company Investment Adviser LLC, a
    wholly-owned subsidiary of Campbell&#160;&#038; Company, Inc.,
    currently offers the Multi-Strategy Portfolio, a commodities and
    securities portfolio with different investment objectives and
    terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund trades pursuant to the Campbell
    FME Large Portfolio. The FME Large Portfolio seeks to generate
    attractive risk-adjusted returns across a broad range of market
    conditions through systematic investments in a diversified
    portfolio of futures, forward and option contracts in a diverse
    array of global assets, including global interest rates, stock
    indices, currencies and commodities. The Portfolio consists of
    underlying investment strategies that aim for low correlation
    and are diversified by investment style, investment holding
    period and instrument.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Two primary portfolio
    <FONT style="white-space: nowrap">sub-strategies,</FONT>
    Diversified and Sector Specific, look for momentum-oriented
    movement across global asset classes on the basis of price or
    other technical indicators, while also capturing global trends
    on the basis of underlying fundamental or econometric data.
    Additional models, markets
    <FONT style="white-space: nowrap">and/or</FONT>
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    contracts may also be included or eliminated from time to time
    in Campbell&#160;&#038; Company&#146;s sole discretion without
    notice to unitholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund currently consists of two series
    (&#147;Series&#148;)&#160;&#151; the Global Trend Series (USD)
</DIV>
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    <BR>
    -28-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and the Global Trend Series (GLD). The Global Trend Series (USD)
    seeks to provide investors with a U.S.&#160;Dollar-denominated
    exposure to the Campbell Trend Following Portfolio. The Global
    Trend Series (USD) will trade pursuant to the Campbell Trend
    Following Portfolio. The Trend Following Portfolio seeks to
    exploit both the tendency for individual market momentum to
    persist and the tendency for markets to influence each other by
    aggregating (either negatively or positively) into independent
    factor groups. Campbell&#160;&#038; Company&#146;s Technical
    Model Series is based on traditional and alternative
    trend-following methods to exploit future market moves. A focus
    of the model series is to equalize exposure to multiple time
    horizons, trading strategies, asset classes, and signal
    information. Proper position sizing and risk control is closely
    monitored. Additional models, markets
    <FONT style="white-space: nowrap">and/or</FONT>
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    contracts may also be included or eliminated from time to time
    in Campbell&#160;&#038; Company&#146;s sole discretion without
    notice to unitholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Series (GLD) trades the Trend Following (GLD)
    Portfolio, which seeks to provide investors with a
    gold-denominated exposure to the Campbell Trend Following
    Portfolio. The gold-denominated exposure is achieved by first
    converting the investors&#146; U.S.&#160;Dollar investment to an
    exposure to gold by purchasing long positions in gold futures
    with a value approximately equal to the net asset value of that
    Series. The Global Trend Series (GLD) then seeks appreciation
    through a 100% overlay of the Campbell Trend Following
    Portfolio. The trading advisor will adjust the Global Trend
    Series (GLD)&#146;s respective allocations to gold and the Trend
    Following Portfolio at the beginning of each month to reflect
    additions to and redemptions of Series capital, as well as to
    reflect profits and losses from the Series&#146; long gold
    futures and its futures and currencies trading activities and
    interest income as of the end of the preceding month so as to
    maintain a gold futures position with a value approximately
    equal to the Series&#146; net asset value at the beginning of
    each month.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See the sections &#147;Use of Proceeds&#148; on page&#160;57 and
    &#147;The Futures, Forward, Option and Swap Markets&#148; on
    page&#160;146 for a more detailed discussion of the instruments
    that the Funds will invest in and the approximate investment
    amounts in each category. The Funds currently have no intention
    of trading in swaps. If, in the future, the trading advisors see
    it as advantageous to the portfolios, the trading advisors may
    enter into swap transactions on behalf of the Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See the following pie chart for a listing of contracts, by
    sector, for both the FME Large Portfolio and the Trend Following
    Portfolio. Sector allocation and the specific markets traded,
    may frequently fluctuate in response to changes in market
    volatility. <I>The pie chart is not weighted to trading
    percentages.</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    -29-
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Contracts
    by Sector for Both Funds</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814006.gif" alt="(FLOW CHART)">
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company&#146;s trading models are designed
    to detect and exploit medium- to long-term price changes, while
    also applying proven risk management and portfolio management
    principles. Portfolio composition, including contracts traded
    and percentage allocations to each sector, may change at any
    time if Campbell&#160;&#038; Company determines such change to
    be in the best interests of the Fund. Each sector traded by the
    Funds appears as a caption in the preceding pie charts. As an
    example, natural gas is a market that is traded within the
    commodities sector.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company believes that utilizing multiple
    trading models for the same client account provides an important
    level of diversification, and is most beneficial when multiple
    contracts in each market are traded. Every trading model may not
    trade every market. It is possible that one trading model may
    signal a long position while another trading model signals a
    short position in the same market. It is Campbell&#160;&#038;
    Company&#146;s intention to offset those signals to reduce
    unnecessary trading, but if the signals are not simultaneous,
    both trades will be taken and, since it is unlikely that both
    positions would prove profitable, in retrospect one or both
    trades will appear to have been unnecessary. It is
    Campbell&#160;&#038; Company&#146;s policy to follow trades
    signaled by each trading model independently of the other models.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Over the course of a medium- to long-term price change, there
    are times when the risk of the market does not appear to be
    justified by the potential reward. In such circumstances some of
    Campbell&#160;&#038; Company&#146;s trading models may exit a
    winning position prior to the end of a price move. While there
    is some risk to this method (for example, being out of the
    market during a significant portion of a price move),
    Campbell&#160;&#038; Company&#146;s research indicates that this
    is well compensated for by the decreased volatility of
    performance that may result.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company&#146;s trading models may include
    trend-following trading models, counter-trend trading models,
    and trading models that do not seek to identify or follow price
    trends at all. Campbell&#160;&#038; Company expects to develop
    additional trading models and to modify models currently in use
    and may or may not employ all such models for all clients&#146;
    accounts. The trading models currently used by
    Campbell&#160;&#038; Company may be eliminated from use if
</DIV>
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    <BR>
    -30-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company ever believes such action is
    warranted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While Campbell&#160;&#038; Company normally follows a
    disciplined, systematic approach to trading, on occasion it may
    override the signals generated by the trading models, such as
    when market conditions dictate otherwise. While such action may
    be taken for any reason at any time at Campbell&#160;&#038;
    Company&#146;s discretion, it will normally only be taken to
    reduce risk in the portfolio, and may or may not enhance the
    results that would otherwise be achieved.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company applies risk management and
    portfolio management strategies to measure and manage overall
    portfolio risk. These strategies include portfolio structure,
    risk balance, capital allocation, and risk limitation. One
    objective of risk and portfolio management is to determine
    periods of relatively high and low portfolio risk, and when such
    points are reached, Campbell&#160;&#038; Company may reduce or
    increase position size accordingly. It is possible, however,
    that this reduction or increase in position size may not enhance
    the results achieved over time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From time to time Campbell&#160;&#038; Company may increase or
    decrease the total number of contracts held based on increases
    or decreases in the Funds&#146; assets, changes in market
    conditions, perceived changes in portfolio-wide risk factors, or
    other factors which may be deemed relevant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company estimates that, based on the margin
    required to maintain positions in the markets currently traded,
    the ratio of margin to equity is typically 10% to 30% of each
    Fund&#146;s net asset value. From time to time, margin
    commitments may be above or below this range.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of contracts that Campbell&#160;&#038; Company
    believes can be bought or sold in a particular market without
    unduly influencing price adversely may at times be limited. In
    such cases, a client&#146;s portfolio would be influenced by
    liquidity factors because the positions taken in such markets
    might be substantially smaller than the positions that would
    otherwise be taken.
</DIV>

<A name='164'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Trading
    Capacity</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company believes that it is not possible to
    define or quantify capacity with any degree of certainty.
    Campbell&#160;&#038; Company has continued to introduce new
    strategies designed to deliver returns which have low
    correlation to returns from existing strategies. In addition,
    Campbell&#160;&#038; Company has continued to develop new ways
    to manage assets, such as the application of dynamic portfolio
    and capital management tools and innovative execution methods.
    In the past, a significant increase in assets has led to
    portfolio compromises, as increasingly large positions can only
    be established and maintained in those markets that have
    sufficient depth and liquidity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding Campbell&#160;&#038; Company&#146;s research,
    risk and portfolio management efforts, there may come a time
    when the combination of available markets and new strategies may
    not be sufficient for Campbell&#160;&#038; Company to add new
    assets without detriment to diversification. If this were to
    occur, Campbell&#160;&#038; Company would expect risk-adjusted
    returns to begin to degrade&#160;&#151; a more concentrated
    portfolio may result in lower risk-adjusted returns and may have
    a detrimental affect on your investment. See &#147;The Risks You
    Face&#160;&#151; Trading Risks&#160;&#151; Increase in Assets
    Under Management May Make Profitable Trading More
    Difficult.&#148;
</DIV>

<A name='165'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT&#146;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS&#160;&#151; Strategic Allocation Fund</FONT></B>
</DIV>

</A>
<A name='166'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Introduction</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The offering of Campbell Strategic Allocation
    Fund&#160;L.P.&#146;s (the &#147;Strategic Allocation
    Fund&#148;) Units of Limited Partnership Interest commenced on
    January&#160;12, 1994, and the initial offering terminated on
    April&#160;15, 1994 with proceeds of $9,692,439. The continuing
    offering period commenced immediately after the termination of
    the initial offering period; additional subscriptions totaling
    $6,068,918,915 have been accepted during the continuing offering
    period ended June&#160;13, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Redemptions through December&#160;31, 2009 total $4,774,313,435.
    The Strategic Allocation Fund commenced operations on
    April&#160;18, 1994.
</DIV>

<A name='167'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Critical
    Accounting Policies</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The preparation of financial statements in conformity with
    accounting principles generally accepted in the United States
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities and
    disclosures of contingent assets and liabilities at the date of
    the financial statements and the reported amounts of income and
    expense during the reporting period. Management believes that
    the estimates utilized in
</DIV>
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    <BR>
    -31-
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    preparing the financial statements are reasonable and prudent;
    however, actual results could differ from those estimates. The
    Strategic Allocation Fund&#146;s significant accounting policies
    are described in detail in Note&#160;1 of its Financial
    Statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund records all investments at fair
    value in its financial statements, with changes in fair value
    reported as a component of change in unrealized trading gain
    (loss) in the Statements of Operations. Generally, fair values
    are based on market prices; however, in certain circumstances,
    estimates are involved in determining fair value in the absence
    of an active market closing price (e.g. forward contracts and
    options on forward contracts which are traded in the inter-bank
    market).
</DIV>

<A name='168'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Capital
    Resources</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective June&#160;14, 2008 through the date of this disclosure
    document, Units in the Strategic Allocation Fund were not
    offered for sale. For existing investors in the Strategic
    Allocation Fund, business has been and will be conducted as
    usual. There will be no change in trading, operations or monthly
    statements, etc. and redemptions will continue to be offered on
    a monthly basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund does not intend to raise any
    capital through borrowing. Due to the nature of the Strategic
    Allocation Fund&#146;s business, it will make no capital
    expenditures and will have no capital assets, which are not
    operating capital or assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund maintains
    <FONT style="white-space: nowrap">40-80%</FONT> of
    its net asset value in cash, cash equivalents or other liquid
    positions in its cash management program over and above that
    needed to post as collateral for trading. These funds are
    available to meet redemptions each month. After redemptions are
    taken into account each month, the trade level of the Strategic
    Allocation Fund is adjusted and positions in the instruments the
    Strategic Allocation Fund trades are liquidated, if necessary,
    on a pro-rata basis to meet those increases or decreases in
    trade levels.
</DIV>

<A name='169'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidity</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Most United States commodity exchanges limit fluctuations in
    futures contracts prices during a single day by regulations
    referred to as &#147;daily price fluctuation limits&#148; or
    &#147;daily limits&#148;. During a single trading day, no trades
    may be executed at prices beyond the daily limit. Once the price
    of a futures contract has reached the daily limit for that day,
    positions in that contract can neither be taken nor liquidated.
    Futures prices have occasionally moved to the daily limit for
    several consecutive days with little or no trading. Similar
    occurrences could prevent the Strategic Allocation Fund from
    promptly liquidating unfavorable positions and subject the
    Strategic Allocation Fund to substantial losses which could
    exceed the margin initially committed to such trades. In
    addition, even if futures prices have not moved the daily limit,
    the Strategic Allocation Fund may not be able to execute futures
    trades at favorable prices, if little trading in such contracts
    is taking place. Other than these limitations on liquidity,
    which are inherent in the Strategic Allocation Fund&#146;s
    futures trading operations, the Strategic Allocation Fund&#146;s
    assets are expected to be highly liquid.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The entire offering proceeds, without deductions, were credited
    to the Strategic Allocation Fund&#146;s bank, brokerage
    <FONT style="white-space: nowrap">and/or</FONT> cash
    management accounts. The Strategic Allocation Fund meets margin
    requirements for its trading activities by depositing cash or
    U.S.&#160;government securities with the futures brokers and the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties. This does not reduce the risk of loss from
    trading futures, forward and option contracts. The Strategic
    Allocation Fund receives all interest earned on its assets. No
    other person shall receive any interest or other economic
    benefits from the deposit of Strategic Allocation Fund assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approximately 10% to 30% of the Strategic Allocation Fund&#146;s
    assets normally are committed as required margin for futures
    contracts and held by the futures brokers, although the amount
    committed may vary significantly. Such assets are maintained in
    the form of cash or U.S.&#160;Treasury bills in segregated
    accounts with the futures brokers pursuant to the Commodity
    Exchange Act and regulations thereunder. Approximately 10% to
    30% of the Strategic Allocation Fund&#146;s assets are deposited
    with
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties in order to initiate and maintain forward and
    options on forward contracts. Such assets are not held in
    segregation or otherwise regulated under the Commodity Exchange
    Act, unless such
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty is registered as a futures commission merchant.
    These assets are held either in U.S.&#160;government securities
    or short-term time deposits with
    <FONT style="white-space: nowrap">U.S.-regulated</FONT>
    bank affiliates of the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading advisor deposits the majority of those assets of the
    Strategic Allocation Fund that are not required to be deposited
    as margin with the futures
</DIV>
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    <BR>
    -32-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    broker and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty in custodial accounts with Northern
    Trust&#160;Company. The assets deposited in the custodial
    accounts with Northern Trust&#160;Company are segregated. Such
    custodial accounts constitute approximately 40% to 80% of the
    Strategic Allocation Fund&#146;s assets and is invested,
    directly by Wilmington Trust&#160;Investment Management LLC
    (&#147;Wilmington&#148;) and Horizon Cash Management LLC
    (&#147;Horizon&#148;). Wilmington and Horizon are registered
    with the Securities and Exchange Commission as investment
    advisers under the Investment Advisers Act of 1940. Wilmington
    and Horizon do not guarantee any interest or profits will accrue
    on the Strategic Allocation Fund&#146;s assets in the custodial
    account. Wilmington and Horizon will invest according to agreed
    upon investment guidelines that are modeled after those
    investments allowed by the futures broker as defined under The
    Commodity Exchange Act, Title&#160;17, Part&#160;1,
    &#167;&#160;1.25 Investment of customer funds. Investments can
    include, but are not limited to, (i)&#160;U.S.&#160;Government
    Securities, Government Agency Securities, Municipal Securities,
    banker acceptances and certificates of deposits;
    (ii)&#160;commercial paper; and (iii)&#160;corporate debt.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund occasionally receives margin calls
    (requests to post more collateral) from its futures brokers or
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties, which are met by moving the required portion of
    the assets held in the custody accounts at Northern Trust to the
    margin accounts. In the past 3&#160;years, the Strategic
    Allocation Fund has not needed to liquidate any position as a
    result of a margin call.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund&#146;s assets are not and will not
    be, directly or indirectly, commingled with the property of any
    other person in violation of law or invested with or loaned to
    Campbell&#160;&#038; Company or any affiliated entities.
</DIV>

<A name='170'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Results
    of Operations</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The returns for the years ended December&#160;31, 2009, 2008 and
    2007 were (8.96)%, (1.53)% and (14.65)%, respectively. During
    the years ended December&#160;31, 2009, 2008 and 2007, the
    Strategic Allocation Fund accrued brokerage fees in the amount
    of $144,756,816, $215,712,348 and $348,527,101, respectively, of
    which Campbell &#038; Company, Inc., in its capacity as trading
    advisor and general partner, retained $82,718,180, $123,264,199
    and $199,158,343, respectively. No performance fees were accrued
    or paid during the years ended December&#160;31, 2009, 2008 and
    2007. See &#147;Charges to the Funds&#160;&#151; Strategic
    Allocation Fund&#148; for the breakdown of fees paid to the
    General Partner.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">For
    the Year Ended December&#160;31, 2009</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Of the (8.96)% return for the year ended December&#160;31, 2009,
    approximately 1.66% was due to trading losses (before
    commissions) and approximately 0.14% due to interest income
    offset by approximately 7.44% due to brokerage fees, operating
    costs and offering costs borne by the Strategic Allocation Fund.
    An analysis of the 1.66% trading losses by sector is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="21%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Sector</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>% Gain (Loss)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Currencies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.70
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Commodities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.24
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock Indices
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.46
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest Rates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4.66
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.66
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    President Obama&#146;s stimulus plan took center stage in
    January; however, weak economic data continued to negatively
    impact global stock markets into the start of the New Year. An
    early month rally fizzled quickly, causing notable declines in
    major global indices. The Strategic Allocation Fund gained in
    equity indices trading on net short positions across each
    region. Gains were recorded in fixed income trading as the
    world&#146;s central banks continued to lower interest rates.
    Mounting fiscal deficits and huge issuance needs begin to weigh
    heavy on the long-end; however, credit markets generally
    improved in January with yield spreads continuing to contract.
    Foreign exchange trading finished slightly negative on the
    month. Risk aversion and capital preservation benefited the
    Strategic Allocation Fund&#146;s net long U.S.&#160;Dollar
    position; however, the U.K. government&#146;s unprecedented move
    to give the Bank of England power to increase their stake in
    Royal Bank of Scotland to 70% helped fuel a late month rally in
    the British Pound, eliminating gains from a previous decline.
    Commodity trading was generally flat on volatility across
    precious and base metals and a slowing of the negative energy
    trend.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In February, the U.S.&#160;government&#146;s ability to address
    the economic crisis was met with skepticism by Wall Street.
    Economic data remained persistently weak, especially on the
    employment and housing fronts. The U.S.&#160;was not alone in
    reporting negative news, as European and Asian economies also
    continued with the release of dismal economic data such as
    declining exports and falling dividends. The majority of
    February gains in the Strategic Allocation Fund
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -33-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    resulted from equity indices trading, particularly from short
    positions in the U.S.&#160;and Asia. Additional gains were
    recorded in foreign exchange trading as investors continued to
    feed U.S.&#160;Dollar strength, particularly relative to the
    Japanese Yen. The U.S.&#160;Dollar continues to be the safe
    haven pick as the risk aversion theme continued, as evidenced by
    the U.S.&#160;treasury yields recording all-time lows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stock markets rallied in March as the 2008 fourth quarter
    earnings announcements subsided and large U.S.&#160;banks
    announced they would be profitable for the first two months of
    2009. The majority of the Strategic Allocation Fund&#146;s
    losses in March resulted from equity indices trading, as the
    equity rally adversely impacted net short positions globally.
    Commodities recorded losses as energy price swings have become
    correlated with equities and metals surged on news of
    China&#146;s economic stimulus plan. Gains from fixed income
    markets were recorded from the Strategic Allocation Fund&#146;s
    long global bond positions as prices moved significantly higher
    on announcements from the Swiss, British and American Central
    Banks on their intentions of adding liquidity by purchasing
    medium to long-term bonds in the market. Foreign exchange
    trading resulted in gains as investors sought currencies whose
    home central banks were not keen on engaging in quantitative
    easing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While equity index trading produced the most profitable sector
    results for the Strategic Allocation Fund for 2008, the
    Strategic Allocation Fund&#146;s net exposure on the short side
    of global stock indices through April 2009 has hurt performance
    as markets continued to stage rallies that began in mid-March.
    U.S.&#160;economic indicators, including housing and
    manufacturing, showed signs of improvement and stabilization
    rather than further deterioration. In addition, the G-20 agreed
    to fund more than $1 trillion in emergency aid to help cushion
    the economic fallout of the current international financial
    crisis. While the general tone of the economic outlook was more
    upbeat, officials have still been cautious in their assessment.
    April saw a continuation of the March risk-seeking rally leading
    to several growth currencies registering solid gains against the
    dollar. Losses were realized in the foreign exchange sector due
    to the Strategic Allocation Fund&#146;s general bias to be long
    the dollar against most major currencies. In fixed income, the
    equity market rally helped general investor sentiment, driving
    bond prices lower across the board which produced losses for the
    Strategic Allocation Fund in this sector. Commodity trading
    finished relatively flat with gains from the energy sector
    offsetting small losses in base and precious metals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May, conflicting signals on global recovery weighed on the
    direction of the markets as increased risk appetite and signs of
    stabilization in the global economy emerged. Equity markets
    continued their rally, particularly in Asia, generating small
    gains in the stock index sector. Fixed income trading generated
    a marginal positive return as short-term rates in Europe climbed
    higher following the European Central Bank rate cut of
    25&#160;basis points. The gains in the stock index and fixed
    income sectors were offset by losses in the foreign exchange
    sector. The U.S.&#160;Dollar suffered a broad based decline in
    May on a combination of stronger risk appetite and growing fears
    over structural deficiencies in the U.S.&#160;Investors moved
    dormant dollar denominated assets overseas to capture growth and
    risk in commodity block currencies. Smaller losses were also
    recorded in the commodities sector as natural gas finished a
    volatile month higher.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During June, a surprise payroll number to the upside for May
    prompted an aggressive sell-off in short-term U.S.&#160;rates
    and raised market expectations of a rate hike in 2009. The price
    reaction was swift and caused particular difficulty for
    systematic trading. Losses for the Strategic Allocation Fund in
    the fixed income sector were offset by marginal gains in the
    foreign exchange sector. The Strategic Allocation Fund&#146;s
    currency positions were generally mixed, thus hedging some
    U.S.&#160;Dollar risk, as investors crowded the Dollar as a
    safe-haven trade, pushing it higher on the month. Marginal gains
    were also recorded in the commodities sector, primarily from
    long positions in the energy complex. As geo-political headlines
    were plentiful, energies traded in a highly correlated fashion
    to global equity markets. The stock index sector finished
    basically flat for the month as global equity markets reflected
    mixed results congruent with both positive and negative economic
    data relating to global recovery.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Contrary to investor fears, global stock market returns in 2009
    have fueled improved risk appetite as economic data and
    corporate earnings support the rally for yet another month in
    July. The Strategic Allocation Fund&#146;s trading performance
    was relatively flat, with positive results from long stock and
    short U.S.&#160;Dollar positions being offset by losses incurred
    from short interest rate positions. For the first half of 2009,
    many &#147;trend-following&#148; strategies struggled to curb
    losses and eked out small gains in a market environment that is
    in a classic &#147;consolidation&#148; (trendless and choppy)
    period.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -34-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While risk appetite was generally strong in August,
    investors&#146; risk behavior was a bit random as fixed income
    initially sold off on better than expected payrolls data, but
    spent the rest of the month rallying. Bernanke&#146;s nomination
    for a second term and continued &#147;lower rates for
    longer&#148; comments from Fed officials helped support treasury
    prices against the Strategic Allocation Fund&#146;s general
    positioning across the curve. Smaller losses were recorded in
    currency trading as investors appeared unwilling to chase growth
    currencies higher, at the expense of the dollar, from already
    stretched levels. Gains were recorded in commodity markets as
    the Strategic Allocation Fund increased its exposure to this
    sector with the launch of more agile models providing more
    efficient holding period diversification. Trading in base and
    precious metals was a primary driver as the &#147;risk on&#148;
    trade prevailed on improving economic data. Equity indices
    trading yielded a marginal gain as positioning geographically
    and across model groups remains mixed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the month of September, the Strategic Allocation
    Fund&#146;s technical and fundamental strategies both recorded
    healthy gains in the foreign exchange sector from short
    positions in the U.S.&#160;Dollar vs. most major currencies.
    Commodity-linked currencies were particularly profitable for the
    Strategic Allocation Fund, as both the Australian and New
    Zealand Dollars rose in value close to 5%. Technical and
    fundamental signals were also effective in the equity index
    sector, where the Strategic Allocation Fund benefited from
    primarily long positions across global stock indices. With the
    exception of Japan, global equities moved higher by
    2&#160;&#151; 3% during the month on healthy M&#038;A activity,
    as well as favorable signs of a manufacturing rebound and
    consumer spending renewal. Results were mixed in fixed income
    trading as gains earned from short-term rates were largely
    offset by losses on the long end of the curve. Commodities
    trading resulted in marginal losses overall, primarily due to
    short positions in natural gas. The price of natural gas rallied
    over 20% during the month as a result of significant short
    covering in the market despite record storage levels.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The risk pendulum continued to swing between &#147;risk on&#148;
    and &#147;risk off&#148; during the month of October,
    culminating in &#147;risk off&#148; at month-end and impacting
    all sectors of the portfolio. As global equity markets fell,
    commodities fell in tandem and the U.S.&#160;Dollar rallied
    along with fixed income in a thematic trade tied to central bank
    activity. While the Strategic Allocation Fund&#146;s risk
    exposure to equity indices was relatively low, our net long
    position yielded the largest sector loss during the month. The
    perseverance of the &#147;risk off&#148; trade at month-end
    resulted in modest losses in foreign exchange, modest gains in
    commodities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    November saw strong trends generate a return of 3.03%, with
    solid gains in interest rates, foreign exchange, and
    commodities. Weaker than expected new home sales to start the
    month, the Federal Open Market Committee&#146;s retention of
    &#147;extended period&#148; language at mid-month, and a flight
    to quality at month-end fueled by fears over Dubai debt pushed
    bond prices higher throughout the month. Thus, trading in fixed
    income contributed to strong gains from both the short and long
    end of the curve; foreign exchange trading profited from a
    continued downward trend of the U.S.&#160;Dollar; and commodity
    trading benefitted from gains in precious metals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In December, the markets saw a rapid reversal in fixed income
    and the U.S.&#160;Dollar. Inflationary fears subsided as better
    than expected U.S.&#160;economic data fueled equity prices
    higher and bond prices lower. While market participants seemed
    to be trading at reduced risk levels, price trends were
    inconsistent leading into the holiday break, causing losses for
    many systematic managers, including Campbell. Sharp losses in
    fixed income trading and modest losses in foreign exchange
    outweighed solid gains in cash equities and equity indices
    trading, resulting in a net loss for the month.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">For
    the Year Ended December&#160;31, 2008</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Of the (1.53)% return for the year ended December&#160;31, 2008,
    approximately 4.19% was due to trading gains (before
    commissions) and approximately 1.76% due to interest income
    offset by approximately 7.48% due to brokerage fees, operating
    costs and offering costs borne by the Strategic Allocation Fund.
    An
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -35-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    analysis of the 4.19% trading gain by sector is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="11%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Sector</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>% Gain (Loss)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock Indices
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.58
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Commodities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Currencies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.58
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest Rates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4.62
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.19
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The first quarter of 2008 began where 2007 left off, with the
    credit crisis causing more write-downs, more credit downgrades,
    and a growing realization that
    <FONT style="white-space: nowrap">sub-prime</FONT>
    issues would have broader and longer-lasting impacts than
    initially suspected. In January, weak economic data caused the
    Federal Open Market Committee to cut short-term rates by a total
    of 1.25%, which included an unprecedented 0.75% emergency cut.
    The S&#038;P 500 recorded one of its worst monthly performances
    in the history of the index. The Strategic Allocation
    Fund&#146;s performance in January was a 0.46% loss, with gains
    in equity indices trading more than offset by losses in
    currencies and flat performance in fixed income and commodities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    February saw the U.S.&#160;dollar weaken against most major
    currencies, as U.S.&#160;economic data disappointed, stagflation
    concerns grew and U.S.&#160;interest rate expectations declined
    dramatically. The Strategic Allocation Fund&#146;s currency
    trading profited from these moves, generating a positive return
    for the month. The Strategic Allocation Fund also recorded gains
    in equity indices trading, as the S&#038;P 500, Dow, and NASDAQ
    continued to slide. Overall, the Strategic Allocation Fund had a
    positive month, posting a 1.44% gain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    March brought more Federal Reserve intervention, which resulted
    in a slight recovery by U.S.&#160;stocks from mid-month slides
    to finish flat for the month, but still significantly negative
    for the year. The US dollar continued to weaken. The Strategic
    Allocation Fund&#146;s performance was close to flat for the
    month at (0.23)%, with gains in equity indices and currencies
    offset by losses in commodities and fixed income. The Strategic
    Allocation Fund closed the first quarter of 2008 with a
    <FONT style="white-space: nowrap">year-to-date</FONT>
    gain of 0.73%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April, the U.S.&#160;Dollar rallied against key funding
    currencies, despite a generally weak global economy. The
    Strategic Allocation Fund realized gains in foreign exchange and
    commodities. However, those gains were overshadowed by losses in
    the fixed income and equity indices sectors, as prior trends in
    both sectors reversed course. For the month of April, the
    Strategic Allocation Fund suffered a loss of 2.69%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    May was a strong month for the Strategic Allocation Fund.
    Positive commodity trading led the charge as crude oil breached
    new technical levels, touching $135 mid-month. Foreign exchange
    models also posted gains, as high-yielding currencies performed
    well. These gains, together with modest gains in the fixed
    income more than offset a loss in equity indices. The Strategic
    Allocation Fund achieved a positive return on the month of 1.95%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June the Strategic Allocation Fund realized its best month of
    the year, posting a return of 5.26%. Equity indices trading
    produced strong gains as short positions benefitted from the
    negative news that roiled the markets around the globe. Signs of
    commodity-based inflation were constantly in the headlines.
    Consumer confidence fell to a
    <FONT style="white-space: nowrap">16-year</FONT> low,
    as U.S., European, and Asian equities markets fell in tandem.
    Fixed income trading produced additional gains for the Strategic
    Allocation Fund, in response to fears of inflation and the
    ECB&#146;s increasingly hawkish stance. Commodities also posted
    gains as crude oil hit new highs on the back of increased
    tensions in the Middle East and among OPEC members. In addition,
    the Strategic Allocation Fund had modest gains in foreign
    exchange sector. The Strategic Allocation Fund concluded the
    second quarter with a gain of 4.43% for the quarter, and a
    <FONT style="white-space: nowrap">year-to-date</FONT>
    gain of 5.19%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The month of July was characterized by reversals in many asset
    classes. The Dow and S&#038;P hit technical bear market
    territory early in the month, while Japanese equities saw their
    longest
    <FONT style="white-space: nowrap">back-to-back</FONT>
    losing streak in 54&#160;years. Equity markets seemed to find a
    bottom mid-month after the U.S.&#160;announced the
    Government-Sponsored Enterprises bailout plan. Commodity prices
    also reversed, with crude oil declining almost 12% on fears that
    a weakened economy would reduce global demand. The Strategic
    Allocation Fund earned profits in equity indices trading. Those
    gains were offset by losses in fixed income and commodities.
    All-in, the Strategic Allocation Fund finished the month with a
    loss of 1.30%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In August,
    <FONT style="white-space: nowrap">sub-prime</FONT>
    fallout continued to plague the global financial markets. The
    U.S.&#160;unemployment rate hit a four-year high. Commodity
    prices continued to decline, with natural gas leading the way
    with a decline of 12.75% and gold falling to its lowest level in
    eight months. The Strategic Allocation Fund experienced losses
    in foreign exchange and commodities sectors as currencies linked
    to commodities fell in
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -36-
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    tandem with metal and energy markets, while the U.S.&#160;Dollar
    Index posted unusually strong gains. Those losses edged out
    gains in fixed income, resulting in a loss for the month of
    1.64%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    September saw concern over the widening credit crises come to a
    boiling point. Equity markets in the U.S., Europe, and Asia
    declined sharply. Investors fled high-yielding currencies in
    response to the global decline in equity markets. The Strategic
    Allocation Fund posted a loss of 1.37%. Gains in equity indices
    were offset by losses in foreign exchange, fixed income, and
    commodities. Diversification of positions by sector and
    geography played an important role in dampening losses to the
    Strategic Allocation Fund, as did a decrease in risk levels
    across the portfolio. The Strategic Allocation Fund concluded
    the third quarter with a loss of 4.25% for the quarter, leaving
    the
    <FONT style="white-space: nowrap">year-to-date</FONT>
    gain at 0.72%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the time, the month of October seemed like a month to
    remember, as equity markets around the world plummeted, fueling
    further anxiety about the length and depth of a global recession
    and further exacerbating the liquidity, growth, and confidence
    crisis. With the benefit of hindsight, it was but the beginning
    of a quarter to remember. For the Strategic Allocation Fund, the
    month was about the benefits and disadvantages of
    diversification. Modest gains in equity indices trading were
    more than offset by losses in foreign exchange and fixed income,
    resulting in a loss for the month of 1.22%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    November brought further global economic panic, as governments
    around the world continued to announce plans to help bolster
    sagging economies. The U.S.&#160;reversed course on its bailout
    effort, from buying troubled assets to facilitating lending
    flow. Economic data reflected another sharp drop in
    manufacturing, rising unemployment, and the largest drop in
    retail sales since 1992, prompting wild swings in both equity
    and bond markets. The Strategic Allocation Fund maintained a
    relatively low risk profile during the month, which resulted in
    marginal losses and gains across the sectors. For the Strategic
    Allocation Fund, losses in fixed income offset marginal gains in
    other sectors, resulting in a loss for the month of 1.46%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    December saw more of the same on the global economic front. The
    Strategic Allocation Fund, however, took advantage of dramatic
    moves in the British Pound, particularly against the Euro, to
    achieve gains in foreign exchange. Likewise, fixed income
    trading was profitable as central banks across the globe
    continued to lower interest rates on persistent negative data.
    Overall, the Strategic Allocation Fund gained 0.44% for December.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund completed the fourth quarter of
    2008, one of the most volatile in market history, with a loss
    for the quarter of 2.23%, bringing the return for the year to
    (1.53)%.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">For
    the Year Ended December&#160;31, 2007</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Of the (14.65)% return for the year ended December&#160;31,
    2007, approximately 11.89% was due to trading losses (before
    commissions) and approximately 7.46% due to brokerage fees,
    operating costs and offering costs borne by the Strategic
    Allocation Fund offset by approximately 4.70% due to interest
    income. An analysis of the 11.89% trading loss by sector is as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="11%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Sector</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>% Gain (Loss)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest Rates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.80
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Metals
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.67
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Energy
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.79
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock Indices
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2.61
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Currencies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7.62
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11.89
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The first quarter demonstrated how market perceptions on the
    global macroeconomic environment can drastically change during a
    quarter. Fixed income was initially a driver in performance as a
    result of the acceleration of global economic momentum, but
    ultimately resulted in overall losses for the quarter. The
    global growth environment turned into a flight to quality from
    risky assets, sponsored by former Federal Reserve Chairman Alan
    Greenspan&#146;s comments about a recession by year end and the
    whipsaw activity experience in fixed income. Currency trading
    followed a similar path of fixed income (initial gains and
    overall quarterly losses); initial gains from currency crosses
    were generated from unexpected rate hikes by the Bank of England
    in the beginning of the quarter but were wiped out by the
    liquidations of Yen-based carry trades in February, followed by
    whipsaw activity at the end of quarter. The Strategic Allocation
    Fund&#146;s equity indices initially bucked the trend of fixed
    income and currency with gains coming from our fundamental
    models and strong M&#038;A activity, but ultimately succumbed to
    an overall quarterly loss. Energy losses were driven by price
    declines in January on inventory
    <FONT style="white-space: nowrap">build-ups</FONT>
    due to warmer than average temperatures, but finished the last
    two months of the quarter
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -37-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    basically flat. Global economic worries that were sparked at the
    end of February continued through the early part of March. All
    major market sectors experienced increased volatility
    accompanied by sharply higher short-term correlation. Whipsaw
    activity in currencies, interest rates and equities indices led
    to negative performance in all of these sectors, acting as the
    primary drivers of March losses. Risk levels for the Strategic
    Allocation Fund were reduced early in March in response to
    market conditions, and were restored to normal levels as
    conditions warranted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The second quarter charged forward with M&#038;A activity
    supported by impressive earnings, unfettered access to liquidity
    and major U.S.&#160;indices reaching all time highs, to only end
    with inflation concerns and a flight to quality related to the
    <FONT style="white-space: nowrap">sub-prime</FONT>
    world. Currencies provided gains early and late in the quarter
    related to negative U.S.&#160;dollar sentiment, but experienced
    losses mid-quarter mainly in outright exposures. Fixed income
    gains early in the month of April were given back during the
    last days of the month, but global fixed income prices breaking
    out of their trading ranges in May allowed the Strategic
    Allocation Fund to gain on both the long and short end of the
    yield curve. Early in the quarter commodity trading was positive
    as copper prices rallied on China&#146;s release of high import
    figures, then finished slightly negative mid-quarter with energy
    trading gains mitigating some losses in metals. Commodities
    ended the quarter with small losses related to being short crude
    as it rallied above $70 per barrel on geo-political risks and
    inventory changes keeping traders bullish.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The third quarter began with a sudden flight to quality,
    reversal of high yielding currencies, and a highly correlated,
    unusually large move against the Strategic Allocation
    Fund&#146;s positions resulting in one of the Strategic
    Allocation Fund&#146;s largest monthly declines in recent years.
    Losses were broadly based and evenly spread between the interest
    rate, foreign exchange and equity index sectors. In response to
    this &#147;perfect storm,&#148; the Strategic Allocation
    Fund&#146;s market exposure was temporarily cut by 50% by
    closing or offsetting 50% of open positions across the board, on
    a pro-rata basis. Continuing the unusual market conditions theme
    into the first half of August, the contagion effect throughout
    the financial system created a confidence and liquidity crisis
    that also negatively impacted the Strategic Allocation
    Fund&#146;s performance. Major stock, bond and currency markets
    globally experienced double digit losses from mid-July to
    mid-August. The foreign exchange sector proved very difficult in
    August as the Strategic Allocation Fund&#146;s technical and
    macro models were both exposed to high-yielding currencies that
    suffered market value declines of historical proportions in
    mid-August. The Strategic Allocation Fund&#146;s market exposure
    was cut again in mid-August by closing or offsetting 50% of open
    positions across the board, on a
    <FONT style="white-space: nowrap">pro-rata</FONT>
    basis. Trading in the equity indices sector was also difficult
    as volatility dominated global stock markets, with the S&#038;P
    dropping over 8% from its intra-month high only to bounce off of
    its lows once the Strategic Allocation Fund&#146;s exposure was
    reduced. The Strategic Allocation Fund earned the majority of
    its gains at the end of the quarter in the foreign exchange
    markets as higher-yielding currencies once again gained favor.
    Trading in the stock indices sector also posted positive
    results, as the markets breathed a collective sigh of relief
    that the Federal Reserve was seriously addressing the credit
    crisis and resulting economic impact. The Strategic Allocation
    Fund&#146;s portfolio maintained a lower risk posture throughout
    the month of September with full re-engagement resuming in the
    early part of the fourth quarter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fourth quarter started with mixed messages as corporate
    earnings&#146; reports either beat estimates or severely
    disappointed, money centers and investment banks grappling with
    major credit related losses, housing data continuing to soften,
    and the Federal Open Market Committee complying with market
    expectations of a 25&#160;basis point cut. High yielding
    currencies provided healthy gains early in the quarter battling
    back from August lows, however, during the remainder of the
    quarter the Strategic Allocation Fund incurred its largest
    sector losses in currencies enduring the yen reaching levels not
    seen since June of 2005. Trading in global indices proved a
    similar fate to the currency sector, initially beginning the
    quarter with gains followed up by two consecutive months of
    incurring losses related to U.S.&#160;recessionary fears
    spawning fears of a global slowdown in growth. Fixed income
    began the quarter flat as credit quality remained an underlying
    concern, then moving to positive returns mid-quarter thanks to
    Treasuries posting the best month in 12&#160;years, to finishing
    negative at year-end related to extreme volatility. Energy and
    base metals began the quarter with a minimal loss and flat
    performance, respectively, as the markets continued to wrestle
    with a tight supply/demand picture, deteriorating geo-political
    landscape, a weakening dollar and strong growth from
    India&#160;&#038; China. This market landscape then switched to
    fears of slowing global growth and fundamental arguments for
    lower energy prices in which Campbell recorded losses in both
    sectors. The quarter ended with gains realized in base and
    precious
</DIV>
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    <BR>
    -38-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    metals as gold rallied 6% to all time highs amid strong buying
    in the face of a bounce in the U.S.&#160;dollar.
</DIV>

<A name='171'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Off-Balance
    Sheet Risk</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;off-balance sheet risk&#148; refers to an
    unrecorded potential liability that, even though it does not
    appear on the balance sheet, may result in future obligation or
    loss. The Strategic Allocation Fund trades in futures, forward
    and options contracts and is therefore a party to financial
    instruments with elements of off-balance sheet market and credit
    risk. In entering into these contracts there exists a risk to
    the Strategic Allocation Fund, market risk, that such contracts
    may be significantly influenced by market conditions, such as
    interest rate volatility, resulting in such contracts being less
    valuable. If the markets should move against all of the futures
    interests positions of the Strategic Allocation Fund at the same
    time, and if the Strategic Allocation Fund&#146;s trading
    advisor was unable to offset futures interests positions of the
    Strategic Allocation Fund, the Strategic Allocation Fund could
    lose all of its assets and the Limited Partners would realize a
    100% loss. Campbell&#160;&#038; Company, Inc., the General
    Partner (who also acts as trading advisor), minimizes market
    risk through real-time monitoring of open positions,
    diversification of the portfolio and maintenance of a
    <FONT style="white-space: nowrap">margin-to-equity</FONT>
    ratio that rarely exceeds 30%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to market risk, in entering into futures, forward
    and option contracts there is a credit risk that a counterparty
    will not be able to meet its obligations to the Strategic
    Allocation Fund. The counterparty for futures contracts traded
    in the United States and on most foreign exchanges is the
    clearinghouse associated with such exchange. In general,
    clearinghouses are backed by the corporate members of the
    clearinghouse who are required to share any financial burden
    resulting from the non-performance by one of their members and,
    as such, should significantly reduce this credit risk. In cases
    where the clearinghouse is not backed by the clearing members,
    like some foreign exchanges, it is normally backed by a
    consortium of banks or other financial institutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the case of forward and option contracts, which are traded on
    the interbank market rather than on exchanges, the counterparty
    is generally a single bank or other financial institution,
    rather than a group of financial institutions; thus there may be
    a greater counterparty credit risk. Campbell&#160;&#038; Company
    trades for the Strategic Allocation Fund only with those
    counterparties which it believes to be creditworthy. All
    positions of the Strategic Allocation Fund are valued each day
    on a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    basis. There can be no assurance that any clearing member,
    clearinghouse or other counterparty will be able to meet its
    obligations to the Strategic Allocation Fund.
</DIV>

<A name='172'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Disclosures
    About Certain Trading Activities that Include Non-Exchange
    Traded Contracts Accounted for at Fair Value</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund invests in futures, forward
    currency and options on forward currency contracts. The market
    value of futures (exchange-traded) contracts is determined by
    the various futures exchanges, and reflects the settlement price
    for each contract as of the close of the last business day of
    the reporting period. The market value of forward (non-exchange
    traded) contracts is extrapolated on a forward basis from the
    spot prices quoted as of 3:00&#160;P.M. (E.T.) of the last
    business day of the reporting period or based on the market
    value of its exchange-traded equivalent. The market value of
    option (non-exchange traded) contracts is calculated by applying
    an industry-standard adaptation of the Black-Scholes options
    valuation model to foreign currency options, using as input, the
    spot prices, interest rates and option implied volatilities
    quoted as of 3:00&#160;P.M. (E.T.) on the last business day of
    the reporting period.
</DIV>

<A name='173'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Quantitative
    and Qualitative Disclosures About Market Risk&#160;&#151;
    Strategic Allocation Fund</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Introduction</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Past Results Not Necessarily Indicative of Future
    Performance</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund is a speculative commodity pool.
    The market sensitive instruments held by it are acquired for
    speculative trading purposes, and all or a substantial amount of
    the Strategic Allocation Fund&#146;s assets are subject to the
    risk of trading loss. Unlike an operating company, the risk of
    market sensitive instruments is integral, not incidental, to the
    Strategic Allocation Fund&#146;s main line of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Market movements result in frequent changes in the fair market
    value of the Strategic Allocation Fund&#146;s open positions
    and, consequently, in its earnings and cash flow. The Strategic
    Allocation Fund&#146;s market risk is influenced by a wide
    variety of factors, including the level and volatility of
    exchange rates, interest rates, equity price levels, the market
    value of financial instruments and contracts, the
    diversification effects
</DIV>
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    <BR>
    -39-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    among the Strategic Allocation Fund&#146;s open positions and
    the liquidity of the markets in which it trades.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund rapidly acquires and liquidates
    both long and short positions in a wide range of different
    markets. Consequently, it is not possible to predict how a
    particular future market scenario will affect performance, and
    the Strategic Allocation Fund&#146;s past performance is not
    necessarily indicative of its future results.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Standard
    of Materiality</FONT></I>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Materiality as used in this section, &#147;Quantitative and
    Qualitative Disclosures About Market Risk,&#148; is based on an
    assessment of reasonably possible market movements and the
    potential losses caused by such movements, taking into account
    the leverage and multiplier features of the Strategic Allocation
    Fund&#146;s market sensitive instruments.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Quantifying
    the Strategic Allocation Fund&#146;s Trading Value at
    Risk</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The following quantitative disclosures regarding the
    Strategic Allocation Fund&#146;s market risk exposures contain
    &#147;forward-looking statements&#148; within the meaning of the
    safe harbor from civil liability provided for such statements by
    the Private Securities Litigation Reform Act of 1995 (set forth
    in Section&#160;27A of the Securities Act of 1933 and
    Section&#160;21E of the Securities Exchange Act of 1934). All
    quantitative disclosures in this section are deemed to be
    forward-looking statements for purposes of the safe harbor,
    except for statements of historical fact (such as the dollar
    amount of maintenance margin required for market risk sensitive
    instruments held at the end of the reporting period).</I>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund&#146;s risk exposure in the
    various market sectors traded is estimated in terms of Value at
    Risk (VaR). The Strategic Allocation Fund estimates VaR using a
    model based upon historical simulation (with a confidence level
    of 97.5%) which involves constructing a distribution of
    hypothetical daily changes in the value of a trading portfolio.
    The VaR model takes into account linear exposures to risks,
    including equity and commodity prices, interest rates, foreign
    exchange rates, and correlation among these variables. The
    hypothetical changes in portfolio value are based on daily
    percentage changes observed in key market indices or other
    market factors to which the portfolio is sensitive. The
    Strategic Allocation Fund&#146;s VaR at a one day 97.5%
    confidence level of the Strategic Allocation Fund&#146;s VaR
    corresponds to the negative change in portfolio value that,
    based on observed market risk factors, would have been exceeded
    once in 40 trading days or one day in 40. VaR typically does not
    represent the worst case outcome.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund uses approximately one quarter of
    daily market data and revalues its portfolio for each of the
    historical market moves that occurred over this time period.
    This generates a probability distribution of daily
    &#147;simulated profit and loss&#148; outcomes. The VaR is the
    2.5&#160;percentile of this distribution.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The VaR for a sector represents the one day downside risk for
    the aggregate exposures associated with this sector. The current
    methodology used to calculate the aggregate VaR represents the
    VaR of the Strategic Allocation Fund&#146;s open positions
    across all market sectors, and is less than the sum of the VaRs
    for all such market sectors due to the diversification benefit
    across asset classes.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund&#146;s VaR computations are based
    on the risk representation of the underlying benchmark for each
    instrument or contract and does not distinguish between exchange
    and non-exchange dealer-based instruments. It is also not based
    on exchange
    <FONT style="white-space: nowrap">and/or</FONT>
    dealer-based maintenance margin requirements.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    VaR models, including the Strategic Allocation Fund&#146;s, are
    continually evolving as trading portfolios become more diverse
    and modeling techniques and systems capabilities improve. Please
    note that the VaR model is used to numerically quantify market
    risk for historic reporting purposes only and is not utilized by
    the Strategic Allocation Fund in its daily risk management
    activities. Please further note that VaR as described above may
    not be comparable to similarly titled measures used by other
    entities.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because the business of the Strategic Allocation Fund is the
    speculative trading of futures, forwards and options, the
    composition of the Strategic Allocation Fund&#146;s trading
    portfolio can change significantly over any given time period,
    or even within a single trading day, which could positively or
    negatively materially impact market risk as measured by VaR.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Strategic Allocation Fund&#146;s Trading Value at Risk in
    Different Market Sectors</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables indicate the trading Value at Risk
    associated with the Strategic Allocation Fund&#146;s open
    positions by market category as of December&#160;31,
</DIV>
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    <BR>
    -40-
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2009 and 2008 and the trading gains/losses by market category
    for the years then ended.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="21%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="20%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Trading<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Market Sector</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Value at Risk*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Gain/(Loss)**</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Currencies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.90
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.70
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest Rates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.68
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4.66
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock Indices
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.45
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.46
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Commodities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.41
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.24
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Aggregate/Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.62
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.66
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    *&#160;
</TD>
    <TD align="left">
    - The VaR for a sector represents the one day downside risk for
    the aggregate exposures associated with this sector. The
    aggregate VaR represents the VaR of the Strategic Allocation
    Fund&#146;s open positions across all market sectors, and is
    less than the sum of the VaRs for all such market sectors due to
    the diversification benefit across asset classes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    **&#160;</TD>
    <TD align="left">
    - Of the return for the year ended December&#160;31, 2009,
    approximately 1.66% was due to trading losses (before
    commissions) and approximately 0.14% due to interest income
    offset by approximately 7.44% due to brokerage fees, operating
    costs and offering costs borne by the Strategic Allocation Fund
    giving a net return of (8.96)%.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2008</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="11%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="10%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Trading<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Market Sector</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Value at Risk*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Gain/(Loss)**</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Currencies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.58
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest Rates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.30
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4.62
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock Indices
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.18
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.58
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Commodities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.05
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.81
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Aggregate/Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.60
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.19
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    *&#160;
</TD>
    <TD align="left">
    The VaR for a sector represents the one day downside risk for
    the aggregate exposures associated with this sector. The
    aggregate VaR represents the VaR of the Strategic Allocation
    Fund&#146;s open positions across all market sectors, and is
    less than the sum of the VaRs for all such market sectors due to
    the diversification benefit across asset classes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    **&#160;</TD>
    <TD align="left">
    Of the return for the year ended December&#160;31, 2008,
    approximately 4.19% was due to trading gains (before
    commissions) and approximately 1.76% due to interest income
    offset by approximately 7.48% due to brokerage fees, operating
    costs and offering costs borne by the Strategic Allocation Fund
    giving a net return of (1.53)%.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Material
    Limitations on Value at Risk as an Assessment of Market
    Risk</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following limitations of VaR as an assessment of market risk
    should be noted:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    Past changes in market risk factors will not always result in
    accurate predictions of the distributions and correlations of
    future market movements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    Changes in portfolio value caused by market movements may differ
    from those of the VaR model;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3)&#160;
</TD>
    <TD align="left">
    VaR results reflect past trading positions while future risk
    depends on future positions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    4)&#160;
</TD>
    <TD align="left">
    VaR using a one day time horizon does not fully capture the
    market risk of positions that cannot be liquidated or hedged
    within one day;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    5)&#160;
</TD>
    <TD align="left">
    The historical market risk factor data for VaR estimation may
    provide only limited insight into losses that could be incurred
    under certain unusual market movements.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    VaR is not necessarily representative of historic risk nor
    should it be used to predict the Strategic Allocation
    Fund&#146;s future financial performance or its ability to
    manage and monitor risk. There can be no assurance that the
    Strategic Allocation Fund&#146;s actual losses on a particular
    day will not exceed the VaR amounts indicated or that such
    losses will not occur more than once in 40 trading days.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Non-Trading
    Risk</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund has non-trading market risk on its
    foreign cash balances not needed for margin. However, these
    balances (as well as the market risk they represent) are
    immaterial. The Strategic Allocation Fund also has non-trading
    market risk as a result of investing a substantial portion of
    its available assets in U.S.&#160;Treasury Bills held at the
    broker and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty. The market risk represented by these investments
    is minimal. Finally, the Strategic Allocation Fund has
    non-trading market risk on fixed income securities held as part
    of its cash management program. The cash managers will use their
    best endeavors in the management of the assets of the Strategic
    Allocation Fund but provide no guarantee that any profit or
    interest will accrue to the Fund as a result of such management.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Qualitative
    Disclosures Regarding Primary Trading Risk
    Exposures</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The following qualitative disclosures regarding the Strategic
    Allocation Fund&#146;s market risk exposures&#160;&#151; except
    for (i)&#160;those disclosures that are statements of historical
    fact and (ii)&#160;the descriptions of how the Strategic
    Allocation Fund manages its primary market risk
    exposures&#160;&#151; constitute forward-looking statements
    within the meaning of Section&#160;27A of the Securities Act and
    Section&#160;21E of the Securities Exchange Act. The Strategic
    Allocation Fund&#146;s primary market risk exposures as well as
    the strategies </I>
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -41-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>used and to be used by Campbell&#160;&#038; Company for
    managing such exposures are subject to numerous uncertainties,
    contingencies and risks, any one of which could cause the actual
    results of the Strategic Allocation Fund&#146;s risk controls to
    differ materially from the objectives of such strategies.
    Government interventions, defaults and expropriations, illiquid
    markets, the emergence of dominant fundamental factors,
    political upheavals, changes in historical price relationships,
    an influx of new market participants, increased regulation and
    many other factors could result in material losses as well as in
    material changes to the risk exposures and the risk management
    strategies of the Strategic Allocation Fund. There can be no
    assurance that the Strategic Allocation Fund&#146;s current
    market exposure
    <FONT style="white-space: nowrap">and/or</FONT> risk
    management strategies will not change materially or that any
    such strategies will be effective in either the short- or
    long-term. Investors must be prepared to lose all or
    substantially all of their investment in the Strategic
    Allocation Fund.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following were the primary trading risk exposures of the
    Strategic Allocation Fund as of December&#160;31, 2009, by
    market sector.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Currencies</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Exchange rate risk can be a significant market exposure of the
    Strategic Allocation Fund. The Strategic Allocation Fund&#146;s
    currency exposure is to foreign exchange rate fluctuations,
    primarily fluctuations which disrupt the historical pricing
    relationships between different currencies and currency pairs.
    These fluctuations are influenced by interest rate changes as
    well as political and general economic conditions. The Strategic
    Allocation Fund trades in a large number of currencies,
    including cross-rates&#160;&#151; <I>i.e., </I>positions between
    two currencies other than the U.S.&#160;Dollar.
    Campbell&#160;&#038; Company does not anticipate that the risk
    profile of the Strategic Allocation Fund&#146;s currency sector
    will change significantly in the future.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Interest
    Rates</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interest rate risk can be a significant market exposure of the
    Strategic Allocation Fund. Interest rate movements directly
    affect the price of the sovereign bond positions held by the
    Strategic Allocation Fund and indirectly the value of its stock
    index and currency positions. Interest rate movements in one
    country as well as relative interest rate movements between
    countries materially impact the Strategic Allocation Fund&#146;s
    profitability. The Strategic Allocation Fund&#146;s primary
    interest rate exposure is to interest rate fluctuations in the
    United States and the other G-7 countries. Campbell&#160;&#038;
    Company anticipates that G-7 interest rates will remain the
    primary rate exposure of the Strategic Allocation Fund for the
    foreseeable future. Changes in the interest rate environment
    will have the most impact on longer dated fixed income
    positions, at points of time throughout the year the majority of
    speculative positions held by the Strategic Allocation Fund may
    be held in medium- to long-term fixed income positions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Stock
    Indices</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund&#146;s primary equity exposure is
    to equity price risk in the G-7 countries and several other
    countries (Hong Kong, Spain, Netherlands and Taiwan). The stock
    index futures traded by the Strategic Allocation Fund are by law
    limited to futures on broadly based indices. The Strategic
    Allocation Fund is primarily exposed to the risk of adverse
    price trends or static markets in the major U.S., European and
    Japanese indices. Markets that trade in a narrow range could
    result in the Strategic Allocation Fund&#146;s positions being
    &#147;whipsawed&#148; into numerous small losses.)
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Energy</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund&#146;s primary energy market
    exposure is to natural gas, crude oil and derivative product
    price movements, often resulting from international political
    developments and ongoing conflicts in the Middle East and the
    perceived outcome. Oil and gas prices can be volatile and
    substantial profits and losses have been and are expected to
    continue to be experienced in this market.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Metals</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund&#146;s metals market exposure is
    to fluctuations in the price of gold, silver, copper, nickel and
    zinc.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Agricultural</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund&#146;s agricultural exposure is to
    the fluctuations of the price of wheat, corn, coffee and cotton.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Qualitative
    Disclosures Regarding Non-Trading Risk Exposure</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following were the primary non-trading risk exposures of the
    Strategic Allocation Fund as of December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Foreign
    Currency Balances</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund&#146;s primary foreign currency
    balances are in, Japanese Yen, British Pounds and Euros. The
    Strategic Allocation Fund controls the
</DIV>
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    <BR>
    -42-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    non-trading risk of these balances by regularly converting these
    balances back into dollars (no less frequently than twice a
    month, and more frequently if a particular foreign currency
    balance becomes unusually large).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Fixed
    Income Securities</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund&#146;s primary market exposure in
    instruments (other than treasury positions described in the
    subsequent section) held other than for trading is in its fixed
    income portfolio. The cash managers, Wilmington and Horizon,
    have authority to make certain investments on behalf of the
    Strategic Allocation Fund. All securities purchased by the cash
    managers on behalf of the Strategic Allocation Fund will be held
    in the Strategic Allocation Fund&#146;s custody accounts at the
    custodian. The cash managers will use their best endeavors in
    the management of the assets of the Strategic Allocation Fund
    but provide no guarantee that any profit or interest will accrue
    to the Strategic Allocation Fund as a result of such management.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Treasury
    Bill Positions Held for Margin Purposes</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund also has market exposure in its
    Treasury Bill portfolio. The Strategic Allocation Fund holds
    Treasury Bills (interest bearing and credit risk-free) with
    maturities no longer than six months. Violent fluctuations in
    prevailing interest rates could cause minimal
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    losses on the Strategic Allocation Fund&#146;s Treasury Bills,
    although substantially all of these short-term investments are
    held to maturity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Qualitative
    Disclosures Regarding Means of Managing Risk
    Exposure</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The means by which the Strategic Allocation Fund and
    Campbell&#160;&#038; Company, severally, attempt to manage the
    risk of the Strategic Allocation Fund&#146;s open positions is
    essentially the same in all market categories traded.
    Campbell&#160;&#038; Company applies risk management policies to
    its trading which generally limit the total exposure that may be
    taken per &#147;risk unit&#148; of assets under management. In
    addition, Campbell&#160;&#038; Company follows diversification
    guidelines (often formulated in terms of the balanced volatility
    between markets and correlated groups), as well as
    precalculating &#147;stop-loss&#148; points at which systems
    will signal to close open positions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company manages the risk of the Strategic
    Allocation Fund&#146;s non-trading instruments of Treasury Bills
    held for margin purposes by limiting the duration of such
    instruments to no more than six months. Campbell&#160;&#038;
    Company manages the risk of the Strategic Allocation Fund&#146;s
    fixed income securities held for cash management purposes by
    restricting the cash managers to investing in securities that
    are modeled after those investments allowed by the futures
    broker as defined under The Commodity Exchange Act,
    Title&#160;17, Part&#160;1, &#167;&#160;1.25 Investment of
    customer funds. Investments can include, but are not limited to,
    (i)&#160;U.S.&#160;Government Securities, Government Agency
    Securities, Municipal Securities, banker acceptances and
    certificates of deposits; (ii)&#160;commercial paper; and
    (iii)&#160;corporate debt.
</DIV>

<A name='174'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund is unaware of any
    (i)&#160;anticipated known demands, commitments or capital
    expenditures; (ii)&#160;material trends, favorable or
    unfavorable, in its capital resources; or (iii)&#160;trends or
    uncertainties that will have a material effect on operations.
    From time to time, certain regulatory agencies have proposed
    increased margin requirements on futures contracts. Because the
    Strategic Allocation Fund generally will use a small percentage
    of assets as margin, the Strategic Allocation Fund does not
    believe that any increase in margin requirements, as proposed,
    will have a material effect on the Strategic Allocation
    Fund&#146;s operations.
</DIV>

<A name='175'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT&#146;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS&#160;&#151; Global Trend Fund</FONT></B>
</DIV>

</A>
<A name='176'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Critical
    Accounting Policies</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The preparation of financial statements in conformity with
    accounting principles generally accepted in the United States
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities and
    disclosures of contingent assets and liabilities at the date of
    the financial statements and the reported amounts of income and
    expense during the reporting period. Management believes that
    the estimates utilized in preparing the financial statements are
    reasonable and prudent; however, actual results could differ
    from those estimates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund will record all investments at fair value
    in its financial statements, with changes in fair value reported
    as a component of change in unrealized trading gain (loss) in
    the Statements of Operations. Generally, fair values are based
    on market prices; however, in certain circumstances, estimates
    are involved in determining fair value in the
</DIV>
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    -43-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    absence of an active market closing price (e.g. forward
    contracts and options on forward contracts which are traded in
    the inter-bank market).
</DIV>

<A name='177'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Capital
    Resources</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selling agents will offer the Global Trend Fund&#160;Units
    during the initial offering period, and thereafter through the
    sale of Units offered pursuant to the continuing offering. The
    Global Trend Fund does not intend to raise any capital through
    borrowing. Due to the nature of the Global Trend Fund&#146;s
    business, it will make no capital expenditures and will have no
    capital assets, which are not operating capital or assets.
</DIV>

<A name='178'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidity</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Most United States commodity exchanges limit fluctuations in
    futures contracts prices during a single day by regulations
    referred to as &#147;daily price fluctuation limits&#148; or
    &#147;daily limits.&#148; During a single trading day, no trades
    may be executed at prices beyond the daily limit. Once the price
    of a futures contract has reached the daily limit for that day,
    positions in that contract can neither be taken nor liquidated.
    Futures prices have occasionally moved to the daily limit for
    several consecutive days with little or no trading. Similar
    occurrences could prevent the Global Trend Fund from promptly
    liquidating unfavorable positions and subject the Global Trend
    Fund to substantial losses which could exceed the margin
    initially committed to such trades. In addition, even if futures
    prices have not moved the daily limit, the Global Trend Fund may
    not be able to execute futures trades at favorable prices if
    little trading in such contracts is taking place. Other than
    these limitations on liquidity, which are inherent in the Global
    Trend Fund&#146;s futures trading operations, the Global Trend
    Fund&#146;s assets are expected to be highly liquid.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The entire offering proceeds, without deductions, will be
    credited to the Global Trend Fund&#146;s bank, brokerage
    <FONT style="white-space: nowrap">and/or</FONT> cash
    management accounts. The Global Trend Fund will meet margin
    requirements for its trading activities by depositing cash or
    U.S.&#160;government securities with the futures broker and the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty. This does not reduce the risk of loss from trading
    futures, forward and option contracts. The Global Trend Fund
    will receive all interest earned on its assets. No other person
    shall receive any interest or other economic benefits from the
    deposit of Global Trend Fund assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approximately 10% to 30% of the Global Trend Fund&#146;s assets
    will normally be committed as required margin for futures
    contracts and held by the futures broker, although the amount
    committed may vary significantly. Such assets will be maintained
    in the form of cash or U.S.&#160;Treasury bills in segregated
    accounts with the futures brokers pursuant to the Commodity
    Exchange Act and regulations thereunder. Approximately 10% to
    30% of the Global Trend Fund&#146;s assets will be deposited
    with
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty in order to initiate and maintain forward and
    options on forward contracts. Such assets are not held in
    segregation or otherwise regulated under the Commodity Exchange
    Act, unless such
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty is registered as a futures commission merchant.
    These assets will be held either in U.S.&#160;government
    securities or short-term time deposits with
    <FONT style="white-space: nowrap">U.S.-regulated</FONT>
    bank affiliates of the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading advisor will deposit the majority of those assets of
    the Global Trend Fund that are not required to be deposited as
    margin with the futures broker and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty in a custodial account for each Series with
    Northern Trust&#160;Company. The assets deposited in the
    custodial accounts with Northern Trust&#160;Company will be
    segregated. Such custodial accounts will constitute
    approximately 40% to 80% of the Global Trend Fund&#146;s assets
    and will be invested, directly by Wilmington
    Trust&#160;Investment Management LLC (&#147;Wilmington&#148;).
    Wilmington is registered with the Securities and Exchange
    Commission as an investment adviser under the Investment
    Advisers Act of 1940. Wilmington does not guarantee any interest
    or profits will accrue on the Global Trend Fund&#146;s assets in
    the custodial accounts. Wilmington will invest according to
    agreed upon investment guidelines that are modeled after those
    investments allowed by the futures broker as defined under The
    Commodity Exchange Act, Title&#160;17, Part&#160;1,
    &#167;&#160;1.25 Investment of customer funds. Investments can
    include, but are not limited to, (i)&#160;U.S.&#160;Government
    Securities, Government Agency Securities, Municipal Securities,
    banker acceptances and certificates of deposits;
    (ii)&#160;commercial paper; and (iii)&#160;corporate debt.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund will occasionally receive margin calls
    (requests to post more collateral) from its futures broker or
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty, which are met by moving the required portion of
    the assets held in the custody accounts at Northern Trust to the
    margin accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund&#146;s assets will not be, directly or
    indirectly, commingled with the property of any other person in
    violation of law or invested with or loaned to
    Campbell&#160;&#038; Company or any affiliated entities.
</DIV>
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    <BR>
    -44-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='179'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Off-Balance
    Sheet Risk</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;off-balance sheet risk&#148; refers to an
    unrecorded potential liability that, even though it does not
    appear on the balance sheet, may result in future obligation or
    loss. The Global Trend Fund will trade in futures, forward and
    options contracts and therefore will be a party to financial
    instruments with elements of off-balance sheet market and credit
    risk. In entering into these contracts there exists a risk to
    the Global Trend Fund, market risk, that such contracts may be
    significantly influenced by market conditions, such as interest
    rate volatility, resulting in such contracts being less
    valuable. If the markets should move against all of the futures
    interests positions of the Global Trend Fund at the same time,
    and if the Global Trend Fund&#146;s trading advisor was unable
    to offset futures interests positions of the Global Trend Fund,
    the Global Trend Fund could lose all of its assets and the
    Limited Partners would realize a 100% loss. Campbell&#160;&#038;
    Company, as general partner of the Global Trend Fund (who also
    acts as trading advisor) minimizes market risk through real-time
    monitoring of open positions, diversification of the portfolio
    and maintenance of a
    <FONT style="white-space: nowrap">margin-to-equity</FONT>
    ratio that rarely exceeds 30%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to market risk, in entering into futures, forward
    and options contracts there is a credit risk that a counterparty
    will not be able to meet its obligations to the Global Trend
    Fund. The counterparty for futures contracts traded in the
    United States and on most foreign exchanges is the clearinghouse
    associated with such exchange. In general, clearinghouses are
    backed by the corporate members of the clearinghouse who are
    required to share any financial burden resulting from the
    non-performance by one of their members and, as such, should
    significantly reduce this credit risk. In cases where the
    clearinghouse is not backed by the clearing members, like some
    foreign exchanges, it is normally backed by a consortium of
    banks or other financial institutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the case of forward and options contracts, which are traded
    on the interbank market rather than on exchanges, the
    counterparty is generally a single bank or other financial
    institution, rather than a group of financial institutions; thus
    there may be a greater counterparty credit risk.
    Campbell&#160;&#038; Company will trade for the Global Trend
    Fund only with those counterparties which it believes to be
    creditworthy. All positions of the Global Trend Fund will be
    valued each day on a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    basis. There can be no assurance that any clearing member,
    clearinghouse or other counterparty will be able to meet its
    obligations to the Global Trend Fund.
</DIV>
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    <BR>
    -45-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='180'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PAST
    PERFORMANCE OF THE CAMPBELL STRATEGIC ALLOCATION FUND, L.P.<BR>
    January 2005&#160;&#151; February 2010</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Name of Pool:</I></B>&#160;&#160;Campbell Strategic
    Allocation Fund, L.P.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Type of Pool:</I></B>&#160;&#160;Publicly offered
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Inception of Trading:</I></B>&#160;&#160;April&#160;18,
    1994
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Aggregate Gross Capital Subscriptions to the
    Fund:</I></B>&#160;&#160;$6,078,611,354
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Current Net Asset Value of the
    Fund:</I></B>&#160;&#160;$1,540,837,716
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Worst Monthly Percentage
    Draw-down</I></B><SUP style="font-size: 85%; vertical-align: top">(1)</SUP>:

    July 2007/10.92%
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Worst
    <FONT style="white-space: nowrap">Peak-to-Valley</FONT>
    Draw-down</I></B><SUP style="font-size: 85%; vertical-align: top">(1)</SUP>:

    June 2007&#160;&#151; January&#160;2010/32.26%
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PAST
    PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="32%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutterright -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutterright -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="28" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Rate of
    Return<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="28" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    (Computed on a compounded monthly basis)
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>Month</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2010 YTD</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2009</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2008</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2007</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2006</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>2005</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    January
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;7.20%
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;0.08%
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;0.46%
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    2.50%
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    1.97%
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;2.22%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    February
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.32%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.82%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.44%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.89%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.85%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.32%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    March
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;2.23%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.23%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.38%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.40%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.07%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    April
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;4.77%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.69%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.07%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.94%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.40%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    May
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;0.79%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.95%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.61%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.91%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.86%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    June
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;2.43%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.26%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.33%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.55%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.54%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    July
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.05%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.30%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;10.92%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.21%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.90%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    August
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;1.32%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.64%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;6.79%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.51%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.68%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    September
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.79%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.37%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.74%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.92%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.59%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    October
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;1.52%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.22%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.48%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.60%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.97%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    November
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.26%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.46%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;6.32%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.68%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.02%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    December
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;3.77%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.44%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.46%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.76%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.16%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Total
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.98%<BR>
    (2 months
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;8.96%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.53%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;14.65%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.04%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.53%
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>&#160;

</TD>
    <TD align="left">    &#147;Draw-down&#148; means losses experienced by the Fund over
    a specified period.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>&#160;

</TD>
    <TD align="left">    The &#147;Rate of Return&#148; for a period is calculated by
    dividing the net profit or loss by the assets at the beginning
    of such period. Additions and withdrawals occurring during the
    period are included as an addition to or deduction from
    beginning net asset value in the calculations of &#147;Rates of
    Return.&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    Please refer to Part&#160;Two, the Statement of Additional
    Information, for additional performance information and graphic
    presentations of the Fund.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the date of this prospectus, no investor in the Strategic
    Allocation Fund, including the general partner, owns more than
    five percent of the Strategic Allocation Fund&#146;s Units. See
    the table below for Campbell&#160;&#038; Company&#146;s
    ownership, as general partner of the Strategic Allocation Fund,
    as of February&#160;28, 2010. No Strategic Allocation
    Fund&#160;Units are owned by officers of Campbell&#160;&#038;
    Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="24%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Name of Beneficial<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount and Nature of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title of Class</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Owner</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Class</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
    Units of General Partnership Interest
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Campbell &#038; Company, Inc.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    6,637.982 Units
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    0.97% of Units outstanding
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund has not commenced trading; no Units have
    been sold to anyone, including Campbell&#160;&#038; Company or
    its officers.
</DIV>

<A name='181'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CONFLICTS
    OF INTEREST</FONT></B>
</DIV>

</A>
<A name='182'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Campbell&#160;&#038;
    Company, Inc.</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Conflicts exist between Campbell&#160;&#038; Company&#146;s
    interests in and its responsibilities to the Funds. The
    conflicts are inherent in Campbell&#160;&#038; Company acting as
    general partner and as trading advisor to the Funds. The
    conflicts and the potential detriments to the limited partners
    are described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company&#146;s selection of itself as
    trading advisor was not objective, since it is also the general
    partner of the Funds. In addition, it has a
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -46-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    disincentive to replace itself as the trading advisor. The
    Advisory Agreement between each Fund and Campbell&#160;&#038;
    Company, including the fee arrangement, was not negotiated at
    arm&#146;s length. Investors should note, however, that
    Campbell&#160;&#038; Company believes that the fee arrangements
    are fair to the Funds and competitive with compensation
    arrangements in pools involving independent general partners and
    advisors. Campbell&#160;&#038; Company will review its
    compensation terms annually to determine whether such terms
    continue to be competitive with other pools for similar services
    and will lower such fees if it concludes, in good faith, that
    its fees are no longer competitive. Campbell&#160;&#038; Company
    may not receive per-trade compensation directly or indirectly
    from the Funds. Investors should note that Campbell&#160;&#038;
    Company operates other commodity pool offerings which may have
    materially different terms and may operate at a lower overall
    cost structure.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither Campbell&#160;&#038; Company nor its principals devote
    their time exclusively to the Funds; however,
    Campbell&#160;&#038; Company intends to devote sufficient time
    to the activities of the Funds to properly manage the Funds
    consistent with its duties as general partner and trading
    advisor. Campbell&#160;&#038; Company (or its principals) acts
    as general partner to other commodity pools and trading advisor
    to thirteen other accounts, which may compete with the Funds for
    Campbell&#160;&#038;Company&#146;s services. One of the thirteen
    other accounts is in direct competition with the Funds. Thus,
    Campbell&#160;&#038; Company could have a conflict between its
    responsibilities to the Funds and to those other pools and
    accounts. Campbell&#160;&#038; Company believes that it has
    sufficient resources to discharge its responsibilities in this
    regard in a fair manner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company receives higher advisory fees from
    some of those other accounts than it receives from the Funds.
    Campbell&#160;&#038; Company, however, trades all accounts of
    the Financial, Metal&#160;&#038; Energy Large Portfolio, the
    Trend Following Portfolio and the Trend Following (GLD)
    Portfolio (including the Funds&#146;) in a substantially similar
    manner, given the differences in size and timing of the capital
    additions and withdrawals. In addition, Campbell&#160;&#038;
    Company may find that futures positions established for the
    benefit of the Funds, when aggregated with positions in other
    accounts traded by Campbell&#160;&#038; Company, approach the
    speculative position limits in a particular commodity.
    Campbell&#160;&#038; Company may decide to address this
    situation either by liquidating the Funds&#146; positions in
    that futures contract and reapportioning the portfolio in other
    contracts or by trading contracts in other markets which do not
    have restrictive limits. In the event that Campbell&#160;&#038;
    Company were required to liquidate positions as the result of
    speculative position limits, such liquidation would be done on a
    pro rata basis across all accounts under management.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Principals of Campbell&#160;&#038; Company may trade futures and
    related contracts for his or her own account. In addition,
    Campbell&#160;&#038; Company manages proprietary accounts for
    itself, its deferred compensation plan and certain principals
    and employees. There are written procedures that govern
    proprietary trading by principals and employees. For instance,
    Campbell&#160;&#038; Company has implemented employee trading
    policies that prohibit employee trading in futures and options
    unless the Company&#146;s consent is given to the employee in
    writing. Such consent will only be given in extraordinary
    circumstances. All employees must preclear all trades in
    equities, equity options, equity indices or equity index options
    though a computer-based system provided by the Company. The
    proposed trades are compared to a restricted list that includes
    positions traded in material amounts. The Company receives a
    daily feed from Company approved brokerage firms, which are
    compared against the preclearance lists to assure compliance.
    Trading records for all proprietary trading are available for
    review by clients and investors upon reasonable notice. A
    conflict of interest exists if proprietary trades are in the
    same markets and at the same time, using the futures brokers to
    be used by the Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When Campbell&#160;&#038; Company executes an order in the
    market, the order is typically placed on an aggregate basis for
    all accounts for which Campbell&#160;&#038; Company trades, and
    then is subsequently broken up and allocated among the various
    accounts. To the extent executions are grouped together and then
    allocated among accounts held at the futures brokers and the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties, the Funds may receive less favorable executions
    than such other accounts. It is Campbell&#160;&#038;
    Company&#146;s policy to objectively allocate trade executions
    that afford each account the same likelihood of receiving
    favorable or unfavorable executions over time. A potential
    conflict also may occur when Campbell&#160;&#038; Company or its
    principals trade their proprietary accounts more aggressively or
    take
</DIV>
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    <BR>
    -47-
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    positions in proprietary accounts which are opposite, or ahead
    of, the positions taken by the Funds.
</DIV>

<A name='183'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Futures Brokers and the
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Counterparties</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The futures brokers, currently UBS Securities LLC, Goldman,
    Sachs&#160;&#038; Co. and NewEdge USA, LLC, and the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties, currently Deutsche Bank AG London and The Royal
    Bank of Scotland PLC and the affiliates and personnel of such
    entities, may trade futures, forward and option contracts for
    their own accounts. These trades may be different from, opposite
    to or entered ahead of trades entered into by the Funds, and
    these persons may even be the other party to a trade entered
    into by the Funds. The records of any of these trades will not
    be available to limited partners of either Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    UBS Securities LLC is one of the futures brokers and an
    affiliate of one of the selling agents of the Strategic
    Allocation Fund, which could give rise to conflicts of interest
    because its compensation in each role is based on the net asset
    value of Units outstanding. Further, in making recommendations
    to redeem or purchase additional Units, the affiliated selling
    agent&#146;s employees may have a conflict of interest between
    acting in the best interest of their clients and assuring
    continued compensation to their employer and themselves.
    Finally, the affiliated selling agent may offer additional pools
    managed by Campbell&#160;&#038; Company in which brokerage and
    selling fees paid to the affiliated selling agent are lower than
    the Funds&#146; fees.
</DIV>

<A name='184'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Selling Agents</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A current list of the selling agents for the Strategic
    Allocation Fund includes, but is not limited to: A.G.
    Edwards&#160;&#038; Sons, Inc.; Campbell Financial Services,
    Inc.; Ferris, Baker Watts Incorporated; Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated; Securities America, Inc.;
    and UBS Financial Services Inc. Those selling agents (or their
    assignees) that are registered futures commission merchants or
    introducing brokers will receive, beginning in the thirteenth
    month after the sale of the Units, ongoing compensation based on
    the net asset value of the Units which remain outstanding.
    Consequently, in advising clients whether they should redeem
    their Units or purchase additional Units, such selling agents
    will have a conflict of interest between the selling
    agents&#146; interest in maximizing the ongoing compensation
    which they will receive and their interest in giving their
    client the financial advice which is in such clients&#146; best
    interests. Some or all of these selling agents and others may
    also become selling agents for the Global Trend Fund, with the
    same conflicts of interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company acts as a commodity pool operator
    and a commodity trading advisor in respect of various managed
    futures investment products. The selling agents may or may not
    be authorized to offer certain of such products to their
    clients, which may have materially different terms, including
    investment portfolios and objectives, fees, risks, conflicts of
    interest and suitability requirements, from those of the Funds.
</DIV>

<A name='185'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Fiduciary
    Duty and Remedies</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In evaluating the foregoing conflicts of interest, a prospective
    investor should be aware that Campbell&#160;&#038; Company, as
    general partner, has a responsibility to limited partners to
    exercise good faith and fairness in all dealings affecting the
    Funds. The fiduciary responsibility of a general partner to the
    limited partners is a rapidly developing and changing area of
    the law and limited partners who have questions concerning the
    duties of Campbell&#160;&#038; Company as general partner should
    consult with their own counsel. In the event that a limited
    partner believes that Campbell&#160;&#038; Company has violated
    its fiduciary duty to the limited partners, he may seek legal
    relief individually or on behalf of either or both of the Funds
    under applicable laws, including partnership and commodities
    laws, to recover damages from or require an accounting by
    Campbell&#160;&#038; Company. The Limited Partnership Agreements
    of both Funds are governed by Delaware law and any breach of
    Campbell&#160;&#038; Company&#146;s fiduciary duty under the
    Limited Partnership Agreements will generally be governed by
    Delaware law. The Limited Partnership Agreements do not limit
    Campbell&#160;&#038; Company&#146;s fiduciary obligations under
    Delaware or common law; however, Campbell&#160;&#038; Company
    may assert as a defense to claims of breach of fiduciary duty
    that the conflicts of interest and fees payable to
    Campbell&#160;&#038; Company have been disclosed in the
    prospectus. Limited partners may also have the right, subject to
    applicable procedural and jurisdictional requirements, to bring
    partnership class actions in federal court to enforce their
    rights under the federal securities laws and the rules and
    regulations promulgated thereunder by the U.S.&#160;Securities
    and Exchange Commission (&#147;SEC&#148;). Limited partners who
    have suffered losses in connection with the purchase or sale of
    the Units may be able to recover such losses from
    Campbell&#160;&#038; Company where the losses result from a
    violation by Campbell&#160;&#038; Company of the
</DIV>
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    <BR>
    -48-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    federal securities laws. State securities laws may also provide
    remedies, such as the ability to bring civil liability lawsuits,
    to limited partners. Limited partners should be aware that
    performance by Campbell&#160;&#038; Company of its fiduciary
    duty to the Funds is measured by the terms of the Limited
    Partnership Agreements as well as applicable law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Limited partners are afforded rights to institute reparations
    proceedings under the Commodity Exchange Act for violations of
    the Commodity Exchange Act or of any rule, regulation or order
    of the CFTC by Campbell&#160;&#038; Company.
</DIV>

<A name='186'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    and Standard of Liability</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company and its controlling persons may not
    be liable to the Funds or any limited partner for errors in
    judgment or other acts or omissions not amounting to misconduct
    or negligence, as a consequence of the indemnification and
    exculpatory provisions described in the following paragraph.
    Purchasers of Units may have more limited rights of action than
    they would absent such provisions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company and its controlling persons will
    not have any liability to the Funds or to any limited partner
    for any loss suffered by either Fund which arises out of any
    action or inaction if Campbell&#160;&#038; Company, in good
    faith, determined that such course of conduct was in the best
    interests of the Funds and such course of conduct did not
    constitute negligence or misconduct of Campbell&#160;&#038;
    Company. Each Fund has agreed to indemnify Campbell&#160;&#038;
    Company and its controlling persons against claims, losses or
    liabilities based on their conduct relating to that Fund,
    provided that the conduct resulting in the claims, losses or
    liabilities for which indemnity is sought did not constitute
    negligence or misconduct or breach of any fiduciary obligation
    to that Fund and was done in good faith and in a manner which
    Campbell&#160;&#038; Company, in good faith, determined to be in
    the best interests of that Fund. Controlling persons of
    Campbell&#160;&#038; Company are entitled to indemnity only for
    losses resulting from claims against such controlling persons
    due solely to their relationship with Campbell&#160;&#038;
    Company or for losses incurred in performing the duties of
    Campbell&#160;&#038; Company. See Article&#160;15 of each
    Fund&#146;s Limited Partnership Agreement, included as
    Exhibits&#160;A and B to this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds will not indemnify Campbell&#160;&#038; Company or its
    controlling persons for any liability arising from securities
    law violations in connection with the offering of the Units,
    unless Campbell&#160;&#038; Company or its controlling persons
    prevails on the merits or obtains a court approved settlement
    (in accordance with Section&#160;15.2 of each Fund&#146;s
    Limited Partnership Agreement). The position of the SEC is that
    any such indemnification is contrary to the federal securities
    laws and therefore unenforceable.
</DIV>

<A name='187'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CHARGES
    TO THE FUNDS</FONT></B>
</DIV>

</A>
<A name='188'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund</FONT></B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following list of expenses includes all compensation, fees,
    profits and other benefits (including reimbursement of
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses) which Campbell&#160;&#038; Company, the selling
    agents, the futures brokers, the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties, the cash managers, the custodian and the
    affiliates of those parties may earn or receive in connection
    with the offering and operation of the Strategic Allocation
    Fund. Prospective investors should refer to the Summary for an
    estimate of the trading profit and interest income that must be
    earned for an investor to break-even in the first year of
    trading.
</DIV>

<A name='189'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Brokerage
    Fee</FONT></I></B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund pays a single asset-based fee for
    all brokerage and management services. The fee is equal to up to
    8% of the Strategic Allocation Fund&#146; month-end net asset
    value per annum, prior to accruals for such brokerage fee or
    performance fees, irrespective of profitability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From such 8% brokerage fee, the futures brokers and the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties receive up to 1% for execution and clearing
    costs. The amount of the fee to be paid to the futures brokers
    and the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties is evaluated from time to time based on the
    amount of trading for the Strategic Allocation Fund that the
    brokers are required to clear, but at no time will the amount
    exceed 1% of Strategic Allocation Fund net asset value per annum.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From the remaining 7%, Campbell&#160;&#038; Company retains 3%
    as management fees (2% for providing advisory services and 1%
    for acting as general partner) and remits 4% to the selling
    agents for ongoing administrative services provided to limited
    partners. The amount paid to selling agents on Units sold
    pursuant to this disclosure document will not, however, exceed
    9.0% of the gross offering proceeds of the Strategic Allocation
    Fund&#160;Units sold pursuant to this disclosure document. Once
    the 9.0% threshold is reached with respect to a Strategic
    Allocation Fund&#160;Unit sold pursuant to this disclosure
    document, the selling agent will receive no future compensation
    and the up to 4% amount that would
</DIV>
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    <BR>
    -49-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    otherwise be paid to the selling agent for that Unit will
    instead be rebated to the Strategic Allocation Fund for the
    benefit of all holders of Strategic Allocation Fund&#160;Units.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814007.gif" alt="">
</DIV>

<A name='190'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Fund&#160;Expenses</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund will also be subject to the
    following fees and expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Recipient</B>
</DIV>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000; border-bottom: 1px solid #000000">
    <B>Nature of Payment</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
    <B>Amount of Payment</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
    Campbell&#160;&#038; Company
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Quarterly Performance Fee
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    20% of aggregate cumulative appreciation in Strategic Allocation
    Fund&#146;s net asset value per Unit, excluding interest income
    and as adjusted for subscriptions and redemptions.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Reimbursement of offering expenses
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    As incurred; to be reimbursed, up to 2.5% of aggregate
    subscriptions, in 30-month payment periods.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
    Dealers
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    &#147;Bid-ask&#148; spreads
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    Indeterminable because embedded in price of forward and option
    contracts.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
    Cash Managers and Custodian
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Cash management and custodial fees
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    0.10% annualized fee based on the percentage of the principal
    amount of assets under management.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
    Others
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Legal, accounting, printing, postage and administrative costs
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    As incurred, up to a maximum of 0.5% of the Strategic Allocation
    Fund&#146;s average month-end net asset value per annum.
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The above fees, together with the brokerage fee, are the
    complete compensation that will be received by
    Campbell&#160;&#038; Company or its affiliates from the
    Strategic Allocation Fund. This excludes redemption fees, which
    will be charged to some limited partners if they redeem prior to
    one year of ownership.
</DIV>

<A name='191'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Campbell&#160;&#038;
    Company, Inc.</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Brokerage
    Fee</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund pays a brokerage fee up to 8% of
    the Strategic Allocation Fund&#146;s month-end net asset value
    per annum, of which Campbell&#160;&#038; Company receives 7% per
    annum, as described earlier.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The futures brokers are paid approximately $4 per round-turn
    trade per contract, which equates to approximately 0.24%
    annually. In addition, the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties charge approximately $4 per $1&#160;million, plus
    any additional electronic platform charges, for forward and
    option contracts facilitated on behalf of the Strategic
    Allocation Fund with third party banks. These fees, combined
    with the futures brokers&#146; charges, equal approximately
    0.30% of the Strategic Allocation Fund&#146;s net asset value,
    but will not exceed 1%. The approximate 0.30% actual brokerage
    fee, compared to the 1% allowable, lowers the Strategic
    Allocation Fund&#146;s total brokerage fee to approximately
    7.30%. If trading velocity
    <FONT style="white-space: nowrap">and/or</FONT>
    portfolio allocation change again in the future, the fee may be
    further reduced, or it may be raised. However, the Strategic
    Allocation Fund&#146;s brokerage fee will not exceed 8% of
    Strategic Allocation Fund&#146;s month-end net asset value per
    annum (prior to accruals for such brokerage fee or performance
    fees).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Redemption&#160;Fee</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Redemption fees apply through the first twelve month-ends
    following purchase as follows: 4% of net asset value per Unit
    redeemed through the third month-end, 3% of net asset value per
    Unit redeemed through the sixth month-end, 2% of net asset value
    per Unit redeemed through the ninth month-end, and 1% of net
    asset value per Unit redeemed 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 Unit, no redemption fees apply. Because the purchase date
    counts as the first month-end in determining whether a
    redemption fee applies, no redemption fee would be due in
    respect of a Unit redeemed on the first anniversary of the
    purchase.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -50-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Performance
    Fee</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The quarterly performance fee equals 20% of the Strategic
    Allocation Fund&#146;s aggregate cumulative appreciation in the
    net asset value per Unit, if any, excluding interest income and
    as adjusted for subscriptions and redemptions, calculated
    pursuant to the terms of the advisory agreement between the
    Strategic Allocation Fund and Campbell&#160;&#038; Company and
    paid quarterly. &#147;Aggregate cumulative appreciation&#148;
    means the total increase in net asset value per Unit from the
    commencement of trading, minus the total increase in net asset
    value per Unit for all prior quarters, multiplied by the number
    of Units outstanding. The performance fee is paid only on
    profits attributable to Units outstanding, and no fee is paid
    with respect to interest income. Because the performance fee is
    accrued monthly, Units that are redeemed other than at the end
    of the quarter will effectively pay a performance fee, if
    accrued, as of the end of the month in which the redemption
    occurs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any payment is made by the Strategic Allocation Fund in
    respect of a performance fee, and the Strategic Allocation Fund
    thereafter incurs a net loss, Campbell&#160;&#038; Company will
    retain the amount previously paid. Thus, Campbell&#160;&#038;
    Company may be paid a performance fee during a year in which the
    Strategic Allocation Fund overall incurred net losses. Trading
    losses will be carried forward and no further performance fees
    may be paid until the prior losses have been recovered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Below is a sample calculation of how the performance fee is
    determined:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assume the Strategic Allocation Fund paid a performance fee at
    the end of the fourth quarter of 2009 and assume that the
    Strategic Allocation Fund recognized trading profits (net of all
    brokerage fees and operating and offering expenses) of $200,000
    during the first quarter of 2010. The aggregate cumulative
    appreciation for the quarter (before interest earned) would be
    $200,000 and Campbell&#160;&#038; Company&#146;s performance fee
    would be $40,000 (0.2 x $200,000). Now assume that the Strategic
    Allocation Fund paid a performance fee at the end of the third
    quarter of 2009 but did not pay a performance fee at the end of
    the fourth quarter of 2009 because it had trading losses of
    $100,000. If the Strategic Allocation Fund recognized trading
    profits of $200,000 at the end of the first quarter of 2010, the
    aggregate cumulative appreciation (before interest earned) for
    the quarter would be $100,000 ($200,000&#160;&#151; $100,000
    loss carryforward) and Campbell&#160;&#038; Company&#146;s
    performance fee would be $20,000 (0.2 x $100,000). Please note
    that this simplified example assumes that no limited partners
    have added or redeemed Units during this sample time frame. Such
    capital changes require that the calculation be determined on a
    &#147;per unit&#148; basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the net asset value per unit at the time when a particular
    investor acquires Units is lower than the net asset value per
    unit as of the end of the most recent prior calendar quarter for
    which a performance fee was payable (due to losses incurred
    between such quarter-end and the subscription date), such Units
    might experience a substantial increase in value after the
    subscription date yet pay no performance fee as of the next
    calendar quarter-end because the Strategic Allocation Fund as a
    whole has not experienced aggregate cumulative appreciation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a performance fee accrual is in effect at the time when
    particular Units are purchased (due to gains achieved prior to
    the applicable subscription day), the net asset value per Unit
    reflects such accrual. In the event the net asset value of the
    Strategic Allocation Fund declines after the subscription date,
    the performance fee accrual is &#147;reversed&#148; and such
    reversal is credited to all Units equally, including the Units
    which were purchased at a net asset value per unit which fully
    reflected such accrual.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Performance fees are not reduced by redemption charges and
    interest income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The brokerage fee and performance fee may be increased upon
    sixty days&#146; notice to the limited partners, as long as the
    notice explains their redemption and voting rights. Existing
    limited partners who redeem within twelve months after any
    increase in fees would not be required to pay any redemption
    fees.
</DIV>

<A name='192'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Futures Brokers</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As described earlier, the futures brokers receive up to 1% of
    the net asset value of the Strategic Allocation Fund per annum
    (which includes payments to the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties as referenced below), which is a portion of the
    maximum 8% brokerage fee. The futures brokers are responsible
    for all trading transactional costs, such as pit brokerage,
    exchange and NFA fees,
    <FONT style="white-space: nowrap">&#147;give-up&#148;</FONT>
    and transfer fees. The compensation paid to the futures
</DIV>
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    <BR>
    -51-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    brokers is competitive with rates paid by other trading funds
    having assets and structures similar to the Strategic Allocation
    Fund. The compensation to the futures brokers of approximately
    $4 per round-turn contract is equivalent to approximately 0.24%
    of the Strategic Allocation Fund net asset value per annum. The
    compensation paid to the futures brokers will not exceed the
    guidelines established by the North American Securities
    Administrators Association, Inc. (&#147;NASAA&#148;).
</DIV>

<A name='193'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Selling Agents</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selling agents receive from Campbell&#160;&#038; Company
    (and not the Strategic Allocation Fund) selling commissions of
    up to 4% of the subscription amount of each subscription for
    Units. In addition, commencing thirteen months after the sale of
    Units and in return for providing ongoing services to the
    limited partners, Campbell&#160;&#038; Company will pay those
    selling agents (or their assignees) a portion of the 8%
    brokerage fee of up to 4% of the Strategic Allocation
    Fund&#146;s average month-end net asset value per annum. The
    amount paid to selling agents on the Strategic Allocation
    Fund&#160;Units sold pursuant to this disclosure document will
    not, however, exceed 9.0% of the gross offering proceeds of the
    Strategic Allocation Fund&#160;Units sold pursuant to this
    disclosure document. Once the 9.0% threshold is reached with
    respect to a Strategic Allocation Fund&#160;Unit sold pursuant
    to this disclosure document, the selling agent will receive no
    future compensation and the up to 4% amount that would otherwise
    be paid to the selling agent for that Unit will instead be
    rebated to the Strategic Allocation Fund for the benefit of all
    holders of Strategic Allocation Fund&#160;Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The additional selling commissions described in the preceding
    paragraph are also subject to the following restrictions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The total of additional commissions plus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;
</TD>
    <TD align="left">
    the initial selling commission of up to 4% of the subscription
    amount of each subscription for Units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;
</TD>
    <TD align="left">
    salaries, expenses and bonuses of employees of
    Campbell&#160;&#038; Company engaged in wholesaling
    activities;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">per-unit</FONT>
    costs properly deemed to constitute underwriting compensation
    allocable to the selling agents, such as a selling brochure,
    seminar costs and travel expenses, do not exceed 10% of such
    Units&#146; gross offering proceeds. Such compensation may be
    deemed to create a conflict of interest in that the selling
    agents have a disincentive in advising investors to redeem their
    Units. See &#147;Conflicts of Interest.&#148;
</TD>
</TR>

</TABLE>

<A name='194'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Counterparties</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund trades forward and option
    contracts among dealers which act as &#147;principals&#148; or
    counterparties to each trade. The execution costs are included
    in the price of the forward or option contract purchased or
    sold, and, accordingly, such costs cannot be determined.
    Campbell&#160;&#038; Company believes the bid-ask spreads for
    forward and option contract trades, which incorporate these
    execution costs, are at the prevailing market prices. In
    addition, the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties charge approximately $4 per $1&#160;million, plus
    any additional electronic platform charges, in prime brokerage
    fees for forward and option contracts they facilitate on behalf
    of the Strategic Allocation Fund with third party banks. These
    prime brokerage fees, combined with the futures brokers&#146;
    charges, will not exceed the 1% of the net asset value of the
    Strategic Allocation Fund per annum, as referenced under
    &#147;The Futures Brokers&#148; above.
</DIV>

<A name='195'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Cash Managers and the Custodian</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund pays Wilmington
    Trust&#160;Investment Management LLC (&#147;Wilmington&#148;),
    Horizon Cash Management L.L.C. (&#147;Horizon&#148;) and
    Northern Trust&#160;Company a combined annualized fee equal to
    approximately 0.10% per annum of the funds managed by Wilmington
    and Horizon based on the percentage of the principal amount of
    the Strategic Allocation Fund&#146;s assets under management by
    Wilmington and Horizon, computed and accrued on the average
    daily market value maintained in the Northern Trust&#160;Company
    custodial accounts by the Strategic Allocation Fund. Wilmington,
    Horizon and Northern Trust&#160;Company are not affiliated with
    Campbell&#160;&#038; Company. The Strategic Allocation Fund may
    engage other firms which are unaffiliated with
    Campbell&#160;&#038; Company from time to time to provide cash
    management and custodial services. Such services would be
    provided pursuant to similar terms and fees as those that apply
    to Wilmington, Horizon and Northern Trust&#160;Company. The
    Strategic Allocation Fund may also terminate all types of cash
    management
</DIV>
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    <BR>
    -52-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    services at any time. See &#147;The Cash Managers and the
    Custodian&#148;.
</DIV>

<A name='196'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Offering
    Expenses</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The offering expenses during the continuing offering through
    February&#160;28, 2010 totaled $98,171,281 and are estimated at
    $2,160,000 for the nine months following the date of this
    prospectus, all of which will be advanced by
    Campbell&#160;&#038; Company. Such expenses include all fees and
    expenses in connection with the distribution of the Units,
    including legal, accounting, printing, mailing, filing fees,
    escrow fees, salaries and bonuses of employees while engaged in
    sales activities, and marketing expenses of Campbell&#160;&#038;
    Company and the selling agents which are paid by the Strategic
    Allocation Fund. Subject to the limit described below,
    Campbell&#160;&#038; Company will be reimbursed, without
    interest, by the Strategic Allocation Fund in
    <FONT style="white-space: nowrap">30-month</FONT>
    payment periods throughout the continuing offering. In no event
    will the reimbursement exceed 2.5% of the total subscriptions
    accepted by Campbell&#160;&#038; Company, which, based on the
    <FONT style="white-space: nowrap">30-month</FONT>
    amortization period, represents a maximum of 1% of gross
    additions per annum. Organization and offering expenses equal to
    $240,961 were incurred during the initial offering period and
    were advanced by Campbell&#160;&#038; Company. Such expenses
    were reimbursed in the same manner and were subject to the same
    2.5% limit. In the event the Strategic Allocation Fund
    terminates prior to the completion of any reimbursement of the
    aforementioned costs, Campbell &#038; Company will not be
    entitled to any additional reimbursement from the Strategic
    Allocation Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund is required to disclose that the
    &#147;organization and offering expenses&#148; of the Strategic
    Allocation Fund, as defined by the NASAA Guidelines, will not
    exceed 15% of the total subscriptions accepted.
    Campbell&#160;&#038; Company, and not the Strategic Allocation
    Fund, will be responsible for any expenses in excess of such
    limitation. Since Campbell&#160;&#038; Company has agreed to
    limit its reimbursement of such expenses to 2.5% of total
    subscriptions, the NASAA Guidelines limit of 15% of total
    subscriptions (even when added to the selling commissions) will
    not be reached.
</DIV>

<A name='197'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund bears its operating expenses,
    including, but not limited to, administrative, legal and
    accounting fees, and any taxes or extraordinary expenses payable
    by the Strategic Allocation Fund. Such expenses are estimated to
    be 0.10% (and will not exceed 0.50%) of the Strategic Allocation
    Fund&#146;s net asset value per annum; 0.7&#160;basis points
    (0.00007) of the 10 estimated basis points will be paid to
    Campbell&#160;&#038; Company directly to cover administrative
    expenses incurred on behalf of the Strategic Allocation Fund.
    Campbell&#160;&#038; Company will be responsible for any such
    expenses during any year of operations which exceed such
    percentage estimate. For the years ended December&#160;31, 2009,
    2008 and 2007, operating expenses were 0.07%, 0.06% and 0.04%,
    respectively, of the Strategic Allocation Fund&#146;s average
    net asset value. Indirect expenses in connection with the
    administration of the Strategic Allocation Fund, such as
    indirect salaries, rent, travel and other overhead of
    Campbell&#160;&#038; Company, may not be charged to the
    Strategic Allocation Fund. Actual expenses charged to the
    Strategic Allocation Fund are reflected on a dollar basis in the
    financial statements for the Strategic Allocation Fund; see
    &#147;Index to Financial Statements.&#148;
</DIV>

<A name='198'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following list of expenses includes all compensation, fees,
    profits and other benefits (including reimbursement of
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses) which Campbell&#160;&#038; Company, the selling
    agents, the futures broker, the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty, the cash manager, the custodian and the affiliates
    of those parties may earn or receive in connection with the
    offering and operation of the Global Trend Fund. Prospective
    investors should refer to the Summary for an estimate of the
    trading profit and interest income that must be earned for an
    investor to break-even in the first year of trading.
</DIV>

<A name='199'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Campbell&#160;&#038;
    Company, Inc.</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Advisory
    and General Partner Fees</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All Classes of Units of the Global Trend Fund will pay
    Campbell&#160;&#038; Company a monthly (i)&#160;advisory fee of
    2% per annum and (2)&#160;a general partner fee of 1% per annum,
    of the net asset value of the respective Class, prior to any
    accrual for or payment of any advisory fee, performance fee,
    redemption or subscription during said month. The advisory and
    general partner fees are paid in arrears based on the net asset
    value of the respective Class as of the end of each month. The
    advisory and general partner fees are paid out of and reduces
    the net assets attributable to each Class of Units.
</DIV>
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    <BR>
    -53-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Redemption&#160;Fee</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Redemption fees apply to Class&#160;A (USD) Units, Class&#160;B
    (USD) Units and Class&#160;A (GLD) 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, 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&#160;A
    (USD) Unit, Class&#160;B (USD) Unit or Class&#160;A (GLD) Unit,
    no redemption fees apply. Because the purchase date counts as
    the first month-end in determining whether a redemption fee
    applies, no redemption fee would be due in respect of a
    Class&#160;A (USD) Unit, Class&#160;B (USD) Unit or Class&#160;A
    (GLD) Unit redeemed on the first anniversary of the purchase.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Performance
    Fee</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All Units will pay the trading advisor quarterly performance
    compensation equal to 20% of the Global Trend Fund&#146;s
    aggregate cumulative appreciation in the net asset value per
    Unit of each Class, 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, charged quarterly. In determining the fees in
    this paragraph, net assets shall not be reduced by the
    performance fees being calculated for such current period. In
    respect of each Class of Units, &#147;aggregate cumulative
    appreciation&#148; means the total increase in Unit value of
    such Class of Units from the commencement of trading, minus the
    total increase in Unit value of such Class of Units for all
    prior quarters, multiplied by the number of Units of such Class
    outstanding. The performance fee is paid only on profits
    attributable to each Class of Units outstanding. The performance
    fee is accrued monthly and paid quarterly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any payment is made and attributed to any Class in respect of
    a performance fee, and that Class thereafter incurs a net loss,
    the trading advisor will retain the amount previously paid.
    Thus, the trading advisor may be paid a performance fee during a
    year in which a Class overall incurred net losses. Trading
    losses shall be carried forward and no further performance fee
    may be paid until the prior losses have been recovered.
    Similarly, the trading advisor&#146;s performance fee is based
    on unrealized, as well as realized, gains. There can be no
    assurance that such gains will, in fact, ever be recognized.
    Furthermore, the valuation of unrealized gain and loss may be
    subject to material subsequent revision.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assume a class of the Global Trend Fund paid a performance fee
    at the end of the fourth quarter of 2009 and assume that this
    class of the Global Trend Fund recognized trading profits (net
    of all brokerage fees and operating and offering expenses) of
    $200,000 during the first quarter of 2010. The aggregate
    cumulative appreciation for the quarter (before interest earned)
    would be $200,000 and Campbell&#160;&#038; Company&#146;s
    performance fee would be $40,000 (0.2 x $200,000). Now assume
    that the class paid a performance fee at the end of the third
    quarter of 2009 but did not pay a performance fee at the end of
    the fourth quarter of 2009 because it had trading losses of
    $100,000. If the class recognized trading profits of $200,000 at
    the end of the first quarter of 2010, the aggregate cumulative
    appreciation (before interest earned) for the quarter would be
    $100,000 ($200,000&#160;&#151; $100,000 loss carryforward) and
    Campbell&#160;&#038; Company&#146;s performance fee would be
    $20,000 (0.2 x $100,000). Please note that this simplified
    example assumes that no limited partners have added or redeemed
    Units during this sample time frame. Such capital changes
    require that the calculation be determined on a &#147;per
    unit&#148; basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the net asset value per Unit at the time when a particular
    investor acquires Units is lower than the net asset value per
    Unit as of the end of the most recent prior calendar quarter for
    which a performance fee was payable (due to losses incurred
    between such quarter-end and the subscription date), such Units
    might experience a substantial increase in value after the
    subscription date yet pay no performance fee as of the next
    calendar quarter-end because the class as a whole has not
    experienced aggregate cumulative appreciation.
</DIV>
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    <BR>
    -54-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a performance fee accrual is in effect at the time when
    particular Units are purchased (due to gains achieved prior to
    the applicable subscription day), the net asset value per Unit
    reflects such accrual. In the event the net asset value of the
    class declines after the subscription date, the performance fee
    accrual is &#147;reversed&#148; and such reversal is credited to
    all Units equally, including the Units which were purchased at a
    net asset value per Unit which fully reflected such accrual.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Performance fees are not reduced by redemption charges and
    interest income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The advisory fee, general partner fee, and performance fee may
    be increased upon sixty days&#146; notice to the limited
    partners, as long as the notice explains their redemption and
    voting rights. Existing limited partners who redeem within
    twelve months after any increase in fees would not be required
    to pay any redemption fees.
</DIV>

<A name='200'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Futures Broker</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As described earlier, the futures broker receives up to 1% of
    the Global Trend Fund&#146;s net asset value per annum (which
    includes payments to the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty as referenced below). The futures broker is
    responsible for all trading transactional costs, such as pit
    brokerage, exchange and NFA fees,
    <FONT style="white-space: nowrap">&#147;give-up&#148;</FONT>
    and transfer fees. The compensation paid to the futures broker
    is competitive with rates paid by other trading funds having
    assets and structures similar to the Global Trend Fund. The
    futures broker will charge the Global Trend Fund brokerage
    commissions at a rate of approximately $4 per round-turn
    contract. Annual brokerage commissions payable by the Global
    Trend Fund are estimated at approximately 0.24% of the Global
    Trend Fund&#146;s net assets annually. Each Class of Units is
    allocated its <I>pro rata </I>share of all such brokerage
    commissions. The compensation paid to the futures broker will
    not exceed the guidelines established by the North American
    Securities Administrators Association, Inc. (&#147;NASAA&#148;).
</DIV>

<A name='201'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Selling Agents</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selling agents for Class&#160;A (USD) Units, Class&#160;B
    (USD) Units and Class&#160;A (GLD) Units receive from the Global
    Trend Fund selling commissions of up to 2% of the subscription
    amount of each subscription for Class&#160;A (USD) Units,
    Class&#160;B (USD) Units or Class&#160;A (GLD) 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 2% of the Global Trend Fund&#146;s average
    month-end net asset value per annum. The amount paid to selling
    agents on Global Trend Fund&#160;Class&#160;A (USD) Units,
    Class&#160;B (USD) Units and Class&#160;A (GLD) Units sold
    pursuant to this disclosure document will not, however, exceed
    8.0% of the gross offering proceeds of the Global Trend
    Fund&#160;Class&#160;A (USD) Units and Class&#160;A (GLD) Units
    and 9.0% of the gross offering proceeds of the Global Trend
    Fund&#160;Class&#160;B (USD) Units sold pursuant to this
    disclosure document. The Global Trend Fund&#160;Class&#160;A
    (USD) Units, Class&#160;C (USD) Units, Class&#160;A (GLD) Units
    and Class&#160;B (GLD) Units will pay a monthly broker-dealer
    custodial fee of 0.25% of the Class&#160;A (USD) Units&#146;,
    Class&#160;C (USD) Units&#146;, Class&#160;A (GLD) Units&#146;
    and Class&#160;B (GLD) Units&#146; month-end net asset value per
    annum to the selling agents (the firm and not the individual)
    provided, however, that the total of such broker-dealer
    custodial fees per Unit do not exceed 1.0% of the gross offering
    proceeds of Class&#160;A (USD) Units and Class&#160;A (GLD)
    Units and 6% of the Class&#160;C (USD) Units and Class&#160;B
    (GLD) Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The additional selling commissions and broker-dealer custodial
    fee, where applicable, described in the preceding paragraphs,
    are also subject to the following restrictions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The total of additional commissions and broker-dealer custodial
    fees, plus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;
</TD>
    <TD align="left">
    the initial selling commission of 2% of the subscription amount
    of each subscription for Units;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;
</TD>
    <TD align="left">
    salaries, expenses and bonuses of employees of
    Campbell&#160;&#038; Company or its affiliates engaged in
    wholesaling activities;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">per-unit</FONT>
    costs properly deemed to constitute underwriting compensation
    allocable to the selling agents, such as a selling brochure,
    seminar costs and travel expenses,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (collectively &#147;Underwriting Compensation&#148;) do not
    exceed 10% of such Units&#146; gross offering proceeds. If total
    Underwriting Compensation paid on any Class&#160;A (USD) Unit,
    Class&#160;B (USD) Unit, Class&#160;C (USD) Unit, Class&#160;D
    (USD) Unit, Class&#160;A (GLD) Unit or Class&#160;B (GLD) Unit
    reaches 10% of the gross offering proceeds, (1)&#160;the
    Class&#160;A (USD) Unit, Class&#160;B (USD) Unit, Class&#160;C
    (USD) Unit or Class&#160;D (USD) Unit will automatically be
    re-designated as Class&#160;E (USD) Units, which are identical
    to Class&#160;A
</DIV>
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    <BR>
    -55-
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (USD) Units, Class&#160;B (USD) Units, Class&#160;C (USD) Units
    and Class&#160;D (USD) Units except that Class&#160;E (USD)
    Units do not pay any offering expenses, selling agent fees,
    broker-dealer custodial fees payable to the selling agents and,
    if applicable, redemption fees, and (2)&#160;the Class&#160;A
    (GLD) Unit or Class&#160;B (GLD) Unit will automatically be
    re-designated as Class&#160;C (GLD) Units, which are identical
    to Class&#160;A (GLD) Units and Class&#160;B (GLD) Units, except
    that Class&#160;C (GLD) Units do not pay any offering expenses,
    selling agent fee, broker-dealer custodial fee payable to the
    selling agents and, if applicable, redemption fees. Such
    compensation may be deemed to create a conflict of interest in
    that the selling agents have a disincentive in advising
    investors to redeem their Units. See &#147;Conflicts of
    Interest.&#148;
</DIV>

<A name='202'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Counterparty</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund will trade currency forward and option
    contracts. Such contracts are traded among dealers which act as
    &#147;principals&#148; or counterparties to each trade.
    Execution costs will be included in the price of each forward or
    option contract purchased or sold, and accordingly, such costs
    cannot be determined. Campbell&#160;&#038; Company believes the
    bid-ask spreads for forward and option contract trades, which
    incorporate these execution costs, are at prevailing market
    prices. In addition, the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty will charge approximately $4 per $1&#160;million,
    plus any additional electronic platform charges, in prime
    brokerage fees for forward or option contracts it facilitates on
    behalf of the Global Trend Fund with third party banks. These
    prime brokerage fees, combined with the futures broker&#146;s
    charges, will equal approximately 0.30% of the Global Trend
    Fund&#146;s net assets. Each Class of Units will be allocated
    its <I>pro rata </I>share of all such costs. These prime
    brokerage fees, combined with the futures broker&#146;s charges,
    will not exceed the 1% of the Global Trend Fund net asset value
    per annum, as referenced under &#147;The Futures Broker&#148;
    above.
</DIV>

<A name='203'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Cash Manager and the Custodian</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund will pay Wilmington Trust&#160;Investment
    Management LLC (&#147;Wilmington&#148;) and Northern
    Trust&#160;Company a combined annualized fee equal to
    approximately 0.10% per annum of the funds managed by Wilmington
    based on the percentage of the principal amount of the Global
    Trend Fund&#146;s assets under management by Wilmington,
    computed and accrued on the average daily market value
    maintained in the Northern Trust&#160;Company custodial accounts
    by the Global Trend Fund. Wilmington and Northern
    Trust&#160;Company are not affiliated with Campbell&#160;&#038;
    Company. The Global Trend Fund may engage other firms which are
    unaffiliated with Campbell&#160;&#038; Company from time to time
    to provide cash management and custodial services. Such services
    would be provided pursuant to similar terms and fees as those
    that apply to Wilmington and Northern Trust&#160;Company. The
    Global Trend Fund may also terminate all types of cash
    management services at any time.
</DIV>

<A name='204'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Organization
    and Offering Expenses</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The organization and offering expenses during the initial and
    continuing offering will be advanced by Campbell &#038; Company.
    The Global Trend Fund, and in turn, each Class of Units
    (excluding Class&#160;E (USD) Units and Class&#160;C (GLD)
    Units), will reimburse, monthly, its organization and offering
    costs (collectively, &#147;Offering Costs&#148;), subject to an
    annual cap of 0.50% of the Global Trend Fund&#146;s, and in
    turn, each Class of Units&#146;, average month-end net asset
    value. Such Offering Costs include all fees and expenses in
    connection with the distribution of the Units, including legal,
    accounting, printing, mailing, filing fees, escrow fees,
    salaries and bonuses of employees while engaged in sales
    activities (including wholesaling), and marketing expenses of
    Campbell&#160;&#038; Company and the selling agents which are
    paid by the Global Trend Fund. Any Offering Costs advanced by
    Campbell &#038; Company in excess of the aforementioned annual
    cap may be reimbursed by the Global Trend Fund in later periods
    if the Global Trend Fund is able to do so within the limit of
    each annual cap, provided that the maximum amount reimbursed by
    the Global Trend Fund in any calendar year not exceed the
    overall limits set forth above. In no event will the
    reimbursement exceed 2.5% of the total subscriptions accepted by
    the Global Trend Fund. In the event the Global Trend Fund
    terminates prior to the completion of any reimbursement of the
    aforementioned costs, Campbell &#038; Company will not be
    entitled to any additional reimbursement from the Global Trend
    Fund. The reimbursement of Offering Costs reduces the Global
    Trend Fund&#146;s net asset value. Each Class of Units
    (excluding Class&#160;E (USD) Units and Class&#160;C (GLD)
    Units) is specifically allocated its pro rata share of all
    Offering Costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund also engages certain employees of the
    general partner to provide wholesaling services with respect to
    the Global Trend Fund. Any compensation paid to employees of the
</DIV>
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    <BR>
    -56-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    general partner for their wholesaling services is considered
    part of the Global Trend Fund&#146;s organization and Offering
    Costs and is payable by the Global Trend Fund as such.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund is required to disclose that the
    &#147;organization and offering expenses&#148; of the Global
    Trend Fund, as defined by the NASAA Guidelines (and referenced
    to as &#147;Offering Costs&#148; above, will not exceed 15% of
    the total subscriptions accepted. Campbell&#160;&#038; Company,
    and not the Global Trend Fund, will be responsible for any
    expenses in excess of such limitation. Since
    Campbell&#160;&#038; Company has agreed to limit its
    reimbursement of such expenses to 2.5% of total subscriptions,
    the NASAA Guidelines limit of 15% of total subscriptions (even
    when added to the selling commissions) will not be reached.
    Class&#160;E (USD) Units and Class&#160;C (GLD) Units do not pay
    Offering Costs.
</DIV>

<A name='205'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund bears its operating expenses, including,
    but not limited to, administrative, legal and accounting fees,
    and any taxes or extraordinary expenses payable by the Global
    Trend Fund. Such expenses are estimated to be 0.50% (and will
    not exceed 0.50%) of the Global Trend Fund&#146;s net asset
    value per annum; 0.7&#160;basis points (0.00007) of the
    estimated 0.50% will be paid to Campbell&#160;&#038; Company
    directly to cover administrative expenses incurred on behalf of
    the Global Trend Fund. Campbell&#160;&#038; Company will be
    responsible for any such expenses during any year of operations
    which exceed such percentage estimate. Campbell &#038; Company
    estimates that a maximum of $120,000 in legal fees and a maximum
    of $70,000 in audit fees will be charged to the Global Trend
    Fund during its first full year of operations, subject to the
    0.50% cap discussed above.
</DIV>

<A name='206'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The assets of both Funds are not and will not be, directly or
    indirectly, commingled with the property of any other person or
    with the property of the other Fund in violation of law or
    invested with or loaned to Campbell&#160;&#038; Company or any
    affiliated entities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approximately 10% to 30% of the Strategic Allocation Fund&#146;s
    assets normally are committed as required margin for futures
    contracts and held by the futures brokers, although the amount
    committed may vary significantly. Such assets are maintained in
    the form of cash or U.S.&#160;Treasury bills in segregated
    accounts with the futures brokers pursuant to the Commodity
    Exchange Act and regulations thereunder. Approximately 10% to
    30% of the Strategic Allocation Fund&#146;s assets are deposited
    with the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties in order to initiate and maintain currency
    forward and option contracts. Such assets are not held in
    segregation or otherwise regulated under the Commodity Exchange
    Act, unless such
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty is registered as a futures commission merchant.
    These assets are held either in U.S.&#160;government securities
    or short-term time deposits with
    <FONT style="white-space: nowrap">U.S.-regulated</FONT>
    bank affiliates of the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading advisor deposits those assets of the Strategic
    Allocation Fund that are not required to be deposited as margin
    with the futures brokers and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties in custodial accounts with Northern
    Trust&#160;Company. The assets deposited in the custodial
    accounts with Northern Trust&#160;Company are segregated. Such
    custodial accounts constitute approximately 40% to 80% of the
    Strategic Allocation Fund&#146;s assets and are invested,
    directly by Wilmington and Horizon. Wilmington and Horizon are
    registered with the Securities and Exchange Commission as
    investment advisers under the Investment Advisers Act of 1940.
    Wilmington and Horizon do not guarantee any interest or profits
    will accrue on the Strategic Allocation Fund&#146;s assets in
    the custodial accounts. Wilmington and Horizon will invest
    according to agreed upon investment guidelines that are
    consistent with those investments allowed by the futures broker
    as defined under Title&#160;17, Part&#160;1, &#167;&#160;1.25
    Investment of customer funds. Investments can include, but is
    not limited to, (i)&#160;U.S.&#160;Government Securities,
    Government Agency Securities, Municipal Securities, banker
    acceptances and certificates of deposits; (ii)&#160;commercial
    paper; and (iii)&#160;corporate debt.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approximately 10% to 30% of the Global Trend Fund&#146;s assets
    will normally be committed as required margin for futures
    contracts and held by the futures broker, although the amount
    committed may vary significantly. Such assets will be maintained
    in the form of cash or U.S.&#160;Treasury bills in segregated
    accounts with the futures brokers pursuant to the Commodity
    Exchange Act and regulations thereunder. Approximately 10% to
    30% of the Global Trend Fund&#146;s assets will be deposited
    with
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty in order to initiate and
</DIV>
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    <BR>
    -57-
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    maintain forward and options on forward contracts. Such assets
    are not held in segregation or otherwise regulated under the
    Commodity Exchange Act, unless such
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty is registered as a futures commission merchant.
    These assets will be held either in U.S.&#160;government
    securities or short-term time deposits with
    <FONT style="white-space: nowrap">U.S.-regulated</FONT>
    bank affiliates of the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading advisor will deposit the majority of those assets of
    the Global Trend Fund that are not required to be deposited as
    margin with the futures broker and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty in a custodial account for each Series with
    Northern Trust&#160;Company. The assets deposited in the
    custodial accounts with Northern Trust&#160;Company will be
    segregated. Such custodial account will constitute approximately
    40% to 80% of the Global Trend Fund&#146;s assets and will be
    invested, directly by Wilmington Trust&#160;Investment
    Management LLC (&#147;Wilmington&#148;). Wilmington is
    registered with the Securities and Exchange Commission as an
    investment adviser under the Investment Advisers Act of 1940.
    Wilmington does not guarantee any interest or profits will
    accrue on the Global Trend Fund&#146;s assets in the custodial
    accounts. Wilmington will invest according to agreed upon
    investment guidelines that are modeled after those investments
    allowed by the futures broker as defined under The Commodity
    Exchange Act, Title&#160;17, Part&#160;1, &#167;&#160;1.25
    Investment of customer funds. Investments can include, but are
    not limited to, (i)&#160;U.S.&#160;Government Securities,
    Government Agency Securities, Municipal Securities, banker
    acceptances and certificates of deposits; (ii)&#160;commercial
    paper; and (iii)&#160;corporate debt.
</DIV>

<A name='207'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    FUTURES BROKERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    UBS Securities LLC (&#147;UBS Securities&#148;) is one of the
    Strategic Allocation Fund&#146;s futures brokers and an
    affiliate of one of the selling agents for that Fund. Additional
    or replacement futures brokers may be appointed in respect of
    the Strategic Allocation Fund&#146;s account in the future
    solely at the discretion of Campbell&#160;&#038; Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    UBS Securities LLC principal business address is 677 Washington
    Boulevard, Stamford, CT 06901. UBS Securities is a futures
    clearing broker for the Strategic Allocation Fund. UBS
    Securities is registered in the U.S.&#160;with the Financial
    Industry Regulatory Authority (&#147;FINRA&#148;) as a
    Broker-Dealer and with the CFTC as a Futures Commission
    Merchant. UBS Securities is a member of various US futures and
    securities exchanges.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    UBS Securities is the defendant in two purported securities
    class actions brought in the District Court of the Northern
    District of Alabama, brought by holders of stock and bonds in
    HealthSouth, captioned In re HealthSouth Corporation
    Stockholder,
    <FONT style="white-space: nowrap">No.&#160;CV-03-BE-1501-S</FONT>
    and In re HealthSouth Corporation Bondholder Litigation,
    <FONT style="white-space: nowrap">No.&#160;CV-03-BE-1502-S.</FONT>
    Both complaints assert liability under the Securities Act of
    1934.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    UBS has been responding to investigations by the SEC and the
    United States Attorney&#146;s Office for the Eastern District of
    New York regarding UBS&#146;s valuation of
    U.S.&#160;mortgage-backed securities and derivatives, and
    compliance with public disclosure rules. These investigations
    are ongoing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;27, 2007, the Securities Division of the Secretary
    of the Commonwealth of Massachusetts (&#147;Massachusetts
    Securities Division&#148;) filed an administrative complaint
    (the &#147;Complaint&#148;) and notice of adjudicatory
    proceeding against UBS Securities LLC, captioned In The Matter
    of UBS Securities, LLC, Docket
    <FONT style="white-space: nowrap">No.&#160;E-2007-0049,</FONT>
    which alleges, in sum and substance, that UBS Securities has
    been violating the Massachusetts Uniform Securities Act
    (&#147;the &#147;Act&#148;) and related regulations by providing
    the advisers for certain hedge funds with gifts and gratuities
    in the form of below market office rents, personal loans with
    below market interest rates, event tickets, and other perks, in
    order to induce those hedge fund advisers to increase or retain
    their level of prime brokerage fees paid to UBS Securities. The
    Complaint seeks a cease and desist order from conduct that
    violates the Act and regulations, to censure UBS Securities, to
    require UBS Securities to pay an administrative fine of an
    unspecified amount, and to find as fact the allegations of the
    Complaint.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;26, 2008, the Massachusetts Securities Division
    filed an administrative complaint and notice of adjudicatory
    proceeding against UBS Securities and UBS Financial Services,
    Inc. (&#147;UBS Financial&#148;), captioned In the Matters of
    UBS Securities, LLC and UBS Financial Services, Inc., Docket
    <FONT style="white-space: nowrap">No.&#160;2008-0045,</FONT>
    which alleged that UBS Securities and UBS Financial violated the
    Act in connection with the marketing and sale of auction rate
    securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On July&#160;22, 2008, the Texas State Securities board filed an
    administrative proceeding against
</DIV>
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    <BR>
    -58-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    UBS Securities and UBS Financial captioned the Matter of the
    Dealer Registrations of UBS Financials Services Inc. and UBS
    Securities LLC, SOAH Docket
    <FONT style="white-space: nowrap">No.&#160;###-##-####,</FONT>
    SSB Docket
    <FONT style="white-space: nowrap">No.&#160;08-IC04,</FONT>
    alleging violations of the anti-fraud provision of the Texas
    Securities Act in connection the marketing and sale of auction
    rate securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On July&#160;24, 2008 the New York Attorney General
    (&#147;NYAG&#148;) filed a complaint in Supreme Court of the
    State of New York against UBS Securities and UBS Financial
    captioned State of New York&#160;v. UBS Securities LLC and UBS
    Financial Services, Inc. No.&#160;650262/2008, in connection
    with UBS&#146; marketing and sale of auction rate securities.
    The complaint alleges violations of the anti-fraud provisions of
    New York state statutes and seeks a judgment ordering that the
    firm buy back auction rate securities from investors at par,
    disgorgement, restitution and other remedies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On August&#160;8, 2008, UBS Securities and UBS Financial reached
    agreements in principle with the SEC, the NYAG, the
    Massachusetts Securities Division and other state regulatory
    agencies represented by the North American Securities
    Administrators Association (&#147;NASAA&#148;) to restore
    liquidity to all remaining client&#146;s holdings of auction
    rate securities by June&#160;20, 2012. On August&#160;20, 2008,
    the Texas proceeding was dismissed and withdrawn. On
    October&#160;2, 2008, UBS Securities and UBS Financial entered
    into a final consent agreement with the Massachusetts Securities
    Division settling all allegations in the Massachusetts
    Securities Division administrative proceeding against UBS
    Securities and UBS Financial with regards to the auction rate
    securities matter. UBS Securities and UBS Financial are
    finalizing agreements with the SEC, NYAG and NASAA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On August&#160;14, 2008 the New Hampshire Bureau of Securities
    Regulation filed an administrative action against UBS Securities
    relating to a student loan issuer, the New Hampshire Higher
    Education Loan Corp. (NHHELCO). The complaint alleges fraudulent
    and unethical conduct in violation of New Hampshire state
    statues. The complaint seeks an administrative fine, a cease and
    desist order, and restitution to NHHELCO. The claim does not
    impact the global settlement with the SEC, NYAG and NASAA
    relating to the marketing and sale of ARS to investors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Further, UBS Securities, like most full service investment banks
    and broker-dealers, receives inquiries and is sometimes involved
    in investigations by the SEC, FINRA, NYSE and various other
    regulatory organizations, exchanges and government agencies. UBS
    Securities fully cooperates with the authorities in all such
    requests. UBS Securities regularly discloses to the FINRA
    arbitration awards, disciplinary action and regulatory events.
    These disclosures are publicly available on the FINRA&#146;s
    website at www.finra.org. Actions with respect to UBS
    Securities&#146; futures commission merchant business are
    publicly available on the website of the National Futures
    Association
    <FONT style="white-space: nowrap">(http://www.nfa.futures.org/).</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    UBS Securities will act only as clearing broker for the
    Strategic Allocation Fund and as such will be paid commissions
    for executing and clearing trades on behalf of the Strategic
    Allocation Fund. UBS Securities has not passed upon the adequacy
    or accuracy of this prospectus. UBS Securities neither will act
    in any supervisory capacity with respect to the Strategic
    Allocation Fund nor participate in the management of
    Campbell&#160;&#038; Company or the Strategic Allocation Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman, Sachs&#160;&#038; Co. (&#147;Goldman&#148;) is one of
    the Strategic Allocation Fund&#146;s futures brokers. Additional
    or replacement futures brokers may be appointed in respect of
    the Strategic Allocation Fund&#146;s account in the future
    solely at the discretion of Campbell&#160;&#038; Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman&#146;s principal address is 85 Broad Street, New York,
    NY 10004, telephone
    <FONT style="white-space: nowrap">(212)&#160;904-1000.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Futures trades made on behalf of the Strategic Allocation Fund
    are carried by Goldman. Goldman is not affiliated with
    Campbell&#160;&#038; Company. Goldman did not sponsor the
    Strategic Allocation Fund and is not responsible for the
    activities of Campbell&#160;&#038; Company. It will act only as
    one of the futures brokers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman, in addition to being a registered futures commission
    merchant, is a registered broker-dealer. From time to time,
    Goldman and its affiliates are involved in judicial, regulatory
    and arbitration concerning matters arising in connection with
    the conduct of its business. Goldman&#146;s management believes,
    based on currently available information, that the results of
    such proceedings, in the aggregate, will not have a material
    adverse effect on the firm&#146;s financial condition, but may
    be material to the firm&#146;s operating results for any
    particular period, depending, in part, upon the results for such
    period. For further information, please refer to the periodic
    public filings by The Goldman Sachs Group, Inc. and to
    Goldman&#146;s Form&#160;BD as periodically filed with the
    Securities and Exchange Commission.
</DIV>
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    <BR>
    -59-
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These filings are posted in the EDGAR database at the SEC
    website at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Newedge USA, LLC (&#147;NUSA&#148; or the &#147;futures
    broker&#148;) is the Global Trend Fund&#146;s futures broker.
    NUSA and Newedge Alternative Strategies Inc. (&#147;NAST&#148;)
    are subsidiaries of Newedge Group, which was formed on
    January&#160;2, 2008 as a joint venture by Soci&#233;t&#233;
    G&#233;n&#233;rale and Calyon to combine the brokerage
    activities previously carried by their respective subsidiaries
    which comprised the Fimat Group and the Calyon Financial Group
    of affiliated entities. NUSA is a futures commission merchant
    and broker-dealer registered with the CFTC and the SEC, and is a
    member of the National Futures Association and the Financial
    Industry Regulatory Authority (&#147;FINRA&#148;). NUSA is a
    clearing member of all principal equity, option, and futures
    exchanges located in the United States as well as a member of
    the Options Clearing Corporation and Government Securities
    Clearing Corporation. NAST is an eligible swap participant that
    is not registered or required to be registered with the CFTC or
    the SEC, and is not a member of any exchange.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NUSA and NAST are headquartered at 550&#160;W.&#160;Jackson,
    Suite&#160;500, Chicago, Illinois 60661 with branch offices in
    San&#160;Francisco, California; New York, New York; Kansas City,
    Missouri; Houston, Texas; and Montreal, Canada.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to January&#160;2, 2008, NUSA was known as Fimat USA, LLC,
    while NAST was known as Fimat Alternative Strategies Inc. On
    September&#160;1, 2008, NUSA merged with future commission
    merchant and broker dealer Newedge Financial Inc.
    (&#147;NFI&#148;)&#160;&#151; formerly known as Calyon Financial
    Inc. NUSA was the surviving entity.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2008, NFI settled, without admitting or denying the
    allegations, a disciplinary action brought by the New York
    Mercantile Exchange (&#147;NYMEX&#148;) alleging that NFI
    violated NYMEX rules related to: numbering and time stamping
    orders by failing properly to record a floor order ticket; wash
    trading; failure to adequately supervise employees; and
    violation of a prior NYMEX cease and desist order, effective as
    of December&#160;5, 2006, related to numbering and time stamping
    orders and block trades. NFI paid a $100,000 fine to NYMEX in
    connection with this settlement.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other than the foregoing proceeding, which did not have a
    material adverse effect upon the financial condition of NUSA,
    there have been no material administrative, civil or criminal
    actions brought, pending or concluded against NUSA, NAST, or its
    principals in the past five years.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Affiliates of NUSA may execute transactions opposite the Fund as
    principal. Neither NUSA nor any affiliate, officer, director or
    employee thereof have passed on the merits of this Memorandum or
    offering, or give any guarantee as to the performance or any
    other aspect of the Fund.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NUSA has adopted and implemented an anti-money laundering
    program consistent with its obligations to comply with
    applicable anti-money laundering laws and regulations, including
    the Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001,
    including Customer Identification Procedures.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All futures trades made on behalf of the Global Trend Fund are
    cleared by NUSA. NUSA is not affiliated with either the Global
    Trend Fund or the trading advisor. NUSA did not sponsor the
    Global Trend Fund and is not responsible for the activities of
    the trading advisor. It will act only as the futures broker.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The futures broker and its affiliates, Trustees, officers and
    employees may trade futures for their own accounts. Records of
    such trading, if any, will not be made available to the limited
    partners. It is possible that such persons may take positions
    either similar or opposite to positions taken by the Global
    Trend Fund, and that the Global Trend Fund and such persons may
    from time to time be competing for similar positions in the
    futures markets. Furthermore, it is possible that the futures
    broker will effect transactions for the Global Trend Fund in
    which the other party is affiliated with the futures broker.
    Although the futures broker is not affiliated with the trading
    advisor, it is the futures broker for other accounts managed by
    the trading advisor
    <FONT style="white-space: nowrap">and/or</FONT> its
    affiliates. Neither the Global Trend Fund nor the trading
    advisor
    <FONT style="white-space: nowrap">and/or</FONT> its
    affiliates are obligated to continue to use NUSA and may select
    other or additional futures brokers in the future, provided that
    a reasonable determination is made that their service and
    pricing are competitive.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund has entered into a futures brokerage
    agreement with NUSA, which clears all futures transactions on a
    fully disclosed basis. The Global Trend Fund has appointed the
    futures broker to clear trades for the Global Trend Fund upon
    the instructions of the trading advisor.
</DIV>
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    <BR>
    -60-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The futures broker may change its commission rates at any time.
    The brokerage agreement with NUSA is terminable at any time upon
    notice by either party.
</DIV>

<A name='208'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    <FONT style="white-space: nowrap">OVER-THE-COUNTER</FONT>
    COUNTERPARTIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company&#146;s Best Execution Committee
    reviews the creditworthiness of its counterparties no less than
    weekly. As a general matter, Campbell&#160;&#038; Company
    expects counterparties to maintain a credit rating of investment
    grade or above. In addition to reviewing any changes to credit
    ratings, the Best Execution Committee reviews the
    <FONT style="white-space: nowrap">5-year</FONT>
    credit default swap (percentage change) and equity price
    (current
    <FONT style="white-space: nowrap">year-to-date</FONT>
    percentage, previous
    <FONT style="white-space: nowrap">year-to-date</FONT>
    percentage, and percentage change) changes. The Best Execution
    Committee notes credit default swap and equity price changes
    that have significantly deviated from the average and also
    contemplates capital raises, earnings reports and other news.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund trades foreign exchange and other
    forward and option contracts through &#147;dealers&#148; in such
    contracts. The dealers that maintain the forward and option
    positions, or act as the counterparties, for the Strategic
    Allocation Fund are Deutsche Bank AG London and The Royal Bank
    of Scotland plc. Unlike futures contracts which are traded
    through brokers such as the futures brokers, foreign exchange or
    currency forward and option contracts are executed through a
    network of dealers. Campbell&#160;&#038; Company then instructs
    the executing dealer to &#147;give up&#148; the trade to
    Deutsche Bank AG London or The Royal Bank of Scotland plc.
    Campbell&#160;&#038; Company is not obligated to continue to use
    the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties identified above and may select others or
    additional ones in the future, provided Campbell&#160;&#038;
    Company believes that their service and pricing are competitive
    and present minimal counterparty credit risk.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund trades foreign exchange and other forward
    and option contracts through &#147;dealers&#148; in such
    contracts. The dealer that maintains the forward and option
    positions, or acts as the counterparty, for the Global Trend
    Fund is The Royal Bank of Scotland plc. Unlike futures contracts
    which are traded through brokers such as the futures broker,
    foreign exchange or currency forward and option contracts are
    executed through a network of dealers. Campbell&#160;&#038;
    Company then instructs the executing dealer to &#147;give
    up&#148; the trade to The Royal Bank of Scotland plc.
    Campbell&#160;&#038; Company is not obligated to continue to use
    the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty identified above and may select others or
    additional ones in the future, provided Campbell&#160;&#038;
    Company believes that their service and pricing are competitive
    and present minimal counterparty credit risk.
</DIV>

<A name='209'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE CASH
    MANAGERS AND THE CUSTODIAN</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This section applied to both Funds.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund has appointed Wilmington
    Trust&#160;Investment Management LLC, a wholly owned subsidiary
    of Wilmington Trust&#160;Corporation, and Horizon Cash
    Management L.L.C. as cash managers (the &#147;Cash
    Managers&#148;) under Non-Custody Investment Advisory Agreements
    dated July&#160;8, 2009, to manage and control the liquid assets
    of the Strategic Allocation Fund. The Global Trend Fund
    appointed Wilmington as cash manager under the Non-Custody
    Investment Advisory Agreement dated December&#160;15, 2009.
    Wilmington is organized under the laws of the State of Georgia.
    Horizon is incorporated in the State of Illinois. Both Cash
    Managers are registered as investment advisers with the
    Securities and Exchange Commission of the United States under
    the Investment Advisers Act of 1940.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Wilmington, based in Wilmington, Delaware, and Horizon, based in
    Chicago, Illinois, specialize in providing short-term, fixed
    income investment management to institutional investors. As of
    September 2009, Wilmington managed approximately
    $40.3&#160;billion for clients on six continents, in all
    50&#160;states, and in 88 foreign countries. As of December
    2008, Horizon managed approximately $2.2&#160;billion for over
    40 clients world-wide. The Cash Managers structure customized
    portfolios by applying fundamental yield curve and interest rate
    analysis to each client&#146;s unique cash flow needs,
    investment parameters and risk/return objectives. The Cash
    Managers specialize in investments which are predominately
    short-term in maturity and high grade, high quality in nature
    with particular emphasis on U.S.&#160;Treasury securities and
    U.S.&#160;Government Agencies&#146; issues.
</DIV>
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    <BR>
    -61-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Both Funds opened custodial accounts at The Northern
    Trust&#160;Company (the &#147;Custodian&#148;), and has granted
    the Cash Managers a limited power of attorney over such
    accounts. Such power of attorney gives the Cash Managers
    authority to make certain investments on behalf of the Funds
    provided such investments are consistent with the investment
    guidelines created by the trading advisor to both Funds. Such
    investments include, but are not limited to, U.S.&#160;Treasury
    securities, securities issued by U.S.&#160;Government Agencies,
    high quality money-market securities and repurchase agreements.
    All securities purchased by the Cash Managers on behalf of the
    Funds or other liquid funds of the Funds will be held in its
    custody accounts at the custodian. The Cash Managers will have
    no beneficial or other interest in the securities and cash in
    such custody accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Cash Managers will use their best endeavors in the
    management of the assets of the Funds but provides no guarantee
    that any profit or interest will accrue to the Funds as a result
    of such management.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Cash Managers and their principals, employees, agents and
    affiliates will be indemnified out of the assets of the Funds
    for all losses, costs, damages, expenses (including
    attorneys&#146; fees) incurred in the performance of its duties
    except for loss resulting from its gross negligence, malfeasance
    or a violation of applicable law.
</DIV>

<A name='210'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DISTRIBUTIONS
    AND REDEMPTIONS</FONT></B>
</DIV>

</A>
<A name='211'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Distributions</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund and Global Trend Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company is not required to make any
    distributions to limited partners. However, Campbell&#160;&#038;
    Company does have the authority to make such distributions, and
    reserves the right to do so at any time in its sole discretion.
    Campbell&#160;&#038; Company is not under any obligation to make
    pro rata distributions to its other accounts under management if
    it makes distributions to either or both of the Funds. The
    amount and timing of future distributions is uncertain. Because
    of the potential volatility of futures, forward and option
    markets, especially in the short-term, each Fund is recommended
    for those seeking a medium- to long-term investment
    (<I>i.e.</I>, 3-5&#160;years).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If either Fund realizes profits for any fiscal year, such
    profits will constitute taxable income to the limited partners
    in accordance with their respective investments in the Fund
    whether or not cash or other property has been distributed to
    limited partners. Any distributions, if made, may be inadequate
    to cover such taxes payable by the limited partners.
</DIV>

<A name='212'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemptions</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund and Global Trend Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A limited partner, with the payment of charges below, may
    request any or all of his Units or a specific dollar amount be
    redeemed by the Strategic Allocation Fund or the Global Trend
    Fund at the net asset value of a Unit as of the end of the
    month. Limited partners must transmit a written request of such
    withdrawal to Campbell&#160;&#038; Company not less than ten
    (10)&#160;business days prior to the end of the month (or such
    shorter period as permitted by Campbell&#160;&#038; Company).
    See Exhibit&#160;C to this prospectus for the form of Request
    for Redemption for each Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Request for Redemption must specify the number of Units for
    which redemption is sought. Except as set forth below,
    redemptions will be paid within 20 business days after the date
    of redemption, contingent upon the Funds having assets
    sufficient to discharge all of their liabilities on the
    requested date of redemption. A delay may occur only in the
    event that redemptions are requested with respect to more Units
    than Campbell&#160;&#038; Company is able to honor,
    Campbell&#160;&#038; Company will honor requests for redemption
    in the order actually received and will hold requests for
    redemption in such order. Limited partners will be notified in
    the event a request for redemption cannot be honored, and their
    requests will be honored thereafter at the first available
    opportunity.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The federal income tax aspects of redemptions are described
    under &#147;Federal Income Tax Aspects.&#148;
</DIV>

<A name='213'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption&#160;Fees</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Redemption fees for the Strategic Allocation Fund apply through
    the first twelve month-ends following purchase as follows: 4% of
    net asset value per Unit redeemed through the third month-end,
    3% of net asset value per Unit redeemed through the sixth
    month-end, 2% of net asset value per Unit redeemed through the
    ninth month-end, and 1% of net asset value per Unit redeemed
    through the twelfth month-end. The month-end as of which the
</DIV>
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    <BR>
    -62-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unit is purchased is counted as the first month-end. After the
    twelfth month-end following purchase of a Unit, no redemption
    fees apply. Because the purchase date counts as the first
    month-end in determining whether a redemption fee applies, no
    redemption fee would be due in respect of a Unit redeemed on the
    first anniversary of the purchase. Accordingly, redemption fees
    are not included in the &#147;break-even&#148; estimate set
    forth below. For example, if a Unit were purchased on
    June&#160;30, 2010 (the Closing Date for such Unit), a
    redemption fee of 4% would apply if the Unit were redeemed on
    July&#160;31, or August&#160;31, 2010, a redemption fee of 3%
    would apply if the Unit were redeemed on September&#160;30,
    October&#160;31, or November&#160;30, 2010, a redemption fee of
    2% would apply if the Unit were redeemed on December&#160;31,
    2010, January&#160;31, or February&#160;28, 2011, a redemption
    fee of 1% would apply if the Unit were redeemed on
    March&#160;31, April&#160;30, or May&#160;31, 2011 and no
    redemption fee would apply if the Unit were redeemed on or after
    June&#160;30, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In determining whether redemption fees apply to a particular
    limited partner&#146;s Units, Units will be deemed to be
    redeemed on a
    <FONT style="white-space: nowrap">&#147;first-in,</FONT>
    first-out&#148; basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Redemption fees apply to Class&#160;A (USD) Units, Class&#160;B
    (USD) Units and Class&#160;A (GLD) 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, 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&#160;A
    (USD) Unit, Class&#160;B (USD) Unit or Class&#160;A (GLD) Unit,
    no redemption fees apply. Because the purchase date counts as
    the first month-end in determining whether a redemption fee
    applies, no redemption fee would be due in respect of a
    Class&#160;A (USD) Unit, Class&#160;B (USD) Unit or Class&#160;A
    (GLD) Unit redeemed on the first anniversary of the purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For example, if Class&#160;A (USD) Units, Class&#160;B (USD)
    Units or Class&#160;A (GLD) Units were purchased on
    June&#160;30, 2010 (the Closing Date for such Unit), a
    redemption fee of 1.833% would apply if the Class&#160;A (USD)
    Units, Class&#160;B (USD) Units or Class&#160;A (GLD) Units were
    redeemed through July&#160;31, 2010, declining each month
    thereafter as referenced above. No redemption fee would apply if
    the Class&#160;A (USD) Units, Class&#160;B (USD) Units or
    Class&#160;A (GLD) Units were redeemed on or after June&#160;30,
    2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In determining whether redemption fees apply to a particular
    limited partner&#146;s Class&#160;A (USD) Units, Class&#160;B
    (USD) Units or Class&#160;A (GLD) Units, Class&#160;A (USD)
    Units, Class&#160;B (USD) Units or Class&#160;A (GLD) Units will
    be deemed to be redeemed on a
    <FONT style="white-space: nowrap">&#147;first-in,</FONT>
    first-out&#148; basis.
</DIV>

<A name='214'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Net Asset
    Value</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund and Global Trend Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The net asset value of a Unit as of any date is the limited
    partner&#146;s share of the sum of all cash, plus Treasury bills
    valued at cost plus accrued interest, and other securities
    <FONT style="white-space: nowrap">marked-to-market,</FONT>
    plus the fair value of all open futures, forward and option
    positions maintained by the Strategic Allocation Fund or the
    Global Trend Fund, and in turn, each Class of Units, less all
    liabilities of the respective Fund or Class of Units, and
    accrued performance fees, determined in accordance with the
    principles specified in that Fund&#146;s Limited Partnership
    Agreement. Where no principle is specified in either Limited
    Partnership Agreement, the net asset value is calculated in
    accordance with accounting principles generally accepted in the
    United States of America under the accrual basis of accounting,
    divided by the number of Units then outstanding. Thus, if the
    net asset value of a Unit for purposes of redemption is
    determined as of a month-end which is not the end of a quarter,
    any performance fees payable to Campbell&#160;&#038; Company
    will be determined and charged to such Unit as though such
    month-end were the end of the quarter and such performance fees
    will be paid to Campbell&#160;&#038; Company.
</DIV>
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    <BR>
    -63-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='215'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AGREEMENTS
    OF LIMITED PARTNERSHIP</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of the Funds&#146; Limited
    Partnership Agreements, forms of which are attached as
    Exhibits&#160;A and B and incorporated by reference.
</DIV>

<A name='216'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Organization
    and Limited Liability</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds are organized under the Delaware Revised Uniform
    Limited Partnership Act (&#147;RULPA&#148;). In general, a
    limited partner&#146;s liability under RULPA is limited to the
    amount of his capital contribution and his share of any
    undistributed profits.
</DIV>

<A name='217'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Management
    of Partnership Affairs</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Limited Partnership Agreements effectively give
    Campbell&#160;&#038; Company, as general partner, full control
    over the management of the Fund and gives no management role to
    the limited partners. To facilitate matters for
    Campbell&#160;&#038; Company, the limited partners must execute
    the applicable Fund&#146;s Subscription Agreement (attached as
    Exhibit&#160;E or F).
</DIV>

<A name='218'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Sharing
    of Profits and Losses</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Profit
    Potential; Fund&#160;Accounting</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each limited partner has a capital account. Initially, the
    limited partner&#146;s balance equals the amount paid for the
    Units. The limited partner&#146;s balance is then proportionally
    adjusted monthly to reflect his portion of the Funds&#146; gains
    or losses for the month.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Federal
    Tax Allocations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At year-end, the Funds will determine the total taxable income
    or loss for the year. Subject to the special allocation of net
    capital gain or loss to redeeming limited partners, the taxable
    gain or loss is allocated to each limited partner in proportion
    to his capital account and each limited partner is responsible
    for his share of the taxes. See Article&#160;7 of each Limited
    Partnership Agreement, and &#147;Federal Income Tax
    Aspects.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For net capital gain and loss, the gains and losses are first
    allocated to each limited partner who redeemed Units during the
    year. The remaining net capital gain or loss is then allocated
    to each limited partner in proportion to his capital account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each limited partner&#146;s tax basis in his Units is increased
    by the taxable income allocated to him and reduced by any
    distributions received and losses allocated to him.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the Funds&#146; liquidation, each limited partner will
    receive his proportionate share of the assets of the Funds.
</DIV>

<A name='273'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption
    Provisions of the Funds</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A limited partner may redeem his Units in either Fund upon 10
    days&#146; prior written notice to Campbell &#038; Company.
    While the Units have redemption rights, there are restrictions,
    and possible fees assessed. For example, redemptions from each
    Fund can occur only at the end of a month.
</DIV>

<A name='219'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dispositions</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A limited partner may transfer or assign his Units in either
    Fund upon 30&#160;days&#146; prior written notice to
    Campbell&#160;&#038; Company and subject to approval of the
    assignee. Campbell&#160;&#038; Company will provide consent when
    it is satisfied that the transfer complies with applicable laws,
    and further would not result in the termination of the Funds for
    federal income tax purposes. An assignee not admitted to the
    Funds as a limited partner will have only limited rights to
    share the profits and capital of the Funds and a limited
    redemption right.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assignees receive &#147;carry-over&#148; tax basis accounts and
    capital accounts from their assignors, irrespective of the
    amount paid for the assigned Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company does not intend to permit purchase
    transfers.
</DIV>

<A name='220'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dissolution
    and Termination of the Funds</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds will be terminated and dissolved upon the happening of
    the earlier of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    expiration of the Strategic Allocation Fund&#146;s stated term
    on December&#160;31, 2023 (the Global Trend Fund has no stated
    expiration date);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    limited partners owning more than 50% of the outstanding Units
    vote to dissolve the respective Fund;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3)&#160;
</TD>
    <TD align="left">
    Campbell&#160;&#038; Company withdraws as general partner and no
    new general partner is appointed;
</TD>
</TR>

</TABLE>
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    <BR>
    -64-
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    4)&#160;
</TD>
    <TD align="left">
    Campbell&#160;&#038; Company determines that the purpose of the
    Funds cannot be fulfilled;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    5)&#160;
</TD>
    <TD align="left">
    the continued existence of the Funds become unlawful or the
    Funds are dissolved by operation of law.
</TD>
</TR>

</TABLE>

<A name='221'>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment,
    Meetings and Voting Rights</FONT></B></A>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Limited Partnership Agreement may be amended by
    Campbell&#160;&#038; Company if the limited partners owning more
    than 50% of the outstanding Units concur. Campbell&#160;&#038;
    Company may make minor changes to the Limited Partnership
    Agreement without the approval of the limited partners. These
    minor changes can be for clarifications of inaccuracies or
    ambiguities, modifications in response to changes in tax code or
    regulations, or any other changes the general partner deems
    advisable so long as they do not change the basic investment
    policy or structure.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Limited partners owning at least 10% of the outstanding Units
    can call a meeting of the Strategic Allocation Fund. At that
    meeting, the limited partners, provided that limited partners
    owning a majority of the outstanding Units concur, can vote to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    amend the Limited Partnership Agreement without the consent of
    Campbell&#160;&#038; Company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    dissolve the Strategic Allocation Fund;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3)&#160;
</TD>
    <TD align="left">
    terminate contracts with Campbell&#160;&#038; Company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    4)&#160;
</TD>
    <TD align="left">
    remove and replace Campbell&#160;&#038; Company as general
    partner;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    5)&#160;
</TD>
    <TD align="left">
    approve the sale of Strategic Allocation Fund assets.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Limited Partnership Agreement may be amended by
    Campbell&#160;&#038; Company without obtaining the authorization
    or approval of any other limited partner and without giving
    prior notification to any limited partner. These changes can be
    for clarifications of inaccuracies or ambiguities, modifications
    in response to changes in tax code or regulations, or any other
    changes the general partner deems advisable so long as they do
    not change the basic investment policy or structure and do not
    have material adverse affect on the Global Trend Fund or its
    limited partners. If the amendment is deemed to have a material
    affect on the Global Trend Fund or the limited partners, the
    general partner will provide notification at least thirty
    (30)&#160;days prior to the implementation of such amendment and
    obtaining the consent of the Global Trend Fund subject to the
    provisions set forth in Section&#160;16.3 of the Limited
    Partnership Agreement. The Limited Partnership Agreement may not
    be amended to modify the limited liability of a limited partner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Limited partners owning at least 10% of the outstanding Units
    can call a meeting of the Global Trend Fund. At that meeting,
    the limited partners, provided that limited partners owning a
    majority of the outstanding Units concur, can vote to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    amend the Limited Partnership Agreement without the consent of
    Campbell &#038; Company;
</TD>
</TR>
    <FONT style="font-size: 10pt">
    </FONT>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    dissolve the Global Trend Fund;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3)&#160;
</TD>
    <TD align="left">
    terminate contracts with Campbell &#038; Company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    4)&#160;
</TD>
    <TD align="left">
    remove and replace Campbell &#038; Company as general partner;
    and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    5)&#160;
</TD>
    <TD align="left">
    approve the sale Global Trend Fund assets.
</TD>
</TR>

</TABLE>

<A name='222'>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds agree to indemnify Campbell&#160;&#038; Company, as
    general partner, for actions taken on behalf of the Funds,
    provided that Campbell&#160;&#038; Company&#146;s conduct was in
    the best interests of the Funds and the conduct was not the
    result of negligence or misconduct. Indemnification by the Funds
    for alleged violation of securities laws is only available if
    the following conditions are satisfied:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    a successful adjudication on the merits of each count alleged
    has been obtained,&#160;or
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    such claims have been dismissed with prejudice on the merits by
    a court of competent jurisdiction;&#160;or
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3)&#160;
</TD>
    <TD align="left">
    a court of competent jurisdiction approves a settlement of the
    claims and finds indemnification of the settlement and related
    costs should be made;&#160;and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    4)&#160;
</TD>
    <TD align="left">
    in the case of 3), the court has been advised of the position of
    the SEC and the states in which the Units were offered and sold
    as to indemnification for the violations.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -65-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='223'>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Reports
    to Limited Partners of Both Funds </FONT></B>
</DIV>
</A>
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The limited partners of both funds will have access to and the
    right to copy the Funds&#146; books and records. A limited
    partner may obtain a list of all limited partners together with
    the number of Units owned by each limited partner, provided such
    request is not for commercial purposes.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company will provide various reports and
    statements to the limited partners including:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    monthly, Campbell&#160;&#038; Company will provide an unaudited
    income statement of the prior month&#146;s activities;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    annually, Campbell&#160;&#038; Company will provide audited
    financial statements accompanied by a fiscal year-end summary of
    the monthly reports described above;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3)&#160;
</TD>
    <TD align="left">
    annually, Campbell&#160;&#038; Company will provide tax
    information necessary for the preparation of the limited
    partners&#146; annual federal income tax returns;&#160;and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    4)&#160;
</TD>
    <TD align="left">
    if the net asset value per Unit as of the end of any business
    day declines by 50% or more from either the prior year-end or
    the prior month-end Unit value or there is a material change in
    the advisory agreement with Campbell&#160;&#038; Company or
    otherwise affecting the compensation to any party, including
    Campbell&#160;&#038; Company, Campbell&#160;&#038; Company will
    suspend trading activities, notify all limited partners of the
    relevant facts within seven business days and declare a special
    redemption period.
</TD>
</TR>

</TABLE>

<A name='224'>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FEDERAL
    INCOME TAX ASPECTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The following discussion has been prepared by Sidley Austin
    LLP, tax counsel to Campbell&#160;&#038; Company, and summarizes
    the material federal income tax consequences to individual
    (non-corporate) investors in the Funds. Sidley Austin LLP&#146;s
    opinion is filed as an exhibit to the registration statement
    related to the Units offered hereby. A complete discussion of
    all U.S.&#160;federal, state, local or foreign aspects of an
    investment in the Funds is beyond the scope of this summary, and
    prospective investors are advised to consult their tax advisors
    as to their particular circumstances.</I>
</DIV>

<A name='225'>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Funds&#146; Partnership Tax Status</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund is classified as a partnership for
    federal income tax purposes. Campbell&#160;&#038; Company will
    treat each Series of the Global Trend Fund as a separate
    partnership for federal income tax purposes, and will cause the
    federal income tax returns to be filed on that basis. For
    purposes of the remainder of this section under the caption
    &#147;Federal Income Tax Aspects&#148;, the term
    &#147;Fund&#148; shall mean the Strategic Allocation Fund and
    each Series of the Global Trend Fund.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No Fund will be considered a publicly traded partnership taxable
    as a corporation for federal income tax purposes based on the
    type of income each is expected to earn. Therefore, no Fund will
    be subject to any federal income tax. Each Fund&#146;s taxable
    year is the calendar year and each Fund will prepare its
    partnership tax return using the accrual method of accounting.
</DIV>

<A name='226'>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Limited Partners on Profits and Losses of the Funds</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each limited partner of a Fund will be subject to tax on his
    share of such Fund&#146;s annual income and gains, if any, even
    if the limited partner does not redeem any Units or receive any
    cash distributions from such Fund.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Fund generally allocates its gains and losses equally to
    each Unit. However, a limited partner who redeems any Units will
    be allocated gains and losses in order that the amount of cash a
    limited partner receives for a redeemed Unit equals the limited
    partner&#146;s adjusted tax basis allocable to the redeemed
    Unit. For this purpose, a limited partner&#146;s adjusted tax
    basis in a redeemed Unit equals the amount originally paid for
    the Unit, increased by income or gains allocated to the Unit and
    decreased (but not below zero) by distributions, deductions or
    losses allocated to the Unit.
</DIV>

<A name='227'>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Fund&#160;Losses
    by Limited Partners</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A limited partner may deduct Fund losses only to the extent of
    his aggregate tax basis in his Units. Generally, a limited
    partner&#146;s tax basis is the amount paid for the Units
    reduced (but not below zero) by his share of any Fund
    distributions, deductions or losses and increased by his share
    of a Fund&#146;s income and gains. However, a limited partner
    subject to &#147;at-risk&#148; limitations (generally,
    non-corporate taxpayers and closely-held corporations) can only
    deduct losses to the extent he is &#147;at-risk.&#148; The
    &#147;at-risk&#148; amount is similar to tax basis, except that
    it does not include any amount borrowed on a non-recourse basis
    or from someone with an interest in the Fund in which the
    limited partner is invested.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -66-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='228'>
<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#147;Passive-Activity
    Loss Rules&#148; and Their Effect on the Treatment of Income and
    Loss</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading activities of a Fund are not a &#147;passive
    activity.&#148; Accordingly, the passive activity loss rules
    will not prevent a limited partner from deducting Fund losses
    against his other taxable income (subject to capital loss and
    other limitations that may apply). However, a limited partner
    cannot offset losses from other &#147;passive activities&#148;
    against Fund income and gains.
</DIV>

<A name='229'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Cash
    Distributions and Unit Redemptions</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A limited partner who receives cash from a Fund, either through
    a distribution or a partial redemption, will not pay tax on that
    cash until his aggregate tax basis in the Units has been reduced
    to zero.
</DIV>

<A name='230'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Gain or
    Loss on Section&#160;1256 Contracts and Non-Section&#160;1256
    Contracts</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;1256 Contracts are futures and certain options
    traded on regulated&#160;exchanges and certain foreign currency
    contracts. For tax purposes, Section&#160;1256 Contracts that
    remain open at year-end are treated as if the position were
    closed at year-end. The gain or loss on Section&#160;1256
    Contracts is characterized as 60% long-term capital gain or loss
    and 40% short-term capital gain or loss, regardless of how long
    the position was open.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Non-Section&#160;1256 Contracts are, among other things, certain
    foreign currency transactions, including Section&#160;988
    transactions&#160;&#151; transactions when the amount paid or
    received is in a foreign currency. Gain and loss from these
    non-Section&#160;1256 Contracts is generally short-term capital
    gain or loss or ordinary income or loss.
</DIV>

<A name='231'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Tax on
    Capital Gains and Losses</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Long-term capital gains of individual taxpayers&#160;&#151; net
    gain on capital assets held more than one year, &#147;qualified
    dividend income,&#148; and 60% of the gain on Section&#160;1256
    Contracts&#160;&#151; are taxed at a maximum rate of 15% for
    most gains recognized in taxable years ending on or before
    December&#160;31, 2010. Short-term capital gains of individual
    taxpayers&#160;&#151; net gain on capital assets held less than
    one year and 40% of the gain on Section&#160;1256
    Contracts&#160;&#151; are subject to tax at the same rates as
    ordinary income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Individual taxpayers can deduct capital losses only to the
    extent of their capital gains plus $3,000. Accordingly, a Fund
    could suffer significant losses and a limited partner could
    still be required to pay taxes on his share of such Fund&#146;s
    interest income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An individual taxpayer can carry back net capital losses on
    Section&#160;1256 Contracts three years to offset earlier gains
    on Section&#160;1256 Contracts. To the extent the taxpayer
    cannot offset past Section&#160;1256 Contract gains, he can
    carry forward such losses indefinitely as losses on
    Section&#160;1256 Contracts.
</DIV>

<A name='232'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Limited
    Deduction for Certain Expenses</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company does not consider the brokerage and
    performance fees, as well as other ordinary expenses of the
    Funds, to be investment advisory expenses. Accordingly, each
    Fund treats these expenses as ordinary business deductions not
    subject to the material deductibility limitations which apply to
    investment advisory expenses. The IRS could contend otherwise
    and to the extent the IRS recharacterizes these expenses a
    limited partner that is subject to such limitations would have
    more taxable income to report than if such expenses were fully
    deductible as ordinary business expenses as intended.
</DIV>

<A name='233'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Interest
    Income</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interest income received or accrued by a Fund is taxed as
    ordinary income. Net capital losses of individual taxpayers can
    offset ordinary income only to the extent of $3,000 per year.
    See &#147;&#151;&#160;Tax on Capital Gains and Losses.&#148;
</DIV>

<A name='234'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Syndication
    Fees</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No Fund nor any limited partner of a Fund is entitled to any
    deduction for syndication expenses, nor can these expenses be
    amortized by a Fund or any limited partner even though the
    payment of such expenses reduces net asset value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The IRS could take the position that a portion of the brokerage
    fees paid by a Fund to Campbell&#160;&#038; Company or part or
    all of any redemption fees paid by a limited partner constitutes
    non-deductible syndication expenses.
</DIV>

<A name='235'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Interest Deductibility Limitations</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Individual taxpayers can deduct &#147;investment
    interest&#148;&#160;&#151; interest on indebtedness allocable to
</DIV>
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    <BR>
    -67-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    property held for investment&#160;&#151; only to the extent that
    it does not exceed net investment income. Net investment income
    does not include capital gain and &#147;qualified dividend
    income&#148; taxed at the reduced capital gains rates, unless an
    election is made to treat such income as ordinary income subject
    to tax at the regular tax rates.
</DIV>

<A name='236'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Unrelated
    Business Taxable Income</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company believes that all of the income
    expected to be realized by the Funds will be short-term or
    long-term capital gain income, interest income or other passive
    investment income that is exempt from the tax imposed on
    unrelated business taxable income of U.S.&#160;tax-exempt
    entities. Also, no Fund will borrow funds for the purpose of
    acquiring or holding any of its positions or otherwise incur
    &#147;acquisition indebtedness&#148; with respect to such
    positions. Therefore, tax-exempt limited partners will not be
    subject to federal income tax on their share of income or gains
    of a Fund, provided that such limited partners do not purchase
    Units with borrowed funds.
</DIV>

<A name='237'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">IRS
    Audits of the Funds and their Limited Partners</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a Fund is audited, the IRS audits Fund-related items at the
    Fund level rather than at the limited partner level.
    Campbell&#160;&#038; Company acts as &#147;tax matters
    partner&#148; with the authority to determine a Fund&#146;s
    responses to an audit. If an audit results in an adjustment, all
    limited partners of the affected Fund may be required to pay
    additional taxes, interest and penalties.
</DIV>

<A name='238'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">State and
    Other Taxes</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the federal income tax consequences described
    above, each Fund and its limited partners may be subject to
    applicable state and local income taxes and other applicable
    taxes.
</DIV>

<A name='239'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Foreign Limited Partners</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the discussion below regarding derivative
    transactions, a non-resident alien individual not otherwise
    engaged in a United States trade or business should not be
    deemed to be engaged in a United States trade or business solely
    by virtue of an investment as a limited partner in a Fund.
    Capital gains earned by a Fund and allocated to a foreign
    limited partner of such Fund will, as a general matter, not be
    subject to United States federal income tax or withholding, but
    may be subject to tax in the jurisdiction in which the foreign
    limited partner is resident. Interest income earned by a Fund
    will, as a general rule, likewise not be subject to
    U.S.&#160;federal income tax or withholding, but may be subject
    to tax in other jurisdictions to which the foreign limited
    partner is a resident.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to derivative transactions such as options or
    forwards, based on current law it is uncertain whether entering
    into derivative transactions may cause a Fund, and therefore any
    foreign limited partners of such Funds, to be treated as engaged
    in a trade or business within the United States. However, the
    Treasury has issued proposed regulations which, if finalized in
    their current form, would provide that foreign limited partners
    should not be deemed to be engaged in a United States trade or
    business solely by virtue of an investment as a limited partner
    in a Fund even if such Fund enters into derivative transactions.
    These regulations are proposed to be effective for taxable years
    beginning 30&#160;days after the date final regulations are
    published in the Federal Register but also allow the Funds to
    elect to apply the final regulations retroactively once they are
    finalized.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX
    ADVISERS BEFORE DECIDING WHETHER TO INVEST.
</DIV>

<A name='240'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    BY ERISA ACCOUNTS</FONT></B>
</DIV>

</A>
<A name='241'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This section applies to both funds.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This section sets forth certain consequences under the Employee
    Retirement Income Security Act of 1974, as amended
    (&#147;ERISA&#148;), and the Internal Revenue Code of 1986, as
    amended (the &#147;Code&#148;), which a fiduciary of an
    &#147;employee benefit plan,&#148; as defined in, and subject to
    the fiduciary responsibility provisions of, ERISA, or of a
    &#147;plan,&#148; as defined in, and subject to
    Section&#160;4975 of the Code, who has investment discretion
    should consider before deciding to invest the plan&#146;s assets
    in, the Fund (such &#147;employee benefit plans&#148; and
    &#147;plans&#148; being referred to herein as &#147;Plans,&#148;
    and such fiduciaries with investment discretion being referred
    to herein as &#147;Plan Fiduciaries&#148;). The following
    summary is not intended to be complete, but only to address
    certain questions under ERISA and the Code which are likely to
    be raised by the Plan Fiduciary&#146;s own counsel.
</DIV>
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    <BR>
    -68-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, the terms &#147;employee benefit plan&#148; as
    defined in ERISA and &#147;plan&#148; as defined in
    Section&#160;4975 of the Code together refer to any plan or
    account of various types which provides retirement benefits or
    welfare benefits to an individual or to an employer&#146;s
    employees and their beneficiaries. Such plans and accounts
    include, but are not limited to, corporate pension and
    profit-sharing plans, &#147;simplified employee pension
    plans,&#148; Keogh plans for self-employed individuals
    (including partners), individual retirement accounts described
    in Section&#160;408 of the Code and medical benefit plans.
</DIV>

<A name='242'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Investment Consideration</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Plan Fiduciary must give appropriate consideration to the
    facts and circumstances that are relevant to an investment in
    either or both Funds, including the role that an investment in
    either or both Funds plays or would play in the Plan&#146;s
    overall investment portfolio. Each Plan Fiduciary, before
    deciding to invest in either or both Funds, must be satisfied
    that such investment is prudent for the Plan, that the
    investments of the Plan, including in either or both Funds, are
    diversified so as to minimize the risk of large losses and that
    an investment in either or both Funds complies with the terms of
    the Plan and related trust.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    EACH PLAN FIDUCIARY CONSIDERING ACQUIRING UNITS MUST CONSULT ITS
    OWN LEGAL AND TAX ADVISERS BEFORE DOING SO.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <A name='243'><B><FONT style="font-family: 'Times New Roman', Times">The
    Funds Should Not Be Deemed to Hold &#147;Plan
    Assets&#148;</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ERISA and a regulation issued thereunder contains rules for
    determining when an investment by a Plan in an equity interest
    of a limited partnership will result in the underlying assets of
    the partnership being assets of the Plan for purposes of ERISA
    and Section&#160;4975 of the Code (<I>i.e.</I>, &#147;plan
    assets&#148;). Those rules provide in pertinent part that assets
    of a limited partnership will not be plan assets of a Plan which
    purchases an equity interest in the partnership if the equity
    interest purchased is a &#147;publicly-offered security&#148;
    (the &#147;Publicly-Offered Security Exception&#148;). If the
    underlying assets of a partnership are considered to be assets
    of any Plan for purposes of ERISA or Section&#160;4975 of the
    Code, the operations of such partnership would be subject to
    and, in some cases, limited by, the provisions of ERISA and
    Section&#160;4975 of the Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Publicly-Offered Security Exception applies if the equity
    interest is a security that is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    &#147;freely transferable&#148; (determined based on the
    relevant facts and circumstances);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    part of a class of securities that is &#147;widely held&#148;
    (meaning that the class of securities is owned by 100 or more
    investors independent of the issuer and of each other);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3)&#160;
</TD>
    <TD align="left">
    either (a)&#160;part of a class of securities registered under
    Section&#160;12(b) or 12(g) of the Securities Exchange Act of
    1934, or (b)&#160;sold to the Plan as part of a public offering
    pursuant to an effective registration statement under the
    Securities Act of 1933 and the class of which such security is a
    part is registered under the Securities Exchange Act of 1934
    within 120&#160;days (or such later time as may be allowed by
    the SEC) after the end of the fiscal year of the issuer in which
    the offering of such security occurred.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At any time that the conditions described above are satisfied
    with respect to each Class of Units of a Fund, the
    Publicly-Offered Security Exception should apply and the assets
    of such Fund should not be considered to constitute plan assets
    of any Plan that purchases Units in the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ERISA and the regulation discussed above contain another
    exception that may be applicable to purchases of Units by Plans.
    Under that exception, the assets of a limited partnership will
    not be considered plan assets of a Plan which purchases an
    interest therein if the investment by all &#147;benefit plan
    investors&#148; is not &#147;significant.&#148; The term
    &#147;benefit plan investors&#148; includes all Plans (i.e., all
    &#147;employee benefit plans&#148; as defined in and subject to
    the fiduciary responsibility provisions of ERISA and all
    &#147;plans&#148; as defined in and subject to Section&#160;4975
    of the Code), and all entities that hold &#147;plan assets&#148;
    (each a &#147;Plan Assets Entity&#148;) due to investments made
    in such entities by already described benefit plan investors.
    ERISA provides that a Plan Assets Entity is considered to hold
    plan assets only to the extent of the percentage of the Plan
    Assets Entity&#146;s equity interests held by benefit plan
    investors. In addition, all or part of an investment made by an
    insurance company using assets from its general account may be
    treated as a benefit plan investor. Investments by benefit plan
    investors will be deemed not significant if benefit plan
</DIV>
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    <BR>
    -69-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    investors own, in the aggregate, less than 25% of the total
    value of each class of equity interests of the limited
    partnership (determined by not including the investments of
    persons with discretionary authority or control over the assets
    of such entity, of any person who provides investment advice for
    a fee (direct or indirect) with respect to such assets, and
    &#147;affiliates&#148; (as defined in the regulations issued
    under ERISA) of such persons; provided, however, that under no
    circumstances are investments by benefit plan investors excluded
    from such calculation).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At any time that the Publicly-Offered Security Exception does
    not apply with respect to each Class of Units of a Fund, the
    General Partner intends, in order to avoid causing the assets of
    such Fund to be &#147;plan assets,&#148; to restrict the
    aggregate investment by benefit plan investors to under 25% of
    the total value of each Class of Units in such Fund (not
    including the investments of Campbell&#160;&#038; Company, any
    other person who provides investment advice for a fee (direct or
    indirect) with respect to the assets of such Fund, and any
    entity (other than a benefit plan investor) that is directly or
    indirectly through one or more intermediaries controlling,
    controlled by or under common control with any of such entities
    (including a partnership for which Campbell&#160;&#038; Company
    is the general partner, investment advisor or provides
    investment advice), and each of the principals, officers and
    employees of any of the foregoing entities who has the power to
    exercise a controlling influence over the management or policies
    of such entity or of such Fund). Furthermore, because the 25%
    test is ongoing, it not only restricts additional investments by
    benefit plan investors, but also may cause Campbell&#160;&#038;
    Company to require that existing benefit plan investors divest
    Units in a Fund in the event that other investors divest Units
    such Fund.
</DIV>

<A name='244'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Ineligible
    Purchasers</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, Units may not be purchased with the assets of a Plan
    if Campbell&#160;&#038; Company, the futures brokers, any
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty, the escrow agent, any wholesaler, any of the
    selling agents, any of their respective affiliates or any of
    their respective employees either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    has investment discretion with respect to the investment of such
    plan assets;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    has authority or responsibility to give or regularly gives
    investment advice with respect to such plan assets, for a fee,
    and pursuant to an agreement or understanding that such advice
    will serve as a primary basis for investment decisions with
    respect to such plan assets and that such advice will be based
    on the particular investment needs of the Plan;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3)&#160;
</TD>
    <TD align="left">
    is an employer maintaining or contributing to such Plan.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise set forth, the foregoing statements
    regarding the consequences under ERISA and the Code of an
    investment in either or both Funds based on the provisions of
    the Code and ERISA as currently in effect, and the existing
    administrative and judicial interpretations thereunder. No
    assurance can be given that administrative, judicial, or
    legislative changes will not occur that may make the foregoing
    statements incorrect or incomplete.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None of Campbell&#160;&#038; Company, the futures brokers, the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties, the selling agents or any other party related to
    the Funds make any representation that an investment in either
    or both Funds meets the relevant legal requirements with respect
    to investments by any particular plan or that this investment is
    appropriate for any particular plan. The person with investment
    discretion should consult with his or her attorney and financial
    advisers as to the propriety of an investment in either or both
    Funds in light of the circumstances of the particular plan.
</DIV>

<A name='245'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>

</A>
<A name='246'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Subscription
    Procedure</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Units for both Funds are offered on a &#147;best
    efforts&#148; basis without any firm underwriting commitment
    through selling agents, which are registered broker-dealers and
    members of the Financial Industry Regulatory Authority, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Units of each Class of Global Trend Fund will initially be
    offered for a period ending ninety days from the date hereof,
    unless such date is extended by Campbell&#160;&#038; Company for
    up to additional ninety days. The subscription minimum for each
    Series of the Global Trend Fund as of the end of the Initial
    Offering Period is $15,000,000. However, if after the expiration
    of the initial offering period, the subscription minimum is not
    reached, Campbell&#160;&#038; Company may purchase Units with an
    aggregate initial Unit value in an amount equal to the
</DIV>
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    <BR>
    -70-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    difference between the actual total dollar amount of Units
    subscribed for during the initial offering period and
    $15,000,000. This initial offering period may be shorter if the
    subscription minimum is reached before the end of the initial
    offering period. If subscriptions for at least $15,000,000 for
    either Series have not been received and accepted by the end of
    the initial offering period, all subscriptions will be promptly
    returned to subscribers of that Series, with interest. After the
    end of the initial offering period, each of the Classes will be
    offered continuously.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Units of both Funds are offered until such time as
    Campbell&#160;&#038; Company suspends, limits or terminates the
    continuing offering. Subscriptions received during the
    continuing offering can be accepted by each Fund as detailed
    below. Subscribers whose subscriptions are canceled or rejected
    will be notified of when their subscriptions, plus interest,
    will be returned, which will be promptly after rejection.
    Subscribers whose subscriptions are accepted will be issued
    fractional Units, calculated to three decimal places. The issued
    Units will be in an amount equal the accepted subscription
    amount, including all interest earned. Campbell&#160;&#038;
    Company may suspend, limit or terminate the continuing offering
    at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subscriptions from customers of any of the selling agents may
    also be made by authorizing such selling agent to debit the
    subscriber&#146;s customer securities account at the selling
    agent on the settlement date. Promptly after debiting the
    customer&#146;s securities account, the selling agent will send
    payment to the escrow agent as described above, in the amount of
    the subscription so debited.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company will purchase Units for investment
    purposes only and not with a view towards resale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An investor who meets the suitability standards given below must
    complete, execute and deliver to the relevant selling agent a
    copy of the Subscription Agreement attached as Exhibit&#160;E
    for the Strategic Allocation Fund and Exhibit&#160;F for the
    Global Trend Fund. A subscriber can pay either by a check made
    payable to the applicable Fund or by authorizing his selling
    agent to debit his customer securities account.
    Campbell&#160;&#038; Company will then accept or reject the
    subscription in the time periods discussed below for each Fund.
    All subscriptions are irrevocable once subscription payments are
    deposited in escrow.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investors will purchase Units for investment purposes only and
    not with a view toward resale. There is no limit on the number
    of Units that may be offered by the Funds, provided, however,
    that all such Units must be registered with the
    U.S.&#160;Securities and Exchange Commission prior to issuance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund offers the Units to existing
    investors during the continuing offering at the net asset value
    per Unit as of each Closing Date on which subscriptions are
    accepted. Investors must submit subscriptions at least five
    (5)&#160;business days prior to the applicable month-end Closing
    Date and they will be accepted once payments are received and
    cleared. Investors may rescind their subscription agreement
    within five (5)&#160;business days of receipt of the Strategic
    Allocation Fund&#146;s prospectus. Campbell&#160;&#038; Company
    may suspend, limit or terminate the continuing offering at any
    time. Escrow balances will be credited with interest at
    prevailing money market rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund&#146;s escrow account is currently
    maintained at The PNC Bank, National Association, Baltimore,
    Maryland (the &#147;escrow agent&#148;). A replacement escrow
    agent may be appointed in respect of the Strategic Allocation
    Fund in the future solely at the discretion of
    Campbell&#160;&#038; Company. All subscription funds are
    required to be promptly transmitted to the escrow agent.
    Subscriptions must be accepted or rejected by
    Campbell&#160;&#038; Company as promptly as practicable, and the
    settlement date for the deposit of subscription funds in escrow
    must be within five business days of acceptance. No fees or
    costs will be assessed on any subscription while held in escrow,
    irrespective of whether the subscription is accepted or
    subscription funds returned. The escrow agent will invest the
    subscription funds in a money market account or in other
    authorized instruments while held in escrow.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Fund offers any of the Classes of Units to new
    investors during the initial offering period at a price of
    $1,000 per unit of Units of each Class. During the continuing
    offering, the Global Trend Fund offers any of the Classes of
    Units to new and existing investors at the net asset value per
    Class of Unit as of each Closing Date on which subscriptions are
    accepted. Investors must submit
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -71-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    subscriptions at least five (5)&#160;business days prior to the
    applicable month-end Closing Date and they will be accepted once
    payments are received and cleared. Investors may rescind their
    subscription agreement within five (5)&#160;business days of
    receipt of the Global Trend Fund&#146;s prospectus.
    Campbell&#160;&#038; Company may suspend, limit or terminate the
    continuing offering at any time. Escrow balances will be
    credited with interest at prevailing money market rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Multiple Classes of Units have been set up to accommodate the
    different types of accounts an individual may have with their
    financial advisor. Class&#160;A (USD) Units and Class&#160;A
    (GLD) Units are for commission based accounts that are sold
    through selling agents. These Classes also charge a custody fee
    that is paid to the selling firm for custody of the assets.
    Class&#160;B (USD) Units are for commission based accounts with
    no custody fee. Class&#160;C (USD) Units and Class&#160;B (GLD)
    Units are for wrap or fee-based accounts that are sold through
    selling agents. These Classes charge a custody fee that is paid
    to the selling firm for custody of the assets. Class&#160;D
    (USD) Units are for wrap or fee-based accounts with no custody
    fee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subscription funds may be deposited and held in the Global Trend
    Fund&#146;s accounts at PNC Bank, National Association,
    Baltimore, Maryland, U.S.A., prior to the transfer to the Global
    Trend Fund&#146;s trading accounts. If after the expiration of
    the Initial Offering Period, the subscription minimum for each
    Series is not reached, Campbell&#160;&#038; Company may purchase
    Units with an aggregate initial Unit value in an amount equal to
    the difference between the actual total dollar amount of Units
    subscribed for during the Initial Offering Period and
    $15,000,000.
</DIV>

<A name='247'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Representations
    and Warranties of Investors in the Subscription
    Agreement</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investors are required to make representations and warranties in
    the Subscription Agreement. The Funds&#146; primary intention in
    requiring investors to make representations and warranties is to
    ensure that only persons for whom an investment is suitable
    invest in the Funds. The Funds are most likely to assert
    representations and warranties if it has reason to believe that
    the related investor may not be qualified to invest or remain
    invested in the Funds. The representations and warranties made
    by investors in the Subscription Agreement may be summarized as
    relating to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1)&#160;
</TD>
    <TD align="left">
    eligibility of investors to invest in the Funds, including legal
    age, net worth and annual income;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2)&#160;
</TD>
    <TD align="left">
    representative capacity of investors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3)&#160;
</TD>
    <TD align="left">
    information provided by investors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    4)&#160;
</TD>
    <TD align="left">
    information received by investors;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    5)&#160;
</TD>
    <TD align="left">
    investments made on behalf of employee benefit plans.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See the Subscription Agreement attached as Exhibit&#160;E for
    the Strategic Allocation Fund and Exhibit&#160;F for the Global
    Trend Fund for further detail.
</DIV>

<A name='248'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Minimum
    Investment</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The minimum initial investment for the Global Trend Fund&#146;s
    Class&#160;A (USD) Units, Class&#160;B (USD) Units, Class&#160;C
    (USD) Units and Class&#160;D (USD) Units is $1,000 from IRAs and
    other tax-exempt accounts and $5,000 from all other investors.
    The minimum initial investment for the Global Trend
    Fund&#160;Class&#160;A (GLD) Units and Class&#160;B (GLD) Units
    is $50,000. The Strategic Allocation Fund is only open to
    existing investors. The minimum additional investment for the
    Strategic Allocation Fund and the Global Trend
    Fund&#160;Class&#160;A (USD) Units, Class&#160;B (USD) Units,
    Class&#160;C (USD) Units and Class&#160;D (USD) Units is $1,000.
    The minimum additional investment for the Global Trend
    Fund&#160;Class&#160;A (GLD) Units and Class&#160;B (GLD) Units
    is $10,000. Prospective investors must be aware that the price
    per Unit during the continuing offering will vary depending upon
    the month-end net asset value per Unit for the applicable Fund
    or Fund&#160;Class. Under the federal securities laws and those
    of certain states, investors may be subject to special minimum
    purchase
    <FONT style="white-space: nowrap">and/or</FONT>
    investor suitability requirements.
</DIV>

<A name='249'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Investor
    Suitability</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There can be no assurance that the Funds will achieve their
    objectives or avoid substantial losses. An investment in either
    Fund is suitable only for a limited segment of the risk portion
    of an investor&#146;s portfolio and no one should invest more in
    either Fund than he can afford to lose. Campbell&#160;&#038;
    Company and each selling agent will make every reasonable effort
    to determine the suitability (pursuant to
</DIV>
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    <BR>
    -72-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NASAA guidelines) of prospective investors through information
    received on the Subscription Agreement. Campbell&#160;&#038;
    Company acts as a commodity pool operator and a commodity
    trading advisor in respect of various managed futures investment
    products. The selling agent may or may not be authorized to
    offer certain of such products, which may have materially
    different terms, including investment portfolios and objectives,
    fees, risks, conflicts of interest and suitability requirements,
    from those of either Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At an absolute minimum, investors must have (i)&#160;a net worth
    of at least $250,000 (exclusive of home, furnishings and
    automobiles) or (ii)&#160;an annual gross income of at least
    $70,000 and a net worth (as calculated above) of at least
    $70,000. No one may invest more than 10% of his net worth (as
    calculated above) in each of the Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These standards (and the additional standards applicable to
    residents of certain states as set forth under
    &#147;Exhibit&#160;D&#160;&#151; Subscription Requirements&#148;
    herein) are regulatory minimums only. Qualification under such
    standards does not necessarily imply that an investment in
    either Fund is suitable for a particular investor. Prospective
    subscribers should review Exhibit&#160;D and consider the highly
    speculative and illiquid nature of an investment in either Fund,
    as well as the high risk and highly leveraged nature of the
    financial instrument markets, in determining whether an
    investment in either Fund is consistent with their overall
    portfolio objectives.
</DIV>

<A name='250'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Selling Agents</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selling agents&#160;&#151; the broker-dealers who offer the
    Units&#160;&#151; offer the Units on a best efforts basis
    without any firm underwriting commitment. The selling agents,
    including the foreign dealers who may elect to participate in
    the offering, are bound by their respective Selling Agreements
    with either Fund or both Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Selling agents of Strategic Allocation Fund&#160;Units receive
    no commission from the proceeds of the offering. Instead, they
    receive from Campbell&#160;&#038; Company&#146;s brokerage fee
    an amount up to 4% of the subscription amount for the Strategic
    Allocation Fund&#160;Units sold. Selling agents of Global Trend
    Fund&#160;Class&#160;A (USD) Units, Class&#160;B (USD) Units and
    Class&#160;A (GLD) Units receive commissions from the proceeds
    of the offering in an amount up to 2% of the subscription amount
    for the Global Trend Fund&#160;Class&#160;A (USD) Units,
    Class&#160;B (USD) Units,
    <FONT style="white-space: nowrap">and/or</FONT>
    Class&#160;A (GLD) Units sold. In addition, selling agents of
    the Global Trend Fund&#160;Class&#160;A (USD) Units,
    Class&#160;C (USD) Units, Class&#160;A (GLD) Units and
    Class&#160;B (GLD) Units receive a broker-dealer custodial fee
    of 0.25% of Class&#160;A (USD) Units&#146;, Class&#160;C (USD)
    Units&#146;, Class&#160;A (GLD) Units&#146; and Class&#160;B
    (GLD) Units&#146; month-end net asset value per annum.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company also will pay ongoing payments to
    the selling agents (or their assignees) in return for providing
    continuing services to the limited partners of up to 4% of the
    Strategic Allocation Fund&#146;s month-end net asset value per
    annum beginning at the end of the thirteenth full month after
    the Units were sold. The Global Trend Fund also will pay ongoing
    payments to selling agents (or their assignees) in return for
    providing continuing services to the limited partners of up to
    2% of the Global Trend Fund&#160;Class&#160;A (USD) Units&#146;,
    Class&#160;B (USD) Units&#146;
    <FONT style="white-space: nowrap">and/or</FONT>
    Class&#160;A (GLD) Units&#146; average month-end net asset value
    per annum. Such selling agents may pay all or a portion of such
    ongoing payments to certain account executives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount paid to selling agents on Strategic Allocation
    Fund&#160;Units sold pursuant to this disclosure document will
    not, however, exceed 9.0% of the gross offering proceeds of the
    Strategic Allocation Fund sold pursuant to this prospectus. Once
    the 9.0% threshold is reached with respect to a Strategic
    Allocation Fund&#160;Unit sold pursuant to this disclosure
    document, the selling agent will receive no future compensation
    and amount that would otherwise be paid to the selling agent for
    that Unit will instead be rebated to the Strategic Allocation
    Fund (up to 4%) for the benefit of all holders of Strategic
    Allocation Fund&#160;Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount paid to selling agents on Global Trend
    Fund&#160;Class&#160;A (USD) Units, Class&#160;B (USD) Units and
    Class&#160;A (GLD) Units sold pursuant to this prospectus will
    not, however, exceed 8.0% of the gross offering proceeds of the
    Global Trend Fund&#160;Class&#160;A (USD) Units and Class&#160;A
    (GLD) Units and 9.0% of the gross offering proceeds of the
    Global Trend Fund&#160;Class&#160;B (USD) Units sold pursuant to
    this disclosure document. In addition, the amount paid to
    selling agents for the broker-dealer custodial fee on
    Class&#160;A (USD) Units, Class&#160;C (USD) Units, Class&#160;A
    (GLD) Units and Class&#160;B (GLD) Units sold pursuant to this
    prospectus will not, however, exceed 1.0% of the gross offering
    proceeds of Class&#160;A (USD) Units and Class&#160;A
</DIV>
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    <BR>
    -73-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (GLD) Units and 6% of the gross offering proceeds of
    Class&#160;C (USD) Units and Class&#160;B (GLD) Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once total underwriting compensation, including, but not limited
    to, the fees mentioned in the preceding paragraph, paid on any
    Class&#160;A (USD) Unit, Class&#160;B (USD) Unit, Class&#160;C
    (USD) Unit, Class&#160;D (USD) Unit, Class&#160;A (GLD) Unit or
    Class&#160;B (GLD) Unit reaches 10% of the gross offering
    proceeds, (1)&#160;the Class&#160;A (USD) Unit, Class&#160;B
    (USD) Unit, Class&#160;C (USD) Unit or Class&#160;D (USD) Unit
    will automatically be re-designated as Class&#160;E (USD) Units,
    which are identical to Class&#160;A (USD) Units, Class&#160;B
    (USD) Units, Class&#160;C (USD) Units and Class&#160;D (USD)
    Units except that Class&#160;E (USD) Units do not pay any
    offering expenses, selling agent fee, broker-dealer custodial
    fee payable to the selling agents and, if applicable, redemption
    fees, and (2)&#160;the Class&#160;A (GLD) Unit or Class&#160;B
    (GLD) Unit will automatically be re-designated as Class&#160;C
    (GLD) Units, which are identical to Class&#160;A (GLD) Units and
    Class&#160;B (GLD) Units, except that Class&#160;C (GLD) Units
    do not pay any offering expenses, selling agent fee,
    broker-dealer custodial fee payable to the selling agents and,
    if applicable, redemption fees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Selling agents and registered representatives as described above
    may receive additional selling commissions from
    Campbell&#160;&#038; Company, paid on the same basis as the
    ongoing payments, provided that the maximum compensation to be
    paid to underwriters and related persons regardless of the
    source of payment, including, but not limited to, wholesaling
    salaries, bonus or sales incentives, sales commissions, expense
    reimbursements, and continuing compensation to non-duly
    registered selling agents, will not exceed 10% of the initial
    gross proceeds of such Units&#146; initial sales price. Such
    ongoing payments, salaries and bonuses, and additional selling
    commissions may be deemed to constitute underwriting
    compensation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain of the offering expenses paid by Campbell&#160;&#038;
    Company might be deemed to constitute costs properly allocated
    to the accounts of the selling agents. Such costs will, for
    example, cover the expenses of producing a selling brochure,
    organizing seminars to promote the Funds and related travel
    expenses. Such costs are estimated at approximately $150,000 for
    the Global Trend Fund and $100,000 for the Strategic Allocation
    Fund, and in no event will the aggregate amount of (i)&#160;such
    costs and (ii)&#160;the selling commission exceed, over the life
    of the Fund, 10% of the gross proceeds of the offering of the
    Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other than as described above, Campbell&#160;&#038; Company will
    pay no person any commissions or other fees from the Funds in
    connection with the solicitation of purchases for Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company will pay the Funds&#146; offering
    expenses related to the continuing offering and the Funds will
    reimburse Campbell&#160;&#038; Company. Such reimbursement,
    however, will not exceed 2.5% of the aggregate subscriptions
    accepted by Campbell&#160;&#038; Company as general partner.
    Organization and offering expenses related to the initial
    offering of the Global Trend Fund will be reimbursed in the same
    manner. See &#147;Charges to the Funds&#160;&#151; Offering
    Expenses.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Selling Agents are underwriters within the meaning of
    securities laws. In the Selling Agreement with each selling
    agent, Campbell&#160;&#038; Company has agreed to indemnify the
    selling agents against certain liabilities that the selling
    agents may incur in connection with the offering and sale of the
    Units, including liabilities under the Securities Act of 1933.
    The Selling Agreement also requires the selling agents to comply
    fully with FINRA Rule&#160;2310 which includes, among other
    things, that there will be no sales of Units to discretionary
    accounts without the prior specific written approval of the
    investor.
</DIV>

<A name='251'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Selling Agents</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the Selling Agreement with respect to the Funds, the
    general partner on behalf of the respective Fund indemnifies and
    holds harmless the selling agent and each person, who controls
    such person against any and all losses, claims, damages, costs,
    expenses, liabilities, joint or several (including any
    investigatory, legal and other expenses incurred in connection
    with, and any amount paid in settlement of, any action, suit or
    proceeding or any claim asserted), and actions to which they may
    become subject under any federal or state statutory law or
    regulation, at common law or otherwise, insofar as such losses,
    claims, damages, costs, expenses, liabilities or actions arise
    out of or are based upon any untrue statement of a material fact
    contained in any preliminary prospectus, registration statement,
    this prospectus or any amendment of supplement thereto, or
    promotional material, or the omission to state therein a
    material fact required to be stated therein or necessary to make
    the statements therein not
</DIV>
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    <BR>
    -74-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    misleading); provided, however, that in no event will the
    indemnification agreement inure to the benefit of any of the
    indemnified parties (or any person controlling any such party)
    on account of any losses, claims, damages, costs, expenses and
    liabilities arising from the sale of the Funds&#146; Units to
    any person if such losses, claims, damages, costs, expenses,
    liabilities or actions arise out of or are based upon, an untrue
    statement or omission in a preliminary prospectus or this
    prospectus or a supplement or amendment thereto, if a
    preliminary prospectus, the prospectus, the prospectus as
    amended or supplemented or as further amended or supplemented,
    respectively, will correct, prior to the delivery to such person
    of his subscription, the untrue statement or omission which is
    the basis of the loss, claim, damage, liability or action for
    which indemnification is sought and a copy of a preliminary
    prospectus, this prospectus or this prospectus as amended or
    supplemented or as further amended or supplemented, as the case
    may be, had not been sent or given to such indemnified person at
    or prior to the receipt of the subscription
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The general partner shall have no obligation to indemnify the
    selling agent for more than the amount of proceeds resulting
    from the sale of Units by the selling agent during the
    continuing offering plus the selling agent&#146;s actual
    expenses incurred in connection with any loss, claim, damage,
    charge or liability (including reasonable attorneys&#146; and
    accountants&#146; fees incurred in defense thereof). See
    Section&#160;10 of each Fund&#146;s Selling Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    [REMAINDER OF THIS PAGE&#160;LEFT BLANK INTENTIONALLY.]
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -75-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='252'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Selling
    Agent Compensation Tables</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="55%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>Nature of Payment</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Recipient</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Amount of Payment</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Initial Selling Fee
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    Selling Agents
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Selling Agents shall receive from the Strategic Allocation Fund,
    in conjunction with the sale of Units, an initial selling fee of
    up to 4% of the gross offering proceeds of the Units sold by the
    Selling Agents.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    On-going Selling Fee
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    Selling Agents
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Selling Agents shall receive from the Strategic Allocation Fund
    an on-going selling fee (commencing the 13th month after sale of
    each unit) of 0.334% of the month-end net asset value of the
    Units sold and outstanding, subject to a limit of 5% of the
    gross offering proceeds of the Units sold.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    Transaction and Non-transaction based Compensation to Wholesalers
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    Wholesalers
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Wholesalers will receive transaction and non-transaction based
    compensation of up to 0.75% of the gross proceeds of the Units
    sold.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    Expense Reimbursements for training and education meetings,
    travel expenses, etc.&#160;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    General Partner
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    The general partner will be reimbursed for expenses incurred for
    training and education meetings, travel expenses, etc. of up to
    0.25% of the gross offering proceeds of the Units sold. When
    added with the initial and on-going selling fees and transaction
    and non-transaction based payments to wholesalers, the total
    amount shall not exceed 10% of the gross offering proceeds of
    the Units sold.
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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    <BR>
    -76-
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="55%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>Nature of Payment</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Recipient</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Amount of Payment</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Initial Selling Fee
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    Selling Agents
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Selling Agents shall receive from the Global Trend Fund, in
    conjunction with the sale of Units, an initial selling fee of up
    to 2% of the gross offering proceeds of the Class A (USD), B
    (USD) and A (GLD) Units sold by the Selling Agents.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    On-going Selling Fee
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    Selling Agents
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Selling Agents shall receive from the Global Trend Fund an
    on-going selling fee (commencing the 13th month after sale of
    each unit) of 0.167% of the month-end net asset value of the
    Class A (USD), B (USD) and A (GLD) Units sold and outstanding,
    subject to a limit of 6% of the gross offering proceeds of the
    Class A (USD) and A (GLD) Units sold and 7% of the gross
    offering proceeds of the Class B (USD) Units sold.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    Transaction and Non-transaction based Compensation to Wholesalers
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    Wholesalers
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Wholesalers will receive transaction and non-transaction based
    compensation of up to 0.75% of the gross offering proceeds of
    the Class A (USD), B (USD) and A (GLD) Units sold, up to 3% of
    the of the gross offering proceeds of the Class C (USD) and B
    (GLD) Units sold, and up to 6% of the of the gross offering
    proceeds of the Class D (USD) Units sold.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    Expense Reimbursements for training and education meetings,
    travel expenses, etc.&#160;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    General Partner
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    The general partner will be reimbursed for expenses incurred for
    training and education meetings, travel expenses, etc. of up to
    0.25% of the gross offering proceeds of the Units sold. When
    added with initial and on-going selling fees and transaction and
    non-transaction based payments to wholesalers, the total amount
    shall not exceed 10% of the gross offering proceeds of the Units
    sold.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    Broker&#160;&#151; Dealer Custodial Fee
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    Selling Agent/Custodian
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Selling Agents and/or custodians will receive a broker-dealer
    custodial fee of 0.0208% of the month-end net asset value of the
    Class A (USD), Class C (USD), Class A (GLD) and Class B (GLD)
    Units sold and outstanding, subject to a limit of 1% of the
    gross offering proceeds of Class A (USD) Units and Class A (GLD)
    Units sold and a limit of 6% of the gross offering proceeds of
    Class C (USD) and Class B (GLD) Units sold.
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are no other items of compensation paid in respect of the
    sale of the Funds&#146; Units.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -77-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='253'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Items of
    Compensation Pursuant to FINRA RULE&#160;2310</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables set forth the items of compensation, and
    the maximum amounts thereof in respect of the offering of the
    Units of the Funds, paid to members of FINRA pursuant to FINRA
    Rule&#160;2310 on a
    <FONT style="white-space: nowrap">fund-by-fund</FONT>
    and
    <FONT style="white-space: nowrap">class-by-class</FONT>
    basis. These items of compensation are set forth in detail below
    and more fully described above. In the following tables, CFS
    stands for Campbell Financial Services, Inc., a broker-dealer
    that is wholly owned by Campbell&#160;&#038; Company, Inc.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strategic
    Allocation Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Transaction and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Non-Transaction<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Based Compensation to<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>On-Going Selling<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expense<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee (Commencing the 13&#160;Month<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Representatives<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Reimbursements for Training and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>After the Sale of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of CFS, Including<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Education Meetings, Travel<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Initial Selling Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Each Unit)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Custodial Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Wholesalers</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expenses, etc.</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Total</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    4% of the gross offering proceeds of the units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    0.334% of the month-end net asset value of the Units sold and
    outstanding, subject to a limit of 5% of the gross offering
    proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    Up to 0.75% of the gross proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    Up to 0.25% of the gross offering proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Up to 10% of the gross proceeds of the Units sold.<BR>
    <BR>
    <BR>
    Maximum estimated amount of $10,000,000.
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund&#160;&#151; Class&#160;A (USD) and Class&#160;A
    (GLD)</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Transaction and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Non-Transaction<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Based Compensation to<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expense<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>On-Going Selling<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Reimbursements<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee (Commencing the 13&#160;Month<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Representatives<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>for Training and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>After the Sale of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of CFS, Including<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Education Meetings, Travel<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Initial Selling Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Each Unit)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Custodial Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Wholesalers</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expenses, etc.</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Total</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    2% of the gross offering proceeds of the units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    0.167% of the month-end net asset value of the Units sold and
    outstanding, subject to a limit of 6% of the gross offering
    proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    0.0208% of the month-end net asset value of the Units sold and
    outstanding, subject to a limit of 1% of the gross offering
    proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    Up to 0.75% of the gross proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    Up to 0.25% of the gross offering proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Up to 10% of the gross proceeds of the Units sold.<BR>
    <BR>
    <BR>
    Maximum estimated amount of $10,000,000.
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -78-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund&#160;&#151; Class&#160;B (USD)</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Transaction and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Non-Transaction<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Based<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expense<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Compensation to<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Reimbursements<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>On-Going Selling<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>for Training and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee (Commencing the 13&#160;Month<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Representatives<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Education<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>After the Sale of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of CFS, Including<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Meetings, Travel<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Initial Selling Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Each Unit)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Custodial Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Wholesalers</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expenses, etc.</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Total</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    2% of the gross offering proceeds of the units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    0.167% of the month-end net asset Value of the Units sold and
    outstanding, subject to a limit of 7% of the gross offering
    proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    Up to 0.75% of the gross proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    Up to 0.25% of the gross offering proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Up to 10% of the gross proceeds of the Units sold.<BR>
    <BR>
    <BR>
    Maximum estimated amount of $10,000,000.
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund&#160;&#151; Class&#160;C (USD) and Class&#160;B
    (GLD)</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Transaction and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Non-Transaction<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expense<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>On-Going Selling<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Based Compensation to<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Reimbursements<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee (Commencing<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>for Training and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>the 13&#160;Month<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Representatives<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Education<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>After the Sale of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of CFS, Including<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Meetings, Travel<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Initial Selling Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Each Unit)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Custodial Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Wholesalers</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expenses, etc.</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Total</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    0.0208% of the month-end net asset value of the Units sold and
    outstanding, subject to a limit of 6% of the gross offering
    proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    Up to 3% of the gross proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    Up to 1% of the gross offering proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Up to 10% of the gross proceeds of the Units sold.<BR>
    <BR>
    <BR>
    Maximum estimated amount of $10,000,000.
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund&#160;&#151; Class&#160;D (USD)</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Transaction and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Non-transaction<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expense<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>On-Going Selling<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Based Compensation to<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Reimbursements<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee (Commencing<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>for Training and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>the 13&#160;Month<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Representatives<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Education<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>After the Sale of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of CFS, Including<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Meetings, Travel<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Initial Selling Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Each Unit)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Custodial Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Wholesalers</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expenses, etc.</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Total</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    Up to 6% of the gross proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    Up to 4% of the gross offering proceeds of the Units sold.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Up to 10% of the gross proceeds of the Units sold.<BR>
    Maximum estimated amount of $10,000,000.
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -79-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    Trend Fund&#160;&#151; Class&#160;E (USD) and Class&#160;C
    (GLD)</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Transaction and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Non-Transaction<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expense<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>On-Going Selling<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Based Compensation<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Reimbursements<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee (Commencing<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>to Registered<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>for Training and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>the 13&#160;Month<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Representatives<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Education<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>After the Sale of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of CFS, Including<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Meetings, Travel<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Initial Selling Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Each Unit)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Custodial Fee</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Wholesalers</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Expenses, etc.</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Total</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    This item of compensation not paid by these Units.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    No items of underwriting compensation are paid by these Units
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<A name='254'>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LIMITED
    PARTNER PRIVACY NOTICE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds and Campbell&#160;&#038; Company believe that
    investors are entitled to the best service they can
    offer&#160;&#151; and that includes the right to feel
    comfortable about the personal non-public information investors
    share with the Funds and Campbell&#160;&#038; Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the normal course of business, investors give the Funds and
    Campbell&#160;&#038; Company personal non-public information.
    The Funds and Campbell&#160;&#038; Company use this information
    to manage each investor&#146;s account, direct transactions and
    provide each investor with valuable information. The Funds and
    Campbell&#160;&#038; Company may collect this information
    through forms, interviews, transaction history of an
    investor&#146;s account, or third parties. The information
    includes each investor&#146;s name, address, telephone number,
    social security number, transactional and financial information,
    as well as other personal non-public information the Funds and
    Campbell&#160;&#038; Company may need to service an
    investor&#146;s account. The Funds and Campbell&#160;&#038;
    Company maintain physical, electronic, and procedural safeguards
    that comply with federal standards to protect confidentiality.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the Funds nor Campbell&#160;&#038; Company provides
    customer names and addresses, or other non-public information,
    to outside firms, organizations or individuals, except as
    necessary to service investor accounts or as permitted by law.
    For example, in the course of regular business, the Funds may
    share relevant information with service providers that support
    the Funds and Campbell&#160;&#038; Company in servicing investor
    accounts. These companies may use this information only for the
    services for which they are hired, and are not permitted to use
    or share this information for any other purpose.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds and Campbell&#160;&#038; Company require service
    providers to the Funds to maintain policies and procedures
    designed to assure that access to personal non-public
    information about investors is restricted to employees who need
    to know that information in order to provide products or
    services to those investors, and that the use of such
    information is limited to the purposes for which it was
    disclosed or as otherwise permitted by law. The Funds and
    Campbell&#160;&#038; Company also require that service providers
    maintain strict physical, electronic and procedural safeguards
    designed to protect the personal information of investors that
    comply with federal standards.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds and Campbell&#160;&#038; Company will continue to
    adhere to the privacy policies and practices described in this
    prospectus with respect to information about former limited
    partners who have redeemed their Units in the Funds.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -80-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='255'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RELATED
    PERFORMANCE INFORMATION OF THE COMMODITY POOL OPERATOR AND THE
    TRADING ADVISOR</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE
    1<BR>
    PERFORMANCE OF TRADING PORTFOLIOS OFFERED BY
    CAMPBELL&#160;&#038; COMPANY, INC.<BR>
    <BR>
    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Financial, Metal &#038; Energy<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Global Diversified<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Large
    Portfolio<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Large
    Portfolio<SUP style="font-size: 85%; vertical-align: top">(5)</SUP></B>

</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Commodity Trading Advisor:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="4" align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Campbell &#038; Company, Inc.
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Inception of CTA&#146;s Trading:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    January 1972
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total Assets Under Management By CTA:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $3.0 Billion
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Inception of Trading of the Portfolio:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    April 1983
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    February 1986
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total Assets/Accounts Currently Traded in the Portfolio:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    $2.6 Billion / 12 Accounts
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $355 Million / 2 Accounts
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Worst Monthly Percentage
    Draw-down<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    July 2007 / 10.81%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    July 2007 / 10.58%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Worst
    <FONT style="white-space: nowrap">Peak-to-Valley</FONT>
    Draw-down(2):
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    June 2007&#160;&#151; January 2010<BR>
    29.37%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    June 2007&#160;&#151; January 2010<BR>
    26.87%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Annual
    Returns<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2010 through February
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;5.75%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;5.79%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2009
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;7.26%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;5.88%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2008
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;0.28%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    1.25%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2007
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;13.35%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;12.89%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2006
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.48%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    6.30%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2005
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    11.01%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    11.87%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -81-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE
    1&#160;&#151;&#160;(Continued)<BR>
    PERFORMANCE OF TRADING PORTFOLIOS OFFERED BY
    CAMPBELL&#160;&#038; COMPANY, INC.<BR>
    <BR>
    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Trend Following<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Trend Following (GLD)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolio<SUP style="font-size: 85%; vertical-align: top">(6)</SUP></B>

</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Portfolio<SUP style="font-size: 85%; vertical-align: top">(7)</SUP></B>

</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Commodity Trading Advisor:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="4" align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Campbell &#038; Company, Inc.
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Inception of CTA&#146;s Trading:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    January 1972
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total Assets Under Management By CTA:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $3.0 Billion
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Inception of Trading of the Portfolio:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    November 2009
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    November 2009
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total Assets/Accounts Currently Traded in the Portfolio*:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    $74,000 / 1 Account
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $54,000 / 1 Account
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Worst Monthly Percentage
    Draw-down<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    January 2010 / 8.05%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    December 2009 / 12.66%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Worst
    <FONT style="white-space: nowrap">Peak-to-Valley</FONT>
    Draw-down<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    November 2009&#160;&#151; January 2010<BR>
    11.78%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    November 2009&#160;&#151; January 2010<BR>
    20.79%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Annual
    Returns<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2010 through February
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;4.85%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;3.14%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2009 (November&#160;&#151; December)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.92% (2&#160;months)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    3.24% (2&#160;months)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2008
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2007
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2006
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2005
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <B>*&#160;</B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>The Trend Following Portfolio&#146;s total assets, including
    proprietary assets, is $17.3&#160;million as of
    February&#160;28, 2010. The Trend Following (GLD)
    Portfolio&#146;s total assets, including proprietary assets, is
    $6.5&#160;million as of February&#160;28, 2010.</B></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    -82-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE
    2<BR>
    PERFORMANCE OF POOLS OPERATED BY CAMPBELL&#160;&#038; COMPANY,
    INC.<BR>
    <BR>
    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Campbell Strategic<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Campbell<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Campbell<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Campbell<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Allocation Fund,<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund Trust<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund Trust<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Fund Trust<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>L.P.</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>(Series A)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>(Series B)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>(Series W)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Type of Pool:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    Publicly Offered
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    Privately Offered
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    Privately Offered
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Privately Offered
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Inception of Trading:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    April 1994
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    October 2008
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    January 1972
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    March 2009
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Aggregate Subscriptions:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $6,078,611,354
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $34,170,940
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $1,156,840,447
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $7,784,341
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Current Net Asset Value:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $1,540,837,716
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $30,443,004
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $300,312,111
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $7,226,559
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Current Net Asset Value Per Unit:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $2,251.19
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $2,226.16
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $2,241.92
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $2,264.64
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Worst Monthly Percentage
    Draw-down<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    July 2007<BR>
    10.92%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    January 2010<BR>
    7.18%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    July 2007<BR>
    10.59%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    January 2010<BR>
    7.06%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Worst
    <FONT style="white-space: nowrap">Peak-to-Valley</FONT>
    Draw-down<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    June 2007&#160;&#151;&#160;January 2010 <BR>
    32.26%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    October 2008&#160;&#151;&#160;January 2010 <BR>
    14.26%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    June 2007&#160;&#151;&#160;January 2010 <BR>
    26.87%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    March 2009&#160;&#151;&#160;January 2010 <BR>
    11.36%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Trading Portfolio Used:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    Financial, Metal &#038; Energy Large
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    Global Diversified Large
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    Global Diversified Large
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Global Diversified Large
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Annual
    Returns<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2010 through February
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;5.98%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;5.87%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;5.79%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;5.64%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2009
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;8.96%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;6.34%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;5.86%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;6.41% (ten months)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2008
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;1.53%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    &#8722;1.38% (three months)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.25%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2007
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;14.65%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;12.91%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2006
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.04%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.26%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2005
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.53%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    11.96%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -83-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE
    2&#160;&#151; (Continued)<BR>
    PERFORMANCE OF POOLS OPERATED BY CAMPBELL&#160;&#038; COMPANY,
    INC.<BR>
    <BR>
    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Campbell Global<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Campbell Global<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Assets Fund<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Assets Fund<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Campbell Financial<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Limited SAC<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Limited SAC<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Futures Fund<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>(Class A)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>(Class D)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Limited Partnership</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Type of Pool:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    Offshore
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    Offshore
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Privately Offered
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Inception of Trading:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    February 1998
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    July 2004
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    August 1992
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Aggregate Subscriptions:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $1,027,005,533
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $33,444,683
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $167,587,860
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Current Net Asset Value:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $15,888,738
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $2,489,824
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $15,405,963
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Current Net Asset Value Per Unit:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $2,836.84
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $2,879.03
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $4,908.35
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Worst Monthly Percentage
    Draw-down<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    July 2007<BR>
    10.49%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    July 2007<BR>
    10.56%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    July 2007<BR>
    9.89%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Worst
    <FONT style="white-space: nowrap">Peak-to-Valley</FONT>
    Draw-down<SUP style="font-size: 85%; vertical-align: top">(4)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    June 2007&#160;&#151;&#160;January 2010<BR>
    21.17%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    June 2007&#160;&#151;&#160;January 2010<BR>
    17.99%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    June 2007&#160;&#151;&#160;January 2010<BR>
    21.23%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Trading Portfolio Used:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    Financial, Metal &#038; Energy Large
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    Financial, Metal &#038; Energy Large
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Financial, Metal &#038; Energy Large
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Annual
    Returns<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2010 through February
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;5.46%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;5.62%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;4.78%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2009
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;4.46%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.00%*
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;3.68%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2008
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.83%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.78%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    4.61%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2007
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;10.37%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;11.08%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;10.93%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2006
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.17%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.20%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    9.00%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2005
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    14.55%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    13.73%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    12.98%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    The
    <FONT style="white-space: nowrap">year-to-date</FONT>
    rate of return does not contain trading results for
    March&#160;&#151; April 2009 as there were no assets in
    Class&#160;D during this time. Class&#160;D&#146;s
    <FONT style="white-space: nowrap">year-to-date</FONT>
    rate of return would be lower, and Class&#160;D&#146;s worst
    <FONT style="white-space: nowrap">peak-to-valley</FONT>
    decline would be higher, if it had been trading during those two
    months.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -84-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE
    2&#160;&#151; (Continued)<BR>
    PERFORMANCE OF POOLS OPERATED BY CAMPBELL&#160;&#038; COMPANY,
    INC.<BR>
    <BR>
    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>The Campbell Gold<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>The Campbell Gold<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Plus Fund, L.P.<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Plus Fund, L.P.<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>(Class C)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>(Class D)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Type of Pool:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    Private
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Private
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Inception of Trading:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    November 2009
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    November 2009
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Aggregate Subscriptions:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $58,787
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $107,199
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Current Net Asset Value:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $53,838
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $73,731
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Current Net Asset Value Per Unit:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $1,000.02
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    $960.31
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Worst Monthly Percentage
    Draw-down<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>:

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    December 2009<BR>
    12.66%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    January 2010<BR>
    8.05%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Worst
    <FONT style="white-space: nowrap">Peak-to-Valley</FONT>
    Draw-down<SUP style="font-size: 85%; vertical-align: top">(4</SUP>):

</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    November 2009&#160;&#151;&#160;January 2010<BR>
    20.79%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    November 2009&#160;&#151;&#160;January 2010<BR>
    11.78%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Trading Portfolio Used:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    Trend Following Portfolio
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Trend Following (GLD) Portfolio
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Annual Returns(1):
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2010 through February
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;3.14%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;4.85%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2009 (November&#160;&#151; December)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.24% (2&#160;months)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    0.92% (2&#160;months)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2008
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2007
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2006
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    2005
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    N/A
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    PERFORMANCE TABLES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    1.&#160;
</TD>
    <TD align="left">    In the accompanying performance tables, for each Portfolio and
    for each pool, the &#147;Annual Return&#148; is calculated by
    compounding the monthly rates of return during the year. The
    rate of return for a month is calculated by dividing the net
    profit or loss by the net assets at the beginning of such month.
    Additions and withdrawals occurring during the month are
    included as an addition to or deduction from beginning net
    assets in the calculations of rates of return, except for
    accounts which close on the last day of a month in which case
    the withdrawal is not subtracted from beginning net assets for
    purposes of this calculation. Rate of return is calculated using
    the Modified Only Accounts Traded (Modified OAT) method of
    computation. This computation method is one of the three methods
    approved by the CFTC (pursuant to NFA Compliance
    <FONT style="white-space: nowrap">Rule&#160;2-34)</FONT>
    to reduce the distortion caused by significant additions or
    withdrawals of capital during a month. NFA Compliance
    <FONT style="white-space: nowrap">Rule&#160;2-34</FONT>
    also requires that rates of return be calculated on the nominal
    account size (i.e., actual funds plus notional funds). CFTC
    Rules require the disclosure of performance information for the
    last five full calendar years and
    <FONT style="white-space: nowrap">year-to-date</FONT>
    and consider older performance information less material to an
    investment decision.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    2.&#160;
</TD>
    <TD align="left">    In the portfolio composite tables, &#147;draw-down&#148; means
    losses experienced by the portfolio over a specified period.
    Worst monthly percentage draw-down is the largest monthly loss
    experienced by the portfolio during the period presented in any
    calendar month expressed as a percentage of the total equity in
    the portfolio and includes the month and year of such draw-down.
    Worst
    <FONT style="white-space: nowrap">peak-to-valley</FONT>
    draw-down is the largest cumulative loss experienced by the
    portfolio during the period presented in any consecutive monthly
    period on a compounded basis and includes the time frame of such
    draw-down. A small number of accounts in the portfolio
    composites have experienced draw-downs which are materially
    larger than the draw-downs reported for the composite. These
    variances result from such factors as small account size
    (<I>i.e., </I>accounts with net assets of less than the
    prescribed Portfolio minimum, which therefore trade fewer
    contracts than the standard Portfolio), intra-month
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    -85-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    account opening or closing, significant intra-month additions or
    withdrawals, trading commissions in excess of the stated average
    and investment restrictions imposed by the client.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    3.&#160;
</TD>
    <TD align="left">    In the performance tables for the pools, &#147;draw-down&#148;
    means losses experienced by that pool over a specified period.
    Worst monthly percentage drawdown is the largest monthly loss
    experienced by the pool during the period presented in any
    calendar month expressed as a percentage of the total equity in
    the pool and includes the month and year of such draw-down.
    Worst
    <FONT style="white-space: nowrap">peak-to-valley</FONT>
    draw-down is the largest cumulative loss experienced by the pool
    during the period presented in any consecutive monthly period on
    a compounded basis and includes the time frame of such draw-down.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    4.&#160;
</TD>
    <TD align="left">    The first column of Table 1 contains the composite performance
    of accounts traded pursuant to the Financial, Metal&#160;&#038;
    Energy Large Portfolio. The data presented reflects the
    composite performance of 43 accounts traded according to the
    Financial, Metal&#160;&#038; Energy Large Portfolio. The data
    below is as of February&#160;28, 2010. During the period
    presented, 31 accounts have been closed; 21 closed with a profit
    and 10 closed with a loss. 12 accounts remained open, of which 5
    accounts were profitable and 7 accounts were unprofitable. The
    open accounts ranged in size from $1,300,000 to in excess of
    $1,579,000,000, with an average account size of approximately
    $199,600,000. The average composite monthly return for the
    period from January 2005 through February 2010 was -0.14%
    compared to the average of average monthly returns for all
    accounts of -0.12% over the same time period. The data in this
    composite table do not reflect the performance of any one
    account. Therefore, an individual account may have realized more
    or less favorable results than the composite results indicate.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    5.&#160;
</TD>
    <TD align="left">    The second column of Table 1 reflects the composite performance
    of all accounts (a total of 2 accounts) traded according to the
    Global Diversified Large Portfolio. During the period presented,
    0 accounts have been closed. The 2 open accounts are profitable.
    The data below is as of February&#160;28, 2010. During the
    period presented, 0 accounts have been closed. 2 accounts
    remained open, of which 1 account was profitable and 1 account
    was unprofitable. The open accounts ranged in size from
    $12,800,000 to in excess of $342,300,000, with an average
    account size of approximately $177,550,000. The average
    composite monthly return for the period from January 2005
    through February 2010 is -0.06% compared to the average of
    average monthly returns for all accounts of -0.03% over the same
    time period. The data in this composite table do not reflect the
    performance of any one account. Therefore, an individual account
    may have realized more or less favorable results than the
    composite results indicate.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    6.&#160;
</TD>
    <TD align="left">    The third column of Table 1 reflects the performance of the only
    account traded according to the Trend Following Portfolio.
    During the period presented, 0 accounts have been closed. The
    one open account is unprofitable.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    7.&#160;
</TD>
    <TD align="left">    The fourth column of Table 1 reflects the performance of the
    only account traded according to the Trend Following (GLD)
    Portfolio. During the period presented, 0 accounts have been
    closed. The one open account is unprofitable.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -86-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<A name='256'>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sidley Austin LLP, New York, New York will advise
    Campbell&#160;&#038; Company on all legal matters in connection
    with the Units. In the future, Sidley Austin LLP may advise
    Campbell&#160;&#038; Company (and its affiliates) with respect
    to its responsibilities as general partner and trading advisor
    of, and with respect to, matters relating to the Funds. The
    statements under &#147;Federal Income Tax Aspects&#148; have
    been reviewed by Sidley Austin LLP. Sidley Austin LLP has not
    represented, nor will it represent, either the Funds or the
    limited partners in matters relating to the Fund and no other
    counsel has been engaged to act on their behalf. Certain
    opinions of counsel have been filed with the SEC as exhibits to
    the Registration Statement of which this prospectus is a part.
</DIV>

<A name='257'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements of the Strategic Allocation Fund, and
    statement of financial condition for the Global Trend Fund as of
    April&#160;6, 2010, included in this prospectus, have been
    audited by Deloitte&#160;&#038; Touche LLP, an independent
    registered public accounting firm, as stated in their reports
    appearing herein. Such financial statements have been so
    included in reliance upon such reports, given upon their
    authority as experts in accounting and auditing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated balance sheet of Campbell&#160;&#038; Company
    as of December&#160;31, 2009, included in this prospectus, has
    been audited by Arthur F. Bell,&#160;Jr. &#038; Associates,
    L.L.C., independent auditors, as stated in their report
    appearing herein, and has been included in reliance upon such
    report, given upon the authority of that firm as experts in
    auditing and accounting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    [REMAINDER OF THIS PAGE&#160;LEFT BLANK INTENTIONALLY.]
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -87-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='258'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    GLOBAL TREND FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORM OF
    STATEMENT OF FINANCIAL CONDITION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CAMPBELL GLOBAL TREND FUND, L.P. HAS NOT COMMENCED TRADING AND
    DOES NOT HAVE A PERFORMANCE HISTORY.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -88-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814047.gif" alt="">
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the Partners of
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell Global Trend Fund, L.P.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have audited the accompanying statement of financial
    condition of Campbell Global Trend Fund, L.P. (the
    &#147;Fund&#148;) as of April&#160;6, 2010. The financial
    statement is the responsibility of the Fund&#146;s management.
    Our responsibility is to express an opinion on the financial
    statement based on our audit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conducted our audit 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 statement of financial
    condition is 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 audit
    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&#146;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 statement of financial condition, assessing the accounting
    principles used and significant estimates made by management, as
    well as evaluating the overall statement of financial condition
    presentation. We believe that our audit provides a reasonable
    basis for our opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In our opinion, the statement of financial condition referred to
    above presents fairly, in all material respects, the financial
    position of Campbell Global Trend Fund, L.P. as of April&#160;6,
    2010, in conformity with accounting principles generally
    accepted in the United States of America.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814048.gif" alt="">
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    April&#160;26, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -89-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    GLOBAL TREND FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STATEMENT
    OF FINANCIAL CONDITION<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">April&#160;6,
    2010</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="89%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>April&#160;6, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>ASSETS</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>PARTNERS&#146; CAPITAL (Net Asset Value)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <I>Global Trend Series (USD)</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;A (USD) redeemable&#160;&#151; 1.000&#160;unit
    outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;B (USD) redeemable&#160;&#151; 1.000&#160;unit
    outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;C (USD) redeemable&#160;&#151; 1.000&#160;unit
    outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;D (USD) redeemable&#160;&#151; 1.000&#160;unit
    outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <I>Global Trend Series (USD) total</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <I>Global Trend Series (GLD)</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;A (USD) redeemable&#160;&#151; 1.000&#160;unit
    outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;B (USD) redeemable&#160;&#151; 1.000&#160;unit
    outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    <I>Global Trend Series (GLD) total</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total partners&#146; capital (Net Asset Value)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Net Asset Value Per Unit</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <I>Global Trend Series (USD)</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;A (USD)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;B (USD)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;C (USD)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;D (USD)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <I>Global Trend Series (GLD)</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;A (GLD)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Class&#160;B (GLD)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See accompanying notes.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -90-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL,ns -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    GLOBAL TREND FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    FINANCIAL STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,n -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></U></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    A.&#160;
</TD>
    <TD align="left">
    General Description of the Fund
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;1, 2009. The
    Fund consists of two series (&#147;Series&#148;)&#160;&#151; the
    Global Trend Series (USD) and the Global Trend Series (GLD). The
    Act provides for the limitation of liability of each Series of
    the Fund to the debts, liabilities, obligations and expenses of
    such Series and not those of any other Series or the Fund in
    general. The Fund intends to operate as a commodity investment
    pool and engage in the speculative trading of futures and
    forward currency contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Series (USD) 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 Trend Following Portfolio).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Series (GLD) trades the Trend Following (GLD)
    Portfolio, which seeks to provide investors with a
    gold-denominated exposure to the Trend Following Portfolio. The
    gold-denominated exposure is achieved by maintaining an exposure
    to gold by purchasing long positions in gold futures with a
    value approximately equal to the net asset value of the Series.
    The Global Trend Series (GLD) then seeks appreciation through a
    100% overlay of the Trend Following Portfolio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Series (USD) consists of five classes of
    limited partnership Units: Class&#160;A (USD) Units,
    Class&#160;B (USD) Units, Class&#160;C (USD) Units, Class&#160;D
    (USD) Units and Class&#160;E (USD) Units. Only Class&#160;A
    (USD) Units, Class&#160;B (USD) Units, Class&#160;C (USD) Units
    and Class&#160;D (USD) Units will be offered. Class&#160;E (USD)
    Units are not being offered for sale but will be issued in
    exchange for Class&#160;A (USD) Units, Class&#160;B (USD) Units,
    Class&#160;C (USD) Units and Class&#160;D (USD) Units in certain
    circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Trend Series (GLD) consists of three classes of
    limited partnership Units: Class&#160;A (GLD) Units,
    Class&#160;B (GLD) Units and Class&#160;C (GLD) Units. Only
    Class&#160;A (GLD) Units and Class&#160;B (GLD) Units are being
    offered for sale. Class&#160;C (GLD) Units are not being offered
    for sale but will be issued in exchange for Class&#160;A (GLD)
    Units and Class&#160;B (GLD) Units in certain circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    B.&#160;
</TD>
    <TD align="left">
    Proposed Public Offering of Units of Limited Partnership Interest
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is in the process of filing a registration statement
    with the Securities and Exchange Commission. Each Class of Units
    will be sold at $1,000 per unit during the initial offering
    period and at the net asset value per unit during the continuous
    offering period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    C.&#160;
</TD>
    <TD align="left">
    Regulation
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a registrant with the Securities and Exchange Commission, the
    Fund will be 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 will be 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additionally, the Fund will be subject to the requirements of
    futures commission merchants (brokers) and interbank market
    makers through which the Fund trades.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -91-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    GLOBAL TREND FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    FINANCIAL STATEMENT&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING<BR>
    POLICIES&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    D.&#160;
</TD>
    <TD align="left">
    Method of Reporting
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s statement of financial condition is 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&#146;s management. Actual results may
    differ from these estimates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 units outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    E.&#160;
</TD>
    <TD align="left">
    Income Taxes
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will provide calendar year U.S.&#160;and applicable
    state information tax returns and reports to the partners their
    allocable shares of the Fund&#146;s income, expenses and trading
    gains or losses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    F.&#160;
</TD>
    <TD align="left">
    Organization and Initial Offering Costs
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Organization and initial offering costs will be advanced by the
    general partner and are estimated to total approximately
    $400,000. Each Class of Units, excluding Class&#160;E (USD) and
    Class&#160;C (GLD) , will be charged a monthly rate of
    <FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">12</FONT>
    of 0.5% (0.5% annualized) of each Class of Units&#146; month-end
    net asset value (as defined in the Amended Agreement of Limited
    Partnership) until such amounts are fully reimbursed. The
    reimbursement is limited to 2.5% of the total subscriptions
    accepted by the Fund. Such amounts are charged directly to
    partners&#146; capital. The Fund will only liable for payment of
    offering costs on a monthly basis. If the Fund terminates prior
    to completion of payment of such amounts to Campbell&#160;&#038;
    Company, Campbell&#160;&#038; Company will not be entitled to
    any additional payments and the Fund will have no further
    obligation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    G.&#160;
</TD>
    <TD align="left">
    Allocations
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Income or loss for each Series (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 the each Class within the Series. 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    H.&#160;
</TD>
    <TD align="left">
    Recently Issued Accounting Pronouncements
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In January 2010, the FASB issued Accounting Standards update
    <FONT style="white-space: nowrap">No.&#160;2010-06</FONT>
    (&#147;ASU
    <FONT style="white-space: nowrap">2010-06&#148;)</FONT>
    for improving disclosure about fair value measurements. ASU
    <FONT style="white-space: nowrap">2010-06</FONT> adds
    new disclosure requirements about transfers into and out of
    Levels&#160;1 and 2 and separate disclosures about purchases,
    sales, issuances and settlements in the reconciliation for fair
    value measurements using significant unobservable inputs
    (Level&#160;3). It also clarifies existing disclosure
    requirements relating to the levels of disaggregation for fair
    value measurement and inputs and valuation techniques used to
    measure fair value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amended guidance is effective for financial statements for
    fiscal years and interim periods beginning after
    December&#160;15, 2009 except for disclosures about purchases,
    sales, issuances and settlements in the rollforward of activity
    in Level&#160;3 fair value measurements, which are effective for
    fiscal years beginning after December&#160;15, 2010 and for
    interim periods within those fiscal years. The impact of this
    guidance on the Fund&#146;s financial statements and
    disclosures, if any, is currently being assessed.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;2.&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">GENERAL
    PARTNER AND TRADING ADVISOR</FONT></U></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The general partner of the Fund is Campbell&#160;&#038; Company,
    which conducts and manages the business of the Fund.
    Campbell&#160;&#038; Company is also the trading advisor of the
    Fund.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -92-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    GLOBAL TREND FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    FINANCIAL STATEMENT&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">GENERAL
    PARTNER AND TRADING
    ADVISOR</FONT></U><FONT style="font-family: 'Times New Roman', Times">&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Class of Units will pay a monthly advisory fee of 1/12 of
    2% (2% annualized) and a monthly general partner fee of 1/12 of
    1% (1% annualized) of such Class&#146; month-end net assets to
    Campbell&#160;&#038; Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Class of Units will pay Campbell&#160;&#038; Company a
    quarterly performance fee equal to 20% of that Class of
    Units&#146; aggregate cumulative appreciation (as defined) 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.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;3.&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">SALES
    FEE</FONT></U></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will pay the selling agents for Class&#160;A (USD)
    Units, Class&#160;B (USD) Units, and Class&#160;A (GLD) Units a
    sales fee of 2% of the subscription amount of each subscription
    for Class&#160;A (USD) Units, Class&#160;B (USD) Units, and
    Class&#160;A (GLD) 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&#160;A (USD)
    Units, Class&#160;B (USD) Units, and Class&#160;A (GLD) Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount paid to selling agents on Class&#160;A (USD) Units,
    Class&#160;B (USD) Units and Class&#160;A (GLD) Units sold will
    not exceed 8.0% of the gross offering proceeds of the
    Class&#160;A (USD) Units and Class&#160;A (GLD) Units and 9.0%
    of the gross offering proceeds of the Global Trend
    Fund&#160;Class&#160;B (USD) Units sold.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;4.&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">BROKER-DEALER
    CUSTODY FEE</FONT></U></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Class&#160;A (USD) Units, Class&#160;C (USD) Units, Class&#160;A
    (GLD) Units, and Class&#160;B (GLD) Units will pay a monthly
    broker-dealer custodial fee of 1/12 of 0.25% (0.25% annually) of
    each respective Class&#146; month-end net asset value (as
    defined) 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 1.0%
    of the gross offering proceeds of Class&#160;A (USD) of Units
    and Class&#160;A (GLD) Units and 6% of the gross offering
    proceeds of Class&#160;C (USD) Units and Class&#160;B (GLD)
    Units.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;5.&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">OPERATING
    EXPENSES</FONT></U></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Operating expenses for each Class of Units in each Series 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 amounts in excess of 0.50%
    per annum will be paid by Campbell &#038; Company.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;6.&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">SUBSCRIPTIONS,
    DISTRIBUTIONS AND REDEMPTIONS</FONT></U></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investments in the Fund are made by subscription agreement,
    subject to acceptance by Campbell&#160;&#038; Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is not required to make distributions, but may do so at
    the sole discretion of Campbell&#160;&#038; 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)&#160;business days advance written
    notice to Campbell&#160;&#038; Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Redemption fees apply to Class&#160;A (USD) Units, Class&#160;B
    (USD) Units and Class&#160;A (GLD) Units through the first
    twelve month-ends following purchase as follows: 1.833% of net
    asset value per redeemed Unit
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -93-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    GLOBAL TREND FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    FINANCIAL STATEMENT&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">SUBSCRIPTIONS,
    DISTRIBUTIONS AND
    REDEMPTIONS</FONT></U><FONT style="font-family: 'Times New Roman', Times">&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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, 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&#160;A (USD) Unit,
    Class&#160;B (USD) Unit or Class&#160;A (GLD) Unit, no
    redemption fees apply.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;7.&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">INDEMNIFICATIONS</FONT></U></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the normal course of business, the Fund enters into contracts
    and agreements that contain a variety of representations and
    warranties and which provide general indemnifications. The
    Fund&#146;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.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;8.&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">SUBSEQUENT
    EVENTS</FONT></U></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,n -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
     Management of the Fund has evaluated subsequent events through
    the date the financial statements were issued. There are no
    subsequent events to disclose or record.
</DIV>
<!-- /XBRL,ns -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -94-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='275'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEX TO
    FINANCIAL STATEMENTS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>CAMPBELL STRATEGIC ALLOCATION FUND, L.P.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#300'>REPORT OF INDEPENDENT REGISTERED PUBLIC
    ACCOUNTING FIRM</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#301'>CONDENSED SCHEDULES OF INVESTMENTS<BR>
    December&#160;31, 2009 and 2008</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#302'>STATEMENTS OF FINANCIAL CONDITION<BR>
    December&#160;31, 2009 and 2008</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    101
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#303'>STATEMENTS OF OPERATIONS<BR>
    For the Years Ended December&#160;31, 2009, 2008 and 2007</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#304'>STATEMENTS OF CASH FLOWS<BR>
    For the Years Ended December&#160;31, 2009, 2008 and 2007</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#305'>STATEMENTS OF CHANGES IN PARTNERS&#146; CAPITAL
    (NET ASSET VALUE)<BR>
    For the Years Ended December&#160;31, 2009, 2008 and 2007</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#306'>FINACIAL HIGHLIGHTS<BR>
    For the Years Ended December&#160;31, 2009, 2008 and 2007</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#307'>NOTES&#160;TO FINANCIAL STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>CAMPBELL&#160;&#038; COMPANY, INC.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#308'>INDEPENDENT AUDITOR&#146;S REPORT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    116
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#309'>CONSOLIDATED BALANCE SHEET<BR>
    December&#160;31, 2009</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    117
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#310'>NOTES&#160;TO CONSOLIDATED BALANCE SHEET</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Schedules are omitted for the reason that they are not required
    or are not applicable or that equivalent information has been
    included in the financial statements or notes thereto.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -95-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <IMG src="w78140bw7814039.gif" alt="">
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="bottom">
    <B>Deloitte&#160;&#038; Touche LLP<BR>
    </B>750 College Road East<BR>
    Third Floor<BR>
    Princeton, NJ 08540<BR>
    USA<BR>
    Tel: +1 609 514 3600<BR>
    Fax: +1 609 514 3603<BR>
    www.deloitte.com
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<A name='300'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the Partners of<BR>
    Campbell Strategic Allocation Fund, L.P.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have audited the accompanying statements of financial
    condition of Campbell Strategic Allocation Fund. L.P. (the
    &#147;Partnership&#148;), including the condensed schedules of
    investments, as of December&#160;31, 2009 and 2008, and the
    related statements of operations, cash flows, changes in
    partners&#146; capital (net asset value) and financial
    highlights for each of the three years in the period ended
    December&#160;31, 2009. These financial statements and financial
    highlights are the responsibility of the Partnership&#146;s
    management. Our responsibility is to express an opinion on these
    financial statements and financial highlights based on our
    audits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 audits to obtain
    reasonable assurance about whether the financial statements and
    financial highlights are free of material misstatement. The
    Partnership 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 Partnership&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In our opinion, the financial statements and financial
    highlights referred to above present fairly, in all material
    respects, the financial position of Campbell Strategic
    Allocation Fund, L.P. as of December&#160;31, 2009 and 2008, the
    results of its operations, cash flows, changes in its
    partners&#146; capital (net asset value) and the financial
    highlights for each of the three years in the period ended
    December&#160;31, 2009, in conformity with accounting principles
    generally accepted in the United States of America.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814040.gif" alt="">
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    March&#160;26, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -96-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='301'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CONDENSED
    SCHEDULE OF INVESTMENTS<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December 31,
    2009
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FIXED
    INCOME SECURITIES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="58%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
    <B>Maturity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Face Value</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Bank Deposits</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>United States</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Financials (cost $65,590,000)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    65,689,065
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.84
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Commercial Paper</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Germany</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Materials (cost $17,252,376)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17,259,598
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.01
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Netherlands</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Consumer Discretionary (cost $23,481,034)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23,481,191
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.37
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>United States</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Consumer Discretionary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    143,576,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.40
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Consumer Staples
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80,742,190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.73
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Energy
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    72,767,525
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.26
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Financials
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    231,111,026
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.53
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Industrials
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    79,892,248
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.68
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Municipal
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    169,945,539
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.95
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Telecommunications
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,409,848
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.26
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Utilities
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29,998,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.76
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total United States </B>(cost $812,299,397)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    812.442,601
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.57
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total Commercial Paper</B> (cost $853,032,807)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    853,183,390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49.95
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Corporate Bonds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>United States</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Financials (cost $106,198,611)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    106,210,199
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.22
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Government And Agency Obligations</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>United States</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    U.S. Government Agency
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    311,649,912
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.24
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    U.S. Treasury Bills
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    U.S. Treasury Bills
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Due 01/14/2010*
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29,999,973
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.76
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    U.S. Treasury Bills
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Due 01/28/2010*
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    99,998,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    U.S. Treasury Bills<BR>
    Due 03/25/2010*
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    36,994,882
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.17
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    U.S. Treasury Bills<BR>
    Due 04/01/2010*
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    99,988,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total United States </B>(cost $579,049,81<B>1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    578,632,184
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.87
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Short Term Investment Funds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>United States</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Short Term Investment Funds (cost $2,531,880)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,531,880
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.15
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total Fixed Income Securities<BR>
    </B>(cost $1,606,403,109)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,606,246,718
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    94.03
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See Accompanying Notes to Financial Statements.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -97-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CONDENSED
    SCHEDULE OF INVESTMENTS<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December 31,
    2009
    </FONT>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="27%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="16" align="left" valign="bottom">
    <B>LONG FUTURES CONTRACTS</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Agricultural
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (59,783
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Energy
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    798,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.05
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Metals
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,011,004
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.23
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Stock indices
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,654,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.74
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Short-term interest rates
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (5,342,338
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.31
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Long-term interest rates
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (14,825,155
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.87
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total long futures contracts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2,763,382
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.16
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="27%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="16" align="left" valign="bottom">
    <B>SHORT FUTURES CONTRACTS</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Agricultural
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50,561
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Metals
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2,581,534
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.15
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Long-term interest rates
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    717,238
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.04
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total short futures contracts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,813,735
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.11
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total futures contracts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4,577,117
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.27
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="27%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="16" align="left" valign="bottom">
    <B>FORWARD CURRENCY CONTRACTS</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Various long forward currency contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (64,092,290
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3.75
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Various short forward currency contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    49,010,012
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.87
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total forward currency contracts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (15,082,278
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.88
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="27%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="42%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="16" align="left" valign="bottom">
    <B>PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values (S)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Purchased options on forward currency contracts (premiums
    paid&#160;&#151; $4,023,342)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,062,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.24
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="27%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="16" align="left" valign="bottom">
    <B>WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>%&#160;of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values ($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Written options on forward currency contracts (premiums
    received&#160;&#151; $1,254,708)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,094,738
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.06
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Pledged as collateral for the trading of futures, forward and
    option positions.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See Accompanying Notes to Financial Statements.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    -98-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CONDENSED
    SCHEDULE OF INVESTMENTS<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December 31,
    2008
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FIXED
    INCOME SECURITIES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNITED
    STATES GOVERNMENT SECURITIES*</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
    <B>Maturity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Maturity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Face Value</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Date</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;800,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    03/19/2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    U.S. Treasury Bills
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    799,948,669
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.57
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;300,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    03/26/2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    U.S. Treasury Bills
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    299,986,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.21
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;37,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    01/22/2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    U.S. Treasury Bills
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.51
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total United States government securities </B>(cost,
    including accrued interest ,&#160;&#151; $1,136,934,669)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,136,934,669
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46.29
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="24%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="16" align="left" valign="bottom">
    <B>LONG FUTURES CONTRACTS</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Metals
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    94,925
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Stock indices
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    771,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.03
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Short-term interest rates
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,840,778
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.16
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Long-term interest rates
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,905,228
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.20
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total long futures contracts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,612,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.39
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="27%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="16" align="left" valign="bottom">
    <B>SHORT FUTURES CONTRACTS</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Energy
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
     (801,546
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.03
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Metals
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,664,930
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.07
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Stock indices
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,375,148
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.14
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Short-term interest rates
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (27,625
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Long-term interest rates
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,537,223
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.14
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total short futures contracts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (9,406,472
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.38
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>Total futures contracts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    206,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="27%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="16" align="left" valign="bottom">
    <B>FORWARD CURRENCY CONTRACTS</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Various long forward currency contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26,680,445
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.09
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Various short forward currency contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (15,851,597
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.65
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Total forward currency contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,828,848
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.44
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See Accompanying Notes to Financial Statements.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -99-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CONDENSED
    SCHEDULE OF INVESTMENTS<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December 31,
    2008
    </FONT>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="26%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="44%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="16" align="left" valign="bottom">
    <B>PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Purchased options on forward currency contracts (premiums
    paid&#160;&#151; $969,001)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    519,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.02
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="27%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="16" align="left" valign="bottom">
    <B>WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Values ($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Asset Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Written options on forward currency contracts (premiums
    received&#160;&#151; $3,537,352)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,202,653
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.13
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Pledged as collateral for the trading of futures, forward and
    option positions.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See Accompanying Notes to Financial Statements.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -100-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='302'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,bs -->STATEMENTS
    OF FINANCIAL CONDITION <BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December 31,
    2009 and 2008
    </FONT>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,body -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>ASSETS</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Equity in broker trading accounts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    224,803,378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,278,536,649
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Restricted cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,411,655
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Fixed income securities (cost $199,987,417 and $1,099,934,669,
    respectively)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    199,987,417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,099,934,669
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Net unrealized gain (loss) on open futures contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,577,117
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    206,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total equity in broker trading accounts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    420,213,678
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,420,089,132
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,337,614
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,721,976
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Restricted cash deposits with forwards broker
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,515,724
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fixed income securities (cost $1,406,415,692 and $37,000,000,
    respectively)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,406,259,301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options purchased, at fair value (premiums paid&#160;&#151;
    $4,023,342 and $969,001, respectively)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,062,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    519,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net unrealized gain (loss) on open forward currency contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15,082,278
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,828,848
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,064,955
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,698
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,858,855,992
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,541,716,693
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
    <B>LIABILITIES</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    642,518
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    668,492
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Brokerage fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,246,641
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,801,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options written, at fair value (premiums received&#160;&#151;
    $1,254,708 and $3,537,352, respectively)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,094,738
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,202,653
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Payable for securities purchased
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    99,998,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accrued commissions and other trading fees on open contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    206,347
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114,176
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering costs payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    346,751
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    309,964
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Redemptions payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,828,712
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,725,891
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150,364,374
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85,822,801
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>PARTNERS&#146; CAPITAL (Net Asset Value)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    General Partner&#160;&#151; 6,637,982 and 10,367,982 redeemable
    units outstanding at December&#160;31, 2009 and
    December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,893,851
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,266,756
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Limited Partners&#160;&#151; 706,905,488 and 923,465,791
    redeemable units outstanding at December&#160;31, 2009 and
    December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,692,597,767
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,428,627,136
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total partners&#146; capital (Net Asset Value)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,708,491,618
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,455,893,892
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total liabilities and partners&#146; capital (Net Asset Value)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,858,855,992
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,541,716,693
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See Accompanying Notes to Financial Statements.
</DIV>
<!-- /XBRL,bs -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -101-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='303'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,op -->STATEMENTS
    OF OPERATIONS <BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">For the
    Years Ended December 31, 2009, 2008 and 2007
    </FONT>
</DIV>
</A>
<!-- XBRL,body -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>TRADING GAINS (LOSSES)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Futures trading gains (losses)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Realized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (112,411,933
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    179,004,073
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (90,020,404
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Change in unrealized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,783,274
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (25,817,098
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (122,751,393
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Brokerage commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,454,792
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,568,175
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,474,048
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Net gain (loss) from futures trading
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (119,649,999
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    149,618,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (220,245,845
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forward currency and options on forward currency trading gains
    (losses)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Realized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89,537,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (108,527,108
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (116,066,270
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Change in unrealized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (25,596,790
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98,446,709
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (280,170,992
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Brokerage commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (342,095
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (403,740
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,674,992
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Net gain (loss) from forward currency and options on forward
    currency trading
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63,598,875
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (10,484,139
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (399,912,254
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total net trading gain (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (56,051,124
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    139,134,661
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (620,158,099
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>NET INVESTMENT INCOME (LOSS)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,038,024
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53,353,643
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    231,682,261
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Realized gain (loss) on fixed income securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (27,242
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Change in unrealized gain (loss) on fixed income securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (156,391
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,854,391
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53,353,643
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    231,682,261
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Brokerage fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    144,756,816
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    215,712,348
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    348,527,101
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Operating expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,923,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,715,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,177,186
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    146,680,149
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    217,428,093
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    350,704,287
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Net investment income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (143,825,758
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (164,074,450
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (119,022,026
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    NET INCOME (LOSS)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (199,876,882
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S(24,939,789
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (739,180,125
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT<BR>
    (based on weighted average number of units outstanding during
    the year)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (240.77
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (21.87
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (440.33
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED
    PARTNER UNIT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (235.52
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S(40.75
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (458.41
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See Accompanying Notes to Financial Statements.
</DIV>
<!-- /XBRL,op -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -102-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='304'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    <!-- XBRL,cf --> <BR>
    STATEMENTS OF CASH FLOWS <BR>
    <BR>
    </FONT></B><FONT style="font-family: 'Times New Roman', Times">For
    the Years Ended December&#160;31, 2009, 2008 and 2007
    </FONT>
</DIV>
</A>
<!-- XBRL,body -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Cash flows from (for) operating activities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (199,876,882
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (24,939,789
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (739,180,125
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Adjustments to reconcile net income (loss) to net cash from
    (for) operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Net change in unrealized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,536,455
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (72,629,611
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    402,922,385
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    (Increase) decrease in restricted cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83,927,379
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (83,927,379
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64,472,902
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    (Increase) decrease in option premiums paid
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,054,341
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,018,555
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,996,452
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Increase (decrease) in option premiums received
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,282,644
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (947,652
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,165,305
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Increase (decrease) in payable for securities purchased
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    99,998,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    (Increase) decrease in interest receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,023,257
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,054,378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,249,167
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Increase (decrease) in accounts payable and accrued expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,488,787
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (9,173,661
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,714,926
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Net maturities (purchases) of investments in fixed income
    securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (469,468,439
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,401,398,318
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    116,703,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 70pt">
    Net cash from (for) operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (466,731,849
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,217,853,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (163,377,818
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Cash flows from (for) financing activities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Addition of units
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,172,639
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,659,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Redemption of units
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (573,627,818
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,457,812,994
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,108,096,252
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Offering costs paid
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,757,966
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,142,749
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,074,654
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 70pt">
    Net cash from (for) financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (576,385,784
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,424,783,104
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,027,511,895
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net increase (decrease) in cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,043,117,633
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    793,070,055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,190,889,713
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Cash and cash equivalents</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Beginning of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,309,258,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    516,188,570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,707,078,283
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    End of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    266,140,992
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,309,258,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    516,188,570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    End of year cash and cash equivalents consists of:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash in broker trading accounts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    224,803,378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,278,536,649
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    274,531,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,337,614
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,721,976
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    241,657,307
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total end of year cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    266,140,992
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,309,258,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    516,188.570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See Accompanying Notes to Financial Statements.
</DIV>
<!-- /XBRL,cf -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -103-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='305'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,se -->STATEMENTS
    OF CHANGES IN PARTNERS&#146; CAPITAL (NET ASSET VALUE) <BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">For the
    Years Ended December 31, 2009, 2008 and 2007
    </FONT>
</DIV>
</A>
<!-- XBRL,body -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="22" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Partners&#146; Capital</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>General Partner</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Limited Partners</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Units</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Units</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Units</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Balances at December&#160;31, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,222,982
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    60,149,864
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,787,882,705
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,594,390,302
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,807,105,687
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,654,540,166
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net income (loss) for the year ended December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,740,910
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (730,439,215
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (739,180,125
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Additions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,617
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,737,090
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,729,507
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,742,090
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,743,124
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Redemptions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (412,704,833
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,192,493,381
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (412,704,833
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,192,493,381
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Offering costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (71,361
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,146,858
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,218,219
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Balances at December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,227,982
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51,351,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,404,914,962
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,752,040,355
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,424,142,944
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,803,391,565
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net income (loss) for the year ended December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (239,626
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (24,700,163
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (24,939,789
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Additions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,098,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,088,526
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,098,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,088,526
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Redemptions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,860,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (23,787,863
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (495,547,486
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,332,065,532
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (504,407,486
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,355,853,395
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Offering costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (56,965
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,736,050
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,793,015
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Balances at December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,367,982
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,266,756
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    923,465,791
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,428,627,136
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    933,833,773
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,455,893,892
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net income (loss) for the year ended December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,437,542
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (197,439,340
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (199,876,882
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Redemptions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,730,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,906,531
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (216,560,303
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (535,824,108
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (220,290,303
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (544,730,639
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Offering costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (28,832
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,765,921
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,794,753
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Balances at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,637,982
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,893,851
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    706,905,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,692,597,767
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    713,543,470
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S 1,708,491,618
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="32%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="5" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Net Asset Value per General and Limited Partner Unit</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>December&#160;31, 2009</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December 31, 2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2007</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    $2,394.38
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $2,629.90
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $2,670.65
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See Accompanying Notes to Financial Statements.
</DIV>
<!-- /XBRL,se -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -104-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='306'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FINANCIAL
    HIGHLIGHTS<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">For the
    Years Ended December 31, 2009, 2008 and 2007
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following information presents per unit operating
    performance data and other supplemental financial data for the
    years ended December&#160;31, 2009, 2008 and 2007. This
    information has been derived from information presented in the
    financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
    <B>Per Unit Performance<BR>
    </B>(for a unit outstanding throughout the entire year)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net asset value per unit at beginning of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,629.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,670.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,129.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>Income (loss) from operations:</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total net trading gains (losses)(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (58.90
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    107.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (383.81
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net investment income (loss)(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (173.25
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (143.88
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (70.90
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total net income (loss) from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (232.15
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (36.55
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (454.71
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering costs(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3.37
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3.70
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net asset value per unit at end of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,394.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,629.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,670.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Return</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8.96
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.53
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (14.65
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Supplemental Data</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <I>Ratios to average net asset value:</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Expenses prior to performance fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.16
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.19
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.11
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Performance fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.16
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.19
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.11
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net investment income (loss)(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7.02
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5.43
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2.41
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Total returns are calculated based on the change in value of
    a unit during the year. An individual partner&#146;s total
    returns and ratios may vary</I> <I>from the above total returns
    and ratios based on the timing of additions and redemptions.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    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 year. 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.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Excludes performance fee.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See Accompanying Notes to Financial Statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -105-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='307'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,ns -->NOTES
    TO FINANCIAL STATEMENTS<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009
    </FONT>
</DIV>
</A>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    A.&#160;
</TD>
    <TD align="left">
    General Description of the Fund
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell Strategic Allocation Fund, L.P. (the Fund) is a
    Delaware limited partnership which operates as a commodity
    investment pool. The Fund engages in the speculative trading of
    futures contracts, forward currency contracts and options on
    forward currency contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective June&#160;14, 2008, units in the Fund were no longer
    offered for sale. For existing investors in the Fund, business
    is conducted as usual. There was no change in trading,
    operations or monthly statements, etc. and redemptions will
    continue to be offered on a monthly basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    B.&#160;
</TD>
    <TD align="left">
    Regulation
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a registrant with the Securities and Exchange Commission, 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 (brokers) and interbank market makers through which
    the Fund trades.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    C.&#160;
</TD>
    <TD align="left">
    Method of Reporting
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;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&#146;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
    market price) are reported in the statement 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)
    <FONT style="white-space: nowrap">210-20.</FONT>
    Offsetting&#160;&#151; Balance Sheet, (formerly
    FAS&#160;No.&#160;39 - &#147;Offsetting of Amounts Related to
    Certain Contracts&#148;). The market value of futures
    (exchange-traded) contracts is determined by the various futures
    exchanges, and reflects the settlement price for each contract
    as of the close on the last business day of the reporting
    period. The market value of forward currency (non-exchange
    traded) contracts was extrapolated on a forward basis from the
    spot prices quoted as of 3:00&#160;P.M. (E.T.) on the last
    business day of the reporting period or based on the market
    value of its exchange-traded equivalent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market value of option (non-exchange traded) contracts is
    calculated by applying an industry-standard adaptation of the
    Black-Scholes options valuation model to foreign currency
    options, using as input, the spot prices, interest rates and
    option implied volatilities quoted as of 3:00&#160;P.M. (E.T.)
    on the last business day of the reporting period. Any change in
    net unrealized gain or loss from the preceding period is
    reported in the statement of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When the Fund writes an option, an amount equal to the premium
    received by the Fund is reflected as an asset and an equivalent
    liability. The amount of the liability is subsequently
    <FONT style="white-space: nowrap">marked-to-market</FONT>
    to reflect the current market value of option written. Brokerage
    commissions include other trading fees and are charged to
    expense when contracts are opened.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fixed income investments, other than U.S.&#160;Treasury
    bills held at the brokers or interbank market makers, are
    <FONT style="white-space: nowrap">marked-to-market</FONT>
    on the last business day of the reporting period by a custodian
    who utilizes
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -106-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    FINANCIAL STATEMENTS&#160;&#151;&#160;(Continued)<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009
    </FONT>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING<BR>
    POLICIES&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.&#160;Treasury
    bills not held by the custodian are stated at cost plus accrued
    interest. which approximates fair value. Premiums and discounts
    on debt securities are amortized for financial reporting
    purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund adopted the provisions of ASC&#160;820, Fair Value
    Measurements and Disclosures (formerly FASB No.&#160;157,
    &#147;Fair Value Measurements&#148;), as of January&#160;1,
    2008, ASC&#160;820 provides guidance for determining fair value
    and requires increased disclosure regarding the inputs to
    valuation techniques used to measure fair value. ASC&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;1)&#160;and the
    lowest priority to unobservable inputs (Level&#160;3).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Level&#160;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&#146;s exchange-traded futures contracts fall
    into this category.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Level&#160;2 inputs are inputs other than quoted prices included
    in Level&#160;1 that are observable for the asset or liability,
    either directly or indirectly. This category includes forward
    currency contracts and options on 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Level&#160;3 inputs are unobservable inputs for an asset or
    liability (including the Fund&#146;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 year ended December&#160;31, 2009, the Fund did not have any
    Level&#160;3 assets or liabilities.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -107-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    FINANCIAL STATEMENTS&#160;&#151;&#160;(Continued)<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009
    </FONT>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING<BR>
    POLICIES&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables set forth by level within the fair value
    hierarchy the Fund&#146;s investments accounted for at fair
    value on a recurring basis as of December&#160;31, 2009 and
    December&#160;31, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fair Value at December&#160;31, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 1</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 2</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 3</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fixed income securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,606,246,718
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,606,246,718
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other Financial Instruments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exchange-traded futures contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,577,117
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,577,117
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forward currency contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15,082,278
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15,082,278
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options purchased
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,062,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,062,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options written
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,094,738
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,094,738
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4,577,117
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,594,132,424
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,589,555,307
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fair Value at December&#160;31, 2008</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 1</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 2</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 3</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fixed income securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,136,934,669
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,136,934,669
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other Financial Instruments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exchange-traded futures contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    206,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    206,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forward currency contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,828,848
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,828,848
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options purchased
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    519,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    519,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options written
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,202,653
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,202,653
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    206,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,145,080,179
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,145,286,338
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    D.&#160;
</TD>
    <TD align="left">
    Cash and Cash Equivalents
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cash and cash equivalents includes cash and overnight money
    market investments at financial institutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    E.&#160;
</TD>
    <TD align="left">
    Income Taxes
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund prepares calendar year U.S.&#160;federal and applicable
    state information tax returns and reports to the partners their
    allocable shares of the Fund&#146;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&#146;s respective share of the Fund&#146;s income
    and expenses as reported for income tax purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Management has continued to evaluate the application of
    ASC&#160;740, Income Taxes (formerly FASB No.&#160;48.
    &#147;Accounting for Uncertainty in Income Taxes&#148;) 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 Fund files federal and state tax returns. The
    2006 through 2009 tax years generally remain subject to
    examination by the U.S.&#160;federal and most state tax
    authorities.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -108-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    FINANCIAL STATEMENTS&#160;&#151;&#160;(Continued)<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009
    </FONT>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING<BR>
    POLICIES&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    F.&#160;
</TD>
    <TD align="left">
    Offering Costs
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company, Inc. (Campbell&#160;&#038;
    Company) has incurred all costs in connection with the initial
    and continuous offering of units of the Fund (offering costs).
    In addition, Campbell&#160;<I>&#038; </I>Company continues to
    compensate wholesalers for services rendered to Limited
    Partners. The Fund&#146;s liability for offering costs is
    limited to the maximum of total offering costs incurred by
    Campbell&#160;&#038; Company or 2.5% of the aggregate
    subscriptions accepted during the initial and continuous
    offerings. The Fund is only liable for payment of offering costs
    on a monthly basis as calculated based on the limitations stated
    above. At December&#160;31, 2009, and December&#160;31, 2008,
    the Fund reflects a liability in the statement of financial
    condition for offering costs payable to Campbell&#160;&#038;
    Company of $346,751 and $309,964, respectively. The amount of
    monthly reimbursement due to Campbell&#160;&#038; Company is
    charged directly to partners&#146; capital.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Fund terminates prior to completion of payment of the
    calculated amounts to Campbell&#160;<I>&#038; </I>Company
    Campbell&#160;&#038; Company will not be entitled to any
    additional payments, and the Fund will have no further
    obligation to Campbell&#160;&#038; Company. At December&#160;31,
    2009 and December&#160;31, 2008, the amount of unreimbursed
    offering costs incurred by Campbell&#160;&#038; Company is
    $529,166 and $926,519, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    G.&#160;
</TD>
    <TD align="left">
    Foreign Currency Transactions
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s functional currency is the U.S.&#160;dollar;
    however, it transacts business in currencies other than the
    U.S.&#160;dollar. Assets and liabilities denominated in
    currencies other than the U.S.&#160;dollar are translated into
    U.S.&#160;dollars at the rates in effect at the date of the
    statement of financial condition. Income and expense items
    denominated in currencies other than the U.S.&#160;dollar are
    translated into U.S.&#160;dollars at the rates in effect during
    the period. Gains and losses resulting from the translation to
    U.S.&#160;dollars are reported in income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    H.&#160;
</TD>
    <TD align="left">
    Recently Issued Accounting Pronouncements
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In January 2010, the Financial Accounting Standards Board issued
    Accounting Standards update
    <FONT style="white-space: nowrap">No.&#160;2010-06</FONT>
    (&#147;ASU
    <FONT style="white-space: nowrap">2010-06&#148;)</FONT>
    for improving disclosure about fair value measurements. ASU
    <FONT style="white-space: nowrap">2010-06</FONT> adds
    new disclosure requirements about transfers into and out of
    Levels&#160;1 and 2 and separate disclosures about purchases,
    sales, issuances and settlements in the reconciliation for fair
    value measurements using significant unobservable inputs
    (Level&#160;3). It also clarifies existing disclosure
    requirements relating to the levels of disaggregation for fair
    value measurement and inputs and valuation techniques used to
    measure fair value. The amended guidance is effective for
    financial statements for fiscal years and interim periods
    beginning after December&#160;15, 2009 except for disclosures
    about purchases, sales, issuances and settlements in the
    rollforward of activity in Level&#160;3 fair value measurements,
    which are effective for fiscal years beginning after
    December&#160;15, 2010 and for interim periods within those
    fiscal years. The impact of this guidance on the Fund&#146;s
    financial statements and disclosures, if any, is currently being
    assessed.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">GENERAL
    PARTNER AND COMMODITY TRADING ADVISOR</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The general partner of the Fund is Campbell&#160;&#038; Company,
    which conducts and manages the business of the Fund.
    Campbell&#160;&#038; Company is also the commodity trading
    advisor of the Fund. The Amended Agreement of Limited
    Partnership provides that Campbell&#160;&#038; Company may make
    withdrawals of its units, provided that such withdrawals do not
    reduce Campbell&#160;&#038; Company&#146;s aggregate percentage
    interest in the Fund to less than 1% of the net aggregate
    contributions.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -109-
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    FINANCIAL STATEMENTS&#160;&#151;&#160;(Continued)<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009
    </FONT>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">GENERAL
    PARTNER AND COMMODITY TRADING
    ADVISOR&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company is required by the Amended
    Agreement of Limited Partnership to maintain a net worth 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 net worth shall in no case be less than
    $50,000 nor shall net worth in excess of $1,000,000 be required.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund pays a monthly brokerage fee equal to
    <FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">12</FONT>
    of 7% (7% annualized) of month-end net assets to
    Campbell&#160;&#038; Company and approximately $4 per round turn
    to the broker for execution and clearing costs. From the 7% fee,
    a portion (4%) is used to compensate selling agents for ongoing
    services rendered and a portion (3%) is retained by
    Campbell&#160;&#038; Company for trading and management services
    rendered. The amount paid to the broker and interbank market
    makers for execution and clearing costs is limited to
    <FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">12</FONT>
    of 1% (1% annualized) of month-end net assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company is also paid a quarterly
    performance fee of 20% of the Fund&#146;s aggregate cumulative
    appreciation in the Net Asset Value per unit, exclusive of
    appreciation attributable to interest income. More specifically,
    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) adjusting for investment income. In determining
    the brokerage and performance fees (&#147;the fees&#148;),
    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 Fund&#146;s bank, broker or
    cash management accounts.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">CASH
    MANAGER AND CUSTODIAN</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In July 2009 the Fund appointed Wilmington Trust&#160;Investment
    Management LLC, a wholly owned subsidiary of Wilmington
    Trust&#160;Corporation, and Horizon Cash Management LLC as cash
    managers under the Non-Custody Investment Advisory Agreements to
    manage and control the liquid assets of the Fund. Each cash
    manager is registered as an investment adviser with the
    Securities and Exchange Commission of the United States under
    the Investment Advisers Act of 1940.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund opened custodial accounts at The Northern
    Trust&#160;Company (the custodian) and has granted the cash
    managers 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 managers on behalf of the Fund
    will be held in the Fund&#146;s custody accounts at the
    custodian. The cash managers will have no beneficial or other
    interest in the securities and cash in such custody accounts.
    The cash managers began trading on behalf of the Fund in August
    2009.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">DEPOSITS
    WITH BROKERS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund deposits assets with brokers subject to Commodity
    Futures Trading Commission regulations and various exchange and
    broker requirements. Margin requirements are satisfied by the
    deposit of U.S.&#160;Treasury bills and cash with such brokers.
    The Fund typically earns interest income on its assets deposited
    with the brokers.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">OPERATING
    EXPENSES</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Operating expenses of the Fund are limited by the Amended
    Agreement of Limited Partnership to 0.5% per year of the average
    month end Net Asset Value of the Fund. Actual operating expenses
    were less than 0.5% (annualized) of average month-end Net Asset
    Value for the years ended December&#160;31, 2009, 2008 and 2007.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -110-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    FINANCIAL STATEMENTS&#160;&#151;&#160;(Continued)<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009
    </FONT>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">SUBSCRIPTIONS,
    DISTRIBUTIONS AND REDEMPTIONS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investments in the Fund were made by subscription agreement,
    subject to acceptance by Campbell&#160;&#038; Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is not required to make distributions, but may do so at
    the sole discretion of Campbell&#160;<I>&#038; </I>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)&#160;business days
    advance written notice to Campbell&#160;&#038; Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Redemption fees, which are paid to Campbell&#160;&#038; Company,
    apply through the first twelve month-ends following purchase as
    follows: 4% of Net Asset Value per unit redeemed through the
    third month-end, 3% of Net Asset Value per unit redeemed through
    the sixth month-end, 2% of Net Asset Value per unit redeemed
    through the ninth month-end and 1% of Net Asset Value per unit
    redeemed through the twelfth month end. After the twelfth
    month-end following purchase of a unit, no redemption fees
    apply. For the years ended December&#160;31, 2009 and 2008.
    Campbell&#160;<I>&#038; </I>Company received redemption fees of
    $11,966 and $192,892 respectively.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">TRADING
    ACTIVITIES AND RELATED RISKS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund engages in the speculative trading of U.S.&#160;and
    foreign futures contracts, forward currency contracts and
    options on forward currency contracts (collectively,
    &#147;derivatives&#148;). Specifically, the Fund trades a
    portfolio primarily focused on financial futures, which are
    instruments designed to hedge or speculate on changes in
    interest rates, currency exchange rates or stock index values. A
    secondary emphasis is on metals, energy and agriculture values.
    The Fund is exposed to both market risk, the risk arising from
    changes in the market value of the contracts, and credit risk,
    the risk of failure by another party to perform according to the
    terms of a contract. The market sensitive instruments held by
    the Fund are acquired for speculative trading purposes, and all
    or a substantial amount of the Fund&#146;s assets are subject to
    the risk of trading loss. Unlike an operating company, the risk
    of market sensitive instruments is integral, not incidental, to
    the Fund&#146;s main line of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Purchase and sale of futures contracts requires margin deposits
    with the brokers. Additional deposits may be necessary for any
    loss on contract value. The Commodity Exchange Act requires a
    broker to segregate all customer transactions and assets from
    such broker&#146;s proprietary activities. A customer&#146;s
    cash and other property (for example, U.S.&#160;Treasury bills)
    deposited with a broker are considered commingled with all other
    customer funds subject to the broker&#146;s segregation
    requirements. In the event of a broker&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount of required margin and good faith deposits with the
    broker and interbank market makers usually range from 10% to 30%
    of Net Asset Value. The market value of securities held to
    satisfy such requirements at December&#160;31, 2009 and
    December&#160;31, 2008 was $266,982,272 and $1,136,934,669,
    respectively. which equals 16% and 46% of Net Asset Value,
    respectively. The cash deposited with interbank market makers at
    December&#160;31, 2009 and December&#160;31, 2008 was
    $41,140,268 and $73,104,593, respectively, which equals 2% and
    3% of Net Asset Value, respectively. These amounts are included
    in cash, Included in cash deposits with the broker and interbank
    market maker at December&#160;31, 2009 and December&#160;31,
    2008 was restricted cash for margin requirements of $0 and
    $83,927,379 respectively, which equals 0% and 3% of Net Asset
    Value respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund trades forward currency and options on forward currency
    contracts in unregulated markets between principals and assumes
    the risk of loss from counterparty nonperformance. Accordingly,
    the risks associated with forward currency and options on
    foreign 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 and options on forward currency contracts
    typically involves delayed cash settlement.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -111-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    FINANCIAL STATEMENTS&#160;&#151;&#160;(Continued)<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009
    </FONT>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">TRADING
    ACTIVITIES AND RELATED
    RISKS&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has a substantial portion of its assets on deposit with
    financial institutions. In the event of a financial
    institution&#146;s insolvency, recovery of Fund assets on
    deposit may be limited to account insurance or other protection
    afforded such deposits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For derivatives, risks arise from changes in the market value of
    the contracts. Market movements result in frequent changes in
    the fair market value of the Fund&#146;s open positions and,
    consequently, in its earnings and cash flow. The Fund&#146;s
    market risk is influenced by a wide variety of factors.
    including the level and volatility of exchange rates, interest
    rates, equity price levels, the market value of financial
    instruments and contracts, the diversification effects among the
    Fund&#146;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. As both a buyer and seller of options, the
    Fund pays or receives a premium at the outset and then bears the
    risk of unfavorable changes in the price of the contract
    underlying the option. Written options expose the Fund to
    potentially unlimited liability, and purchased options expose
    the Fund to a risk of loss limited to the premiums paid. See
    Note&#160;1, C, for an explanation of how the Fund determines
    its valuation for derivatives as well as the netting of
    derivatives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The unrealized gain (loss) on open futures, forward currency and
    options on forward currency contracts is comprised of the
    following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Forward Currency and Options on<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Futures Contracts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Forward Currency Contracts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(exchange traded)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(non-exchange traded)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December 31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross unrealized gains
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,016,239
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,648,019
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    68,424,483
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    64,296,837
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross unrealized losses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (29,593,356
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (14,441,860
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (83,307,411
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (53,582,976
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net unrealized gain (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4,577,117
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    206,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (14,882,928
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,713,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2008, the FASB issued ASC&#160;815, &#147;Derivatives
    and Hedging&#148; (formerly SFAS&#160;No.&#160;161,
    &#147;Disclosures about Dervative instruments and Hedging
    Activities&#148;). ASC&#160;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&#146;s financial position,
    financial performance and cash flows. ASC&#160;815 is effective
    for financial statements issued for the Fund&#146;s first fiscal
    year beginning after November&#160;15, 2008. The Fund adopted
    ASC&#160;815 effective January&#160;1, 2009.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -112-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    FINANCIAL STATEMENTS&#160;&#151;&#160;(Continued)<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009
    </FONT>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">TRADING
    ACTIVITIES AND RELATED
    RISKS&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables summarize quantitative information required
    by ASC&#160;815.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fair value of the Fund&#146;s derivatives by instrument
    type, as well as the location of those instruments on the
    Statement of Financial Condition, as of December&#160;31, 2009
    is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="27%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Asset<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Liability<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Derivatives at<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Derivatives at<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Statement of Financial<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31, 2009<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31, 2009<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Type of Instrument*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Condition Location</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fair Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fair Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Net</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Agricultural Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Equity in broker trading accounts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    616,716
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (625,938
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (9,222
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Energy Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Equity in broker trading accounts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    999,217
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (200,472
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    798,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Metal Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Equity in broker trading accounts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,483,987
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,054,517
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,429,470
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock Indices Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Equity in broker trading accounts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,693,321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,039,176
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,654,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Short-Term Interest Rate Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Equity in broker trading accounts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    276,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,618,563
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,342,338
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long Term Interest Rate Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Equity in broker trading accounts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,946,773
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (16,054,690
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (14,107,917
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forward Currency Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Net unrealized gain (loss) on forward currency contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,727,508
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (81,809,786
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15,082,278
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Purchased Options on Forward Currency Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Options purchased, at fair value
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,062,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,062,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Written Options on Forward Currency Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Options written, at fair value
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,094,738
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,094,738
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Totals
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    95,806,469
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (112,497,880
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (16,691,411
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Derivatives not designated as hedging instruments under
    ASC&#160;815</I></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -113-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    FINANCIAL STATEMENTS&#160;&#151;&#160;(Continued)<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009
    </FONT>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">TRADING
    ACTIVITIES AND RELATED
    RISKS&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading revenue of the Fund&#146;s derivatives by instrument
    type, as well as the location of those gains and losses on the
    Statement of Operations, for the year ended December&#160;31,
    2009 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="82%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Trading Revenue For<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>the Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Type of Instrument</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Agricultural Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (6,276,313
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Energy Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (25,247,449
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Metal Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,508,827
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock Indices Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (18,689,689
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Short-Term Interest Rate Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (12,593,188
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long Term Interest Rate Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (78,495,735
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forward Currency Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,462,662
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Purchased Options on Forward Currency Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (41,245,310
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Written Options on Forward Currency Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,723,618
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (53,852,577
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="82%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Trading Revenue For<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>the Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Line Item in the Statement of Operations</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Futures trading gains (losses):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Realized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (113,010,273
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Change in unrealized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,783,274
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forward currency and options on forward currency trading gains
    (losses):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Realized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89,537,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Change in unrealized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (25,596,790
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (53,852,577
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the year ended December&#160;31, 2009, the monthly average
    of futures contracts bought and sold was approximately 85,200,
    and the monthly average of notional value of forward currency
    and options on forward currency contracts was $10,284,500,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Open contracts generally mature within three months; as of
    December&#160;31, 2009, the latest maturity date for open
    futures contracts is March 2011. the latest maturity date for
    open forward currency contracts is March 2010, and the latest
    expiry date for options on forward currency contracts is January
    2010. However, the Fund intends to close all futures and foreign
    currency contracts prior to maturity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; 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&#160;<I>&#038;</I> Company&#146;s basic
    market risk control procedures consist of continuously
    monitoring open positions, diversification of the portfolio and
    maintenance of a
    <FONT style="white-space: nowrap">margin-to-equity</FONT>
    ratio that rarely exceeds 30%. Campbell&#160;&#038;
    Company&#146;s attempt to manage the risk of the Fund&#146;s
    open positions is essentially the same in all market categories
    traded. Campbell&#160;&#038; Company applies risk management
    policies to its trading which generally limit the total exposure
    that may be taken per &#147;risk unit&#148; of assets under
    management. In addition, Campbell&#160;&#038; Company follows
    diversification guidelines (often formulated in terms of the
    balanced volatility between markets and correlated groups), as
    well as precalculating &#147;stop-loss&#148; points at which
    systems will signal to close open positions.
    Campbell&#160;&#038; Company controls the risk of
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -114-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    FINANCIAL STATEMENTS&#160;&#151;&#160;(Continued)<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009
    </FONT>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">TRADING
    ACTIVITIES AND RELATED
    RISKS&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the Fund&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company seeks to minimize credit risk
    primarily by depositing and maintaining the Fund&#146;s assets
    at financial institutions and brokers which
    Campbell&#160;<I>&#038; </I>Company believes to be credit
    worthy. The limited partners bears the risk of loss only to the
    extent of the market value of their respective investments and,
    in certain specific circumstances, distributions and redemptions
    received.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">INDEMNIFICATIONS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#146;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.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">SUBSEQUENT
    EVENTS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<!-- /XBRL,ns -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Management of the Fund has evaluated subsequent events through
    the date the financial statements were issued. Other than the
    following, there are no subsequent events to disclose or record.
    On December&#160;18, 2009, a registration statement was filed
    with the Securities and Exchange Commission to reopen the Fund
    to existing investors. As of March&#160;26, 2010, the
    registration is not yet effective.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -115-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <IMG src="w78140bw7814041.gif" alt="">
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="top">
    201 International Circle, Suite 400<BR>
    Hunt Valley, Maryland 21030&#160;&#149;&#160;USA<BR>
    Tel: 410-771-0001&#160;&#149;&#160;Fax: 410-785-9784<BR>
    www.arthurbellcpas.com
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<A name='308'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEPENDENT
    AUDITOR&#146;S REPORT</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the Stockholders and Board of Directors
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have audited the accompanying consolidated balance sheet of
    Campbell&#160;&#038; Company, Inc. and subsidiaries
    (collectively, the &#147;Company&#148;) as of December&#160;31,
    2009. This financial statement is the responsibility of the
    Company&#146;s management. Our responsibility is to express an
    opinion on this financial statement based on our audit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conducted our audit in accordance with auditing standards
    generally accepted in the United States of America. Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the consolidated balance
    sheet is free of material misstatement. An audit includes
    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 Company&#146;s internal control over
    financial reporting. Accordingly, we express no such opinion. An
    audit includes examining, on a test basis, evidence supporting
    the amounts and disclosures in the consolidated balance sheet.
    An audit also includes assessing the accounting principles used
    and significant estimates made by management, as well as
    evaluating the overall consolidated balance sheet presentation.
    We believe that our audit provides a reasonable basis for our
    opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In our opinion, the consolidated balance sheet referred to above
    presents fairly, in all material respects, the financial
    position of Campbell&#160;&#038; Company, Inc. and subsidiaries
    as of December&#160;31, 2009, in conformity with accounting
    principles generally accepted in the United States of America.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    /s/ ARTHUR F. BELL, JR. &#038; ASSOCIATES, L.L.C.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Hunt Valley, Maryland
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    April&#160;16, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -116-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    <A name='309'> <BR>
    <!-- XBRL,bs -->CONSOLIDATED BALANCE SHEET<BR>
    </A> <BR>
    </FONT></B><FONT style="font-family: 'Times New Roman', Times">December&#160;31,
    2009
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,body -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>ASSETS</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38,432,221
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Net unrealized (loss) on open futures contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (347,661
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Net unrealized (loss) on open forward currency contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (362,611
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Fixed income securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,199,820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Accounts receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Advisory and performance fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,716,425
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Receivable from Campbell Strategic Allocation Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,201,975
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Other receivables
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,724,793
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Total current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,564,962
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Property and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Furniture and office equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,536,973
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Leasehold improvements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,755,048
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,292,021
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Less accumulated depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (10,952,404
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Total property and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,339,617
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Cash surrender value of life insurance, net of policy loans of
    $382,600
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    596,952
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Investments in sponsored funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95,943,034
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Investment in other fund
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,008,955
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,321,714
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    176,775,234
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
    <B>LIABILITIES</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Accounts payable and accrued expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,842,165
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Current portion of subordinated debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,834,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Total current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    82,676,342
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Deferred rent expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,191,731
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Subordinated debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65,435,823
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Capital stock subject to repurchase, at current redemption value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,579,721
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Total liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    152,883,617
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>STOCKHOLDERS&#146; EQUITY</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Retained earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,948,235
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Noncontrolling interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,943,382
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,891,617
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Total liabilities and stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    176,775,234
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- /XBRL,bs -->
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See accompanying notes.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -117-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,ns --><A name='310'>NOTES&#160;TO
    CONSOLIDATED BALANCE SHEET</FONT></B></A>
</DIV>
</A>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,n -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    A.&#160;
</TD>
    <TD align="left">
    General
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated balance sheet of Campbell&#160;&#038; Company,
    Inc. include the accounts of Campbell&#160;&#038; Company, Inc.
    and its wholly-owned subsidiaries, Campbell&#160;&#038; Company
    Investment Adviser LLC (CCIA) and Campbell Financial Services,
    Inc. (CFS), and its partially owned subsidiary, The Campbell
    Gold Plus Fund, L.P. (CGPF), collectively, the
    &#147;Company.&#148; Campbell&#160;&#038; Company, Inc. is
    incorporated in Maryland and earns fees as a commodity trading
    advisor. CCIA was formed on January&#160;31, 2005 as a limited
    liability company under the laws of Delaware. CCIA is registered
    under the Investment Advisers Act of 1940, as amended, as an
    investment adviser. Campbell&#160;&#038; Company, Inc. is the
    sole member of CCIA. CFS is a broker and dealer in securities
    (&#147;broker-dealer&#148;) whose entire amount of issued common
    stock was purchased by Campbell&#160;&#038; Company, Inc.
    effective October&#160;22, 2009. CGPF is a limited partnership
    formed on July&#160;2, 2009 under the laws of Delaware, and
    which commenced operations on October&#160;1, 2009.
    Campbell&#160;&#038; Company, Inc. is the general partner of
    CGPF. CGPF is an investment partnership that is majority owned
    by Campbell&#160;&#038; Company, Inc. and Campbell&#160;&#038;
    Company, Inc.&#146;s majority stockholder. CGPF operates as a
    commodity investment pool and engages in speculative trading of
    futures contracts and forward currency contracts.
    Campbell&#160;&#038; Company, Inc. intends to solicit additional
    outside investment in CGPF and will re-assess the need to
    consolidate CGPF in future periods.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Both Campbell&#160;&#038; Company, Inc. and CGPF are 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, and the rules of
    the National Futures Association, an industry self-regulatory
    organization. CGPF is also subject to the requirements of
    commodity exchanges, brokers, and interbank market makers
    through which it trades. CCIA is subject to the regulations of
    the Securities and Exchange Commission (SEC) under the
    Investment Advisers Act of 1940. CFS is registered with the SEC
    as a broker-dealer and is a member of the Financial Industry
    Regulatory Authority (FINRA). As a broker-dealer, CFS must meet
    the net capital provisions of
    <FONT style="white-space: nowrap">Rule&#160;15c3-1</FONT>
    of the Securities Exchange Act of 1934.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated balance sheet includes the accounts of
    Campbell&#160;&#038; Company, Inc., CCIA, CFS and CGPF at
    December&#160;31, 2009. Intercompany accounts and transactions
    have been eliminated in consolidation. The interest of CGPF not
    owned by Campbell&#160;&#038; Company, Inc. is presented as the
    noncontrolling interest in the consolidated balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    B.&#160;
</TD>
    <TD align="left">
    Method of Reporting
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s consolidated balance sheet is presented in
    accordance with accounting principles generally accepted in the
    United States of America. The preparation of a consolidated
    balance sheet in conformity with accounting principles generally
    accepted in the United States of America requires management to
    make estimates and assumptions that affect the reported amounts
    of assets and liabilities and disclosures of contingent assets
    and liabilities at the date of the consolidated balance sheet.
    Actual results could differ from those estimates, and such
    differences may be material to the consolidated balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the period October&#160;1, 2009 through December&#160;31,
    2009, Campbell&#160;&#038; Company, Inc. was deemed to be the
    controlling investor of CGPF, as its own investment and the
    investment of Campbell&#160;&#038; Company, Inc.&#146;s majority
    stockholder represented a majority of the partners&#146; capital
    of CGPF. All ownership interests in CGPF not owned directly by
    Campbell&#160;&#038; Company, Inc., which equals all limited
    partners&#146; capital of CGPF, is reported as the
    noncontrolling interest in the consolidated balance sheet.
</DIV>
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    <BR>
    -118-
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES&#160;&#151;
    (Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective July&#160;1, 2009, the Financial Accounting Standards
    Board (FASB) Accounting Standards Codification (ASC), referred
    to as FASB ASC or the Codification, became the single source of
    U.S.&#160;generally accepted accounting principles
    (U.S.&#160;GAAP) for interim and annual periods ending after
    September&#160;15, 2009. Existing accounting standards are
    incorporated into the Codification and standards not
    incorporated into the codification are considered
    nonauthoritative.
</DIV>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    C.&#160;
</TD>
    <TD align="left">
    Cash and Cash Equivalents
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cash and cash equivalents consist of cash, certificates of
    deposit and money market mutual funds readily convertible into
    cash.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    D.&#160;
</TD>
    <TD align="left">
    Fair Value
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s assets and liabilities measured on a
    recurring basis are reported at fair value pursuant to the
    provisions of the <I>Fair Value Measurements and Disclosures</I>
    Topic of the Codification. Fair value is defined 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. The fair value hierarchy, as set forth
    in the <I>Fair Value Measurements and Disclosures </I>Topic of
    the Codification, prioritizes the inputs to valuation techniques
    used to measure fair value into three broad levels: quoted
    market prices in active markets for identical assets or
    liabilities (Level&#160;1); inputs other than quoted market
    prices that are observable for the asset or liability, either
    directly or indirectly (Level&#160;2); and unobservable inputs
    for an asset or liability (Level&#160;3). If the inputs used to
    measure a financial instrument fall within different levels of
    the fair value hierarchy, the categorization is based on the
    lowest level input that is significant to the measurement of
    that financial instrument.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During September 2009, Accounting Standards Update
    <FONT style="white-space: nowrap">No.&#160;2009-12</FONT>
    (ASU
    <FONT style="white-space: nowrap">2009-12),</FONT>
    <I>Fair Value Measurements and Disclosures (Topic 820),
    Investments in Certain Entities That Calculate Net Asset Value
    per Share (or Its Equivalent)</I>, was issued by the FASB and
    was effective for interim and annual periods ending after
    December&#160;15, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ASU <FONT style="white-space: nowrap">2009-12</FONT>
    amends the Codification and provides that if the reporting
    entity has the ability to redeem its investment in another
    investment fund or entity at net asset value at the measurement
    date, the investment shall be categorized as a Level&#160;2 fair
    value measurement, and if the reporting entity cannot redeem its
    investment in another investment fund or entity at net asset
    value at the measurement date but the investment will be
    redeemable at a future date, the reporting entity shall consider
    the length of time until the investment will be redeemable in
    determining whether it will be categorized as a Level&#160;2 or
    Level&#160;3 fair value measurement. Accordingly, in accordance
    with the provisions of ASU
    <FONT style="white-space: nowrap">2009-12,</FONT> at
    December&#160;31, 2009, the Company&#146;s investments in
    sponsored and other funds are categorized as either Level&#160;2
    or Level&#160;3 fair value measurements. At December&#160;31,
    2008, all of the Company&#146;s investments in sponsored funds
    were categorized as Level&#160;2 fair value measurements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    E.&#160;
</TD>
    <TD align="left">
    Futures and Forward Currency Contracts
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investment transactions are accounted for on the trade date. Net
    unrealized gains or losses on open contracts (the difference
    between contract trade price and market price) are reported in
    the consolidated balance sheet as a net gain or loss, as there
    exists a right of offset of unrealized gains or losses in
    accordance with FASB
    <FONT style="white-space: nowrap">ASC&#160;210-20,</FONT>
    Offsetting&#160;&#151; Balance Sheet. The fair value of futures
    (exchange-traded) contracts is determined by the various futures
    exchanges, and reflects the settlement price for each contract
    as of the close of the last business day of the reporting
    period. The fair value of forward
</DIV>
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    <BR>
    -119-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES&#160;&#151;
    (Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    currency (non-exchange traded) contracts is extrapolated on a
    forward basis from the spot prices quoted as of 3:00&#160;P.M.
    (E.T.) of the last business day of the reporting period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    F.&#160;
</TD>
    <TD align="left">
    Fixed Income Securities
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S.&#160;government securities are stated at cost plus accrued
    interest, which approximates fair value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    G.&#160;
</TD>
    <TD align="left">
    Property and Equipment
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Property and equipment are stated at cost. Depreciation and
    amortization is provided for over the estimated useful lives of
    the assets using straight-line and accelerated methods. Such
    lives range from 3 to 39&#160;years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    H.&#160;
</TD>
    <TD align="left">
    Investments in Sponsored and Other Funds
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investments in sponsored and other funds are reported at fair
    value at the date of the consolidated balance sheet. Fair value
    ordinarily is the value determined for each sponsored or other
    fund in accordance with such fund&#146;s valuation policies and
    reported at the time of the Company&#146;s valuation. Generally,
    the fair value of the Company&#146;s investment in a sponsored
    or other fund equals the underlying net asset value and
    represents the amount the Company could reasonable expect to
    receive from such sponsored or other fund if the Company&#146;s
    investment was redeemed at the time of valuation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    I.&#160;
</TD>
    <TD align="left">
    Revenue Recognition
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Advisory and management fees accrue monthly based on a
    percentage of assets under management. Performance fees may be
    earned by achieving defined performance objectives. Performance
    fees are accrued when the conditions of the applicable
    performance fee agreements are satisfied. Commission revenue is
    recognized when earned, based on the terms of the underlying
    agreements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    J.&#160;
</TD>
    <TD align="left">
    Income Taxes
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has elected S&#160;corporation status under the
    Internal Revenue Code, pursuant to which the Company does not
    pay U.S.&#160;or Maryland income taxes. The Company files
    U.S.&#160;federal and state tax returns and is subject to state
    income taxes in certain states in which it conducts business,
    and adequate provision for such is provided for in the
    consolidated balance sheet. The Company&#146;s taxable income is
    taxable to the stockholders on an individual basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective October&#160;22, 2009, the Company filed on behalf of
    CFS, a Subchapter S Subsidiary election under the Internal
    Revenue Code whereby CFS&#146;s taxable income will
    &#147;flow-through&#148; to Campbell&#160;&#038; Company, Inc.
    and be subject to their U.S.&#160;federal and state taxation
    status.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As both CCIA and CGPF are either a limited liability company or
    a limited partnership, they report to the members or partners,
    including Campbell&#160;&#038; Company, Inc., their allocable
    shares of CCIA&#146;s and CGPF&#146;s income, expenses, gains
    and losses. Such income, expenses, gains and losses are then
    taxable to the Company&#146;s stockholders on an individual
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has continued to evaluate the application of
    ASC&#160;740, Income Taxes (formerly FASB Interpretation
    No.&#160;48 entitled &#147;Accounting For Uncertainty in Income
    Taxes&#160;&#151; an interpretation of FASB Statement
    No.&#160;109&#148;) to the Company, and has determined that
    ASC&#160;740 does not have a material impact on the
    Company&#146;s consolidated balance sheet. The Company has an
    accounting policy to classify tax related interest and
    penalties, if any, as interest expense. The 2006 through 2009
    tax years generally remain subject to examination by
    U.S.&#160;federal and most state tax authorities.
</DIV>
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    <BR>
    -120-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES&#160;&#151;
    (Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    K.&#160;
</TD>
    <TD align="left">
    Foreign Currency Transactions
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s functional currency is the U.S.&#160;dollar;
    however, it transacts business in currencies other than the
    U.S.&#160;dollar. Assets and liabilities denominated in
    currencies other than the U.S.&#160;dollar are translated into
    U.S.&#160;dollars at the rates in effect at the date of the
    consolidated balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    L.&#160;
</TD>
    <TD align="left">
    Recently Issued Accounting Pronouncements
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective October&#160;1, 2009, in conjunction with becoming the
    controlling investor of CGPF, the Company adopted Statement of
    Financial Accounting Standards No.&#160;160 (FAS 160),
    &#147;Noncontrolling Interests in Consolidated Financial
    Statements (as amended),&#148; which is now incorporated in the
    Codification in the <I>Consolidation </I>Topic. The adoption of
    this accounting pronouncement did not have a material impact on
    the Company&#146;s consolidated balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective October&#160;1, 2009, in conjunction with becoming the
    controlling investor of CGPF, the Company adopted Statement of
    Financial Accounting Standards No.&#160;161, &#147;Disclosure
    about Derivative Instruments and Hedging Activities&#160;&#151;
    an amendment of FASB Statement No.&#160;133&#148;
    (FAS&#160;161). FAS&#160;161, which is now incorporated in the
    Codification in the <I>Derivatives and Hedging </I>Topic
    establishes, among other things, the disclosure requirements for
    derivative instruments and for hedging activities. The adoption
    of this accounting pronouncement did not have a material impact
    on the Company&#146;s consolidated balance sheet. The
    disclosures required by the <I>Derivatives and Hedging </I>Topic
    related to this accounting pronouncement are included in
    Note&#160;4. of the consolidated balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2009, the FASB issued FASB Statement No.&#160;165,
    &#147;Subsequent Events&#148; (FAS&#160;165), which establishes
    general standards of accounting for and disclosure of events
    that occur after the consolidated balance sheet date but before
    the consolidated balance sheet is issued or available to be
    issued. FAS&#160;165, which is now incorporated in the
    Codification in the <I>Subsequent Events </I>Topic, is effective
    for interim and annual periods ending after June&#160;15, 2009.
    The adoption of this accounting pronouncement did not have a
    material impact on the Company&#146;s consolidated balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In January 2010, the FASB issued Accounting Standards Update
    <FONT style="white-space: nowrap">No.&#160;2010-06</FONT>
    (ASU
    <FONT style="white-space: nowrap">2010-06)</FONT>
    entitled &#147;Fair Value Measurements and Disclosures (Topic
    820)&#160;&#151; Improving Disclosures about Fair Value
    Measurements.&#148; ASU
    <FONT style="white-space: nowrap">2010-06</FONT> adds
    new disclosure requirements about transfers into and out of
    Levels&#160;1 and 2 and separate disclosures about purchases,
    sales, issuances and settlements in the reconciliation for fair
    value measurements using significant unobservable inputs
    (Level&#160;3). It also clarifies existing disclosure
    requirements relating to the levels of disaggregation for fair
    value measurement and inputs and valuation techniques used to
    measure fair value. ASU
    <FONT style="white-space: nowrap">2010-06</FONT> is
    effective for interim and annual reporting periods beginning
    after December&#160;15, 2009, except for disclosures about
    purchases, sales, issuances and settlements in the roll forward
    of activity in Level&#160;3 fair value measurements, which are
    effective for fiscal years beginning after December&#160;15,
    2010, and for interim periods within those fiscal years. The
    Company is currently assessing the impact that ASU
    <FONT style="white-space: nowrap">2010-06</FONT> will
    have on the Company&#146;s consolidated balance sheet, however,
    no material impact is anticipated.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -121-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;2.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">FAIR
    VALUE</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following summarizes the Company&#146;s assets accounted for
    at fair value at December&#160;31, 2009 using the fair value
    hierarchy:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 1</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 2</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 3</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38,432,221
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38,432,221
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investments in sponsored funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77,875,691
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,067,343
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95,943,034
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investment in other fund
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,008,955
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,008,955
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fixed income securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,199,820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,199,820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Futures contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (347,661
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (347,661
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forward currency contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (362,611
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (362,611
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38,084,560
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    83,721,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,067,343
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    139,873,758
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A reconciliation of the beginning and ending balances for each
    major category of assets measured at fair value on a recurring
    basis using significant Level&#160;3 inputs during 2009, is as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="20%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Level 3 Fair Value<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Measurements Investments<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>in Sponsored Funds</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beginning balance, December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Reclassification of categorization of level of fair value
    hierarchy pursuant to ASU
    <FONT style="white-space: nowrap">2009-12</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,573,704
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total (loss) included in net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,599,829
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Redemptions from sponsored funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,906,532
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ending balance, December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,067,343
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following summarizes the carrying amount and fair value of
    the Company&#146;s other financial instruments at
    December&#160;31, 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Carrying<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fair<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash surrender value of life insurance
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    596,952
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    596,952
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><U><FONT style="font-size: 8pt">Liabilities</FONT></U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Subordinated debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    125,270,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    125,270,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -122-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;3.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENTS
    IN SPONSORED AND OTHER FUNDS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investments in sponsored funds consist of the following at
    December&#160;31, 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Campbell Multi-Strategy Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    48,034,388
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Campbell Strategic Allocation Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,893,851
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Campbell Global Assets Fund&#160;Limited SAC&#160;&#151;
    Class&#160;B
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,183,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Campbell Global Assets Fund&#160;Limited SAC&#160;&#151;
    Class&#160;A
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,124,803
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Campbell Qualified Multi-Strategy Fund&#160;L.L.C.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,335,938
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Campbell Alternative Asset Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,173,492
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Campbell Financial Futures Fund&#160;Limited Partnership
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,148,499
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    The Campbell Fund&#160;Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48,453
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    95,943,034
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to its investments in these sponsored funds, the
    Company has General Partner, Adviser, Managing Owner, Managing
    Member, or Managing Operator responsibilities with regards to
    the following:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Campbell Multi-Strategy Trust</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company acts as Adviser of The Campbell Multi-Strategy Trust
    (CMST).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Summarized financial information with respect to CMST as of
    December&#160;31, 2009 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance Sheet Data
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    345,841,221
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    188,725,093
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Net Asset Value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    157,116,128
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has agreed to advance funds to CMST necessary to pay
    organization and offering costs related to CMST&#146;s initial
    and continuous offerings. The Company is reimbursed such amounts
    by CMST at the rate of 0.75% per annum of CMST&#146;s net
    assets. The Company reflects a receivable of $107,584 as of
    December&#160;31, 2009 from CMST for offering costs due to be
    reimbursed. Such amount is included in Other receivables in the
    consolidated balance sheet. The remaining unreimbursed offering
    costs of $1,527,470 at December&#160;31, 2009 is included in
    Other assets in the consolidated balance sheet. They are carried
    on the Company&#146;s books as an asset because of the probable
    future economic benefit to be obtained from the eventual receipt
    from CMST of these reimbursements, even though CMST is not
    liable for this amount at the current time. In the event CMST
    terminates prior to the completion of any reimbursement of the
    offering costs, the Company will not be entitled to any
    additional reimbursement from CMST. The Company analyzes the
    value of the unreimbursed organization and offering costs on its
    consolidated balance sheet on a quarterly basis to ensure that
    the carrying value is an accurate estimate of what the Company
    can expect to receive over time, and expenses any excess value
    on its books.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Campbell
    Strategic Allocation Fund, L.P.</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is the General Partner and commodity trading advisor
    of Campbell Strategic Allocation Fund, L.P. (Strategic). As
    General Partner, the Company receives from Strategic a monthly
    brokerage fee and a quarterly performance fee. Such fees
    represented approximately 71% of the Company&#146;s advisory and
    performance fee revenues for the year ended December&#160;31,
    2009. Of these fees, $4,401,384 is included in advisory and
    performance fees receivable at December&#160;31, 2009.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -123-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;3.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENTS
    IN SPONSORED AND OTHER
    FUNDS&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Summarized financial information with respect to Strategic as of
    December&#160;31, 2009 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="82%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance Sheet Data
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,858,855,992
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150,364,374
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Net Asset Value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,708,491,618
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has committed to maintaining an investment in
    Strategic equal to at least 1% of the net aggregate capital
    contributions of all partners. The Company is further bound by
    Strategic&#146;s Amended Agreement of Limited Partnership to
    maintain net worth equal to at least 5% of the capital
    contributed by all the limited partnerships for which the
    Company acts as General Partner. The minimum net worth shall in
    no case be less than $50,000 nor shall net worth in excess of
    $1,000,000 be required.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As General Partner, the Company incurs costs in connection with
    Strategic&#146;s initial and continuous offerings. The Company
    reflects a receivable of $346,751 as of December&#160;31, 2009,
    from Strategic for offering costs due to be reimbursed. Such
    amount is included in Receivable from Campbell Strategic
    Allocation Fund, L.P. in the consolidated balance sheet. The
    remaining unreimbursed offering costs of $182,415 at
    December&#160;31, 2009 is included in Other assets in the
    consolidated balance sheet. They are carried on the
    Company&#146;s books as an asset because of the probable future
    economic benefit to be obtained from the eventual receipt from
    Strategic of these reimbursements, even though Strategic is not
    liable for this amount at the current time. The Company
    recognizes the newly recalculated amount due from Strategic each
    month as a receivable, which reduces the balance remaining as an
    Other asset. The Company analyzes the value of the remaining
    Other asset on its consolidated balance sheet on a quarterly
    basis to ensure that the carrying value is an accurate estimate
    of what the Company can expect to receive over time, and
    expenses any excess value on its books.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2009, $5,855,224 in selling agent
    commissions are subject to future reimbursement, all of which is
    included in a Receivable from Campbell Strategic Allocation
    Fund, L.P. in the consolidated balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event Strategic terminates prior to the completion of any
    reimbursement of the aforementioned costs, the Company will not
    be entitled to any additional reimbursement from Strategic.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Campbell Global Assets Fund&#160;Limited SAC</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is the Trading Advisor of The Campbell Global Assets
    Fund&#160;Limited SAC (CGAF), an international business company
    incorporated in The Bahamas.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Summarized financial information with respect to CGAF as of
    December&#160;31, 2009 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance Sheet Data
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    54,652,089
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,252,660
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Net Asset Value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    35,399,429
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Campbell Qualified Multi-Strategy Fund&#160;L.L.C.</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company acts as Managing Member of The Campbell Qualified
    Multi-Strategy Fund&#160;L.L.C. (CQMSF).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -124-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;3.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENTS
    IN SPONSORED AND OTHER
    FUNDS&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Summarized financial information with respect to CQMSF as of
    December&#160;31, 2009 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance Sheet Data
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    161,987,715
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    81,019,756
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Net Asset Value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80,967,959
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Campbell
    Alternative Asset Trust</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is the Managing Owner and commodity trading advisor
    of Campbell Alternative Asset Trust (CAAT). The Trustee of CAAT
    has delegated to the Managing Owner all of the power and
    authority to manage the business affairs of CAAT. The net asset
    value of CAAT at December&#160;31, 2009 is $29,002,062.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has committed to maintaining an investment in CAAT
    equal to at least 1% of the total capital accounts of CAAT. The
    Company&#146;s capital account balance as of December&#160;31,
    2009 is $2,173,492. The Company is further bound by CAAT&#146;s
    Third Amended and Restated Declaration of Trust and
    Trust&#160;Agreement to maintain net worth equal to at least
    $1,000,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As Managing Owner, the Company has agreed to advance funds to
    CAAT necessary to pay organization and offering costs related to
    CAAT&#146;s initial and continuous offerings. The Company is
    reimbursed such amounts by CAAT at the rate of 0.9% per annum of
    CAAT&#146;s net assets. The Company reflects a receivable of
    $5,727 at December&#160;31, 2009 from CAAT for offering costs
    due to be reimbursed. Such amount is included in Other
    receivables in the consolidated balance sheet. The remaining
    unreimbursed offering costs of $19,366 at December&#160;31, 2009
    is included in Other assets in the consolidated balance sheet.
    They are carried on the Company&#146;s books as an asset because
    of the probable future economic benefit to be obtained from the
    eventual receipt from CAAT of these reimbursements, even though
    CAAT is not liable for this amount at the current time. In the
    event CAAT terminates prior to the completion of any
    reimbursement of the offering costs, the Company will not be
    entitled to any additional reimbursement from CAAT. The Company
    analyzes the value of the unreimbursed organization and offering
    costs on its consolidated balance sheet on a quarterly basis to
    ensure that the carrying value is an accurate estimate of what
    the Company can expect to receive over time, and expenses any
    excess value on its books.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Campbell
    Financial Futures Fund&#160;Limited Partnership</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company acts as General Partner of Campbell Financial
    Futures Fund&#160;Limited Partnership (Financial Futures). The
    net asset value of Financial Futures as of December&#160;31,
    2009 is $16,484,462.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Campbell Fund&#160;Trust</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is the Managing Operator of The Campbell
    Fund&#160;Trust (the Trust). The Trustee of the Trust has
    delegated to the Managing Operator all of the power and
    authority to manage the business affairs of the Trust. The net
    asset value of the Trust at December&#160;31, 2009 is
    $365,318,153.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As Managing Operator, the Company has agreed to advance funds to
    the Trust necessary to pay organization and offering costs
    related to the Trust&#146;s initial and continuous offerings.
    The Company is reimbursed by the Trust for the amount of such
    costs applicable to certain Series of the Trust at the rate of
    0.5% per annum of the applicable Series&#146; net assets. The
    Company reflects a current receivable at December&#160;31, 2009
    of $8,501 from Series&#160;A of the Trust for offering costs due
    to be reimbursed. Such amount is included in Other receivables
    in the consolidated balance sheet. The remaining unreimbursed
    offering costs of $1,645,160 for Series&#160;A of the Trust, and
    $328,196 for Series&#160;W of the Trust at December&#160;31,
    2009, is included in Other assets in the consolidated balance
    sheet. They are
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -125-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;3.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENTS
    IN SPONSORED AND OTHER
    FUNDS&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    carried on the Company&#146;s books as an asset because of the
    probable future economic benefit to be obtained from the
    eventual receipt from the Trust of these reimbursements, even
    though the Trust is not liable for this amount at the current
    time. The Company analyzes the value of the unreimbursed
    organization and offering costs on its consolidated balance
    sheet on a quarterly basis to ensure that the carrying value is
    an accurate estimate of what the Company can expect to receive
    over time, and expenses any excess value on its books.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company also pays, up-front, a 2% commission to selling
    agents who sell units of Series&#160;A of the Trust. The Company
    is then reimbursed by the Trust for this cost, over twelve
    months, through a fee, which is based on the monthly net asset
    value of the Series&#160;A units. At December&#160;31, 2009,
    $306,653 in selling agent commissions are subject to future
    reimbursement, of which $34,003 is included in Other receivables
    in the consolidated balance sheet. The remaining $272,650 is
    included in Other assets in the consolidated balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event the Trust terminates prior to the completion of
    reimbursement of the aforementioned costs, the Company will not
    be entitled to any additional reimbursement from the Trust.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Investment
    in Other Fund</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In September 2009, Campbell&#160;&#038; Company, Inc. made an
    investment of $5,000,000 in a non-sponsored or other fund,
    Lyxor/Campbell Fund&#160;Limited (Lyxor). Lyxor is a limited
    liability company formed under the laws of Jersey, Channel
    Islands. Lyxor engages primarily in the speculative trading of
    futures contracts and forward currency contracts.
    Campbell&#160;&#038; Company, Inc. is the Trading Advisor of
    Lyxor, but does not act in any management capacity with respect
    to Lyxor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additional information with respect to investment strategies, as
    well as redemption and liquidity provisions, and other relevant
    information with respect to the Company&#146;s investments in
    sponsored funds and other funds at December&#160;31, 2009, is as
    follows:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Redemption<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fair<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Unfunded<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Redemption<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Notice<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Redemption<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Investments</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Strategy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Commitments</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Frequency</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Period</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Restrictions</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    The Campbell Multi-Strategy Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Multi-<BR>
    Strategy(1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    48,034,388(3
</TD>
<TD nowrap align="left" valign="top">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Quarterly(4)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    14&#160;days prior to last business day of the quarter(4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Potential Restriction(8)
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Campbell Strategic Allocation Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Managed <BR>
    Futures(2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    15,893,851(3
</TD>
<TD nowrap align="left" valign="top">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Monthly(5)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    10 business days prior to end of month(5)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    General Partner Restriction(9)
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    The Campbell Global Assets Fund&#160;Limited SAC&#160;&#151;
    Class&#160;B
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Multi-<BR>
    Strategy(1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    10,183,610(3
</TD>
<TD nowrap align="left" valign="top">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Monthly(6)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    5 business days prior to end of month(6)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Partial Redemption Restriction(10)
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    The Campbell Global Assets Fund&#160;Limited SAC&#160;&#151;
    Class&#160;A
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Managed <BR>
    Futures(2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    9,124,803(3
</TD>
<TD nowrap align="left" valign="top">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Monthly(6)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    5 business days prior to end of month(6)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Partial Redemption Restriction(10)
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    The Campbell Qualified Multi-Strategy Fund&#160;L.L.C.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Multi-<BR>
    Strategy(1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    8,335,938(3
</TD>
<TD nowrap align="left" valign="top">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Monthly(5)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    10 business days prior to end of month(5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Campbell Alternative Asset Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Managed <BR>
    Futures(2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    2,173,492(3
</TD>
<TD nowrap align="left" valign="top">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Monthly(5)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    10 business days prior to end of month(5)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Managing Owner Restriction(11)
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Campbell Financial Futures Fund&#160;Limited Partnership
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Managed <BR>
    Futures(2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    2,148,499(3
</TD>
<TD nowrap align="left" valign="top">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Monthly(5)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    10 business days prior to end of month(5)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    General Partner Restriction(9)
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    The Campbell Fund&#160;Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Managed <BR>
    Futures(2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    48,453(3
</TD>
<TD nowrap align="left" valign="top">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Monthly(5)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    10 business days prior to end of month(5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Lyxor/Campbell Fund&#160;Limited
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Managed <BR>
    Futures(2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    5,008,955(3
</TD>
<TD nowrap align="left" valign="top">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    0
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Weekly(7)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Dealing Day(7)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -126-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;3.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENTS
    IN SPONSORED AND OTHER
    FUNDS&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    This category consists of an investment in a fund that engages
    in the speculative trading of securities, U.S. and foreign
    futures contracts, forward currency contracts, and options on
    forward currency contracts.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    This category consists of an investment in a fund that engages
    in the speculative trading of U.S. and foreign futures
    contracts, forward currency contracts, and options on forward
    currency contracts.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The fair values of these investments have been estimated using
    the net asset value.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Company may redeem all or a portion of its investment on a
    quarterly basis subject to providing notice 14&#160;days prior
    to the last business day of the quarter.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Company may redeem its investment on a monthly basis subject
    to providing notice 10 business days prior to the end of the
    month.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Company may redeem its investment on a monthly basis subject
    to providing notice 5 business days prior to the end of the
    month.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Company may redeem its investment on a weekly basis subject
    to providing notice prior to the Dealing Day (which is each
    Friday, and if such day is not a business day, the immediate
    following business day).</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    In the event that quarterly requests for redemptions exceed
    5%-25% of CMST&#146;s outstanding shares, redemptions by the
    Company may be limited to its pro rata share of all outstanding
    redemption requests as of such quarter end.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Company, as General Partner, must maintain an investment
    equal to at least 1% of the net aggregate capital contributions
    of all partners.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Partial redemptions are not permitted if the amount of
    investor&#146;s remaining fair value of the investment would be
    less than the minimum initial investment of $500,000.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Company, as Managing Owner, must maintain an investment
    equal to 1% of the total capital accounts of CAAT.</TD>
</TR>

</TABLE>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;4.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">DERIVATIVES</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company, Inc., as the Trading Advisor of
    and on behalf of CGPF, engages in the speculative trading of
    futures contracts and forward currency contracts (collectively,
    &#147;derivatives&#148;) for the purpose of achieving capital
    appreciation. None of CGPF&#146;s derivative instruments are
    designated as hedging instruments, as defined by the
    <I>Derivatives and Hedging </I>Topic of the Codification.
    Campbell&#160;&#038; Company, Inc.&#146;s basic market risk
    control procedures with respect to derivatives consist of
    continuously monitoring open positions, diversification of the
    portfolio and maintenance of a
    <FONT style="white-space: nowrap">margin-to-equity</FONT>
    ratio that rarely exceeds 30%. The Company&#146;s attempt to
    manage market risk on open derivative positions is essentially
    the same in all market categories traded. The Company applies
    risk management policies to its trading which generally limit
    the total exposure that may be taken per &#147;risk unit&#148;
    of assets under management. In addition, the Company follows
    diversification guidelines (often formulated in terms of the
    balanced volatility between markets and correlated groups), as
    well as pre-calculating &#147;stop-loss&#148; points at which
    systems will signal to close open positions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following presents the fair value of open derivative
    contracts at December&#160;31, 2009. The fair value of open
    derivative contracts is presented as an asset if in a gain
    position and as a liability if in a loss position. Fair value is
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -127-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;4.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">DERIVATIVES&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    presented on a gross basis in the table below even though the
    derivative contracts qualify for net presentation in the
    consolidated balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Asset<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Liability<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Derivatives at<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Derivatives at<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Consolidated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2009<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2009<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Type of Instrument</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Balance Sheet Location</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fair Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fair Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Net</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Agricultural Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Net unrealized (loss) on open futures contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,768
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (11,625
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (857
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Energy Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Net unrealized (loss) on open futures contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,217
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,205
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Metal Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Net unrealized (loss) on open futures contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    222,951
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (537,433
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (314,482
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Stock Indices Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Net unrealized (loss) on open futures contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    316,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (12,756
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    303,494
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Short-Term Interest Rate Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Net unrealized (loss) on open futures contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (143,235
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (143,235
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Long-Term Interest Rate Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Net unrealized (loss) on open futures contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,518
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (256,304
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (218,786
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Forward Currency Contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Net unrealized (loss) on open forward currency contracts
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    394,696
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (757,307
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (362,611
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Totals
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,011,605
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,721,877
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (710,272
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;5.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">TRADING
    AND INVESTING ACTIVITIES AND THEIR RELATED RISKS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CGPF deposits funds with Newedge USA, LLC to act as broker
    subject to Commodity Futures Trading Commission regulations and
    various exchange and broker requirements. Margin requirements
    are satisfied by the deposit of U.S.&#160;Treasury bills and
    cash with such broker. Accordingly, assets used to meet margin
    or other broker or regulatory requirements are partially
    restricted. Cash and the fair value of fixed income securities
    on deposit with Newedge USA, LLC at December&#160;31, 2009
    amounted to $24,513,087.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company deposits cash and cash equivalents with financial
    institutions in connection with its operating and cash
    management activities. In the event of a financial
    institution&#146;s insolvency, recovery of Company assets on
    deposit may be limited to account insurance or other protection
    afforded such deposits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company, on behalf of CGPF, and the sponsored or other funds
    for which the Company is either the General Partner, Adviser,
    Managing Owner, Managing Member, Managing Operator or Trading
    Advisor engage in the speculative trading of U.S.&#160;and
    foreign futures contracts, forward currency contracts and other
    derivative contracts (collectively, &#147;derivatives&#148;).
    The Company and the sponsored and other funds are 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.
    As the sponsored and other funds trade forward currency
    contracts and options on forward currency contracts in
    unregulated markets between principals, the sponsored and other
    funds also assume the risk of loss from counterparty
    nonperformance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Purchase and sale of futures contracts require margin deposits
    with the broker. Additional deposits may be necessary for any
    loss on contract value. The Commodity Exchange Act requires a
    broker to segregate all customer transactions and assets from
    such broker&#146;s proprietary activities. A customer&#146;s
    cash and other assets (for example, U.S.&#160;Treasury bills)
    deposited with a broker are considered commingled with all other
    customer funds, subject to the broker&#146;s segregation
    requirements. In the event of a broker&#146;s insolvency,
    recovery of assets on deposit may be
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -128-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;5.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">TRADING
    AND INVESTING ACTIVITIES AND THEIR RELATED
    RISKS&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    limited to a pro rata share of segregated funds available. It is
    possible that the recovered amount could be less than cash and
    other assets deposited.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For derivatives, risks arise from changes in the fair value of
    the contracts. Theoretically, the sponsored and other funds, and
    the Company, both directly and indirectly as an investor in the
    sponsored and other funds, are exposed to the market risks of
    derivative contracts. They are exposed to a market risk equal to
    the notional contract value of derivatives purchased and
    unlimited liability on derivatives sold short. As both a buyer
    and seller of options, certain of the sponsored funds pay or
    receive a premium at the outset and then bear the risk of
    unfavorable changes in the price of the contract underlying the
    option. Written options expose the Company and certain of the
    sponsored funds to potentially unlimited liability, and
    purchased options expose the Company and certain of the
    sponsored funds to a risk of loss limited to the premiums paid.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain sponsored funds engage in the trading of securities
    which are typically traded on an exchange or in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market. Such sponsored funds also sell securities not owned at
    the time of sale (a &#147;short sale&#148;). Risks arise from
    short sales due to the possible illiquidity of the securities
    markets and from potential adverse movements in security values.
    Theoretically, short sales expose such sponsored funds and the
    Company, as an investor in such sponsored funds, to potentially
    unlimited liability as the ultimate obligation to purchase a
    security sold short may exceed the amount recorded in such
    sponsored funds&#146; balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has established procedures to actively monitor the
    market risk and minimize the credit risk of its own trading and
    investing activities, as well as the trading and investing
    activities of the sponsored funds. There can be no assurance
    that the Company will, in fact, succeed in doing so.
    Additionally, the Company, in its capacity as General Partner,
    Managing Owner, Managing Member or Managing Operator of the
    sponsored funds, is subject to certain additional risks of loss
    and liability for the activities of the sponsored funds.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;6.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">INDEMNIFICATIONS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the normal course of business, the Company enters into
    contracts and agreements that contain a variety of
    representations and warranties and which provide general
    indemnifications. The Company&#146;s maximum exposure under
    these arrangements is unknown, as this would involve future
    claims that may be made against the Company that have not yet
    occurred. The Company expects the risk of any future obligation
    under these indemnifications to be remote.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;7.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">NONCONTROLLING
    INTEREST AND STOCKHOLDERS&#146; EQUITY</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is the General Partner and commodity trading advisor
    of CGPF. The net asset value of CGPF at December&#160;31, 2009
    is $23,770,348. The net asset value of Campbell&#160;&#038;
    Company, Inc.&#146;s investment in CGPF at December&#160;31,
    2009 is $9,826,966, and the net asset value of the
    noncontrolling interest is $13,943,382. The noncontrolling
    interest is owned by the majority stockholder of
    Campbell&#160;&#038; Company, Inc, an affiliate of the majority
    stockholder of Campbell&#160;&#038; Company, Inc., and one
    unaffiliated limited partner.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -129-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;7.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">NONCONTROLLING
    INTEREST AND STOCKHOLDERS&#146;
    EQUITY&#160;&#151;&#160;(Continued)</FONT></B>
</TD>
</TR>

</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a reconciliation of the beginning and end of
    year stockholders&#146; equity attributable to the Company and
    the noncontrolling interest:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Retained<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Noncontrolling<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Earnings</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Interest</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balances at December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,077,542
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,077,542
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Additions to CGPF
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,133,986
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,133,986
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,978,744
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (190,604
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,788,140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Distributions and dividends to stockholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (26,108,051
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (26,108,051
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balances at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,948,235
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,943,382
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23,891,617
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additionally, the following is a schedule showing the changes in
    the Company&#146;s ownership in CGPF on the stockholders&#146;
    equity attributable to the Company:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="38%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Balance at<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Balance at<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Investments</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Net (loss)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stockholders&#146; equity attributable to investment in CGPF
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (173,034
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,826,966
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;8.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">CAPITAL
    STOCK SUBJECT TO REPURCHASE</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has entered into agreements with its stockholders
    which stipulate that upon the death or disability of a
    stockholder or upon the retirement or termination of a
    stockholder&#146;s employment with the Company, the Company will
    purchase the stockholders&#146; capital stock at an amount equal
    to that stockholder&#146;s proportionate share of ownership of
    the net book asset value of the Company, excluding the retained
    earnings of the Company accumulated over the past twelve
    (12)&#160;months. Such redemption value shall be determined as
    of the last day of the calendar quarter immediately preceding
    the calendar month in which the terminating event occurred. In
    accordance with the <I>Distinguishing Liabilities from Equity
    </I>Topic of the Codification, the redemption value of all
    capital stock has been reclassified from retained earnings to
    liabilities (&#147;Capital stock subject to repurchase, at
    current redemption value&#148;) within the consolidated balance
    sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Capital stock subject to repurchase at December&#160;31, 2009
    consists of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Capital stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Class&#160;A voting, no par, $100&#160;stated value;
    2,500&#160;shares authorized; 80.32&#160;shares issued and
    outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,032
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Additional paid-in capital, attributable to those shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,701
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Retained earnings, attributable to those shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,535,988
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,579,721
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;9.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">SUBORDINATED
    DEBT</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has entered into a working capital agreement with
    its stockholders. This agreement provides for the issuance of
    unsecured notes to the Company which are subordinated to any
    future borrowings of the Company. Interest on any notes issued
    in accordance with this agreement is payable annually at a rate
    of 12.0%. Any unpaid principal balance is due on the sixth
    anniversary date of the commencement date of each note, or if
    sooner, five years
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -130-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED BALANCE
    SHEET&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    after a stockholder (a noteholder) ceases to be in the employ of
    the Company. At December&#160;31, 2009, $125,270,000 was
    outstanding under this agreement. Under the terms of the notes,
    maturities by year are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    59,834,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,923,850
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,934,223
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,567,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2015
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,010,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    125,270,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;10.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">LEASE
    OBLIGATIONS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company leases and occupies office facilities under
    agreements which provide for minimum base annual rentals plus a
    proportionate share of operating expenses. The leases for the
    currently occupied office facilities expire on October&#160;31,
    2012 and January&#160;31, 2021. The Company has the option to
    renew the lease expiring on October&#160;31, 2012 for an
    additional 60&#160;months and an option to renew the lease
    expiring on January&#160;31, 2021 for two additional five-year
    terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Minimum base annual rentals through the original lease terms are
    as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Year ending December 31
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,140,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,183,422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,216,689
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,208,673
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,252,846
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,707,221
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total base annual rentals
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,709,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;11.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">PROFIT
    SHARING PLAN</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has established a qualified 401(k) savings and
    profit sharing plan (the Plan) for the benefit of its employees.
    The Company is the plan administrator and certain Company
    employees are trustees of the Plan. Under terms of the Plan,
    employees may elect to defer a portion of their compensation.
    The Company matches employee contributions up to a maximum of
    8.75% of the employees&#146; compensation. The Company may also
    make optional additional contributions to the Plan.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;12.&#160;&#160;&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">SUBSEQUENT
    EVENTS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During January 2010, the Company authorized distributions to its
    stockholders aggregating $1,200,000. Such distributions were
    made in cash to stockholders during March 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Management has evaluated subsequent events through
    April&#160;16, 2010, the date the consolidated balance sheet was
    available to be issued, and has determined that there are no
    other subsequent events that require disclosure.
</DIV>
<!-- /XBRL,ns -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -131-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">PART&#160;TWO</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">STATEMENT OF ADDITIONAL
    INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">CAMPBELL STRATEGIC ALLOCATION
    FUND, L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">$100,000,000 Limited
    Partnership Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">CAMPBELL GLOBAL TREND FUND,
    L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">$100,000,000 Class&#160;A (USD)
    Limited Partnership Units<BR>
    $100,000,000 Class&#160;B (USD) Limited Partnership Units<BR>
    $100,000,000 Class&#160;C (USD) Limited Partnership Units<BR>
    $100,000,000 Class&#160;D (USD) Limited Partnership Units<BR>
    Class&#160;E (USD) Limited Partnership Units</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">$100,000,000 Class&#160;A (GLD)
    Limited Partnership Units<BR>
    $100,000,000 Class&#160;B (GLD) Limited Partnership Units<BR>
    Class&#160;C (GLD) Limited Partnership Units</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>These are speculative, leveraged investments which involve
    the risk of loss.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Past performance is not necessarily indicative of future
    results.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>See &#147;The Risks You Face&#148; and &#147;Conflicts of
    Interest&#148; in Part&#160;One.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS PROSPECTUS IS IN TWO PARTS:&#160;&#160;A DISCLOSURE
    DOCUMENT AND A STATEMENT OF ADDITIONAL INFORMATION. THESE PARTS
    ARE BOUND TOGETHER, AND BOTH CONTAIN IMPORTANT INFORMATION.</B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">CAMPBELL&#160;&#038; COMPANY,
    INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General Partner of Both Funds</I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    May&#160;3, 2010
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='259'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;TWO&#160;&#151;
    STATEMENT OF ADDITIONAL INFORMATION<BR>
    TABLE OF CONTENTS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="93%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#260'>The Futures, Forward, Option and Swap Markets</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    134
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#261'>Investment Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    136
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#262'>Value of Diversification&#160;&#151; Managed
    Futures Industry</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    139
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#263'>Value of Diversification&#160;&#151; Campbell
    Strategic Allocation Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    143
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#264'>Supplemental Performance</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    155
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#277'>Supplemental Gold Discussion</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    157
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#265'>Glossary of Terms</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    158
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#266'>Appendix&#160;1&#160;&#151; Blue Sky Glossary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    APP-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#267'>EXHIBIT&#160;A&#160;&#151; Campbell Strategic
    Allocation Fund, L.P. Amended Agreement of Limited
    Partnership</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#268'>EXHIBIT&#160;B&#160;&#151; Campbell Global Trend
    Fund, L.P. Amended Agreement of Limited Partnership</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    B-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#269'>EXHIBIT&#160;C&#160;&#151; Requests for
    Redemption</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#270'>EXHIBIT&#160;D&#160;&#151; Subscription
    Requirements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    D-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#271'>EXHIBIT&#160;E&#160;&#151; Campbell Strategic
    Allocation Fund, L.P. Subscription Agreement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#272'>EXHIBIT&#160;F&#160;&#151; Campbell Global Trend
    Fund, L.P. Subscription Agreement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-1
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<A name='260'>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    FUTURES, FORWARD, OPTION AND SWAP MARKETS</FONT></B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Futures
    Contracts</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Futures contracts are standardized agreements traded on
    commodity exchanges that call for the future delivery of the
    commodity or financial instrument at a specified time and place.
    A futures trader that enters into a contract to take delivery of
    the underlying commodity is &#147;long&#148; the contract, or
    has &#147;bought&#148; the contract. A trader that is obligated
    to make delivery is &#147;short&#148; the contract or has
    &#147;sold&#148; the contract. Actual delivery on the contract
    rarely occurs. Futures traders usually offset (liquidate) their
    contract obligations by entering into equal but offsetting
    futures positions. For example, a trader who is long one
    September Treasury bond contract on the Chicago Board of Trade
    can offset the obligation by entering into a short position in a
    September Treasury bond contract on that exchange. Futures
    positions that have not yet been liquidated are known as
    &#147;open&#148; contracts or positions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Futures contracts are traded on a wide variety of commodities,
    including agricultural products, metals (including gold),
    energies, livestock products, government securities, currencies
    and stock market indices. Options on futures contracts are also
    traded on U.S.&#160;and foreign commodity exchanges. The Fund
    concentrates its futures trading in financial instruments, such
    as interest rate, foreign exchange and stock index contracts,
    and metal and energy contracts.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Forward
    Contracts</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Currencies and other commodities may be purchased or sold for
    future delivery or cash settlement through banks or dealers
    pursuant to forward, option or swap contracts. Currencies also
    can be traded pursuant to futures contracts on organized futures
    exchanges; however, Campbell&#160;&#038; Company will use the
    dealer market in foreign exchange contracts for most of the
    Funds&#146; trading in currencies. Such dealers will act as
    &#147;principals&#148; in these transactions and will include
    their profit in the price quoted on the contracts. Unlike
    futures contracts, foreign exchange contracts are not
    standardized. In addition, the forward market is largely
    unregulated. Forward contracts are not &#147;cleared&#148; or
    guaranteed by a third party. Thus, the Funds are subject to the
    creditworthiness of the over-the-counter counterparties with
    whom it maintains all assets and positions relating to the
    Funds&#146; forward and option contract investments. There also
    is no daily settlement of unrealized gains or losses on open
    foreign exchange contracts as there is with futures contracts on
    U.S.&#160;exchanges.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Option
    Contracts</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An option on a futures contract or on a physical commodity or
    currency gives the buyer of the option the right to take a
    position of a specified amount at a specified price in a
    specific underlying instrument (the &#147;striking,&#148;
    &#147;strike&#148; or &#147;exercise price&#148;). The buyer of
    a &#147;call&#148; option acquires the right to take a long
    position (i.e., the obligation to take delivery of a specified
    amount at a specified price in a specific underlying
    instrument). The buyer of a &#147;put&#148; option acquires the
    right to take a short position (i.e., the obligation to make
    delivery of a specified amount at a specified price in a
    specific underlying instrument).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purchase price of an option is referred to as its
    &#147;premium.&#148; The seller (or &#147;writer&#148;) of an
    option is obligated to take a position at a specified price
    opposite to the option buyer if the option is exercised. Thus,
    the seller of a call option must stand ready to sell (take a
    short position in) the underlying instrument at the striking
    price if the buyer should exercise the option. The seller of a
    put option, on the other hand, must stand ready to buy (take a
    long position in) the underlying instrument at the striking
    price if the buyer should exercise the option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A call option is said to be &#147;in the money&#148; if the
    striking price is below current market levels, and &#147;out of
    the money&#148; if the striking price is above current market
    levels. Conversely, a put option is said to be &#147;in the
    money&#148; if the striking price is above current market
    levels, and &#147;out of the money&#148; if the striking price
    is below current market levels.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Options have limited lifespans. An option that is out of the
    money and not offset by the time it expires becomes worthless.
    Options usually trade at a premium above their intrinsic value
    (i.e., the difference between the market price for the
    underlying instrument and the striking price), because the
    option trader is speculating on (or hedging against) future
    movements in the price of the underlying instrument. As an
    option nears its expiration date, the market value and intrinsic
    value typically move into parity. The difference between an
    option&#146;s intrinsic value and market value is referred to as
    the &#147;time value&#148; of the option.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Swap
    Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the trading advisors see it as advantageous, in the future,
    the Funds may periodically enter into
</DIV>
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    <BR>
    -134-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    transactions in the forward or other markets which could be
    characterized as swap transactions and which may involve
    interest rates, currencies, securities interests, commodities
    and other items. A swap transaction is an individually
    negotiated, non-standardized agreement between two parties to
    exchange cash flows measured by different interest rates,
    exchange rates, or prices, with payments calculated by reference
    to a principal (&#147;notional&#148;) amount or quantity.
    Transactions in these markets present risks similar to those in
    the futures, forward and options markets:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;
</TD>
    <TD align="left">
    the swap markets are generally not regulated by any United
    States or foreign governmental authorities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;
</TD>
    <TD align="left">
    there are generally no limitations on daily price moves in swap
    transactions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;
</TD>
    <TD align="left">
    speculative position limits are not applicable to swap
    transactions, although the counterparties with which the Funds
    may deal may limit the size or duration of positions available
    as a consequence of credit considerations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (4)&#160;
</TD>
    <TD align="left">
    participants in the swap markets are not required to make
    continuous markets in swaps contracts;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (5)&#160;
</TD>
    <TD align="left">
    the swap markets are &#147;principal markets,&#148; in which
    performance with respect to a swap contract is the
    responsibility only of the counterparty with which the trader
    has entered into a contract (or its guarantor, if any), and not
    of any exchange or clearinghouse. As a result, the Funds will be
    subject to the risk of the inability of or refusal to perform
    with respect to such contracts on the part of the counterparties
    with which the Funds trade.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 1993, the CFTC adopted Part&#160;35 to its Rules which
    provides non-exclusive safe harbor treatment from regulation
    under the Commodity Exchange Act for swap transactions which
    meet certain specified criteria, over which the CFTC will not
    exercise its jurisdiction and regulate as futures or commodity
    option transactions. In addition, on December&#160;21, 2000, the
    Commodity Futures Modernization Act of 2000 amended the
    Commodity Exchange Act so that it does not apply to any
    agreement, contract, or transaction in a commodity, other than
    an agricultural commodity (including swap transactions), if the
    agreement, contract, or transaction is entered into only between
    eligible contract participants (which includes commodity pools
    meeting certain capitalization requirements), is subject to
    individual negotiation by the parties, and is not executed or
    traded on a trading facility. It is expected that the Funds will
    engage only in swap transactions for which such exemptive/safe
    harbor relief is available. If the Funds were restricted in its
    ability to trade in the swap markets, the activities of
    Campbell&#160;&#038; Company, to the extent that it trades in
    such markets on behalf of the Funds, might be materially
    affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2008, various federal and state regulators have discussed
    adopting or enacting new regulatory and legal requirements for
    swap transactions, including the clearing of such transactions
    through a centralized clearinghouse. It is possible that new
    regulatory or legal requirements could materially affect or
    restrict the ability of Campbell&#160;&#038; Company to trade in
    the swap markets on behalf of the Funds.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Regulation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;futures markets are regulated under the Commodity
    Exchange Act, which is administered by the CFTC, a federal
    agency created in 1974. The CFTC licenses and regulates
    commodity exchanges, commodity pool operators, commodity trading
    advisors and clearing firms which are referred to in the futures
    industry as &#147;futures commission merchants.&#148;
    Campbell&#160;&#038; Company is licensed by the CFTC as a
    commodity pool operator and commodity trading advisor. Futures
    professionals are also regulated by the NFA, a self-regulatory
    organization for the futures industry that supervises the
    dealings between futures professionals and their customers. If
    its pertinent CFTC licenses or NFA memberships were to lapse, be
    suspended or be revoked, Campbell&#160;&#038; Company would be
    unable to act as the Fund&#146;s commodity pool operator and
    commodity trading advisor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CFTC has adopted disclosure, reporting and recordkeeping
    requirements for commodity pool operators and disclosure and
    recordkeeping requirements for commodity trading advisors. The
    reporting rules require pool operators to furnish to the
    participants in their pools a monthly statement of account,
    showing the pool&#146;s income or loss and change in net asset
    value, and an annual financial report, audited by an independent
    certified public accountant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CFTC and the exchanges have pervasive powers over the
    futures markets, including the emergency power to suspend
    trading and order trading for liquidation of existing positions
    only. The exercise of such powers could adversely affect the
    Funds&#146; trading.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CFTC does not regulate forward contracts. Federal and state
    banking authorities also do not regulate forward trading or
    forward dealers. Trading in foreign currency forward contracts
    may be less liquid and the Funds&#146; trading results may be
    adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Margin</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will use margin in its trading. In order to establish
    and maintain a futures position, a trader must make a type of
    good-faith deposit with its broker, known as &#147;margin,&#148;
    of approximately 2%-10% of contract value. Minimum margins are
    established for each futures contract by the exchange on which
    the contract is traded. The exchanges alter their margin
    requirements from time to time, sometimes significantly. For
    their protection, futures brokers may require higher margins
    from their customers than the exchange minimums. Margin also is
    deposited in connection with forward contracts, but is not
    required by any applicable regulation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are two types of margin. &#147;Initial&#148; margin is the
    amount a trader is required to deposit with its broker to open a
    futures position. The other type of margin is
    &#147;maintenance&#148; margin. When the contract value of a
    trader&#146;s futures position falls below a certain percentage,
    typically about 75%, of its value when the trader established
    the position, the trader is required to deposit additional
    margin in an amount equal to the loss in value.
</DIV>

<A name='261'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Advantages of Non-Correlation and Diversification of Your
    Portfolio</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Nobel Prize for Economics in 1990 was awarded to
    Dr.&#160;Harry Markowitz for demonstrating that the total return
    can increase,
    <FONT style="white-space: nowrap">and/or</FONT> risk
    can be reduced, when portfolios have positively performing asset
    categories that are essentially non-correlated. Even many
    seemingly diverse portfolios may actually be quite correlated.
    For instance, over time, alternative investment classes such as
    real estate and international stocks and bonds may correlate
    closely with domestic equities as the global economy expands and
    contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, alternative investments such as managed futures
    funds have had very little correlation to the stock and bond
    markets. Campbell&#160;&#038; Company believes that the
    performance of the Fund should also exhibit a substantial degree
    of non-correlation (not, however, necessarily negative
    correlation) with the performance of traditional equity and debt
    portfolio components, in part because of the ease of selling
    futures short. This feature of futures&#160;&#151; being able to
    be long or short a futures position with similar
    ease&#160;&#151; means that profit and loss from futures trading
    is not dependent upon economic or geopolitical prosperity or
    stability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    However, non-correlation will not provide any diversification
    advantages unless the non-correlated assets are outperforming
    other portfolio assets, and there is no guarantee that the Fund
    will outperform other sectors of an investor&#146;s portfolio
    (or not produce losses). Additionally, although adding managed
    futures funds to a portfolio may provide diversification,
    managed futures funds are not a hedging mechanism and there is
    no guarantee that managed futures funds will appreciate during
    periods of inflation or stock and bond market declines.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Non-correlated performance should not be confused with
    negatively correlated performance. Non-correlation means only
    that the Fund&#146;s performance will likely have no relation to
    the performance of equity and debt instruments, reflecting
    Campbell&#160;&#038; Company&#146;s belief that factors that
    affect equity and debt prices may affect the Fund differently
    and that certain factors which affect the former may not affect
    the latter. The net asset value per Unit may decline or increase
    more or less than equity and debt instruments during both rising
    and falling markets. Campbell&#160;&#038; Company has no
    expectation that the Funds&#146; performance will be negatively
    correlated to the general debt and equity markets, <I>i.e.</I>,
    likely to be profitable when the latter are unprofitable or vice
    versa.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Advantages
    of Managed Futures Fund&#160;Investments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Both the futures, forward and option markets and funds investing
    in those markets offer many structural advantages that make
    managed futures an efficient way to participate in global
    markets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Profit
    or Loss Potential</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Futures and related contracts can easily be leveraged, which
    magnifies the potential profit or loss.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">100%
    Interest Credit</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unlike some other alternative investment funds, the Funds do not
    borrow money in order to obtain leverage, so the Funds do not
    incur any interest expense. Rather, the Funds&#146; margin
    deposits are
</DIV>
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    -136-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    maintained in cash and cash equivalents, such as
    U.S.&#160;Treasury bills, and the Funds earn interest on 100% of
    the Funds&#146; available assets, which include unrealized
    profits credited to the Funds&#146; accounts held at the futures
    brokers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    Diversification Within a Single Investment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Futures and related contracts can be traded in many countries,
    which makes it possible to diversify risk around the world. This
    diversification is available both geographically and across
    market sectors. For example, an investor can trade interest
    rates, stock indices and currencies in several countries around
    the world, as well as energy, metals, soft commodities and other
    commodities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While the Funds themselves trade across a diverse selection of
    global markets, an investment in the Funds is not a substitute
    for overall portfolio diversification.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Ability
    to Profit or Lose in a Rising or Falling Market
    Environment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds can establish short positions and thereby profit from
    declining markets as easily as they can establish long
    positions. This potential to make or lose money, whether markets
    are rising or falling around the world, makes managed futures
    particularly attractive to sophisticated investors. Of course,
    if markets go higher while the Funds have a short position, the
    Funds will lose money until the short position is exited and
    vice versa.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Professional
    Trading</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company is one of the world&#146;s largest
    and most experienced futures trading advisors.
    Campbell&#160;&#038; Company&#146;s approach includes the
    following elements:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Disciplined Money
    Management.</I>&#160;&#160;Campbell&#160;&#038; Company
    generally allocates between 1% and 5% of portfolio equity to any
    single market position. However, no guarantee is provided that
    losses will be limited to these percentages.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Balanced Risk.</I>&#160;&#160;Campbell&#160;&#038; Company
    allocates the Funds&#146; capital to approximately 60 markets
    around the world 24&#160;hours a day. Among the factors
    considered for determining the portfolio mix are market
    volatility, liquidity and trending characteristics.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Capital Management.</I>&#160;&#160;When proprietary
    risk/reward indicators reach predetermined levels,
    Campbell&#160;&#038; Company may increase or decrease
    commitments in certain markets in an attempt to reduce
    performance volatility.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Multiple Systems.</I>&#160;&#160;Campbell&#160;&#038; Company
    utilizes a multi-system trading strategy on behalf of the Funds
    that divides capital among different trading systems in an
    attempt to reduce performance volatility and manage risk.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company receives from the Strategic
    Allocation Fund a 7% brokerage fee, of which 3% is retained as
    management fees (2% for providing advisory services and 1% for
    acting as general partner) and 4% is remitted to the selling
    agents for ongoing administrative services provided to limited
    partners. Campbell&#160;&#038; Company receives from the Global
    Trend Fund advisory fees of 2% and general partner fees of 1%.
    Campbell&#160;&#038; Company receives from both Funds a 20%
    performance fee in exchange for these services.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Convenience</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Through the Funds, investors can participate in global markets
    and opportunities without needing to master complex trading
    strategies and monitor multiple international markets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Liquidity</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In most cases, the underlying markets have sufficient liquidity.
    Some markets trade 24&#160;hours a day when global markets are
    open. While there can be cases where there may be no buyer or
    seller for a particular contract, the Funds try to select
    markets for investment based upon, among other things, their
    perceived liquidity. However, unexpected market illiquidity has
    caused major losses in recent years in such sectors as emerging
    markets and mortgage-backed securities. There can be no
    assurance that the same will not happen to the Funds at any time
    or from time to time. Some exchanges impose limits on the amount
    that a futures price can move in one day. Situations in which
    markets have moved the price limit for several days in a row
    have not been common, but do occur. See &#147;The Risks You
    Face&#160;&#151; Market Risks&#160;&#151; Your Investment Could
    be Illiquid.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, investors may redeem all or a portion of their Units
    on a monthly basis, subject to a declining redemption fee during
    the first year for the Strategic Allocation Fund and the Global
    Trend Fund&#160;Class&#160;A
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    (USD) Units, Class&#160;B (USD) Units and Class&#160;A (GLD)
    Units. See &#147;Distributions and Redemptions.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limited
    Liability</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investors&#146; liability is limited to the value of their
    investment in the Funds and no investor will be required to
    contribute additional capital to the Funds. The Funds will cease
    trading and Campbell&#160;&#038; Company will declare a special
    redemption period if the net asset value per Unit as of the end
    of any business day declines by 50% or more from either the
    prior year-end or prior month-end unit value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    [REMAINDER OF THIS PAGE&#160;LEFT BLANK INTENTIONALLY.]
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    -138-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='262'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; MANAGED FUTURES INDUSTRY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Historical
    Correlation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The chart below shows the historical correlation of the monthly
    returns of the NASDAQ Composite Index, Europe, Australasia, Far
    East (EAFE) Index, Barclays Capital Long-Term T-Bond Index and
    CISDM Index with that of the S&#038;P 500 Index. Note that
    stocks associated with the NASDAQ and EAFE indices have
    historically had a higher correlation with the S&#038;P 500
    Index than managed futures investments, as represented by the
    CISDM Index. This low correlation shows that managed futures
    have a tendency to behave somewhat independently from stocks.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Historical
    Correlation of Monthly Returns<BR>
    with the S&#038;P 500 Index<BR>
    January 1980*&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814012.gif" alt="(BAR GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    CISDM data was not available prior to 1980.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 1%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;This chart was prepared by Campbell&#160;&#038; Company.
    See the glossary following this section for information integral
    to this chart.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -139-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; MANAGED FUTURES INDUSTRY&#160;&#151;
    (Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PAST
    PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Volatility
    (Risk) Comparison</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A common measure of risk is standard deviation, which measures
    the variability of returns around the average return for that
    particular investment. Generally, the higher the standard
    deviation, the higher the volatility. Shown below are three
    comparisons of volatility: overall, upside and downside.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Overall volatility is the most common measure of volatility or
    risk. Upside volatility measures the volatility of only the
    profitable months. Downside volatility measures the volatility
    of only the unprofitable months. Investors are typically more
    concerned with downside volatility, which is perhaps a better
    historical indication of the risk of actually losing money. As
    can be seen from the chart, managed futures investments, as
    represented by the CISDM Index, have shown comparable upside
    volatility and less downside volatility than the other
    benchmarks with the exception of bonds. There is no guarantee
    that historical volatility levels will persist into the future,
    nor is this representative of future returns through an
    investment in either Fund.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Standard
    Deviation of Monthly Returns<BR>
    January 1980*&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814013.gif" alt="(BAR GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    *&#160;</TD>
    <TD align="left">
    CISDM data was not available prior to 1980.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 1%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;This chart was prepared by Campbell&#160;&#038; Company.
    See the glossary following this section for information integral
    to this chart.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -140-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; MANAGED FUTURES INDUSTRY&#160;&#151;
    (Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Risk
    Perspective</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The proper evaluation of any investment must include an
    assessment of the risk which must be taken to achieve the
    prospective return. Another measure of risk, in addition to
    standard deviation, is historical worst decline, or largest
    draw-down. In other words, if you had purchased an investment at
    a month-end peak in performance and then subsequently sold at
    the lowest month-end price thereafter, the worst decline would
    be the largest percentage loss experienced. The chart below
    shows the worst cumulative monthly decline in the Barclays
    Capital Long-Term T-Bond Index, CISDM Index, S&#038;P 500 Index,
    EAFE Index and NASDAQ Composite Index since 1980. The CISDM
    Index experienced a smaller peak to valley decline than three of
    the other indices. This does not imply that managed futures are
    necessarily safer than the benchmarks compared; it is merely
    intended to put risk in a historical perspective.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Worst
    Declines<BR>
    January 1980*&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814014.gif" alt="(BAR GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    *&#160;</TD>
    <TD align="left">
    CISDM data was not available prior to 1980.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 1%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;This chart was prepared by Campbell&#160;&#038; Company.
    See the glossary following this section for information integral
    to this chart.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -141-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; MANAGED FUTURES INDUSTRY&#160;&#151;
    (Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PAST
    PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Managed
    Futures vs. Stocks During Draw-downs</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following charts show the comparison between the performance
    of managed futures and stocks during the five worst declines for
    each since 1980. These charts demonstrate the historical
    non-correlation between these two asset classes over the stated
    time periods. The managed futures portion is represented by the
    CISDM Index and the stocks portion is represented by the
    S&#038;P 500 Index.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Managed
    Futures vs. Stocks During Managed Futures Draw-downs<BR>
    January 1980*&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814015.gif" alt="(BAR GRAPH)">
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Managed
    Futures vs. Stocks During Stock Draw-downs<BR>
    January 1980*&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814016.gif" alt="(BAR GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    *&#160;</TD>
    <TD align="left">
    CISDM data was not available prior to 1980.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 1%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These charts were prepared by Campbell&#160;&#038; Company. See
    the glossary following this section for information integral to
    these charts.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -142-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='263'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 1%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Effect of Adding Strategic Allocation Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The chart below demonstrates the potential benefit of
    incorporating Strategic Allocation Fund into a balanced
    investment portfolio of stocks and bonds. As the chart shows, a
    portfolio consisting of 10% Strategic Allocation Fund, 55%
    stocks and 35% bonds would have produced comparable returns with
    a slightly lower standard deviation, one measure of risk, than a
    60% stock and 40% bond portfolio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prospective investors must be aware that this hypothetical
    analysis includes periods in which the Strategic Allocation Fund
    outperforms other asset classes in the portfolio. There can be
    no assurance that the Strategic Allocation Fund will outperform
    the other asset classes during any particular time period. This
    chart does not constitute a recommendation that anyone invest
    more than 10% of his or her net worth; the maximum investment
    permitted.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Effect of Adding Strategic Allocation Fund<BR>
    to a Hypothetical Portfolio Consisting of Stocks and Bonds<BR>
    April 1994&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814017.gif" alt="(BAR GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">This chart,
    prepared by Campbell&#160;&#038; Company, contains historical
    trading results hypothetically blended. The stocks are<BR>
    represented by the S&#038;P 500 Index and the bonds are
    represented by the Barclays Capital Long-Term T-Bond Index.<BR>
    See the glossary following this section for information integral
    to this chart.
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT
    LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO
    REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY
    TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT,
    THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL
    PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
    BY ANY PARTICULAR TRADING PROGRAM.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS
    THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT.
    IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL
    RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT
    FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE,
    THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR
    TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS
    WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
    ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR
    TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH
    CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL
    PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL
    TRADING RESULTS.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -143-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Correlation
    of Monthly Returns</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The more similarly two markets behave, the higher their
    correlation. Generally, asset allocation models attempt to
    reduce overall portfolio volatility by combining instruments
    that behave differently from one another. The first chart shows
    the correlation between the Strategic Allocation Fund and
    various stock, bond, managed futures and hedge fund indices. The
    second chart shows the correlation between the S&#038;P 500
    Index and the same indices. The first chart uses the Strategic
    Allocation Fund as the benchmark for comparison, while the
    second chart uses the S&#038;P 500 Index as the benchmark
    against which the others are correlated.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Historical
    Correlation of Monthly Returns with Campbell Strategic
    Allocation<BR>
    Fund<BR>
    April 1994&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814018.gif" alt="(BAR GRAPH)">
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Historical
    Correlation of Monthly Returns with the S&#038;P 500 Index<BR>
    April 1994&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814019.gif" alt="(BAR GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These charts were prepared by Campbell&#160;&#038; Company. See
    the glossary following this section for information integral to
    these charts.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -144-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Correlation
    Analysis</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This chart shows that, historically, the Strategic Allocation
    Fund&#146;s returns are not negatively correlated with stocks
    but, rather non-correlated, and therefore perform independently
    from stocks. As displayed below, in a small percentage of time,
    the Strategic Allocation Fund and stocks have experienced losses
    simultaneously. In a larger percentage of time (37%), the
    Strategic Allocation Fund has had positive returns during
    periods when stocks were also experiencing positive performance.
    However, in 44% of the 191&#160;months represented in these
    charts, the performance of the Strategic Allocation Fund and
    stocks have moved in opposite directions.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Correlation
    Analysis Between Campbell Strategic Allocation Fund<BR>
    and S&#038;P 500 Index<BR>
    April 1994&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814020.gif" alt="(PIE CHART)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This chart was prepared by Campbell&#160;&#038; Company. See the
    glossary following this section for information integral to this
    chart.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -145-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Past
    Consistency Analysis Between the Campbell Strategic Allocation
    Fund and the S&#038;P 500 Index</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company believes that an investment in the
    Strategic Allocation Fund should be considered as a medium- to
    long-term investment and should not be purchased with the intent
    to redeem the investment within the first three years. The
    benefits of this philosophy are illustrated by the table shown
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On a monthly basis, 53.43% of all months have been profitable
    with an average rate of return of 3.50% and 46.07% were
    unprofitable with an average rate of return of &#150;2.99%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Consider the investment time horizon when compared to the
    profitability of the Strategic Allocation Fund&#146;s
    performance over time. This clearly demonstrates that an
    investment held for any ten year rolling window would have been
    profitable every period, or 100% of the time, whereas a shorter
    time horizon, such as twelve month windows, produced
    profitability in 71.11% of the time periods.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On a historical basis this demonstrates that for the Strategic
    Allocation Fund, the longer the investment time horizon, the
    greater the probability of positive returns. Performance can be
    volatile. The net asset value per Unit has fluctuated in a
    single month by as much as 12%. This table should in no way be
    considered an assurance of profitability if the investment is
    held for at least ten years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables compare the Strategic Allocation
    Fund&#146;s profitable versus unprofitable periods to those of
    the S&#038;P 500 Index.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Campbell
    Strategic Allocation Fund<BR>
    April 1994&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="36%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Number of<BR>
    </B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Number<BR>
    </B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Number<BR>
    </B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Percentage<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B><FONT style="font-size: 10pt">April 1994&#160;&#151; February
    2010</FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Time Periods</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Profitable</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Unprofitable</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Profitable</FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Months</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    191
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    103
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    88
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    53.93
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Years*</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    16
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    12
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    4
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    75.00
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="white-space: nowrap">12-Month</FONT>
    Rolling Windows</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    180
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    128
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    52
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    71.11
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="white-space: nowrap">24-Month</FONT>
    Rolling Windows</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    168
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    136
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    32
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    80.95
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="white-space: nowrap">36-Month</FONT>
    Rolling Windows</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    156
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    130
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    26
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    83.33
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="white-space: nowrap">60-Month</FONT>
    Rolling Windows</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    132
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    117
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    15
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    88.64
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="white-space: nowrap">120-Month</FONT>
    Rolling Windows</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    72
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    72
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    100.00
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    S&#038;P 500 Index<BR>
    April 1994&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="36%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Number of<BR>
    </B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Number<BR>
    </B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Number<BR>
    </B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Percentage<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B><FONT style="font-size: 10pt">April 1994&#160;&#151; February
    2010</FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Time Periods</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Profitable</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Unprofitable</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Profitable</FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Months</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    191
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    123
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    68
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    64.40
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Years*</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    15
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    12
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    4
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    75.00
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="white-space: nowrap">12-Month</FONT>
    Rolling Windows</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    180
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    129
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    51
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    71.67
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="white-space: nowrap">24-Month</FONT>
    Rolling Windows</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    168
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    118
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    50
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    70.24
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="white-space: nowrap">36-Month</FONT>
    Rolling Windows</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    156
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    108
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    48
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    69.23
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="white-space: nowrap">60-Month</FONT>
    Rolling Windows</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    132
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    89
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    43
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    67.42
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="white-space: nowrap">120-Month</FONT>
    Rolling Windows</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    72
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    56
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    16
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    77.78
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    %
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    For the period April 1994&#160;&#151; December 2009. April 1994
    to December 1994 is considered one year.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These tables were prepared by Campbell&#160;&#038; Company. See
    the glossary following this section for information integral to
    these tables.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -146-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Volatility
    (Risk) Comparison (ending February 2010)</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A common measure of risk is standard deviation, which measures
    the variability of returns around the average return for that
    specific investment. Generally, the higher the standard
    deviation, the higher the volatility or risk. A comparison of
    overall volatility (measured by standard deviation) of monthly
    returns for the Barclays Capital Long-Term T-Bond Index, the
    Strategic Allocation Fund, EAFE Index, S&#038;P 500 Index and
    NASDAQ Composite Index is shown in the first chart below. Past
    performance is not necessarily indicative of future results, and
    there is no guarantee that historical volatility levels will
    persist into the future. Upside volatility measures the
    volatility of only the profitable months. Downside volatility
    measures the volatility of only the unprofitable months.
    Investors are typically more concerned with downside volatility,
    which is perhaps a better historical indicator of the risk of
    actually losing money. The second chart compares the upside
    volatility and the third chart compares the downside volatility
    for the Strategic Allocation Fund and the same indices. Once
    again, there is no guarantee that historical volatility levels
    will persist into the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Overall Volatility</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814021.gif" alt="BAR CHART">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Upside
    Volatility</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814022.gif" alt="BAR CHART">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Downside
    Volatility</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814023.gif" alt="BAR CHART">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These charts were prepared by Campbell&#160;&#038; Company. See
    the glossary following this section for information integral to
    these charts.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -147-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Risk
    Perspective</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The proper evaluation of any investment must include an
    assessment of the risk which must be taken to achieve the
    prospective return. Another measure of risk, in addition to
    standard deviation, is historical worst decline, or largest
    draw-down. In other words, if you had purchased an investment at
    a month-end peak in performance and then subsequently sold at
    the lowest month-end price thereafter, the worst decline would
    be the largest percentage loss experienced. The chart below
    shows the worst cumulative monthly decline in the CISDM Index,
    Barclays Capital Long-Term T-Bond Index, HFRI Fund of Funds
    Composite Index, S&#038;P 500 Index, EAFE Index, NASDAQ
    Composite Index and the Strategic Allocation Fund since the
    Strategic Allocation Fund&#146;s inception of trading in 1994.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Worst
    Declines<BR>
    April 1994&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814024.gif" alt="">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This chart was prepared by Campbell&#160;&#038; Company. See the
    glossary following this section for information integral to this
    chart.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -148-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Historical
    Performance Comparison (April 1994&#160;&#151; February
    2010)</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below charts the annual rates of returns for various
    indices or asset categories since the Strategic Allocation
    Fund&#146;s inception in April 1994.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=08 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=09 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=09 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=09 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Barclays<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>HFRI<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Capital<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Campbell<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Long-Term<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Strategic<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Funds<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>NASDAQ<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>T-Bond<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Allocation<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Composite<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Composite<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Index</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>CISDM Index</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Index</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>EAFE Index</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Index</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>S&#038;P 500 Index</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>1994*</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;1.14%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;11.62%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;2.18%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;3.48%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.23%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;3.20%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.31%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    1994*
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>1995</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    30.73%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.99%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.66%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    11.10%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.42%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    39.92%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    37.59%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    1995
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>1996</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;0.76%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    30.46%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    11.89%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    14.39%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.38%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    22.70%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    22.96%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    1996
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>1997</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    14.91%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    14.31%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.48%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    16.20%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.24%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    21.64%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    33.38%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    1997
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>1998</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    13.48%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    14.60%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.81%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;5.11%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    18.24%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    39.62%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    28.58%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    1998
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>1999</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;8.71%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.45%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.48%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    26.47%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    25.26%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    84.55%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    21.04%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    1999
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>2000</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20.11%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10.70%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.37%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.07%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;15.20%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;39.28%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;9.09%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2000
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>2001</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.34%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.91%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.52%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.80%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;22.61%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;21.04%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;11.87%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2001
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>2002</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    16.31%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    13.12%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    11.99%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.01%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;17.52%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;31.52%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;22.10%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2002
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>2003</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.06%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    17.68%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    12.17%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    11.62%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    35.27%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    50.01%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    28.69%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2003
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>2004</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.97%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.35%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.22%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.87%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    17.60%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.60%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10.87%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2004
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>2005</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.70%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.53%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.97%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.50%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10.85%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.38%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.89%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2005
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>2006</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.85%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.04%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.30%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10.39%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    23.46%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.51%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    15.79%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2006
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>2007</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.52%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;14.65%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.57%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10.26%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.61%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.81%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.50%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2007
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>2008</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    25.08%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;1.53%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    16.28%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;21.39%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;45.09%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;40.53%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;37.01%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2008
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>2009</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;13.17%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;8.96%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.05%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    11.46%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    27.75%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    43.88%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    25.30%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2009
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>2010 YTD</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.59%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;5.98%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;3.43%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;0.25%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;5.28%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;1.37%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;0.96%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2010 YTD
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    *&#160;The Strategic Allocation Fund began trading in April
    1994, therefore, the returns for all indices or asset categories
    for 1994 are for the 9&#160;months from April&#160;&#151;
    December 1994.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This table was prepared by Campbell&#160;&#038; Company. See the
    glossary following this section for information integral to this
    table.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -149-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Periodic Table of Index Returns (January 2000&#160;&#151;
    February 2010)</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below charts the annual rates of returns for various
    indices or asset categories for the past ten years and
    year-to-date, and illustrates that all sectors behave
    differently from year to year. An index or asset category that
    is ranked at the top one year may be ranked toward the bottom in
    subsequent years. The Strategic Allocation Fund is intended to
    be a medium- to long-term investment. No one can predict which
    sectors are likely to outperform the others during any specific
    period in the future.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterright -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutterright -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutterright -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=08 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutterright -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=09 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=10 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=10 type=gutterright -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=10 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=11 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=11 type=gutterright -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=11 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B> 2010 YTD<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>2000<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>2001<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>2002<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>2003<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>2004<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>2005<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>2006<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>2007<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>2008<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>2009<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>(2 Months)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    BCBI
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CISDM
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    BCBI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    NAS
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    EAFE
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    EAFE
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    EAFE
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    HFRI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    BCBI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    NAS
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    BCBI
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    20.11%
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.52%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    16.31%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    50.01%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    17.60%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10.85%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    23.46%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10.26%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    25.08%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    43.88%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2.59%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    CSAF
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    BCBI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CSAF
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    EAFE
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    S&#038;P
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CSAF
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    S&#038;P
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    NAS
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CISDM
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    EAFE
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    HFRI
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    10.70%
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.34%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    13.12%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    35.27%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10.87%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.53%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    15.79%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.81%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    16.28%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    27.75%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;0.25%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    CISDM
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CSAF
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CISDM
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    S&#038;P
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    NAS
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    HFRI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    HFRI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    EAFE
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CSAF
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    S&#038;P
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    S&#038;P
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    9.37%
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.91%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    11.99%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    28.69%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.60%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.50%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10.39%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.61%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;1.53%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    25.30%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;0.96%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    HFRI
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    HFRI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    HFRI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CSAF
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    BCBI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    BCBI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    NAS
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CISDM
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    HFRI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    HFRI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    NAS
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    4.07%
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.80%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.01%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    17.68%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.97%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.70%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.51%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.57%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;21.39%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    11.46%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;1.37%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    S&#038;P
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    S&#038;P
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    EAFE
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CISDM
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    HFRI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CISDM
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CISDM
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    BCBI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    S&#038;P
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CISDM
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    CISDM
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    &#8722;9.09%
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;11.87%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;17.52%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    12.17%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.87%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.97%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.30%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.52%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;37.01%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.05%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;3.43%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    EAFE
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    NAS
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    S&#038;P
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    HFRI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CSAF
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    S&#038;P
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CSAF
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    S&#038;P
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    NAS
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CSAF
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    EAFE
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    &#8722;15.20%
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;21.04%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;22.10%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    11.62%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.35%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.89%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.04%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.50%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;40.53%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;8.96%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;5.28%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    NAS
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    EAFE
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    NAS
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    BCBI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CISDM
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    NAS
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    BCBI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CSAF
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    EAFE
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    BCBI
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    CSAF
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    &#8722;39.28%
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;22.61%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;31.52%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.06%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.22%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.38%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.85%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;14.65%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;45.09%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#8722;13.17%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;5.98%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BCBI = Barclays Capital Long-Term T-Bond Index
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CISDM = CISDM Index
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CSAF = Campbell Strategic Allocation Fund, L.P.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    EAFE = Europe, Australasia, Far East Index
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    HFRI = HFRI Fund of Funds Composite Index
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NAS = NASDAQ Composite Index
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    S&#038;P = S&#038;P 500 Index
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">This table
    was prepared by Campbell&#160;&#038; Company. See the glossary
    following this section for information integral to this table.
    </FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -150-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Performance
    History (ending February 2010)</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The charts below illustrate how the Campbell Strategic
    Allocation Fund has performed relative to various stock and bond
    indices over the past one, five and ten year time periods.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814025.gif" alt="">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814026.gif" alt="">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814027.gif" alt="">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These charts were prepared by Campbell&#160;&#038; Company. See
    the glossary following this section for information integral to
    these charts.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -151-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Performance
    Statistics</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This table compares various performance statistics for the
    Strategic Allocation Fund, the S&#038;P 500 Index, the EAFE
    Index, the NASDAQ Composite Index and the Barclays Capital
    Long-Term T-Bond Index through February 2010.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Performance
    Statistics<BR>
    Through February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="42%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterright -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutterright -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Barclays Capital<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Campbell<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>S&#038;P 500<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>EAFE<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>NASDAQ<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Long-Term<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="3" align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Performance Statistics Through February 2010</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Strategic</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Index</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Index</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Index</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>T-Bond Index</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><FONT style="white-space: nowrap">Rate-of-Return:</FONT></B>
</DIV>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    February 2010
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    1.32%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    2.85%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    -0.88%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    4.23%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    0.06%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Year To Date
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -5.98%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -0.96%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -5.28%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -1.37%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2.59%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Compounded Annual
    <FONT style="white-space: nowrap">Rate-of-Return:</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    12-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -15.03%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    51.68%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    50.09%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    62.43%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    -1.35%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>(Average Annual
    <FONT style="white-space: nowrap">Rate-of-Return)</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    36-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -9.31%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -6.07%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -10.70%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -2.52%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    5.78%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    60-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -3.20%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.11%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -0.68%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.76%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    5.15%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    120-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.34%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -0.44%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -1.20%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -7.14%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    7.29%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Since Inception (4/94)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.23%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.79%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.52%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.14%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    7.63%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Cumulative Return:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    12-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -15.03%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    51.68%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    50.09%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    62.43%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    -1.35%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>(Total Return)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    36-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -25.42%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -17.13%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -28.80%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -7.36%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    18.35%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    60-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -15.03%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.56%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -3.36%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.09%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    28.55%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    120-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    26.07%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -4.27%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -11.41%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -52.32%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    102.20%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Since Inception (4/94)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    125.12%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    229.89%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    48.51%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    199.54%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    222.10%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Annualized Standard Deviation of Monthly</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    12-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10.53%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    13.65%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    17.46%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    17.07%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    11.35%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Returns (measures the dispersion of returns</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    36-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    12.56%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    19.71%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    23.39%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    22.86%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    13.35%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>around the mean or average return):</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    60-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    12.57%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    15.95%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    19.33%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    19.32%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    11.37%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    120-Month
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    13.54%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    16.02%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    17.56%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    26.16%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    10.45%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Since Inception (4/94)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    14.09%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    15.47%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    16.25%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    25.43%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    9.68%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Worst Decline:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Last 60 Months
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -32.26%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -50.96%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -58.24%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -51.80%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    -14.74%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Duration of Decline
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    6/07 - 1/10
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    10/07 - 2/09
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    10/07 - 2/09
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10/07 -2/09
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    12/08 - 5/09
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Last 120 Months
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -32.26%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -50.96%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -58.24%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -75.03%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    -14.74%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Duration of Decline
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    6/07 - 1/10
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    10/07 - 2/09
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    10/07 - 2/09
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2/00 -9/02
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    12/08 - 5/09
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Since Inception (4/94)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -32.26%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -50.96%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -58.24%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -75.03%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    -14.74%
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Duration of Decline
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    6/07 - 1/10
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    10/07 - 2/09
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    10/07 - 2/09
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2/00 -9/02
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    12/08 - 5/09
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Correlation With S&#038;P 500:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Last 60 Months
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.11
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.00
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.90
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.93
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    -0.03
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Last 120 Months
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -0.13
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.00
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.88
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.85
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    -0.15
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Correlation During S&#038;P 500 Positive Months:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Last 60 Months
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -0.12
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.00
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.63
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.81
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    -0.16
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Last 120 Months
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -0.25
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.00
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.62
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.63
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    -0.17
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Correlation During S&#038;P 500 Negative Months:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Last 60 Months
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -0.16
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.00
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.91
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.90
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    0.20
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Last 120 Months
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    -0.22
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.00
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.83
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.69
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    0.05
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This table was prepared by Campbell&#160;&#038; Company. See the
    glossary following this section for information integral to this
    table.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -152-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sector
    Allocation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sector allocation for each sector is calculated using the dollar
    value of margin posted as collateral to support trading in each
    sector as a percentage of the total dollar value of margin
    posted to support trading in all sectors. This chart reports
    average sector allocation for each sector as of the previous six
    month-ends through February&#160;28, 2010 as follows: 31% to
    Foreign Exchange, 29% to Interest Rates, 26% to Equity Indices
    and 14% to Commodities. Sector allocation and the specific
    markets traded, may frequently fluctuate in response to changes
    in market volatility.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Sector
    Allocation<BR>
    Average of Last Six Month-ends Through
    February&#160;2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814028.gif" alt="(PIE CHART)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following markets will be added to the trading portfolio as
    of March 2010: Commodities - Aluminum, Canola, Cocoa, Frozen
    Concentrated Orange Juice, High Grade Copper, KC Hard Red Winter
    Wheat, Lean Hogs, LIFFE Cocoa, LIFFE White Sugar, Live Cattle,
    Platinum, Soybean, Soybean Meal, Soybean Oil, Sugar&#160;#11
    (World) and Equity Indices&#160;&#151; DJ Stoxx 50&#160;&#151;
    Eurex, DJ Stoxx 600 Bank&#160;&#151; Comb, Dow Jones Mini,
    FTSE/JSE Top 40, Hang Seng China, S&#038;P Canada 60 Index,
    SIMEX MSCI Sing IX ETS Index, Tokyo Price Index&#160;&#151; Comb
    Session.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This chart was prepared by Campbell&#160;&#038; Company. See the
    glossary following this section for information integral to this
    chart.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -153-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALUE OF
    DIVERSIFICATION&#160;&#151; CAMPBELL STRATEGIC ALLOCATION
    FUND&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Value-at-Risk</FONT>
    (VAR) for the Period Ending February&#160;28, 2010</FONT></I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    VaR expresses market risk as a percentage of a portfolio&#146;s
    value. Normally, VaR is measured over a specific time horizon
    and at a specific confidence level. Campbell&#160;&#038; Company
    produces a daily VaR using a quarterly look back at a 97.5%
    confidence level, which represents approximately 2 standard
    deviations using a standard normal distribution. This allows us
    to make the statement that we have 97.5% confidence that our
    daily loss will <I>not </I>exceed the VaR percentage of a
    portfolio&#146;s value. This means that we <I>would </I>expect
    daily losses to exceed our VaR metric approximately 2.5% of the
    time. Because the risk of a whole portfolio is generally less
    than the sum of the risks of the individual sectors, component
    risk is used to describe the contribution of each sector&#146;s
    risk to the overall portfolio risk. In some cases, a sector may
    &#147;hedge&#148; the portfolio, and thus reduce risk, in which
    case the component risk for that sector would be negative.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information contained herein conforms to emerging industry
    standards and should enhance your ability to monitor the risk in
    your investment. We report daily VaR as of the end of the period
    using a quarterly look back. VaR as calculated may not be
    comparable to similarly titled measures used by other entities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814029.gif" alt="(PERFORMANCE GRAPH)">
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814030.gif" alt="(PERFORMANCE GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These charts were prepared by Campbell&#160;&#038; Company. See
    the glossary following this section for information integral to
    these charts.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -154-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='264'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUPPLEMENTAL
    PERFORMANCE</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Campbell
    Strategic Allocation Fund</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This chart shows the value of an initial $1,000 investment in
    the Strategic Allocation Fund from inception through February
    2010.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Worst
    Monthly Percentage
    Draw-down</FONT></I><SUP style="font-size: 85%; vertical-align: top"><FONT style="font-family: 'Times New Roman', Times">(1)</FONT></SUP><FONT style="font-family: 'Times New Roman', Times">:

    July 2007/10.92%<BR>
    <I>Worst
    <FONT style="white-space: nowrap">Peak-to-Valley</FONT>
    Draw-down</I><SUP style="font-size: 85%; vertical-align: top">(1)</SUP>:

    June 2007&#160;&#151; January 2010/32.26%
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Campbell
    Strategic Allocation Fund<BR>
    Value of Initial $1,000 Investment<BR>
    April 1994&#160;&#151; February 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814044.gif" alt="(BAR GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 5pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
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    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=16 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=16 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=16 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=17 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=17 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=17 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=17 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=17 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=18 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=18 type=gutterright -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=18 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="79" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Rate of
    Return<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="79" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>(Computed on a compounded monthly basis)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>Month</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2010 YTD</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2009</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2008</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2007</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2006</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2005</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2004</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2003</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2002</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2001</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>2000</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>1999</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>1998</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>1997</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>1996</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>1995</B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>1994</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    January
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;7.20%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;0.08
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;0.46
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    2.50
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    1.97
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;2.22
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    1.85
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    7.74
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;0.98
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;1.30
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    3.53
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;5.02
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    2.74
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    4.52
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    5.79
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    &#8722;4.67
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    February
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.32%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.82
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.44
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.89
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.85
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.32
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.65
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.46
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.27
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.11
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.60
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.67
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.81
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.03
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.97
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.21
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    March
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.23
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.23
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.38
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.40
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.07
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.83
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.52
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.81
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.02
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.67
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.46
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.68
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.47
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.72
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.77
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    April
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.77
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.69
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.07
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.94
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.40
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;6.84
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.51
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.57
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;8.42
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.80
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.33
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;6.69
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.60
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.59
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.13
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    0.16%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
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&nbsp;
</TD>
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&nbsp;
</TD>
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<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
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&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
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&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
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<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
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&nbsp;
</TD>
<TD>
&nbsp;
</TD>
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&nbsp;
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<TD>
&nbsp;
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<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    May
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.79
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.95
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.61
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.91
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.86
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.61
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.89
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.88
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.95
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.15
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.69
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.07
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.92
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.18
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.84
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;2.42%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    June
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.43
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.26
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.33
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.55
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.54
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.30
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.94
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.74
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.98
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.87
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.81
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.29
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.48
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.77
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    5.15%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    July
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.05
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.30
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;10.92
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.21
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.90
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.73
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.85
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.78
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.15
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.07
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.32
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.12
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.78
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.82
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;3.93%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    August
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.32
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.64
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;6.79
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.51
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.68
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.37
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.23
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.33
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.94
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.82
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.82
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.48
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.69
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.84
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.47
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;3.89%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    September
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.79
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.37
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.74
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.92
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.59
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.78
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.72
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.62
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.66
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.71
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.36
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.47
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.51
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.77
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.93
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    5.20%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    October
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.52
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.22
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.48
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.60
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.97
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.16
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.63
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.98
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.01
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.88
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.31
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.97
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.83
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.44
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.79
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;0.14%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    November
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.26
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.46
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;6.32
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.68
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.02
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.78
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.71
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.61
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;10.14
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.58
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.17
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.15
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;6.67%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    December
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.77
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.44
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;2.46
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.76
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;3.16
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.59
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.14
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.31
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.49
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.05
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.28
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.30
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.46
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.41
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.35
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;4.98%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    Total
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.98%<BR>
    (2&#160;months)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;8.96
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.53
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;14.65
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.04
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.53
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.35
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.68
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.12
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.91
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.70
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.45
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.60
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.31
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.46
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.99
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;11.62%<BR>
    (9&#160;months)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP></TD>

    <TD></TD>
    <TD valign="bottom">
    &#147;Draw-down&#148; means losses experienced by the Fund over
    a specified period.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP></TD>

    <TD></TD>
    <TD valign="bottom">
    The &#147;Rate of Return&#148; for a period is calculated by
    dividing the net profit or loss by the assets at the beginning
    of such period. Additions and withdrawals occurring during the
    period are included as an addition to or deduction from
    beginning net asset value in the calculations of &#147;Rates of
    Return.&#148;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">These charts were prepared by
    Campbell&#160;&#038; Company. The performance of the Strategic
    Allocation Fund does not reflect the performance of all
    investors in the Strategic Allocation Fund. See the glossary
    following this section for information integral to these charts.
    </FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    -155-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUPPLEMENTAL
    PERFORMANCE&#160;&#151; (Continued)</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Campbell
    Strategic Allocation
    Fund&#160;&#151;&#160;(Continued)</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="27%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B><I>Compounded Annual Rates of Return<BR>
    </I></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
    <B><I>April 1994&#160;&#151; February 2010</I></B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <FONT style="white-space: nowrap">12-month</FONT>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    &#8722;15.03%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <FONT style="white-space: nowrap">24-month</FONT>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;8.63%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <FONT style="white-space: nowrap">36-month</FONT>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;9.31%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Since Inception
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    5.23%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="80%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Statistics<BR>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    4/94 - 2/10
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Compounded Monthly Annual Rate of Return
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    5.23%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Average Monthly Rate of Return
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    0.51%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Standard Deviation of Monthly Returns
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    4.07%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Annualized Standard Deviation
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    14.09%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Sharpe Ratio
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    0.12
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Average Monthly Gain
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    3.50%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Average Monthly Loss
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#8722;2.99%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Number of Profitable Months
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    103
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Number of Unprofitable Months
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    88
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Average Duration of Decline (Months)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    3.09
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Average Recovery Period (Months)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    2.97
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Latest Month&#146;s Margin to Equity
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    9.6%
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This graph shows the magnitude of the five largest declines for
    the Strategic Allocation Fund since inception through
    February&#160;2010. It also shows the duration of the declines,
    the subsequent recovery period and the Strategic Allocation
    Fund&#146;s return over the following
    <FONT style="white-space: nowrap">12-month</FONT>
    period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A draw-down is any losing period during an investment record. It
    is defined as the percent retrenchment from any peak in
    performance to the valley or trough. A draw-down is in effect
    from the time a retrenchment begins until a new high is reached.
    In terms of time, a draw-down encompasses both the period from
    peak to valley (length) and the time from the valley to a new
    high (recovery).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814032.gif" alt="(PERFORMANCE GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">These tables and graphs were
    prepared by Campbell&#160;&#038; Company. The performance of the
    Strategic Allocation Fund does not reflect the performance of
    all investors in the Strategic Allocation Fund. See the glossary
    following this section for information integral to these tables
    and graphs.
    </FONT>
</DIV>
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    <BR>
    -156-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='277'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUPPLEMENTAL
    GOLD DISCUSSION</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Price of Spot Gold Versus Inflation-Adjusted Spot
    Gold</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The chart below displays the price of spot gold versus the price
    of inflation-adjusted spot gold. As indicated below, the price
    of spot gold remains well below its peak on an
    inflation-adjusted basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">January
    1968*&#160;&#151; February&#160;2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814033.gif" alt="(PERFORMANCE GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">*Spot gold was deregulated in
    January 1968. The source data was obtained from the National
    Bureau of Economic Research.
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This chart was prepared by Campbell&#160;&#038; Company. See the
    glossary following this section for information integral to this
    chart. By offering the Global Trend Series (GLD) neither the
    Global Trend Fund nor Campbell&#160;&#038; Company is making any
    recommendation or providing any investment or other advice with
    respect to the possible future performance of gold, gold
    futures, or any other gold-related product, nor is it a
    prediction or recommendation as to the future performance of the
    U.S.&#160;Dollar. The Global Trend Series (GLD) is offered
    solely to provide a gold-denominated exposure to the Campbell
    Trend Following Portfolio to those investors who prefer to have
    their investments denominated in gold, as opposed to the
    U.S.&#160;Dollar.
</DIV>
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    <BR>
    -157-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <A name='265'><B><FONT style="font-family: 'Times New Roman', Times">GLOSSARY
    OF TERMS</FONT></B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Barclays
    Capital Long-Term T-Bond Index*</FONT></I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Utilized as a broad measure of the performance of long-term
    government bonds. The index, which is a component of the
    Barclays U.S.&#160;Treasury Bond Index, consists of Treasury
    bonds with maturities of ten years or greater.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Campbell
    Strategic Allocation Fund, L.P.</FONT></I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Strategic Allocation Fund, which began trading in April
    1994, is an actively managed account with speculative trading
    profits as its objective. Performance information for the
    Strategic Allocation Fund is net of all fees and commissions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Campbell
    Global Trend Fund, L.P.</FONT></I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Global Fund will be an actively managed account with
    speculative trading profits as its objective. The Global Trend
    Fund has not commenced trading and does not have any performance
    history.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Credit
    Agricole Structured Asset Management Center for International
    Securities and Derivatives Markets CPO Asset Weighted Index
    (CISDM)</FONT></I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CISDM Index is a dollar weighted index that includes the
    performance of current as well as retired public futures funds,
    private pools and offshore funds that have the objective of
    speculative trading profits. The CISDM Index is utilized as a
    broad measure of overall managed futures returns, as compared to
    other indices that measure the overall returns of stocks and
    bonds as separate asset classes. The CISDM Index is not the same
    as an investment in the Funds, and the Funds may perform quite
    differently than the Index, just as an individual stock may
    perform quite differently from the S&#038;P 500 Index. Investors
    cannot invest in this index.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Hedge
    Fund&#160;Research Performance Index (HFRI) Fund of Funds
    Composite Index</FONT></I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The HFRI monthly performance indices are equally weighted
    performance indices used as industry standard benchmarks of
    hedge fund performance. Fund of funds invest with multiple
    managers through funds or managed accounts. The strategy designs
    a diversified portfolio of managers with the objective of
    significantly lowering the risk (volatility) of investing with
    an individual manager. Investors cannot invest in this index.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Morgan
    Stanley Capital International Europe, Australasia, Far East
    Index (EAFE)*</FONT></I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A cap weighted index that is designed to measure the investment
    returns of developed economies outside of North America. The
    Index includes publicly traded stocks from 21 countries that are
    divided into industry groups and then representative stocks are
    selected from each industry group. In addition, cross-ownership
    is tracked to ensure that the market weight given each company
    is accurate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">NASDAQ
    Composite Index*</FONT></I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Measures all NASDAQ domestic and
    <FONT style="white-space: nowrap">non-U.S.&#160;based</FONT>
    common stocks listed on the NASDAQ Stock Market (currently over
    5,000&#160;companies). The Index is market-value weighted. This
    means that each company&#146;s security affects the Index in
    proportion to its market value. The market value, the last sale
    price multiplied by total shares outstanding, is calculated
    throughout the trading day, and is related to the total value of
    the Index.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Spot
    Gold</FONT></I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gold that is bought and sold for cash and delivered immediately.
    The spot price is different from the futures price on an
    exchange, which reflects what the commodity might be worth in
    the future months.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Spot
    Gold (Inflation-Adjusted)</FONT></I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The inflation-adjusted price of gold in 2010 U.S.&#160;Dollars
    using U.S.&#160;inflation rates obtained from the National
    Bureau of Economic Research.
</DIV>
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    <BR>
    -158-
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Standard&#160;&#038;
    Poor&#146;s 500 Composite Stock Index (S&#038;P
    500)*</FONT></I></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The 500 stocks in the S&#038;P 500 are chosen by Standard and
    Poor&#146;s based on industry representation, liquidity and
    stability. The stocks in the S&#038;P 500 are not the 500
    largest companies, rather the Index is designed to capture the
    returns of many different sectors of the U.S.&#160;economy. This
    is the only index that includes dividends reinvested.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Passive, unmanaged indices of equity and debt securities
    generally purchased by investors with an investment objective of
    capital preservation, growth or income. Investors cannot invest
    in an index; performance of any of these indices (which, by
    definition, are averages of many individual investments) may not
    be representative of any specific investment within that
    index&#146;s asset class.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Performance information for (1)&#160;the stock and hedge fund
    indices was obtained through Per Trac 2000, (2)&#160;the bond
    index was obtained through Barclays Capital, and (3)&#160;the
    CISDM Index was obtained through casam-hedge.com. Some
    information contained herein may not have been audited.</I></TD>
</TR>

</TABLE>
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    <BR>
    -159-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='266'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;I<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">BLUE SKY
    GLOSSARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following definitions are included in this Appendix&#160;I
    in compliance with the requirements of various state securities
    administrators who review public futures fund offerings for
    compliance with the &#147;Guidelines for the Registration of
    Commodity Pool Programs&#148; Statement of Policy promulgated by
    the North American Securities Administrators Association, Inc.
    The following definitions are reprinted verbatim from such
    Guidelines and may, accordingly, not in all cases be relevant to
    an investment in the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Definitions</I>&#160;&#151; As used in the Guidelines, the
    following terms have the following meanings:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Administrator</I>&#160;&#151; The official or agency
    administering the security laws of a state.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Advisor</I>&#160;&#151; Any person who for any consideration
    engages in the business of advising others, either directly or
    indirectly, as to the value, purchase, or sale of commodity
    contracts or commodity options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Affiliate</I>&#160;&#151; An Affiliate of a Person
    means:&#160;&#160;(a)&#160;any Person directly or indirectly
    owning, controlling or holding with power to vote 10% or more of
    the outstanding voting securities of such Person; (b)&#160;any
    Person 10% or more of whose outstanding voting securities are
    directly or indirectly owned, controlled or held with power to
    vote, by such Person; (c)&#160;any Person, directly or
    indirectly, controlling, controlled by, or under common control
    of such Person; (d)&#160;any officer, director or partner of
    such Person; or (e)&#160;if such Person is an officer, director
    or partner, any Person for which such Person acts in any such
    capacity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Capital Contributions</I>&#160;&#151; The total investment in
    a Program by a Participant or by all Participants, as the case
    may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Commodity Broker</I>&#160;&#151; Any Person who engages in
    the business of effecting transactions in commodity contracts
    for the account of others or for his own account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Commodity Contract</I>&#160;&#151; A contract or option
    thereon providing for the delivery or receipt at a future date
    of a specified amount and grade of a traded commodity at a
    specified price and delivery point.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Cross Reference Sheet</I>&#160;&#151; A compilation of the
    Guideline sections, referenced to the page of the prospectus,
    Program agreement, or other exhibits, and justification of any
    deviation from the Guidelines.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Net Assets</I>&#160;&#151; The total assets, less total
    liabilities, of the Program determined on the basis of generally
    accepted accounting principles. Net Assets shall include any
    unrealized profits or losses on open positions, and any fee or
    expense including Net Asset fees accruing to the Program.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Net Asset Value Per Program Interest</I>&#160;&#151; The Net
    Assets divided by the number of Program Interests outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Net Worth</I>&#160;&#151; The excess of total assets over
    total liabilities are determined by generally accepted
    accounting principles. Net Worth shall be determined exclusive
    of home, home furnishings and automobiles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>New Trading Profits</I>&#160;&#151; The excess, if any, of
    Net Assets at the end of the period over Net Assets at the end
    of the highest previous period or Net Assets at the date trading
    commences, whichever is higher, and as further adjusted to
    eliminate the effect on Net Assets resulting from new Capital
    Contributions, redemptions, or capital distributions, if any,
    made during the period decreased by interest or other income,
    not directly related to trading activity, earned on Program
    assets during the period, whether the assets are held separately
    or in a margin account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Organizational and Offering Expenses</I>&#160;&#151; All
    expenses incurred by the Program in connection with and in
    preparing a Program for registration and subsequently offering
    and distributing it to the public, including, but not limited
    to, total underwriting and brokerage discounts and commissions
    (including fees of the underwriter&#146;s attorneys), expenses
    for printing, engraving, mailing, salaries of employees while
    engaged in sales activity, charges of transfer agents,
    registrars, trustees, escrow holders, depositories, experts,
    expenses of qualification of the sale of its Program Interest
    under federal and state law, including taxes and fees,
    accountants&#146; and attorneys&#146; fees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Participant</I>&#160;&#151; The holder of a Program Interest.
</DIV>
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    <BR>
    APP-1
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Person</I>&#160;&#151; Any natural Person, partnership,
    corporation, association or other legal entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Pit Brokerage Fee</I>&#160;&#151; Pit Brokerage Fee shall
    include floor brokerage, clearing fees, National Futures
    Association fees, and exchange fees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Program</I>&#160;&#151; A limited partnership, joint venture,
    corporation, trust or other entity formed and operated for the
    purpose of investing in Commodity Contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Program Broker</I>&#160;&#151; A Commodity Broker that
    effects trades in Commodity Contracts for the account of a
    Program.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Program Interest</I>&#160;&#151; A limited partnership
    interest or other security representing ownership in a program.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Pyramiding</I>&#160;&#151; A method of using all or a part of
    an unrealized profit in a Commodity Contract position to provide
    margin for any additional Commodity Contracts of the same or
    related commodities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sponsor</I>&#160;&#151; Any Person directly or indirectly
    instrumental in organizing a Program or any Person who will
    manage or participate in the management of a Program, including
    a Commodity Broker who pays any portion of the Organizational
    Expenses of the Program, and the general partner(s) and any
    other Person who regularly performs or selects the Persons who
    perform services for the Program. Sponsor does not include
    wholly independent third parties such as attorneys, accountants,
    and underwriters whose only compensation is for professional
    services rendered in connection with the offering of the Units.
    The term &#147;Sponsor&#148; shall be deemed to include its
    Affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Valuation Date</I>&#160;&#151; The date as of which the Net
    Assets of the Program are determined.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Valuation Period</I>&#160;&#151; A regular period of time
    between Valuation.
</DIV>
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    <BR>
    APP-2
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='267'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;A</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED
    PARTNERSHIP</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;1.<BR>
    FORMATION AND NAME</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The parties to this Second Amended and Restated Agreement of
    Limited Partnership (the &#147;Agreement&#148;) dated as of
    January&#160;1, 2010 have formed Campbell Strategic Allocation
    Fund, L.P. (the &#147;Partnership&#148;) under the Delaware
    Revised Uniform Limited Partnership Act in effect on the date
    thereof (the &#147;Act&#148;) and do hereby continue the
    Partnership pursuant to the terms herein. Each Limited Partner
    hereby undertakes to furnish to the General Partner a power of
    attorney which may be filed with this Agreement and any
    amendment hereto and such additional information as is required
    from him to complete such documents and to execute and cooperate
    in the filing, recording or publishing of such documents at the
    request of the General Partner.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;2.<BR>
    PRINCIPAL OFFICE AND REGISTERED AGENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The principal office of the Partnership shall be 2850 Quarry
    Lake Drive, Baltimore, Maryland 21209, or such other place as
    the General Partner may designate from time to time. The
    Registered Agent for the Limited Partnership is D. Keith
    Campbell, 2850 Quarry Lake Drive, Baltimore, Maryland 21209. The
    Tax Matters Partner for the Limited Partnership is
    Campbell&#160;&#038; Company, Inc.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;3.<BR>
    BUSINESS AND PURPOSE OF THE PARTNERSHIP</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Partnership&#146;s business and purpose is to trade, buy,
    sell or otherwise acquire, hold or dispose of futures and other
    related investment interests and any activities incidental or
    related thereto. The objective of the Partnership business is
    appreciation of its assets through speculative trading.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;4.<BR>
    TERM, DISSOLUTION AND FISCAL YEAR</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.1&#160;&#160;<I>Term.</I>&#160;&#160;The term of the
    Partnership commenced upon the execution and filing of the
    Certificate of Limited Partnership, as amended, and shall end
    upon the first to occur of the following:
    (i)&#160;December&#160;31, 2023; (ii)&#160;an election to
    dissolve the Partnership in accordance with the provisions of
    Article&#160;4.2 by Limited Partners owning more than 50% of the
    Units then outstanding; (iii)&#160;the withdrawal of the General
    Partner, as defined in, and subject to the limitations of
    Article&#160;13; (iv)&#160;a determination by the General
    Partner that the purpose of the Partnership cannot be fulfilled;
    or (v)&#160;any event which constitutes a dissolution of a
    limited partnership under the Act or otherwise makes it unlawful
    for the existence of the Partnership to be continued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.2&#160;&#160;<I>Dissolution.</I>&#160;&#160;Upon the
    occurrence of an event causing the dissolution of the
    Partnership, the Partnership shall be wound up and terminated.
    Upon dissolution and termination of the Partnership, the General
    Partner shall contribute to the Partnership an amount equal in
    the aggregate to the lesser of (a)&#160;the deficit balance in
    their capital accounts, or (b)&#160;the excess of 1.01% of the
    net aggregate capital contributions paid in by the Limited
    Partners over any capital previously contributed by the General
    Partner. Payment of creditors, and distribution of the
    Partnership&#146;s assets shall be effected as soon as
    practicable in accordance with the Act, and the General Partner
    and each Limited Partner (and any assignee) shall share in the
    assets of the Partnership <I>pro rata </I>in accordance with
    such Partner&#146;s respective capital account, less any amount
    owing by such Partner (or assignee) to the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.3&#160;&#160;<I>Fiscal Year.</I>&#160;&#160;The fiscal year of
    the Partnership shall end on December&#160;31, unless the
    General Partner elects, with the approval of the Internal
    Revenue Service and the CFTC, a different fiscal year.
</DIV>
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    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;5.<BR>
    GENERAL PARTNER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The General Partner is Campbell&#160;&#038; Company, Inc., a
    Maryland corporation, 2850 Quarry Lake Drive, Baltimore,
    Maryland 21209.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;6.<BR>
    CAPITAL CONTRIBUTIONS AND<BR>
    UNITS OF LIMITED PARTNERSHIP INTEREST</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.1&#160;&#160;<I>Units and Capital Contributions of Limited
    Partners.</I>&#160;&#160;Interests in the Partnership other than
    the General Partner&#146;s interests, shall be evidenced by
    Units (individually a &#147;Unit&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.2&#160;&#160;<I>Capital Contributions by General Partner; Net
    Worth.</I>&#160;&#160;The General Partner has contributed cash
    to the capital of the Partnership in an amount equal to at least
    1% of the net aggregate contributions of all Partners including
    the General Partner. The General Partner&#146;s contribution
    shall be evidenced by Units of General Partnership Interest. The
    General Partner may make withdrawals of its Units provided that
    such withdrawals do not reduce the General Partner&#146;s
    aggregate percentage interest in the Partnership to less than 1%
    of the net aggregate contributions. If additional Limited
    Partners are admitted during any Continuing Offering pursuant to
    the provisions of Article&#160;11 herein, the General Partner
    shall make such additional capital contributions as may be
    required to maintain its interest at the required level in the
    Partnership at all times during the term of the Partnership. The
    General Partner shall 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 Partnership. 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.3&#160;&#160;<I>Availability of
    Contributions.</I>&#160;&#160;The aggregate of all Partnership
    contributions shall be available to the Partnership to carry on
    its business and purpose, and no interest shall be paid to any
    Partner on any such contributions.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;7.<BR>
    ALLOCATION OF PROFITS AND LOSSES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.1&#160;&#160;<I>Capital Accounts.</I>&#160;&#160;A capital
    account shall be established for each Partner, including the
    General Partner. The initial balance of each Partner&#146;s
    capital account shall be the amount of his initial capital
    contribution to the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.2&#160;&#160;<I>Monthly Allocations.</I>&#160;&#160;As of the
    close of business (as determined by the General Partner) of the
    last day of each month, the following determinations and
    allocations shall be made:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;The Net Assets of the Partnership (as defined in
    Article&#160;7.4) before the General Partner&#146;s Brokerage
    Fee, the direct administrative expenses and the General
    Partner&#146;s performance fees payable shall be determined.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Brokerage Fees payable by the Partnership and the
    direct administrative expenses shall then be charged against the
    Net Assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Accrued performance fees, if any, shall then be charged
    against the Net Assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;Any increase or decrease in the Net Assets as of the
    end of the month (after the adjustments in subparagraphs
    (2)&#160;and (3)) shall then be credited or charged to the
    capital accounts of each Partner in the ratio that the balance
    of each account bears to the balance of all accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;The amount of any distribution to a Partner, any amount
    paid to a Limited Partner on redemption of Units, and any amount
    paid to the General Partner by way of distribution or redemption
    of Units of General Partnership Interest, shall be charged to
    such Partner&#146;s capital account.
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.3&#160;&#160;<I>Allocation of Profit and Loss for Federal
    Income Tax Purposes.</I>&#160;&#160;At the end of each taxable
    year, each item of Partnership taxable income, gain, loss,
    deduction, or credit will be allocated among the Partners in
    accordance with the following provisions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Capital gain shall be allocated first to each Partner
    who has redeemed Units (Units of General Partnership Interest in
    the case of the General Partner) during the year to the extent
    that the amount the Partner received on redemption exceeds the
    amount paid for the redeemed Units (as set forth in subparagraph
    (5));
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Capital gain remaining after the allocation in
    subparagraph (1)&#160;shall be allocated among all Partners in
    the ratio that each Partner&#146;s capital account bears to all
    Partner&#146;s capital accounts;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Capital losses shall be allocated first to each Partner
    who has redeemed Units (Units of General Partnership Interest in
    the case of the General Partner) during the year to the extent
    that the amount the Partner paid for the redeemed Units (as set
    forth in subparagraph (5)) exceeds the amount the Partner
    received on redemption;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;Capital losses remaining after the allocation in
    subparagraph (3)&#160;shall be allocated among all Partners in
    the ratio that each Partner&#146;s capital account bears to all
    Partners&#146; capital accounts;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;For the purpose of the allocations of capital gain and
    loss in subparagraphs (1)&#160;and (3), the amount each Partner
    paid for each of his Units shall be deemed to have increased by
    the amount of capital gain allocated to him with respect to such
    Unit pursuant to subparagraph (2)&#160;or ordinary income
    pursuant to subparagraph 6; decreased by the amount of any
    capital loss allocated to him with respect to such Unit pursuant
    to subparagraph (4)&#160;or ordinary expense pursuant to
    subparagraph 6; and decreased by the amount of any distributions
    to him with respect to such Unit pursuant to Article&#160;7.8;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;Items of ordinary income and expense will be allocated
    <I>pro rata </I>among the Partners based upon their respective
    capital accounts as of the end of each month in which the items
    of ordinary income or expense accrue; provided that any
    performance fee paid to the General Partner shall be allocated
    among the Units outstanding at any time during the fiscal year
    based upon the ratio that each such Unit&#146;s net performance
    fee (the excess, if any, of the aggregate of all performance
    fees allocated to the capital account relating to such Unit over
    the aggregate of all reversals of performance fees allocated to
    such Unit) bears to the net performance fee of all Units;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;Notwithstanding subparagraphs (4)&#160;and (6), if the
    allocation of such loss would cause a Limited Partner to have a
    capital account deficit, then such loss shall be allocated to
    the General Partner, according to its capital account, to the
    extent of such losses;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (8)&#160;For purposes of this Paragraph&#160;7.3, &#147;capital
    gain&#148; and &#147;capital loss&#148; shall mean gain or loss
    characterized as gain or loss from the sale or exchange of a
    capital asset by the Internal Revenue Code of 1986, as amended
    (the &#147;Code&#148;), including but not limited to gain or
    loss required to be taken into account pursuant to
    Section&#160;1256 thereof and any income, gain or loss
    determined under Section&#160;988 of the Code;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (9)&#160;Allocations of capital gain or loss will be made <I>pro
    rata </I>from each category of capital gain or loss determined
    under Section&#160;1(h) of the Code and income or loss
    determined under Section&#160;988 of the Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.4&#160;&#160;<I>Definitions; Accounting.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;&#160;<I>Net Assets.</I>&#160;&#160;&#147;Net
    Assets&#148; of the Partnership shall mean the total assets of
    the Partnership, including all cash and cash equivalents, plus
    accrued interest thereon, and the market value of all open
    commodity positions and other assets of the Partnership, less
    all liabilities of the Partnership, including accrued
    performance fees determined in accordance with the principles
    specified in this subparagraph and, where no principle is
    specified, in accordance with generally accepted accounting
    principles consistently applied under the accrual basis of
    accounting. The market value of a commodity or commodity futures
    contract traded on an exchange, or through a clearing firm or
    through a bank, shall mean the most recent available settlement
    price or closing quotation, as appropriate on the exchange, or
    of the clearing firm or bank on or through which the commodity
    or contract is traded by the Partnership on the day with respect
    to which Net Assets are being determined. If such contract
    cannot be liquidated, due to the operation of daily limits or
    otherwise, on a day as of which Net Assets are determined, the
    liquidating value on the first subsequent day on which the
    contract would be liquidated may be used or such other value as
    the General
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Partner may deem fair and reasonable. The market value of a
    commodity forward contract or a commodity futures contract
    traded on a foreign exchange shall mean its market value as
    determined by the General Partner on a basis consistently
    applied.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;&#160;<I>Net Asset Value.</I>&#160;&#160;The &#147;Net
    Asset Value&#148; of the Partnership shall mean the total
    capital accounts of all Partners. The &#147;Net Asset
    Value&#148; of a Unit shall be the total capital accounts of all
    Partners, divided by the number of Units owned by all Partners.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;&#160;<I>Blue Sky Glossary.</I>&#160;&#160;The
    definitions in the Blue Sky Glossary in Appendix&#160;I to the
    Partnership&#146;s Prospectus are hereby incorporated herein by
    reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.5&#160;&#160;<I>Expenses.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;The General Partner shall advance the organization and
    offering expenses of the initial and continuous offerings of the
    Units, and no such expenses shall be deducted from the proceeds
    of the offerings. Subject to the limitation described below, the
    General Partner shall be reimbursed such advanced amounts by the
    Partnership in approximately 30 equal installments commencing
    after the closing of the initial offering and monthly during the
    continuous offering. The General Partner shall have discretion
    to adopt reasonable procedures to implement the amortization of
    such expenses, including grouping expenses related to the same
    offering period and expensing de minimis amounts as they are
    incurred. In no event shall the General Partner be entitled to
    receive reimbursement in an amount greater than 2.5% of the
    aggregate subscriptions accepted during the initial and
    continuous offerings, as the case may be. In the event the
    Partnership terminates prior to completion of the reimbursement,
    the General Partner will not be entitled to receive additional
    reimbursement and the Partnership will have no obligation to
    make further reimbursement payments to the General Partner. For
    purposes of this Agreement, organization and offering expenses
    shall mean all costs paid or incurred by the General Partner or
    the Partnership in organizing the Partnership and offering the
    Units, including legal and accounting fees incurred, bank
    account charges, all blue sky filing fees, filing fees payable
    upon formation and activation of the Partnership, and expenses
    of preparing, printing and distributing the prospectus and
    registration statement, but in no event shall exceed limits set
    forth in Article&#160;8 herein or guidelines imposed by
    appropriate regulatory bodies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;The Partnership shall be obligated to pay all
    liabilities incurred by it, including without limitation,
    (i)&#160;Brokerage Fees; (ii)&#160;operating expenses and
    performance fees; (iii)&#160;legal and accounting fees;
    (iv)&#160;cash management fees; and (v)&#160;taxes and other
    extraordinary expenses incurred by the Partnership. During any
    year of operations, the General Partner shall be responsible for
    payment of operating expenses in excess of 0.5% of the
    Partnership&#146;s average month-end Net Asset Value during that
    year. Any operating expenses incurred in excess of the
    aforementioned annual cap are initially paid by the General
    Partner; provided, however, that the Strategic Allocation Fund
    reimburses the offering expenses paid by the General Partner at
    such time, if any, as the Strategic Allocation Fund is able to
    do so within the limit of the aforementioned cap. Indirect
    expenses of the General Partner, such as indirect salaries, rent
    and other overhead expenses, shall not be liabilities of the
    Partnership. The Partnership shall receive all interest earned
    on its assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Compensation to any party, including the General
    Partner (or any advisor which may be retained in the future),
    shall not exceed the limitations imposed as of the date hereof
    by the North American Securities Administrators Association
    (&#147;NASAA&#148;). In the event the compensation exceeds such
    limitations, the General Partner shall promptly reimburse the
    Partnership for such excess. NASAA limitations on fees are as
    follows: management fees, advisory fees and all other fees,
    except for performance fees and commodity brokerage commissions,
    when added to the customary and routine administrative expenses,
    shall not exceed 6% annually of net asset value. The aggregate
    performance fees shall not exceed 15% of new trading profits.
    The sponsor or advisor will be entitled to an additional 2%
    performance fee for each 1% by which the net asset value fee is
    reduced below 6%. Commodity brokerage rates will be
    presumptively reasonable if they satisfy either 80% of the
    published retail rate plus pit brokerage fees or 14% annually of
    average net assets, including pit brokerage fees. The
    Partnership will pay an 8% per annum Brokerage Fee, of which 3%
    will be for management services, allowing the performance fee to
    be 20%, as discussed above. The remaining 5% from the Brokerage
    Fee will be paid for brokerage services (including the initial
    distribution of the Units, execution of commodity transactions,
    and ongoing services to the Limited Partners), which is less
    than the 14% limit imposed by NASAA.
</DIV>
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    <BR>
    A-4
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;The Partnership shall also be obligated to pay any
    costs of indemnification to the extent permitted under
    Article&#160;15 of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.6&#160;&#160;<I>Limited Liability of Limited
    Partners.</I>&#160;&#160;Each Unit purchased by a Limited
    Partner is fully paid and non-assessable. A Limited Partner
    shall be liable for the Partnership&#146;s obligations to the
    extent of the capital contributed by him plus his share of
    profits remaining in the Partnership, if any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, if a Limited Partner receives a return of any part
    of his capital contribution, he shall be liable to the
    Partnership for a period of one year thereafter for the amount
    of the returned contribution, but only to the extent necessary
    to discharge the Partnership&#146;s liabilities to creditors who
    extended credit to the Partnership during the period the
    contribution was held by the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Limited Partner shall also be liable to the Partnership for
    return of any part of his capital contribution returned to him,
    for a period of six years, if such return was in violation of
    this Agreement or the Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.7&#160;&#160;<I>Return of Limited Partner&#146;s Capital
    Contribution.</I>&#160;&#160;Except to the extent that a Limited
    Partner shall have the right to redeem Units, no Limited Partner
    shall have any right to demand the return of his capital
    contribution or any profits added thereto, except upon
    dissolution and termination of the Partnership. In no event
    shall a Limited Partner be entitled to demand or receive
    property other than cash.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.8&#160;&#160;<I>Distributions.</I>&#160;&#160;The General
    Partner shall have sole discretion in determining what
    distributions (other than on redemption of Units or
    dissolution), if any, the Partnership will make to its Partners
    (or any assignee thereof). Distributions shall be made <I>pro
    rata </I>in accordance with the respective capital accounts of
    the Partners.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;8.<BR>
    MANAGEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.1&#160;&#160;<I>General.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;The General Partner, to the exclusion of the Limited
    Partners, shall conduct and manage the business of the
    Partnership including, without limitation, all functions
    necessary for administration of the Partnership. The General
    Partner shall have the fiduciary responsibility for the
    safekeeping and use of all assets of the Partnership, whether or
    not in its immediate possession or control, shall not contract
    away such duty and shall not employ or permit another to employ
    such assets in any manner except for the exclusive benefit of
    the Partnership. The General Partner, on behalf of the
    Partnership, shall make all investment decisions regarding the
    Partnership and shall have complete trading discretion. The
    General Partner shall seek the best price and services available
    in its futures brokerage transactions, and all brokerage
    transactions for the Partnership&#146;s futures trades will be
    effected at competitive rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;The General Partner shall receive from the Partnership:
    (i)&#160;Brokerage Fees of 8% per annum of the month-end Net
    Assets; and (ii)&#160;a quarterly &#147;performance fee&#148; of
    20% of the Partnership&#146;s aggregate cumulative appreciation
    in the Net Asset Value per Unit, exclusive of interest income.
    The performance fee is paid on the cumulative increase, if any,
    in the Net Asset Value per Unit over the highest previous
    cumulative Unit value or Unit value as of the commencement of
    trading, whichever is higher. In determining the fees in this
    paragraph, 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. Such fees may be
    changed upon sixty days&#146; notice to the Limited Partners,
    provided that prior to the imposition of the revised fees,
    Limited Partners have an opportunity to redeem (and there are no
    delays in receiving payment therefor) and the notice explains
    their redemption and voting rights. Further, any new contract
    with any advisor, including the General Partner, shall
    carryforward all losses attributable to such advisor or General
    Partner, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;The General Partner may take such other actions as it
    deems necessary or desirable to manage the business of the
    Partnership including, but not limited to, the following:
    entering into commercially reasonable contracts, opening bank
    accounts, paying or authorizing the payment of distributions to
    the Partners and expenses of the Partnership including fees to
    the General Partner, taxes and other fees of governmental
    agencies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;The General Partner shall keep and retain for at least
    six years, at the principal office of the Partnership, such
    books and records relating to the business of the Partnership as
    it deems necessary to substantiate that Units were sold only to
    purchasers for whom such securities were suitable and which are
    required by the Commodity Exchange Act, and
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the rules and regulations thereunder. Such books and records
    shall be available to any Limited Partner or his authorized
    attorney or agent for inspection and copying during normal
    business hours of the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;The General Partner may engage in other business
    activities and shall not refrain from any other activity nor
    disgorge any profits from any such activity, whether as general
    partner of additional partnerships for investment in commodity
    futures or forward contracts or otherwise. Subject to the terms
    and conditions set forth in this Agreement, the General Partner
    may engage and compensate on behalf of the Partnership, from
    funds of the Partnership, such persons, firms or corporations,
    as the General Partner in its sole judgment shall deem advisable
    for the conduct and operation of the business of the
    Partnership. The General Partner may develop and implement a
    cash management facility. In such event, the General Partner may
    cause the Partnership to participate in such facility if doing
    so would be in the best interests of the Partnership.
    Competitive management fees may be paid to the General Partner
    or an affiliate thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;No person dealing with the General Partner shall be
    required to determine its authority to make any undertaking on
    behalf of the Partnership, nor to determine any fact or
    circumstance bearing upon the existence of such authority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;Except as provided by Article&#160;13, the General
    Partner may not sell, assign, or otherwise dispose of all or
    substantially all of its General Partnership Interest in the
    Partnership except for a sale or transfer of all Partnership
    interests of all Partners or a sale of all or substantially all
    of its interest to a corporation controlled by such General
    Partner. The foregoing restriction shall not be applicable to
    the General Partner mortgaging, pledging, hypothecating or
    granting a security interest in its General Partnership Interest
    as collateral for a loan or loans and any such assignment of all
    or any portion of the General Partner&#146;s Interest shall not
    cause an event of withdrawal with respect to the General Partner
    pursuant to Article&#160;13 of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (8)&#160;The maximum period covered by any contract entered into
    by the Partnership, except for certain provisions which survive
    the stated term, shall be one year. Agreements between the
    Partnership and the General Partner or any affiliate shall be
    terminable by the Partnership without penalty on
    60&#160;days&#146; written notice. All sales of Units in the
    United States shall be made by registered brokers. No sales will
    be made by the General Partner or an affiliate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.2&#160;&#160;<I>Prohibitions.</I>&#160;&#160;The Partnership
    shall not: (i)&#160;engage in pyramiding; (ii)&#160;commingle
    its assets with the assets of any other person, except as
    permitted by law; (iii)&#160;make loans to the General Partner
    or any affiliate thereof or to any person; (iv)&#160;pay
    per-trade compensation to the General Partner or any advisor or
    any affiliate thereof or to any person who receives any other
    form of compensation from the Partnership; or (v)&#160;permit
    rebates or
    <FONT style="white-space: nowrap">give-ups</FONT> to
    be received by the General Partner or affiliates thereof nor
    shall the General Partner participate in any reciprocal business
    arrangements which would circumvent the foregoing or any other
    provision of this Agreement; or (vi)&#160;borrow cash or other
    assets from the General Partner.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;9.<BR>
    REPORTS TO LIMITED PARTNERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The books and records of the Partnership shall be audited
    annually by an independent certified public accountant. Net
    Assets and Net Asset Value per Unit shall be determined daily
    and will be supplied in writing to any Limited Partner who
    requests such information. The General Partner will cause each
    Partner to receive (i)&#160;within ninety (90)&#160;days after
    the close of each fiscal year an annual report with audited
    financial statements (including a balance sheet and income
    statement) for the fiscal year then ended, and (ii)&#160;within
    seventy-five (75)&#160;days after the close of each fiscal year
    such tax information as is necessary for the Partner to complete
    his federal income tax return. In addition, the General Partner
    will report within 30&#160;days after the end of each month to
    the Limited Partners the information required by the CFTC to be
    reported, which information currently includes the following:
    the total amount of realized net gain or loss on commodity
    interest positions liquidated during the month; the change in
    unrealized net gain or loss on commodity interest positions
    during the month; the total amount of net gain or loss from all
    other transactions engaged in by the Partnership during the
    month, including interest earned; the total amount of all
    Brokerage Fees and performance fees, and all other expenses
    incurred or accrued by the Partnership during the month; the Net
    Asset Value of a Unit as of the end of the month and as of the
    end of the previous month;
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the total amount of additions to the Net Assets of the
    Partnership made during the month; the total amount of
    withdrawals from and redemptions of Units for the month; and the
    total net income or loss of the Partnership during the month. In
    the event either Net Asset Value per Unit as of the end of any
    business day declines by more than 50% of the previous year-end
    or month-end Net Asset Value per Unit, or there is a material
    change in the advisory agreement with the General Partner or
    otherwise affecting the compensation to any party, including the
    General Partner, the General Partner will notify each Limited
    Partner of such information, their redemption and voting rights
    and any material effect on the Units within seven business days.
    Reporting to Limited Partners may be via hard copy or, where
    permitted by applicable rules, via electronic media. In the
    event of the 50% decline in Net Asset Value per Unit referred to
    in the previous sentence, the General Partner will declare a
    special redemption period and temporarily suspend the
    Partnership&#146;s trading during such period.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;10.<BR>
    DISPOSITIONS AND REDEMPTIONS OF PARTNERSHIP UNITS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.1&#160;&#160;<I>Permissible Dispositions.</I>&#160;&#160;A
    Limited Partner may transfer, assign, pledge, or encumber his
    Units only as provided in this Article&#160;10.1. No such
    transferee, pledgee, assignee, or secured creditor shall become
    a substituted Limited Partner unless the General Partner
    consents in writing to such substitution. The General Partner
    has complete discretion to withhold consent but only intends to
    do so in order to prevent or minimize potential adverse legal or
    tax consequences to the Partnership. Any transfer or assignment
    of Units which is permitted hereunder shall be effective as of
    the beginning of the month following the month in which such
    transfer or assignment is made; provided, however, that the
    Partnership need not recognize any transfer, assignment, or
    pledge until it has received at least 30&#160;days&#146; prior
    written notice thereof from the transferor, assignor, or
    pledgor, which notice shall include (i)&#160;the name,
    signature, address and social security or taxpayer
    identification number of the transferee, assignee, or pledgee,
    (ii)&#160;the number of Units transferred, assigned or pledged,
    and (iii)&#160;the signature of the transferor, assignor, or
    pledgor. The General Partner may, in its discretion, waive
    receipt of the above described written notice or waive any
    defect therein. No transfer or assignment shall be permitted
    unless the General Partner is satisfied that (i)&#160;such
    transfer or assignment would not be in violation of the Act,
    (ii)&#160;the amount of the transfer is at least the minimum
    subscription amount except for transfers by gift, inheritance,
    or to affiliates, including family members of the person
    transferring the Units, and (iii)&#160;notwithstanding such
    transfer or assignment, the Partnership shall continue to be
    classified as a partnership rather than as a corporation or an
    association under the Internal Revenue Code, as amended. No
    transfer or assignment of Units shall be effective or recognized
    by the Partnership if following such transfer or assignment
    there would result a termination of the Partnership for federal
    income tax purposes as provided in Code 708(b) and any attempted
    transfer or assignment in violation hereof shall be ineffective
    to transfer or assign any such Units. Any transferee or assignee
    of Units who has not been admitted to the Partnership as a
    substituted Limited Partner shall not have any of the rights of
    a Limited Partner, except that the assignee shall receive that
    share of capital and profits and shall have that right of
    redemption to which his assignor would otherwise have been
    entitled and shall remain subject to the other terms of this
    Agreement binding upon Limited Partners. The transfer or
    assignment of Units shall be subject to all applicable
    securities laws. The transferor or assignor shall bear all costs
    (including any attorneys&#146; fees) related to such transfer or
    assignment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.2&#160;&#160;<I>Redemptions.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;A Limited Partner (or any assignee thereof) may
    withdraw all or part of his capital contribution and
    undistributed profits, if any, by requiring the Partnership to
    redeem all or part of his Units at the Net Asset Value per Unit,
    reduced as hereinafter described (such withdrawal being herein
    referred to as a &#147;Redemption&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Redemptions shall be effective as of the end of any
    month ending after a Request for Redemption in proper form has
    been timely received by the General Partner (the
    &#147;Redemption&#160;Date&#148;). Redemption fees apply through
    the first twelve month-ends following purchase (from and
    including the Closing Date on which the Unit is purchased) as
    follows: 4% of Net Asset Value per Unit redeemed through the
    third month-end, 3% of Net Asset Value per Unit redeemed through
    the sixth month-end, 2% of Net Asset Value per Unit redeemed
    through the ninth month-end, and 1% of Net Asset Value per Unit
    redeemed through the twelfth month-end. After the twelfth
    month-end following purchase of a Unit, no redemption fees
    apply. As used herein, &#147;Request for Redemption&#148; shall
    mean a written request of such withdrawal transmitted by the
    Limited Partner (or any assignee thereof) to the General Partner
    not
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    less than ten business days prior to the end of the month or
    such shorter period as established by the General Partner. Upon
    Redemption, a Limited Partner (or any assignee thereof) shall
    receive, per Unit redeemed, an amount equal to the Net Asset
    Value per Unit as of the Redemption&#160;Date, less any amount
    owing by such Limited Partner (and his assignee, if any) to the
    Partnership pursuant to Article&#160;15.3, and less any
    applicable redemption fees due to the General Partner. If
    redemption is requested by an assignee, all amounts owed to the
    Partnership under Article&#160;15.3 by the Partner to whom such
    Unit was sold, as well as all amounts owed by the assignees of
    such Unit, shall be deducted from the amount payable upon
    Redemption by any assignee. All Requests for Redemption in
    proper form shall be honored and payment will be made within
    twenty (20)&#160;business days following the
    Redemption&#160;Date, except that under special circumstances,
    including, but not limited to, the inability on the part of the
    Partnership to liquidate commodity positions or the default or
    delay in payments due the Partnership from commodity brokers,
    banks, or other persons, the Partnership may delay payment to
    Partners requesting Redemption of Units. In the event that
    Redemptions are requested for more Units than the General
    Partner is able to honor due to the foregoing contingencies, the
    General Partner will honor Requests for Redemption in the order
    actually received and will hold Requests for Redemption in such
    order. Limited Partners will be notified within 10&#160;days
    after month-end if any Redemption cannot be honored under the
    terms hereof and their Requests thereafter will be honored at
    the first available opportunity. The Partnership shall not be
    obligated to redeem Units that are subject to a pledge or
    otherwise encumbered in any fashion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Subparagraph (2)&#160;notwithstanding, if the Net Asset
    Value per Unit is determined for purposes of Redemption as of a
    month-end which is not the end of a quarter, any performance
    fees payable and applicable to such Unit, will be determined and
    charged to such Unit as though such month-end were the end of a
    quarter and such performance fees were payable and such
    performance fees will be paid.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;11.<BR>
    OFFERING OF UNITS; ADMISSION OF ADDITIONAL LIMITED
    PARTNERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The General Partner shall, from time to time, (i)&#160;cause the
    Partnership to file a Registration Statement and such amendments
    as the General Partner deems advisable, with the Securities and
    Exchange Commission for the registration and public offering of
    the Units; (ii)&#160;seek to qualify the Units for sale in
    various jurisdictions as the General Partner deems advisable;
    and (iii)&#160;take such other actions as the General Partner
    deems advisable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The General Partner, at its option, may admit additional Limited
    Partners to the Partnership without the consent of the Limited
    Partners at any time. Such additional Limited Partners shall
    contribute capital to the Partnership, and shall be admitted as
    Limited Partners as of the first business day of the month
    immediately following the month-end as of which their
    subscriptions were accepted by the General Partner at no less
    than the Net Asset Value per Unit as of such month-end.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;12.<BR>
    SPECIAL POWER OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By execution of this Agreement, each Limited Partner irrevocably
    constitutes and appoints the General Partner with full power of
    substitution, as his true and lawful attorney-in-fact, in his
    name, place and stead, to execute, acknowledge, swear to, file
    and record in his behalf in the appropriate public offices and
    publish (i)&#160;this Agreement and any amendments thereto;
    (ii)&#160;all instruments which the General Partner deems
    necessary or appropriate to reflect any amendment, change, or
    modification of the Limited Partnership Agreement or Certificate
    of Limited Partnership in accordance with the terms of this
    Agreement; and (iii)&#160;Certificates of Fictitious or Assumed
    Name. The Power of Attorney granted herein shall be irrevocable
    and deemed to be a power coupled with an interest and shall
    survive the incapacity or death of a Limited Partner. Each
    Limited Partner hereby agrees to be bound by any representation
    made by the General Partner and by any successor thereto, acting
    in good faith pursuant to such Power of Attorney.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;13.<BR>
    WITHDRAWAL OF A PARTNER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Partnership shall terminate and be dissolved upon the
    withdrawal, or insolvency of the General Partner (unless in the
    case of the withdrawal of the General Partner, the actions
    necessary to continue the Partnership are taken pursuant to
    Article&#160;16). The General Partner shall cease to be a
    general partner of the Partnership upon the occurrence of any of
    the following events of withdrawal: (i)&#160;the General
    Partner&#146;s bankruptcy or insolvency; (ii)&#160;any event
    prescribed in the Act that is not encompassed in this
    Article&#160;13; or (iii)&#160;120&#160;days&#146; prior written
    notice to the Limited Partners of the General Partner&#146;s
    intent to withdraw as a General Partner. If the General Partner
    withdraws as general partner, it can redeem its interests in the
    Partnership at Net Asset Value as of the next month-end in which
    it is calculated. If the Limited Partners elect to continue the
    Partnership, the withdrawing General Partner shall pay all
    Partnership expenses incurred as a result of its withdrawal. The
    death, incompetency, incapacity, withdrawal, insolvency, or
    dissolution of a Limited Partner shall not dissolve or terminate
    the Partnership, and said Limited Partner, his estate,
    custodian, or personal representative shall have no right to
    withdraw or value such Limited Partner&#146;s Units except as
    provided in Article&#160;10 hereof. Each Limited Partner (and
    any assignee of such Limited Partner) expressly agrees that in
    the event of his death, he waives on behalf of himself and his
    estate, and he directs the legal representative of his estate
    and any person interested therein to waive the furnishing of any
    inventory, accounting, or appraisal of the assets of the
    Partnership and any right to a special audit of the books and
    records of the Partnership, provided that the waiver shall not
    relieve the General Partner from its reporting obligations set
    forth in Article&#160;9.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;14.<BR>
    NO PERSONAL LIABILITY FOR RETURN OF CAPITAL</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the provisions of Article&#160;15 below, the General
    Partner shall not be personally liable for the return or
    repayment of all or any portion of the capital or profits of any
    Partner (or assignee), it being expressly agreed that any such
    return of capital or profits made pursuant to this Agreement
    shall be made solely from the assets (which shall not include
    any right of contribution from the General Partner) of the
    Partnership.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;15.<BR>
    STANDARD OF LIABILITY; INDEMNIFICATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15.1&#160;&#160;<I>Standard of Liability.</I>&#160;&#160;The
    General Partner and its controlling persons shall have no
    liability to the Partnership or any Limited Partner for any loss
    suffered by the Partnership which arises out of any action of
    the General Partner if the General Partner, in good faith,
    determined that such course of conduct was in the best interests
    of the Partnership and such course of conduct did not constitute
    negligence or misconduct of the General Partner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15.2&#160;&#160;<I>Indemnification by the
    Partnership.</I>&#160;&#160;The Partnership shall indemnify,
    defend, and hold harmless the General Partner (including
    controlling persons and a former General Partner who has
    withdrawn from the Partnership) from and against any loss,
    liability, damage, cost or expense (including attorneys&#146;
    fees, and expenses incurred in defense of any demands, claims or
    lawsuits) arising from actions or omissions concerning the
    business or activities undertaken by or on behalf of the
    Partnership, from any source only if all of the following
    conditions are satisfied: (i)&#160;the General Partner has
    determined, in good faith, that the course of conduct which
    caused the loss or liability was in the best interests of the
    Partnership, (ii)&#160;the General Partner was acting on behalf
    of or performing services for the Partnership, (iii)&#160;such
    liability or loss was not the result of negligence or misconduct
    by the General Partner, and (iv)&#160;such indemnification is
    recoverable only out of the Partnership&#146;s assets and not
    from the Limited Partners. In no event shall the General Partner
    or any of the selling agents receive indemnification from the
    Partnership arising out of alleged violations of federal or
    state securities laws unless the following conditions are
    satisfied; (a)&#160;there has been a successful adjudication on
    the merits of each count involving alleged securities law
    violations, or (b)&#160;such claims have been dismissed with
    prejudice on the merits by a court of competent jurisdiction, or
    (c)&#160;a court of competent jurisdiction approves a settlement
    of the claims and finds that indemnification of the settlement
    and related costs should be made, and (d)&#160;in the case of
    subparagraph (c), the court considering the request has been
    advised of the position of the Securities and Exchange
    Commission and the states in which Units were offered and sold
    as to indemnification for violations of securities laws;
    provided that the court need only be
</DIV>
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    <BR>
    A-9
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    advised and consider the positions of the securities regulatory
    authorities in those states in which plaintiffs claim they were
    offered or sold Units. The Partnership shall not incur the cost
    of that portion of liability insurance which insures the General
    Partner for any liability as to which the General Partner is
    prohibited from being indemnified herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15.3&#160;&#160;<I>Advance Payment.</I>&#160;&#160;Expenses
    incurred in defending a threatened or pending civil,
    administrative or criminal action, suit or proceeding against
    the General Partner may be paid by the Partnership in advance of
    the final disposition of such action, suit or proceeding, if and
    to the extent that (i)&#160;the legal action relates to acts or
    omissions with respect to the performance of duties or services
    on behalf of the Partnership, (ii)&#160;the legal action is
    initiated by a party who is not a Limited Partner, or if by a
    Limited Partner, then a court of competent jurisdiction
    specifically approves such advancement, and (iii)&#160;the
    General Partner shall agree to reimburse the Partnership,
    together with the applicable legal rate of interest thereon, in
    the event indemnification is not permitted under this
    Article&#160;15 upon final disposition.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;16.<BR>
    AMENDMENTS; MEETINGS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.1&#160;&#160;<I>Amendments with Consent of the General
    Partner.</I>&#160;&#160;If at any time during the term of the
    Partnership the General Partner shall deem it necessary or
    desirable to amend this Agreement, such amendment shall be
    effective only if embodied in an instrument signed by the
    General Partner and by the holders of more than fifty percent
    (50%) of the Units then owned by the Limited Partners. Any such
    supplemental or amendatory agreement shall be adhered to and
    have the same effect from and after its effective date as if the
    same had originally been embodied in and formed a part of this
    Limited Partnership Agreement, provided, however, that no such
    supplemental or amendatory agreement shall, without the consent
    of all Limited Partners, change or alter this Section&#160;16,
    extend the term of the Partnership, reduce the capital account
    of any Partner or modify the percentage of profits, losses or
    distributions to which any Partner is entitled. In addition,
    reduction of the capital account of any assignee or
    modifications of the percentage of profits, losses or
    distributions to which an assignee is entitled hereunder shall
    not be effected by any amendment or supplement to this Limited
    Partnership Agreement without such assignee&#146;s written
    consent. No meeting procedure or specified notice period is
    required in the case of amendments made with the consent of the
    General Partner, mere receipt of an adequate number of unrevoked
    written consents being sufficient. The General Partner may amend
    this Limited Partnership Agreement without the consent of the
    Limited Partners in order (i)&#160;to clarify any clerical
    inaccuracy or ambiguity or reconcile any inconsistency
    (including any inconsistency between this Agreement and the
    Prospectus), (ii)&#160;to effect the intent of the tax
    allocations proposed herein (including, without limitation,
    allocating capital gain and capital loss on a net rather than a
    gross basis) to the maximum extent possible in the event of a
    change in the Code or the interpretations thereof affecting such
    allocations, (iii)&#160;to attempt to ensure that the
    Partnership is not taxed as an association taxable as a
    corporation for federal income tax purposes, (iv)&#160;to delete
    or add any provision of or to this Limited Partnership Agreement
    required to be deleted or added by the staff of the Securities
    and Exchange Commission or any other federal agency or any state
    &#147;Blue Sky&#148; official or similar official or in order to
    opt to be governed by any amendment or successor statute to the
    Act, (v)&#160;to change the name of the Partnership and to make
    any modifications to this Limited Partnership Agreement to
    reflect the admission of an additional or substitute general
    partner, (vi)&#160;to make any amendment to this Limited
    Partnership Agreement which the General Partner deems advisable,
    provided that such amendment is not adverse to the Limited
    Partners and does not alter the basic investment policies or
    structure of the Partnership, or that is required by law, or
    (vii)&#160;to make any amendment that is appropriate or
    necessary, in the opinion of the General Partner, to prevent the
    Partnership or the General Partner or their respective
    directors, officers or controlling persons from in any manner
    being subject to the provisions of the Investment Company Act of
    1940, as amended, or &#147;plan asset&#148; regulations adopted
    under ERISA as a result of their association with the
    Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.2&#160;&#160;<I>Meetings; Access to
    Records.</I>&#160;&#160;The General Partner will maintain at the
    office a list of the names and addresses of all Limited Partners
    and the Units owned by them. Upon request of any Limited Partner
    or his representative, the General Partner shall make such list
    available for review by any Limited Partner or his
    representative, and upon request, either in person or by mail,
    the General Partner shall furnish a copy of such list by mail to
    any Limited Partner or his representative, for the cost of
    duplication and postage the General Partner shall maintain and
    preserve such records for a period of five years. Upon receipt
    of a written request, signed by Limited Partners owning at least
    10% of the Units then owned by Limited Partners, that a meeting
    of the Partnership be
</DIV>
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    <BR>
    A-10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    called to vote upon any matter which the Limited Partners may
    vote upon pursuant to this Agreement, the General Partner shall,
    by written notice, either in person or by certified mail, to
    each Limited Partner of record mailed within 15&#160;days after
    such receipt, call a meeting of the Partnership. Such meeting
    shall be held at least 30&#160;days but not more than
    60&#160;days after the mailing of such notice, and such notice
    shall specify the date, a reasonable place and time, and the
    purpose of such meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.3&#160;&#160;<I>Amendments and Actions Without Consent of the
    General Partner.</I>&#160;&#160;At any meeting called pursuant
    to Article&#160;16.2, upon the affirmative vote (which may be in
    person or by proxy) of Limited Partners owning more than a
    majority of the Units then owned by the Limited Partners (any
    Units held by the General Partner or its affiliates shall be
    disregarded in calculating the percentage of outstanding Units
    and the General Partner shall be prohibited from voting as a
    Limited Partner) the following actions may be taken:
    (i)&#160;this Agreement may be amended in accordance with and
    only to the extent permissible under the Act, provided, however,
    that consent of all Limited Partners shall be required in the
    case of amendments requiring the consent of all Limited Partners
    under the Act; (ii)&#160;the Partnership may be dissolved;
    (iii)&#160;the General Partner may be removed and replaced;
    (iv)&#160;a new general partner may be elected if the General
    Partner withdraws from the Partnership; (v)&#160;any contracts
    with the General Partner may be terminated without penalty on
    60&#160;days written notice; and (vi)&#160;the sale of all the
    assets of the Partnership may be approved; provided, however,
    that none of the said actions may be taken unless the action is
    permitted under the Act. In the event of the occurrence of an
    event described in (iii)&#160;or (iv)&#160;above, the interest
    of the General Partner shall be redeemed and paid to the General
    Partner on the basis of the Net Assets allocable thereto on the
    date of such event.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;17.<BR>
    GOVERNING LAW</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The General Partner and Limited Partners expressly agree that
    all the terms and provisions hereof shall be construed under the
    Delaware Revised Uniform Limited Partnership Act as now adopted
    or as may be hereafter amended and shall govern the partnership
    aspects of this Agreement absent contrary terms contained in
    this Agreement.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;18.<BR>
    MISCELLANEOUS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.1&#160;&#160;<I>Priority Among Limited
    Partners.</I>&#160;&#160;No Limited Partner shall be entitled to
    any priority or preference over any other Limited Partner in
    regard to the affairs of the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.2&#160;&#160;<I>Notices.</I>&#160;&#160;All notices under
    this Agreement, other than Requests for Redemption of Units,
    notices of assignment, transfer or pledge of Units, and reports
    by the General Partner to the Limited Partners, shall be in
    writing and shall be effective upon personal delivery, or if
    sent by first class mail, postage prepaid, addressed to the last
    known address of the party to whom such notice is to be given,
    then, upon the deposit of such notice in the United States
    mails. Reports by the General Partner to the Limited Partners
    shall be in writing and shall be sent by first class mail to the
    last known address of each Limited Partner. Requests for
    Redemption and notices of assignment, transfer or pledge of
    Units shall be effective upon receipt by the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.3&#160;&#160;<I>Binding Effect.</I>&#160;&#160;This Agreement
    shall inure to and be binding upon all of the parties, their
    successors, assigns as permitted herein, custodians, estates,
    heirs and personal representatives. For purposes of determining
    the rights of any Partner or assignee hereunder, the Partnership
    and the General Partner may rely upon the Partnership records as
    to who are Partners and assignees, and all Partners and
    assignees agree that their rights shall be determined and that
    they shall be bound hereby, including all rights which they may
    have under Article&#160;16 hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.4&#160;&#160;<I>Captions.</I>&#160;&#160;Captions in no way
    define, limit, extend or describe the scope of this Agreement
    nor the effect of any of its provisions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.5&#160;&#160;<I>Counterparts.</I>&#160;&#160;This Agreement
    may be executed in any number of counterparts, each of which
    shall be deemed to be an original, and all of such counterparts
    together shall constitute one and the same instrument.
</DIV>
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    <BR>
    A-11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    IN WITNESS WHEREOF, the parties hereto have executed this
    Agreement on the date first appearing above.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>GENERAL PARTNER:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CAMPBELL&#160;&#038; COMPANY, INC.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Gregory
    T. Donovan</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Gregory T. Donovan
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Chief Financial Officer
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Thomas
    P. Lloyd</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Thomas P. Lloyd
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    General Counsel
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>LIMITED PARTNERS:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company as attorney-in-fact for the Limited
    Partners who have agreed by separate instrument to be a party
    hereto.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CAMPBELL&#160;&#038; COMPANY, INC.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Gregory
    T. Donovan</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Gregory T. Donovan
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Chief Financial Officer
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Thomas
    P. Lloyd</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Thomas P. Lloyd
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    General Counsel
</TD>
</TR>

</TABLE>
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    <BR>
    A-12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='268'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;B</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    GLOBAL TREND FUND, L.P.<BR>
    AMENDED AGREEMENT OF LIMITED PARTNERSHIP</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Amended Limited Partnership Agreement of Campbell Global
    Trend Fund, L.P. (the &#147;Fund&#148; or the
    &#147;Partnership&#148;), is entered into as of January&#160;1,
    2010 (this &#147;Agreement&#148;), by and among
    Campbell&#160;&#038; Company, Inc., a Maryland corporation, as
    general partner (the &#147;General Partner&#148; or
    &#147;Campbell&#160;&#038; Company), and those other parties who
    may be hereafter admitted to the Fund and who shall execute this
    Agreement, whether in counterpart, by separate instrument or
    otherwise, as limited partners of the Fund (collectively the
    &#147;Limited Partners&#148;) executed by Campbell&#160;&#038;
    Company, Inc. as general partner, in accordance with the
    provisions hereinafter set forth. This Agreement amends and
    restates in its entirety the original Limited Partnership
    Agreement of the Fund dated as of December&#160;1, 2009.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WITNESSETH:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WHEREAS, the General Partner heretofore filed an Amended
    Certificate of Limited Partnership with the Office of the
    Secretary of State of the State of Delaware under and pursuant
    to the Delaware Revised Uniform Limited Partnership Act (6 Del.
    C.
    <FONT style="white-space: nowrap">&#167;&#160;17-101</FONT>
    <I>et seq.</I>, as amended from time to time, the
    &#147;Act&#148;);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WHEREAS, the parties desire to enter into this Agreement to:
    (i)&#160;set forth their respective interests, rights, powers,
    authority, duties, responsibilities, liabilities and obligations
    in and with respect to the Fund, as well as the respective
    interests, rights, powers, authority, duties, responsibilities,
    liabilities and obligations of persons who may hereafter be
    admitted to the Fund as Limited Partners in accordance with the
    provisions hereof, and (ii)&#160;provide for the management and
    conduct of the business and affairs of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NOW, THEREFORE, in consideration of the mutual premises and
    agreements made herein and other good and valuable
    consideration, the receipt and sufficiency of which are hereby
    acknowledged, the parties hereto hereby agree as follows:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;1.<BR>
    <U>NAME; APPOINTMENT OF GENERAL PARTNER;
    CONTINUATION</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.1.&#160;&#160;<I><U>Name; Appointment of General
    Partner</U>.</I>&#160;&#160;The name of the Fund is Campbell
    Global Trend Fund, L.P. (the &#147;Fund&#148;).
    Campbell&#160;&#038; Company, Inc. shall be the General Partner
    of the Fund and the General Partner shall be the General Partner
    of each Series (as defined herein). The General Partner shall
    determine in its sole discretion the name or designation of any
    Series in the Fund. The General Partner may, without the
    approval of the other Limited Partners, establish and designate
    one or more additional Series and Classes (which may invest in
    the same or different portfolios), change the name of the Fund
    or the name or designation of any Series or Class in the Fund,
    or cause the Fund or any Series or Class in the Fund to transact
    business under another name. The General Partner shall notify
    all Limited Partners and their permitted assigns of which it has
    written notice of any such change. Any use in this Agreement of
    the term &#147;Fund&#148; shall, should the context so require,
    be deemed to be a reference to any Series and any use in this
    Agreement of the terms &#147;Limited Partner,&#148;
    &#147;capital account,&#148; &#147;Capital Contribution&#148; or
    &#147;Interest&#148; shall, should the context so require, be
    deemed to be a reference to a Limited Partner, capital account,
    Capital Contribution or Interest of any Series. The use of the
    terms &#147;Fund&#148; or &#147;Series&#148; in this Agreement
    shall in no event alter the intent of the parties hereto that
    the Fund, may in the future, at the General Partner&#146;s
    discretion, receive the full benefit of the limitations on
    inter-Series liability as set forth in the Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.2.&#160;&#160;<I><U>Formation and
    Continuation</U>.</I>&#160;&#160;The General Partner has formed
    the Fund as a series limited partnership containing one or more
    series of limited partner interests pursuant to and in
    accordance with the provisions of the Act. The General Partner
    has caused to be executed and filed with the Secretary of State
    of the State of Delaware an Amended Certificate of Limited
    Partnership conforming to the requirements of the Act which such
    Amended Certificate of Limited Partnership provides for the
    limitation of liability of each Series (as may be so designated
    and established) to the debts, liabilities, obligations and
    expenses of such Series and not those of any other Series or the
</DIV>
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    <BR>
    B-1
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fund in general, so that the liability of each Series shall be
    segregated and the liability of each additional Series, as
    designated, may be segregated as such in the future, in the sole
    discretion of the General Partner. The General Partner and the
    Limited Partners are entering into this Agreement in order to
    provide for the establishment and continuation of the Fund as a
    series limited partnership under the Act and the General Partner
    and shall execute, file and record as appropriate such
    amendments, assumed name certificates and other documents as are
    or become necessary or advisable in connection with the Fund as
    determined by the General Partner from time to time.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;2.<BR>
    <U>PRINCIPAL PLACE OF BUSINESS; REGISTERED OFFICE AND<BR>
    REGISTERED AGENT; LIMITED PARTNERS NOT AGENTS</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.1.&#160;&#160;<I><U>Principal Place of
    Business</U>.</I>&#160;&#160;The principal office of the Fund
    shall be located at 2850 Quarry Lake Drive, Baltimore, Maryland
    21209, or such other place as the General Partner may designate
    from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.2.&#160;&#160;<I><U>Registered Office and Registered
    Agent</U>.</I>&#160;&#160;The registered office of the Fund in
    the State of Delaware shall be at Corporation Trust&#160;Center,
    1209 Orange Street, Wilmington, New Castle County, Delaware
    19801. The registered agent for service of process on the Fund
    shall be The Corporation Trust&#160;Company. The General Partner
    may from time to time change such registered agent and
    registered office and shall give prompt notice of any such
    change to each Limited Partner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.3.&#160;&#160;<I><U>Limited Partners Not
    Agents</U>.</I>&#160;&#160;Except as specifically provided
    herein, nothing contained herein shall be construed to
    constitute any Limited Partner the agent of any other Limited
    Partner.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;3.<BR>
    <U>BUSINESS AND PURPOSE OF THE FUND</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The business and purpose of the Fund is to, directly or
    indirectly, trade, buy, sell, swap or otherwise acquire, hold or
    dispose of any and all commodities (including, but not limited
    to, foreign currencies, money market instruments, and any other
    financial instruments or items which are now, or may hereafter
    be, the subject of futures contract trading), domestic and
    foreign futures contracts, forward contracts, foreign exchange
    commitments, options on physical commodities and on futures
    contracts, spot (cash) commodities and currencies, and any
    rights pertaining thereto, as well as swaps and other
    derivatives of any type or nature whatsoever, whether currently
    existing or hereafter developed, whether traded on an organized
    exchange or otherwise, to engage in all activities necessary,
    convenient or incidental thereto and to carry on such other
    businesses, purposes, or activities as may be set forth from
    time to time in the Fund&#146;s Disclosure Document, as amended
    or supplemented from time to time (the &#147;Prospectus&#148;).
    The Fund may also engage in &#147;hedge,&#148; arbitrage and
    cash trading of any of the foregoing instruments. The Fund may
    engage in such business and purpose either directly or through
    subsidiaries, joint ventures, entities or partnerships, provided
    that the Fund&#146;s participation in any of the foregoing has
    no adverse economic or liability consequences for the Limited
    Partners, which consequences would not be present had the Fund
    engaged in that same business or purpose directly. The objective
    of the Fund&#146;s business is appreciation of its assets
    through speculative trading.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund shall possess and may exercise all the powers and
    privileges granted by the Act or by any other law or by this
    Agreement, together with any powers incidental thereto,
    including such powers and privileges as are necessary,
    appropriate, advisable or convenient to the conduct, promotion
    or attainment of any business, purpose or activity of the Fund.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;4.<BR>
    <U>TERM, DISSOLUTION AND FISCAL YEAR</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.1&#160;&#160;<I>Term.</I>&#160;&#160;The term of the
    Partnership commenced upon the execution and filing of the
    Certificate of Limited Partnership, as amended, and shall end
    upon the first to occur of the following: (i)&#160;an election
    to dissolve the Partnership in accordance with the provisions of
    Article&#160;4.2 by Limited Partners owning more than 50% of the
    Units then outstanding; (ii)&#160;the withdrawal of the General
    Partner, as defined in, and subject to the limitations of
</DIV>
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    <BR>
    B-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Article&#160;13; (iii)&#160;a determination by the General
    Partner that the purpose of the Partnership cannot be fulfilled;
    or (iv)&#160;any event which constitutes a dissolution of a
    limited partnership under the Act or otherwise makes it unlawful
    for the existence of the Partnership to be continued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.2&#160;&#160;<I>Dissolution.</I>&#160;&#160;Upon the
    occurrence of an event causing the dissolution of the
    Partnership, the Partnership shall be wound up and terminated.
    Upon dissolution and termination of the Partnership, the General
    Partner shall contribute to the Partnership an amount equal in
    the aggregate to the lesser of (a)&#160;the deficit balance in
    their capital accounts, or (b)&#160;the excess of 1.01% of the
    net aggregate capital contributions paid in by the Limited
    Partners over any capital previously contributed by the General
    Partner. Payment of creditors, and distribution of the
    Partnership&#146;s assets shall be effected as soon as
    practicable in accordance with the Act, and the General Partner
    and each Limited Partner (and any assignee) shall share in the
    assets of the Partnership <I>pro rata </I>in accordance with
    such Partner&#146;s respective capital account, less any amount
    owing by such Partner (or assignee) to the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.3&#160;&#160;<I>Fiscal Year.</I>&#160;&#160;The fiscal year of
    the Partnership shall end on December&#160;31, unless the
    General Partner elects, with the approval of the Internal
    Revenue Service and the CFTC, a different fiscal year.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;5.<BR>
    <U>GENERAL PARTNER</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.1&#160;The General Partner is Campbell&#160;&#038; Company,
    Inc., a Maryland corporation, 2850 Quarry Lake Drive, Baltimore,
    Maryland 21209.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;6.<BR>
    <U>CAPITAL CONTRIBUTIONS AND<BR>
    UNITS OF LIMITED PARTNERSHIP INTEREST</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.1&#160;&#160;<I>Units and Capital Contributions of Limited
    Partners.</I>&#160;&#160;Interests in the Partnership, other
    than the General Partner&#146;s interests, shall be evidenced by
    Units (individually a &#147;Unit&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.2&#160;&#160;<I>Capital Contributions by General Partner; Net
    Worth.</I>&#160;&#160;The General Partner has contributed cash
    to the capital of each Series of the Partnership respectively in
    an amount equal to the greater of (i)&#160;1% of the net
    aggregate contributions of all Partners in each Series including
    the General Partner or (ii)&#160;$25,000. The General
    Partner&#146;s contribution shall be evidenced by Units of
    General Partnership Interest. The General Partner may make
    withdrawals of its Units provided that such withdrawals do not
    reduce the General Partner&#146;s aggregate percentage interest
    in each Series of the Partnership below the levels described in
    the previous sentence. If additional Limited Partners are
    admitted during any Continuing Offering pursuant to the
    provisions of Article&#160;11 herein, the General Partner shall
    make such additional capital contributions as may be required to
    maintain its interest at the required level in each Series of
    the Partnership at all times during the term of the Partnership.
    The General Partner shall 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 Partnership. 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.3&#160;&#160;<I>Issuance and Sale of Units.</I>&#160;&#160;The
    Fund is authorized to issue an unlimited number of Units. The
    General Partner is authorized to admit as Limited Partners, in
    compliance with applicable law, any person and may issue Units
    to such Limited Partners. In connection with the Fund&#146;s
    offering of Units, the General Partner, on behalf of the Fund,
    shall: (i)&#160;qualify Units for sale initially and on a
    continuing basis under the Blue Sky and securities laws of such
    states of the United States or other jurisdictions as the
    General Partner shall deem advisable; (ii)&#160;make such
    arrangements for the offering and sale of Units as it shall deem
    appropriate; and (iii)&#160;take such action with respect to the
    matters described in clauses&#160;(i) and (ii)&#160;as it shall
    deem advisable or necessary. The General Partner in its
    discretion may, from time to time, without vote of the Limited
    Partners, issue Units, in addition to the then issued and
    outstanding Units, to such party or parties at the then current
    net asset value of such Units in connection with the business of
    the Fund. In connection with any issuance of Units, the General
    Partner may issue fractional Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.4&#160;&#160;<I>Establishment of Series.</I>&#160;&#160;The
    General Partner, on behalf of the Fund, shall designate various
    series of Units (each Series of Units is referred to herein as a
    &#147;Series&#148;), and each Series may have such general
    partners,
</DIV>
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    <BR>
    B-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    separate business purposes, investment objectives, rights,
    powers or duties with respect to specified property or
    obligations of such Series or the Fund, as applicable, or
    profits and losses associated with specified property or
    obligations, and such other rights as the General Partner shall
    determine. The General Partner, in addition to being the general
    partner of the Fund, shall be the general partner associated
    with each Series designated and established hereunder. The
    General Partner hereby establishes and designates the following
    Series: the &#147;Global Trend Series (USD)&#148; and the
    &#147;Global Trend Series (GLD)&#148;. Additional Series of
    Units may be offered from time to time in the discretion of the
    General Partner and the terms of any such Series shall be
    determined by the General Partner and set forth in the
    Prospectus. Separate and distinct records may be maintained for
    each Series and the Fund may hold and account for the assets
    associated therewith separately from the other Fund property and
    the assets associated with any other Series. Each Unit of a
    Series (or a Class thereof,) shall represent an equal beneficial
    interest in the net assets associated with that Series (or Class
    thereof).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The General Partner, in its sole discretion, shall organize the
    Fund so that the debts, liabilities, obligations and expenses
    incurred, contracted for or otherwise existing with respect to a
    particular Series or a general partner associated with such
    Series shall be enforceable only against the assets of such
    Series or a general partner associated with such Series, and not
    against the assets of the Fund generally, any other Series
    thereof or any general partner not associated with such Series,
    and none of the debts, liabilities, obligations and expenses
    incurred, contracted for or otherwise existing with respect to
    the Fund generally or any other Series thereof shall be
    enforceable against the assets of such Series or a general
    partner associated with such Series. With respect to debts,
    liabilities, obligations and expenses which relate to the Fund
    generally or more than one Series, the General Partner in its
    discretion may allocate and apply such debts, liabilities,
    obligations and expenses to and among certain Series as the
    General Partner considers appropriate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Series may have a business purpose or investment strategy that
    differs from other Series. A Series may be treated as a separate
    partnership for U.S.&#160;federal income tax purposes, in the
    General Partner&#146;s discretion. Every written agreement,
    instrument or other undertaking made or issued by or on behalf
    of a particular Series may include a recitation limiting the
    obligation or claim represented thereby to that Series and its
    assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.5&#160;&#160;<I>Classes.</I>&#160;&#160;Within each Series the
    General Partner may designate Units into any number of classes
    (each a &#147;Class&#148;). The Global Trend Series (USD) shall
    consist initially of Class&#160;A (USD), Class&#160;B (USD),
    Class&#160;C (USD), Class&#160;D (USD) and Class&#160;E (USD)
    Units. The Global Trend Series (GLD) shall consist initially of
    Class&#160;A (GLD), Class&#160;B (GLD), and Class&#160;C (GLD)
    Units. For the avoidance of doubt, the creation of separate
    Classes of Units within a Series shall be for accounting
    purposes only, and is not intended to separate or segregate the
    assets and liabilities of one Class within a Series from all
    other Classes in that same Series. Further, for the avoidance of
    doubt, the General Partnership Units shall be accounted for
    separately from all other Units and shall be considered the
    functional equivalent of a separate &#147;class&#148; of Units
    for all purposes hereunder. Such General Partnership Units shall
    share in the profits, losses, and expenses of the Partnership on
    a pro rata basis, excluding any advisory fees, general partner
    fees, performance fees, and certain other expenses (or a portion
    thereof) as determined by the General Partner in its sole
    discretion
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.6&#160;&#160;<I>Establishment of Additional Series and
    Classes.</I>&#160;&#160;The establishment and designation of any
    Series
    <FONT style="white-space: nowrap">and/or</FONT>
    Classes of Units other than those specifically named in
    Sections&#160;6.4 and 6.5 above shall be effective upon the
    execution by the General Partner of an instrument setting forth
    such establishment and designation and the relative rights and
    preferences of such Series
    <FONT style="white-space: nowrap">and/or</FONT>
    Classes, or as otherwise provided in such instrument. At any
    time that there are no Units outstanding of any particular
    Series or Class previously established and designated, the
    General Partner may, in its exclusive discretion, abolish that
    Series
    <FONT style="white-space: nowrap">and/or</FONT> Class
    and the establishment and designation thereof. Each instrument
    referred to in this Section&#160;6.6 shall have the status of an
    amendment to this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.7&#160;&#160;<I>Availability of
    Contributions.</I>&#160;&#160;The aggregate of all Partnership
    contributions shall be available to the Partnership to carry on
    its business and purpose, and no interest shall be paid to any
    Partner on any such contributions.
</DIV>
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    <BR>
    B-4
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;7.<BR>
    <U>ALLOCATION OF PROFITS AND LOSSES</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.1&#160;&#160;<I>Capital Accounts.</I>&#160;&#160;A separate
    capital account shall be established and maintained for each
    Limited Partner, including with respect to each Series. The
    initial balance of each Limited Partner&#146;s capital account
    shall be the amount initially contributed to that capital
    account, and shall be appropriately adjusted to reflect
    allocations of net profits, net losses and distributions of cash
    or other property, whether through redemption or otherwise. To
    the extent that a Limited Partner purchases Units of different
    Series, the Fund shall establish a separate memorandum account
    within the Limited Partner&#146;s primary capital account for
    each Series of Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.2&#160;&#160;<I>Periodic Allocations.</I>&#160;&#160;The Fund
    shall commence operations as a monthly liquidity fund. Profits
    and losses, accordingly, initially will be allocated on a
    monthly basis. However, the General Partner reserves the right,
    without the consent of the Limited Partners, to provide
    liquidity to the Limited Partners of any existing or future
    Series or Class on a more frequent basis, employing periods
    shorter than one month for, among other things, the allocation
    of profits and losses. As of the close of business (as
    determined by the General Partner) on the last day of each
    period and on each Redemption&#160;Date, the following
    determinations and allocations shall be made with respect to
    each Series and each Class: (i)&#160;any increase or decrease in
    the Net Assets (prior to the accrual of all fees and other
    charges) shall be determined; (ii)&#160;fees and charges shall
    then be charged against Net Assets; (iii)&#160;accrued
    performance fees, if any, shall then be charged against Net
    Assets; (iv)&#160;any remaining increase or decrease in the Net
    Assets as compared to the last such determination of Net Assets
    shall be credited or charged to the capital accounts of each
    Limited Partner of such Series and Class in the ratio that the
    balance of each capital account bears to the balance of all
    capital accounts for such Series and Class; and (v)&#160;the
    amount of any distribution to a Limited Partner and any amount
    paid to a Limited Partner on redemption of Units shall be
    charged to such Limited Partner&#146;s capital account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.3&#160;&#160;<I>Allocation of Profit and Loss for Federal
    Income Tax Purposes.</I>&#160;&#160;At the end of each taxable
    year, each item of Partnership taxable income, gain, loss,
    deduction, or credit will be allocated among the Partners in
    accordance with the following provisions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Capital gain shall be allocated first to each Partner
    who has redeemed Units (Units of General Partnership Interest in
    the case of the General Partner) during the year to the extent
    that the amount the Partner received on redemption exceeds the
    amount paid for the redeemed Units (as set forth in subparagraph
    (5));
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Capital gain remaining after the allocation in
    subparagraph (1)&#160;shall be allocated among all Partners in
    the ratio that each Partner&#146;s capital account bears to all
    Partner&#146;s capital accounts;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Capital losses shall be allocated first to each Partner
    who has redeemed Units (Units of General Partnership Interest in
    the case of the General Partner) during the year to the extent
    that the amount the Partner paid for the redeemed Units (as set
    forth in subparagraph (5)) exceeds the amount the Partner
    received on redemption;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;Capital losses remaining after the allocation in
    subparagraph (3)&#160;shall be allocated among all Partners in
    the ratio that each Partner&#146;s capital account bears to all
    Partners&#146; capital accounts;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;For the purpose of the allocations of capital gain and
    loss in subparagraphs (1)&#160;and (3), the amount each Partner
    paid for each of his Units shall be deemed to have increased by
    the amount of capital gain allocated to him with respect to such
    Unit pursuant to subparagraph (2)&#160;or ordinary income
    pursuant to subparagraph (6); decreased by the amount of any
    capital loss allocated to him with respect to such Unit pursuant
    to subparagraph (4)&#160;or ordinary expense pursuant to
    subparagraph (6); and decreased by the amount of any
    distributions to him with respect to such Unit pursuant to
    Article&#160;7.8;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;Items of ordinary income and expense will be allocated
    <I>pro rata </I>among the Partners based upon their respective
    capital accounts as of the end of each month in which the items
    of ordinary income or expense accrue; provided that any
    performance fee paid to the General Partner shall be allocated
    among the Units outstanding at any time during the fiscal year
    based upon the ratio that each such Unit&#146;s net performance
    fee (the excess, if any, of the aggregate of all performance
    fees allocated to the capital account relating to such Unit over
    the aggregate of all reversals of performance fees allocated to
    such Unit) bears to the net performance fee of all Units;
</DIV>
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    <BR>
    B-5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;Notwithstanding subparagraphs (4)&#160;and (6), if the
    allocation of such loss would cause a Limited Partner to have a
    capital account deficit, then such loss shall be allocated to
    the General Partner, according to its capital account, to the
    extent of such losses;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (8)&#160;For purposes of this Paragraph&#160;7.3, &#147;capital
    gain&#148; and &#147;capital loss&#148; shall mean gain or loss
    characterized as gain or loss from the sale or exchange of a
    capital asset by the Internal Revenue Code of 1986, as amended
    (the &#147;Code&#148;), including but not limited to gain or
    loss required to be taken into account pursuant to
    Section&#160;1256 thereof and any income, gain or loss
    determined under Section&#160;988 of the Code;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (9)&#160;Allocations of capital gain or loss will be made <I>pro
    rata </I>from each category of capital gain or loss determined
    under Section&#160;1(h) of the Code and income or loss
    determined under Section&#160;988 of the Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.4&#160;&#160;<I>Definitions; Accounting.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;&#160;<I>Net Assets.</I>&#160;&#160;&#147;Net
    Assets&#148; of the Partnership shall mean the total assets of
    the Partnership, including all cash and cash equivalents, plus
    accrued interest thereon, and the market value of all open
    commodity positions and other assets of the Partnership, less
    all liabilities of the Partnership, including accrued
    performance fees determined in accordance with the principles
    specified in this subparagraph and, where no principle is
    specified, in accordance with generally accepted accounting
    principles consistently applied under the accrual basis of
    accounting. The market value of a commodity or commodity futures
    contract traded on an exchange, or through a clearing firm or
    through a bank, shall mean the most recent available settlement
    price or closing quotation, as appropriate on the exchange, or
    of the clearing firm or bank on or through which the commodity
    or contract is traded by the Partnership on the day with respect
    to which Net Assets are being determined. If such contract
    cannot be liquidated, due to the operation of daily limits or
    otherwise, on a day as of which Net Assets are determined, the
    liquidating value on the first subsequent day on which the
    contract would be liquidated may be used or such other value as
    the General Partner may deem fair and reasonable. The market
    value of a commodity forward contract or a commodity futures
    contract traded on a foreign exchange shall mean its market
    value as determined by the General Partner on a basis
    consistently applied. The &#147;Net Assets of a
    &#145;Series&#146; or &#145;Class&#146; &#148; shall mean the
    Net Assets of the Partnership, on a
    <FONT style="white-space: nowrap">Series-by-Series</FONT>
    or
    <FONT style="white-space: nowrap">Class-by-Class</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;&#160;<I>Net Asset Value.</I>&#160;&#160;The &#147;Net
    Asset Value&#148; of the Partnership shall mean the total
    capital accounts of all Partners. The &#147;Net Asset
    Value&#148; of a Series or Class shall mean the Net Asset Value
    of the Partnership on a
    <FONT style="white-space: nowrap">Series-by-Series</FONT>
    or
    <FONT style="white-space: nowrap">Class-by-Class</FONT>
    basis. The &#147;Net Asset Value&#148; of a Unit shall be the
    total capital accounts of all Partners, divided by the number of
    Units owned by all Partners.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;&#160;<I>Blue Sky Glossary.</I>&#160;&#160;The
    definitions in the Blue Sky Glossary in Appendix&#160;I to the
    Partnership&#146;s Prospectus are hereby incorporated herein by
    reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.5&#160;&#160;<I>Expenses.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;The organization and offering expenses during the
    initial and continuing offering will be advanced by Campbell
    &#038; Company. The Fund, and in turn, each Class of Units
    (excluding Class&#160;E (USD) Units and Class&#160;C (GLD)
    Units), will reimburse, monthly, its organization and offering
    expenses (collectively, &#147;Offering Costs&#148;), subject to
    an annual cap of 0.50% of the Fund&#146;s, and in turn, each
    Class of Units&#146;, month end net asset value. Such Offering
    Costs include all fees and expenses in connection with the
    distribution of the Units, including legal, accounting,
    printing, mailing, filing fees, escrow fees, salaries and
    bonuses of employees while engaged in sales activities
    (including wholesaling), and marketing expenses of
    Campbell&#160;&#038; Company and the selling agents which are
    paid by the Fund. Any Offering Costs advanced by Campbell &#038;
    Company in excess of the aforementioned annual cap may be
    reimbursed by the Fund in later periods, as the Fund is able to
    do so within the limit of the annual cap, provided that the
    maximum amount reimbursed by the Fund in any calendar year not
    exceed the overall limits set forth above. In no event will the
    reimbursement exceed 2.5% of the total subscriptions accepted by
    the Fund. In no event shall the Offering Costs paid by the Fund
    exceed the limits set by the NASAA Guidelines during such time
    as the Units are registered for sale to the public. Each Class
    of Units (excluding Class&#160;E (USD) Units and Class&#160;C
    (GLD) Units) shall be specifically allocated its pro rata Share
    of the Offering Costs. In the event the Fund terminates prior to
    the completion of any reimbursement of the aforementioned costs,
    Campbell &#038; Company will not be entitled to any additional
    reimbursement from the Fund.
</DIV>
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    <BR>
    B-6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;The Partnership shall be obligated to pay all
    liabilities incurred by it, including without limitation,
    (i)&#160;advisory and general partner fees payable to
    Campbell&#160;&#038; Company; (ii)&#160;fees payable to the
    futures broker and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty; (iii)&#160;selling commissions and broker-dealer
    custodial fees as described in the Prospectus payable to the
    selling agents; (iv)&#160;operating expenses and performance
    fees; (v)&#160;administrative, legal and accounting fees;
    (vi)&#160;cash management fees; and (vii)&#160;taxes and other
    extraordinary expenses incurred by the Partnership. During any
    year of operations, the General Partner shall be responsible for
    payment of operating expenses in excess of 0.5% of the
    Partnership&#146;s average month-end Net Asset Value during that
    year. Any operating expenses incurred in excess of the
    aforementioned annual cap are initially paid by Campbell &#038;
    Company; provided, however, that the Fund reimburses the
    operating expenses paid by Campbell &#038; Company at such
    times, if any, as the Fund is able to do as within the limit of
    the aforementioned cap. Indirect expenses of the General
    Partner, such as indirect salaries, rent and other overhead
    expenses, shall not be liabilities of the Partnership. The
    Partnership shall receive all interest earned on its assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Class&#160;A (USD) Units, Class&#160;C (USD) Units,
    Class&#160;A (GLD) Units, and Class&#160;B (GLD) Units shall pay
    a monthly broker-dealer custodial fee of 0.25% of each
    respective Class&#146;s month-end net asset value per annum to
    the selling agents (the firm, not the individual) provided,
    however that the total of such broker-dealer custodial fees per
    Unit do not exceed 1.0% of the gross offering proceeds of
    Class&#160;A (USD) Units and Class&#160;A (GLD) Units and 6% of
    the gross offering proceeds of Class&#160;C (USD) Units and
    Class&#160;B (GLD) Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;Compensation to any party, including the General
    Partner (or any advisor which may be retained in the future),
    shall not exceed the limitations imposed as of the date hereof
    by the North American Securities Administrators Association
    (&#147;NASAA&#148;). In the event the compensation exceeds such
    limitations, the General Partner shall promptly reimburse the
    Partnership for such excess. NASAA limitations on fees are as
    follows: general partner fees, advisory fees and all other fees
    paid to the General Partner, except for performance fees and
    commodity brokerage commissions, when added to organization and
    offering expenses, shall not exceed 6% annually of net asset
    value. The aggregate performance fees shall not exceed 15% of
    new trading profits. The sponsor or advisor will be entitled to
    an additional 2% performance fee for each 1% by which the net
    asset value fee (including any general partner or advisory fees
    paid to the General Partner and organization and offering
    expenses) is reduced below 6%. Commodity brokerage rates will be
    presumptively reasonable if they satisfy either 80% of the
    published retail rate plus pit brokerage fees or 14% annually of
    average net assets, including pit brokerage fees. Each Class of
    Units of the Partnership will pay to the futures brokers and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty up to 1% of the net asset value ofthat Class of
    Units, respectively. Each Class of Units will pay
    Campbell&#160;&#038; Company a monthly (i)&#160;advisory fee at
    the annual rate of 2% and (ii)&#160;general partner fee at an
    annual rate of 1%, of the net asset value of that Class of
    Units, respectively, prior to any accrual for or payment of any
    general partner fee, advisory fee, performance fee, redemption
    or subscription during said month, allowing the performance fee
    to be 20%, as discussed above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;The Partnership will pay to selected selling agents who
    have sold Class&#160;A (USD) Units, Class&#160;B (USD) Units,
    and Class&#160;A (GLD) Units selling commissions of 2% of each
    subscription of Class&#160;A (USD) Units, Class&#160;B (USD)
    Units, and Class&#160;A (GLD) Units (which includes the initial
    distribution of the Units, execution of commodity transactions,
    and ongoing services to the Limited Partners), which is less
    than the 14% limit imposed by NASAA. The amount paid to selling
    agents of Class&#160;A (USD) Units, Class&#160;B (USD) Units,
    and Class&#160;A (GLD) Units sold pursuant to each disclosure
    document will not, however, exceed 8.0% of the gross offering
    proceeds of the Class&#160;A (USD) Units and Class&#160;A (GLD)
    Units and 9.0% of the gross offering proceeds of the
    Class&#160;B (USD) Units sold pursuant to the disclosure
    document.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once total underwriting compensation, including, but not limited
    to, the fees mentioned in the preceding paragraph, paid on any
    Class&#160;A (USD) Unit, Class&#160;B (USD) Unit, Class&#160;C
    (USD) Unit, Class&#160;D (USD) Unit, Class&#160;A (GLD) Unit or
    Class&#160;B (GLD) Unit reaches 10% of the gross offering
    proceeds, (1)&#160;the Class&#160;A (USD) Unit, Class&#160;B
    (USD) Unit, Class&#160;C (USD) Unit or Class&#160;D (USD) Unit
    will automatically be re-designated as Class&#160;E (USD) Units,
    which are identical to Class&#160;A (USD) Units, Class&#160;B
    (USD) Units, Class&#160;C (USD) Units and Class&#160;D (USD)
    Units except that Class&#160;E (USD) Units do not pay any
    offering expenses, selling agent fee, broker-dealer custodial
    fee payable to the selling agents and, if applicable, redemption
    fees, and (2)&#160;the Class&#160;A (GLD) Unit or Class&#160;B
    (GLD) Unit will automatically be re-designated as Class&#160;C
    (GLD) Units, which are identical to Class&#160;A (GLD) Units and
    Class&#160;B (GLD) Units, except that Class&#160;C (GLD) Units
    do not pay any offering expenses, selling agent fee,
    broker-dealer custodial fee payable to the selling agents and,
    if applicable, redemption fees.
</DIV>
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    <BR>
    B-7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;The Partnership shall also be obligated to pay any
    costs of indemnification to the extent permitted under
    Article&#160;15 of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.6&#160;&#160;<I>Limited Liability of Limited
    Partners.</I>&#160;&#160;Each Unit purchased by a Limited
    Partner is fully paid and non-assessable. A Limited Partner
    shall be liable for the Partnership&#146;s obligations to the
    extent of the capital contributed by him plus his share of
    profits remaining in the Partnership, if any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, if a Limited Partner receives a return of any part
    of his capital contribution, he shall be liable to the
    Partnership for a period of one year thereafter for the amount
    of the returned contribution, but only to the extent necessary
    to discharge the Partnership&#146;s liabilities to creditors who
    extended credit to the Partnership during the period the
    contribution was held by the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Limited Partner shall also be liable to the Partnership for
    return of any part of his capital contribution returned to him,
    for a period of six years, if such return was in violation of
    this Agreement or the Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.7&#160;&#160;<I>Return of Limited Partner&#146;s Capital
    Contribution.</I>&#160;&#160;Except to the extent that a Limited
    Partner shall have the right to redeem Units, no Limited Partner
    shall have any right to demand the return of his capital
    contribution or any profits added thereto, except upon
    dissolution and termination of the Partnership. In no event
    shall a Limited Partner be entitled to demand or receive
    property other than cash.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.8&#160;&#160;<I>Distributions.</I>&#160;&#160;The General
    Partner shall have sole discretion in determining what
    distributions (other than on redemption of Units or
    dissolution), if any, the Partnership will make to its Partners
    (or any assignee thereof). Distributions shall be made <I>pro
    rata </I>in accordance with the respective capital accounts of
    the Partners.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;8.<BR>
    <U>MANAGEMENT</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.1&#160;&#160;<I>General.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;The General Partner, to the exclusion of the Limited
    Partners, shall conduct and manage the business of the
    Partnership including, without limitation, all functions
    necessary for administration of the Partnership. The General
    Partner shall have the fiduciary responsibility for the
    safekeeping and use of all assets of the Partnership, whether or
    not in its immediate possession or control, shall not contract
    away such duty and shall not employ or permit another to employ
    such assets in any manner except for the exclusive benefit of
    the Partnership. The General Partner, on behalf of the
    Partnership, shall make all investment decisions regarding the
    Partnership and shall have complete trading discretion. The
    General Partner shall seek the best price and services available
    in its futures brokerage transactions, and all brokerage
    transactions for the Partnership&#146;s futures trades will be
    effected at competitive rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;The General Partner shall receive from the Partnership:
    (i)&#160;advisory fee of 2% per annum of the month-end Net Asset
    Value of all Classes of Units; general partner fee of 1% per
    annum of the month-end Net Asset Value of all Classes of Units;
    and (ii)&#160;a quarterly &#147;performance fee&#148; of 20% of
    the Partnership&#146;s aggregate cumulative appreciation in the
    Net Asset Value per Unit, exclusive of interest income. The
    performance fee is paid on the cumulative increase, if any, in
    the Net Asset Value per Unit over the highest previous
    cumulative Unit value or Unit value as of the commencement of
    trading, whichever is higher. In determining the fees in this
    paragraph, adjustments shall be made for capital additions and
    withdrawals and Net Assets shall not be reduced by the
    performance fees being calculated for such current period. Such
    fees may be changed upon sixty days&#146; notice to the Limited
    Partners, provided that prior to the imposition of the revised
    fees, Limited Partners have an opportunity to redeem (and there
    are no delays in receiving payment therefor) and the notice
    explains their redemption and voting rights. Further, any new
    contract with any advisor, including the General Partner, shall
    carryforward all losses attributable to such advisor or General
    Partner, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;The General Partner may take such other actions as it
    deems necessary or desirable to manage the business of the
    Partnership including, but not limited to, the following:
    entering into commercially reasonable contracts,
</DIV>
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    <BR>
    B-8
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    opening bank accounts, paying or authorizing the payment of
    distributions to the Partners and expenses of the Partnership
    including fees to the General Partner, taxes and other fees of
    governmental agencies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;The General Partner shall keep and retain for at least
    six years, at the principal office of the Partnership, such
    books and records relating to the business of the Partnership as
    it deems necessary to substantiate that Units were sold only to
    purchasers for whom such securities were suitable and which are
    required by the Commodity Exchange Act, and the rules and
    regulations thereunder. Such books and records shall be
    available to any Limited Partner or his authorized attorney or
    agent for inspection and copying during normal business hours of
    the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;The General Partner may engage in other business
    activities and shall not refrain from any other activity nor
    disgorge any profits from any such activity, whether as general
    partner of additional partnerships for investment in commodity
    futures or forward contracts or otherwise. Subject to the terms
    and conditions set forth in this Agreement, the General Partner
    may engage and compensate on behalf of the Partnership, from
    funds of the Partnership, such persons, firms or corporations,
    as the General Partner in its sole judgment shall deem advisable
    for the conduct and operation of the business of the
    Partnership. The General Partner may develop and implement a
    cash management facility. In such event, the General Partner may
    cause the Partnership to participate in such facility if doing
    so would be in the best interests of the Partnership.
    Competitive management fees may be paid to the General Partner
    or an affiliate thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;No person dealing with the General Partner shall be
    required to determine its authority to make any undertaking on
    behalf of the Partnership, nor to determine any fact or
    circumstance bearing upon the existence of such authority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;Except as provided by Article&#160;13, the General
    Partner may not sell, assign, or otherwise dispose of all or
    substantially all of its General Partnership Interest in the
    Partnership except for a sale or transfer of all Partnership
    interests of all Partners or a sale of all or substantially all
    of its interest to a corporation controlled by such General
    Partner. The foregoing restriction shall not be applicable to
    the General Partner mortgaging, pledging, hypothecating or
    granting a security interest in its General Partnership Interest
    as collateral for a loan or loans and any such assignment of all
    or any portion of the General Partner&#146;s Interest shall not
    cause an event of withdrawal with respect to the General Partner
    pursuant to Article&#160;13 of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (8)&#160;The maximum period covered by any contract entered into
    by the Partnership, except for certain provisions which survive
    the stated term, shall be one year. Agreements between the
    Partnership and the General Partner or any affiliate shall be
    terminable by the Partnership without penalty on
    60&#160;days&#146; written notice. All sales of Units in the
    United States shall be made by registered brokers. No sales will
    be made by the General Partner or an affiliate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.2&#160;&#160;<I>Prohibitions.</I>&#160;&#160;The Partnership
    shall not: (i)&#160;engage in pyramiding; (ii)&#160;commingle
    its assets with the assets of any other person, except as
    permitted by law; (iii)&#160;make loans to the General Partner
    or any affiliate thereof or to any person; (iv)&#160;pay
    per-trade compensation to the General Partner or any advisor or
    any affiliate thereof or to any person who receives any other
    form of compensation from the Partnership; or (v)&#160;permit
    rebates or
    <FONT style="white-space: nowrap">give-ups</FONT> to
    be received by the General Partner or affiliates thereof nor
    shall the General Partner participate in any reciprocal business
    arrangements which would circumvent the foregoing or any other
    provision of this Agreement; or (vi)&#160;borrow cash or other
    assets from the General Partner.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;9.<BR>
    <U>REPORTS TO LIMITED PARTNERS</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The books and records of the Partnership shall be audited
    annually by an independent certified public accountant. Net
    Assets and Net Asset Value per Unit shall be determined daily
    and will be supplied in writing to any Limited Partner who
    requests such information. The General Partner will cause each
    Partner to receive (i)&#160;within ninety (90)&#160;days after
    the close of each fiscal year an annual report with audited
    financial statements (including a balance sheet and income
    statement) for the fiscal year then ended, and (ii)&#160;within
    seventy-five (75)&#160;days after the close of each fiscal year
    such tax information as is necessary for the Partner to complete
    his Federal income tax return. In addition, the General Partner
    will report within 30&#160;days after the end of each month to
    the Limited Partners
</DIV>
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    <BR>
    B-9
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the information required by the CFTC to be reported, which
    information currently includes the following: the total amount
    of realized net gain or loss on commodity interest positions
    liquidated during the month; the change in unrealized net gain
    or loss on commodity interest positions during the month; the
    total amount of net gain or loss from all other transactions
    engaged in by the Partnership during the month, including
    interest earned; the total amount of (i)&#160;the general
    partner and advisory fees payable to Campbell&#160;&#038;
    Company; (ii)&#160;fees payable to the futures broker and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparty; (iii)&#160;fees payable by Class&#160;A (USD)
    Units, Class&#160;B (USD) Units, and Class&#160;A (GLD) Units to
    the selling agents who have sold Class&#160;A (USD) Units,
    Class&#160;B (USD) Units and Class&#160;A (GLD) Units; and
    (iv)&#160;performance fees, and all other expenses incurred or
    accrued by the Partnership during the month; the Net Asset Value
    of a Unit as of the end of the month and as of the end of the
    previous month; the total amount of additions to the Net Assets
    of the Partnership made during the month; the total amount of
    withdrawals from and redemptions of Units for the month; and the
    total net income or loss of the Partnership during the month. In
    the event either Net Asset Value per Unit as of the end of any
    business day declines by more than 50% of the previous year-end
    or month-end Net Asset Value per Unit, or there is a material
    change in the advisory agreement with the General Partner or
    otherwise affecting the compensation to any party, including the
    General Partner, the General Partner will notify each Limited
    Partner of such information, their redemption and voting rights
    and any material effect on the Units within seven business days.
    Reporting to Limited Partners may be via hard copy or, where
    permitted by applicable rules, via electronic media. In the
    event of the 50% decline in Net Asset Value per Unit referred to
    in the previous sentence, the General Partner will declare a
    special redemption period and temporarily suspend the
    Partnership&#146;s trading during such period.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;10.<BR>
    <U>DISPOSITIONS AND REDEMPTIONS OF PARTNERSHIP
    UNITS</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.1&#160;&#160;<I>Permissible Dispositions.</I>&#160;&#160;A
    Limited Partner may transfer, assign, pledge, or encumber his
    Units only as provided in this Article&#160;10.1. No such
    transferee, pledgee, assignee, or secured creditor shall become
    a substituted Limited Partner unless the General Partner
    consents in writing to such substitution. The General Partner
    has complete discretion to withhold consent but only intends to
    do so in order to prevent or minimize potential adverse legal or
    tax consequences to the Partnership. Any transfer or assignment
    of Units which is permitted hereunder shall be effective as of
    the beginning of the month following the month in which such
    transfer or assignment is made; provided, however, that the
    Partnership need not recognize any transfer, assignment, or
    pledge until it has received at least 30&#160;days&#146; prior
    written notice thereof from the transferor, assignor, or
    pledgor, which notice shall include (i)&#160;the name,
    signature, address and social security or taxpayer
    identification number of the transferee, assignee, or pledgee,
    (ii)&#160;the number of Units transferred, assigned or pledged,
    and (iii)&#160;the signature of the transferor, assignor, or
    pledgor. The General Partner may, in its discretion, waive
    receipt of the above described written notice or waive any
    defect therein. No transfer or assignment shall be permitted
    unless the General Partner is satisfied that (i)&#160;such
    transfer or assignment would not be in violation of the Act,
    (ii)&#160;the amount of the transfer is at least the minimum
    subscription amount except for transfers by gift, inheritance,
    or to affiliates, including family members of the person
    transferring the Units, and (iii)&#160;notwithstanding such
    transfer or assignment, the Partnership shall continue to be
    classified as a partnership rather than as a corporation or an
    association under the Internal Revenue Code, as amended. No
    transfer or assignment of Units shall be effective or recognized
    by the Partnership if following such transfer or assignment
    there would result a termination of the Partnership for federal
    income tax purposes as provided in Code 708(b) and any attempted
    transfer or assignment in violation hereof shall be ineffective
    to transfer or assign any such Units. Any transferee or assignee
    of Units who has not been admitted to the Partnership as a
    substituted Limited Partner shall not have any of the rights of
    a Limited Partner, except that the assignee shall receive that
    share of capital and profits and shall have that right of
    redemption to which his assignor would otherwise have been
    entitled and shall remain subject to the other terms of this
    Agreement binding upon Limited Partners. The transfer or
    assignment of Units shall be subject to all applicable
    securities laws. The transferor or assignor shall bear all costs
    (including any attorneys&#146; fees) related to such transfer or
    assignment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.2&#160;&#160;<I>Redemptions.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;A Limited Partner (or any assignee thereof) may
    withdraw all or part of his capital contribution and
    undistributed profits, if any, by requiring the Partnership to
    redeem all or part of his Units at the Net Asset Value per Unit,
    reduced as hereinafter described (such withdrawal being herein
    referred to as a &#147;Redemption&#148;).
</DIV>
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    <BR>
    B-10
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Redemptions shall be effective as of the end of any
    month ending after a Request for Redemption in proper form has
    been timely received by the General Partner (the
    &#147;Redemption&#160;Date&#148;). Redemption fees apply to the
    Class&#160;A (USD) Units, Class&#160;B (USD) Units, and
    Class&#160;A (GLD) 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, 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&#160;A (USD) Unit,
    Class&#160;B (USD) Unit, or Class&#160;A (GLD) Unit, no
    redemption fees apply. Because the purchase date counts as the
    first month-end in determining whether a redemption fee applies,
    no redemption fee would be due in respect of a Class&#160;A
    (USD) Unit, Class&#160;B (USD) Unit, or Class&#160;A (GLD) Unit
    redeemed on the first anniversary of the purchase.<U> </U>As
    used herein, &#147;Request for Redemption&#148; shall mean a
    written request of such withdrawal transmitted by the Limited
    Partner (or any assignee thereof) to the General Partner not
    less than ten business days prior to the end of the month or
    such shorter period as established by the General Partner. Upon
    Redemption, a Limited Partner (or any assignee thereof) shall
    receive, per Unit redeemed, an amount equal to the Net Asset
    Value per Unit as of the Redemption&#160;Date, less any amount
    owing by such Limited Partner (and his assignee, if any) to the
    Partnership pursuant to Article&#160;15.3, and less any
    applicable redemption fees due to the General Partner. If
    redemption is requested by an assignee, all amounts owed to the
    Partnership under Article&#160;15.3 by the Partner to whom such
    Unit was sold, as well as all amounts owed by the assignees of
    such Unit, shall be deducted from the amount payable upon
    Redemption by any assignee. All Requests for Redemption in
    proper form shall be honored and payment will be made within
    twenty (20)&#160;business days following the
    Redemption&#160;Date, except that under special circumstances,
    including, but not limited to, the inability on the part of the
    Partnership to liquidate commodity positions or the default or
    delay in payments due the Partnership from commodity brokers,
    banks, or other persons, the Partnership may delay payment to
    Partners requesting Redemption of Units. In the event that
    Redemptions are requested for more Units than the General
    Partner is able to honor due to the foregoing contingencies, the
    General Partner will honor Requests for Redemption in the order
    actually received and will hold Requests for Redemption in such
    order. Limited Partners will be notified within 10&#160;days
    after month-end if any Redemption cannot be honored under the
    terms hereof and their Requests thereafter will be honored at
    the first available opportunity. The Partnership shall not be
    obligated to redeem Units that are subject to a pledge or
    otherwise encumbered in any fashion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Subparagraph (2)&#160;notwithstanding, if the Net Asset
    Value per Unit is determined for purposes of Redemption as of a
    month-end which is not the end of a quarter, any performance
    fees payable and applicable to such Unit, will be determined and
    charged to such Unit as though such month-end were the end of a
    quarter and such performance fees were payable and such
    performance fees will be paid.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;11.<BR>
    <U>OFFERING OF UNITS; ADMISSION OF ADDITIONAL LIMITED
    PARTNERS</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The General Partner shall, from time to time, (i)&#160;cause the
    Partnership to file a Registration Statement and such amendments
    as the General Partner deems advisable, with the Securities and
    Exchange Commission for the registration and public offering of
    the Units; (ii)&#160;seek to qualify the Units for sale in
    various jurisdictions as the General Partner deems advisable;
    and (iii)&#160;take such other actions as the General Partner
    deems advisable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The General Partner, at its option, may admit additional Limited
    Partners to the Partnership without the consent of the Limited
    Partners at any time. Such additional Limited Partners shall
    contribute capital to the Partnership, and shall be admitted as
    Limited Partners as of the first business day of the month
    immediately following the month-end as of which their
    subscriptions were accepted by the General Partner at no less
    than the Net Asset Value per Unit as of such month-end.
</DIV>
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    <BR>
    B-11
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    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;12.<BR>
    <U>SPECIAL POWER OF ATTORNEY</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By execution of this Agreement, each Limited Partner irrevocably
    constitutes and appoints the General Partner with full power of
    substitution, as his true and lawful attorney-in-fact, in his
    name, place and stead, to execute, acknowledge, swear to, file
    and record in his behalf in the appropriate public offices and
    publish (i)&#160;this Agreement and any amendments thereto;
    (ii)&#160;all instruments which the General Partner deems
    necessary or appropriate to reflect any amendment, change, or
    modification of the Limited Partnership Agreement or Certificate
    of Limited Partnership in accordance with the terms of this
    Agreement; and (iii)&#160;Certificates of Fictitious or Assumed
    Name. The Power of Attorney granted herein shall be irrevocable
    and deemed to be a power coupled with an interest and shall
    survive the incapacity or death of a Limited Partner. Each
    Limited Partner hereby agrees to be bound by any representation
    made by the General Partner and by any successor thereto, acting
    in good faith pursuant to such Power of Attorney.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;13.<BR>
    <U>WITHDRAWAL OF A PARTNER</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Partnership shall terminate and be dissolved upon the
    withdrawal, or insolvency of the General Partner (unless in the
    case of the withdrawal of the General Partner, the actions
    necessary to continue the Partnership are taken pursuant to
    Article&#160;16). The General Partner shall cease to be a
    general partner of the Partnership upon the occurrence of any of
    the following events of withdrawal: (i)&#160;the General
    Partner&#146;s bankruptcy or insolvency; (ii)&#160;any event
    prescribed in the Act that is not encompassed in this
    Article&#160;13; or (iii)&#160;120&#160;days&#146; prior written
    notice to the Limited Partners of the General Partner&#146;s
    intent to withdraw as a General Partner. If the General Partner
    withdraws as general partner or is removed as General Partner
    Pursuant to Article 16, it can redeem its interests in the
    Partnership at Net Asset Value as of the next month-end in which
    it is calculated. If the Limited Partners elect to continue the
    Partnership, the withdrawing General Partner shall pay all
    Partnership expenses incurred as a result of its withdrawal. The
    death, incompetency, incapacity, withdrawal, insolvency, or
    dissolution of a Limited Partner shall not dissolve or terminate
    the Partnership, and said Limited Partner, his estate,
    custodian, or personal representative shall have no right to
    withdraw or value such Limited Partner&#146;s Units except as
    provided in Article&#160;10 hereof. Each Limited Partner (and
    any assignee of such Limited Partner) expressly agrees that in
    the event of his death, he waives on behalf of himself and his
    estate, and he directs the legal representative of his estate
    and any person interested therein to waive the furnishing of any
    inventory, accounting, or appraisal of the assets of the
    Partnership and any right to a special audit of the books and
    records of the Partnership, provided that the waiver shall not
    relieve the General Partner from its reporting obligations set
    forth in Article&#160;9.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;14.<BR>
    <U>NO PERSONAL LIABILITY FOR RETURN OF CAPITAL</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the provisions of Article&#160;15 below, the General
    Partner shall not be personally liable for the return or
    repayment of all or any portion of the capital or profits of any
    Partner (or assignee), it being expressly agreed that any such
    return of capital or profits made pursuant to this Agreement
    shall be made solely from the assets (which shall not include
    any right of contribution from the General Partner) of the
    Partnership.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;15.<BR>
    <U>STANDARD OF LIABILITY; INDEMNIFICATION</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15.1&#160;&#160;<I>Standard of Liability.</I>&#160;&#160;The
    General Partner and its controlling persons shall have no
    liability to the Partnership or any Limited Partner for any loss
    suffered by the Partnership which arises out of any action of
    the General Partner if the General Partner, in good faith,
    determined that such course of conduct was in the best interests
    of the Partnership and such course of conduct did not constitute
    negligence or misconduct of the General Partner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15.2&#160;&#160;<I>Indemnification by the
    Partnership.</I>&#160;&#160;The Partnership shall indemnify,
    defend, and hold harmless the General Partner (including
    controlling persons and a former General Partner who has
    withdrawn from the Partnership) from and against any loss,
    liability, damage, cost or expense (including attorneys&#146;
    fees, and expenses
</DIV>
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    <BR>
    B-12
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    incurred in defense of any demands, claims or lawsuits) arising
    from actions or omissions concerning the business or activities
    undertaken by or on behalf of the Partnership, from any source
    only if all of the following conditions are satisfied:
    (i)&#160;the General Partner has determined, in good faith, that
    the course of conduct which caused the loss or liability was in
    the best interests of the Partnership, (ii)&#160;the General
    Partner was acting on behalf of or performing services for the
    Partnership, (iii)&#160;such liability or loss was not the
    result of negligence or misconduct by the General Partner, and
    (iv)&#160;such indemnification is recoverable only out of the
    Partnership&#146;s assets and not from the Limited Partners. In
    no event shall the General Partner or any of the selling agents
    receive indemnification from the Partnership arising out of
    alleged violations of federal or state securities laws unless
    the following conditions are satisfied; (a)&#160;there has been
    a successful adjudication on the merits of each count involving
    alleged securities law violations, or (b)&#160;such claims have
    been dismissed with prejudice on the merits by a court of
    competent jurisdiction, or (c)&#160;a court of competent
    jurisdiction approves a settlement of the claims and finds that
    indemnification of the settlement and related costs should be
    made, and (d)&#160;in the case of subparagraph (c), the court
    considering the request has been advised of the position of the
    Securities and Exchange Commission and the states in which Units
    were offered and sold as to indemnification for violations of
    securities laws; provided that the court need only be advised
    and consider the positions of the securities regulatory
    authorities in those states in which plaintiffs claim they were
    offered or sold Units. The Partnership shall not incur the cost
    of that portion of liability insurance which insures the General
    Partner for any liability as to which the General Partner is
    prohibited from being indemnified herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15.3&#160;&#160;<I>Advance Payment.</I>&#160;&#160;Expenses
    incurred in defending a threatened or pending civil,
    administrative or criminal action, suit or proceeding against
    the General Partner may be paid by the Partnership in advance of
    the final disposition of such action, suit or proceeding, if and
    to the extent that (i)&#160;the legal action relates to acts or
    omissions with respect to the performance of duties or services
    on behalf of the Partnership, (ii)&#160;the legal action is
    initiated by a party who is not a Limited Partner, or if by a
    Limited Partner, then a court of competent jurisdiction
    specifically approves such advancement, and (iii)&#160;the
    General Partner shall agree to reimburse the Partnership,
    together with the applicable legal rate of interest thereon, in
    the event indemnification is not permitted under this
    Article&#160;15 upon final disposition.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;16.<BR>
    <U>AMENDMENTS; MEETINGS</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.1.&#160;&#160;<I>Amendments Not Requiring the Consent of the
    Fund</I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The General Partner, without obtaining the
    authorization or approval of any other Limited Partner and
    without giving prior notification to any Limited Partner, may
    amend this Agreement at any time and from time to time, whether
    by changing any one or more of the provisions hereof, removing
    any one or more provisions herefrom or adding one or more
    provisions hereto, to the extent necessary, in the reasonable
    judgment of the General Partner, to: (i)&#160;cause the
    provisions of this Agreement to comply with the provisions of
    Section&#160;7704 of the Code and the Treasury Regulations
    thereunder; (ii)&#160;otherwise cause the provisions of this
    Agreement to comply with any requirement, condition or guideline
    contained in any order, directive, opinion, ruling or regulation
    of a federal or state agency or contained in federal or state
    law; (iii)&#160;ensure the Fund&#146;s continuing classification
    as a partnership for U.S.&#160;federal income tax purposes;
    (iv)&#160;prevent the Fund from being treated as a
    &#147;publicly traded partnership&#148; within the meaning of
    Section&#160;7704 of the Code and the Treasury Regulations;
    (v)&#160;take such action as may be necessary or appropriate to
    avoid the assets of the Fund being treated for any purpose of
    ERISA or Section&#160;4975 of the Code as assets of any
    &#147;employee benefit plan&#148; as defined in and subject to
    ERISA or of any plan or account subject to Section&#160;4975 of
    the Code (or any corresponding provision of succeeding law);
    (vi)&#160;prevent the Fund from being required to register as an
    &#147;investment company&#148; under the Investment Company Act
    of 1940; (vii)&#160;avoid the Fund engaging in any
    &#147;prohibited transaction&#148; (within the meaning of
    Section&#160;406 of ERISA or Section&#160;4975(c) of the Code);
    (viii)&#160;add to the obligations of the General Partner for
    the benefit of the Fund or the Limited Partners; (ix)&#160;make
    any modification to this Agreement to reflect the admission of
    additional or substitute General Partners (x)&#160;reflect the
    admission, substitution, termination or redemption of Limited
    Partners after the date hereof in accordance with the provisions
    of this Agreement; (xi)&#160;cure any ambiguity in this
    Agreement, or correct any provision in this Agreement that is
    manifestly incorrect; or (xii)&#160;provide that any one or more
    additional or substitute General Partner may possess and
    exercise any one or more of the rights, powers and authority of
    the General Partner
</DIV>
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    <BR>
    B-13
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    hereunder; provided that such appointment of an additional
    General Partner does not constitute an &#147;assignment&#148;
    within the meaning of Section&#160;202(a)(1) of the Advisers Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Upon giving notification to the Limited Partners, but
    without obtaining the authorization or approval of any Limited
    Partner, the General Partner may amend this Agreement at any
    time and from time to time, whether by changing any one or more
    of the provisions hereof, removing any one or more provisions
    herefrom or adding one or more provisions hereto, for such
    purpose of purposes as the General Partner may deem necessary,
    appropriate, advisable or convenient, provided that, in the
    General Partner&#146;s reasonable judgment, such amendment could
    not reasonably be expected to have a material adverse effect on
    the Fund or any Limited Partner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.2&#160;&#160;<I>Meetings; Access to
    Records</I>.&#160;&#160;The General Partner will maintain at the
    office a list of the names and addresses of all Limited Partners
    and the Units owned by them. Upon request of any Limited Partner
    or his representative, the General Partner shall make such list
    available for review by any Limited Partner or his
    representative, and upon request, either in person or by mail,
    the General Partner shall furnish a copy of such list by mail to
    any Limited Partner or his representative, for the cost of
    duplication and postage. The General Partner shall maintain and
    preserve such records for a period of five years. Upon receipt
    of a written request, signed by Limited Partners owning at least
    10% of the Units then owned by Limited Partners, that a meeting
    of the Partnership be called to vote upon any matter which the
    Limited Partners may vote upon pursuant to this Agreement, the
    General Partner shall, by written notice, either in person or by
    certified mail, to each Limited Partner of record mailed within
    15&#160;days after such receipt, call a meeting of the
    Partnership. Such meeting shall be held at least 30&#160;days
    but not more than 60&#160;days after the mailing of such notice,
    and such notice shall specify the date, a reasonable place and
    time, and the purpose of such meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.3&#160;&#160;<I>Amendments and Actions Without Consent of the
    General Partner</I>.&#160;&#160;At any meeting called pursuant
    to Article&#160;16.2, upon the affirmative vote (which may be in
    person or by proxy) of Limited Partners owning more than a
    majority of the Units then owned by the Limited Partners (any
    Units held by the General Partner or its affiliates shall be
    disregarded in calculating the percentage of outstanding Units
    and the General Partner shall be prohibited from voting as a
    Limited Partner) the following actions may be taken:
    (i)&#160;this Agreement may be amended in accordance with and
    only to the extent permissible under the Act, provided, however,
    that consent of all Limited Partners shall be required in the
    case of amendments requiring the consent of all Limited Partners
    under the Act; (ii)&#160;the Partnership may be dissolved;
    (iii)&#160;the General Partner may be removed and replaced;
    (iv)&#160;a new general partner may be elected if the General
    Partner withdraws from the Partnership; (v)&#160;any contracts
    with the General Partner may be terminated without penalty on
    60&#160;days written notice; and (vi)&#160;the sale of all the
    assets of the Partnership may be approved; provided, however,
    that none of the said actions may be taken unless the action is
    permitted under the Act. In the event of the occurrence of an
    event described in (iii)&#160;or (iv)&#160;above, the interest
    of the General Partner shall be redeemed and paid to the General
    Partner on the basis of the Net Assets allocable thereto on the
    date of such event.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.4.&#160;&#160;<I>Amendment Requiring Consent of the
    Fund.</I>&#160;&#160;Subject to the provisions of
    Section&#160;16.3, the General Partner may amend this Agreement
    at any time and from time to time, whether by changing any one
    or more of the provisions hereof, removing any one or more
    provisions herefrom or adding one or more provisions hereto, in
    a manner that materially adversely affects or could reasonably
    be expected to have a material affect on the Fund or the Limited
    Partners; provided, however, that the General Partner may not
    make any such Amendment without giving notification to the
    Limited Partners, at least thirty (30)&#160;days prior to the
    implementation of such amendment, setting forth all material
    facts relating to such amendment, and obtaining the Consent of
    the Fund to such amendment prior to the implementation thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.5.&#160;&#160;<I>Consent of the Fund.</I>&#160;&#160;For
    purposes of this Agreement, the &#147;Consent of the
    Fund<U>,</U>&#148; when used with respect to a particular
    transaction, practice, amendment to this Agreement or other
    action (any such transaction, practice, amendment or other
    action being referred to in this Agreement as a &#147;Consent
    Transaction&#148;), shall be deemed to have been obtained if a
    Majority in Interest of the Limited Partners, approves such
    Consent Transaction (it being understood and agreed that, for
    purposes of the foregoing, (i)&#160;a Limited Partner shall be
    deemed to approve a Consent Transaction if such Limited Partner
    either (a)&#160;affirmatively approves such Consent Transaction
    prior to the completion, consummation or implementation thereof
    or (b)&#160;fails to give notification to the Fund of its
    objection to such Consent Transaction prior to the completion,
    consummation or implementation thereof and (ii)&#160;a Limited
</DIV>
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    <BR>
    B-14
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Partner who withdraws or is required to withdraw all amounts
    from its capital account(s) pursuant to the provisions of this
    Agreement prior to the completion, consummation or
    implementation of such a Consent Transaction shall thereupon
    automatically cease to have any right to approve or withhold its
    approval of such Consent Transaction and shall not be considered
    a Limited Partner for purposes of determining whether a Majority
    in Interest of the Limited Partners has approved such Consent
    Transaction, notwithstanding that such Limited Partner may have
    objected to such Consent Transaction). &#147;Majority in
    Interest&#148; of the Limited Partners, means Limited Partners
    (other than the General Partner and its affiliates), the opening
    balances of whose capital accounts at such time exceed 50% of
    the opening balances of the capital accounts at such time of all
    Limited Partners (other than the General Partner and its
    affiliates).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.6.&#160;&#160;<I>Certain Amendments Requiring Consent of
    Affected Limited Partners.</I>&#160;&#160;Notwithstanding any
    other provision of this Article&#160;XVI, this Agreement may not
    be amended so as to modify the limited liability of a Limited
    Partner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.7.&#160;&#160;<I>Amendments of Certificate.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The General Partner shall cause the Certificate of
    Limited Partnership to be amended
    <FONT style="white-space: nowrap">and/or</FONT>
    restated at such time or times, to such extent and in such
    manner as may be required by the Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The General Partner may cause the Certificate of
    Limited Partnership to be amended
    <FONT style="white-space: nowrap">and/or</FONT>
    restated in accordance with the principles set forth in this
    Article&#160;XVI, and any such amendment
    <FONT style="white-space: nowrap">and/or</FONT>
    restatement shall be effective immediately upon the filing of a
    certificate of amendment in the office of the Secretary of State
    of the State of Delaware or upon such future date as may be
    stated therein.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;17.<BR>
    <U>GOVERNING LAW</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The General Partner and Limited Partners expressly agree that
    all the terms and provisions hereof shall be construed under the
    Delaware Revised Uniform Limited Partnership Act as now adopted
    or as may be hereafter amended and shall govern the partnership
    aspects of this Agreement absent contrary terms contained in
    this Agreement.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;18.<BR>
    <U>MISCELLANEOUS</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.1&#160;&#160;<I>Priority Among Limited
    Partners.</I>&#160;&#160;No Limited Partner shall be entitled to
    any priority or preference over any other Limited Partner in
    regard to the affairs of the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.2&#160;&#160;<I>Notices.</I>&#160;&#160;All notices under
    this Agreement, other than Requests for Redemption of Units,
    notices of assignment, transfer or pledge of Units, and reports
    by the General Partner to the Limited Partners, shall be in
    writing and shall be effective upon personal delivery, or if
    sent by first class mail, postage prepaid, addressed to the last
    known address of the party to whom such notice is to be given,
    then, upon the deposit of such notice in the United States
    mails. Reports by the General Partner to the Limited Partners
    shall be in writing or in such electronic format as permitted by
    applicable rules. When such requests are in writing, they shall
    be sent by first class mail to the last known address of each
    Limited Partner. When such reports are in electronic format,
    they shall be delivered consistent with applicable rules.
    Requests for Redemption and notices of assignment, transfer or
    pledge of Units shall be effective upon receipt by the
    Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.3&#160;&#160;<I>Binding Effect.</I>&#160;&#160;This Agreement
    shall inure to and be binding upon all of the parties, their
    successors, assigns as permitted herein, custodians, estates,
    heirs and personal representatives. For purposes of determining
    the rights of any Partner or assignee hereunder, the Partnership
    and the General Partner may rely upon the Partnership records as
    to who are Partners and assignees, and all Partners and
    assignees agree that their rights shall be determined and that
    they shall be bound hereby, including all rights which they may
    have under Article&#160;16 hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.4&#160;&#160;<I>Captions.</I>&#160;&#160;Captions in no way
    define, limit, extend or describe the scope of this Agreement
    nor the effect of any of its provisions.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.5&#160;&#160;<I>Counterparts.</I>&#160;&#160;This Agreement
    may be executed in any number of counterparts, each of which
    shall be deemed to be an original, and all of such counterparts
    together shall constitute one and the same instrument.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    IN WITNESS WHEREOF, the parties hereto have executed this
    Agreement on the date first appearing above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>LIMITED PARTNERS:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <B>GENERAL PARTNER:</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    All Limited Partners now and hereafter admitted as limited
    partners of the Fund pursuant to the power of attorney now or
    hereafter executed in favor of and delivered to the General
    Partner.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    CAMPBELL &#038; COMPANY, INC.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    By:&#160;<DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Thomas
    P.
    Lloyd</FONT></DIV><DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="text-indent:0pt"></DIV>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    By: Campbell&#160;&#038; Company, Inc. Attorney-in-fact
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Name: Thomas P. Lloyd<BR>
    Title:&#160;General Counsel
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    By:&#160;<DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Thomas
    P.
    Lloyd</FONT></DIV><DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="text-indent:0pt"></DIV>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    By:&#160;<DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Gregory
    T.
    Donovan</FONT></DIV><DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="text-indent:0pt"></DIV>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Name: Thomas P. Lloyd<BR>
    Title: General Counsel
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Name: Gregory T. Donovan <BR>
    Title:&#160;Chief Financial Officer
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    By:&#160;<DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Gregory
    T.
    Donovan</FONT></DIV><DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="text-indent:0pt"></DIV>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Name: Gregory T. Donovan<BR>
    Title: Chief Financial Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<A name='269'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;C</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.<BR>
    REQUEST FOR REDEMPTION</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 9pt">Please send original to:<BR>
    Campbell&#160;&#038; Company, Inc.<BR>
    General Partner<BR>
    2850 Quarry Lake Drive<BR>
    Baltimore, Maryland 21209<BR>
    Phone:
    <FONT style="white-space: nowrap">800-698-7235</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">410-413-2572</FONT>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 10pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><FONT style="font-size: 8pt">Date
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" align="right" valign="top">
    <DIV style="font-size: 10pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><FONT style="font-size: 8pt">Limited
    Partner No.
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" align="right" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><FONT style="font-size: 8pt">Social
    Security Number/Taxpayer ID Number<BR>
    <B><I>(must be included)</I></B>
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 24pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" valign="top">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">Client Mailing Address
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" align="right" valign="top">
    <FONT style="font-size: 8pt">City, State and Zip Code
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 24pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="top">
    <FONT style="font-size: 7pt">Client Phone Number
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="top">
    <FONT style="font-size: 7pt">Client
    <FONT style="white-space: nowrap">E-mail</FONT>
    Address
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="top">
    <FONT style="font-size: 7pt">Brokerage Account Number
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dear Sir/Madam:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby requests redemption, as defined in and
    subject to all the terms and conditions of the Limited
    Partnership Agreement of CAMPBELL STRATEGIC ALLOCATION FUND,
    L.P. (&#147;Fund&#148;), of the undersigned&#146;s limited
    partnership units (&#147;units&#148;) in the Fund at the net
    asset value per unit, as described in the prospectus, as of the
    close of business at the end of the current month. <B>Redemption
    will be effective as of the month-end immediately following
    receipt by you of this request for redemption, provided that
    this request for redemption is received ten (10)&#160;business
    days prior to the end of such month. </B>Redemption fees apply
    through the first twelve month ends following purchase (from and
    including the closing date on which the unit is purchased) as
    follows: 4% of net asset value per unit redeemed through the
    third month-end, 3% of net asset value per unit redeemed through
    the sixth month-end, 2% of net asset value per unit redeemed
    through the ninth month-end and 1% of net asset value per unit
    redeemed through the twelfth month-end. After the twelfth
    month-end following purchase of a unit, no redemption fees
    apply. The undersigned hereby represents and warrants that the
    undersigned is the true, lawful and beneficial owner of the
    units to which this request for redemption relates with full
    power and authority to request redemption of such units. Such
    units are not subject to any pledge or otherwise encumbered in
    any fashion.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">United
    States Taxable Limited Partners Only</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under penalty of perjury, the undersigned hereby certifies that
    the Social Security Number or Taxpayer ID Number indicated on
    this request for redemption is the undersigned&#146;s true,
    correct and complete Social Security Number or Taxpayer ID
    Number and that the undersigned is not subject to backup
    withholding under the provisions of section&#160;3406(a)(1)(C)
    of the Internal Revenue Code.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Non-United</FONT>
    States Limited Partners Only</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under penalty of perjury, the undersigned hereby certifies that
    (a)&#160;the undersigned is not a citizen or resident of the
    United States or (b) (in the case of an investor which is not an
    individual) the investor is not a United States corporation,
    partnership, estate or trust.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 6pt; border-right: 1px solid #000000; padding-right: 6pt; border-bottom: 1px solid #000000; padding-bottom: 6pt; border-left: 1px solid #000000; padding-left: 6pt"><!-- Begin box 1 -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>In order for this redemption request to be processed, it is
    mandatory to complete the following:</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;</FONT></B><FONT style="font-size: 9pt">Type
    of Redemption (check one):
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Full
    Redemption
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Partial
    Redemption (specify number of units
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    or dollar amount
    $<U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>)
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;Remittance
    of Redemption&#160;Funds:
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;
    </FONT></TD>
    <TD align="left">
    <FONT style="font-size: 9pt">Forward redemption funds to the
    undersigned at:
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;Name
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">
    Street
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">
    City, State and Zip Code
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Remit
    funds directly to Brokerage Account
    Number:&#160;<U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURE(S)
    MUST BE IDENTICAL TO NAME(S) IN WHICH UNITS ARE REGISTERED.<BR>
    ALL BENEFICIARIES MUST SIGN ON THE SAME
    REDEMPTION&#160;FORM&#160;WHEN APPLICABLE.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Entity Limited Partner</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Individual Limited
    Partner(s)</FONT></B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Printed Name of Entity Limited Partner <BR>
    (or assignee)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Printed Limited Partner Name
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Signature of Limited Partner
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    By:&#160;<U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: 0pt; margin-left: 6pt">
    Signature of Trustee, Custodian, <BR>
    Fiduciary, Partner or Authorized Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Printed Limited Partner Name/Custodian
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Signature of Limited Partner/Custodian
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Title:&#160;<U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Additional Limited Partner Signature
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Additional Limited Partner Signature
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" align="center" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Custodian Medallion Signature Guarantee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Financial Advisor Name
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Broker/Dealer Name
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Branch Address
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Financial Advisor E-mail
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Branch Phone Number
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Branch Fax Number
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    GLOBAL TREND FUND, L.P.<BR>
    REQUEST FOR REDEMPTION</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-size: 9pt">Please send original to:<BR>
    Campbell&#160;&#038; Company, Inc.<BR>
    General Partner<BR>
    2850 Quarry Lake Drive<BR>
    Baltimore, Maryland 21209<BR>
    Phone:
    <FONT style="white-space: nowrap">800-698-7235</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">410-413-2572</FONT>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 10pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><FONT style="font-size: 8pt">Date
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" align="right" valign="top">
    <DIV style="font-size: 10pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><FONT style="font-size: 8pt">Limited
    Partner No.
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" align="right" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><FONT style="font-size: 8pt">Social
    Security Number/Taxpayer ID Number<BR>
    <B><I>(must be included)</I></B>
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" valign="top">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">Client Mailing Address
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" align="right" valign="top">
    <FONT style="font-size: 8pt">City, State and Zip Code
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 18pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="top">
    <FONT style="font-size: 7pt">Client Phone Number
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="top">
    <FONT style="font-size: 7pt">Client
    <FONT style="white-space: nowrap">E-mail</FONT>
    Address
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="top">
    <FONT style="font-size: 7pt">Brokerage Account Number
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dear Sir/Madam:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby requests redemption, as defined in and
    subject to all the terms and conditions of the Limited
    Partnership Agreement of CAMPBELL GLOBAL TREND FUND, L.P.
    (&#147;Fund&#148;), of the undersigned&#146;s limited
    partnership units (&#147;units&#148;) in the Fund at the net
    asset value per unit, as described in the prospectus, as of the
    close of business at the end of the current month. <B>Redemption
    will be effective as of the month-end immediately following
    receipt by you of this request for redemption, provided that
    this request for redemption is received ten (10)&#160;business
    days prior to the end of such month. </B>Redemption fees apply
    through the first twelve month ends following purchase of the
    Class&#160;A (USD) Units, Class&#160;B (USD) Units and
    Class&#160;A (GLD) Units as follows: 1.833% of net asset value
    (NAV) per Class&#160;A (USD) Unit, Class&#160;B (USD) Unit or
    Class&#160;A (GLD) Unit redeemed through the second month-end,
    decreasing every month thereafter to 1.666%, 1.500%, 1.333%,
    1.167%, 1.000%, 0.833%, 0.667%, 0.500%, 0.333%, and 0.167%,
    respectively. After the twelfth month-end following purchase of
    a unit, no redemption fees apply. The undersigned hereby
    represents and warrants that the undersigned is the true, lawful
    and beneficial owner of the units to which this request for
    redemption relates with full power and authority to request
    redemption of such units. Such units are not subject to any
    pledge or otherwise encumbered in any fashion.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">United
    States Taxable Limited Partners Only</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under penalty of perjury, the undersigned hereby certifies that
    the Social Security Number or Taxpayer ID Number indicated on
    this request for redemption is the undersigned&#146;s true,
    correct and complete Social Security Number or Taxpayer ID
    Number and that the undersigned is not subject to backup
    withholding under the provisions of section&#160;3406(a)(1)(C)
    of the Internal Revenue Code.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Non-United</FONT>
    States Limited Partners Only</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under penalty of perjury, the undersigned hereby certifies that
    (a)&#160;the undersigned is not a citizen or resident of the
    United States or (b) (in the case of an investor which is not an
    individual) the investor is not a United States corporation,
    partnership, estate or trust.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 6pt; border-right: 1px solid #000000; padding-right: 6pt; border-bottom: 1px solid #000000; padding-bottom: 6pt; border-left: 1px solid #000000; padding-left: 6pt"><!-- Begin box 1 -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>In order for this redemption request to be processed, it is
    mandatory to complete the following:</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;</FONT></B><FONT style="font-size: 9pt">Type
    of Redemption (check one)
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Full
    Redemption
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Partial
    Redemption (specify number of units or dollar amount):
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">Class&#160;A
    (USD) Units
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    Class&#160;B (USD) Units
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    Class&#160;C (USD) Units
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    Class&#160;D (USD) Units
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">Class&#160;E
    (USD) Units
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    Class&#160;A (GLD) Units
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    Class&#160;B (GLD) Units
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    Class&#160;C (GLD) Units
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;Remittance
    of Redemption&#160;Funds:
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Forward
    redemption funds to the undersigned at:
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">Name
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    Street
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">&#160;&#160;
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    City, State and Zip Code
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt"><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Remit
    funds directly to Brokerage Account
    Number:&#160;<U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURE(S)
    MUST BE IDENTICAL TO NAME(S) IN WHICH UNITS ARE REGISTERED.<BR>
    ALL BENEFICIARIES MUST SIGN ON THE SAME
    REDEMPTION&#160;FORM&#160;WHEN APPLICABLE.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Entity Limited Partner</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Individual Limited
    Partner(s)</FONT></B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Printed Name of Entity Limited Partner <BR>
    (or assignee)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Printed Limited Partner Name
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Signature of Limited Partner
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    By:&#160;<U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: 0pt; margin-left: 6pt">
    Signature of Trustee, Custodian, <BR>
    Fiduciary, Partner or Authorized Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Printed Limited Partner Name/Custodian
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Signature of Limited Partner/Custodian
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Title:&#160;<U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Additional Limited Partner Signature
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Additional Limited Partner Signature
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" align="center" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Custodian Medallion Signature Guarantee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Financial Advisor Name
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Broker/Dealer Name
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Branch Address
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Financial Advisor E-mail
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Branch Phone Number
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<BR>
    </U>Branch Fax Number
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<A name='270'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;D</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUBSCRIPTION
    REQUIREMENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Campbell
    Strategic Allocation Fund, L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By executing the Subscription Agreement for Campbell Strategic
    Allocation Fund, L.P. (the &#147;Strategic Allocation
    Fund&#148;), each purchaser (&#147;purchaser&#148;) of limited
    partnership units in the Strategic Allocation Fund
    (&#147;units&#148;) irrevocably subscribes for units at a price
    equal to the net asset value per unit as of the end of the month
    in which the subscription is accepted provided such subscription
    is received at least five business days prior to such month end,
    as described in this prospectus dated May&#160;3, 2010 (the
    &#147;prospectus&#148;). The Strategic Allocation Fund is only
    open to existing investors wishing to make additions to their
    existing accounts. Limited partners may increase their
    investment in the Strategic Allocation Fund with a minimum
    additional investment of $1,000. Subscriptions must be
    accompanied by a check or wire in the full amount of the
    subscription and made payable to &#147;Campbell Strategic
    Allocation Fund, L.P.&#148; Purchaser is also delivering to the
    selling agent an executed Subscription Agreement (Exhibit&#160;E
    to the prospectus). If purchaser&#146;s Subscription Agreement
    is accepted, purchaser agrees to contribute purchaser&#146;s
    subscription to the Strategic Allocation Fund and to be bound by
    the terms of the Strategic Allocation Fund&#146;s Limited
    Partnership Agreement, attached as Exhibit&#160;A to the
    prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Campbell
    Global Trend Fund, L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By executing the Subscription Agreement for Campbell Global
    Trend Fund, L.P. (the &#147;Global Trend Fund&#148;), each
    purchaser (&#147;purchaser&#148;) of limited partnership units
    of any of the classes of the Global Trend Fund
    (&#147;units&#148;) irrevocably subscribes for units at a price
    equal to the net asset value per class of unit as of the end of
    the month in which the subscription is accepted provided such
    subscription is received at least five business days prior to
    such month end, as described in this prospectus dated
    May&#160;3, 2010 (the &#147;prospectus&#148;). The general
    partner in its sole and absolute discretion may change the
    foregoing notice requirement by written notice to you, as
    described in this prospectus dated May&#160;3, 2010 (the
    &#147;prospectus&#148;). The minimum initial subscription for
    Class&#160;A (USD) Units, Class&#160;B (USD) Units, Class&#160;C
    (USD) Units and Class&#160;D (USD) Units is $1,000 from IRAs and
    other tax-exempt accounts and $5,000 from all other investors.
    Limited partners of Class&#160;A (USD) Units, Class&#160;B (USD)
    Units, Class&#160;C (USD) Units and Class&#160;D (USD) Units may
    increase their investment with a minimum additional investment
    of $1,000. The minimum initial subscription for Class&#160;A
    (GLD) Units and Class&#160;B (GLD) Units is $50,000. Limited
    partners of Class&#160;A (GLD) Units and Class&#160;B (GLD)
    Units may increase their investment with a minimum additional
    investment of $10,000. Subscriptions must be accompanied by a
    check or wire in the full amount of the subscription and made
    payable to &#147;Campbell Global Trend Fund, L.P.&#148;
    Purchaser is also delivering to the selling agent an executed
    Subscription Agreement (Exhibit&#160;F to the prospectus). If
    purchaser&#146;s Subscription Agreement is accepted, purchaser
    agrees to contribute purchaser&#146;s subscription to the Global
    Trend Fund and to be bound by the terms of the Global Trend
    Fund&#146;s Limited Partnership Agreement, attached as
    Exhibit&#160;B to the prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Both
    Funds</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Purchaser agrees to reimburse the applicable Fund and
    Campbell&#160;&#038; Company, Inc., the general partner, for any
    expense or loss incurred as a result of the cancellation of
    purchaser&#146;s units due to a failure of purchaser to deliver
    good funds in the amount of the subscription price. By execution
    of the applicable Fund&#146;s Subscription Agreement, purchaser
    will be deemed to have executed the respective Limited
    Partnership Agreement and to be bound by the terms of the
    respective Limited Partnership Agreement, which will be in
    substantially the form of the Limited Partnership Agreements
    included in the prospectus as Exhibits&#160;A and B.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with this Exhibit&#160;D and the attached
    Subscription Agreements, the term &#147;purchaser&#148; will
    also include subscriptions from related investors such as the
    spouse, children, step-children, siblings, parents or other
    immediate relatives of a current limited partner living in the
    same household, as well as any related investing entity, such as
    a trust, 401K account, foundation or other entity, provided that
    the current limited partner is the primary &#147;decision
    maker&#148; on behalf of these related investors and further
    provided that the limited partner exercises investment control
    over such subscriptions.
</DIV>
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    <BR>
    D-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As an inducement to the general partner to accept this
    subscription, purchaser (for the purchaser and, if purchaser is
    an entity, on behalf of and with respect to each of
    purchaser&#146;s shareholders, partners or beneficiaries), by
    executing and delivering purchaser&#146;s Subscription
    Agreement, represents and warrants to the general partner, the
    clearing broker and the selling agent who solicited
    purchaser&#146;s subscription and the Funds, as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Purchaser is of legal age to execute the Subscription
    Agreement and is legally competent to do so. Purchaser
    acknowledges that purchaser has received a copy of the
    prospectus, including the respective Fund&#146;s Limited
    Partnership Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;All information that purchaser has furnished to the
    general partner or that is set forth in the Subscription
    Agreement submitted by purchaser is correct and complete as of
    the date of such Subscription Agreement, and if there should be
    any change in such information prior to acceptance of
    purchaser&#146;s subscription, purchaser will immediately
    furnish such revised or corrected information to the general
    partner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Unless (d)&#160;or (e)&#160;below is applicable,
    purchaser&#146;s subscription is made with purchaser&#146;s
    funds for purchaser&#146;s own account and not as trustee,
    custodian or nominee for another.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The subscription, if made as custodian for a minor, is
    a gift purchaser has made to such minor and is not made with
    such minor&#146;s funds or, if not a gift, the representations
    as to net worth and annual income set forth below apply only to
    such minor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;If purchaser is subscribing in a representative
    capacity, purchaser has full power and authority to purchase the
    units and enter into and be bound by the Subscription Agreement
    on behalf of the entity for which he is purchasing the units,
    and such entity has full right and power to purchase such units
    and enter into and be bound by the Subscription Agreement and
    become a Limited Partner pursuant to the applicable Limited
    Partnership Agreement attached to the prospectus as
    Exhibits&#160;A and B.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;Purchaser either is not required to be registered with
    the Commodity Futures Trading Commission (&#147;CFTC&#148;) or
    to be a member of, the National Futures Association
    (&#147;NFA&#148;) or if required to be so registered is duly
    registered with the CFTC and is a member in good standing of the
    NFA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;If the undersigned is, or is acting on behalf of, an
    &#147;employee benefit plan,&#148; as defined in and subject to
    the Employee Retirement Income Security Act of 1974, as amended
    (&#147;ERISA&#148;), or &#147;plan&#148; as defined in and
    subject to Section&#160;4975 of the Internal Revenue Code of
    1986, as amended (the &#147;Code&#148;) (a &#147;Plan&#148;) or
    an entity (&#147;Plan Assets Entity&#148;) deemed for any
    purpose of ERISA or Section&#160;4975 of the Code to hold assets
    of any such Plan due to investments made in such entity by Plans
    or other Plan Asset Entities (in which case, the representations
    and warranties are made with respect to each Plan holding an
    investment in such Plan Assets Entity), the individual signing
    this Subscription Agreement on behalf of the undersigned hereby
    further represents and warrants as, or on behalf of, the
    fiduciary of the Plan responsible for purchasing units (the
    &#147;Plan Fiduciary&#148;) that: (a)&#160;the Plan Fiduciary
    has considered an investment in either or both Funds for such
    plan in light of the risks relating thereto; (b)&#160;the Plan
    Fiduciary has determined that, in view of such considerations,
    the investment in either or both Funds is consistent with the
    Plan Fiduciary&#146;s responsibilities under ERISA; (c)&#160;the
    Plan&#146;s investment in either or both Funds does not violate
    and is not otherwise inconsistent with the terms of any legal
    document constituting the Plan or any trust agreement
    thereunder; (d)&#160;the Plan&#146;s investment in either or
    both Funds has been duly authorized and approved by all
    necessary parties; (e)&#160;none of the general partner, the
    Funds&#146; advisors, the Funds&#146; cash managers, the
    Funds&#146; futures brokers, the Funds&#146;
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties, the Funds&#146; escrow agent, any wholesaler,
    any selling agent, any of their respective affiliates or any of
    their respective agents or employees: (i)&#160;has investment
    discretion with respect to the investment of assets of the Plan
    used to purchase units; (ii)&#160;has authority or
    responsibility to or regularly gives investment advice with
    respect to the assets of the Plan used to purchase units for a
    fee and pursuant to an agreement or understanding that such
    advice will serve as a primary basis for investment decisions
    with respect to the Plan and that such advice will be based on
    the particular investment needs of the Plan; or (iii)&#160;is an
    employer maintaining or contributing to the Plan; and
    (f)&#160;the Plan Fiduciary (i)&#160;is authorized to make, and
    is responsible for, the decision to invest in either or both
    Funds, including the determination that such investment is
    consistent with the requirement imposed by Section&#160;404 of
    ERISA that Plan investments be diversified so as to minimize the
    risks of large losses, (ii)&#160;is independent of the general
    partner, the Funds&#146; advisors, the Funds&#146; cash
    managers, the Funds&#146; futures brokers, the Funds&#146;
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    counterparties, the Funds&#146; escrow agent, each
</DIV>
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    <BR>
    D-2
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    wholesaler, any selling agent, each of their respective
    affiliates, and (iii)&#160;is qualified to make such investment
    decision. The undersigned will, at the request of the general
    partner, furnish the general partner with such information as
    the general partner may reasonably require to establish that the
    purchase of the units by the Plan does not violate any provision
    of ERISA or the Code, including without limitation, those
    provisions relating to &#147;prohibited transactions&#148; by
    &#147;parties in interest&#148; or &#147;disqualified
    persons&#148; as defined therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;If the undersigned is acting on behalf of a trust (the
    &#147;Subscriber Trust&#148;), the individual signing the
    Subscription Agreement on behalf of the Subscriber Trust hereby
    further represents and warrants that an investment in the Trust
    is permitted under the trust agreement of the Subscriber Trust,
    and that the undersigned is authorized to act on behalf of the
    Subscriber Trust under the trust agreement thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Purchaser represents and warrants that purchaser has
    (i)&#160;a net worth of at least $250,000 (exclusive of home,
    furnishings and automobiles) or (ii)&#160;an annual gross income
    of at least $70,000 and a net worth (similarly calculated) of at
    least $70,000. Residents of the following states must meet the
    requirements set forth below (net worth in all cases is
    exclusive of home, furnishings and automobiles). In addition,
    purchaser may not invest more than 10% of his net worth
    (exclusive of home, furnishings and automobiles) in each Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Kansas</U>&#160;&#151; </I>The Office of the Kansas
    Securities Commissioner recommends that you should limit your
    aggregate investment in the Fund and other managed futures
    investments to not more than 10% of your liquid net worth.
    &#147;Liquid net worth&#148; is that portion of your total net
    worth (total assets minus liabilities) that is comprised of
    cash, cash equivalents and readily marketable securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Kentucky</U>&#160;&#151;</I> Either (i)&#160;Net worth of
    at least $300,000 (exclusive of home, home furnishings and
    automobiles) or (ii)&#160;a net worth of at least $85,000
    (exclusive of home, home furnishings and automobiles) and an
    annual taxable income of $85,000. Kentucky investors should
    limit their investment in any commodity pool program to not more
    than 10% of their liquid net worth (cash, cash equivalents and
    readily marketable securities).
</DIV>
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    <BR>
    D-3
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='271'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;E</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNITS OF
    LIMITED PARTNERSHIP INTEREST</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUBSCRIPTION
    AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell Strategic Allocation Fund, L.P.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">c/o&#160;Campbell&#160;&#038;</FONT>
    Company, Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2850 Quarry Lake Drive
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Baltimore, Maryland 21209
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dear Sir/Madam:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;&#160;<I>Subscription for Units.</I>&#160;&#160;I hereby
    subscribe for the number of Units of Limited Partnership
    Interest (&#147;units&#148;) in Campbell Strategic Allocation
    Fund, L.P. (the &#147;Fund&#148;) set forth on the reverse side
    (minimum additional investment of $1,000) of this Subscription
    Agreement, at net asset value per unit as set forth in the
    prospectus of the Fund dated May&#160;3, 2010 (the
    &#147;prospectus&#148;). The undersigned&#146;s wire, sent
    contemporaneously, or check payable to &#147;Campbell Strategic
    Allocation Fund, L.P.,&#148; in the full amount of the
    undersigned&#146;s subscription, accompanies the Subscription
    Agreement Signature Page sent to the Strategic Allocation Fund
    at the above address. If this subscription is rejected, all
    funds remitted by the undersigned herewith will be returned. If
    this subscription is accepted, subscribers will earn additional
    units in lieu of interest earned on the undersigned&#146;s
    subscription while held in escrow. The general partner, in its
    sole and absolute discretion, accepts or rejects this
    subscription in whole or in part. All subscriptions once
    submitted are irrevocable. All units are offered subject to
    prior sale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;&#160;<I>Representations and Warranties of
    Subscriber.</I>&#160;&#160;I have received the prospectus. By
    submitting this Subscription Agreement I am making the
    representations and warranties set forth in &#147;Exhibit&#160;D
    &#151;&#160;Subscription Requirements&#148; contained in the
    prospectus, including, without limitation, those representations
    and warranties relating to my net worth and annual income set
    forth therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;<I>Acceptance of Limited Partnership
    Agreement.</I>&#160;&#160;I agree that as of the date of the
    acceptance of my subscription by the Fund&#160;I shall become a
    Limited Partner, and I hereby (i)&#160;acknowledge that I have
    received the Limited Partnership Agreement of the Fund,
    (ii)&#160;agree to each and every term of the Limited
    Partnership Agreement, (iii)&#160;agree that my execution of
    this Subscription Agreement shall constitute (for all purposes)
    my execution of the Limited Partnership Agreement and agreement
    to the terms thereof, and (iv)&#160;acknowledge that the general
    partner may rely upon my execution of this Subscription
    Agreement as constituting execution of the Limited Partnership
    Agreement and agreement to the terms thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;&#160;<I>Irrevocability; Governing Law.</I>&#160;&#160;I
    hereby acknowledge and agree that I am not entitled to cancel,
    terminate or revoke this subscription or any of my agreements
    hereunder after the Subscription Agreement has been submitted
    (and not rejected) and that this subscription and such
    agreements shall survive my death or disability, but shall
    terminate with the full redemption of all my units in the
    Strategic Allocation Fund. This Subscription Agreement shall be
    governed by and interpreted in accordance with the laws of the
    State of Delaware.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">READ AND
    COMPLETE REVERSE SIDE</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

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    <BR>
    E-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;E</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Signature Page</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CSAF<BR>
    SUBSCRIPTION AGREEMENT<BR>
    IMPORTANT: READ REVERSE SIDE BEFORE SIGNING</FONT></B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The investor named below, by execution and delivery of this
    Subscription Agreement, by payment of the purchase price for
    Units of Limited Partnership Interest in Campbell Strategic
    Allocation Fund, L.P. and by either (i)&#160;enclosing a check
    payable to <B>&#147;Campbell Strategic Allocation Fund,
    L.P.,&#148; </B>or (ii)&#160;authorizing the Selling Agent (or
    Additional Seller, as the case may be) to debit investor&#146;s
    customer securities account in the amount set forth below,
    hereby subscribes for the purchase of units at net asset value
    per unit. The named investor further acknowledges receipt of the
    prospectus dated May&#160;3, 2010, including the Strategic
    Allocation Fund&#146;s Limited Partnership Agreement, the
    Subscription Requirements and the Subscription Agreement set
    forth therein, the terms of which govern the investment in the
    units being subscribed for hereby.
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    <B>1)&#160;</B>Total $ Amount
    <FONT style="word-spacing: 200pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <B><FONT style="font-size: 8pt">2)</FONT></B><FONT style="font-size: 8pt">&#160;Account
    #
    <FONT style="word-spacing: 150pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    </FONT><FONT style="font-size: 6pt">(must be completed)
    </FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 10pt; margin-left: 0pt">
    <FONT style="font-size: 6pt">(minimum of $1,000 for additional
    investments)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 0pt;">

</DIV>
<DIV style="text-indent: 0pt; margin-left: 12pt;">
<FONT style="font-size: 6pt"><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;if payment is made by debit to investor&#146;s securities account, check box</FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="3" valign="top">
    <DIV style="font-size: 6pt; margin-left: 0%; width: 600%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B><FONT style="font-size: 8pt">3)&#160;</FONT></B><FONT style="font-size: 8pt">Social
    Security #
    <FONT style="word-spacing: 60pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    -<FONT style="word-spacing: 60pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    -<FONT style="word-spacing: 60pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Taxpayer ID #
    <FONT style="word-spacing: 65pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    -<FONT style="word-spacing: 65pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    -<FONT style="word-spacing: 65pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Joint
    Accounts<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trust Accounts<SUP style="font-size: 85%; vertical-align: top">2

    or 3</SUP>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Individual<SUP style="font-size: 85%; vertical-align: top">1<BR>

    </SUP><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;UGMA/UTMA<SUP style="font-size: 85%; vertical-align: top">3<BR>

    </SUP><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Corporation
    or Limited Liability
    Company<SUP style="font-size: 85%; vertical-align: top">2<BR>

    </SUP><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Partnership<SUP style="font-size: 85%; vertical-align: top">2<BR>

    </SUP><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Estate<SUP style="font-size: 85%; vertical-align: top">2</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Tenants
    by/in Entirety<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Tenants
    in Common<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Joint
    Tenancy with Rights of Survivorship<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Community
    Property
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Revocable
    or Grantor<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Other
    than Revocable or Grantor
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <I>IRA
    Accounts<SUP style="font-size: 85%; vertical-align: top">3</SUP></I>

</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <I>Pension/Profit Sharing Plans</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Traditional&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Rollover
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;SEP<SUP style="font-size: 85%; vertical-align: top">3</SUP>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;401(k)<SUP style="font-size: 85%; vertical-align: top">2</SUP>&#160;&#160;&#160;&#160;&#160;&#160;</TD>

<TD rowspan="2">
&nbsp;
</TD>
<TD rowspan="2" align="left" valign="top">
    <I>Note: </I>In connection with any subscription, the general
    partner, in its sole discretion, may request a subscriber to
    provide appropriate authorization documents.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Roth
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;DBP/DCP<SUP style="font-size: 85%; vertical-align: top">2</SUP>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Simple     IRA<SUP style="font-size: 85%; vertical-align: top">3</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <SUP style="font-size: 85%; vertical-align: top">1</SUP>&#160;Primary

    Owner&#146;s Social Security Number is
    required.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<SUP style="font-size: 85%; vertical-align: top">2</SUP>&#160;EIN/TIN

    is
    required.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<SUP style="font-size: 85%; vertical-align: top">3</SUP>&#160;Beneficial

    Owner&#146;s Social Security Number and Custodian&#146;s TIN are
    required.
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="font-size: 6pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">4)&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Check
    here if this is an addition to an existing account.
    Partner&#160;#:&#160;<FONT style="word-spacing: 300pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">4a)&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Check
    here if this account is related to an existing account.
    Partner&#160;#:&#160;<FONT style="word-spacing: 275pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">5)&#160;Limited
    Partner
    Name&#160;<FONT style="word-spacing: 425pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6)&#160;</FONT></B>
</TD>
    <TD>
    <DIV style="font-size: 8pt; margin-left: 0%; width: 600%;  align: left; border-bottom: 1pt solid #000000"></DIV><B><FONT style="font-family: 'Times New Roman', Times">Additional
    Information <FONT style="font-size: 6pt">(For Estates,
    Partnerships, Trusts and Corporations)</FONT></FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B><FONT style="font-size: 7pt">7)&#160;</FONT></B></TD>
    <TD valign="bottom" align="left">
    <B><FONT style="font-size: 7pt">Resident Address<BR>
    of Limited Partner
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style="word-spacing: 440pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Street     </FONT><FONT style="font-size: 6pt; font-family: 'Times New Roman', Times">(P.O.
    Box not acceptable)</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">
    City&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;State&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Zip
    Code&#160;&#160;&#160;&#160;&#160;</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8)&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Mailing
    Address<BR>
    (if different)
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style="word-spacing: 420pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 1%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Street&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT><FONT style="font-size: 8pt">City&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;State&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Zip     Code</FONT></B>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9)&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Custodian
    Name<BR>
    and Mailing Address
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style="word-spacing: 425pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Name</FONT></B></TD>    <TD nowrap align="right">    <B><FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Street&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT><FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">City&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;State&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Zip     Code&#160;&#160;&#160;&#160;&#160;</FONT></B></TD>
</TR>

</TABLE>

<DIV style="font-size: 6pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">10)</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">INVESTOR(S) MUST SIGN</FONT></B>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <FONT style="font-size: 10pt">X
    <FONT style="word-spacing: 275pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    X&#160;<FONT style="word-spacing: 275pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    &#160;<B>Signature of
    Investor&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Telephone
    No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B>&#160;Signature of Joint Investor (if any) or
    Custodian&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date&#160;&#160;&#160;&#160;&#160;</B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executing and delivering this Subscription Agreement shall in
    no respect be deemed to constitute a waiver of any rights under
    the Securities Act of 1933 or under the Securities Exchange Act
    of 1934.</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
&nbsp;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNITED
    STATES INVESTORS ONLY:</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    I have checked the following box if I am subject to backup
    withholding under the provisions of Section&#160;3406(a)(1)(C)
    of the Internal Revenue
    Code:&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>.
    Under penalties of perjury, by signature above I hereby certify
    that the Social Security Number or Taxpayer ID Number next to my
    name is my true, correct and complete Social Security Number or
    Taxpayer ID Number and that the information given in the
    immediately preceding sentence is true, correct and complete.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
&nbsp;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">NON-UNITED</FONT>
    STATES INVESTORS ONLY:</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under penalties of perjury, by signature above I hereby certify
    that (a)&#160;I am not a citizen or resident of the United
    States or (b) (in the case of an investor which is not an
    individual) the investor is not a United States corporation,
    partnership, estate or trust.
</DIV>

<DIV style="font-size: 6pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">11)</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">FINANCIAL ADVISOR MUST
    SIGN</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    I hereby certify that I have informed the investor of all
    pertinent facts relating to the risks, tax consequences,
    liquidity, marketability, management and control of the General
    Partner with respect to an investment in the units, as set forth
    in the prospectus dated May&#160;3, 2010. I have also informed
    the investor of the unlikelihood of a public trading market
    developing for the units. I have reasonable grounds to believe,
    based on information obtained from this investor concerning his/
    her investment objectives, other investments, financial
    situation and needs and any other information known by me, that
    investment in the Fund is suitable for such investor in light of
    his/ her financial position, net worth and other suitability
    characteristics.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Financial Advisor MUST sign below in order to substantiate
    compliance with FINRA Rule&#160;2310.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="47%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><FONT style="font-size: 10pt">X
    <FONT style="word-spacing: 250pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <B>X
    <FONT style="word-spacing: 250pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>&#160;Financial Advisor
    Signature&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date&#160;&#160;&#160;&#160;&#160;</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    &#160;<B>Office Manager
    Signature&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date&#160;&#160;&#160;&#160;&#160;</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    &#160;<FONT style="font-size: 6pt">(if required by Selling Agent
    procedures)
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="font-size: 6pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="12%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <B>12)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
    <B>Selling
    Firm&#160;<FONT style="word-spacing: 175pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>F.A. Name</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 1pt; margin-left: 0%; width: 90%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>F.A. Number</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 1pt; margin-left: 0%; width: 95%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" valign="bottom">
    <FONT style="font-size: 6pt">(print clearly for proper credit)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 16pt">
<TD colspan="13">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="13" align="right" valign="top">
    <DIV style="font-size: 10pt; margin-left: 0%; width: 150%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top">
    <B>F.A.
    Phone&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;F.A.     Fax&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;F.A.     Email Address&#160;&#160;&#160;&#160;&#160;</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="13">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="right" valign="top">
    <B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 0pt;">
<B>F.A. Address<BR></B>
</DIV>
<DIV style="text-indent: 0pt; margin-left: 0pt;">
<FONT style="font-size: 6pt">(for confirmations)</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="9" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 360%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Street
    </B><FONT style="font-size: 6pt">(P.O. Box not
    acceptable)</FONT><FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<B>City&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;State&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Zip     Code&#160;</B>
    </FONT>
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->
<P>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814038.gif" alt="(SPECIMEN)">
</DIV>
<P>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    E-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<A name='272'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;F</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAMPBELL
    GLOBAL TREND FUND, L.P.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNITS OF
    LIMITED PARTNERSHIP INTEREST</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUBSCRIPTION
    AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell Global Trend Fund, L.P.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">c/o&#160;Campbell&#160;&#038;</FONT>
    Company, Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2850 Quarry Lake Drive
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Baltimore, Maryland 21209
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dear Sir/Madam:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;&#160;<I>Subscription for Units.</I>&#160;&#160;I hereby
    subscribe for the number of Units of Limited Partnership
    Interest (&#147;units&#148;) in Campbell Global Trend Fund, L.P.
    (the &#147;Fund&#148;) set forth on the reverse side (the
    minimum initial investment for the Class&#160;A (USD) Units,
    Class&#160;B (USD) Units, Class&#160;C (USD) Units and
    Class&#160;D (USD) Units is $1,000 for IRAs and other tax-exempt
    accounts and $5,000 for all other investors; the minimum initial
    investment for the Class&#160;A (GLD) Units and Class&#160;B
    (GLD) Units is $50,000) of this Subscription Agreement, at net
    asset value per unit as set forth in the prospectus of the Fund
    dated May&#160;3, 2010 (the &#147;prospectus&#148;). The
    undersigned&#146;s wire, sent contemporaneously, or check
    payable to &#147;Campbell Global Trend Fund, L.P.,&#148; in the
    full amount of the undersigned&#146;s subscription (additions
    may be made with a minimum investment of $1,000 for the
    Class&#160;A (USD) Units, Class&#160;B (USD) Units, Class&#160;C
    (USD) Units and Class&#160;D (USD) Units and $10,000 for the
    Class&#160;A (GLD) Units and Class&#160;B (GLD) Units, as
    described in the prospectus), accompanies the Subscription
    Agreement Signature Page sent to the Global Trend Fund at the
    above address. If this subscription is rejected, all funds
    remitted by the undersigned herewith will be returned. If this
    subscription is accepted, subscribers will earn additional units
    in lieu of interest earned on the undersigned&#146;s
    subscription while held in escrow. The general partner, in its
    sole and absolute discretion, accepts or rejects this
    subscription in whole or in part. All subscriptions once
    submitted are irrevocable. All units are offered subject to
    prior sale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;&#160;<I>Representations and Warranties of
    Subscriber.</I>&#160;&#160;I have received the prospectus. By
    submitting this Subscription Agreement I am making the
    representations and warranties set forth in &#147;Exhibit&#160;D
    &#151;&#160;Subscription Requirements&#148; contained in the
    prospectus, including, without limitation, those representations
    and warranties relating to my net worth and annual income set
    forth therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;&#160;<I>Acceptance of Limited Partnership
    Agreement.</I>&#160;&#160;I agree that as of the date of the
    acceptance of my subscription by the Fund&#160;I shall become a
    Limited Partner, and I hereby (i)&#160;acknowledge that I have
    received the Limited Partnership Agreement of the Fund,
    (ii)&#160;agree to each and every term of the Limited
    Partnership Agreement, (iii)&#160;agree that my execution of
    this Subscription Agreement shall constitute (for all purposes)
    my execution of the Limited Partnership Agreement and agreement
    to the terms thereof, and (iv)&#160;acknowledge that the general
    partner may rely upon my execution of this Subscription
    Agreement as constituting execution of the Limited Partnership
    Agreement and agreement to the terms thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;&#160;<I>Irrevocability; Governing Law.</I>&#160;&#160;I
    hereby acknowledge and agree that I am not entitled to cancel,
    terminate or revoke this subscription or any of my agreements
    hereunder after the Subscription Agreement has been submitted
    (and not rejected) and that this subscription and such
    agreements shall survive my death or disability, but shall
    terminate with the full redemption of all my units in the Global
    Trend Fund. This Subscription Agreement shall be governed by and
    interpreted in accordance with the laws of the State of Delaware.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">READ AND
    COMPLETE REVERSE SIDE</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;F</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Signature Page</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CGTF<BR>
    SUBSCRIPTION AGREEMENT<BR>
    IMPORTANT: READ REVERSE SIDE BEFORE SIGNING</FONT></B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The investor named below, by execution and delivery of this
    Subscription Agreement, by payment of the purchase price for
    Units of Limited Partnership Interest in Campbell Global Trend
    Fund, L.P. and by either (i)&#160;enclosing a check payable to
    <B>&#147;Campbell Global Trend Fund, L.P.,&#148; </B>or
    (ii)&#160;authorizing the Selling Agent (or Additional Seller,
    as the case may be) to debit investor&#146;s customer securities
    account in the amount set forth below, hereby subscribes for the
    purchase of units at net asset value per unit. The named
    investor further acknowledges receipt of the prospectus dated
    May&#160;3, 2010, including the Global Trend Fund&#146;s Limited
    Partnership Agreement, the Subscription Requirements and the
    Subscription Agreement set forth therein, the terms of which
    govern the investment in the units being subscribed for hereby.
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">1)&#160;Total
    Amount of: Class&#160;A (USD) Units $
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">
    Class&#160;B (USD) Units $
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">
    Class&#160;C (USD) Units $
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">
    Class&#160;D (USD) Units $
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;<I>(minimum of $1,000 from IRAs and other
    tax-exempt accounts and $5,000 from all other investors; $1,000
    for additional investments)</I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">&#160;&#160;
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">
    Class&#160;A (GLD) Units $
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Class&#160;B
    (GLD) Units $
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(<I>minimum
    of $50,000; $10,000 for additional investments)</I>
    </FONT></TD>
    <TD nowrap align="right">    <I><FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">
    </FONT></I></TD>
</TR>

</TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#160;&#160;&#160;</TD>
    <TD align="left">
    Class&#160;E (USD) and Class&#160;C (GLD) Units are not being
    offered in the prospectus and will be issued in exchange for
    Class&#160;A (USD), B (USD), C (USD), D (USD), A (GLD) and B
    (GLD) Units in certain circumstances which are described in the
    prospectus.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B><FONT style="font-size: 7pt">2)</FONT></B><FONT style="font-size: 7pt">&#160;
    </FONT>
</TD>
    <TD valign="bottom" align="left">
    <FONT style="font-size: 7pt">Account #
    <FONT style="word-spacing: 200pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    </FONT><FONT style="font-size: 6pt">(must be
    completed)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;If
    payment is made by debit to investor&#146;s securities account,
    check box
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="3" valign="top">
    <DIV style="font-size: 6pt; margin-left: 0%; width: 77%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B><FONT style="font-size: 8pt">3)&#160;</FONT></B><FONT style="font-size: 8pt">Social
    Security #
    <FONT style="word-spacing: 60pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    -<FONT style="word-spacing: 60pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    -<FONT style="word-spacing: 60pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Taxpayer ID #
    <FONT style="word-spacing: 65pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    -<FONT style="word-spacing: 65pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    -<FONT style="word-spacing: 65pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Joint
    Accounts<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trust Accounts<SUP style="font-size: 85%; vertical-align: top">2

    or 3</SUP>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Individual<SUP style="font-size: 85%; vertical-align: top">1<BR>

    </SUP><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;UGMA/UTMA<SUP style="font-size: 85%; vertical-align: top">3<BR>

    </SUP><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Corporation
    or Limited Liability
    Company<SUP style="font-size: 85%; vertical-align: top">2<BR>

    </SUP><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Partnership<SUP style="font-size: 85%; vertical-align: top">2<BR>

    </SUP><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Estate<SUP style="font-size: 85%; vertical-align: top">2</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Tenants
    by/in Entirety<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Tenants
    in Common<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Joint
    Tenancy with Rights of Survivorship<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Community
    Property
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Revocable
    or Grantor<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Other
    than Revocable or Grantor
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <I>IRA
    Accounts<SUP style="font-size: 85%; vertical-align: top">3</SUP></I>

</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <I>Pension/Profit Sharing Plans</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Traditional&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Rollover
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;SEP<SUP style="font-size: 85%; vertical-align: top">3</SUP>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;401(k)<SUP style="font-size: 85%; vertical-align: top">2</SUP>&#160;&#160;&#160;&#160;&#160;&#160;</TD>

<TD rowspan="2">
&nbsp;
</TD>
<TD rowspan="2" align="left" valign="top">
    <I>Note: </I>In connection with any subscription, the general
    partner, in its sole discretion, may request a subscriber to
    provide appropriate authorization documents.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Roth
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;DBP/DCP<SUP style="font-size: 85%; vertical-align: top">2</SUP>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Simple     IRA<SUP style="font-size: 85%; vertical-align: top">3</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <SUP style="font-size: 85%; vertical-align: top">1</SUP>&#160;Primary

    Owner&#146;s Social Security Number is
    required.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<SUP style="font-size: 85%; vertical-align: top">2</SUP>&#160;EIN/TIN

    is
    required.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<SUP style="font-size: 85%; vertical-align: top">3</SUP>&#160;Beneficial

    Owner&#146;s Social Security Number and Custodian&#146;s TIN are
    required.
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="font-size: 6pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">4)&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Check
    here if this is an addition to an existing account.
    Partner&#160;#:&#160;<FONT style="word-spacing: 300pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">4a)&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Check
    here if this account is related to an existing account.
    Partner&#160;#:&#160;<FONT style="word-spacing: 275pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">5)&#160;Limited
    Partner
    Name&#160;<FONT style="word-spacing: 425pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6)&#160;</FONT></B>
</TD>
    <TD>
    <DIV style="font-size: 8pt; margin-left: 0%; width: 600%;  align: left; border-bottom: 1pt solid #000000"></DIV><B><FONT style="font-family: 'Times New Roman', Times">Additional
    Information <FONT style="font-size: 6pt">(For Estates,
    Partnerships, Trusts and Corporations)</FONT></FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7)&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Resident
    Address<BR>
    of Limited Partner
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style="word-spacing: 440pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Street     </FONT><FONT style="font-size: 6pt; font-family: 'Times New Roman', Times">(P.O.
    Box not acceptable)</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">
    City&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;State&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Zip
    Code&#160;&#160;&#160;&#160;&#160;</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8)&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Mailing
    Address<BR>
    (if different)
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style="word-spacing: 420pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 1%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Street&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT><FONT style="font-size: 8pt">City&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;State&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Zip     Code</FONT></B>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9)&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Custodian
    Name<BR>
    and Mailing Address
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<FONT style="word-spacing: 425pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Name</FONT></B></TD>    <TD nowrap align="right">    <B><FONT style="font-size: 7pt; font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Street&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT><FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">City&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;State&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Zip     Code&#160;&#160;&#160;&#160;&#160;</FONT></B></TD>
</TR>

</TABLE>

<DIV style="font-size: 6pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">10)</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">INVESTOR(S) MUST SIGN</FONT></B>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <FONT style="font-size: 10pt">X
    <FONT style="word-spacing: 275pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    X&#160;<FONT style="word-spacing: 275pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    &#160;<B>Signature of
    Investor&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Telephone
    No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B>&#160;Signature of Joint Investor (if any) or
    Custodian&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date&#160;&#160;&#160;&#160;&#160;</B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executing and delivering this Subscription Agreement shall in
    no respect be deemed to constitute a waiver of any rights under
    the Securities Act of 1933 or under the Securities Exchange Act
    of 1934.</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
&nbsp;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNITED
    STATES INVESTORS ONLY:</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    I have checked the following box if I am subject to backup
    withholding under the provisions of Section&#160;3406(a)(1)(C)
    of the Internal Revenue
    Code:&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>.
    Under penalties of perjury, by signature above I hereby certify
    that the Social Security Number or Taxpayer ID Number next to my
    name is my true, correct and complete Social Security Number or
    Taxpayer ID Number and that the information given in the
    immediately preceding sentence is true, correct and complete.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
&nbsp;
</DIV>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">NON-UNITED</FONT>
    STATES INVESTORS ONLY:</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under penalties of perjury, by signature above I hereby certify
    that (a)&#160;I am not a citizen or resident of the United
    States or (b) (in the case of an investor which is not an
    individual) the investor is not a United States corporation,
    partnership, estate or trust.
</DIV>

<DIV style="font-size: 6pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">11)</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">FINANCIAL ADVISOR MUST
    SIGN</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    I hereby certify that I have informed the investor of all
    pertinent facts relating to the risks, tax consequences,
    liquidity, marketability, management and control of the General
    Partner with respect to an investment in the units, as set forth
    in the prospectus dated May&#160;3, 2010. I have also informed
    the investor of the unlikelihood of a public trading market
    developing for the units. I have reasonable grounds to believe,
    based on information obtained from this investor concerning his/
    her investment objectives, other investments, financial
    situation and needs and any other information known by me, that
    investment in the Fund is suitable for such investor in light of
    his/ her financial position, net worth and other suitability
    characteristics.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Financial Advisor MUST sign below in order to substantiate
    compliance with FINRA Rule&#160;2310.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="47%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><FONT style="font-size: 10pt">X
    <FONT style="word-spacing: 250pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <B>X
    <FONT style="word-spacing: 250pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>&#160;Financial Advisor
    Signature&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date&#160;&#160;&#160;&#160;&#160;</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    &#160;<B>Office Manager
    Signature&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date&#160;&#160;&#160;&#160;&#160;</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    &#160;<FONT style="font-size: 6pt">(if required by Selling Agent
    procedures)
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="font-size: 6pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="12%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <B>12)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
    <B>Selling
    Firm&#160;<FONT style="word-spacing: 175pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>F.A. Name</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 1pt; margin-left: 0%; width: 90%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>F.A. Number</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 1pt; margin-left: 0%; width: 95%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" valign="bottom">
    <FONT style="font-size: 6pt">(print clearly for proper credit)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 16pt">
<TD colspan="13">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="13" align="right" valign="top">
    <DIV style="font-size: 10pt; margin-left: 0%; width: 150%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" valign="top">
    <B>F.A.
    Phone&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;F.A.     Fax&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;F.A.     Email Address&#160;&#160;&#160;&#160;&#160;</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="13">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="right" valign="top">
    <B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 0pt;">
<B>F.A. Address<BR></B>
</DIV>
<DIV style="text-indent: 0pt; margin-left: 0pt;">
<FONT style="font-size: 6pt">(for confirmations)</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="9" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 360%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Street
    </B><FONT style="font-size: 6pt">(P.O. Box not
    acceptable)</FONT><FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<B>City&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;State&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Zip     Code&#160;</B>
    </FONT>
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->
<P>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="w78140bw7814038.gif" alt="(SPECIMEN)">
</DIV>
<P>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Not Required in Prospectus</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;13.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses of Issuance and Distribution.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following expenses reflect the estimated amounts required to
    prepare and file this Registration Statement and complete the
    offering of the units (other than selling commissions).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Campbell
    Global Trend Fund, L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="88%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Approximate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Securities and Exchange Commission Registration Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    42,780
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Financial Industry Regulatory Authority Filing Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75,000
</TD>
<TD nowrap align="left" valign="bottom">
    **
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Blue Sky Expenses (Excluding Legal Fees)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150,000
</TD>
<TD nowrap align="left" valign="bottom">
    **
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Escrow Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,500
</TD>
<TD nowrap align="left" valign="bottom">
    **
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fees of Certified Public Accountants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,000
</TD>
<TD nowrap align="left" valign="bottom">
    **
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fees of Counsel
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
    **
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    455,780
</TD>
<TD nowrap align="left" valign="bottom">
    **
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Campbell Global Trend Fund, L.P. is applying the aggregate
    filing fee of $36,580 associated with the registered but
    unissued securities under registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-163835-01)</FONT>
    (which was withdrawn on April&#160;23, 2010)&#160;against the
    total filing fee of $42,780 that would otherwise be due in
    connection with this registration statement. The remaining
    balance of $6,200 was paid in connection with this filing.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents an estimate of the portion of fees and expenses of
    the Fund that are common to this Registration Statement and the
    Registration Statement for Campbell Strategic Allocation Fund,
    L.P. (SEC File
    <FONT style="white-space: nowrap">No.&#160;333-[-]),</FONT>
    which is being filed concurrently with this Registration
    Statement.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;14.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Article&#160;15 of the Limited Partnership Agreement of Campbell
    Global Trend Fund, L.P. filed as an exhibit to this Registration
    Statement and, as amended from
    <FONT style="white-space: nowrap">time-to-time,</FONT>
    provides for the indemnification of the general partner. The
    general partner and its controlling persons will have no
    liability to the Fund or any limited partner of the Fund for any
    loss suffered by the Fund which arises out of any action of the
    general partner if the general partner, in good faith,
    determined that such course of conduct was in the best interests
    of the Fund and such course of conduct did not constitute
    negligence or misconduct of the general partner. The Fund will
    indemnify, defend, and hold harmless the general partner
    (including controlling persons and a former general partner who
    has withdrawn from the Fund) from and against any loss,
    liability, damage, cost or expense (including attorneys&#146;
    fees, and expenses incurred in defense of any demands, claims or
    lawsuits) arising from actions or omissions concerning the
    business or activities undertaken by or on behalf of the Fund,
    from any source only if all of the following conditions are
    satisfied: (i)&#160;the general partner has determined, in good
    faith, that the course of conduct which caused the loss or
    liability was in the best interests of the Fund, (ii)&#160;the
    general partner was acting on behalf of or performing services
    for the Fund, (iii)&#160;such liability or loss was not the
    result of negligence or misconduct by the general partner, and
    (iv)&#160;such indemnification is recoverable only out of the
    respective Fund&#146;s assets and not from the limited partners.
    In no event will the general partner or any of the selling
    agents receive indemnification from the Fund arising out of
    alleged violations of federal or state securities laws unless
    the following conditions are satisfied: (a)&#160;there has been
    a successful adjudication on the merits of each count involving
    alleged securities law violations, or (b)&#160;such claims have
    been dismissed with prejudice on the merits by a court of
    competent jurisdiction, or (c)&#160;a court of competent
    jurisdiction approves a settlement of the claims and finds that
    indemnification of the settlement and related costs should be
    made, and (d)&#160;in the case of subparagraph (c), the court
    considering the request has been advised of the position of the
    Securities and Exchange Commission and the states in which Units
    were offered and sold as to
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    indemnification for violations of securities laws; provided that
    the court need only be advised and consider the positions of the
    securities regulatory authorities in those states in which
    plaintiffs claim they were offered or sold Units. The Fund will
    not incur the cost of that portion of liability insurance which
    insures the general partner for any liability as to which the
    general partner is prohibited from being indemnified herein.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;15.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Recent
    Sales of Unregistered Securities.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;16.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits
    and Financial Statement Schedules.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following documents (unless otherwise indicated) are filed
    herewith and made a part of this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Exhibits. The following exhibits are filed herewith:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description of Document</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended Form of Selling Agreement for Campbell Global Trend
    Fund, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Service Agreement for Campbell Global Trend Fund, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended Certificate of Limited Partnership of Campbell Global
    Trend Fund, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended Agreement of Limited Partnership of Campbell Global
    Trend Fund, L.P. (included to the Prospectus as Exhibit&#160;B)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Sidley Austin LLP as to legality of the Units of
    Campbell Global Trend Fund, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Sidley Austin LLP as to income tax matters of
    Campbell Global Trend Fund, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Advisory Agreement between the Global Trend Series (USD) of
    Campbell Global Trend Fund, L.P. and Campbell&#160;&#038; Company
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Advisory Agreement between the Global Trend Series (GLD) of
    Campbell Global Trend Fund, L.P. and Campbell&#160;&#038; Company
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Commodity Customer Agreement with NewEdge USA, LLC with respect
    to the Global Trend Series (USD) of Campbell Global Trend Fund,
    L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Commodity Customer Agreement with NewEdge USA, LLC with respect
    to the Global Trend Series (GLD) of Campbell Global Trend Fund,
    L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Global Institutional Master Custody Agreement with respect to
    the Global Trend Series (USD) of Campbell Global Trend Fund, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Global Institutional Master Custody Agreement with respect to
    the Global Trend Series (GLD) of Campbell Global Trend Fund, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Counterparty Agreement with Royal Bank of Scotland plc with
    respect to the Global Trend Series (USD) and Global Trend Series
    (GLD) of Campbell Global Trend Fund, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Non-Custody Investment Advisory Agreement with Wilmington
    Trust&#160;Investment Management LLC, cash manager with respect
    to the Global Trend Series (USD) of Campbell Global Trend Fund,
    L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Non-Custody Investment Advisory Agreement with Wilmington
    Trust&#160;Investment Management LLC, cash manager with respect
    to the Global Trend Series (GLD) of Campbell Global Trend Fund,
    L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Request for Redemption for Campbell Global Trend Fund, L.P.
    (included to the Prospectus as Exhibit&#160;C)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subscription Requirements for Campbell Global Trend Fund, L.P.
    (included to the Prospectus as Exhibit&#160;D)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subscription Agreement for Campbell Global Trend Fund, L.P.
    (included to the Prospectus as Exhibit&#160;F)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Escrow Agreement for Campbell Global Trend Fund, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Sidley Austin
    <FONT style="font-variant: SMALL-CAPS">LLP</FONT> is included as
    part of Exhibit&#160;5.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Arthur F. Bell, Jr. &#038; Associates, L.L.C.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Sidley Austin LLP as tax counsel is included as part
    of Exhibit&#160;8.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Deloitte&#160;&#038; Touche LLP
</TD>
</TR>
</TABLE>

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</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The following financial statements are included in the
    Prospectus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No Financial Schedules are required to be filed herewith.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;17.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Each undersigned registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;To include any prospectus required by
    section&#160;10(a)(3) of the Securities Act of 1933, as amended;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&#160;424(b) if, in the aggregate, the changes in volume and
    price represent no more than a 20% change in the maximum
    aggregate offering price set forth in the &#147;Calculation of
    Registration Fee&#148; table in the effective registration
    statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Provided, however, That:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (A)&#160;Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do
    not apply if the registration statement is on
    Form&#160;S&#160;&#151; 8, and the information required to be
    included in a post-effective amendment by those paragraphs is
    contained in reports filed with or furnished to the Commission
    by the registrant pursuant to section&#160;13 or
    section&#160;15(d) of the Securities Exchange Act of 1934 that
    are incorporated by reference in the registration
    statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (B)&#160;Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of
    this section do not apply if the registration statement is on
    Form&#160;S&#160;&#151; 3 or Form&#160;F&#160;&#151; 3 and the
    information required to be included in a post-effective
    amendment by those paragraphs is contained in reports filed with
    or furnished to the Commission by the registrant pursuant to
    section&#160;13 or section&#160;15(d) of the Securities Exchange
    Act of 1934 that are incorporated by reference in the
    registration statement, or is contained in a form of prospectus
    filed pursuant to Rule&#160;424(b) that is part of the
    registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (C)&#160;<I>Provided further, however</I>, that paragraphs
    (a)(1)(i) and (a)(1)(ii) do not apply if the registration
    statement is for an offering of asset-backed securities on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (&#167;&#160;239.11 of this chapter) or
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    (&#167;&#160;239.13 of this chapter), and the information
    required to be included in a post-effective amendment is
    provided pursuant to Item&#160;1100(c) of Regulation&#160;AB
    (&#167;&#160;229.1100(c)).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;That, for the purpose of determining any liability
    under the Securities Act of 1933, each such post-effective
    amendment shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the <I>bona
    fide </I>offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;If any registrant is a foreign private issuer, to file
    a post-effective amendment to the registration statement to
    include any financial statements required by Item&#160;8.A. of
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    at the start of any delayed offering or throughout a continuous
    offering. Financial statements and information otherwise
    required by <U>Section&#160;10(a)(3)</U> of the Act need not be
    furnished, <I>provided </I>that such registrant includes in the
    prospectus, by
</DIV>
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    <BR>
    II-3
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    means of a post-effective amendment, financial statements
    required pursuant to this paragraph (a)(4) and other information
    necessary to ensure that all other information in the prospectus
    is at least as current as the date of those financial
    statements. Notwithstanding the foregoing, with respect to
    registration statements on
    <FONT style="white-space: nowrap">Form&#160;F-3,</FONT>
    a post-effective amendment need not be filed to include
    financial statements and information required by Section
    10(a)(3) of the Act or
    <FONT style="white-space: nowrap">Rule&#160;3-19</FONT>
    of this chapter if such financial statements and information are
    contained in periodic reports filed with or furnished to the
    Commission by any registrant pursuant to <U>section&#160;13</U>
    or <U>section&#160;15(d)</U> of the Securities Exchange Act of
    1934 that are incorporated by reference in the Form F-3.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;That, for the purpose of determining liability under
    the Securities Act of 1933 to any purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;If any registrant is relying on Rule&#160;430B:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (A)&#160;The prospectus filed by the registrant pursuant to
    Rule&#160;424(b)(3) shall be deemed to be part of the
    registration statement as of the date the filed prospectus was
    deemed part of and included in the registration
    statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (B)&#160;Each prospectus required to be filed pursuant to
    Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration
    statement in reliance on Rule&#160;430B relating to an offering
    made pursuant to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for
    the purpose of providing the information required by
    section&#160;10(a) of the Securities Act of 1933 shall be deemed
    to be part of and included in the registration statement as of
    the earlier of the date such form of prospectus is first used
    after effectiveness or the date of the first contract of sale of
    securities in the offering described in the prospectus. As
    provided in Rule&#160;430B, for liability purposes of the issuer
    and any person that is at that date an underwriter, such date
    shall be deemed to be a new effective date of the registration
    statement relating to the securities in the registration
    statement to which that prospectus relates, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof. Provided, however, that no statement
    made in a registration statement or prospectus that is part of
    the registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;If any registrant is subject to Rule&#160;430C, each
    prospectus filed pursuant to Rule&#160;424(b) as part of a
    registration statement relating to an offering, other than
    registration statements relying on Rule&#160;430B or other than
    prospectuses filed in reliance on Rule 430A, shall be deemed to
    be part of and included in the registration statement as of the
    date it is first used after effectiveness. Provided, however,
    that no statement made in a registration statement or prospectus
    that is part of the registration statement or made in a document
    incorporated or deemed incorporated by reference into the
    registration statement or prospectus that is part of the
    registration statement will, as to a purchaser with a time of
    contract of sale prior to such first use, supersede or modify
    any statement that was made in the registration statement or
    prospectus that was part of the registration statement or made
    in any such document immediately prior to such date of first use.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;That, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each undersigned registrant undertakes that in a primary
    offering of securities of such undersigned registrant pursuant
    to this registration statement, regardless of the underwriting
    method used to sell the securities to the purchaser, if the
    securities are offered or sold to such purchaser by means of any
    of the following communications, each undersigned registrant
    will be a seller to the purchaser and will be considered to
    offer or sell such securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Any preliminary prospectus or prospectus of each
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule&#160;424;
</DIV>
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    <BR>
    II-4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Any free writing prospectus relating to the offering
    prepared by or on behalf of each undersigned registrant or used
    or referred to by the undersigned registrant;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;The portion of any other free writing prospectus
    relating to the offering containing material information about
    each undersigned registrant or its securities provided by or on
    behalf of each undersigned registrant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;Any other communication that is an offer in the
    offering made by each undersigned registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Insofar as indemnification for liabilities under the
    Securities Act of 1933&#160;may be permitted to officers,
    directors or controlling persons of the registrant pursuant to
    the foregoing provisions, or otherwise, the registrant has been
    advised that in the opinion of the Securities and Exchange
    Commission such indemnification is against public policy as
    expressed in the Act and is, therefore, unenforceable. In the
    event that a claim for indemnification against such liabilities
    (other than the payment by the registrant of expenses incurred
    or paid by an officer, director, or controlling person of the
    registrant in the successful defense of any action, suit or
    proceeding) is asserted by such officer, director or controlling
    person in connection with the securities being registered, the
    registrant will, unless in the opinion of its counsel the matter
    has been settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Act and will be governed by the final adjudication of such
    issue.
</DIV>
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    <BR>
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, the
    General Partner of the Registrant has duly caused this
    Registration Statement to be signed on their behalf by the
    undersigned, thereunto duly authorized, in the city of
    Baltimore, State of Maryland, on April&#160;23, 2010.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Campbell Global Trend Fund, L.P.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    Campbell &#038; Company, Inc.,
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>its General Partner</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <I>By:&#160;</I>
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Theresa
    D. Becks<I></I></DIV><I></I>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Theresa D. Becks
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="7%"></TD>
    <TD width="40%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Chief Executive Officer
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 60%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Principal Executive Officer)
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Gregory
    T. Donovan</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Gregory T. Donovan
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Chief Financial Officer
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 61%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Principal Financial Officer)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, this
    Registration Statement has been signed by the following persons
    on behalf of the General Partner of the Registrant in the
    capacities and on the date indicated.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Campbell&#160;&#038; Company, Inc.,
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General Partner Of the Registrant</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;D.
    Keith Campbell</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Name:
    D. Keith Campbell
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chairman of the Board and Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    April 23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Bruce
    L. Cleland</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Name:
    Bruce L. Cleland
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Vice Chairman of the Board and Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    April 23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Theresa
    D. Becks</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Name:
    Theresa D. Becks
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    President, Chief Executive Officer and Director (Principal
    Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    April 23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Gregory
    T. Donovan</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Name:
    Gregory T. Donovan
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chief Financial Officer and Treasurer (Principal Financial
    Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    April 23, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Being principal executive officer, the principal financial
    officer and a majority of the directors of Campbell&#160;&#038;
    Company, Inc.)
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">CAMPBELL&#160;&#038;
    COMPANY, INC.
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-family: 'Times New Roman', Times"> General
    Partner of the Registrant
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">
    April&#160;23, 2010
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="40%"></TD>
    <TD width="57%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Theresa
    D. Becks</DIV>
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="font-size: 0pt; margin-right: 57%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 57%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Theresa D. Becks
</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 57%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Chief Executive Officer (Principal Executive Officer)
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="40%"></TD>
    <TD width="57%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Gregory
    T. Donovan</DIV>
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="font-size: 0pt; margin-right: 57%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 57%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Gregory T. Donovan
</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 57%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Chief Financial Officer (Principal Financial Officer)
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-6
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
[{"type": "S-1", "sequence": "1", "filename": "w78140bsv1.htm", "description": "S-1", "secsgml_size_bytes": 2926454}]
{"company-data": {"conformed-name": "Campbell Global Trend Fund, L.P.", "cik": "0001478220", "assigned-sic": "6799", "irs-number": "271412568", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-166321", "film-number": "10773447"}, "business-address": {"street1": "2850 QUARRY LAKE DRIVE", "city": "BALTIMORE", "state": "MD", "zip": "21209", "phone": "410-413-2600"}, "mail-address": {"street1": "2850 QUARRY LAKE DRIVE", "city": "BALTIMORE", "state": "MD", "zip": "21209"}, "former-company": {"former-conformed-name": "Campbell Classic Trend Fund, L.P.", "date-changed": "20091207"}}
sv1
Table of Contents
As Filed with the Securities and Exchange Commission on
    April 27, 2010
Registration
No. 333-
[-]
UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
Washington, D.C.
    20549
Form S-1
REGISTRATION
    STATEMENT
UNDER
THE SECURITIES ACT OF
    1933
CAMPBELL GLOBAL TREND FUND,
    L.P.
(Registrant)
(Exact name of registrant as
    specified in its charter)
Delaware
(State of
    Organization)
6799
(Primary Standard
    Industrial
Classification Code Number)
27-1412568
(I.R.S. Employer
Identification Number)
c/o Campbell &
Company, Inc.
2850 Quarry Lake Drive
Baltimore, Maryland 21209
(410) 413-2600
Thomas P. Lloyd
Campbell & Company, Inc.
2850 Quarry Lake Drive
Baltimore, Maryland 21209
(410) 413-2600
(Address, including zip code,
    and telephone number, including area code, of registrant's
    principal executive offices)
(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)
Copies to:
Michael J. Schmidtberger, Esq.
Sidley Austin
llp
787 Seventh Avenue
New York, New York 10019
Approximate
    date of commencement of proposed sale to the public:
As promptly as practicable after the effective date of this
    Registration Statement.
If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule 415 under the Securities Act of 1933, other than
    securities offered only in connection with dividend or interest
    reinvestment plans, check the following box.
þ
If this Form is filed to register additional securities for an
    offering pursuant to Rule 462(b) under the Securities Act, check
    the following box and list the Securities Act registration
    statement number of the earlier effective registration statement
    for the same
    offering.
o
If this Form is a post-effective amendment filed pursuant to
    Rule 462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.
o
If this Form is a post-effective amendment filed pursuant to
    Rule 462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.
o
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 12b2 of the Exchange Act.
Large accelerated
    filer
o
Accelerated
    filer
o
Non-accelerated
    filer
þ
(Do not check if a smaller
    reporting company)
Smaller reporting
    company
o
The registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section 8(a)
    of the Securities Act or until this Registration Statement shall
    become effective on such date as the Commission, acting pursuant
    to said Section 8(a), may determine.
Table of Contents
Proposed Maximum
Amount of
Aggregate Offering
Registration Fee
Title of Each Class of Securities to be Registered
Price(1)
(2)
Class A (USD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
$100,000,000
$7,130
Class B (USD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
$100,000,000
$7,130
Class C (USD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
$100,000,000
$7,130
Class D (USD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
$100,000,000
$7,130
Class E (USD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
N/A(3)
N/A
Class A (GLD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
$100,000,000
$7,130
Class B (GLD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
$100,000,000
$7,130
Class C (GLD) Units of Limited Partnership Interest of
    Campbell Global Trend Fund, L.P.
N/A(4)
N/A
(1)
The proposed maximum aggregate
    offering has been calculated assuming that all Units are sold at
    a price of $1,000 per Unit of each Class. The amount of the
    registration fee for Units is calculated in reliance upon
    Rule 457(o) promulgated under the Securities Act of 1933
    and using the proposed maximum aggregate offering price as
    described above.
(2)
An aggregate registration fee of
    $22,320 in respect of the Class A (USD) Units, Class B
    (USD) Units, Class C (USD) Units and Class D (USD)
    Units was previously paid on December 18, 2009 in
    connection with registration statement on
Form S-1
(No. 333-163835-01).
Additionally, an aggregate registration fee of $14,260 in
    respect of the Class A (GLD) Units and Class B (GLD)
    Units was previously paid on February 19, 2010 in
    connection with Pre-Effective Amendment Number 1 to the
    registration statement on
Form S-1
(No. 333-163835-01).
Thus, the aggregate filing fee associated with Campbell Global
    Trend Fund, L.P. in connection with registration statements on
Form S-1
(No. 333-163835-01)
was $36,580.
Campbell Strategic Allocation Fund,
    L.P. and Campbell Global Trend Fund, L.P. withdrew registration
    statements Nos.
333-163835
and
333-163835-01,
respectively, on April 23, 2010 pursuant to Rule 477
    under the Securities Act.
Pursuant to Rule 457(p) under
    the Securities Act, Campbell Global Trend Fund, L.P. is applying
    the aggregate filing fee of $36,580 associated with the
    registered but unissued securities under registration statement
    on
Form S-1
(No. 333-163835-01)
against the total filing fee of $42,780. The remaining balance
    of $6,200 due in connection with this registration statement was
    paid in connection with this filing.
(3)
To be issued in exchange for
    Class A (USD) Units, Class B (USD) Units, Class C
    (USD) Units or Class D (USD) Units of Campbell Global Trend
    Fund, L.P. in the event Limited Partners holding Class A
    (USD) Units, Class B (USD) Units, Class C (USD) Units
    or Class D (USD) Units have reached a certain limit of fees
    payable to selling agents, as hereinafter described. No
    registration fee is payable in reliance upon Rule 457(i)
    under the Securities Act.
(4)
To be issued in exchange for
    Class A (GLD) Units and Class B (GLD) Units of
    Campbell Global Trend Fund, L.P. in the event Limited Partners
    holding Class A (GLD) Units and Class B (GLD) Units
    have reached a certain limit of fees payable to selling agents,
    as hereinafter described. No registration fee is payable in
    reliance upon Rule 457(i) under the Securities Act.
EXPLANATORY
    STATEMENT
1.
The Registration Statement on
Form S-1
of Campbell Strategic Allocation Fund, L.P. and Campbell Global
    Trend Fund, L.P. (Registration Statement Nos.
333-163835
and
333-163835-01,
respectively) and the Pre-Effective Amendment No. 1 thereto
    were filed on December 18, 2009 and February 19, 2010,
    respectively (collectively, the "Registration
    Statements").
2.
Campbell Strategic Allocation Fund, L.P. and Campbell Global
    Trend Fund, L.P. filed a common prospectus as a part of the
    Registration Statements.
3.
Campbell Strategic Allocation Fund, L.P. and Campbell Global
    Trend Fund, L.P. withdrew the Registration Statements on
    April 23, 2010 pursuant to Rule 477 under the
    Securities Act.
4.
Because Campbell Global Trend Fund, L.P. is a separate
    registrant and not a co-registrant with Campbell Strategic
    Allocation Fund, Campbell Global Trend Fund, L.P. is
    contemporaneously re-filing herewith the common prospectus under
    a separate Registration Statement on
Form S-1
and will be assigned a new registration statement number
    (Registration Statement
No. 333-[-]).
5.
The prospectus contained in this Registration Statement
    relates to the offerings by each of the following
    registrants:
Registration
Registrant
Statement
Units of Limited Partnership Interest
Campbell Strategic Allocation Fund, L.P.
333-[-]
The Registration Statement No. 333-[-] registered $100,000,000
    of Units of Limited Partnership Interest.
Campbell Global Trend Fund, L.P.
333-[-]
The Registration Statement No. 333-[-] registered:
(1) $100,000,000 of Class A (USD) Units of Limited Partnership
    Interest; $100,000,000 of Class B (USD) Units of Limited
    Partnership Interest; $100,000,000 of Class C (USD) Units of
    Limited Partnership Interest; $100,000,000 of Class D (USD)
    Units of Limited Partnership Interest; and Class E (USD) Units
    of Limited Partnership Interest to be issued in exchange for
    Class A (USD) Units, Class B (USD) Units, Class C (USD) Units or
    Class D (USD) Units in the event Limited Partners holding Class
    A (USD) Units, Class B (USD) Units, Class C (USD) Units or Class
    D (USD) Units have reached a certain limit of fees payable to
    selling agents; and (2) $100,000,000 of Class A (GLD) Units of
    Limited Partnership Interest; $100,000,000 of Class B (GLD)
    Units of Limited Partnership Interest; and Class C (GLD) Units
    of Limited Partnership Interest to be issued in exchange for
    Class A (GLD) Units and Class B (GLD) Units in the event Limited
    Partners holding Class A (GLD) Units and Class B (GLD) Units
    have reached a certain limit of fees payable to selling agents.
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
CAMPBELL
    GLOBAL TREND FUND, L.P.
Maximum Available Units
Minimum Initial Investment
Minimum Additional Investment
Price Per Unit
Campbell Strategic Allocation Fund, L.P.
$100,000,000
N/A
$1,000
Net Asset Value
Campbell Global Trend Fund, L.P. Class A
    (USD)
1
$100,000,000
$1,000 from IRAs and other
tax-exempt accounts
$1,000
Initial Offering Period:
$1,000
3
Campbell Global Trend Fund, L.P. Class B
    (USD)
1
$100,000,000
Campbell Global Trend Fund, L.P. Class C
    (USD)
1
$100,000,000
$5,000 from all other investors
Campbell Global Trend Fund, L.P. Class D
    (USD)
1
$100,000,000
Continuous Offering Period:
Net Asset Value
Campbell Global Trend Fund, L.P. Class A
    (GLD)
2
$100,000,000
$50,000
$10,000
Campbell Global Trend Fund, L.P. Class B
    (GLD)
2
$100,000,000
1
These

Units will be exchanged for Global Trend Fund Class E
(USD) Units as described in this disclosure document. The Classe
E (USD) Units are not being offered by this disclosure
document.
2
These

Units will be exchanged for Global Trend Fund Class C
(GLD) Units as described in this disclosure document. The
Class C (GLD) Units are not being offered by this
disclosure document.
3
This

price has been arbitrarily determined inasmuch as the Units have
no inherent value other than their subscription price until
trading.
The
    Offering
The Strategic Allocation Fund is being offered only to existing
    investors during the continuing offering. Units of each Class of
    the Global Trend Fund will initially be offered for a period
    ending ninety days from the date hereof, unless such date is
    extended by Campbell & Company for up to an additional
    ninety days. The subscription minimum for each Series of the
    Global Trend Fund as of the end of the initial offering period
    is $15,000,000. However, if after the expiration of the initial
    offering period, the subscription minimum is not reached,
    Campbell & Company may purchase Units with an
    aggregate initial Unit value in an amount equal to the
    difference between the actual total dollar amount of Units
    subscribed for during the initial offering period and
    $15,000,000. This initial offering period may be shorter if the
    subscription minimum is reached before the end of the initial
    offering period. If subscriptions for at least $15,000,000 for
    either Series have not been received and accepted by the end of
    the initial offering period, all subscriptions will be promptly
    returned to subscribers of that Series, with interest. After the
    end of the initial offering period, each of the Classes will be
    offered continuously.
The units are being offered on a best efforts basis without any
    firm underwriting commitment through selling agents which are
    registered broker-dealers and members of the Financial Industry
    Regulatory Authority. The selling agents are not required to
    sell any specific number or dollar amount of Units. The offering
    will terminate on the third anniversary of this registration
    statement unless prior thereto, a new registration statement is
    filed. Campbell & Company may suspend, limit or
    terminate the continuing offering at any time.
The
    Risks
These are speculative securities.
Before you decide whether to
    invest, read this entire prospectus carefully and consider
    "The Risks You Face" on page 14 and
    "Conflicts of Interest" on page 46.
•
The Funds are speculative and leveraged.
•
Past results of Campbell & Company are not necessarily
    indicative of future performance of the Funds, and the
    Funds' performance can be volatile. As of the date of this
    disclosure document, the Global Trend Fund has no trading
    history. Past results of one Fund are not necessarily indicative
    of the future performance of that Fund or of the other Fund.
•
You could lose all or a substantial amount of your investment in
    either Fund.
•
By offering the Global Trend Series (GLD) neither the Fund nor
    Campbell & Company is making any recommendation or
    providing any investment or other advice with respect to the
    possible future performance of gold, gold futures, or any other
    gold-related product, nor is it a prediction or recommendation
    as to the future performance of the U.S. Dollar. This
    Series is offered solely to provide a gold-denominated exposure
    to the Campbell Trend Following Portfolio to those investors who
    prefer to have their investments denominated in gold, as opposed
    to the U.S. Dollar.
•
The long gold futures position in the Global Trend Series (GLD)
    is not an actively managed position. Its performance depends
    entirely on the performance of a long-only exposure to gold
    futures.
•
Gold prices historically have been extremely volatile and have
    fluctuated widely in recent years. A drop in the price of gold
    may c ause significant loss in an investment of the Global Trend
    Fund's Global Trend Series (GLD).
•
The trend following portion of the Global Trend Fund's
    Global Trend Series (GLD) may also contain gold positions.
•
Campbell & Company has total trading authority over
    the Funds and the Funds are dependent upon the services of
    Campbell & Company. The use of a single advisor could
    mean lack of diversification and, consequently, higher risk.
•
There is no secondary market for the Units and none is expected
    to develop. While the Units have redemption rights, there are
    restrictions and possible fees assessed.
•
There are restrictions on transferring units in the Funds.
•
Substantial expenses must be offset by trading profits and
    interest income.
•
A substantial portion of the trades executed for the Funds takes
    place on foreign exchanges. No U.S. regulatory authority or
    exchange has the power to compel the enforcement of the rules of
    a foreign board of trade or any applicable foreign laws.
•
Campbell & Company has full control over the
    management of the Funds and gives no management role to limited
    partners.
•
The Funds are subject to conflicts of interest. There are no
    independent experts representing investors.
You are required to make representations and warranties relating
    to the suitability of this investment for you. You are
    encouraged to discuss this investment with your financial, legal
    and tax adviser.
These securities have not been approved or disapproved by the
    Securities and Exchange Commission or any state securities
    commission, nor has the Securities and Exchange Commission or
    any state securities commission passed upon the accuracy or
    adequacy of this prospectus. Any representation to the contrary
    is a criminal offense.
THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON
    THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION
    PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE
    DOCUMENT.
CAMPBELL & COMPANY,
    INC.
General Partner of both Funds
May 3, 2010
Table of Contents
COMMODITY
    FUTURES TRADING COMMISSION
RISK
    DISCLOSURE STATEMENT
YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL
    CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO
    DOING, YOU SHOULD BE AWARE THAT FUTURES AND OPTIONS TRADING CAN
    QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING
    LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND
    CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN
    ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO
    WITHDRAW YOUR PARTICIPATION IN THE POOL.
FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL
    CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY
    BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO THESE CHARGES
    TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR
    EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A
    COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT
    PAGE 49 AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY
    TO BREAK-EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL
    INVESTMENT, AT PAGE 4.
THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER
    FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS
    COMMODITY POOL. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE IN
    THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE
    DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS
    OF THIS INVESTMENT, AT PAGE 14.
YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL
    CONDITION PERMITS YOU TO PARTICIPATE IN A POOLED INVESTMENT
    VEHICLE. IN SO DOING, YOU SHOULD BE AWARE THAT THIS POOL ENTERS
    INTO TRANSACTIONS THAT ARE NOT TRADED ON AN EXCHANGE, AND THE
    FUNDS THE POOL INVESTS IN THOSE TRANSACTIONS MAY NOT RECEIVE THE
    SAME PROTECTIONS AS FUNDS USED TO MARGIN OR GUARANTEE
    EXCHANGE-TRADED FUTURES AND OPTIONS CONTRACTS. IF THE
    COUNTERPARTY BECOMES INSOLVENT AND THE POOL HAS A CLAIM FOR
    AMOUNTS DEPOSITED OR PROFITS EARNED ON TRANSACTIONS WITH THE
    COUNTERPARTY, THE POOL'S CLAIM MAY NOT RECEIVE A PRIORITY.
    WITHOUT A PRIORITY, THE POOL IS A GENERAL CREDITOR AND ITS CLAIM
    WILL BE PAID, ALONG WITH THE CLAIMS OF OTHER GENERAL CREDITORS,
    FROM ANY MONIES STILL AVAILABLE AFTER PRIORITY CLAIMS ARE PAID.
    EVEN POOL FUNDS THAT THE COUNTERPARTY KEEPS SEPARATE FROM ITS
    OWN OPERATING FUNDS MAY NOT BE SAFE FROM THE CLAIMS OF OTHER
    GENERAL AND PRIORITY CREDITORS.
FOREX TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS
    GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET
    VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN
    THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT
    YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.
INVESTMENTS IN THE POOL MAY BE SUBJECT TO SUBSTANTIAL CHARGES
    FOR MANAGEMENT, ADVISORY, AND BROKERAGE FEES, AND THE POOL MAY
    NEED TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETING OR
    EXHAUSTING ITS ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A
    COMPLETE DESCRIPTION OF EACH EXPENSE (SEE PAGE 49) AND
    A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN,
    THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT (SEE
    PAGE 4).
THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER
    FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS POOL.
    THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE YOU SHOULD CAREFULLY
    REVIEW THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE
    PRINCIPAL RISK FACTORS OF THIS INVESTMENT (SEE PAGE 14).
i
Table of Contents
NATIONAL FUTURES ASSOCIATION HAS NEITHER PASSED UPON THE
    MERITS OF PARTICIPATING IN THIS POOL NOR THE ADEQUACY OR
    ACCURACY OF THIS DISCLOSURE DOCUMENT.
YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE
    FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS
    LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY
    LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS
    WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND
    ITS PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES
    MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF
    REGULATORY AUTHORITIES OR MARKETS IN
NON-UNITED
STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE
    EFFECTED.
CAMPBELL &
    COMPANY, INC.
General Partner of both Funds
2850 Quarry Lake Drive
Baltimore, Maryland 21209
(410) 413-2600
ii
Table of Contents
REGULATORY
    NOTICES
NO DEALER, SALESMAN, OR ANY OTHER PERSON HAS BEEN AUTHORIZED
    TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT
    CONTAINED IN THIS PROSPECTUS. AND, IF GIVEN OR MADE, SUCH OTHER
    INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING
    BEEN AUTHORIZED BY THE FUNDS, THE GENERAL PARTNER, OR ANY OTHER
    PERSON.
THIS PROSPECTUS DOES NOT CONSTITUTE AND OFFER TO SELL OR A
    SOLICITATION ON AN OFFER TO BUY THE SECURITIES OFFERED HEREBY TO
    ANY PERSON OR BY ANYONE IN ANY JURISDICTION IN WHICH SUCH OFFER
    OR SOLICITATION MAY NOT BE LAWFULLY MADE.
THE BOOKS AND RECORDS OF THE FUNDS WILL BE MAINTAINED AT
    THEIR PRINCIPAL OFFICE, 2850 QUARRY LAKE DRIVE, BALTIMORE,
    MARYLAND 21209. LIMITED PARTNERS WILL HAVE THE RIGHT, DURING
    NORMAL BUSINESS HOURS, TO HAVE ACCESS TO AND COPY (UPON PAYMENT
    OF REASONABLE REPRODUCTION COSTS) SUCH BOOKS AND RECORDS IN
    PERSON OR BY THEIR AUTHORIZED ATTORNEY OR AGENT. EACH MONTH, THE
    GENERAL PARTNER WILL DISTRIBUTE REPORTS TO ALL LIMITED PARTNERS
    SETTING FORTH SUCH INFORMATION AS THE COMMODITY FUTURES TRADING
    COMMISSION (THE "CFTC") AND THE NATIONAL FUTURES
    ASSOCIATION (THE "NFA") MAY REQUIRE BE GIVEN TO THE
    PARTICIPANTS IN COMMODITY POOLS WITH RESPECT TO THE FUNDS AND
    ANY SUCH OTHER INFORMATION AS THE GENERAL PARTNER MAY DEEM
    APPROPRIATE. THERE WILL SIMILARLY BE DISTRIBUTED TO LIMITED
    PARTNERS, NOT MORE THAN 90 DAYS AFTER THE CLOSE OF EACH OF THE
    FUNDS' FISCAL YEARS, CERTIFIED AUDIT FINANCIAL STATEMENTS
    AND (IN NO EVENT LATER THAN MARCH 15 OF THE IMMEDIATELY
    FOLLOWING YEAR) THE TAX INFORMATION RELATING TO THE
    SHARES OF THE FUNDS NECESSARY FOR THE PREPARATION OF
    LIMITED PARTNERS' ANNUAL FEDERAL INCOME TAX RETURNS.
THE DIVISION OF INVESTMENT MANAGEMENT OF THE SECURITIES
    AND EXCHANGE COMMISSION REQUIRES THAT THE FOLLOWING STATEMENT BE
    PROMINENTLY SET FORTH HEREIN: "THE CAMPBELL STRATEGIC
    ALLOCATION FUND, L.P. AND THE CAMPBELL GLOBAL TREND FUND, L.P.
    ARE NOT MUTUAL FUNDS OR ANY OTHER TYPE OF INVESTMENT COMPANY
    WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT OF 1940, AS
    AMENDED, AND ARE NOT SUBJECT TO
    REGULATION THEREUNDER."
A NUMBER OF JURISDICTIONS IN WHICH THE UNITS ARE OFFERED
    IMPOSE ON THEIR RESIDENTS HIGHER MINIMUM SUITABILITY
    REQUIREMENTS, WHICH ARE DESCRIBED IN EXHIBIT D TO THIS
    PROSPECTUS. PLEASE SEE
PAGE D-2
OF EXHIBIT D FOR A DETAILED DESCRIPTION OF THE MINIMUM
    SUITABILITY REQUIREMENTS IN THE STATE IN WHICH YOU RESIDE. YOU
    WILL BE REQUIRED TO REPRESENT THAT YOU MEET THE REQUIREMENTS SET
    FORTH IN YOUR STATE OF RESIDENCE BEFORE YOUR SUBSCRIPTION TO
    PURCHASE UNITS WILL BE ACCEPTED. THESE SUITABILITY REQUIREMENTS
    ARE, IN EACH CASE, REGULATORY MINIMUMS ONLY, AND JUST BECAUSE
    YOU MEET SUCH REQUIREMENTS DOES NOT MEAN THAT AN INVESTMENT IN
    THE UNITS IS SUITABLE FOR YOU. IN NO EVENT MAY YOU INVEST MORE
    THAN 10% OF YOUR NET WORTH, EXCLUSIVE OF HOME, FURNISHINGS, AND
    AUTOMOBILES, IN EACH FUND.
PENNSYLVANIA INVESTORS: Because the minimum closing amount is
    less than $40,000,000, you are cautioned to carefully evaluate
    Global Trend Fund's ability to fully accomplish its stated
    objectives and to inquire as to the current dollar volume of
    subscriptions for Units in Global Trend Fund. The Units in
    Global Trend Fund will not be offered or sold in Pennsylvania
    until a minimum of $20,000,000 has been invested in the
    aggregate in Global Trend Fund.
iii
Table of Contents
This prospectus does not include all of the information or
    exhibits in the Funds' registration statement. You can read
    and copy the entire registration statement at the public
    reference facilities maintained by the Securities and Exchange
    Commission in Washington, D.C.
Each Fund files monthly, quarterly and annual reports with
    the SEC. You can read and copy these reports at the SEC public
    reference facilities in Washington, D.C. Please call the
    SEC at
1-800-SEC-0330
for further information.
The Funds' filings are posted at the SEC website at
http://www.sec.gov.
iv
Table of Contents
PART ONE —
    DISCLOSURE DOCUMENT
TABLE OF
    CONTENTS
Page
SUMMARY
1
General
1
Plan of Distribution
3
Estimate of Break-Even Level
4
A Summary of Risk Factors You Should Consider
    Before Investing in the Funds
6
Investment Factors You Should Consider Before
    Investing in the Funds
8
Objectives of the Funds
8
Campbell & Company, Inc.
8
Charges to the Funds
9
Distributions and Redemptions
11
Federal Income Tax Aspects
11
CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
    ORGANIZATIONAL CHART
12
CAMPBELL GLOBAL TREND FUND, L.P. ORGANIZATIONAL
    CHART
13
THE RISKS YOU FACE
14
Market Risks
14
You Could Possibly Lose Your Total Investment
    in the Funds
14
The Funds are Highly Leveraged
14
Changes in Financing Policies or the
    Imposition of Other Credit Limitations or Restrictions Could
    Compel the Funds to Liquidate at Disadvantageous Prices
14
The Funds' Investments Could Be Illiquid
14
Your Investment in Either Fund Could Be
    Illiquid
14
Over-the-Counter
Transactions are Subject to Little, if Any, Regulation
15
Over-the-Counter
Transactions May Be Subject to the Risk of Counterparty
    Default
15
Options on Futures and
Over-the-Counter
Contracts are Speculative and Highly Leveraged
15
An Investment in the Funds May Not Diversify
    an Overall Portfolio
15
The Current Markets are Subject to Market
    Disruptions That May Be a Detriment to Your Investment
16
The Current Markets are Subject to
    Governmental Intervention That May Be a Detriment to Your
    Investment
16
The Funds are Subject to Regulatory Risk
    Associated with Futures Contracts That Could Adversely Affect
    the Funds' Operations and Profitability
16
Gains, If Any, From the Trend Following
    Portion of the Global Trend Fund's Global Trend Series
    (GLD) May Be Offset by Losses on the Gold Portion of the Global
    Trend Series (GLD), and Gains, If Any, on the Gold Portion of
    the Global Trend Series (GLD) May be Offset by Losses From the
    Trend Following Portion of the Global Trend Series (GLD),
    Resulting in No Gains or Aggregate Losses for Investors in the
    Global Trend Series (GLD) Units
16
Gold Prices Historically Have Been Extremely
    Volatile and Have Fluctuated Widely in Recent Years. A Drop in
    the Price of Gold May Cause a Significant Loss in an Investment
    in the Global Trend Fund's Global Trend Series (GLD)
17
v
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Page
Large-Scale Sales of Gold May Lead to a
    Decline in the Price of Gold and a Decline in the Value of the
    Global Trend Fund's Class A (GLD) Units, Class B
    (GLD) Units Class C (GLD) Units, Possibly Resulting in an
    Overall Loss of an Investment in the Global Trend Fund's
    Global Trend Series (GLD)
17
Widening Interest Rate Differentials Between
    the Cost of Money and the Cost of Borrowing Gold Could Result in
    Increased Sales and a Decline in the Price of Gold, Possibly
    Resulting in a Decline in the Value of the Global Trend
    Fund's Class A (GLD) Units, Class B (GLD) Units
    and Class C (GLD) Units and a Loss on an Investment in the
    Global Trend Fund's Global Trend Series (GLD)
17
The Trend Following Portion of the Global
    Trend Fund's Global Trend Series (GLD) May Also Contain
    Gold Positions
17
The Funds are a Party to Financial Instruments
    With Elements of Off-Balance Sheet Risk, Which Cause the Funds
    to Lose All of Their Assets
18
Trading Risks
18
There are Disadvantages to Making Trading
    Decisions Based Primarily on Technical Market Data
18
Increased Competition from Other
    Trend-Following Traders Could Reduce Campbell &
    Company's Profitability
18
Limits Imposed by Futures Exchanges or Other
    Regulatory Organizations, Such as Speculative Position Limits
    and Daily Price Fluctuation Limits, May Alter Trading Decisions
    for the Funds
18
Increase in Assets Under Management May Make
    Profitable Trading More Difficult
19
Investors Will Not be Able to View the
    Funds' Holdings on a Daily Basis, Which May Result in
    Unanticipated Losses
19
Tax Risks
19
Investors are Taxed Based on Their Share of
    the Funds' Profits
19
Tax Could be Due from Investors on Their Share
    of the Funds' Ordinary Income Despite Overall Losses
19
There Could be a Limit on the Deductibility of
    Brokerage and Performance Fees
19
Other Risks
20
Fees and Commissions are Charged Regardless of
    Profitability and are Subject to Change
20
The Funds' Service Providers Could Fail,
    Which May Result in Losses to the Funds
20
Investors Must Not Rely on the Past
    Performance of Either Campbell & Company or the Funds
    in Deciding Whether to Buy Units
20
Conflicts of Interest Exist in the Structure
    and Operation of the Funds
20
There Are No Independent Experts Representing
    Investors
21
vi
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Page
The Funds Place Significant Reliance on
    Campbell & Company and the Incapacity of its
    Principals Could Adversely Affect the Funds
21
Either of the Funds Could Terminate Before You
    Achieve Your Investment Objective Causing Potential Loss of Your
    Investment or Upsetting Your Investment Portfolio
21
The Funds are Not Regulated Investment
    Companies and are Therefore Subject to Different Protections
    Than a Regulated Investment Company
21
Forwards, Options, Swaps, Hybrids and Other
    Derivatives are Not Subject to CFTC Regulation; Therefore, the
    Funds Will Not Receive the Same Protections on These
    Transactions
22
The Funds are Subject to Foreign Market Credit
    and Regulatory Risk
22
The Funds are Subject to Foreign Exchange
    Risk
22
Transfers Could be Restricted
22
A Single-Advisor Fund May Be More
    Volatile Than a Multi-Advisor Fund
22
The Performance Fee Could be an Incentive to
    Make Riskier Investments
22
The Funds May Distribute Profits to Limited
    Partners at Inopportune Times
23
Potential Inability to Trade or Report Due to
    Systems Failure Could Adversely Affect the Funds
23
Failure to Receive Timely and Accurate Market
    Data from Third Party Vendors Could Cause Disruptions or the
    Inability to Trade
23
SELECTED FINANCIAL DATA WITH RESPECT TO THE
    STRATEGIC ALLOCATION FUND ONLY
24
SUPPLEMENTARY FINANCIAL INFORMATION WITH RESPECT
    TO THE STRATEGIC ALLOCATION FUND ONLY
24
CAMPBELL & COMPANY, INC
25
Description
25
The Advisory Agreements
28
Trading Systems
28
Trading Capacity
31
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
    FINANCIAL CONDITION AND RESULTS OF OPERATIONS —
    Strategic Allocation Fund
31
Introduction
31
Critical Accounting Policies
31
Capital Resources
32
Liquidity
32
Results of Operations
33
Off-Balance Sheet Risk
39
Disclosures About Certain Trading Activities that
    Include Non-Exchange Traded Contracts Accounted for at Fair
    Value
39
Quantitative and Qualitative Disclosures About
    Market Risk — Strategic Allocation Fund
39
General
43
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
    FINANCIAL CONDITION AND RESULTS OF OPERATIONS — Global
    Trend Fund
43
Critical Accounting Policies
43
Capital Resources
44
Liquidity
44
Off-Balance Sheet Risk
45
PAST PERFORMANCE OF THE CAMPBELL STRATEGIC
    ALLOCATION FUND, L.P.
46
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
46
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Page
CONFLICTS OF INTEREST
46
Campbell & Company, Inc.
46
The Futures Brokers and the
Over-the-Counter
Counterparties
48
The Selling Agents
48
Fiduciary Duty and Remedies
48
Indemnification and Standard of Liability
49
CHARGES TO THE FUNDS
49
Strategic Allocation Fund
49
Brokerage Fee
49
Other Fund Expenses
50
Campbell & Company,
    Inc.
50
The Futures Brokers
51
The Selling Agents
52
The
Over-the-Counter
Counterparties
52
The Cash Managers and the Custodian
52
Offering Expenses
53
Other Expenses
53
Global Trend Fund
53
Campbell & Company,
    Inc.
53
The Futures Broker
55
The Selling Agents
55
The
Over-the-Counter
Counterparty
56
The Cash Manager and the Custodian
56
Organization and Offering Expenses
56
Other Expenses
57
USE OF PROCEEDS
57
THE FUTURES BROKERS
58
THE
OVER-THE-COUNTER
COUNTERPARTIES
61
THE CASH MANAGERS AND THE CUSTODIAN
61
DISTRIBUTIONS AND REDEMPTIONS
62
Distributions
62
Redemptions
62
Redemption Fees
62
Net Asset Value
63
AGREEMENTS OF LIMITED PARTNERSHIP
64
Organization and Limited Liability
64
Management of Partnership Affairs
64
Sharing of Profits and Losses
64
Redemption Provisions of the Funds
64
Dispositions
64
Dissolution and Termination of the Funds
64
Amendments, Meetings and Voting Rights
65
Indemnification
65
Reports to Limited Partners
66
FEDERAL INCOME TAX ASPECTS
66
The Funds' Partnership Tax Status
66
Taxation of Limited Partners on Profits and
    Losses of the Funds
66
Fund Losses by Limited Partners
66
"Passive-Activity Loss Rules" and Their
    Effect on the Treatment of Income and Loss
67
Cash Distributions and Unit Redemptions
67
Gain or Loss on Section 1256 Contracts and
    Non-Section 1256 Contracts
67
Tax on Capital Gains and Losses
67
Limited Deduction for Certain Expenses
67
Interest Income
67
Syndication Fees
67
Investment Interest Deductibility Limitations
67
Unrelated Business Taxable Income
68
IRS Audits of the Funds and their Limited
    Partners
68
State and Other Taxes
68
Taxation of Foreign Limited Partners
68
INVESTMENT BY ERISA ACCOUNTS
68
General
68
Special Investment Consideration
69
The Funds Should Not Be Deemed to Hold "Plan
    Assets"
69
Ineligible Purchasers
70
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Table of Contents
Page
PLAN OF DISTRIBUTION
70
Subscription Procedure
70
Representations and Warranties of Investors in
    the Subscription Agreement
72
Minimum Investment
72
Investor Suitability
72
The Selling Agents
73
Indemnification of Selling Agents
74
Selling Agent Compensation Tables
76
Items of Compensation Pursuant to FINRA
    RULE 2310
78
LIMITED PARTNER PRIVACY NOTICE
80
RELATED PERFORMANCE INFORMATION OF THE COMMODITY
    POOL OPERATOR AND THE TRADING ADVISOR
81
LEGAL MATTERS
87
EXPERTS
87
FORM OF STATEMENT OF FINANCIAL
    CONDITION — Global Trend Fund
88
INDEX TO FINANCIAL STATEMENTS
95
PART TWO — STATEMENT OF
ADDITIONAL INFORMATION
TABLE OF CONTENTS
The Futures, Forward, Option and Swap Markets
134
Investment Factors
136
Value of Diversification — Managed
    Futures Industry
139
Value of Diversification — Campbell
    Strategic Allocation Fund
143
Supplemental Performance
155
Supplemental Gold Discussion
157
Glossary of Terms
158
APPENDIX
Appendix 1 — Blue Sky Glossary
APP-1
EXHIBITS
EXHIBIT A — Campbell Strategic
    Allocation Fund, L.P. Amended Agreement of Limited
    Partnership
A-1
EXHIBIT B — Campbell Global Trend
    Fund, L.P. Amended Agreement of Limited Partnership
B-1
EXHIBIT C — Requests for
    Redemption
C-1
EXHIBIT D — Subscription
    Requirements
D-1
EXHIBIT E — Campbell Strategic
    Allocation Fund, L.P. Subscription Agreement
E-1
EXHIBIT F — Campbell Global Trend
    Fund, L.P. Subscription Agreement
F-1
Exhibit 1.1
Exhibit 1.2
Exhibit 3.1
Exhibit 5.1
Exhibit 8.1
Exhibit 10.1
Exhibit 10.2
Exhibit 10.3
Exhibit 10.4
Exhibit 10.5
Exhibit 10.6
Exhibit 10.7
Exhibit 10.8
Exhibit 10.9
Exhibit 10.13
Exhibit 23.2
Exhibit 23.4
ix
Table of Contents
SUMMARY
This summary, which highlights information contained
    elsewhere in this prospectus, is intended for quick reference
    only. The remainder of this prospectus contains more detailed
    information; you should read the entire prospectus, including
    all exhibits to the prospectus, before deciding to invest in any
    Units. This prospectus is dated May 3, 2010.
General
Strategic
    Allocation Fund and Global Trend Fund
The offering consists of two Funds, the Campbell Strategic
    Allocation Fund, L.P., (the "Strategic Allocation
    Fund") and the Campbell Global Trend Fund, L.P. (the
    "Global Trend Fund" and together with the Strategic
    Allocation Fund, the "Funds"). Both Funds trade
    speculatively in the U.S. and international futures,
    forward and option markets. Campbell & Company, Inc.
    ("Campbell & Company" or "general
    partner" or "trading advisor"), the Funds'
    general partner and trading advisor, allocates assets across a
    broad spectrum of markets. Each Fund offers units of limited
    partnership interest (the "Units") pursuant to this
    disclosure document. Unless provided otherwise, all references
    in this disclosure document to the term Units refer to the Units
    of both the Strategic Allocation Fund and the Global Trend Fund.
    The offered Units have different fee arrangements and trading
    portfolios, and may have different restrictions on redemptions.
The Campbell Strategic Allocation Fund L.P., (the
    "Strategic Allocation Fund"), was formed as a Delaware
    limited partnership on May 11, 1993. The Strategic
    Allocation Fund issues units of limited partnership interest,
    which represent units of fractional undivided limited
    partnership interest in the Strategic Allocation Fund. The
    Strategic Allocation Fund will continue in existence until
    December 31, 2023 (unless terminated earlier in certain
    circumstances). The principal offices of the Strategic
    Allocation Fund are located at
c/o Campbell &
Company, Inc., 2850 Quarry Lake Drive, Baltimore, Maryland
    21209, and its telephone number is
(410) 413-2600.
The books and records of the Strategic Allocation Fund are
    maintained at the offices of Campbell & Company, Inc.,
    its general partner and trading advisor
    ("Campbell & Company" or "general
    partner" or "trading advisor"). The Strategic
    Allocation Fund consists of one class of limited partnership
    Units, which is being offered only to existing investors in the
    Strategic Allocation Fund during the continuing offering at the
    net asset value per Unit as of each month-end closing date on
    which additions are accepted. The Strategic Allocation Fund
    trades pursuant to the Campbell Financial, Metal &
    Energy Large ("FME Large") Portfolio. The FME Large
    Portfolio seeks exposure to financial markets, such as interest
    rates, foreign exchange and stock indices, as well as metals,
    energy products, soft commodities and other commodities. As with
    all Campbell Portfolios, the FME Large Portfolio seeks exposure
    to these markets by following signals generated by a series of
    systematic computer models. The FME Large Portfolio employs a
    broad spectrum of models including traditional and factor-based
    trend following models, as well as a number of
    macroeconomic-based models.
The Campbell Global Trend Fund L.P., (the "Global
    Trend Fund" and together with the Strategic Allocation
    Fund, the "Funds"), was formed as a Delaware series
    limited partnership on December 1, 2009. The Global Trend
    Fund issues units of limited partnership interest, which
    represent units of fractional undivided limited partnership
    interest in the Global Trend Fund. The Global Trend Fund will
    continue in existence unless terminated in certain
    circumstances. The principal offices of the Global Trend Fund
    are located at
c/o Campbell &
Company, Inc., 2850 Quarry Lake Drive, Baltimore, Maryland
    21209, and its telephone number is
(410) 413-2600.
The books and records of the Global Trend Fund are maintained at
    the offices of Campbell & Company, its general
    partner, promoter and trading advisor. As the promoter, the
    general partner is not receiving anything of value, directly or
    indirectly, outside of the fee for acting as general partner and
    trading advisor to the Fund.
The Global Trend Fund currently consists of two series
    ("Series") — the Global Trend Series (USD)
    and the Global Trend Series (GLD). The general partner has
    formed the Global Trend Fund as a series limited partnership
    pursuant to and in accordance with the provisions of the
    Delaware Revised Uniform Limited Partnership Act (6
Del. C.
§ 17-101
et seq.
, as amended from time to time, the
    "Act"). The Act provides for the limitation of
    liability of each Series to the debts, liabilities, obligations
    and expenses of such Series and not those of any other Series or
    the Global Trend Fund in general. The Global Trend Series (USD)
    seeks to provide investors with a U.S. Dollar-denominated
    exposure to the Campbell Trend Following Portfolio. The Global
    Trend Series (USD) will trade pursuant to the Campbell Trend
    Following Portfolio. The Trend Following Portfolio includes both
    traditional trend following and factor based trend following
    models. The Campbell Trend Following Portfolio employs the same
    traditional and
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factor-based trend following models that the FME Large Portfolio
    employs, but does not employ the macroeconomic-based models
    employed by FME Large.
The Global Trend Series (GLD) trades the Trend Following (GLD)
    Portfolio, which seeks to provide investors with a
    gold-denominated exposure to the Campbell Trend Following
    Portfolio. The gold-denominated exposure is achieved by first
    converting the investors' U.S. Dollar investment to an
    exposure to gold by purchasing long positions in gold futures
    with a value approximately equal to the net asset value of that
    Series. The Global Trend Series (GLD) then seeks appreciation
    through a 100% overlay of the Campbell Trend Following
    Portfolio. The trading advisor will adjust the Global Trend
    Series (GLD)'s respective allocations to gold and the Trend
    Following Portfolio at the beginning of each month to reflect
    additions to and redemptions of Series capital, as well as to
    reflect profits and losses from the Series' long gold
    futures and its futures and currencies trading activities and
    interest income as of the end of the preceding month so as to
    maintain a gold futures position with a value approximately
    equal to the Series' net asset value at the beginning of
    each month.
The Global Trend Series (USD) consists of five classes of
    limited partnership Units: Class A (USD) Units,
    Class B (USD) Units, Class C (USD) Units, Class D
    (USD) Units and Class E (USD) Units. Only Class A
    (USD) Units, Class B (USD) Units, Class C (USD) Units
    and Class D (USD) Units are being offered hereby and each
    of them is being offered to new investors in the Global Trend
    Fund. Class E (USD) Units are not being offered by this
    disclosure document but will be issued in exchange for
    Class A (USD) Units, Class B (USD) Units, Class C
    (USD) Units and Class D (USD) Units in certain
    circumstances which are described in this disclosure document.
    The Global Trend Series (GLD) consists of three classes of
    limited partnership Units: Class A (GLD) Units,
    Class B (GLD) Units and Class C (GLD) Units. Only
    Class A (GLD) Units and Class B (GLD) Units are being
    offered hereby and each of them is being offered to new
    investors in the Global Trend Fund. Class C (GLD) Units are
    not being offered by this disclosure document but will be issued
    in exchange for Class A (GLD) Units and Class B (GLD)
    Units in certain circumstances which are described in this
    disclosure document. The selling agents will offer the Global
    Trend Fund Units at a price of $1,000 per unit of Units of
    each Class during the initial offering period. This price has
    been arbitrarily determined inasmuch as the Units have no
    inherent value other than their subscription price until trading
    begins. Units sold during the continuing offering period will be
    sold at a price equal to the net asset value per unit of Units
    of each Class at the close of business on each closing date.
Campbell & Company, the general partner of both Funds
    is a Maryland Corporation organized in April 1978 as a successor
    to a partnership originally organized in January 1974.
    Campbell & Company uses its technical trading and risk
    control methods to seek substantial medium- and long-term
    capital appreciation while, at the same time, seeking to manage
    risk and volatility. Campbell & Company provides
    advisory services to numerous other funds and individually
    managed accounts similar to the services Campbell &
    Company provides to the Funds. Campbell & Company has
    been using its technical approach since 1972 — one of
    the longest performance records of any currently active futures
    fund manager — and has developed and refined its
    approach over the past 38 years. See "Past Performance
    of the Campbell Strategic Allocation Fund, L.P." for the
    performance data required to be disclosed for the most recent
    five calendar years and
year-to-date.
The Campbell Global Trend Fund, L.P. has not commenced
    trading and does not have any performance history.
Futures are standardized contracts traded on commodity exchanges
    that call for the future delivery of commodities at a specified
    time and place. While futures contracts are traded on a wide
    variety of commodities, both Funds will concentrate their
    futures trading in financial instruments such as interest rates,
    foreign exchange and stock index contracts, metal (including
    gold) and energy contracts, soft commodities and other
    commodities. The U.S. futures markets are regulated under
    the Commodity Exchange Act, which is administered by the CFTC.
    The Funds will trade futures positions on margin, meaning that
    the Funds will utilize leverage in their trading.
Currencies and other commodities may be purchased or sold by the
    Funds for future delivery or cash settlement through banks or
    dealers pursuant to forward or option contracts. Unlike futures
    contracts, forward and option contracts are not standardized and
    these markets are largely unregulated.
The following summary provides a review in outline form of
    important aspects of an investment in the Funds.
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Table of Contents
Plan of
    Distribution
How to
    Subscribe for Units — Strategic Allocation Fund and Global
    Trend Fund
•
During the initial offering period, the selling agents will
    offer the Global Trend Fund Units at a price of $1,000 per unit
    of Units of each Class.
•
During the continuing offering, Units of both Funds are offered
    at a price equal to their net asset value per Unit. The net
    asset values of each Fund are its assets less its liabilities
    determined in accordance with its respective Limited Partnership
    Agreement. The net asset value per Unit Class equals the net
    asset value of each Unit Class divided by the number of Units
    outstanding as of the date of determination.
•
Investors in both Funds must submit subscriptions at least five
    (5) business days prior to the applicable month-end closing
    date. Approved subscriptions will be accepted once payments are
    received and cleared. The general partner in its sole and
    absolute discretion may change the foregoing notice requirement
    by written notice to you.
•
Both Funds will accept subscriptions throughout the continuing
    offering, which can be terminated by Campbell &
    Company at any time.
•
Interest earned while subscriptions are being processed will be
    paid to accepted subscribers in the form of additional Units.
•
The selling agents will use their best efforts to sell the Units
    offered, without any firm underwriting commitment.
Investors
    are required to make representations and warranties relating to
    the suitability for them of an investment in Units in the
    Subscription Agreement. You should read the Subscription
    Agreement as well as this prospectus carefully before you decide
    whether to invest.
•
There is no limit on the number of Units that may be offered by
    the Funds, but all Units must be registered with the
    U.S. Securities and Exchange Commission prior to issuance.
Initial
    Offering Period — Global Trend Fund
The selling agents will offer the Global Trend Fund Units
    at a price of $1,000 per unit of Units of each Class during the
    initial offering period, and thereafter, at a price equal to the
    net asset value per unit of Units of each Class at the close of
    business on each closing date. Units of each Class will
    initially be offered for a period ending ninety days from the
    date hereof, unless such date is extended by
    Campbell & Company for up to an additional ninety
    days. The subscription minimum for each Series of the Global
    Trend Fund as of the end of the initial offering period is
    $15,000,000. However, if after the expiration of the initial
    offering period, the subscription minimum is not reached,
    Campbell & Company may purchase Units with an
    aggregate initial Unit value in an amount equal to the
    difference between the actual total dollar amount of Units
    subscribed for during the initial offering period and
    $15,000,000 at a price of net asset value per Unit. This initial
    offering period may be shorter if the subscription minimum is
    reached before the end of the initial offering period. If
    subscriptions for at least $15,000,000 for either Series have
    not been received and accepted by the end of the initial
    offering period, all subscriptions will be promptly returned to
    subscribers of that Series, with interest. After the end of the
    initial offering period, each of the Classes will be offered
    continuously.
Escrow
    of Funds During the Initial Offering Period — Global Trend
    Fund
Subscription funds for the Global Trend Fund received during the
    initial offering period will be deposited in escrow accounts at
    PNC Bank, National Association, the escrow agent, and held there
    until the funds are released for trading purposes or returned to
    the payors of such funds in case of rejection. The escrowed
    subscription funds will earn interest, which will either be paid
    to subscribers in the form of additional Units or will be
    returned in cash to those whose applications are rejected. In
    case of rejection, no fees or other amounts will be deducted
    from the subscription, which will be returned to the subscriber
    as promptly as practicable after such rejection.
What
    is the Minimum Investment Amount — Strategic Allocation
    Fund and Global Trend Fund
The minimum initial investment for the Global Trend Fund's
    Class A (USD) Units, Class B (USD) Units, Class C
    (USD) Units and Class D (USD) Units is $1,000 for eligible
    employee benefit plans and individual retirement accounts and
    $5,000 from all other investors. The minimum initial investment
    for the Global Trend Fund's Class A (GLD) Units and
    Class B (GLD) Units is $50,000. The Strategic Allocation
    Fund is not currently available for initial investments. Limited
    partners of the Strategic Allocation Fund and Global Trend
    Fund Class A (USD) Units, Class B (USD) Units,
    Class C (USD) Units and Class D (USD) Units may
    increase their investment with a
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minimum additional investment of $1,000. Limited partners of the
    Global Trend Fund Class A (GLD) Units and Class B
    (GLD) Units may increase their investment with a minimum
    additional investment of $10,000.
Estimate
    of Break-Even Level
Strategic
    Allocation Fund
In order for an investor to "break-even" on his
    investment in the first year of trading, assuming an additional
    investment of $1,000, the Strategic Allocation Fund must earn
    $73.80, or 7.38%, provided that no redemption charge is
    applicable.
Redemption fees apply through the first twelve month-ends
    following purchase as follows: 4% of net asset value per Unit
    redeemed through the third month-end, 3% of net asset value per
    Unit redeemed through the sixth month-end, 2% of net asset value
    per Unit redeemed through the ninth month-end, and 1% of net
    asset value per Unit redeemed 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 Unit, no redemption fees apply. Because the purchase date
    counts as the first month-end in determining whether a
    redemption fee applies, no redemption fee would be due in
    respect of a Unit redeemed on the first anniversary of the
    purchase. Accordingly, redemption fees are not included in the
    "break-even" estimate set forth below.
Assumed Additional Investment
$
1,000.00
Brokerage Fee (estimated at 7.30)%
$
73.00
Offering Expense Reimbursement (estimated at 0.20)%
2.00
Operating Expenses (estimated at 0.10%)
1.00
Cash Manager and Custodian Fees (estimated at
    0.08%)
1
0.80
Less: Interest Income (estimated at
    0.30%)
2
(3.00
)
Amount of Trading Income Required to Break-Even on an
    Investor's Additional Investment in the First Year of
    Trading
$
73.80
Percentage of Additional Investment Required to Break-Even
7.38
%
The maximum offering expense
    reimbursement is 2.5% of the total subscription amount over
    30 months. The amount actually reimbursed represents, over
    the last two years, a charge equal to approximately 0.20% of
    average month-end net asset value. Operating expenses are
    subject to a maximum limit of 0.50% of the Strategic Allocation
    Fund's net asset value per annum. The estimates also do not
    account for the bid-ask spreads in connection with the Strategic
    Allocation Fund's forward and option contract trading since
    these spreads are indeterminable (they are embedded in the price
    of forward and option contracts). No performance fee is included
    in the calculation of the "break-even" level since all
    operating expenses of the Strategic Allocation Fund must be
    offset before a performance fee is accrued.
(1) The Strategic Allocation
    Fund pays the cash managers and the custodian a combined
    annualized fee equal to approximately 0.10% per annum of the
    Strategic Allocation Fund's funds they manage. Based on the
    assumption that cash management constitutes 80% of the
    additional investment, a fee equal to 0.08% is used for this
    break-even analysis (80% of $1,000 multiplied by 0.10% equals
    $0.80 or 0.08% of the assumed additional investment).
(2) Variable based on current
    interest rates.
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Table of Contents
Global
    Trend Fund
In order for an investor to break-even on
his/her
investment in the first twelve months of trading, assuming an
    initial investment of $5,000, (a) Class A (USD) Units
    and Class A (GLD) Units must earn $316.50 or 6.33%;
    (b) Class B (USD) Units must earn $304.00 or 6.08%;
    (c) Class C (USD) and Class B (GLD) Units must
    earn $216.50 or 4.33%; (d) Class D (USD) Units must
    earn $204.00 or 4.08%; and (e) Class E (USD) and
    Class C (GLD) Units must earn $179.00 or 3.58% of the
    assumed initial investment, provided that no redemption charge
    is applicable.
Redemption fees apply to the Class A (USD) Units,
    Class B (USD) Units and Class A (GLD) 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, 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 (USD) Unit, Class B (USD) Unit or
    Class A (GLD) Unit, no redemption fees apply. Because the
    purchase date counts as the first month-end in determining
    whether a redemption fee applies, no redemption fee would be due
    in respect of a Class A (USD) Unit, Class B (USD) Unit
    or Class A (GLD) Unit redeemed on the first anniversary of
    the purchase. Accordingly, redemption fees are not included in
    the "break-even" estimate set forth below.
Class A (USD)
Class C (USD)
Class E (USD) and
and
Class B (USD)
and
Class D (USD)
Class C (GLD)
Class A (GLD) Units
Units
Class B (GLD) Units
Units
Units
5
Assumed Initial Investment
$
5,000.00
$
5,000.00
$
5,000.00
$
5,000.00
$
5,000.00
Advisory Fee (2.00)%
100.00
100.00
100.00
100.00
100.00
General Partner Fee (1.00)%
50.00
50.00
50.00
50.00
50.00
Organization & Offering Expense Reimbursement
    (0.50%)
1
25.00
25.00
25.00
25.00
N/A
Operating Expenses
    (0.50%)
1
25.00
25.00
25.00
25.00
25.00
Cash Manager and Custodian Fees (estimated at
    0.08%)
2
4.00
4.00
4.00
4.00
4.00
Sales Fee (2.00)%
100.00
100.00
N/A
N/A
N/A
Broker-Dealer Custodial Fee (0.25)%
12.50
N/A
12.50
N/A
N/A
Transaction Fees (estimated at
    0.30%)
3
15.00
15.00
15.00
15.00
15.00
Less: Interest Income
    (0.30%)
4
(15.00
)
(15.00
)
(15.00
)
(15.00
)
(15.00
)
Amount of Trading Income Required to Break-Even on an
    Investor's Initial Investment in the First Year of Trading
$
316.50
$
304.00
$
216.50
$
204.00
$
179.00
Percentage of Initial Investment Required to Break-Even
6.33
%
6.08
%
4.33
%
4.08
%
3.58
%
The estimate does not account for the bid-ask spreads in
    connection with the Global Trend Fund's forward and option
    contract trading since these spreads are indeterminable (they
    are imbedded in the price of forward and option contracts). No
    performance fee is included in the calculation of the
    "break-even" level since all operating expenses of the
    Global Trend Fund must be offset before a performance fee is
    accrued.
-5-
Table of Contents
(1)
Reflects maximum amount. Actual amount may be less.
(2)
The Global Trend Fund pays the cash managers and the custodian a
    combined annualized fee equal to approximately 0.10% per annum
    of the Global Trend Fund's funds they manage. Based on the
    assumption that cash management constitutes 80% of the
    additional investment, a fee equal to 0.08% is used for this
    break-even analysis (80% of $1,000 multiplied by 0.10% equals
    $0.80 or 0.08% of the assumed additional investment).
(3)
Clearing fees, execution fees and other transaction fees that
    will be paid to futures broker and the
over-the-counter
counterparty. In aggregate, transaction fees generally are not
    expected to exceed 0.30% (and will not exceed 1.00%) per annum
    of each Class of Units' respective net asset value.
(4)
Variable based on current interest rates.
(5)
Once total underwriting compensation paid on any Class A
    (USD) Unit, Class B (USD) Unit, Class C (USD) Unit,
    Class D (USD) Unit, Class A (GLD) Unit or Class B
    (GLD) Unit reaches 10% of the gross offering proceeds, the
    Class A (USD) Unit, Class B (USD) Unit, Class C
    (USD) Unit or Class D (USD) Unit will automatically be
    re-designated as Class E (USD) Units, and the Class A
    (GLD) Unit or Class B (GLD) Unit will automatically be
    re-designated as Class C (GLD) Units.
Is the
    Campbell Strategic Allocation Fund or the Campbell Global Trend
    Fund a Suitable Investment for You?
An investment in either Fund is speculative and involves a high
    degree of risk. Neither Fund is a complete investment program.
    Campbell & Company offers both of the Funds as
    diversification opportunities for an investor's entire
    investment portfolio, and therefore an investment in either or
    both Funds should only be a limited portion of the
    investor's portfolio. You must, at a minimum, have:
1)
a net worth of at least $250,000, exclusive of home, furnishings
    and automobiles; or
2)
a net worth, similarly calculated, of at least $70,000 and an
    annual gross income of at least $70,000.
A number of jurisdictions in which the Units are offered impose
    higher minimum suitability standards on prospective investors.
    These suitability standards are, regulatory minimums only, and
    merely because you meet these standards does not mean that an
    investment in the Units is suitable for you.
You may not
    invest more than 10% of your net worth, exclusive of home,
    furnishings and automobiles, in each Fund.
A Summary
    of Risk Factors You Should Consider Before Investing in the
    Funds
•
Each Fund is a highly volatile and speculative investment. There
    can be no assurance that either Fund will achieve its objectives
    or avoid substantial losses. You must be prepared to lose all or
    a substantial amount of your investment. Campbell &
    Company has from time to time in the past incurred substantial
    losses in trading on behalf of its clients.
•
Futures, forward and option trading is a "zero-sum"
    economic activity in which for every gain there is an equal and
    offsetting loss (disregarding transaction costs), as opposed to
    a typical securities investment, in which there is an
    expectation of constant yields (in the case of debt) or
    participation over time in general economic growth (in the case
    of equity). It is possible that the Funds could incur major
    losses while stock and bond prices rise substantially in a
    prospering economy.
•
The Funds trade in futures, forward and option contracts.
    Therefore, the Funds are a party to financial instruments with
    elements of off-balance sheet market risk, including market
    volatility and possible illiquidity. There is also a credit risk
    that a counterparty will not be able to meet its obligations to
    the Funds.
•
Notwithstanding Campbell & Company's research,
    risk and portfolio management efforts, there may come a time
    when the combination of available markets and new strategies may
    not be sufficient for Campbell & Company to add new
    assets without detriment to diversification. Reduced
    diversification and more concentrated portfolios may have a
    detrimental effect on your investment.
•
The Funds are subject to numerous conflicts of interest
    including the following:
1)
Campbell & Company is both the general partner and
    trading advisor of both Funds and its fees were not negotiated
    at arm's length. For these reasons, Campbell &
    Company has a disincentive to add or replace advisors, even if
    doing so may be in the best interests of the Funds;
-6-
Table of Contents
2)
Campbell & Company may have incentives to favor other
    accounts over the Funds;
3)
Campbell & Company, the Funds' futures brokers
    and
over-the-counter
counterparties and their respective principals and affiliates
    may trade in the futures, forward and option markets for their
    own accounts and may take positions opposite or ahead of those
    taken for the Funds;
4)
Selling agents will be entitled to ongoing compensation as a
    result of their clients remaining in the Funds, so a conflict
    exists between the agents' interest in maximizing
    compensation and in advising their clients to make investment
    decisions in the clients' best interests; and
5)
Campbell & Company operates other commodity pool
    offerings which may have materially different terms and operate
    at a lower overall cost structure.
•
Limited partners take no part in the management of the Funds and
    although Campbell & Company is an experienced
    professional manager, past performance is not necessarily
    indicative of future results.
•
The Strategic Allocation Fund will pay Campbell &
    Company a brokerage fee of up to 8% of the Strategic Allocation
    Fund's month-end net asset value per annum (prior to
    accruals for such brokerage fee or performance fees),
    irrespective of profitability, of which up to 1% is paid to the
    futures brokers and
over-the-counter
counterparties and 4% is paid to the selling agents. The amount
    paid to selling agents on Units sold pursuant to this disclosure
    document will not, however, exceed 9.0% of the gross offering
    proceeds of the Strategic Allocation Fund Units sold
    pursuant to this disclosure document. Once the 9.0% threshold is
    reached with respect to a Strategic Allocation Fund Unit
    sold pursuant to this disclosure document, the selling agent
    will receive no future compensation and the up to 4% amount that
    would otherwise be paid to the selling agent for that Unit will
    instead be rebated to the Strategic Allocation Fund for the
    benefit of all holders of the Strategic Allocation Fund Units.
    Campbell & Company retains the remaining 3%.
    Currently, the Strategic Allocation Fund's actual brokerage
    fee is approximately 7.30% of the Strategic Allocation
    Fund's month-end net asset value per annum.
    Campbell & Company will also be paid a quarterly
    performance fee equal to 20% of aggregate cumulative
    appreciation in the Strategic Allocation Fund's net asset
    value per Unit, if any, excluding interest income and as
    adjusted for subscriptions and redemptions. For the full
    disclosure of fees paid by the Strategic Allocation Fund, see
    "Charges to the Funds — Strategic Allocation
    Fund".
•
All classes of the Global Trend Fund will pay
    Campbell & Company a monthly (i) advisory fee at
    the annual rate of 2%; and (ii) general partner fee at the
    annual rate of 1%, of the net asset value of the respective
    Class, prior to any accrual for or payment of any advisory fee,
    general partner fee, performance fee, redemption or subscription
    during said month. All classes of the Global Trend Fund will
    also pay Campbell & Company a quarterly performance
    fee equal to 20% aggregate cumulative appreciation in the
    respective Class's net asset value per Unit, if any,
    excluding interest income and as adjusted for subscription and
    redemptions. For full disclosure of fees paid by the Global
    Trend Fund, see "Charges to the Funds — Global
    Trend Fund".
•
The Funds are single-advisor funds which may be inherently more
    volatile than multi-advisor managed futures products.
•
Although the Funds are liquid compared to other alternative
    investments such as real estate or venture capital, liquidity is
    restricted, as the Units may only be redeemed on a monthly
    basis, upon ten business days' advance written notice to
    Campbell & Company.
•
Redemption fees apply to certain Units of the Funds redeemed on
    or prior to the twelfth month-end following purchase. You may
    transfer or assign your Units on 30 days' written
    notice to Campbell & Company, but only with the
    consent of Campbell & Company. There is no secondary
    market for Units, and none is expected to develop.
•
Investors are taxed each year on their share of the Funds'
    profits, irrespective of whether they redeem any Units or
    receive any cash distributions from the Funds.
-7-
Table of Contents
Investment
    Factors You Should Consider Before Investing in the
    Funds
•
The Funds are leveraged investment funds managed by an
    experienced, professional trading advisor and both trade in a
    wide range of futures, forward and option markets.
•
Campbell & Company utilizes several independent and
    different proprietary trading systems for the Funds.
•
The Funds have the potential to help diversify traditional
    securities portfolios. A diverse portfolio consisting of assets
    that perform in an unrelated manner, or non-correlated assets,
    has the potential to increase overall return and reduce the
    volatility (a primary measure of risk) of a portfolio. As a risk
    transfer activity, futures, forward and option trading has no
    inherent correlation with any other investment. However,
    non-correlation will not provide any diversification advantages
    unless the non-correlated assets are outperforming other
    portfolio assets, and there is no guarantee that the Funds will
    outperform other sectors of an investor's portfolio or not
    produce losses. The Funds' profitability also depends on
    the success of Campbell & Company's trading
    techniques. If the Funds are unprofitable, then they will not
    increase the return on an investor's portfolio or achieve
    its diversification objectives.
•
Investors in the Funds get the advantage of limited liability in
    highly leveraged trading.
Objectives
    of the Funds
The Funds seek to:
•
Reduce overall portfolio volatility and enhance returns by
    adding non-correlated assets.
•
Provide global diversification within a single investment.
•
Provide the potential to profit regardless of the economic
    environment.
•
Hedge the consequences of potential future market dislocations,
    including inflation (for the Global Trend Series (GLD)).
•
Generate returns independent of the stock and bond markets.
•
Potentially take advantage of global trends regardless of
    direction across 80+ markets in 11 countries on 23 exchanges.
•
Achieve capital appreciation over the medium- to long-term.
There is no guarantee that the Funds will achieve these
    objectives.
Campbell &
    Company, Inc.
Campbell & Company, the general partner and trading
    advisor for the Funds, administers the Funds and directs their
    trading. Campbell & Company has over 38 years of
    experience trading in the futures and forward markets. As of
    February 28, 2010, Campbell & Company and its
    affiliates were managing approximately $3.2 billion,
    including approximately $2.6 billion in its Financial,
    Metal & Energy Large Portfolio, approximately
    $17.3 million (including proprietary assets) in its Trend
    Following Portfolio, and approximately $6.5 million
    (including proprietary assets) in its Trend Following (GLD)
    Portfolio. Campbell & Company has sole authority and
    responsibility for directing investment and reinvestment of the
    Funds' assets.
Campbell & Company uses a systematic trading approach
    combined with quantitative portfolio management analysis and
    seeks to identify and profit from price movements in the
    futures, forward and option markets. Multiple trading models are
    utilized across most markets traded. Each model analyzes market
    movements and internal market and price configurations in order
    to generate signals to be executed through a variety of
    execution platforms.
The Strategic Allocation Fund trades pursuant to the Campbell
    Financial, Metal & Energy Large ("FME
    Large") Portfolio. The FME Large Portfolio seeks to
    generate attractive risk-adjusted returns across a broad range
    of market conditions through systematic investments in a
    diversified portfolio of futures, forward and option contracts
    in a diverse array of global assets, including global interest
    rates, stock indices, currencies and commodities. The Portfolio
    consists of underlying investment strategies that aim for low
    correlation and are diversified by investment style, investment
    holding period and instrument.
Two primary portfolio
sub-strategies,
Diversified and Sector Specific, look for momentum-oriented
    movement across global asset classes on the basis of price or
    other technical indicators, while also capturing global trends
    on the basis of underlying fundamental or econometric data.
    Additional models, markets
and/or
over-the-counter
contracts may also be included or eliminated from time to time
    in Campbell & Company's sole discretion without
    notice to unitholders.
-8-
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The Global Trend Fund currently consists of two series
    ("Series") — the Global Trend Series (USD)
    and the Global Trend Series (GLD). The Global Trend Series (USD)
    seeks to provide investors with a U.S. Dollar-denominated
    exposure to the Campbell Trend Following Portfolio. The Global
    Trend Series (USD) will trade pursuant to the Campbell Trend
    Following Portfolio. The Trend Following Portfolio seeks to
    exploit both the tendency for individual market momentum to
    persist and the tendency for markets to influence each other by
    aggregating (either negatively or positively) into independent
    factor groups. Campbell & Company's Technical
    Model Series is based on traditional and alternative
    trend-following methods to exploit future market moves. A focus
    of the model series is to equalize exposure to multiple time
    horizons, trading strategies, asset classes, and signal
    information. Proper position sizing and risk control is closely
    monitored. Additional models, markets
and/or
over-the-counter
contracts may also be included or eliminated from time to time
    in Campbell & Company's sole discretion without
    notice to unitholders.
The Global Trend Series (GLD) trades the Trend Following (GLD)
    Portfolio, which seeks to provide investors with a
    gold-denominated exposure to the Campbell Trend Following
    Portfolio. The gold-denominated exposure is achieved by first
    converting the investors' U.S. Dollar investment to an
    exposure to gold by purchasing long positions in gold futures
    with a value approximately equal to the net asset value of that
    Series. The Global Trend Series (GLD) then seeks appreciation
    through a 100% overlay of the Campbell Trend Following
    Portfolio. The trading advisor will adjust the Global Trend
    Series (GLD)'s respective allocations to gold and the Trend
    Following Portfolio at the beginning of each month to reflect
    additions to and redemptions of Series capital, as well as to
    reflect profits and losses from the Series' long gold
    futures and its futures and currencies trading activities and
    interest income as of the end of the preceding month so as to
    maintain a gold futures position with a value approximately
    equal to the Series' net asset value at the beginning of
    each month.
Charges
    to the Funds
The Funds' charges are substantial and must be offset by
    trading gains and interest income in order to avoid depletion of
    the Funds' assets.
Strategic
    Allocation Fund
Campbell &
    Company
•
The Strategic Allocation Fund will pay Campbell &
    Company a brokerage fee of up to 8% of the Strategic Allocation
    Fund's month-end net asset value per annum (prior to
    accruals for such brokerage fee or performance fees),
    irrespective of profitability, of which up to 1% is paid to the
    futures brokers and
over-the-counter
counterparties and 4% is paid to the selling agents. The amount
    paid to selling agents on Units sold pursuant to this disclosure
    document will not, however, exceed 9.0% of the gross offering
    proceeds of the Strategic Allocation Fund Units sold
    pursuant to this disclosure document. Once the 9.0% threshold is
    reached with respect to a Strategic Allocation Fund Unit
    sold pursuant to this disclosure document, the selling agent
    will receive no future compensation and the up to 4% amount that
    would otherwise be paid to the selling agent for that Unit will
    instead be rebated to the Strategic Allocation Fund for the
    benefit of all holders of the Strategic Allocation Fund Units.
    Campbell & Company retains the remaining 3%.
•
Campbell & Company will be paid a quarterly
    performance fee equal to 20% of aggregate cumulative
    appreciation in the Strategic Allocation Fund's net asset
    value per Unit, if any, excluding interest income and as
    adjusted for subscriptions and redemptions.
•
Reimbursement of Strategic Allocation Fund's offering
    expenses incurred during the continuing offering over a
30-month
period following incurrence of each such expense, not to exceed
    2.5% of the aggregate subscriptions accepted by
    Campbell & Company.
The
    Futures Brokers and
Over-the-Counter
Counterparties
•
The futures brokers and
over-the-counter
counterparties for the Strategic Allocation Fund are paid out of
    the brokerage fee as discussed in
    "— Campbell & Company".
The
    Selling Agents
•
The selling agents for the Strategic Allocation Fund are paid
    out of the brokerage fee as discussed in
    "— Campbell & Company".
Dealers
    and Others
•
"Bid-ask" spreads for off-exchange contracts.
-9-
Table of Contents
•
Operating expenses such as legal, auditing, administration,
    printing and postage, as incurred, up to a maximum of 0.50% of
    the Strategic Allocation Fund's net asset value per annum.
•
Cash management and custodial fees (0.10% annualized fee based
    on the percentage of assets under management) for management of
    the Strategic Allocation Fund's non-margin assets.
•
Redemption fees apply to Units redeemed through the first twelve
    month-ends following purchase.
Global
    Trend Fund
Campbell &
    Company
•
All Classes of the Global Trend Fund will pay
    Campbell & Company a monthly (i) advisory fee at
    the annual rate of 2%; and (ii) general partner fee at the
    annual rate of 1%, of the net asset value of the respective
    Class, prior to any accrual for or payment of any advisory fee,
    general partner fee, performance fee, redemption or subscription
    during said month. These fees are paid in arrears based on the
    net asset value of the respective Class as of the end of each
    month. These fees are paid out of and reduce the net assets
    attributable to each Class of Units.
•
The Global Trend Fund's offering expenses will be advanced
    by Campbell & Company. Reimbursement of the Global Trend
    Fund's offering expenses is subject to an annual cap of
    0.50% of the Global Trend Fund's, and in turn, each
    Units', month-end net asset value (excluding Class E
    (USD) Units and Class C (GLD) Units). Any offering costs
    advanced by Campbell & Company in excess of the
    aforementioned annual cap may be reimbursed in later periods; if
    the Global Trend Fund is able to do so within the limit of each
    annual cap. Furthermore in no case will reimbursements of
    offering costs exceed 2.5% of aggregate subscriptions.
The
    Futures Brokers and
Over-the-Counter
Counterparties
•
All Classes of the Global Trend Fund will pay the futures broker
    and
over-the-counter
counterparty up to 1% of the net asset value of each Class.
The
    Selling Agents
•
The Global Trend Fund will pay to selected selling agents who
    have sold Class A (USD) Units, Class B (USD) Units and
    Class A (GLD) Units, selling commissions of 2% of the
    subscription amount of each subscription for Class A (USD),
    Class B (USD) and Class A (GLD) Units. In addition,
    commencing thirteen months after the sale of Units and in return
    for providing ongoing services to limited partners, the Global
    Trend Fund will pay those selling agents (or their assignees) up
    to 2% of the Global Trend Fund's average month-end net
    asset value. The amount paid to selling agents on Global Trend
    Fund Class A (USD) Units, Class B (USD) Units and
    Class A (GLD) Units sold pursuant to this disclosure
    document will not, however, exceed 8.0% of the gross offering
    proceeds of the Global Trend Fund Class A (USD) Units
    and Class A (GLD) Units and 9.0% of the gross offering
    proceeds of the Global Trend Fund Class B (USD) Units
    sold pursuant to this disclosure document. Once the respective
    threshold is reached with respect to the Global Trend
    Fund Class A (USD) Units, Class B (USD) Units or
    Class A (GLD) Units sold pursuant to this disclosure
    document, the selling agent will receive no future compensation.
•
The Global Trend Fund Class A (USD) Units,
    Class C (USD) Units, Class A (GLD) Units and
    Class B (GLD) Units will pay a monthly broker-dealer
    custodial fee of 0.25% of Class A (USD) Units',
    Class C (USD) Units', Class A (GLD) Units'
    and Class B (GLD) Units' month-end net asset value per
    annum to the selling agents (the firm and not the individual)
    provided, however that the total of such broker-dealer custodial
    fees per Unit do not exceed 1.0% of the gross offering proceeds
    of Class A (USD) Units and Class A (GLD) Units and 6%
    of the gross offering proceeds of Class C (USD) Units and
    Class B (GLD) Units.
Once total underwriting compensation, including, but not limited
    to, the fees mentioned in the preceding paragraphs, paid on any
    Class A (USD) Unit, Class B (USD) Unit, Class C
    (USD) Unit, Class D (USD) Unit, Class A (GLD) Unit or
    Class B (GLD) Unit reaches 10% of the gross offering
    proceeds, (1) the Class A (USD) Unit, Class B
    (USD) Unit, Class C (USD) Unit or Class D (USD) Unit
    will automatically be re-designated as Class E (USD)
-10-
Table of Contents
Units, which are identical to Class A (USD) Units,
    Class B (USD) Units, Class C (USD) Units and
    Class D (USD) Units except that Class E (USD) Units do
    not pay any offering expenses, selling agent fee, broker-dealer
    custodial fee payable to the selling agents and, if applicable,
    redemption fees, and (2) the Class A (GLD) Unit or
    Class B (GLD) Unit will automatically be re-designated as
    Class C (GLD) Units, which are identical to Class A
    (GLD) Units and Class B (GLD) Units, except that
    Class C (GLD) Units do not pay any offering expenses,
    selling agent fee, broker-dealer custodial fee payable to the
    selling agents and, if applicable, redemption fees.
Dealers
    and Others
•
"Bid-ask" spreads for off-exchange contracts.
•
Operating expenses such as legal, auditing, administration,
    printing and postage, as incurred, up to a maximum of 0.50% of
    the Global Trend Fund's net asset value per annum.
•
Cash management and custodial fees for both Funds (0.10%
    annualized fee based on the percentage of assets under
    management) for management of the Global Trend Fund's
    non-margin assets.
•
Redemption fees apply to certain Units redeemed through the
    first twelve month-ends following purchase.
Distributions
    and Redemptions
The Funds are intended to be medium- to long-term,
i.e.
,
    3- to
5-year,
investments. Units are transferable, but no secondary market
    exists for Units and none is expected to develop. Monthly
    redemptions are permitted from both Funds upon ten
    (10) business days' advance written notice to
    Campbell & Company. The general partner of the Global
    Trend Fund has reserved the right to permit redemptions and
    accept subscriptions on a more frequent basis than monthly. The
    general partner in its sole and absolute discretion may change
    the foregoing notice requirement by written notice to you.
The redemption fees described above apply through the first
    twelve month-ends following purchase of Strategic Allocation
    Fund Units and Global Trend Fund Class A (USD)
    Units, Class B (USD) Units and Class A (GLD) Units.
    After the twelfth month-end following purchase of a Unit, no
    redemption fees apply for either Fund. Campbell &
    Company reserves the right to make distributions of profits at
    any time in either Fund in its sole discretion.
Federal
    Income Tax Aspects
In the opinion of Sidley Austin LLP, counsel to
    Campbell & Company, each Fund is classified as a
    partnership and will not be considered a publicly traded
    partnership taxable as a corporation for federal income tax
    purposes based on the type of income it is expected to earn. As
    such, whether or not either Fund has distributed any cash to the
    limited partners, each limited partner must report his allocable
    share of items of income, gain, loss and deduction of either
    Fund and is individually liable for income tax on such share.
    The Funds invest in futures and other commodity contracts, gain
    or loss on which will, depending on the contracts traded,
    constitute a mixture of:
1)
ordinary income or loss; and/or
2)
capital gain or loss.
Trading losses of the Funds, which will generally constitute
    capital losses, may only be available to offset a limited amount
    of interest income or other ordinary income allocated to the
    limited partners. Although the Funds treat the brokerage fees
    and performance fees paid to Campbell & Company as
    ordinary and necessary business expenses, all or a portion of
    such expenses may be subject to restrictions on deductibility
    for federal income tax purposes or be treated as non-deductible
    syndication costs by the Internal Revenue Service, or IRS.
-11-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
ORGANIZATIONAL CHART
The organizational chart below illustrates the relationships
    among the various service providers of this offering.
    Campbell & Company is both the general partner and
    trading advisor for the Fund. The selling agents (other than
    Campbell Financial Services, Inc.), futures brokers,
over-the-counter
counterparties, cash managers and the custodian of excess
    collateral, are not affiliated with Campbell & Company
    or the Strategic Allocation Fund.
*
Campbell & Company presently serves as commodity pool
    operator for six other commodity pools.
-12-
Table of Contents
CAMPBELL
    GLOBAL TREND FUND, L.P.
ORGANIZATIONAL CHART
The organizational chart below illustrates the relationships
    among the various service providers of this offering.
    Campbell & Company is both the general partner and
    trading advisor for the Fund. The selling agents (other than
    Campbell Financial Services, Inc.), futures broker,
over-the-counter
counterparty, cash manager and custodian of excess collateral
    are not affiliated with Campbell & Company or the
    Global Trend Fund.
*
Campbell & Company presently serves as commodity pool
    operator for six other commodity pools.
-13-
Table of Contents
THE RISKS
    YOU FACE
The
    following risk factors apply to both Funds except where
    noted.
Market
    Risks
You
    Could Possibly Lose Your Total Investment in the
    Funds
Futures, forward and option contracts have a high degree of
    price variability and are subject to occasional rapid and
    substantial changes. Consequently, you could lose all or a
    substantial amount of your investment in the Funds.
The
    Funds are Highly Leveraged
Because the amount of margin funds necessary to be deposited in
    order to enter into a futures, forward or option contract
    position is typically about 2% to 10% of the total value of the
    contract, Campbell & Company is able to hold positions
    in each Fund's account with face values equal to several
    times each Fund's net asset value. The ratio of margin to
    equity is typically 10% to 30%. As a result of this leveraging,
    even a small movement in the price of a contract can cause major
    losses.
Changes
    In Financing Policies or the Imposition of Other Credit
    Limitations or Restrictions Could Compel the Funds to Liquidate
    Positions at Disadvantageous Prices
The Funds may utilize and may depend on the availability of
    credit in order to trade their portfolios. There can be no
    assurance that the Funds will be able to maintain adequate
    financing arrangements under all market circumstances. As a
    general matter, the dealers that provide financing to the Funds
    can apply essentially discretionary margin, haircut, financing
    security and collateral valuation policies. Changes by dealers
    in such financing policies, or the imposition of other credit
    limitations or restrictions, whether due to market circumstances
    or governmental, regulatory or judicial action, may result in
    large margin calls, loss of financing, forced liquidation of
    positions at disadvantageous prices, termination of swap and
    repurchase agreements and cross-defaults to agreements with
    other dealers. Any such adverse effects may be exacerbated in
    the event that such limitations or restrictions are imposed
    suddenly
and/or
by
    multiple market participants at or about the same time. The
    imposition of such limitations or restrictions could compel the
    Funds to liquidate all or part of their portfolios at
    disadvantageous prices. In recent months, banks and dealers have
    substantially curtailed financing activities and increased
    collateral requirements, forcing many hedge funds to liquidate.
The
    Fund's Investments Could Be Illiquid
Futures, forward and option positions cannot always be
    liquidated at the desired price; this can occur when the market
    is thinly traded (i.e., a relatively small volume of buy and
    sell orders) or in the event of disrupted markets and other
    extraordinary events in which historical pricing relationships
    become materially distorted. The financing available to the
    Funds from banks, dealers and other counterparties is likely to
    be restricted in disrupted markets. The Funds may incur material
    losses and the risk of loss from pricing distortions is
    compounded by the fact that in disrupted markets many positions
    become illiquid making it difficult or impossible to close out
    positions against which the markets are moving. For example, in
    1994, 1998 and again from 2007 — 2009 (it appears at
    this time that the
2007-2009
liquidity crisis has eased, however the potential of future
    liquidity issues continues to be a concern) there was a sudden
    restriction of credit by the dealer community that resulted in
    forced liquidations and major losses for a number of private
    investment funds. Campbell & Company was not forced to
    liquidate positions during the 1994, 1998 or 2007 —
    2009 liquidity crises. However, it is possible that in the
    future, in such situations, Campbell & Company may be
    unable for some time to liquidate certain unprofitable positions
    thereby increasing the loss to the Funds from the trade.
    Additionally, foreign governments may take or be subject to
    political actions which disrupt the markets in their currency or
    major exports, such as energy products or metals. Market
    disruptions caused by unexpected political, military and
    terrorist events may from time to time cause dramatic losses for
    the Funds, and such events can result in otherwise historically
    low-risk strategies performing with unprecedented volatility and
    risk. Any of these actions could also result in losses to the
    Funds. A subscription for Units should be considered only by
    persons financially able to maintain their investment and who
    can afford the loss of all or substantially all of such
    investment.
Your
    Investment in Either Fund Could Be Illiquid
There is no secondary market for the Units and none is expected
    to develop. While the Units have redemption rights, there are
    restrictions, and possible fees assessed. For example,
    redemptions from each Fund can occur only at the end of a month.
    If a large
-14-
Table of Contents
number of redemption requests were to be received at one time
    for either Fund, the Funds might have to liquidate positions to
    satisfy the requests. Such a forced liquidation could adversely
    affect the Funds and consequently your investment.
Transfers of interest in the Units are subject to limitations,
    such as 30 days' advance notice of any intent to
    transfer. Also, Campbell & Company may deny a request
    to transfer if it determines that the transfer may result in
    adverse legal or tax consequences for the Funds. See each
    Fund's "Agreement of Limited Partnership —
    Dispositions."
Over-the-Counter
Transactions are Subject to Little, if Any,
    Regulation
The Funds trade forward and option contracts in foreign
    currencies. Such contracts are typically traded
over-the-counter
through a dealer market, which is dominated by major money
    center and investment banks, and is not regulated by the
    Commodity Futures Trading Commission. Thus, you do not receive
    the protection of CFTC regulation or the statutory scheme of the
    Commodity Exchange Act in connection with this trading activity
    by the Funds. The market for forward and option contracts relies
    upon the integrity of market participants in lieu of the
    additional regulation imposed by the CFTC on participants in the
    futures markets. This regulation includes, for example, trading
    practices and other customer protection requirements, and
    minimum financial and trade reporting requirements. The absence
    of regulation could expose the Funds to significant losses in
    the event of trading abuses or financial failure by participants
    in the forward and option markets which it might otherwise have
    avoided.
Over-the-Counter
Transactions May Be Subject to the Risk of Counterparty
    Default
The Funds face the risk of non-performance by its counterparties
    to forward and option contracts and such non-performance may
    cause some or all of its gains to remain unrealized.
Unlike in futures contracts, the counterparty to these contracts
    is generally a single bank or other financial institution,
    rather than a clearing organization backed by a group of
    financial institutions. As a result, there will be greater
    counterparty credit risk in these transactions. The clearing
    member, clearing organization or other counterparty may not be
    able to meet its obligations, in which case, the Funds could
    suffer significant losses on these contracts.
Options
    on Futures and
Over-the-Counter
Contracts are Speculative and Highly Leveraged
Options on futures and
over-the-counter
contracts may be used by the Funds to generate premium income or
    capital gains. The buyer of an option risks losing the entire
    purchase price (the premium as well as any commissions and fees)
    of the option. The writer (seller) of an option risks losing the
    difference between the premium received for the option and the
    price of the commodity, futures or forward contract underlying
    the option which the writer must purchase or deliver upon
    exercise of the option (which losses can be unlimited). Specific
    market movements of the commodity, futures or forward contracts
    underlying an option cannot accurately be predicted. Successful
    options trading requires an accurate assessment of near-term
    volatility in the underlying instruments, as that volatility is
    immediately reflected in the price of the option. Correct
    assessment of market volatility can therefore be of much greater
    significance in trading options than it is in trading futures
    and forwards, where volatility may not have as great an effect
    on price.
An
    Investment in the Funds May Not Diversify an Overall
    Portfolio
Historically, alternative investments such as managed futures
    funds have been generally non-correlated to the performance of
    other asset classes such as stocks and bonds. Non-correlation
    means that there is no statistically valid relationship between
    the past performance of futures, forward and option contracts on
    the one hand and stocks or bonds on the other hand.
    Non-correlation should not be confused with negative
    correlation, where the performance of two asset classes would be
    exactly opposite. Because of this non-correlation, the Funds
    cannot be expected to be automatically profitable during
    unfavorable periods for the stock market or vice versa. The
    futures, forward and option markets are fundamentally different
    from the securities markets in that for every gain made in a
    futures, forward or option transaction, the opposing side of
    that transaction will have an equal and off-setting loss. If the
    Funds do not perform in a manner non-correlated with the general
    financial markets or does not perform successfully, you will
    obtain no diversification benefits by investing in the Units and
    the Funds may have no gains to offset your losses from other
    investments.
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The
    Current Markets are Subject to Market Disruptions That May Be a
    Detriment to Your Investment
The global financial markets have recently undergone pervasive
    and fundamental disruptions which have led to extensive and
    unprecedented governmental intervention. Such intervention has,
    in certain cases, been implemented on an "emergency"
    basis, suddenly and substantially eliminating market
    participants' ability to continue to implement certain
    strategies or manage the risk of their outstanding positions. In
    addition, as one would expect given the complexities of the
    financial markets and the limited time frame within which
    governments have felt compelled to take action, these
    interventions have typically been unclear in scope and
    application, resulting in confusion and uncertainty which in
    itself has been materially detrimental to the efficient
    functioning of the markets as well as to previously successful
    investment strategies. Confusion and uncertainty have also
    resulted from the apparent inconsistency which has characterized
    recent governmental actions. For example, while the Federal
    Reserve assisted or otherwise intervened with respect to certain
    distressed financial institutions, it refused to do so for
    others. Such inconsistency has caused both severe losses for a
    number of market participants, who assumed either no
    intervention or intervention consistent with past precedent, and
    contributed to the general uncertainty and resulting illiquidity
    of the markets.
The
    Current Markets are Subject to Governmental Intervention That
    May Be a Detriment to Your Investment
During the second half of 2008, losses at brokers, banks and
    other financial sector companies as well as extreme volatility
    and disruptions in the credit markets globally led to extensive
    and unprecedented governmental intervention in worldwide
    financial markets. Such intervention was in certain cases
    implemented on an "emergency" basis, subjecting market
    participants without notice to a set of regulations which were
    in some cases unclear in scope and in application.
The trading advisor believes that it is possible that emergency
    intervention may take place again in the future. The trading
    advisor also believes that the regulation of financial markets
    is likely to be increased in the future. It is impossible to
    predict the impact of any such intervention
and/or
increased regulation on the performance of the Funds or the
    fulfillment of their investment objectives.
The
    Funds Are Subject to Regulatory Risk Associated with Futures
    Contracts that Could Adversely Affect the Funds' Operations
    and Profitability
The CFTC has recently proposed and invited public comment
    regarding a new rule to implement position limits on energy
    futures contracts such as crude oil, heating oil, natural gas,
    gasoline and other energy products and has solicited public
    comment regarding the advisability of imposing similar limits in
    the metals futures markets. We do not anticipate these limits,
    if accepted, will affect the Funds' ability to trade, but
    it is possible that they may in the future if either or both
    Funds' assets increase dramatically.
Gains,
    If Any, From the Trend Following Portion of the Global Trend
    Fund's Global Trend Series (GLD) May Be Offset by Losses on
    the Gold Portion of the Global Trend Series (GLD), and Gains, If
    Any, on the Gold Portion of the Global Trend Series (GLD) May be
    Offset by Losses From the Trend Following Portion of the Global
    Trend Series (GLD), Resulting in No Gains or Aggregate Losses
    for Investors in the Global Trend Series (GLD)
    Units
An investment in the Global Trend Series (GLD) Units is not
    equivalent to an investment in gold. Rather, it is an investment
    in a product that combines a gold investment with a trend
    following futures portfolio, which is comprised of trend
    following trading models applied to a diverse portfolio of
    global futures and currencies. The gold investment is intended
    to de-link the net asset value, which is denominated in
    U.S. dollars, from the value of the U.S. dollar
    relative to gold, essentially denominating the net asset value
    in terms of gold. Consequently, if the U.S. dollar value of
    gold declines, gains, if any, from the Trend Following Portfolio
    may not be sufficient for the Global Trend Series (GLD) of the
    Global Trend Fund to avoid a decline in the net asset value of
    its Class A (GLD) Units, Class B (GLD) Units and
    Class C (GLD) Units expressed in U.S. dollars, the
    currency in which Units are redeemed. Likewise, losses from the
    Trend Following Portfolio may be greater than any increase in
    the U.S. dollar value of gold resulting in a decline in the
    net asset value of the Class A (GLD) Units, the
    Class B (GLD) Units and the Class C (GLD) Units.
    Additionally, there can be no assurance that, if the value of
    gold declines relative to the U.S. dollar, there will be
    any corresponding increase in the value or purchasing power of
    the U.S. dollar for goods (other than gold) or services
    priced in U.S. dollars.
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Gold
    Prices Historically Have Been Extremely Volatile and Have
    Fluctuated Widely in Recent Years. A Drop in the Price of Gold
    May Cause a Significant Loss in an Investment in the Global
    Trend Fund's Global Trend Series (GLD)
The price of gold has fluctuated widely over the past several
    years. Several factors may affect the price of gold, including:
    (a) changes in supply and demand, which is influenced by
    such factors as forward selling by producers, purchases made by
    producers to unwind hedge positions, central bank purchases and
    sales, and production and cost levels in major gold producing
    countries; (b) market uncertainty and investors'
    expectations with respect to the rate of inflation;
    (c) currency exchange rates; (d) interest rates;
    (e) investment and trading activities of investment funds;
    and (f) political, economic or financial conditions
and/or
instability globally or in major producing regions. The trading
    advisor has no control over the price volatility, and cannot
    prevent or mitigate it, because the investment strategy does not
    permit hedging of gold positions. On the contrary, it requires
    the trading advisor to maintain a fully invested position in
    gold at all times. As a result, unless offset by trading profits
    from trend following and interest income, a decline in the price
    of gold will result in a decline in the net asset value of the
    Global Trend Series (GLD) Units and an overall loss on the
    investments of Class A (GLD), Class B (GLD) and
    Class C (GLD) limited partners. Because of the extreme
    volatility of gold prices, the trading advisor believes that any
    investment in the Global Trend Fund, but particularly an
    investment in the Class A (GLD) Units, Class B (GLD)
    Units and Class C (GLD) Units should be a long-term
    investment of at least three to five years, and that investors
    should consider this when determining whether to make such an
    investment part of their overall portfolio.
Large-Scale
    Sales of Gold May Lead to a Decline in the Price of Gold and a
    Decline in the Value of the Global Trend Fund's
    Class A (GLD) Units, Class B (GLD) Units Class C
    (GLD) Units, Possibly Resulting in an Overall Loss of an
    Investment in the Global Trend Fund's Global Trend Series
    (GLD)
The possibility of large-scale distress sales of gold in times
    of crisis may have a short-term negative impact on the price of
    gold and adversely affect the value of the Class A (GLD)
    Units, Class B (GLD) Units and Class C (GLD) Units.
    For example, the 1997 Asian financial crisis resulted in
    significant sales of gold by individuals which depressed the
    price of gold. Crises in the future may impair gold's price
    performance which would, in turn, adversely affect an investment
    in the Class A (GLD) Units, Class B (GLD) Units and
    Class C (GLD) Units. Moreover, substantial sales of gold by
    the official sector could adversely affect an investment in the
    Class A (GLD) Units, Class B (GLD) Units and
    Class C (GLD) Units. The official sector consists of
    central banks, other governmental agencies and multilateral
    institutions that buy, sell and hold gold as part of their
    reserve assets. Since 1999, most gold sales by the official
    sector have been made in a coordinated manner under the terms of
    the Central Bank Gold Agreement. In the event that future
    economic, political or social conditions or pressures result in
    members of the official sector liquidating their gold assets all
    at once or in an uncoordinated manner, the demand for gold might
    not be sufficient to accommodate the sudden increase in supply.
    Consequently, the price of gold could decline significantly,
    which would adversely affect the value of the Class A (GLD)
    Units, Class B (GLD) Units and Class C (GLD) Units
    expressed in U.S. dollars, the currency in which the Units
    are redeemed, possibly resulting in an overall loss on your
    investment.
Widening
    Interest Rate Differentials Between the Cost of Money and the
    Cost of Borrowing Gold Could Result in Increased Sales and a
    Decline in the Price of Gold, Possibly Resulting in a Decline in
    the Value of the Global Trend Fund's Class A (GLD)
    Units, Class B (GLD) Units and Class C (GLD) Units and
    a Loss on an Investment in the Global Trend Fund's Global
    Trend Series (GLD)
A combination of rising interest rates and a continuation of the
    current low cost of borrowing gold (the gold lease rate) could
    improve the economics of selling gold forward. This could result
    in increased hedging by gold mining companies and short selling
    by speculators, which could adversely affect the price of gold
    and thus the value of the Class A (GLD) Units, Class B
    (GLD) Units and Class C (GLD) Units expressed in
    U.S. dollars, the currency in which Class A (GLD)
    Units, Class B (GLD) Units and Class C (GLD) Units are
    redeemed, possibly resulting in an overall loss on an investment
    in Class A (GLD) Units, Class B (GLD) Units or
    Class C (GLD) Units.
The
    Trend Following Portion of the Global Trend Fund's Global
    Trend Series (GLD) May Also Contain Gold Positions
The Trend Following Portfolio may contain gold positions that
    could counter the passive long gold
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strategy of the Global Trend Series (GLD) if the trading models
    used indicate trends in the price of gold declining.
The
    Funds are a Party to Financial Instruments With Elements of
    Off-Balance Sheet Risk, Which Cause the Funds to Lose All of
    Their Assets
The term "off-balance sheet risk" refers to an
    unrecorded potential liability that, even though it does not
    appear on the balance sheet, may result in future obligation or
    loss. The Funds trade in futures, forward and options contracts
    and are therefore a party to financial instruments with elements
    of off-balance sheet market and credit risk. In entering into
    these contracts there exists a risk to the Funds, market risk,
    that such contracts may be significantly influenced by market
    conditions, such as interest rate volatility, resulting in such
    contracts being less valuable. If the markets should move
    against all of the futures interests positions of the Funds at
    the same time, and if the Funds' trading advisor was unable
    to offset futures interests positions of the Funds, the Funds
    could lose all of their assets and the limited partners would
    realize a 100% loss. Campbell & Company, Inc., the
    general partner (who also acts as trading advisor), minimizes
    market risk through real-time monitoring of open positions,
    diversification of the portfolio and maintenance of a
margin-to-equity
ratio that rarely exceeds 30%; however, these precautions may
    not be effective in limiting the risk of loss.
Trading
    Risks
There
    are Disadvantages to Making Trading Decisions Based Primarily on
    Technical Market Data
The trading systems used by Campbell & Company for the
    Funds are primarily technical. The profitability of trading
    under these systems depends on, among other things, the
    occurrence of significant price movements, up or down, in
    futures, forward or option prices. Such price movements may not
    develop; there have been periods in the past without such price
    movements.
The likelihood of the Units being profitable could be materially
    diminished during periods when events external to the markets
    themselves have an important impact on prices. During such
    periods, Campbell & Company's historic price
    analysis could establish positions on the wrong side of the
    price movements caused by such events.
Increased
    Competition from Other Trend-Following Traders Could Reduce
    Campbell & Company's Profitability
There has been a dramatic increase in the volume of assets
    managed by trend-following trading systems like some of the
    Campbell & Company programs. For example, in 1980, the
    assets in the managed futures industry were estimated at
    approximately $300 million; by the end of 2009, this
    estimate had risen to approximately $213.6 billion.
    Increased trading competition from other trend-following traders
    could operate to the detriment of the Funds. It may become more
    difficult for the Funds to implement their trading strategies if
    other trading advisors using technical systems are, at the same
    time, also attempting to initiate or liquidate futures, forward
    or option positions, or otherwise alter trading patterns.
Limits
    Imposed by Futures Exchanges or Other Regulatory Organizations,
    Such As Speculative Position Limits and Daily Price Fluctuation
    Limits, May Alter Trading Decisions for the Funds
The CFTC and U.S. futures exchanges have established
    limits, known as speculative position limits, on the maximum net
    long or net short positions that any person may hold or control
    in certain futures and option on futures contracts. Most
    U.S. futures exchanges also have established "daily
    price fluctuation limits" which preclude the execution of
    trades at prices outside of the limit. Contract prices have
    occasionally moved the daily limit for several consecutive days
    with little or no trading. All accounts controlled by
    Campbell & Company are combined for speculative
    position limit purposes. If positions in those accounts were to
    approach the level of the particular speculative position limit,
    or if prices were to approach the level of the daily limit,
    these limits could cause a modification of Campbell &
    Company's trading decisions for the Funds or force the
    liquidation of certain futures or options on futures positions.
    Either of these actions may not be in the best interest of the
    investors. From time to time, the CFTC or the exchanges may
    suspend trading in market disruption circumstances. In these
    cases, it is possible that Campbell & Company, as
    trading advisor, could be required to maintain a losing position
    that it otherwise would exit and incur significant losses or be
    unable to establish a position and miss a profit opportunity.
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Increase
    in Assets Under Management May Make Profitable Trading More
    Difficult
Campbell & Company has not agreed to limit the amount
    of additional equity which it may manage, and is actively
    engaged in raising assets for existing and new accounts
    including the Funds. The more equity Campbell &
    Company manages, the more difficult it may be for
    Campbell & Company to trade profitably because of the
    difficulty of trading larger positions without adversely
    affecting prices and performance. Accordingly, such increases in
    equity under management may require Campbell & Company
    to modify its trading decisions for the Funds which could have a
    detrimental effect on your investment. Such considerations may
    also cause Campbell & Company to eliminate smaller
    markets from consideration for inclusion in either or both of
    its Financial, Metal & Energy Large Portfolio or its
    Trend Following Portfolio, reducing the range of markets in
    which trading opportunities may be pursued. Campbell &
    Company reserves the right to make distributions of profits to
    limited partners in an effort to control asset growth. In
    addition, Campbell & Company may have an incentive to
    favor other accounts because the compensation received from some
    other accounts may exceed the compensation it receives from
    managing each of the Fund's account. Because records with
    respect to other accounts are not accessible to limited partners
    in the Funds, the limited partners will not be able to determine
    if Campbell & Company is favoring other accounts. See
    "Campbell & Company, Inc. — Trading
    Capacity."
Investors
    Will Not be Able to View the Funds' Holdings on a Daily
    Basis, Which May Result in Unanticipated Losses
Campbell & Company makes the Funds' trading
    decisions.
While Campbell & Company
    receives daily trade confirmations from the futures brokers and
over-the-counter
counterparties, the Funds' trading results are reported to
    limited partners monthly. Accordingly, an investment in the
    Funds does not offer limited partners the same transparency,
i.e.
, an ability to review all investment positions
    daily, that a personal trading account offers. As a result, you
    may suffer unanticipated losses due to the Funds' holdings.
Tax
    Risks
Investors
    are Taxed Based on Their Share of the Funds'
    Profits
Investors are taxed each year on their share of the Funds'
    profits, if any, irrespective of whether they redeem any Units
    or receive any cash distributions from the Funds.
    Campbell & Company has the authority to make such
    distributions at any time in its sole discretion.
All performance information included in this prospectus is
    presented on a pre-tax basis; the investors who experienced such
    performance had to pay the related taxes from other sources.
Tax
    Could be Due from Investors on Their Share of the Funds'
    Ordinary Income Despite Overall Losses
Investors may be required to pay tax on their allocable share of
    either Fund's ordinary income, which in the case of the
    Funds is the Funds' interest income, gain on some foreign
    futures contracts, and certain other investment assets, even
    though the Funds incur overall losses. Capital losses of
    individual taxpayers can be used only to offset capital gains
    and $3,000 of ordinary income each year. Consequently, if an
    individual investor were allocated $5,000 of ordinary income and
    $10,000 of capital losses, the investor would owe tax on $2,000
    of ordinary income even though the investor would have a $5,000
    loss for the year. The remaining $7,000 capital loss could be
    used in subsequent years to offset capital gain and ordinary
    income, but subject to the same annual limitation on its
    deductibility against ordinary income.
There
    Could be a Limit on the Deductibility of Brokerage and
    Performance Fees
Although the Funds treat the brokerage fees and performance fees
    paid to Campbell & Company and other expenses of the
    Funds as ordinary and necessary business expenses, upon an IRS
    audit either Fund may be required to treat such fees as
    "investment advisory fees" if the Funds' trading
    activities did not constitute a trade or business for tax
    purposes. If the limited partner's share of expenses were
    deemed to be investment advisory fees, a limited partner's
    tax liability would likely increase because of statutory
    limitations applicable to miscellaneous itemized deductions,
    including investment advisory fees, of individual taxpayers. In
    addition, upon audit, a portion of the brokerage fees might be
    treated as a non-deductible syndication cost or might be treated
    as a reduction in the Funds' capital gain or as an increase
    in the Funds' capital loss. If the brokerage fees were so
    treated, a limited partner's tax liability would likely
    increase.
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Other
    Risks
Fees
    and Commissions are Charged Regardless of Profitability and are
    Subject to Change
The Funds are subject to substantial charges payable
    irrespective of profitability, in addition to performance fees
    which are payable based on the Fund's profitability.
    Included in these charges are brokerage fees and operating
    expenses. On the Funds' forward and option trading,
    "bid-ask" spreads and prime brokerage fees are
    incorporated into the pricing of the Funds' forward and
    option contracts by the counterparties in addition to the
    brokerage fees paid by the Funds. It is not possible to quantify
    the "bid-ask" spreads paid by the Funds because the
    Funds cannot determine the profit its counterparty is making on
    the forward and option transactions. Such spreads can at times
    be significant. In addition, while currently not contemplated,
    each Limited Partnership Agreement allows for changes to be made
    to the brokerage fee and performance fee upon sixty days'
    notice to the limited partners.
The
    Funds' Service Providers Could Fail, Which May Result in
    Losses to the Funds
The institutions, including but not limited to, the futures
    brokers,
over-the-counter
counterparties, the cash managers and the custodian, with which
    the Funds trade or invest may encounter financial difficulties
    that impair the operational capabilities or the capital position
    of the Funds. The futures brokers are generally required by
    U.S. law to segregate all funds received from such
    brokers' customers from such brokers' proprietary
    assets. If the futures brokers do not do so to the full extent
    required by law, the assets of the Funds might not be fully
    protected in the event of the bankruptcy of the futures brokers.
    Furthermore, in the event of the futures brokers'
    bankruptcy, the Funds could lose the entire amount, or be
    limited to recovering only a pro rata share of all available
    funds segregated on behalf of the futures brokers' combined
    customer accounts, even though certain property specifically
    traceable to the Funds (for example, Treasury bills deposited by
    the Funds with the futures brokers as margin) was held by the
    futures brokers. Furthermore, dealers in forward and option
    contracts are not regulated by the Commodity Exchange Act and
    are not obligated to segregate customer assets. The futures
    brokers have been the subject of regulatory and private causes
    of action, as described under "The Futures Brokers."
The recent events surrounding the bankruptcies or similar
    proceedings with respect to various parties have demonstrated
    the risk that assets that traders such as the Funds believed
    were custodial under statutory and regulatory protections could
    be subject to various risks, and apparently significant losses
    incurred by many hedge funds in relation to the bankruptcy
and/or
administration of Lehman Brothers Holdings and its affiliates
    illustrate the risks incurred in other derivatives trading and
    brokerage arrangements. Although Campbell & Company
    had no assets held at Lehman Brothers or its affiliates at the
    time of its bankruptcy, and accounts held by
    Campbell & Company suffered no losses as a result of
    the Lehman Brothers bankruptcy, there is no guarantee that
    Campbell & Company traded assets would be immune from
    such losses if a similar scenario were to occur in the future.
Investors
    Must Not Rely on the Past Performance of Either
    Campbell & Company or the Funds in Deciding Whether to
    Buy Units
The future performance of the Funds is not predictable, and no
    assurance can be given that the Funds will perform successfully
    in the future in as much as past performance is not necessarily
    indicative of future results. Additionally, the markets in which
    the Funds operate have been severely disrupted over the past
    year or more, so results observed in earlier periods may have
    little relevance to the results observable in the current
    environment.
The Global Trend Fund is a recently-formed entity with no
    operating history, as of the date set forth on the cover page of
    this prospectus, upon which prospective investors can evaluate
    its potential performance. The personnel of the trading advisor
    responsible for managing the Global Trend Fund's investment
    portfolio have substantial experience in managing investments
    and private and public investment funds and have provided and
    continue to provide advisory and management services to clients
    and private and public investment funds that have similar
    investment programs to that of the Global Trend Fund. However,
    the past performance of the trading advisor may not be construed
    as an indication of the future results of an investment in
    either Fund.
Conflicts
    of Interest Exist in the Structure and Operation of the
    Funds
Campbell & Company has not established any formal
    procedures to resolve the following conflicts of interest.
    Consequently, there is no independent control
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over how Campbell & Company resolves these conflicts
    which can be relied upon by investors as ensuring that the Funds
    are treated equitably with other Campbell & Company
    clients.
Campbell & Company has a conflict of interest because
    it acts as the general partner and sole trading advisor for the
    Funds.
Since Campbell & Company acts as both trading advisor
    and general partner for the Funds, it is very unlikely that its
    advisory contract will be terminated by the Funds. The fees
    payable to Campbell & Company were established by it
    and were not the subject of arm's-length negotiation. These
    fees on the Strategic Allocation Fund consist of a
    (i) brokerage fee of up to 8% of the Strategic Allocation
    Fund's month-end net asset value per annum (prior to
    accruals for such brokerage fee or performance fees) (of which
    3% is retained by Campbell & Company) and
    (ii) quarterly performance fee equal to 20% of aggregate
    cumulative appreciation in the Strategic Allocation Fund's
    net asset value per Unit, if any, excluding interest income and
    redemptions and as adjusted for subscriptions and redemptions.
    These fees on the Global Trend Fund consist of a monthly
    (i) advisory fee at the annual rate of 2% and
    (ii) general partner fee at the annual rate of 1%, of the
    net asset value of each Class of Units, prior to any accrual for
    or payment of any advisory fee, general partner fee, performance
    fee, redemption or subscription during said month and
    (iii) a quarterly performance fee equal to 20% aggregate
    cumulative appreciation in the respective Class of Units'
    net asset value per Unit, if any, excluding interest income and
    as adjusted for subscriptions and redemptions.
    Campbell & Company, as general partner, determines
    whether or not distributions are made and it receives increased
    fees to the extent distributions are not made.
Subject to the limit on selling agent compensation discussed in
    "Plan of Distribution — Items of Compensation
    Pursuant to FINRA Rule 2310", selling agents will be
    entitled to ongoing compensation as a result of their clients
    remaining in the Funds, so a conflict exists between the selling
    agent's interest in maximizing compensation and in advising
    its clients to make investment decisions in the client's
    best interests.
Other conflicts are also present in the operation of the Funds.
    See "Conflicts of Interest."
There
    Are No Independent Experts Representing Investors
Campbell & Company has consulted with counsel,
    accountants and other experts regarding the formation and
    operation of the Funds. No counsel has been appointed to
    represent the limited partners in connection with the offering
    of the Units. Accordingly, each prospective investor should
    consult his own legal, tax and financial advisers regarding the
    desirability of an investment in the Funds.
The
    Funds Place Significant Reliance on Campbell & Company
    and the Incapacity of its Principals Could Adversely Affect the
    Funds
The incapacity of Campbell & Company's principals
    could have a material and adverse effect on Campbell &
    Company's ability to discharge its obligations under the
    advisory agreement. However, there are no individual principals
    at Campbell & Company whose absence would result in a
    material and adverse effect on Campbell &
    Company's ability to adequately carry out its advisory
    responsibilities.
Either
    of the Funds Could Terminate Before You Achieve Your Investment
    Objective Causing Potential Loss of Your Investment or Upsetting
    Your Investment Portfolio
As general partner of both Funds, Campbell & Company
    may withdraw from either or both of the Funds upon
    120 days' notice, which would cause that Fund to
    terminate unless a substitute general partner were obtained.
    Other events, such as a long-term substantial loss suffered by
    either Fund, could also cause that Fund to terminate before the
    expiration of its stated term. This could cause you to liquidate
    your investments and upset the overall maturity and timing of
    your investment portfolio. If the registrations with the CFTC or
    memberships in the National Futures Association of
    Campbell & Company or the futures brokers were revoked
    or suspended, such entity would no longer be able to provide
    services to the Funds.
The
    Funds are Not Regulated Investment Companies and are Therefore
    Subject to Different Protections Than a Regulated Investment
    Company
Although the Funds and Campbell & Company are subject
    to regulation by the CFTC, neither of the Funds is an investment
    company subject to the Investment Company Act of 1940 and
    Campbell & Company is not registered as an investment
    adviser under the Investment Advisers Act of 1940. Accordingly,
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you do not have the protections afforded by those statutes
    which, for example, requires investment companies to have a
    majority of disinterested directors and regulates the
    relationship between the adviser and the investment company.
Forwards,
    Options, Swaps, Hybrids and Other Derivatives are Not Subject to
    CFTC Regulation; Therefore, the Funds Will Not Receive the Same
    Protections on These Transactions
The Funds trade foreign exchange contracts and options in the
    interbank market. In the future, the Funds may also trade swaps,
    hybrid instruments and other off-exchange contracts. Swap
    agreements involve trading income streams such as fixed rate for
    floating rate interest. Hybrids are instruments which combine
    features of a security with those of a futures contract. There
    is no exchange or clearinghouse for these contracts and they are
    not regulated by the CFTC. The Funds will not receive the
    protections which are provided by the CFTC's regulatory
    scheme for these transactions.
The
    Funds are Subject to Foreign Market Credit and Regulatory
    Risk
A substantial portion of Campbell & Company's
    trades takes place on markets or exchanges outside the United
    States. From time to time, over 50% of each Fund's overall
    market exposure could involve positions taken on foreign
    markets. Such markets may include, but are not limited to: the
    International Petroleum Exchange, Singapore International
    Monetary Exchange, London Metal Exchange, the Tokyo Commodity
    Exchange, and the list of markets, including their respective
    countries, in the pie chart entitled "Contracts by Sector
    for Both Funds" on page 30. The risk of loss in
    trading foreign futures contracts and foreign options can be
    substantial. Participation in foreign futures contracts and
    foreign options transactions involves the execution and clearing
    of trades on, or subject to the rules of, a foreign board of
    trade.
Non-U.S. markets
may not be subject to the same degree of regulation as their
    U.S. counterparts. None of the CFTC, NFA or any domestic
    exchange regulates activities of any foreign boards of trade,
    including the execution, delivery and clearing of transactions,
    nor do they have the power to compel enforcement of the rules of
    a foreign board of trade or any applicable foreign laws. Trading
    on foreign exchanges also presents the risks of exchange
    controls, expropriation, taxation and government disruptions.
The
    Funds are Subject to Foreign Exchange Risk
The price of any foreign futures or foreign options contract
    and, therefore, the potential profit and loss thereon, may be
    affected by any variance in the foreign exchange rate between
    the time a position is established and the time it is
    liquidated, offset or exercised. Certain foreign exchanges may
    also be in a more or less developmental stage so that prior
    price histories may not be indicative of current price dynamics.
    In addition, the Funds may not have the same access to certain
    positions on foreign exchanges as do local traders, and the
    historical market data on which Campbell & Company
    bases its strategies may not be as reliable or accessible as it
    is in the United States. The rights of clients (such as the
    Funds) in the event of the insolvency or bankruptcy of a
non-U.S. market
or broker are also likely to be more limited than in the case of
    U.S. markets or brokers.
Transfers
    Could be Restricted
You may transfer or assign your Units only upon
    30 days' prior written notice to Campbell &
    Company and only if Campbell & Company is satisfied
    that the transfer complies with applicable laws and would not
    result in adverse legal or tax consequences for the Funds.
A
    Single-Advisor Fund May Be More Volatile Than a
    Multi-Advisor Fund
Both Funds are single-advisor managed futures funds. You should
    understand that many managed futures funds are structured as
    multi-advisor funds in order to attempt to control risk and
    reduce volatility through combining advisors whose historical
    performance records have exhibited a significant degree of
    non-correlation with each other. As single-advisor managed
    futures funds, the Funds may have increased performance
    volatility and a higher risk of loss than investment vehicles
    employing multiple advisors.
The
    Performance Fee Could be an Incentive to Make Riskier
    Investments
Campbell & Company employs speculative strategies for
    the Funds, and receives performance fees based on the trading
    profits earned by it for the Funds. Campbell & Company
    would not agree to manage the Funds' accounts in the
    absence of such a performance fee arrangement. Accordingly,
    Campbell & Company may make investments that are
    riskier than might be made if the Funds' assets were
    managed by a trading advisor that did not require
    performance-based compensation.
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Table of Contents
The
    Funds May Distribute Profits to Limited Partners at Inopportune
    Times
Campbell & Company reserves the right to make
    distributions of profits of the Funds to the limited partners at
    any time in its sole discretion in order to control the growth
    of the assets under Campbell & Company's
    management. Limited partners will have no choice in receiving
    these distributions as income, and may receive little notice
    that these distributions are being made. Distributions may be
    made at an inopportune time for the limited partners.
Potential
    Inability to Trade or Report Due to Systems Failure Could
    Adversely Affect the Funds
Campbell & Company's strategies are dependent to
    a significant degree on the proper functioning of its internal
    computer systems. Accordingly, systems failures, whether due to
    third party failures upon which such systems are dependent or
    the failure of Campbell & Company's hardware or
    software, could disrupt trading or make trading impossible until
    such failure is remedied. Any such failure, and consequential
    inability to trade (even for a short time), could, in certain
    market conditions, cause the Funds to experience significant
    trading losses or to miss opportunities for profitable trading.
    Additionally, any such failures could cause a temporary delay in
    reports to investors.
Failure
    to Receive Timely and Accurate Market Data from Third Party
    Vendors Could Cause Disruptions or the Inability to
    Trade
Campbell & Company's strategies are dependent to
    a significant degree on the receipt of timely and accurate
    market data from third party vendors. Accordingly, the failure
    to receive such data in a timely manner or the receipt of
    inaccurate data, whether due to the acts or omissions of such
    third party vendors or otherwise, could disrupt trading to the
    detriment of the Funds or make trading impossible until such
    failure or inaccuracy is remedied. Any such failure or
    inaccuracy could, in certain market conditions, cause the Funds
    to experience significant trading losses, effect trades in a
    manner which it otherwise would not have done, or miss
    opportunities for profitable trading. For example, the receipt
    of inaccurate market data may cause the Funds to establish (or
    exit) a position which it otherwise would not have established
    (or exited), or fail to establish (or exit) a position which it
    otherwise would have established (or exited), and any subsequent
    correction of such inaccurate data may cause the Funds to
    reverse such action or inaction, all of which may ultimately be
    to the detriment of the Funds.
[REMAINDER OF THIS PAGE LEFT BLANK INTENTIONALLY.]
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Table of Contents
SELECTED
    FINANCIAL DATA WITH RESPECT TO THE STRATEGIC ALLOCATION
    FUND ONLY
Dollars
    in thousands, except per unit amounts
For The Year Ended December 31,
2009
2008
2007
2006
2005
Total Assets
$
1,858,856
$
2,541,717
$
3,999,585
$
5,777,987
$
5,233,064
Total Partners' Capital
1,708,492
2,455,894
3,803,392
5,654,540
5,175,699
Total Net Trading Gain (Loss) (includes brokerage commissions)
(56,051
)
139,135
(620,158
)
348,176
611,580
Net Income (Loss)
(199,877
)
(24,940
)
(739,180
)
211,997
424,794
Net Income (Loss) Per General and Limited Partner Unit*
(240.77
)
(21.87
)
(440.33
)
113.86
272.37
Increase (Decrease) in Net Asset Value per General and Limited
    Partner Unit
(235.52
)
(40.75
)
(458.41
)
121.64
261.69
*
Based on weighted average number of Units outstanding during the
    period.
SUPPLEMENTARY
    FINANCIAL INFORMATION WITH RESPECT TO THE STRATEGIC ALLOCATION
    FUND ONLY
Dollars
    in thousands, except per unit amounts
The following summarized quarterly financial information
    presents the results of operations for the three month periods
    ended March 31, June 30, September 30, and
    December 31, 2009 and 2008.
1st Qtr.
2nd Qtr.
3rd Qtr.
4th Qtr.
2009
2009
2009
2009
Total Net Trading Gain (Loss) (includes brokerage commissions)
$
8,220
$
(137,234
)
$
79,151
$
(6,188
)
Net Income (Loss)
(34,226
)
(174,076
)
46,059
(37,634
)
Net Income (Loss) per General and Limited Partner Unit*
(37.40
)
(203.11
)
57.43
(50.42
)
Increase (Decrease) in Net Asset Value per General and Limited
    Partner Unit
(39.68
)
(202.41
)
58.93
(52.36
)
Net Asset Value per General and Limited Partner Unit at the End
    of the Period
2,590.22
2,387.81
2,446.74
2,394.38
*
Based on weighted average number of Units outstanding during the
    period.
1st Qtr.
2nd Qtr.
3rd Qtr.
4th Qtr.
2008
2008
2008
2008
Total Net Trading Gain (Loss) (includes brokerage commissions)
$
64,968
$
173,742
$
(85,127
)
$
(14,448
)
Net Income (Loss)
27,628
130,870
(124,310
)
(59,128
)
Net Income (Loss) per General and Limited Partner Unit*
20.41
111.53
(118.24
)
(60.14
)
Increase (Decrease) in Net Asset Value per General and Limited
    Partner Unit
19.54
119.12
(119.34
)
(60.07
)
Net Asset Value per General and Limited Partner Unit at the End
    of the Period
2,690.19
2,809.31
2,689.97
2,629.90
*
Based on weighted average number of Units outstanding during the
    period.
-24-
Table of Contents
CAMPBELL &
    COMPANY, INC.
Description
Campbell & Company is the general partner and trading
    advisor of the Funds. It is a Maryland corporation organized in
    April 1978 as a successor to a partnership originally organized
    in January 1974. Its offices are located at 2850 Quarry Lake
    Drive, Baltimore, Maryland 21209, and its telephone number is
(410) 413-2600.
Its primary business is the trading and management of
    discretionary futures and forward accounts, including commodity
    pools. As of February 28, 2010, Campbell &
    Company and its affiliates had approximately $3.2 billion
    under management (including approximately $2.6 billion
    traded pursuant to the same Financial, Metal & Energy
    Large Portfolio as traded by the Strategic Allocation Fund and
    approximately $17.3 million (including proprietary assets)
    and $6.5 million (including proprietary assets) traded
    pursuant to the same Trend Following Portfolio and Trend
    Following (GLD) Portfolio, respectively, as traded by the Global
    Trend Fund). Please refer to "Campbell & Company,
    Inc. — Trading Systems" for a discussion of all
    of the portfolios offered by Campbell & Company, which
    includes the Financial, Metal & Energy Large
    Portfolio, the Trend Following Portfolio and the Trend Following
    (GLD) Portfolio. Please refer to "Past Performance of the
    Campbell Strategic Allocation Fund, L.P." on page 46
    for the performance data required to be disclosed for the most
    recent five calendar years and
year-to-date.
The Global Trend Fund has not commenced trading and does not
    have any performance history.
Campbell & Company has been a member of the NFA since
    July 1, 1982, and has been registered as a commodity pool
    operator since September 10, 1982 and as a commodity
    trading advisor since May 6, 1978. Pools currently operated
    by Campbell & Company, in addition to the two pools
    discussed herein, include: Campbell Financial Futures
    Fund Limited Partnership, which trades pursuant to the FME
    Large Portfolio; Campbell Fund Trust, which trades pursuant
    to the Global Diversified Large Portfolio (this portfolio that
    trades a fully diversified portfolio including energy products,
    soft and other commodities, precious and base metals, stock
    market indices, interest rates and foreign currencies); Campbell
    Global Assets Fund Limited SAC (Classes A and D),
    which trade pursuant to the FME Large Portfolio; The Campbell
    Gold Plus Fund, L.P., which trades pursuant to the Trend
    Following Portfolio and the Trend Following (GLD) Portfolio, and
    Campbell Alternative Asset Trust, which trades pursuant to the
    FME Large Portfolio. None of these Funds are in direct
    competition with the Strategic Allocation Fund or the Global
    Trend Fund. Campbell & Company's compensation is
    discussed in "Charges to the Funds".
The principals of Campbell & Company have not
    purchased, and do not intend to purchase, Units. Although
    Campbell & Company has an employee trading policy, it
    has no policy, written or otherwise, in place that limits the
    amount of Units that a principal may purchase in either Fund.
Campbell & Company has agreed that its capital account
    as general partner at all times will equal to the greater of
    either (i) 1% of the net aggregate capital contributions of
    all partners or (ii) $25,000.
There has never been any material administrative, civil or
    criminal proceedings brought against Campbell &
    Company or its principals, whether pending, on appeal or
    concluded.
Campbell & Company's principals are
    G. William Andrews, Theresa D. Becks, D. Keith Campbell,
    Bruce L. Cleland, Gregory T. Donovan, Michael S. Harris, Michael
    J. Hebrank, Xiaohua Hu, Thomas P. Lloyd and Tracy Wills-Zapata.
    The majority voting stockholder of Campbell & Company
    is D. Keith Campbell.
The trading advisor makes the Funds' trading decisions
    using proprietary trading models which analyze both technical
    and fundamental market indicators.
The Funds utilize a systematic, model driven trading approach.
    The trading advisor manages the Funds' assets based on
    signals derived from trading models, thereby minimizing the
    "human" element in the
day-to-day
individual investment decision making process. More
    specifically, risk management sits at the model and portfolio
    level. Portfolio-wide position limits, portfolio volatility, and
    model diversification are also monitored.
G. William Andrews, born in 1972, has been employed by
    Campbell & Company since April 1997 and was appointed
    Chief Operating Officer in January 2010, was Vice President:
    Director of Operations from April 2007 to January 2010, Vice
    President: Director of Research Operations from March 2006 to
    April 2007 and Research Assistant from March 2005 to 2007. As
    Chief Operating Officer, he is involved in all operational
    aspects of the firm. In March 2010, Mr. Andrews was
    appointed to the firm's Investment Committee, which is
    responsible for the management of the research and investment
    process at
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the firm. Mr. Andrews is also the Vice President and Chief
    Operating Officer of both Campbell & Company
    Investment Adviser LLC, a wholly-owned subsidiary of
    Campbell & Company, a registered commodity trading
    advisor and an SEC registered investment adviser, and The
    Campbell Multi-Strategy Trust, a registered investment company.
    Mr. Andrews holds an M.B.A. in Finance from Loyola College
    in Maryland and a Bachelor of Social Science from Waikato
    University, New Zealand. Mr. Andrews became listed as a
    Principal of Campbell & Company effective
    June 21, 2006. Mr. Andrews became listed as a
    Principal of Campbell & Company Investment Adviser LLC
    effective March 29, 2010.
Theresa D. Becks, born in 1963, joined Campbell &
    Company in June 1991 and has served as President and Chief
    Executive Officer since April 2007, Secretary since May 1992, a
    Director since January 1994, and was Chief Financial Officer and
    Treasurer until July 2008. Ms. Becks is also the President
    and Chief Executive Officer of Campbell & Company
    Investment Adviser LLC, a wholly-owned subsidiary of
    Campbell & Company, a registered commodity trading
    advisor and an SEC registered investment adviser, and Trustee,
    President, and Chief Executive Officer of The Campbell
    Multi-Strategy Trust, a registered investment company.
    Ms. Becks served as a member of the Board of Directors of
    the Managed Funds Association from November 2002 to November
    2006. Ms. Becks is a C.P.A. and has a B.S. in Accounting
    from the University of Delaware. Ms. Becks became
    registered as an Associated Person and listed as a Principal and
    NFA Associate Member of Campbell & Company effective
    May 7, 1999, March 10, 1993 and April 21, 1999,
    respectively. Ms. Becks became registered as an Associated
    Person and listed as a Principal and NFA Associate Member of
    Campbell & Company Investment Adviser LLC effective
    December 14, 2005, December 12, 2005 and
    December 14, 2005, respectively.
D. Keith Campbell, born in 1942, has served as the Chairman of
    the Board of Directors of Campbell & Company since it
    began operations in 1972, was President until January 1994, and
    was Chief Executive Officer until January 1998.
    Mr. Campbell is the majority voting stockholder of
    Campbell & Company. Mr. Campbell has acted as a
    commodity trading advisor since 1972 when, as general partner of
    the Campbell Fund, a limited partnership engaged in commodity
    futures trading, he assumed sole responsibility for trading
    decisions made on its behalf. Since then, he has applied various
    technical trading models to numerous discretionary futures
    trading accounts. Mr. Campbell is registered with the CFTC
    and NFA as a commodity pool operator. Mr. Campbell became
    registered as an Associated Person and listed as a Principal and
    NFA Associate Member of Campbell & Company effective
    October 29, 1997, September 29, 1978 and
    September 29, 1997, respectively. Mr. Campbell became
    listed as a Principal of Campbell & Company Investment
    Adviser LLC effective July 9, 2008. Mr. Campbell
    became listed as a Principal of his Commodity Pool Operator
    effective March 10, 1975.
Bruce L. Cleland, born in 1947, joined Campbell &
    Company in January 1993 and has served as Vice Chairman of the
    Board of Directors of Campbell & Company since April
    2007, was President from January 1994 to April 2007, and Chief
    Executive Officer from January 1998 to April 2007. Until April
    2007, Mr. Cleland was also the President and Chief
    Executive Officer of Campbell & Company Investment
    Adviser LLC, a wholly-owned subsidiary of Campbell &
    Company, a registered commodity trading advisor and an SEC
    registered investment adviser, and Trustee, Chief Executive
    Officer and President of The Campbell Multi-Strategy Trust, a
    registered investment company. In March 2010, Mr. Cleland
    was appointed to the firm's Investment Committee, which is
    responsible for the management of the research and investment
    process at the firm. Mr. Cleland is currently a member of
    the Board of Directors of the National Futures Association, and
    previously served as a member of the Board of Directors of the
    Managed Funds Association and as a member of the Board of
    Governors of the COMEX, in New York. Mr. Cleland is a
    graduate of Victoria University in Wellington, New Zealand where
    he earned a Bachelor of Commerce and Administration degree.
    Mr. Cleland became registered as an Associated Person and
    listed as a Principal and NFA Associate Member of
    Campbell & Company effective December 15, 1993,
    September 15, 1993 and December 15, 1993,
    respectively. Mr. Cleland was an Associated Person,
    Principal and NFA Associate Member of Campbell &
    Company Investment Adviser LLC from December 2005 to April 2007.
    Effective July 9, 2008, Mr. Cleland again became
    listed as a Principal of Campbell & Company Investment
    Adviser LLC. Mr. Cleland was a registered Associated Person
    and NFA Associate Member of Campbell & Company
    Investment Adviser LLC from December 2005 to April 2007.
Gregory T. Donovan, born in 1972, has been employed by
    Campbell & Company since October
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2006 as Chief Financial Officer and Treasurer since July 2008,
    and was Senior Vice President of Accounting and Finance from
    October 2006 to July 2008. His duties include oversight of
    accounting and finance functions and review of accounting
    policies and procedures. Mr. Donovan is also the Chief
    Financial Officer, Treasurer and Assistant Secretary of both
    Campbell & Company Investment Adviser LLC, a
    wholly-owned subsidiary of Campbell & Company, a
    registered commodity trading advisor and an SEC registered
    investment adviser, and The Campbell Multi-Strategy Trust, a
    registered investment company. From November 2003 to October
    2006, Mr. Donovan was employed by Huron Consulting
    Services, a managing consulting firm, serving as Director in the
    Financial and Economic Consulting Practice. Mr. Donovan is
    a C.P.A. and has a B.S. in Business Administration with
    concentrations in Accounting and Management from Castleton State
    College and holds a M.S. in Finance from the University of
    Baltimore. Mr. Donovan became registered as an Associated
    Person and listed as a Principal and NFA Associate Member of
    Campbell & Company effective July 5, 2007,
    May 9, 2007 and July 2, 2007, respectively.
    Mr. Donovan became listed as a Principal of
    Campbell & Company Investment Adviser LLC effective
    May 16, 2007.
Michael S. Harris, born in 1975, has been employed by
    Campbell & Company since July 2000, was appointed
    Deputy Manager of Trading in September 2004 and has served as
    Vice President and Director of Trading since June 2006. His
    duties include managing daily trade execution for the assets
    under Campbell & Company's management.
    Mr. Harris holds a B.A. in Economics and Japanese Studies
    from Gettysburg College. He also spent time studying abroad at
    Kansai Gaidai University in Osaka, Japan. Mr. Harris became
    registered as an Associated Person and listed as a Principal and
    NFA Associate Member of Campbell & Company effective
    September 21, 2000, June 15, 2006 and August 19,
    2000, respectively.
Michael J. Hebrank, born in 1955, joined Campbell &
    Company in April 2004 and has served as Chief Technology Officer
    since then. From February 1999 to April 2004, Mr. Hebrank
    was the Chief Information Officer at Greater Baltimore Medical
    Center, the fourth largest healthcare system in Maryland.
    Mr. Hebrank holds a B.S. in Applied Statistics from the
    University of Baltimore and an M.S. in Computer Engineering from
    Loyola College of Maryland. Mr. Hebrank became listed as a
    Principal of Campbell & Company effective
    June 21, 2006.
Xiaohua Hu, born in 1963, joined Campbell & Company in
    April 1994 and was appointed Research Director in March 2010.
    Since he joined the firm, Mr. Hu has had a major role in
    the ongoing research and development of Campbell &
    Company's trading systems. In March 2010, Mr. Hu was
    appointed to the firm's Investment Committee, which is
    responsible for the management of the research and investment
    process at the firm. Mr. Hu holds a B.A. in Manufacturing
    Engineering from Changsha University of Technology in China. He
    went on to receive an M.A. and Ph.D. in Systems and Information
    Engineering from the Toyohashi University of Technology, in
    Japan. During his studies at Toyohashi, Mr. Hu was also a
    Visiting Researcher in Computer Science and Operations Research
    and published several research papers. Mr. Hu became listed
    as a Principal of Campbell & Company effective
    April 7, 2010.
Thomas P. Lloyd, born in 1959, joined Campbell &
    Company in September 2005 as General Counsel and Executive Vice
    President-Legal and Compliance. In this capacity, he is involved
    in all aspects of legal affairs, compliance and regulatory
    oversight. Since April 2007, Mr. Lloyd has also overseen
    Campbell & Company's fund administration
    function. Mr. Lloyd is also the Secretary, Chief Compliance
    Officer and Assistant Treasurer of both Campbell &
    Company Investment Adviser LLC, a wholly-owned subsidiary of
    Campbell & Company, a registered commodity trading
    advisor and an SEC registered investment adviser, and The
    Campbell Multi-Strategy Trust, a registered investment company.
    From July 1999 to September 2005, Mr. Lloyd was employed by
    Deutsche Bank Securities Inc. ("DBSI") in several
    positions, including Managing Director and head of the legal
    group for Deutsche Bank Alex. Brown, the Private Client Division
    of DBSI. Mr. Lloyd holds a B.A. in Economics from the
    University of Maryland, and a J.D. from the University of
    Baltimore School of Law. Mr. Lloyd is a member of the Bars
    of the State of Maryland and the United States Supreme Court.
    Mr. Lloyd became listed as a Principal of
    Campbell & Company and Campbell & Company
    Investment Adviser LLC effective October 20, 2005 and
    December 12, 2005, respectively.
Tracy Wills-Zapata, born in 1971, joined Campbell &
    Company in February 2006 and has served as Managing
    Director — Business Development since January 2007 and
    was Managing Director of
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Institutional Business Development from February 2006 to January
    2007. Ms. Wills-Zapata is also the Vice President of both
    Campbell & Company Investment Adviser LLC, a
    wholly-owned subsidiary of Campbell & Company, a
    registered commodity trading advisor and an SEC registered
    investment adviser, and The Campbell Multi-Strategy Trust, a
    registered investment company. Prior to joining Campbell,
    Ms. Wills-Zapata was a Managing Director of DB Advisors
    LLC, and affiliates, from September 2002 to December 2005, where
    she was responsible for distribution of Deutsche Bank's
    single manager hedge fund platform. Ms. Wills-Zapata was
    registered as an Associated Person from January 2005 to December
    2005 with DB Capital Advisers Inc., from February 2003 to
    January 2005 with DB Advisors LLC, and from November 2002 to
    February 2003 with Deutsche Bank Securities Inc.
    Ms. Wills-Zapata was listed as a Principal with DB Advisors
    LLC from February 2003 to February 2004. Ms. Wills-Zapata
    was an NFA Associate Member from December 2004 to December 2005
    with DB Capital Advisers Inc., from January 2003 to January 2005
    with DB Advisors LLC, and from November 2002 to February 2003
    with Deutsche Bank Securities, Inc. Wills-Zapata is currently a
    member of the Board of Directors and a Member of the Executive
    Committee for the Managed Funds Association.
    Ms. Wills-Zapata became registered as an Associated Person
    and listed as a Principal and NFA Associate Member of
    Campbell & Company effective March 27, 2006,
    July 21, 2008 and March 27, 2006, respectively.
    Ms. Wills-Zapata became registered as an Associated Person
    and listed as a Principal and NFA Associate Member of
    Campbell & Company Investment Adviser LLC effective
    February 18, 2009.
The
    Advisory Agreements
Pursuant to the Advisory Agreement for each Fund,
    Campbell & Company has the sole authority and
    responsibility for directing the investment and reinvestment of
    the Funds' assets. The Funds' advisory agreement with
    Campbell & Company is valid for successive periods of
    one year, subject to each party's right to terminate on
    60 days' prior written notice. It is unlikely that
    either advisory agreement would be terminated other than as a
    direct result of the dissolution of either or both Funds.
The advisory agreements do not alter any fiduciary duties that
    may otherwise be imposed by state law on Campbell &
    Company.
Trading
    Systems
Campbell & Company makes the Funds' trading
    decisions using proprietary computerized trading models which
    analyze market statistics. There can be no assurance that the
    trading models will produce results similar to those produced in
    the past. In addition, limited partners will not have any vote
    or consent with respect to the trading approaches utilized by
    Campbell & Company. Existing limited partners will be
    notified in advance via their monthly statements with regard to
    any changes deemed to be a material change from the trading
    approach as currently described.
Campbell & Company currently offers the following
    portfolios:
1)
The Financial, Metal & Energy Large Portfolio,
2) The Trend Following Portfolio,
3) The Global Diversified Portfolio, and
4) The Trend Following (GLD) Portfolio.
Campbell & Company Investment Adviser LLC, a
    wholly-owned subsidiary of Campbell & Company, Inc.,
    currently offers the Multi-Strategy Portfolio, a commodities and
    securities portfolio with different investment objectives and
    terms.
The Strategic Allocation Fund trades pursuant to the Campbell
    FME Large Portfolio. The FME Large Portfolio seeks to generate
    attractive risk-adjusted returns across a broad range of market
    conditions through systematic investments in a diversified
    portfolio of futures, forward and option contracts in a diverse
    array of global assets, including global interest rates, stock
    indices, currencies and commodities. The Portfolio consists of
    underlying investment strategies that aim for low correlation
    and are diversified by investment style, investment holding
    period and instrument.
Two primary portfolio
sub-strategies,
Diversified and Sector Specific, look for momentum-oriented
    movement across global asset classes on the basis of price or
    other technical indicators, while also capturing global trends
    on the basis of underlying fundamental or econometric data.
    Additional models, markets
and/or
over-the-counter
contracts may also be included or eliminated from time to time
    in Campbell & Company's sole discretion without
    notice to unitholders.
The Global Trend Fund currently consists of two series
    ("Series") — the Global Trend Series (USD)
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and the Global Trend Series (GLD). The Global Trend Series (USD)
    seeks to provide investors with a U.S. Dollar-denominated
    exposure to the Campbell Trend Following Portfolio. The Global
    Trend Series (USD) will trade pursuant to the Campbell Trend
    Following Portfolio. The Trend Following Portfolio seeks to
    exploit both the tendency for individual market momentum to
    persist and the tendency for markets to influence each other by
    aggregating (either negatively or positively) into independent
    factor groups. Campbell & Company's Technical
    Model Series is based on traditional and alternative
    trend-following methods to exploit future market moves. A focus
    of the model series is to equalize exposure to multiple time
    horizons, trading strategies, asset classes, and signal
    information. Proper position sizing and risk control is closely
    monitored. Additional models, markets
and/or
over-the-counter
contracts may also be included or eliminated from time to time
    in Campbell & Company's sole discretion without
    notice to unitholders.
The Global Trend Series (GLD) trades the Trend Following (GLD)
    Portfolio, which seeks to provide investors with a
    gold-denominated exposure to the Campbell Trend Following
    Portfolio. The gold-denominated exposure is achieved by first
    converting the investors' U.S. Dollar investment to an
    exposure to gold by purchasing long positions in gold futures
    with a value approximately equal to the net asset value of that
    Series. The Global Trend Series (GLD) then seeks appreciation
    through a 100% overlay of the Campbell Trend Following
    Portfolio. The trading advisor will adjust the Global Trend
    Series (GLD)'s respective allocations to gold and the Trend
    Following Portfolio at the beginning of each month to reflect
    additions to and redemptions of Series capital, as well as to
    reflect profits and losses from the Series' long gold
    futures and its futures and currencies trading activities and
    interest income as of the end of the preceding month so as to
    maintain a gold futures position with a value approximately
    equal to the Series' net asset value at the beginning of
    each month.
See the sections "Use of Proceeds" on page 57 and
    "The Futures, Forward, Option and Swap Markets" on
    page 146 for a more detailed discussion of the instruments
    that the Funds will invest in and the approximate investment
    amounts in each category. The Funds currently have no intention
    of trading in swaps. If, in the future, the trading advisors see
    it as advantageous to the portfolios, the trading advisors may
    enter into swap transactions on behalf of the Funds.
See the following pie chart for a listing of contracts, by
    sector, for both the FME Large Portfolio and the Trend Following
    Portfolio. Sector allocation and the specific markets traded,
    may frequently fluctuate in response to changes in market
    volatility.
The pie chart is not weighted to trading
    percentages.
-29-
Table of Contents
Contracts
    by Sector for Both Funds
Campbell & Company's trading models are designed
    to detect and exploit medium- to long-term price changes, while
    also applying proven risk management and portfolio management
    principles. Portfolio composition, including contracts traded
    and percentage allocations to each sector, may change at any
    time if Campbell & Company determines such change to
    be in the best interests of the Fund. Each sector traded by the
    Funds appears as a caption in the preceding pie charts. As an
    example, natural gas is a market that is traded within the
    commodities sector.
Campbell & Company believes that utilizing multiple
    trading models for the same client account provides an important
    level of diversification, and is most beneficial when multiple
    contracts in each market are traded. Every trading model may not
    trade every market. It is possible that one trading model may
    signal a long position while another trading model signals a
    short position in the same market. It is Campbell &
    Company's intention to offset those signals to reduce
    unnecessary trading, but if the signals are not simultaneous,
    both trades will be taken and, since it is unlikely that both
    positions would prove profitable, in retrospect one or both
    trades will appear to have been unnecessary. It is
    Campbell & Company's policy to follow trades
    signaled by each trading model independently of the other models.
Over the course of a medium- to long-term price change, there
    are times when the risk of the market does not appear to be
    justified by the potential reward. In such circumstances some of
    Campbell & Company's trading models may exit a
    winning position prior to the end of a price move. While there
    is some risk to this method (for example, being out of the
    market during a significant portion of a price move),
    Campbell & Company's research indicates that this
    is well compensated for by the decreased volatility of
    performance that may result.
Campbell & Company's trading models may include
    trend-following trading models, counter-trend trading models,
    and trading models that do not seek to identify or follow price
    trends at all. Campbell & Company expects to develop
    additional trading models and to modify models currently in use
    and may or may not employ all such models for all clients'
    accounts. The trading models currently used by
    Campbell & Company may be eliminated from use if
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Table of Contents
Campbell & Company ever believes such action is
    warranted.
While Campbell & Company normally follows a
    disciplined, systematic approach to trading, on occasion it may
    override the signals generated by the trading models, such as
    when market conditions dictate otherwise. While such action may
    be taken for any reason at any time at Campbell &
    Company's discretion, it will normally only be taken to
    reduce risk in the portfolio, and may or may not enhance the
    results that would otherwise be achieved.
Campbell & Company applies risk management and
    portfolio management strategies to measure and manage overall
    portfolio risk. These strategies include portfolio structure,
    risk balance, capital allocation, and risk limitation. One
    objective of risk and portfolio management is to determine
    periods of relatively high and low portfolio risk, and when such
    points are reached, Campbell & Company may reduce or
    increase position size accordingly. It is possible, however,
    that this reduction or increase in position size may not enhance
    the results achieved over time.
From time to time Campbell & Company may increase or
    decrease the total number of contracts held based on increases
    or decreases in the Funds' assets, changes in market
    conditions, perceived changes in portfolio-wide risk factors, or
    other factors which may be deemed relevant.
Campbell & Company estimates that, based on the margin
    required to maintain positions in the markets currently traded,
    the ratio of margin to equity is typically 10% to 30% of each
    Fund's net asset value. From time to time, margin
    commitments may be above or below this range.
The number of contracts that Campbell & Company
    believes can be bought or sold in a particular market without
    unduly influencing price adversely may at times be limited. In
    such cases, a client's portfolio would be influenced by
    liquidity factors because the positions taken in such markets
    might be substantially smaller than the positions that would
    otherwise be taken.
Trading
    Capacity
Campbell & Company believes that it is not possible to
    define or quantify capacity with any degree of certainty.
    Campbell & Company has continued to introduce new
    strategies designed to deliver returns which have low
    correlation to returns from existing strategies. In addition,
    Campbell & Company has continued to develop new ways
    to manage assets, such as the application of dynamic portfolio
    and capital management tools and innovative execution methods.
    In the past, a significant increase in assets has led to
    portfolio compromises, as increasingly large positions can only
    be established and maintained in those markets that have
    sufficient depth and liquidity.
Notwithstanding Campbell & Company's research,
    risk and portfolio management efforts, there may come a time
    when the combination of available markets and new strategies may
    not be sufficient for Campbell & Company to add new
    assets without detriment to diversification. If this were to
    occur, Campbell & Company would expect risk-adjusted
    returns to begin to degrade — a more concentrated
    portfolio may result in lower risk-adjusted returns and may have
    a detrimental affect on your investment. See "The Risks You
    Face — Trading Risks — Increase in Assets
    Under Management May Make Profitable Trading More
    Difficult."
MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS — Strategic Allocation Fund
Introduction
The offering of Campbell Strategic Allocation
    Fund L.P.'s (the "Strategic Allocation
    Fund") Units of Limited Partnership Interest commenced on
    January 12, 1994, and the initial offering terminated on
    April 15, 1994 with proceeds of $9,692,439. The continuing
    offering period commenced immediately after the termination of
    the initial offering period; additional subscriptions totaling
    $6,068,918,915 have been accepted during the continuing offering
    period ended June 13, 2008.
Redemptions through December 31, 2009 total $4,774,313,435.
    The Strategic Allocation Fund commenced operations on
    April 18, 1994.
Critical
    Accounting Policies
The preparation of financial statements in conformity with
    accounting principles generally accepted in the United States
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities and
    disclosures of contingent assets and liabilities at the date of
    the financial statements and the reported amounts of income and
    expense during the reporting period. Management believes that
    the estimates utilized in
-31-
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preparing the financial statements are reasonable and prudent;
    however, actual results could differ from those estimates. The
    Strategic Allocation Fund's significant accounting policies
    are described in detail in Note 1 of its Financial
    Statements.
The Strategic Allocation Fund records all investments at fair
    value in its financial statements, with changes in fair value
    reported as a component of change in unrealized trading gain
    (loss) in the Statements of Operations. Generally, fair values
    are based on market prices; however, in certain circumstances,
    estimates are involved in determining fair value in the absence
    of an active market closing price (e.g. forward contracts and
    options on forward contracts which are traded in the inter-bank
    market).
Capital
    Resources
Effective June 14, 2008 through the date of this disclosure
    document, Units in the Strategic Allocation Fund were not
    offered for sale. For existing investors in the Strategic
    Allocation Fund, business has been and will be conducted as
    usual. There will be no change in trading, operations or monthly
    statements, etc. and redemptions will continue to be offered on
    a monthly basis.
The Strategic Allocation Fund does not intend to raise any
    capital through borrowing. Due to the nature of the Strategic
    Allocation Fund's business, it will make no capital
    expenditures and will have no capital assets, which are not
    operating capital or assets.
The Strategic Allocation Fund maintains
40-80%
of
    its net asset value in cash, cash equivalents or other liquid
    positions in its cash management program over and above that
    needed to post as collateral for trading. These funds are
    available to meet redemptions each month. After redemptions are
    taken into account each month, the trade level of the Strategic
    Allocation Fund is adjusted and positions in the instruments the
    Strategic Allocation Fund trades are liquidated, if necessary,
    on a pro-rata basis to meet those increases or decreases in
    trade levels.
Liquidity
Most United States commodity exchanges limit fluctuations in
    futures contracts prices during a single day by regulations
    referred to as "daily price fluctuation limits" or
    "daily limits". During a single trading day, no trades
    may be executed at prices beyond the daily limit. Once the price
    of a futures contract has reached the daily limit for that day,
    positions in that contract can neither be taken nor liquidated.
    Futures prices have occasionally moved to the daily limit for
    several consecutive days with little or no trading. Similar
    occurrences could prevent the Strategic Allocation Fund from
    promptly liquidating unfavorable positions and subject the
    Strategic Allocation Fund to substantial losses which could
    exceed the margin initially committed to such trades. In
    addition, even if futures prices have not moved the daily limit,
    the Strategic Allocation Fund may not be able to execute futures
    trades at favorable prices, if little trading in such contracts
    is taking place. Other than these limitations on liquidity,
    which are inherent in the Strategic Allocation Fund's
    futures trading operations, the Strategic Allocation Fund's
    assets are expected to be highly liquid.
The entire offering proceeds, without deductions, were credited
    to the Strategic Allocation Fund's bank, brokerage
and/or
cash
    management accounts. The Strategic Allocation Fund meets margin
    requirements for its trading activities by depositing cash or
    U.S. government securities with the futures brokers and the
over-the-counter
counterparties. This does not reduce the risk of loss from
    trading futures, forward and option contracts. The Strategic
    Allocation Fund receives all interest earned on its assets. No
    other person shall receive any interest or other economic
    benefits from the deposit of Strategic Allocation Fund assets.
Approximately 10% to 30% of the Strategic Allocation Fund's
    assets normally are committed as required margin for futures
    contracts and held by the futures brokers, although the amount
    committed may vary significantly. Such assets are maintained in
    the form of cash or U.S. Treasury bills in segregated
    accounts with the futures brokers pursuant to the Commodity
    Exchange Act and regulations thereunder. Approximately 10% to
    30% of the Strategic Allocation Fund's assets are deposited
    with
over-the-counter
counterparties in order to initiate and maintain forward and
    options on forward contracts. Such assets are not held in
    segregation or otherwise regulated under the Commodity Exchange
    Act, unless such
over-the-counter
counterparty is registered as a futures commission merchant.
    These assets are held either in U.S. government securities
    or short-term time deposits with
U.S.-regulated
bank affiliates of the
over-the-counter
counterparties.
The trading advisor deposits the majority of those assets of the
    Strategic Allocation Fund that are not required to be deposited
    as margin with the futures
-32-
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broker and
over-the-counter
counterparty in custodial accounts with Northern
    Trust Company. The assets deposited in the custodial
    accounts with Northern Trust Company are segregated. Such
    custodial accounts constitute approximately 40% to 80% of the
    Strategic Allocation Fund's assets and is invested,
    directly by Wilmington Trust Investment Management LLC
    ("Wilmington") and Horizon Cash Management LLC
    ("Horizon"). Wilmington and Horizon are registered
    with the Securities and Exchange Commission as investment
    advisers under the Investment Advisers Act of 1940. Wilmington
    and Horizon do not guarantee any interest or profits will accrue
    on the Strategic Allocation Fund's assets in the custodial
    account. Wilmington and Horizon will invest according to agreed
    upon investment guidelines that are modeled after those
    investments allowed by the futures broker as defined under The
    Commodity Exchange Act, Title 17, Part 1,
    § 1.25 Investment of customer funds. Investments can
    include, but are not limited to, (i) U.S. Government
    Securities, Government Agency Securities, Municipal Securities,
    banker acceptances and certificates of deposits;
    (ii) commercial paper; and (iii) corporate debt.
The Strategic Allocation Fund occasionally receives margin calls
    (requests to post more collateral) from its futures brokers or
over-the-counter
counterparties, which are met by moving the required portion of
    the assets held in the custody accounts at Northern Trust to the
    margin accounts. In the past 3 years, the Strategic
    Allocation Fund has not needed to liquidate any position as a
    result of a margin call.
The Strategic Allocation Fund's assets are not and will not
    be, directly or indirectly, commingled with the property of any
    other person in violation of law or invested with or loaned to
    Campbell & Company or any affiliated entities.
Results
    of Operations
The returns for the years ended December 31, 2009, 2008 and
    2007 were (8.96)%, (1.53)% and (14.65)%, respectively. During
    the years ended December 31, 2009, 2008 and 2007, the
    Strategic Allocation Fund accrued brokerage fees in the amount
    of $144,756,816, $215,712,348 and $348,527,101, respectively, of
    which Campbell & Company, Inc., in its capacity as trading
    advisor and general partner, retained $82,718,180, $123,264,199
    and $199,158,343, respectively. No performance fees were accrued
    or paid during the years ended December 31, 2009, 2008 and
    2007. See "Charges to the Funds — Strategic
    Allocation Fund" for the breakdown of fees paid to the
    General Partner.
For
    the Year Ended December 31, 2009
Of the (8.96)% return for the year ended December 31, 2009,
    approximately 1.66% was due to trading losses (before
    commissions) and approximately 0.14% due to interest income
    offset by approximately 7.44% due to brokerage fees, operating
    costs and offering costs borne by the Strategic Allocation Fund.
    An analysis of the 1.66% trading losses by sector is as follows:
Sector
% Gain (Loss)
Currencies
3.70
%
Commodities
(0.24
)
Stock Indices
(0.46
)
Interest Rates
(4.66
)
(1.66
)%
President Obama's stimulus plan took center stage in
    January; however, weak economic data continued to negatively
    impact global stock markets into the start of the New Year. An
    early month rally fizzled quickly, causing notable declines in
    major global indices. The Strategic Allocation Fund gained in
    equity indices trading on net short positions across each
    region. Gains were recorded in fixed income trading as the
    world's central banks continued to lower interest rates.
    Mounting fiscal deficits and huge issuance needs begin to weigh
    heavy on the long-end; however, credit markets generally
    improved in January with yield spreads continuing to contract.
    Foreign exchange trading finished slightly negative on the
    month. Risk aversion and capital preservation benefited the
    Strategic Allocation Fund's net long U.S. Dollar
    position; however, the U.K. government's unprecedented move
    to give the Bank of England power to increase their stake in
    Royal Bank of Scotland to 70% helped fuel a late month rally in
    the British Pound, eliminating gains from a previous decline.
    Commodity trading was generally flat on volatility across
    precious and base metals and a slowing of the negative energy
    trend.
In February, the U.S. government's ability to address
    the economic crisis was met with skepticism by Wall Street.
    Economic data remained persistently weak, especially on the
    employment and housing fronts. The U.S. was not alone in
    reporting negative news, as European and Asian economies also
    continued with the release of dismal economic data such as
    declining exports and falling dividends. The majority of
    February gains in the Strategic Allocation Fund
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resulted from equity indices trading, particularly from short
    positions in the U.S. and Asia. Additional gains were
    recorded in foreign exchange trading as investors continued to
    feed U.S. Dollar strength, particularly relative to the
    Japanese Yen. The U.S. Dollar continues to be the safe
    haven pick as the risk aversion theme continued, as evidenced by
    the U.S. treasury yields recording all-time lows.
Stock markets rallied in March as the 2008 fourth quarter
    earnings announcements subsided and large U.S. banks
    announced they would be profitable for the first two months of
    2009. The majority of the Strategic Allocation Fund's
    losses in March resulted from equity indices trading, as the
    equity rally adversely impacted net short positions globally.
    Commodities recorded losses as energy price swings have become
    correlated with equities and metals surged on news of
    China's economic stimulus plan. Gains from fixed income
    markets were recorded from the Strategic Allocation Fund's
    long global bond positions as prices moved significantly higher
    on announcements from the Swiss, British and American Central
    Banks on their intentions of adding liquidity by purchasing
    medium to long-term bonds in the market. Foreign exchange
    trading resulted in gains as investors sought currencies whose
    home central banks were not keen on engaging in quantitative
    easing.
While equity index trading produced the most profitable sector
    results for the Strategic Allocation Fund for 2008, the
    Strategic Allocation Fund's net exposure on the short side
    of global stock indices through April 2009 has hurt performance
    as markets continued to stage rallies that began in mid-March.
    U.S. economic indicators, including housing and
    manufacturing, showed signs of improvement and stabilization
    rather than further deterioration. In addition, the G-20 agreed
    to fund more than $1 trillion in emergency aid to help cushion
    the economic fallout of the current international financial
    crisis. While the general tone of the economic outlook was more
    upbeat, officials have still been cautious in their assessment.
    April saw a continuation of the March risk-seeking rally leading
    to several growth currencies registering solid gains against the
    dollar. Losses were realized in the foreign exchange sector due
    to the Strategic Allocation Fund's general bias to be long
    the dollar against most major currencies. In fixed income, the
    equity market rally helped general investor sentiment, driving
    bond prices lower across the board which produced losses for the
    Strategic Allocation Fund in this sector. Commodity trading
    finished relatively flat with gains from the energy sector
    offsetting small losses in base and precious metals.
In May, conflicting signals on global recovery weighed on the
    direction of the markets as increased risk appetite and signs of
    stabilization in the global economy emerged. Equity markets
    continued their rally, particularly in Asia, generating small
    gains in the stock index sector. Fixed income trading generated
    a marginal positive return as short-term rates in Europe climbed
    higher following the European Central Bank rate cut of
    25 basis points. The gains in the stock index and fixed
    income sectors were offset by losses in the foreign exchange
    sector. The U.S. Dollar suffered a broad based decline in
    May on a combination of stronger risk appetite and growing fears
    over structural deficiencies in the U.S. Investors moved
    dormant dollar denominated assets overseas to capture growth and
    risk in commodity block currencies. Smaller losses were also
    recorded in the commodities sector as natural gas finished a
    volatile month higher.
During June, a surprise payroll number to the upside for May
    prompted an aggressive sell-off in short-term U.S. rates
    and raised market expectations of a rate hike in 2009. The price
    reaction was swift and caused particular difficulty for
    systematic trading. Losses for the Strategic Allocation Fund in
    the fixed income sector were offset by marginal gains in the
    foreign exchange sector. The Strategic Allocation Fund's
    currency positions were generally mixed, thus hedging some
    U.S. Dollar risk, as investors crowded the Dollar as a
    safe-haven trade, pushing it higher on the month. Marginal gains
    were also recorded in the commodities sector, primarily from
    long positions in the energy complex. As geo-political headlines
    were plentiful, energies traded in a highly correlated fashion
    to global equity markets. The stock index sector finished
    basically flat for the month as global equity markets reflected
    mixed results congruent with both positive and negative economic
    data relating to global recovery.
Contrary to investor fears, global stock market returns in 2009
    have fueled improved risk appetite as economic data and
    corporate earnings support the rally for yet another month in
    July. The Strategic Allocation Fund's trading performance
    was relatively flat, with positive results from long stock and
    short U.S. Dollar positions being offset by losses incurred
    from short interest rate positions. For the first half of 2009,
    many "trend-following" strategies struggled to curb
    losses and eked out small gains in a market environment that is
    in a classic "consolidation" (trendless and choppy)
    period.
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While risk appetite was generally strong in August,
    investors' risk behavior was a bit random as fixed income
    initially sold off on better than expected payrolls data, but
    spent the rest of the month rallying. Bernanke's nomination
    for a second term and continued "lower rates for
    longer" comments from Fed officials helped support treasury
    prices against the Strategic Allocation Fund's general
    positioning across the curve. Smaller losses were recorded in
    currency trading as investors appeared unwilling to chase growth
    currencies higher, at the expense of the dollar, from already
    stretched levels. Gains were recorded in commodity markets as
    the Strategic Allocation Fund increased its exposure to this
    sector with the launch of more agile models providing more
    efficient holding period diversification. Trading in base and
    precious metals was a primary driver as the "risk on"
    trade prevailed on improving economic data. Equity indices
    trading yielded a marginal gain as positioning geographically
    and across model groups remains mixed.
During the month of September, the Strategic Allocation
    Fund's technical and fundamental strategies both recorded
    healthy gains in the foreign exchange sector from short
    positions in the U.S. Dollar vs. most major currencies.
    Commodity-linked currencies were particularly profitable for the
    Strategic Allocation Fund, as both the Australian and New
    Zealand Dollars rose in value close to 5%. Technical and
    fundamental signals were also effective in the equity index
    sector, where the Strategic Allocation Fund benefited from
    primarily long positions across global stock indices. With the
    exception of Japan, global equities moved higher by
    2 — 3% during the month on healthy M&A activity,
    as well as favorable signs of a manufacturing rebound and
    consumer spending renewal. Results were mixed in fixed income
    trading as gains earned from short-term rates were largely
    offset by losses on the long end of the curve. Commodities
    trading resulted in marginal losses overall, primarily due to
    short positions in natural gas. The price of natural gas rallied
    over 20% during the month as a result of significant short
    covering in the market despite record storage levels.
The risk pendulum continued to swing between "risk on"
    and "risk off" during the month of October,
    culminating in "risk off" at month-end and impacting
    all sectors of the portfolio. As global equity markets fell,
    commodities fell in tandem and the U.S. Dollar rallied
    along with fixed income in a thematic trade tied to central bank
    activity. While the Strategic Allocation Fund's risk
    exposure to equity indices was relatively low, our net long
    position yielded the largest sector loss during the month. The
    perseverance of the "risk off" trade at month-end
    resulted in modest losses in foreign exchange, modest gains in
    commodities.
November saw strong trends generate a return of 3.03%, with
    solid gains in interest rates, foreign exchange, and
    commodities. Weaker than expected new home sales to start the
    month, the Federal Open Market Committee's retention of
    "extended period" language at mid-month, and a flight
    to quality at month-end fueled by fears over Dubai debt pushed
    bond prices higher throughout the month. Thus, trading in fixed
    income contributed to strong gains from both the short and long
    end of the curve; foreign exchange trading profited from a
    continued downward trend of the U.S. Dollar; and commodity
    trading benefitted from gains in precious metals.
In December, the markets saw a rapid reversal in fixed income
    and the U.S. Dollar. Inflationary fears subsided as better
    than expected U.S. economic data fueled equity prices
    higher and bond prices lower. While market participants seemed
    to be trading at reduced risk levels, price trends were
    inconsistent leading into the holiday break, causing losses for
    many systematic managers, including Campbell. Sharp losses in
    fixed income trading and modest losses in foreign exchange
    outweighed solid gains in cash equities and equity indices
    trading, resulting in a net loss for the month.
For
    the Year Ended December 31, 2008
Of the (1.53)% return for the year ended December 31, 2008,
    approximately 4.19% was due to trading gains (before
    commissions) and approximately 1.76% due to interest income
    offset by approximately 7.48% due to brokerage fees, operating
    costs and offering costs borne by the Strategic Allocation Fund.
    An
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analysis of the 4.19% trading gain by sector is as follows:
Sector
% Gain (Loss)
Stock Indices
8.58
%
Commodities
0.81
Currencies
(0.58
)
Interest Rates
(4.62
)
4.19
%
The first quarter of 2008 began where 2007 left off, with the
    credit crisis causing more write-downs, more credit downgrades,
    and a growing realization that
sub-prime
issues would have broader and longer-lasting impacts than
    initially suspected. In January, weak economic data caused the
    Federal Open Market Committee to cut short-term rates by a total
    of 1.25%, which included an unprecedented 0.75% emergency cut.
    The S&P 500 recorded one of its worst monthly performances
    in the history of the index. The Strategic Allocation
    Fund's performance in January was a 0.46% loss, with gains
    in equity indices trading more than offset by losses in
    currencies and flat performance in fixed income and commodities.
February saw the U.S. dollar weaken against most major
    currencies, as U.S. economic data disappointed, stagflation
    concerns grew and U.S. interest rate expectations declined
    dramatically. The Strategic Allocation Fund's currency
    trading profited from these moves, generating a positive return
    for the month. The Strategic Allocation Fund also recorded gains
    in equity indices trading, as the S&P 500, Dow, and NASDAQ
    continued to slide. Overall, the Strategic Allocation Fund had a
    positive month, posting a 1.44% gain.
March brought more Federal Reserve intervention, which resulted
    in a slight recovery by U.S. stocks from mid-month slides
    to finish flat for the month, but still significantly negative
    for the year. The US dollar continued to weaken. The Strategic
    Allocation Fund's performance was close to flat for the
    month at (0.23)%, with gains in equity indices and currencies
    offset by losses in commodities and fixed income. The Strategic
    Allocation Fund closed the first quarter of 2008 with a
year-to-date
gain of 0.73%.
In April, the U.S. Dollar rallied against key funding
    currencies, despite a generally weak global economy. The
    Strategic Allocation Fund realized gains in foreign exchange and
    commodities. However, those gains were overshadowed by losses in
    the fixed income and equity indices sectors, as prior trends in
    both sectors reversed course. For the month of April, the
    Strategic Allocation Fund suffered a loss of 2.69%.
May was a strong month for the Strategic Allocation Fund.
    Positive commodity trading led the charge as crude oil breached
    new technical levels, touching $135 mid-month. Foreign exchange
    models also posted gains, as high-yielding currencies performed
    well. These gains, together with modest gains in the fixed
    income more than offset a loss in equity indices. The Strategic
    Allocation Fund achieved a positive return on the month of 1.95%.
In June the Strategic Allocation Fund realized its best month of
    the year, posting a return of 5.26%. Equity indices trading
    produced strong gains as short positions benefitted from the
    negative news that roiled the markets around the globe. Signs of
    commodity-based inflation were constantly in the headlines.
    Consumer confidence fell to a
16-year
low,
    as U.S., European, and Asian equities markets fell in tandem.
    Fixed income trading produced additional gains for the Strategic
    Allocation Fund, in response to fears of inflation and the
    ECB's increasingly hawkish stance. Commodities also posted
    gains as crude oil hit new highs on the back of increased
    tensions in the Middle East and among OPEC members. In addition,
    the Strategic Allocation Fund had modest gains in foreign
    exchange sector. The Strategic Allocation Fund concluded the
    second quarter with a gain of 4.43% for the quarter, and a
year-to-date
gain of 5.19%.
The month of July was characterized by reversals in many asset
    classes. The Dow and S&P hit technical bear market
    territory early in the month, while Japanese equities saw their
    longest
back-to-back
losing streak in 54 years. Equity markets seemed to find a
    bottom mid-month after the U.S. announced the
    Government-Sponsored Enterprises bailout plan. Commodity prices
    also reversed, with crude oil declining almost 12% on fears that
    a weakened economy would reduce global demand. The Strategic
    Allocation Fund earned profits in equity indices trading. Those
    gains were offset by losses in fixed income and commodities.
    All-in, the Strategic Allocation Fund finished the month with a
    loss of 1.30%.
In August,
sub-prime
fallout continued to plague the global financial markets. The
    U.S. unemployment rate hit a four-year high. Commodity
    prices continued to decline, with natural gas leading the way
    with a decline of 12.75% and gold falling to its lowest level in
    eight months. The Strategic Allocation Fund experienced losses
    in foreign exchange and commodities sectors as currencies linked
    to commodities fell in
-36-
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tandem with metal and energy markets, while the U.S. Dollar
    Index posted unusually strong gains. Those losses edged out
    gains in fixed income, resulting in a loss for the month of
    1.64%.
September saw concern over the widening credit crises come to a
    boiling point. Equity markets in the U.S., Europe, and Asia
    declined sharply. Investors fled high-yielding currencies in
    response to the global decline in equity markets. The Strategic
    Allocation Fund posted a loss of 1.37%. Gains in equity indices
    were offset by losses in foreign exchange, fixed income, and
    commodities. Diversification of positions by sector and
    geography played an important role in dampening losses to the
    Strategic Allocation Fund, as did a decrease in risk levels
    across the portfolio. The Strategic Allocation Fund concluded
    the third quarter with a loss of 4.25% for the quarter, leaving
    the
year-to-date
gain at 0.72%.
At the time, the month of October seemed like a month to
    remember, as equity markets around the world plummeted, fueling
    further anxiety about the length and depth of a global recession
    and further exacerbating the liquidity, growth, and confidence
    crisis. With the benefit of hindsight, it was but the beginning
    of a quarter to remember. For the Strategic Allocation Fund, the
    month was about the benefits and disadvantages of
    diversification. Modest gains in equity indices trading were
    more than offset by losses in foreign exchange and fixed income,
    resulting in a loss for the month of 1.22%.
November brought further global economic panic, as governments
    around the world continued to announce plans to help bolster
    sagging economies. The U.S. reversed course on its bailout
    effort, from buying troubled assets to facilitating lending
    flow. Economic data reflected another sharp drop in
    manufacturing, rising unemployment, and the largest drop in
    retail sales since 1992, prompting wild swings in both equity
    and bond markets. The Strategic Allocation Fund maintained a
    relatively low risk profile during the month, which resulted in
    marginal losses and gains across the sectors. For the Strategic
    Allocation Fund, losses in fixed income offset marginal gains in
    other sectors, resulting in a loss for the month of 1.46%.
December saw more of the same on the global economic front. The
    Strategic Allocation Fund, however, took advantage of dramatic
    moves in the British Pound, particularly against the Euro, to
    achieve gains in foreign exchange. Likewise, fixed income
    trading was profitable as central banks across the globe
    continued to lower interest rates on persistent negative data.
    Overall, the Strategic Allocation Fund gained 0.44% for December.
The Strategic Allocation Fund completed the fourth quarter of
    2008, one of the most volatile in market history, with a loss
    for the quarter of 2.23%, bringing the return for the year to
    (1.53)%.
For
    the Year Ended December 31, 2007
Of the (14.65)% return for the year ended December 31,
    2007, approximately 11.89% was due to trading losses (before
    commissions) and approximately 7.46% due to brokerage fees,
    operating costs and offering costs borne by the Strategic
    Allocation Fund offset by approximately 4.70% due to interest
    income. An analysis of the 11.89% trading loss by sector is as
    follows:
Sector
% Gain (Loss)
Interest Rates
0.80
%
Metals
(0.67
)
Energy
(1.79
)
Stock Indices
(2.61
)
Currencies
(7.62
)
(11.89
)%
The first quarter demonstrated how market perceptions on the
    global macroeconomic environment can drastically change during a
    quarter. Fixed income was initially a driver in performance as a
    result of the acceleration of global economic momentum, but
    ultimately resulted in overall losses for the quarter. The
    global growth environment turned into a flight to quality from
    risky assets, sponsored by former Federal Reserve Chairman Alan
    Greenspan's comments about a recession by year end and the
    whipsaw activity experience in fixed income. Currency trading
    followed a similar path of fixed income (initial gains and
    overall quarterly losses); initial gains from currency crosses
    were generated from unexpected rate hikes by the Bank of England
    in the beginning of the quarter but were wiped out by the
    liquidations of Yen-based carry trades in February, followed by
    whipsaw activity at the end of quarter. The Strategic Allocation
    Fund's equity indices initially bucked the trend of fixed
    income and currency with gains coming from our fundamental
    models and strong M&A activity, but ultimately succumbed to
    an overall quarterly loss. Energy losses were driven by price
    declines in January on inventory
build-ups
due to warmer than average temperatures, but finished the last
    two months of the quarter
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basically flat. Global economic worries that were sparked at the
    end of February continued through the early part of March. All
    major market sectors experienced increased volatility
    accompanied by sharply higher short-term correlation. Whipsaw
    activity in currencies, interest rates and equities indices led
    to negative performance in all of these sectors, acting as the
    primary drivers of March losses. Risk levels for the Strategic
    Allocation Fund were reduced early in March in response to
    market conditions, and were restored to normal levels as
    conditions warranted.
The second quarter charged forward with M&A activity
    supported by impressive earnings, unfettered access to liquidity
    and major U.S. indices reaching all time highs, to only end
    with inflation concerns and a flight to quality related to the
sub-prime
world. Currencies provided gains early and late in the quarter
    related to negative U.S. dollar sentiment, but experienced
    losses mid-quarter mainly in outright exposures. Fixed income
    gains early in the month of April were given back during the
    last days of the month, but global fixed income prices breaking
    out of their trading ranges in May allowed the Strategic
    Allocation Fund to gain on both the long and short end of the
    yield curve. Early in the quarter commodity trading was positive
    as copper prices rallied on China's release of high import
    figures, then finished slightly negative mid-quarter with energy
    trading gains mitigating some losses in metals. Commodities
    ended the quarter with small losses related to being short crude
    as it rallied above $70 per barrel on geo-political risks and
    inventory changes keeping traders bullish.
The third quarter began with a sudden flight to quality,
    reversal of high yielding currencies, and a highly correlated,
    unusually large move against the Strategic Allocation
    Fund's positions resulting in one of the Strategic
    Allocation Fund's largest monthly declines in recent years.
    Losses were broadly based and evenly spread between the interest
    rate, foreign exchange and equity index sectors. In response to
    this "perfect storm," the Strategic Allocation
    Fund's market exposure was temporarily cut by 50% by
    closing or offsetting 50% of open positions across the board, on
    a pro-rata basis. Continuing the unusual market conditions theme
    into the first half of August, the contagion effect throughout
    the financial system created a confidence and liquidity crisis
    that also negatively impacted the Strategic Allocation
    Fund's performance. Major stock, bond and currency markets
    globally experienced double digit losses from mid-July to
    mid-August. The foreign exchange sector proved very difficult in
    August as the Strategic Allocation Fund's technical and
    macro models were both exposed to high-yielding currencies that
    suffered market value declines of historical proportions in
    mid-August. The Strategic Allocation Fund's market exposure
    was cut again in mid-August by closing or offsetting 50% of open
    positions across the board, on a
pro-rata
basis. Trading in the equity indices sector was also difficult
    as volatility dominated global stock markets, with the S&P
    dropping over 8% from its intra-month high only to bounce off of
    its lows once the Strategic Allocation Fund's exposure was
    reduced. The Strategic Allocation Fund earned the majority of
    its gains at the end of the quarter in the foreign exchange
    markets as higher-yielding currencies once again gained favor.
    Trading in the stock indices sector also posted positive
    results, as the markets breathed a collective sigh of relief
    that the Federal Reserve was seriously addressing the credit
    crisis and resulting economic impact. The Strategic Allocation
    Fund's portfolio maintained a lower risk posture throughout
    the month of September with full re-engagement resuming in the
    early part of the fourth quarter.
The fourth quarter started with mixed messages as corporate
    earnings' reports either beat estimates or severely
    disappointed, money centers and investment banks grappling with
    major credit related losses, housing data continuing to soften,
    and the Federal Open Market Committee complying with market
    expectations of a 25 basis point cut. High yielding
    currencies provided healthy gains early in the quarter battling
    back from August lows, however, during the remainder of the
    quarter the Strategic Allocation Fund incurred its largest
    sector losses in currencies enduring the yen reaching levels not
    seen since June of 2005. Trading in global indices proved a
    similar fate to the currency sector, initially beginning the
    quarter with gains followed up by two consecutive months of
    incurring losses related to U.S. recessionary fears
    spawning fears of a global slowdown in growth. Fixed income
    began the quarter flat as credit quality remained an underlying
    concern, then moving to positive returns mid-quarter thanks to
    Treasuries posting the best month in 12 years, to finishing
    negative at year-end related to extreme volatility. Energy and
    base metals began the quarter with a minimal loss and flat
    performance, respectively, as the markets continued to wrestle
    with a tight supply/demand picture, deteriorating geo-political
    landscape, a weakening dollar and strong growth from
    India & China. This market landscape then switched to
    fears of slowing global growth and fundamental arguments for
    lower energy prices in which Campbell recorded losses in both
    sectors. The quarter ended with gains realized in base and
    precious
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metals as gold rallied 6% to all time highs amid strong buying
    in the face of a bounce in the U.S. dollar.
Off-Balance
    Sheet Risk
The term "off-balance sheet risk" refers to an
    unrecorded potential liability that, even though it does not
    appear on the balance sheet, may result in future obligation or
    loss. The Strategic Allocation Fund trades in futures, forward
    and options contracts and is therefore a party to financial
    instruments with elements of off-balance sheet market and credit
    risk. In entering into these contracts there exists a risk to
    the Strategic Allocation Fund, market risk, that such contracts
    may be significantly influenced by market conditions, such as
    interest rate volatility, resulting in such contracts being less
    valuable. If the markets should move against all of the futures
    interests positions of the Strategic Allocation Fund at the same
    time, and if the Strategic Allocation Fund's trading
    advisor was unable to offset futures interests positions of the
    Strategic Allocation Fund, the Strategic Allocation Fund could
    lose all of its assets and the Limited Partners would realize a
    100% loss. Campbell & Company, Inc., the General
    Partner (who also acts as trading advisor), minimizes market
    risk through real-time monitoring of open positions,
    diversification of the portfolio and maintenance of a
margin-to-equity
ratio that rarely exceeds 30%.
In addition to market risk, in entering into futures, forward
    and option contracts there is a credit risk that a counterparty
    will not be able to meet its obligations to the Strategic
    Allocation Fund. The counterparty for futures contracts traded
    in the United States and on most foreign exchanges is the
    clearinghouse associated with such exchange. In general,
    clearinghouses are backed by the corporate members of the
    clearinghouse who are required to share any financial burden
    resulting from the non-performance by one of their members and,
    as such, should significantly reduce this credit risk. In cases
    where the clearinghouse is not backed by the clearing members,
    like some foreign exchanges, it is normally backed by a
    consortium of banks or other financial institutions.
In the case of forward and option contracts, which are traded on
    the interbank market rather than on exchanges, the counterparty
    is generally a single bank or other financial institution,
    rather than a group of financial institutions; thus there may be
    a greater counterparty credit risk. Campbell & Company
    trades for the Strategic Allocation Fund only with those
    counterparties which it believes to be creditworthy. All
    positions of the Strategic Allocation Fund are valued each day
    on a
mark-to-market
basis. There can be no assurance that any clearing member,
    clearinghouse or other counterparty will be able to meet its
    obligations to the Strategic Allocation Fund.
Disclosures
    About Certain Trading Activities that Include Non-Exchange
    Traded Contracts Accounted for at Fair Value
The Strategic Allocation Fund invests in futures, forward
    currency and options on forward currency contracts. The market
    value of futures (exchange-traded) contracts is determined by
    the various futures exchanges, and reflects the settlement price
    for each contract as of the close of the last business day of
    the reporting period. The market value of forward (non-exchange
    traded) contracts is extrapolated on a forward basis from the
    spot prices quoted as of 3:00 P.M. (E.T.) of the last
    business day of the reporting period or based on the market
    value of its exchange-traded equivalent. The market value of
    option (non-exchange traded) contracts is calculated by applying
    an industry-standard adaptation of the Black-Scholes options
    valuation model to foreign currency options, using as input, the
    spot prices, interest rates and option implied volatilities
    quoted as of 3:00 P.M. (E.T.) on the last business day of
    the reporting period.
Quantitative
    and Qualitative Disclosures About Market Risk —
    Strategic Allocation Fund
Introduction
Past Results Not Necessarily Indicative of Future
    Performance
The Strategic Allocation Fund is a speculative commodity pool.
    The market sensitive instruments held by it are acquired for
    speculative trading purposes, and all or a substantial amount of
    the Strategic Allocation Fund's assets are subject to the
    risk of trading loss. Unlike an operating company, the risk of
    market sensitive instruments is integral, not incidental, to the
    Strategic Allocation Fund's main line of business.
Market movements result in frequent changes in the fair market
    value of the Strategic Allocation Fund's open positions
    and, consequently, in its earnings and cash flow. The Strategic
    Allocation 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 market
    value of financial instruments and contracts, the
    diversification effects
-39-
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among the Strategic Allocation Fund's open positions and
    the liquidity of the markets in which it trades.
The Strategic Allocation Fund rapidly acquires and liquidates
    both long and short positions in a wide range of different
    markets. Consequently, it is not possible to predict how a
    particular future market scenario will affect performance, and
    the Strategic Allocation Fund's past performance is not
    necessarily indicative of its future results.
Standard
    of Materiality
Materiality as used in this section, "Quantitative and
    Qualitative Disclosures About Market Risk," is based on an
    assessment of reasonably possible market movements and the
    potential losses caused by such movements, taking into account
    the leverage and multiplier features of the Strategic Allocation
    Fund's market sensitive instruments.
Quantifying
    the Strategic Allocation Fund's Trading Value at
    Risk
The following quantitative disclosures regarding the
    Strategic Allocation Fund's market risk exposures contain
    "forward-looking statements" within the meaning of the
    safe harbor from civil liability provided for such statements by
    the Private Securities Litigation Reform Act of 1995 (set forth
    in Section 27A of the Securities Act of 1933 and
    Section 21E of the Securities Exchange Act of 1934). All
    quantitative disclosures in this section are deemed to be
    forward-looking statements for purposes of the safe harbor,
    except for statements of historical fact (such as the dollar
    amount of maintenance margin required for market risk sensitive
    instruments held at the end of the reporting period).
The Strategic Allocation Fund's risk exposure in the
    various market sectors traded is estimated in terms of Value at
    Risk (VaR). The Strategic Allocation Fund estimates VaR using a
    model based upon historical simulation (with a confidence level
    of 97.5%) which involves constructing a distribution of
    hypothetical daily changes in the value of a trading portfolio.
    The VaR model takes into account linear exposures to risks,
    including equity and commodity prices, interest rates, foreign
    exchange rates, and correlation among these variables. The
    hypothetical changes in portfolio value are based on daily
    percentage changes observed in key market indices or other
    market factors to which the portfolio is sensitive. The
    Strategic Allocation Fund's VaR at a one day 97.5%
    confidence level of the Strategic Allocation Fund's VaR
    corresponds to the negative change in portfolio value that,
    based on observed market risk factors, would have been exceeded
    once in 40 trading days or one day in 40. VaR typically does not
    represent the worst case outcome.
The Strategic Allocation Fund uses approximately one quarter of
    daily market data and revalues its portfolio for each of the
    historical market moves that occurred over this time period.
    This generates a probability distribution of daily
    "simulated profit and loss" outcomes. The VaR is the
    2.5 percentile of this distribution.
The VaR for a sector represents the one day downside risk for
    the aggregate exposures associated with this sector. The current
    methodology used to calculate the aggregate VaR represents the
    VaR of the Strategic Allocation Fund's open positions
    across all market sectors, and is less than the sum of the VaRs
    for all such market sectors due to the diversification benefit
    across asset classes.
The Strategic Allocation Fund's VaR computations are based
    on the risk representation of the underlying benchmark for each
    instrument or contract and does not distinguish between exchange
    and non-exchange dealer-based instruments. It is also not based
    on exchange
and/or
dealer-based maintenance margin requirements.
VaR models, including the Strategic Allocation Fund's, are
    continually evolving as trading portfolios become more diverse
    and modeling techniques and systems capabilities improve. Please
    note that the VaR model is used to numerically quantify market
    risk for historic reporting purposes only and is not utilized by
    the Strategic Allocation Fund in its daily risk management
    activities. Please further note that VaR as described above may
    not be comparable to similarly titled measures used by other
    entities.
Because the business of the Strategic Allocation Fund is the
    speculative trading of futures, forwards and options, the
    composition of the Strategic Allocation Fund's trading
    portfolio can change significantly over any given time period,
    or even within a single trading day, which could positively or
    negatively materially impact market risk as measured by VaR.
The
    Strategic Allocation Fund's Trading Value at Risk in
    Different Market Sectors
The following tables indicate the trading Value at Risk
    associated with the Strategic Allocation Fund's open
    positions by market category as of December 31,
-40-
Table of Contents
2009 and 2008 and the trading gains/losses by market category
    for the years then ended.
December 31,
    2009
Trading
Market Sector
Value at Risk*
Gain/(Loss)**
Currencies
0.90
%
3.70
%
Interest Rates
0.68
%
(4.66
)%
Stock Indices
0.45
%
(0.46
)%
Commodities
0.41
%
(0.24
)%
Aggregate/Total
1.62
%
(1.66
)%
*
- The VaR for a sector represents the one day downside risk for
    the aggregate exposures associated with this sector. The
    aggregate VaR represents the VaR of the Strategic Allocation
    Fund's open positions across all market sectors, and is
    less than the sum of the VaRs for all such market sectors due to
    the diversification benefit across asset classes.
**
- Of the return for the year ended December 31, 2009,
    approximately 1.66% was due to trading losses (before
    commissions) and approximately 0.14% due to interest income
    offset by approximately 7.44% due to brokerage fees, operating
    costs and offering costs borne by the Strategic Allocation Fund
    giving a net return of (8.96)%.
December 31,
    2008
Trading
Market Sector
Value at Risk*
Gain/(Loss)**
Currencies
0.50
%
(0.58
)%
Interest Rates
0.30
%
(4.62
)%
Stock Indices
0.18
%
8.58
%
Commodities
0.05
%
0.81
%
Aggregate/Total
0.60
%
4.19
%
*
The VaR for a sector represents the one day downside risk for
    the aggregate exposures associated with this sector. The
    aggregate VaR represents the VaR of the Strategic Allocation
    Fund's open positions across all market sectors, and is
    less than the sum of the VaRs for all such market sectors due to
    the diversification benefit across asset classes.
**
Of the return for the year ended December 31, 2008,
    approximately 4.19% was due to trading gains (before
    commissions) and approximately 1.76% due to interest income
    offset by approximately 7.48% due to brokerage fees, operating
    costs and offering costs borne by the Strategic Allocation Fund
    giving a net return of (1.53)%.
Material
    Limitations on Value at Risk as an Assessment of Market
    Risk
The following limitations of VaR as an assessment of market risk
    should be noted:
1)
Past changes in market risk factors will not always result in
    accurate predictions of the distributions and correlations of
    future market movements;
2)
Changes in portfolio value caused by market movements may differ
    from those of the VaR model;
3)
VaR results reflect past trading positions while future risk
    depends on future positions;
4)
VaR using a one day time horizon does not fully capture the
    market risk of positions that cannot be liquidated or hedged
    within one day; and
5)
The historical market risk factor data for VaR estimation may
    provide only limited insight into losses that could be incurred
    under certain unusual market movements.
VaR is not necessarily representative of historic risk nor
    should it be used to predict the Strategic Allocation
    Fund's future financial performance or its ability to
    manage and monitor risk. There can be no assurance that the
    Strategic Allocation Fund's actual losses on a particular
    day will not exceed the VaR amounts indicated or that such
    losses will not occur more than once in 40 trading days.
Non-Trading
    Risk
The Strategic Allocation Fund has non-trading market risk on its
    foreign cash balances not needed for margin. However, these
    balances (as well as the market risk they represent) are
    immaterial. The Strategic Allocation Fund also has non-trading
    market risk as a result of investing a substantial portion of
    its available assets in U.S. Treasury Bills held at the
    broker and
over-the-counter
counterparty. The market risk represented by these investments
    is minimal. Finally, the Strategic Allocation Fund has
    non-trading market risk on fixed income securities held as part
    of its cash management program. The cash managers will use their
    best endeavors in the management of the assets of the Strategic
    Allocation Fund but provide no guarantee that any profit or
    interest will accrue to the Fund as a result of such management.
Qualitative
    Disclosures Regarding Primary Trading Risk
    Exposures
The following qualitative disclosures regarding the Strategic
    Allocation Fund's market risk exposures — except
    for (i) those disclosures that are statements of historical
    fact and (ii) the descriptions of how the Strategic
    Allocation Fund manages its primary market risk
    exposures — constitute forward-looking statements
    within the meaning of Section 27A of the Securities Act and
    Section 21E of the Securities Exchange Act. The Strategic
    Allocation Fund's primary market risk exposures as well as
    the strategies
-41-
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used and to be used by Campbell & Company for
    managing such exposures are subject to numerous uncertainties,
    contingencies and risks, any one of which could cause the actual
    results of the Strategic Allocation Fund's risk controls to
    differ materially from the objectives of such strategies.
    Government interventions, defaults and expropriations, illiquid
    markets, the emergence of dominant fundamental factors,
    political upheavals, changes in historical price relationships,
    an influx of new market participants, increased regulation and
    many other factors could result in material losses as well as in
    material changes to the risk exposures and the risk management
    strategies of the Strategic Allocation Fund. There can be no
    assurance that the Strategic Allocation Fund's current
    market exposure
and/or
risk
    management strategies will not change materially or that any
    such strategies will be effective in either the short- or
    long-term. Investors must be prepared to lose all or
    substantially all of their investment in the Strategic
    Allocation Fund.
The following were the primary trading risk exposures of the
    Strategic Allocation Fund as of December 31, 2009, by
    market sector.
Currencies
Exchange rate risk can be a significant market exposure of the
    Strategic Allocation Fund. The Strategic Allocation Fund's
    currency exposure is to foreign exchange rate fluctuations,
    primarily fluctuations which disrupt the historical pricing
    relationships between different currencies and currency pairs.
    These fluctuations are influenced by interest rate changes as
    well as political and general economic conditions. The Strategic
    Allocation Fund trades in a large number of currencies,
    including cross-rates —
i.e.,
positions between
    two currencies other than the U.S. Dollar.
    Campbell & Company does not anticipate that the risk
    profile of the Strategic Allocation Fund's currency sector
    will change significantly in the future.
Interest
    Rates
Interest rate risk can be a significant market exposure of the
    Strategic Allocation Fund. Interest rate movements directly
    affect the price of the sovereign bond positions held by the
    Strategic Allocation Fund and indirectly the value of its stock
    index and currency positions. Interest rate movements in one
    country as well as relative interest rate movements between
    countries materially impact the Strategic Allocation Fund's
    profitability. The Strategic Allocation Fund's primary
    interest rate exposure is to interest rate fluctuations in the
    United States and the other G-7 countries. Campbell &
    Company anticipates that G-7 interest rates will remain the
    primary rate exposure of the Strategic Allocation Fund for the
    foreseeable future. Changes in the interest rate environment
    will have the most impact on longer dated fixed income
    positions, at points of time throughout the year the majority of
    speculative positions held by the Strategic Allocation Fund may
    be held in medium- to long-term fixed income positions.
Stock
    Indices
The Strategic Allocation Fund's primary equity exposure is
    to equity price risk in the G-7 countries and several other
    countries (Hong Kong, Spain, Netherlands and Taiwan). The stock
    index futures traded by the Strategic Allocation Fund are by law
    limited to futures on broadly based indices. The Strategic
    Allocation Fund is primarily exposed to the risk of adverse
    price trends or static markets in the major U.S., European and
    Japanese indices. Markets that trade in a narrow range could
    result in the Strategic Allocation Fund's positions being
    "whipsawed" into numerous small losses.)
Energy
The Strategic Allocation Fund's primary energy market
    exposure is to natural gas, crude oil and derivative product
    price movements, often resulting from international political
    developments and ongoing conflicts in the Middle East and the
    perceived outcome. Oil and gas prices can be volatile and
    substantial profits and losses have been and are expected to
    continue to be experienced in this market.
Metals
The Strategic Allocation Fund's metals market exposure is
    to fluctuations in the price of gold, silver, copper, nickel and
    zinc.
Agricultural
The Strategic Allocation Fund's agricultural exposure is to
    the fluctuations of the price of wheat, corn, coffee and cotton.
Qualitative
    Disclosures Regarding Non-Trading Risk Exposure
The following were the primary non-trading risk exposures of the
    Strategic Allocation Fund as of December 31, 2009.
Foreign
    Currency Balances
The Strategic Allocation Fund's primary foreign currency
    balances are in, Japanese Yen, British Pounds and Euros. The
    Strategic Allocation Fund controls the
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Table of Contents
non-trading risk of these balances by regularly converting these
    balances back into dollars (no less frequently than twice a
    month, and more frequently if a particular foreign currency
    balance becomes unusually large).
Fixed
    Income Securities
The Strategic Allocation Fund's primary market exposure in
    instruments (other than treasury positions described in the
    subsequent section) held other than for trading is in its fixed
    income portfolio. The cash managers, Wilmington and Horizon,
    have authority to make certain investments on behalf of the
    Strategic Allocation Fund. All securities purchased by the cash
    managers on behalf of the Strategic Allocation Fund will be held
    in the Strategic Allocation Fund's custody accounts at the
    custodian. The cash managers will use their best endeavors in
    the management of the assets of the Strategic Allocation Fund
    but provide no guarantee that any profit or interest will accrue
    to the Strategic Allocation Fund as a result of such management.
Treasury
    Bill Positions Held for Margin Purposes
The Strategic Allocation Fund also has market exposure in its
    Treasury Bill portfolio. The Strategic Allocation Fund holds
    Treasury Bills (interest bearing and credit risk-free) with
    maturities no longer than six months. Violent fluctuations in
    prevailing interest rates could cause minimal
mark-to-market
losses on the Strategic Allocation Fund's Treasury Bills,
    although substantially all of these short-term investments are
    held to maturity.
Qualitative
    Disclosures Regarding Means of Managing Risk
    Exposure
The means by which the Strategic Allocation Fund and
    Campbell & Company, severally, attempt to manage the
    risk of the Strategic Allocation 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
    precalculating "stop-loss" points at which systems
    will signal to close open positions.
Campbell & Company manages the risk of the Strategic
    Allocation Fund's non-trading instruments of Treasury Bills
    held for margin purposes by limiting the duration of such
    instruments to no more than six months. Campbell &
    Company manages the risk of the Strategic Allocation Fund's
    fixed income securities held for cash management purposes by
    restricting the cash managers to investing in securities that
    are modeled after those investments allowed by the futures
    broker as defined under The Commodity Exchange Act,
    Title 17, Part 1, § 1.25 Investment of
    customer funds. Investments can include, but are not limited to,
    (i) U.S. Government Securities, Government Agency
    Securities, Municipal Securities, banker acceptances and
    certificates of deposits; (ii) commercial paper; and
    (iii) corporate debt.
General
The Strategic Allocation Fund is unaware of any
    (i) anticipated known demands, commitments or capital
    expenditures; (ii) material trends, favorable or
    unfavorable, in its capital resources; or (iii) trends or
    uncertainties that will have a material effect on operations.
    From time to time, certain regulatory agencies have proposed
    increased margin requirements on futures contracts. Because the
    Strategic Allocation Fund generally will use a small percentage
    of assets as margin, the Strategic Allocation Fund does not
    believe that any increase in margin requirements, as proposed,
    will have a material effect on the Strategic Allocation
    Fund's operations.
MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS — Global Trend Fund
Critical
    Accounting Policies
The preparation of financial statements in conformity with
    accounting principles generally accepted in the United States
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities and
    disclosures of contingent assets and liabilities at the date of
    the financial statements and the reported amounts of income and
    expense during the reporting period. Management believes that
    the estimates utilized in preparing the financial statements are
    reasonable and prudent; however, actual results could differ
    from those estimates.
The Global Trend Fund will record all investments at fair value
    in its financial statements, with changes in fair value reported
    as a component of change in unrealized trading gain (loss) in
    the Statements of Operations. Generally, fair values are based
    on market prices; however, in certain circumstances, estimates
    are involved in determining fair value in the
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absence of an active market closing price (e.g. forward
    contracts and options on forward contracts which are traded in
    the inter-bank market).
Capital
    Resources
The selling agents will offer the Global Trend Fund Units
    during the initial offering period, and thereafter through the
    sale of Units offered pursuant to the continuing offering. The
    Global Trend Fund does not intend to raise any capital through
    borrowing. Due to the nature of the Global Trend Fund's
    business, it will make no capital expenditures and will have no
    capital assets, which are not operating capital or assets.
Liquidity
Most United States commodity exchanges limit fluctuations in
    futures contracts prices during a single day by regulations
    referred to as "daily price fluctuation limits" or
    "daily limits." During a single trading day, no trades
    may be executed at prices beyond the daily limit. Once the price
    of a futures contract has reached the daily limit for that day,
    positions in that contract can neither be taken nor liquidated.
    Futures prices have occasionally moved to the daily limit for
    several consecutive days with little or no trading. Similar
    occurrences could prevent the Global Trend Fund from promptly
    liquidating unfavorable positions and subject the Global Trend
    Fund to substantial losses which could exceed the margin
    initially committed to such trades. In addition, even if futures
    prices have not moved the daily limit, the Global Trend Fund may
    not be able to execute futures trades at favorable prices if
    little trading in such contracts is taking place. Other than
    these limitations on liquidity, which are inherent in the Global
    Trend Fund's futures trading operations, the Global Trend
    Fund's assets are expected to be highly liquid.
The entire offering proceeds, without deductions, will be
    credited to the Global Trend Fund's bank, brokerage
and/or
cash
    management accounts. The Global Trend Fund will meet margin
    requirements for its trading activities by depositing cash or
    U.S. government securities with the futures broker and the
over-the-counter
counterparty. This does not reduce the risk of loss from trading
    futures, forward and option contracts. The Global Trend Fund
    will receive all interest earned on its assets. No other person
    shall receive any interest or other economic benefits from the
    deposit of Global Trend Fund assets.
Approximately 10% to 30% of the Global Trend Fund's assets
    will normally be committed as required margin for futures
    contracts and held by the futures broker, although the amount
    committed may vary significantly. Such assets will be maintained
    in the form of cash or U.S. Treasury bills in segregated
    accounts with the futures brokers pursuant to the Commodity
    Exchange Act and regulations thereunder. Approximately 10% to
    30% of the Global Trend Fund's assets will be deposited
    with
over-the-counter
counterparty in order to initiate and maintain forward and
    options on forward contracts. Such assets are not held in
    segregation or otherwise regulated under the Commodity Exchange
    Act, unless such
over-the-counter
counterparty is registered as a futures commission merchant.
    These assets will be held either in U.S. government
    securities or short-term time deposits with
U.S.-regulated
bank affiliates of the
over-the-counter
counterparty.
The trading advisor will deposit the majority of those assets of
    the Global Trend Fund that are not required to be deposited as
    margin with the futures broker and
over-the-counter
counterparty in a custodial account for each Series with
    Northern Trust Company. The assets deposited in the
    custodial accounts with Northern Trust Company will be
    segregated. Such custodial accounts will constitute
    approximately 40% to 80% of the Global Trend Fund's assets
    and will be invested, directly by Wilmington
    Trust Investment Management LLC ("Wilmington").
    Wilmington is registered with the Securities and Exchange
    Commission as an investment adviser under the Investment
    Advisers Act of 1940. Wilmington does not guarantee any interest
    or profits will accrue on the Global Trend Fund's assets in
    the custodial accounts. Wilmington will invest according to
    agreed upon investment guidelines that are modeled after those
    investments allowed by the futures broker as defined under The
    Commodity Exchange Act, Title 17, Part 1,
    § 1.25 Investment of customer funds. Investments can
    include, but are not limited to, (i) U.S. Government
    Securities, Government Agency Securities, Municipal Securities,
    banker acceptances and certificates of deposits;
    (ii) commercial paper; and (iii) corporate debt.
The Global Trend Fund will occasionally receive margin calls
    (requests to post more collateral) from its futures broker or
over-the-counter
counterparty, which are met by moving the required portion of
    the assets held in the custody accounts at Northern Trust to the
    margin accounts.
The Global Trend Fund's assets will not be, directly or
    indirectly, commingled with the property of any other person in
    violation of law or invested with or loaned to
    Campbell & Company or any affiliated entities.
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Off-Balance
    Sheet Risk
The term "off-balance sheet risk" refers to an
    unrecorded potential liability that, even though it does not
    appear on the balance sheet, may result in future obligation or
    loss. The Global Trend Fund will trade in futures, forward and
    options contracts and therefore will be a party to financial
    instruments with elements of off-balance sheet market and credit
    risk. In entering into these contracts there exists a risk to
    the Global Trend Fund, market risk, that such contracts may be
    significantly influenced by market conditions, such as interest
    rate volatility, resulting in such contracts being less
    valuable. If the markets should move against all of the futures
    interests positions of the Global Trend Fund at the same time,
    and if the Global Trend Fund's trading advisor was unable
    to offset futures interests positions of the Global Trend Fund,
    the Global Trend Fund could lose all of its assets and the
    Limited Partners would realize a 100% loss. Campbell &
    Company, as general partner of the Global Trend Fund (who also
    acts as trading advisor) minimizes market risk through real-time
    monitoring of open positions, diversification of the portfolio
    and maintenance of a
margin-to-equity
ratio that rarely exceeds 30%.
In addition to market risk, in entering into futures, forward
    and options contracts there is a credit risk that a counterparty
    will not be able to meet its obligations to the Global Trend
    Fund. The counterparty for futures contracts traded in the
    United States and on most foreign exchanges is the clearinghouse
    associated with such exchange. In general, clearinghouses are
    backed by the corporate members of the clearinghouse who are
    required to share any financial burden resulting from the
    non-performance by one of their members and, as such, should
    significantly reduce this credit risk. In cases where the
    clearinghouse is not backed by the clearing members, like some
    foreign exchanges, it is normally backed by a consortium of
    banks or other financial institutions.
In the case of forward and options contracts, which are traded
    on the interbank market rather than on exchanges, the
    counterparty is generally a single bank or other financial
    institution, rather than a group of financial institutions; thus
    there may be a greater counterparty credit risk.
    Campbell & Company will trade for the Global Trend
    Fund only with those counterparties which it believes to be
    creditworthy. All positions of the Global Trend Fund will be
    valued each day on a
mark-to-market
basis. There can be no assurance that any clearing member,
    clearinghouse or other counterparty will be able to meet its
    obligations to the Global Trend Fund.
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PAST
    PERFORMANCE OF THE CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
January 2005 — February 2010
Name of Pool:
Campbell Strategic
    Allocation Fund, L.P.
Type of Pool:
Publicly offered
Inception of Trading:
April 18,
    1994
Aggregate Gross Capital Subscriptions to the
    Fund:
$6,078,611,354
Current Net Asset Value of the
    Fund:
$1,540,837,716
Worst Monthly Percentage
    Draw-down
(1)
:

    July 2007/10.92%
Worst
Peak-to-Valley
Draw-down
(1)
:

    June 2007 — January 2010/32.26%
PAST
    PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Rate of
    Return
(2)
(Computed on a compounded monthly basis)
Month
2010 YTD
2009
2008
2007
2006
2005
January
−7.20%
−0.08%
−0.46%
2.50%
1.97%
−2.22%
February
1.32%
0.82%
1.44%
−5.89%
−1.85%
−1.32%
March
−2.23%
−0.23%
−3.38%
4.40%
−0.07%
April
−4.77%
−2.69%
2.07%
−2.94%
0.40%
May
−0.79%
1.95%
5.61%
−2.91%
4.86%
June
−2.43%
5.26%
4.33%
−0.55%
6.54%
July
0.05%
−1.30%
−10.92%
−0.21%
0.90%
August
−1.32%
−1.64%
−6.79%
−0.51%
−5.68%
September
3.79%
−1.37%
1.74%
−2.92%
3.59%
October
−1.52%
−1.22%
5.48%
1.60%
3.97%
November
3.26%
−1.46%
−6.32%
0.68%
2.02%
December
−3.77%
0.44%
−2.46%
7.76%
−3.16%
Total
−5.98%
(2 months
)
−8.96%
−1.53%
−14.65%
4.04%
9.53%
(1)
"Draw-down" means losses experienced by the Fund over
    a specified period.
(2)
The "Rate of Return" for a period is calculated by
    dividing the net profit or loss by the assets at the beginning
    of such period. Additions and withdrawals occurring during the
    period are included as an addition to or deduction from
    beginning net asset value in the calculations of "Rates of
    Return."
Please refer to Part Two, the Statement of Additional
    Information, for additional performance information and graphic
    presentations of the Fund.
SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
As of the date of this prospectus, no investor in the Strategic
    Allocation Fund, including the general partner, owns more than
    five percent of the Strategic Allocation Fund's Units. See
    the table below for Campbell & Company's
    ownership, as general partner of the Strategic Allocation Fund,
    as of February 28, 2010. No Strategic Allocation
    Fund Units are owned by officers of Campbell &
    Company.
Name of Beneficial
Amount and Nature of
Percentage of
Title of Class
Owner
Beneficial Ownership
Class
Units of General Partnership Interest
Campbell & Company, Inc.
6,637.982 Units
0.97% of Units outstanding
The Global Trend Fund has not commenced trading; no Units have
    been sold to anyone, including Campbell & Company or
    its officers.
CONFLICTS
    OF INTEREST
Campbell &
    Company, Inc.
Conflicts exist between Campbell & Company's
    interests in and its responsibilities to the Funds. The
    conflicts are inherent in Campbell & Company acting as
    general partner and as trading advisor to the Funds. The
    conflicts and the potential detriments to the limited partners
    are described below.
Campbell & Company's selection of itself as
    trading advisor was not objective, since it is also the general
    partner of the Funds. In addition, it has a
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disincentive to replace itself as the trading advisor. The
    Advisory Agreement between each Fund and Campbell &
    Company, including the fee arrangement, was not negotiated at
    arm's length. Investors should note, however, that
    Campbell & Company believes that the fee arrangements
    are fair to the Funds and competitive with compensation
    arrangements in pools involving independent general partners and
    advisors. Campbell & Company will review its
    compensation terms annually to determine whether such terms
    continue to be competitive with other pools for similar services
    and will lower such fees if it concludes, in good faith, that
    its fees are no longer competitive. Campbell & Company
    may not receive per-trade compensation directly or indirectly
    from the Funds. Investors should note that Campbell &
    Company operates other commodity pool offerings which may have
    materially different terms and may operate at a lower overall
    cost structure.
Neither Campbell & Company nor its principals devote
    their time exclusively to the Funds; however,
    Campbell & Company intends to devote sufficient time
    to the activities of the Funds to properly manage the Funds
    consistent with its duties as general partner and trading
    advisor. Campbell & Company (or its principals) acts
    as general partner to other commodity pools and trading advisor
    to thirteen other accounts, which may compete with the Funds for
    Campbell &Company's services. One of the thirteen
    other accounts is in direct competition with the Funds. Thus,
    Campbell & Company could have a conflict between its
    responsibilities to the Funds and to those other pools and
    accounts. Campbell & Company believes that it has
    sufficient resources to discharge its responsibilities in this
    regard in a fair manner.
Campbell & Company receives higher advisory fees from
    some of those other accounts than it receives from the Funds.
    Campbell & Company, however, trades all accounts of
    the Financial, Metal & Energy Large Portfolio, the
    Trend Following Portfolio and the Trend Following (GLD)
    Portfolio (including the Funds') in a substantially similar
    manner, given the differences in size and timing of the capital
    additions and withdrawals. In addition, Campbell &
    Company may find that futures positions established for the
    benefit of the Funds, when aggregated with positions in other
    accounts traded by Campbell & Company, approach the
    speculative position limits in a particular commodity.
    Campbell & Company may decide to address this
    situation either by liquidating the Funds' positions in
    that futures contract and reapportioning the portfolio in other
    contracts or by trading contracts in other markets which do not
    have restrictive limits. In the event that Campbell &
    Company were required to liquidate positions as the result of
    speculative position limits, such liquidation would be done on a
    pro rata basis across all accounts under management.
Principals of Campbell & Company may trade futures and
    related contracts for his or her own account. In addition,
    Campbell & Company manages proprietary accounts for
    itself, its deferred compensation plan and certain principals
    and employees. There are written procedures that govern
    proprietary trading by principals and employees. For instance,
    Campbell & Company has implemented employee trading
    policies that prohibit employee trading in futures and options
    unless the Company's consent is given to the employee in
    writing. Such consent will only be given in extraordinary
    circumstances. All employees must preclear all trades in
    equities, equity options, equity indices or equity index options
    though a computer-based system provided by the Company. The
    proposed trades are compared to a restricted list that includes
    positions traded in material amounts. The Company receives a
    daily feed from Company approved brokerage firms, which are
    compared against the preclearance lists to assure compliance.
    Trading records for all proprietary trading are available for
    review by clients and investors upon reasonable notice. A
    conflict of interest exists if proprietary trades are in the
    same markets and at the same time, using the futures brokers to
    be used by the Funds.
When Campbell & Company executes an order in the
    market, the order is typically placed on an aggregate basis for
    all accounts for which Campbell & Company trades, and
    then is subsequently broken up and allocated among the various
    accounts. To the extent executions are grouped together and then
    allocated among accounts held at the futures brokers and the
over-the-counter
counterparties, the Funds may receive less favorable executions
    than such other accounts. It is Campbell &
    Company's policy to objectively allocate trade executions
    that afford each account the same likelihood of receiving
    favorable or unfavorable executions over time. A potential
    conflict also may occur when Campbell & Company or its
    principals trade their proprietary accounts more aggressively or
    take
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positions in proprietary accounts which are opposite, or ahead
    of, the positions taken by the Funds.
The
    Futures Brokers and the
Over-the-Counter
Counterparties
The futures brokers, currently UBS Securities LLC, Goldman,
    Sachs & Co. and NewEdge USA, LLC, and the
over-the-counter
counterparties, currently Deutsche Bank AG London and The Royal
    Bank of Scotland PLC and the affiliates and personnel of such
    entities, may trade futures, forward and option contracts for
    their own accounts. These trades may be different from, opposite
    to or entered ahead of trades entered into by the Funds, and
    these persons may even be the other party to a trade entered
    into by the Funds. The records of any of these trades will not
    be available to limited partners of either Fund.
UBS Securities LLC is one of the futures brokers and an
    affiliate of one of the selling agents of the Strategic
    Allocation Fund, which could give rise to conflicts of interest
    because its compensation in each role is based on the net asset
    value of Units outstanding. Further, in making recommendations
    to redeem or purchase additional Units, the affiliated selling
    agent's employees may have a conflict of interest between
    acting in the best interest of their clients and assuring
    continued compensation to their employer and themselves.
    Finally, the affiliated selling agent may offer additional pools
    managed by Campbell & Company in which brokerage and
    selling fees paid to the affiliated selling agent are lower than
    the Funds' fees.
The
    Selling Agents
A current list of the selling agents for the Strategic
    Allocation Fund includes, but is not limited to: A.G.
    Edwards & Sons, Inc.; Campbell Financial Services,
    Inc.; Ferris, Baker Watts Incorporated; Merrill Lynch, Pierce,
    Fenner & Smith Incorporated; Securities America, Inc.;
    and UBS Financial Services Inc. Those selling agents (or their
    assignees) that are registered futures commission merchants or
    introducing brokers will receive, beginning in the thirteenth
    month after the sale of the Units, ongoing compensation based on
    the net asset value of the Units which remain outstanding.
    Consequently, in advising clients whether they should redeem
    their Units or purchase additional Units, such selling agents
    will have a conflict of interest between the selling
    agents' interest in maximizing the ongoing compensation
    which they will receive and their interest in giving their
    client the financial advice which is in such clients' best
    interests. Some or all of these selling agents and others may
    also become selling agents for the Global Trend Fund, with the
    same conflicts of interest.
Campbell & Company acts as a commodity pool operator
    and a commodity trading advisor in respect of various managed
    futures investment products. The selling agents may or may not
    be authorized to offer certain of such products to their
    clients, which may have materially different terms, including
    investment portfolios and objectives, fees, risks, conflicts of
    interest and suitability requirements, from those of the Funds.
Fiduciary
    Duty and Remedies
In evaluating the foregoing conflicts of interest, a prospective
    investor should be aware that Campbell & Company, as
    general partner, has a responsibility to limited partners to
    exercise good faith and fairness in all dealings affecting the
    Funds. The fiduciary responsibility of a general partner to the
    limited partners is a rapidly developing and changing area of
    the law and limited partners who have questions concerning the
    duties of Campbell & Company as general partner should
    consult with their own counsel. In the event that a limited
    partner believes that Campbell & Company has violated
    its fiduciary duty to the limited partners, he may seek legal
    relief individually or on behalf of either or both of the Funds
    under applicable laws, including partnership and commodities
    laws, to recover damages from or require an accounting by
    Campbell & Company. The Limited Partnership Agreements
    of both Funds are governed by Delaware law and any breach of
    Campbell & Company's fiduciary duty under the
    Limited Partnership Agreements will generally be governed by
    Delaware law. The Limited Partnership Agreements do not limit
    Campbell & Company's fiduciary obligations under
    Delaware or common law; however, Campbell & Company
    may assert as a defense to claims of breach of fiduciary duty
    that the conflicts of interest and fees payable to
    Campbell & Company have been disclosed in the
    prospectus. Limited partners may also have the right, subject to
    applicable procedural and jurisdictional requirements, to bring
    partnership class actions in federal court to enforce their
    rights under the federal securities laws and the rules and
    regulations promulgated thereunder by the U.S. Securities
    and Exchange Commission ("SEC"). Limited partners who
    have suffered losses in connection with the purchase or sale of
    the Units may be able to recover such losses from
    Campbell & Company where the losses result from a
    violation by Campbell & Company of the
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federal securities laws. State securities laws may also provide
    remedies, such as the ability to bring civil liability lawsuits,
    to limited partners. Limited partners should be aware that
    performance by Campbell & Company of its fiduciary
    duty to the Funds is measured by the terms of the Limited
    Partnership Agreements as well as applicable law.
Limited partners are afforded rights to institute reparations
    proceedings under the Commodity Exchange Act for violations of
    the Commodity Exchange Act or of any rule, regulation or order
    of the CFTC by Campbell & Company.
Indemnification
    and Standard of Liability
Campbell & Company and its controlling persons may not
    be liable to the Funds or any limited partner for errors in
    judgment or other acts or omissions not amounting to misconduct
    or negligence, as a consequence of the indemnification and
    exculpatory provisions described in the following paragraph.
    Purchasers of Units may have more limited rights of action than
    they would absent such provisions.
Campbell & Company and its controlling persons will
    not have any liability to the Funds or to any limited partner
    for any loss suffered by either Fund which arises out of any
    action or inaction if Campbell & Company, in good
    faith, determined that such course of conduct was in the best
    interests of the Funds and such course of conduct did not
    constitute negligence or misconduct of Campbell &
    Company. Each Fund has agreed to indemnify Campbell &
    Company and its controlling persons against claims, losses or
    liabilities based on their conduct relating to that Fund,
    provided that the conduct resulting in the claims, losses or
    liabilities for which indemnity is sought did not constitute
    negligence or misconduct or breach of any fiduciary obligation
    to that Fund and was done in good faith and in a manner which
    Campbell & Company, in good faith, determined to be in
    the best interests of that Fund. Controlling persons of
    Campbell & Company are entitled to indemnity only for
    losses resulting from claims against such controlling persons
    due solely to their relationship with Campbell &
    Company or for losses incurred in performing the duties of
    Campbell & Company. See Article 15 of each
    Fund's Limited Partnership Agreement, included as
    Exhibits A and B to this prospectus.
The Funds will not indemnify Campbell & Company or its
    controlling persons for any liability arising from securities
    law violations in connection with the offering of the Units,
    unless Campbell & Company or its controlling persons
    prevails on the merits or obtains a court approved settlement
    (in accordance with Section 15.2 of each Fund's
    Limited Partnership Agreement). The position of the SEC is that
    any such indemnification is contrary to the federal securities
    laws and therefore unenforceable.
CHARGES
    TO THE FUNDS
Strategic
    Allocation Fund
The following list of expenses includes all compensation, fees,
    profits and other benefits (including reimbursement of
out-of-pocket
expenses) which Campbell & Company, the selling
    agents, the futures brokers, the
over-the-counter
counterparties, the cash managers, the custodian and the
    affiliates of those parties may earn or receive in connection
    with the offering and operation of the Strategic Allocation
    Fund. Prospective investors should refer to the Summary for an
    estimate of the trading profit and interest income that must be
    earned for an investor to break-even in the first year of
    trading.
Brokerage
    Fee
The Strategic Allocation Fund pays a single asset-based fee for
    all brokerage and management services. The fee is equal to up to
    8% of the Strategic Allocation Fund' month-end net asset
    value per annum, prior to accruals for such brokerage fee or
    performance fees, irrespective of profitability.
From such 8% brokerage fee, the futures brokers and the
over-the-counter
counterparties receive up to 1% for execution and clearing
    costs. The amount of the fee to be paid to the futures brokers
    and the
over-the-counter
counterparties is evaluated from time to time based on the
    amount of trading for the Strategic Allocation Fund that the
    brokers are required to clear, but at no time will the amount
    exceed 1% of Strategic Allocation Fund net asset value per annum.
From the remaining 7%, Campbell & Company retains 3%
    as management fees (2% for providing advisory services and 1%
    for acting as general partner) and remits 4% to the selling
    agents for ongoing administrative services provided to limited
    partners. The amount paid to selling agents on Units sold
    pursuant to this disclosure document will not, however, exceed
    9.0% of the gross offering proceeds of the Strategic Allocation
    Fund Units sold pursuant to this disclosure document. Once
    the 9.0% threshold is reached with respect to a Strategic
    Allocation Fund Unit sold pursuant to this disclosure
    document, the selling agent will receive no future compensation
    and the up to 4% amount that would
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otherwise be paid to the selling agent for that Unit will
    instead be rebated to the Strategic Allocation Fund for the
    benefit of all holders of Strategic Allocation Fund Units.
Other
    Fund Expenses
The Strategic Allocation Fund will also be subject to the
    following fees and expenses.
Recipient
Nature of Payment
Amount of Payment
Campbell & Company
Quarterly Performance Fee
20% of aggregate cumulative appreciation in Strategic Allocation
    Fund's net asset value per Unit, excluding interest income
    and as adjusted for subscriptions and redemptions.
Reimbursement of offering expenses
As incurred; to be reimbursed, up to 2.5% of aggregate
    subscriptions, in 30-month payment periods.
Dealers
"Bid-ask" spreads
Indeterminable because embedded in price of forward and option
    contracts.
Cash Managers and Custodian
Cash management and custodial fees
0.10% annualized fee based on the percentage of the principal
    amount of assets under management.
Others
Legal, accounting, printing, postage and administrative costs
As incurred, up to a maximum of 0.5% of the Strategic Allocation
    Fund's average month-end net asset value per annum.
The above fees, together with the brokerage fee, are the
    complete compensation that will be received by
    Campbell & Company or its affiliates from the
    Strategic Allocation Fund. This excludes redemption fees, which
    will be charged to some limited partners if they redeem prior to
    one year of ownership.
Campbell &
    Company, Inc.
Brokerage
    Fee
The Strategic Allocation Fund pays a brokerage fee up to 8% of
    the Strategic Allocation Fund's month-end net asset value
    per annum, of which Campbell & Company receives 7% per
    annum, as described earlier.
The futures brokers are paid approximately $4 per round-turn
    trade per contract, which equates to approximately 0.24%
    annually. In addition, the
over-the-counter
counterparties charge approximately $4 per $1 million, plus
    any additional electronic platform charges, for forward and
    option contracts facilitated on behalf of the Strategic
    Allocation Fund with third party banks. These fees, combined
    with the futures brokers' charges, equal approximately
    0.30% of the Strategic Allocation Fund's net asset value,
    but will not exceed 1%. The approximate 0.30% actual brokerage
    fee, compared to the 1% allowable, lowers the Strategic
    Allocation Fund's total brokerage fee to approximately
    7.30%. If trading velocity
and/or
portfolio allocation change again in the future, the fee may be
    further reduced, or it may be raised. However, the Strategic
    Allocation Fund's brokerage fee will not exceed 8% of
    Strategic Allocation Fund's month-end net asset value per
    annum (prior to accruals for such brokerage fee or performance
    fees).
Redemption Fee
Redemption fees apply through the first twelve month-ends
    following purchase as follows: 4% of net asset value per Unit
    redeemed through the third month-end, 3% of net asset value per
    Unit redeemed through the sixth month-end, 2% of net asset value
    per Unit redeemed through the ninth month-end, and 1% of net
    asset value per Unit redeemed 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 Unit, no redemption fees apply. Because the purchase date
    counts as the first month-end in determining whether a
    redemption fee applies, no redemption fee would be due in
    respect of a Unit redeemed on the first anniversary of the
    purchase.
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Performance
    Fee
The quarterly performance fee equals 20% of the Strategic
    Allocation Fund's aggregate cumulative appreciation in the
    net asset value per Unit, if any, excluding interest income and
    as adjusted for subscriptions and redemptions, calculated
    pursuant to the terms of the advisory agreement between the
    Strategic Allocation Fund and Campbell & Company and
    paid quarterly. "Aggregate cumulative appreciation"
    means the total increase in net asset value per Unit from the
    commencement of trading, minus the total increase in net asset
    value per Unit for all prior quarters, multiplied by the number
    of Units outstanding. The performance fee is paid only on
    profits attributable to Units outstanding, and no fee is paid
    with respect to interest income. Because the performance fee is
    accrued monthly, Units that are redeemed other than at the end
    of the quarter will effectively pay a performance fee, if
    accrued, as of the end of the month in which the redemption
    occurs.
If any payment is made by the Strategic Allocation Fund in
    respect of a performance fee, and the Strategic Allocation Fund
    thereafter incurs a net loss, Campbell & Company will
    retain the amount previously paid. Thus, Campbell &
    Company may be paid a performance fee during a year in which the
    Strategic Allocation Fund overall incurred net losses. Trading
    losses will be carried forward and no further performance fees
    may be paid until the prior losses have been recovered.
Below is a sample calculation of how the performance fee is
    determined:
Assume the Strategic Allocation Fund paid a performance fee at
    the end of the fourth quarter of 2009 and assume that the
    Strategic Allocation Fund recognized trading profits (net of all
    brokerage fees and operating and offering expenses) of $200,000
    during the first quarter of 2010. The aggregate cumulative
    appreciation for the quarter (before interest earned) would be
    $200,000 and Campbell & Company's performance fee
    would be $40,000 (0.2 x $200,000). Now assume that the Strategic
    Allocation Fund paid a performance fee at the end of the third
    quarter of 2009 but did not pay a performance fee at the end of
    the fourth quarter of 2009 because it had trading losses of
    $100,000. If the Strategic Allocation Fund recognized trading
    profits of $200,000 at the end of the first quarter of 2010, the
    aggregate cumulative appreciation (before interest earned) for
    the quarter would be $100,000 ($200,000 — $100,000
    loss carryforward) and Campbell & Company's
    performance fee would be $20,000 (0.2 x $100,000). Please note
    that this simplified example assumes that no limited partners
    have added or redeemed Units during this sample time frame. Such
    capital changes require that the calculation be determined on a
    "per unit" basis.
If the net asset value per unit at the time when a particular
    investor acquires Units is lower than the net asset value per
    unit as of the end of the most recent prior calendar quarter for
    which a performance fee was payable (due to losses incurred
    between such quarter-end and the subscription date), such Units
    might experience a substantial increase in value after the
    subscription date yet pay no performance fee as of the next
    calendar quarter-end because the Strategic Allocation Fund as a
    whole has not experienced aggregate cumulative appreciation.
If a performance fee accrual is in effect at the time when
    particular Units are purchased (due to gains achieved prior to
    the applicable subscription day), the net asset value per Unit
    reflects such accrual. In the event the net asset value of the
    Strategic Allocation Fund declines after the subscription date,
    the performance fee accrual is "reversed" and such
    reversal is credited to all Units equally, including the Units
    which were purchased at a net asset value per unit which fully
    reflected such accrual.
Performance fees are not reduced by redemption charges and
    interest income.
The brokerage fee and performance fee may be increased upon
    sixty days' notice to the limited partners, as long as the
    notice explains their redemption and voting rights. Existing
    limited partners who redeem within twelve months after any
    increase in fees would not be required to pay any redemption
    fees.
The
    Futures Brokers
As described earlier, the futures brokers receive up to 1% of
    the net asset value of the Strategic Allocation Fund per annum
    (which includes payments to the
over-the-counter
counterparties as referenced below), which is a portion of the
    maximum 8% brokerage fee. The futures brokers are responsible
    for all trading transactional costs, such as pit brokerage,
    exchange and NFA fees,
"give-up"
and transfer fees. The compensation paid to the futures
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brokers is competitive with rates paid by other trading funds
    having assets and structures similar to the Strategic Allocation
    Fund. The compensation to the futures brokers of approximately
    $4 per round-turn contract is equivalent to approximately 0.24%
    of the Strategic Allocation Fund net asset value per annum. The
    compensation paid to the futures brokers will not exceed the
    guidelines established by the North American Securities
    Administrators Association, Inc. ("NASAA").
The
    Selling Agents
The selling agents receive from Campbell & Company
    (and not the Strategic Allocation Fund) selling commissions of
    up to 4% of the subscription amount of each subscription for
    Units. In addition, commencing thirteen months after the sale of
    Units and in return for providing ongoing services to the
    limited partners, Campbell & Company will pay those
    selling agents (or their assignees) a portion of the 8%
    brokerage fee of up to 4% of the Strategic Allocation
    Fund's average month-end net asset value per annum. The
    amount paid to selling agents on the Strategic Allocation
    Fund Units sold pursuant to this disclosure document will
    not, however, exceed 9.0% of the gross offering proceeds of the
    Strategic Allocation Fund Units sold pursuant to this
    disclosure document. Once the 9.0% threshold is reached with
    respect to a Strategic Allocation Fund Unit sold pursuant
    to this disclosure document, the selling agent will receive no
    future compensation and the up to 4% amount that would otherwise
    be paid to the selling agent for that Unit will instead be
    rebated to the Strategic Allocation Fund for the benefit of all
    holders of Strategic Allocation Fund Units.
The additional selling commissions described in the preceding
    paragraph are also subject to the following restrictions:
The total of additional commissions plus:
(1)
the initial selling commission of up to 4% of the subscription
    amount of each subscription for Units;
(2)
salaries, expenses and bonuses of employees of
    Campbell & Company engaged in wholesaling
    activities; and
(3)
per-unit
costs properly deemed to constitute underwriting compensation
    allocable to the selling agents, such as a selling brochure,
    seminar costs and travel expenses, do not exceed 10% of such
    Units' gross offering proceeds. Such compensation may be
    deemed to create a conflict of interest in that the selling
    agents have a disincentive in advising investors to redeem their
    Units. See "Conflicts of Interest."
The
Over-the-Counter
Counterparties
The Strategic Allocation Fund trades forward and option
    contracts among dealers which act as "principals" or
    counterparties to each trade. The execution costs are included
    in the price of the forward or option contract purchased or
    sold, and, accordingly, such costs cannot be determined.
    Campbell & Company believes the bid-ask spreads for
    forward and option contract trades, which incorporate these
    execution costs, are at the prevailing market prices. In
    addition, the
over-the-counter
counterparties charge approximately $4 per $1 million, plus
    any additional electronic platform charges, in prime brokerage
    fees for forward and option contracts they facilitate on behalf
    of the Strategic Allocation Fund with third party banks. These
    prime brokerage fees, combined with the futures brokers'
    charges, will not exceed the 1% of the net asset value of the
    Strategic Allocation Fund per annum, as referenced under
    "The Futures Brokers" above.
The
    Cash Managers and the Custodian
The Strategic Allocation Fund pays Wilmington
    Trust Investment Management LLC ("Wilmington"),
    Horizon Cash Management L.L.C. ("Horizon") and
    Northern Trust Company a combined annualized fee equal to
    approximately 0.10% per annum of the funds managed by Wilmington
    and Horizon based on the percentage of the principal amount of
    the Strategic Allocation Fund's assets under management by
    Wilmington and Horizon, computed and accrued on the average
    daily market value maintained in the Northern Trust Company
    custodial accounts by the Strategic Allocation Fund. Wilmington,
    Horizon and Northern Trust Company are not affiliated with
    Campbell & Company. The Strategic Allocation Fund may
    engage other firms which are unaffiliated with
    Campbell & Company from time to time to provide cash
    management and custodial services. Such services would be
    provided pursuant to similar terms and fees as those that apply
    to Wilmington, Horizon and Northern Trust Company. The
    Strategic Allocation Fund may also terminate all types of cash
    management
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services at any time. See "The Cash Managers and the
    Custodian".
Offering
    Expenses
The offering expenses during the continuing offering through
    February 28, 2010 totaled $98,171,281 and are estimated at
    $2,160,000 for the nine months following the date of this
    prospectus, all of which will be advanced by
    Campbell & Company. Such expenses include all fees and
    expenses in connection with the distribution of the Units,
    including legal, accounting, printing, mailing, filing fees,
    escrow fees, salaries and bonuses of employees while engaged in
    sales activities, and marketing expenses of Campbell &
    Company and the selling agents which are paid by the Strategic
    Allocation Fund. Subject to the limit described below,
    Campbell & Company will be reimbursed, without
    interest, by the Strategic Allocation Fund in
30-month
payment periods throughout the continuing offering. In no event
    will the reimbursement exceed 2.5% of the total subscriptions
    accepted by Campbell & Company, which, based on the
30-month
amortization period, represents a maximum of 1% of gross
    additions per annum. Organization and offering expenses equal to
    $240,961 were incurred during the initial offering period and
    were advanced by Campbell & Company. Such expenses
    were reimbursed in the same manner and were subject to the same
    2.5% limit. In the event the Strategic Allocation Fund
    terminates prior to the completion of any reimbursement of the
    aforementioned costs, Campbell & Company will not be
    entitled to any additional reimbursement from the Strategic
    Allocation Fund.
The Strategic Allocation Fund is required to disclose that the
    "organization and offering expenses" of the Strategic
    Allocation Fund, as defined by the NASAA Guidelines, will not
    exceed 15% of the total subscriptions accepted.
    Campbell & Company, and not the Strategic Allocation
    Fund, will be responsible for any expenses in excess of such
    limitation. Since Campbell & Company has agreed to
    limit its reimbursement of such expenses to 2.5% of total
    subscriptions, the NASAA Guidelines limit of 15% of total
    subscriptions (even when added to the selling commissions) will
    not be reached.
Other
    Expenses
The Strategic Allocation Fund bears its operating expenses,
    including, but not limited to, administrative, legal and
    accounting fees, and any taxes or extraordinary expenses payable
    by the Strategic Allocation Fund. Such expenses are estimated to
    be 0.10% (and will not exceed 0.50%) of the Strategic Allocation
    Fund's net asset value per annum; 0.7 basis points
    (0.00007) of the 10 estimated basis points will be paid to
    Campbell & Company directly to cover administrative
    expenses incurred on behalf of the Strategic Allocation Fund.
    Campbell & Company will be responsible for any such
    expenses during any year of operations which exceed such
    percentage estimate. For the years ended December 31, 2009,
    2008 and 2007, operating expenses were 0.07%, 0.06% and 0.04%,
    respectively, of the Strategic Allocation Fund's average
    net asset value. Indirect expenses in connection with the
    administration of the Strategic Allocation Fund, such as
    indirect salaries, rent, travel and other overhead of
    Campbell & Company, may not be charged to the
    Strategic Allocation Fund. Actual expenses charged to the
    Strategic Allocation Fund are reflected on a dollar basis in the
    financial statements for the Strategic Allocation Fund; see
    "Index to Financial Statements."
Global
    Trend Fund
The following list of expenses includes all compensation, fees,
    profits and other benefits (including reimbursement of
out-of-pocket
expenses) which Campbell & Company, the selling
    agents, the futures broker, the
over-the-counter
counterparty, the cash manager, the custodian and the affiliates
    of those parties may earn or receive in connection with the
    offering and operation of the Global Trend Fund. Prospective
    investors should refer to the Summary for an estimate of the
    trading profit and interest income that must be earned for an
    investor to break-even in the first year of trading.
Campbell &
    Company, Inc.
Advisory
    and General Partner Fees
All Classes of Units of the Global Trend Fund will pay
    Campbell & Company a monthly (i) advisory fee of
    2% per annum and (2) a general partner fee of 1% per annum,
    of the net asset value of the respective Class, prior to any
    accrual for or payment of any advisory fee, performance fee,
    redemption or subscription during said month. The advisory and
    general partner fees are paid in arrears based on the net asset
    value of the respective Class as of the end of each month. The
    advisory and general partner fees are paid out of and reduces
    the net assets attributable to each Class of Units.
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Redemption Fee
Redemption fees apply to Class A (USD) Units, Class B
    (USD) Units and Class A (GLD) 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, 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
    (USD) Unit, Class B (USD) Unit or Class A (GLD) Unit,
    no redemption fees apply. Because the purchase date counts as
    the first month-end in determining whether a redemption fee
    applies, no redemption fee would be due in respect of a
    Class A (USD) Unit, Class B (USD) Unit or Class A
    (GLD) Unit redeemed on the first anniversary of the purchase.
Performance
    Fee
All Units will pay the trading advisor quarterly performance
    compensation equal to 20% of the Global Trend Fund's
    aggregate cumulative appreciation in the net asset value per
    Unit of each Class, 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, charged quarterly. In determining the fees in
    this paragraph, net assets shall not be reduced by the
    performance fees being calculated for such current period. In
    respect of each Class of Units, "aggregate cumulative
    appreciation" means the total increase in Unit value of
    such Class of Units from the commencement of trading, minus the
    total increase in Unit value of such Class of Units for all
    prior quarters, multiplied by the number of Units of such Class
    outstanding. The performance fee is paid only on profits
    attributable to each Class of Units outstanding. The performance
    fee is accrued monthly and paid quarterly.
If any payment is made and attributed to any Class in respect of
    a performance fee, and that Class thereafter incurs a net loss,
    the trading advisor will retain the amount previously paid.
    Thus, the trading advisor may be paid a performance fee during a
    year in which a Class overall incurred net losses. Trading
    losses shall be carried forward and no further performance fee
    may be paid until the prior losses have been recovered.
    Similarly, the trading advisor's performance fee is based
    on unrealized, as well as realized, gains. There can be no
    assurance that such gains will, in fact, ever be recognized.
    Furthermore, the valuation of unrealized gain and loss may be
    subject to material subsequent revision.
Assume a class of the Global Trend Fund paid a performance fee
    at the end of the fourth quarter of 2009 and assume that this
    class of the Global Trend Fund recognized trading profits (net
    of all brokerage fees and operating and offering expenses) of
    $200,000 during the first quarter of 2010. The aggregate
    cumulative appreciation for the quarter (before interest earned)
    would be $200,000 and Campbell & Company's
    performance fee would be $40,000 (0.2 x $200,000). Now assume
    that the class paid a performance fee at the end of the third
    quarter of 2009 but did not pay a performance fee at the end of
    the fourth quarter of 2009 because it had trading losses of
    $100,000. If the class recognized trading profits of $200,000 at
    the end of the first quarter of 2010, the aggregate cumulative
    appreciation (before interest earned) for the quarter would be
    $100,000 ($200,000 — $100,000 loss carryforward) and
    Campbell & Company's performance fee would be
    $20,000 (0.2 x $100,000). Please note that this simplified
    example assumes that no limited partners have added or redeemed
    Units during this sample time frame. Such capital changes
    require that the calculation be determined on a "per
    unit" basis.
If the net asset value per Unit at the time when a particular
    investor acquires Units is lower than the net asset value per
    Unit as of the end of the most recent prior calendar quarter for
    which a performance fee was payable (due to losses incurred
    between such quarter-end and the subscription date), such Units
    might experience a substantial increase in value after the
    subscription date yet pay no performance fee as of the next
    calendar quarter-end because the class as a whole has not
    experienced aggregate cumulative appreciation.
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If a performance fee accrual is in effect at the time when
    particular Units are purchased (due to gains achieved prior to
    the applicable subscription day), the net asset value per Unit
    reflects such accrual. In the event the net asset value of the
    class declines after the subscription date, the performance fee
    accrual is "reversed" and such reversal is credited to
    all Units equally, including the Units which were purchased at a
    net asset value per Unit which fully reflected such accrual.
Performance fees are not reduced by redemption charges and
    interest income.
The advisory fee, general partner fee, and performance fee may
    be increased upon sixty days' notice to the limited
    partners, as long as the notice explains their redemption and
    voting rights. Existing limited partners who redeem within
    twelve months after any increase in fees would not be required
    to pay any redemption fees.
The
    Futures Broker
As described earlier, the futures broker receives up to 1% of
    the Global Trend Fund's net asset value per annum (which
    includes payments to the
over-the-counter
counterparty as referenced below). The futures broker is
    responsible for all trading transactional costs, such as pit
    brokerage, exchange and NFA fees,
"give-up"
and transfer fees. The compensation paid to the futures broker
    is competitive with rates paid by other trading funds having
    assets and structures similar to the Global Trend Fund. The
    futures broker will charge the Global Trend Fund brokerage
    commissions at a rate of approximately $4 per round-turn
    contract. Annual brokerage commissions payable by the Global
    Trend Fund are estimated at approximately 0.24% of the Global
    Trend Fund's net assets annually. Each Class of Units is
    allocated its
pro rata
share of all such brokerage
    commissions. The compensation paid to the futures broker will
    not exceed the guidelines established by the North American
    Securities Administrators Association, Inc. ("NASAA").
The
    Selling Agents
The selling agents for Class A (USD) Units, Class B
    (USD) Units and Class A (GLD) Units receive from the Global
    Trend Fund selling commissions of up to 2% of the subscription
    amount of each subscription for Class A (USD) Units,
    Class B (USD) Units or Class A (GLD) 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 2% of the Global Trend Fund's average
    month-end net asset value per annum. The amount paid to selling
    agents on Global Trend Fund Class A (USD) Units,
    Class B (USD) Units and Class A (GLD) Units sold
    pursuant to this disclosure document will not, however, exceed
    8.0% of the gross offering proceeds of the Global Trend
    Fund Class A (USD) Units and Class A (GLD) Units
    and 9.0% of the gross offering proceeds of the Global Trend
    Fund Class B (USD) Units sold pursuant to this
    disclosure document. The Global Trend Fund Class A
    (USD) Units, Class C (USD) Units, Class A (GLD) Units
    and Class B (GLD) Units will pay a monthly broker-dealer
    custodial fee of 0.25% of the Class A (USD) Units',
    Class C (USD) Units', Class A (GLD) Units'
    and Class B (GLD) Units' month-end net asset value per
    annum to the selling agents (the firm and not the individual)
    provided, however, that the total of such broker-dealer
    custodial fees per Unit do not exceed 1.0% of the gross offering
    proceeds of Class A (USD) Units and Class A (GLD)
    Units and 6% of the Class C (USD) Units and Class B
    (GLD) Units.
The additional selling commissions and broker-dealer custodial
    fee, where applicable, described in the preceding paragraphs,
    are also subject to the following restrictions:
The total of additional commissions and broker-dealer custodial
    fees, plus:
(1)
the initial selling commission of 2% of the subscription amount
    of each subscription for Units;
(2)
salaries, expenses and bonuses of employees of
    Campbell & Company or its affiliates engaged in
    wholesaling activities; and
(3)
per-unit
costs properly deemed to constitute underwriting compensation
    allocable to the selling agents, such as a selling brochure,
    seminar costs and travel expenses,
(collectively "Underwriting Compensation") do not
    exceed 10% of such Units' gross offering proceeds. If total
    Underwriting Compensation paid on any Class A (USD) Unit,
    Class B (USD) Unit, Class C (USD) Unit, Class D
    (USD) Unit, Class A (GLD) Unit or Class B (GLD) Unit
    reaches 10% of the gross offering proceeds, (1) the
    Class A (USD) Unit, Class B (USD) Unit, Class C
    (USD) Unit or Class D (USD) Unit will automatically be
    re-designated as Class E (USD) Units, which are identical
    to Class A
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(USD) Units, Class B (USD) Units, Class C (USD) Units
    and Class D (USD) Units except that Class E (USD)
    Units do not pay any offering expenses, selling agent fees,
    broker-dealer custodial fees payable to the selling agents and,
    if applicable, redemption fees, and (2) the Class A
    (GLD) Unit or Class B (GLD) Unit will automatically be
    re-designated as Class C (GLD) Units, which are identical
    to Class A (GLD) Units and Class B (GLD) Units, except
    that Class C (GLD) Units do not pay any offering expenses,
    selling agent fee, broker-dealer custodial fee payable to the
    selling agents and, if applicable, redemption fees. Such
    compensation may be deemed to create a conflict of interest in
    that the selling agents have a disincentive in advising
    investors to redeem their Units. See "Conflicts of
    Interest."
The
Over-the-Counter
Counterparty
The Global Trend Fund will trade currency forward and option
    contracts. Such contracts are traded among dealers which act as
    "principals" or counterparties to each trade.
    Execution costs will be included in the price of each forward or
    option contract purchased or sold, and accordingly, such costs
    cannot be determined. Campbell & Company believes the
    bid-ask spreads for forward and option contract trades, which
    incorporate these execution costs, are at prevailing market
    prices. In addition, the
over-the-counter
counterparty will charge approximately $4 per $1 million,
    plus any additional electronic platform charges, in prime
    brokerage fees for forward or option contracts it facilitates on
    behalf of the Global Trend Fund with third party banks. These
    prime brokerage fees, combined with the futures broker's
    charges, will equal approximately 0.30% of the Global Trend
    Fund's net assets. Each Class of Units will be allocated
    its
pro rata
share of all such costs. These prime
    brokerage fees, combined with the futures broker's charges,
    will not exceed the 1% of the Global Trend Fund net asset value
    per annum, as referenced under "The Futures Broker"
    above.
The
    Cash Manager and the Custodian
The Global Trend Fund will pay Wilmington Trust Investment
    Management LLC ("Wilmington") and Northern
    Trust Company a combined annualized fee equal to
    approximately 0.10% per annum of the funds managed by Wilmington
    based on the percentage of the principal amount of the Global
    Trend Fund's assets under management by Wilmington,
    computed and accrued on the average daily market value
    maintained in the Northern Trust Company custodial accounts
    by the Global Trend Fund. Wilmington and Northern
    Trust Company are not affiliated with Campbell &
    Company. The Global Trend Fund may engage other firms which are
    unaffiliated with Campbell & Company from time to time
    to provide cash management and custodial services. Such services
    would be provided pursuant to similar terms and fees as those
    that apply to Wilmington and Northern Trust Company. The
    Global Trend Fund may also terminate all types of cash
    management services at any time.
Organization
    and Offering Expenses
The organization and offering expenses during the initial and
    continuing offering will be advanced by Campbell & Company.
    The Global Trend Fund, and in turn, each Class of Units
    (excluding Class E (USD) Units and Class C (GLD)
    Units), will reimburse, monthly, its organization and offering
    costs (collectively, "Offering Costs"), subject to an
    annual cap of 0.50% of the Global Trend Fund's, and in
    turn, each Class of Units', average month-end net asset
    value. Such Offering Costs include all fees and expenses in
    connection with the distribution of the Units, including legal,
    accounting, printing, mailing, filing fees, escrow fees,
    salaries and bonuses of employees while engaged in sales
    activities (including wholesaling), and marketing expenses of
    Campbell & Company and the selling agents which are
    paid by the Global Trend Fund. Any Offering Costs advanced by
    Campbell & Company in excess of the aforementioned annual
    cap may be reimbursed by the Global Trend Fund in later periods
    if the Global Trend Fund is able to do so within the limit of
    each annual cap, provided that the maximum amount reimbursed by
    the Global Trend Fund in any calendar year not exceed the
    overall limits set forth above. In no event will the
    reimbursement exceed 2.5% of the total subscriptions accepted by
    the Global Trend Fund. In the event the Global Trend Fund
    terminates prior to the completion of any reimbursement of the
    aforementioned costs, Campbell & Company will not be
    entitled to any additional reimbursement from the Global Trend
    Fund. The reimbursement of Offering Costs reduces the Global
    Trend Fund's net asset value. Each Class of Units
    (excluding Class E (USD) Units and Class C (GLD)
    Units) is specifically allocated its pro rata share of all
    Offering Costs.
The Global Trend Fund also engages certain employees of the
    general partner to provide wholesaling services with respect to
    the Global Trend Fund. Any compensation paid to employees of the
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general partner for their wholesaling services is considered
    part of the Global Trend Fund's organization and Offering
    Costs and is payable by the Global Trend Fund as such.
The Global Trend Fund is required to disclose that the
    "organization and offering expenses" of the Global
    Trend Fund, as defined by the NASAA Guidelines (and referenced
    to as "Offering Costs" above, will not exceed 15% of
    the total subscriptions accepted. Campbell & Company,
    and not the Global Trend Fund, will be responsible for any
    expenses in excess of such limitation. Since
    Campbell & Company has agreed to limit its
    reimbursement of such expenses to 2.5% of total subscriptions,
    the NASAA Guidelines limit of 15% of total subscriptions (even
    when added to the selling commissions) will not be reached.
    Class E (USD) Units and Class C (GLD) Units do not pay
    Offering Costs.
Other
    Expenses
The Global Trend Fund bears its operating expenses, including,
    but not limited to, administrative, legal and accounting fees,
    and any taxes or extraordinary expenses payable by the Global
    Trend Fund. Such expenses are estimated to be 0.50% (and will
    not exceed 0.50%) of the Global Trend Fund's net asset
    value per annum; 0.7 basis points (0.00007) of the
    estimated 0.50% will be paid to Campbell & Company
    directly to cover administrative expenses incurred on behalf of
    the Global Trend Fund. Campbell & Company will be
    responsible for any such expenses during any year of operations
    which exceed such percentage estimate. Campbell & Company
    estimates that a maximum of $120,000 in legal fees and a maximum
    of $70,000 in audit fees will be charged to the Global Trend
    Fund during its first full year of operations, subject to the
    0.50% cap discussed above.
USE OF
    PROCEEDS
The assets of both Funds are not and will not be, directly or
    indirectly, commingled with the property of any other person or
    with the property of the other Fund in violation of law or
    invested with or loaned to Campbell & Company or any
    affiliated entities.
Strategic
    Allocation Fund
Approximately 10% to 30% of the Strategic Allocation Fund's
    assets normally are committed as required margin for futures
    contracts and held by the futures brokers, although the amount
    committed may vary significantly. Such assets are maintained in
    the form of cash or U.S. Treasury bills in segregated
    accounts with the futures brokers pursuant to the Commodity
    Exchange Act and regulations thereunder. Approximately 10% to
    30% of the Strategic Allocation Fund's assets are deposited
    with the
over-the-counter
counterparties in order to initiate and maintain currency
    forward and option contracts. Such assets are not held in
    segregation or otherwise regulated under the Commodity Exchange
    Act, unless such
over-the-counter
counterparty is registered as a futures commission merchant.
    These assets are held either in U.S. government securities
    or short-term time deposits with
U.S.-regulated
bank affiliates of the
over-the-counter
counterparties.
The trading advisor deposits those assets of the Strategic
    Allocation Fund that are not required to be deposited as margin
    with the futures brokers and
over-the-counter
counterparties in custodial accounts with Northern
    Trust Company. The assets deposited in the custodial
    accounts with Northern Trust Company are segregated. Such
    custodial accounts constitute approximately 40% to 80% of the
    Strategic Allocation Fund's assets and are invested,
    directly by Wilmington and Horizon. Wilmington and Horizon are
    registered with the Securities and Exchange Commission as
    investment advisers under the Investment Advisers Act of 1940.
    Wilmington and Horizon do not guarantee any interest or profits
    will accrue on the Strategic Allocation Fund's assets in
    the custodial accounts. Wilmington and Horizon will invest
    according to agreed upon investment guidelines that are
    consistent with those investments allowed by the futures broker
    as defined under Title 17, Part 1, § 1.25
    Investment of customer funds. Investments can include, but is
    not limited to, (i) U.S. Government Securities,
    Government Agency Securities, Municipal Securities, banker
    acceptances and certificates of deposits; (ii) commercial
    paper; and (iii) corporate debt.
Global
    Trend Fund
Approximately 10% to 30% of the Global Trend Fund's assets
    will normally be committed as required margin for futures
    contracts and held by the futures broker, although the amount
    committed may vary significantly. Such assets will be maintained
    in the form of cash or U.S. Treasury bills in segregated
    accounts with the futures brokers pursuant to the Commodity
    Exchange Act and regulations thereunder. Approximately 10% to
    30% of the Global Trend Fund's assets will be deposited
    with
over-the-counter
counterparty in order to initiate and
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maintain forward and options on forward contracts. Such assets
    are not held in segregation or otherwise regulated under the
    Commodity Exchange Act, unless such
over-the-counter
counterparty is registered as a futures commission merchant.
    These assets will be held either in U.S. government
    securities or short-term time deposits with
U.S.-regulated
bank affiliates of the
over-the-counter
counterparty.
The trading advisor will deposit the majority of those assets of
    the Global Trend Fund that are not required to be deposited as
    margin with the futures broker and
over-the-counter
counterparty in a custodial account for each Series with
    Northern Trust Company. The assets deposited in the
    custodial accounts with Northern Trust Company will be
    segregated. Such custodial account will constitute approximately
    40% to 80% of the Global Trend Fund's assets and will be
    invested, directly by Wilmington Trust Investment
    Management LLC ("Wilmington"). Wilmington is
    registered with the Securities and Exchange Commission as an
    investment adviser under the Investment Advisers Act of 1940.
    Wilmington does not guarantee any interest or profits will
    accrue on the Global Trend Fund's assets in the custodial
    accounts. Wilmington will invest according to agreed upon
    investment guidelines that are modeled after those investments
    allowed by the futures broker as defined under The Commodity
    Exchange Act, Title 17, Part 1, § 1.25
    Investment of customer funds. Investments can include, but are
    not limited to, (i) U.S. Government Securities,
    Government Agency Securities, Municipal Securities, banker
    acceptances and certificates of deposits; (ii) commercial
    paper; and (iii) corporate debt.
THE
    FUTURES BROKERS
Strategic
    Allocation Fund
UBS Securities LLC ("UBS Securities") is one of the
    Strategic Allocation Fund's futures brokers and an
    affiliate of one of the selling agents for that Fund. Additional
    or replacement futures brokers may be appointed in respect of
    the Strategic Allocation Fund's account in the future
    solely at the discretion of Campbell & Company.
UBS Securities LLC principal business address is 677 Washington
    Boulevard, Stamford, CT 06901. UBS Securities is a futures
    clearing broker for the Strategic Allocation Fund. UBS
    Securities is registered in the U.S. with the Financial
    Industry Regulatory Authority ("FINRA") as a
    Broker-Dealer and with the CFTC as a Futures Commission
    Merchant. UBS Securities is a member of various US futures and
    securities exchanges.
UBS Securities is the defendant in two purported securities
    class actions brought in the District Court of the Northern
    District of Alabama, brought by holders of stock and bonds in
    HealthSouth, captioned In re HealthSouth Corporation
    Stockholder,
No. CV-03-BE-1501-S
and In re HealthSouth Corporation Bondholder Litigation,
No. CV-03-BE-1502-S.
Both complaints assert liability under the Securities Act of
    1934.
UBS has been responding to investigations by the SEC and the
    United States Attorney's Office for the Eastern District of
    New York regarding UBS's valuation of
    U.S. mortgage-backed securities and derivatives, and
    compliance with public disclosure rules. These investigations
    are ongoing.
On June 27, 2007, the Securities Division of the Secretary
    of the Commonwealth of Massachusetts ("Massachusetts
    Securities Division") filed an administrative complaint
    (the "Complaint") and notice of adjudicatory
    proceeding against UBS Securities LLC, captioned In The Matter
    of UBS Securities, LLC, Docket
No. E-2007-0049,
which alleges, in sum and substance, that UBS Securities has
    been violating the Massachusetts Uniform Securities Act
    ("the "Act") and related regulations by providing
    the advisers for certain hedge funds with gifts and gratuities
    in the form of below market office rents, personal loans with
    below market interest rates, event tickets, and other perks, in
    order to induce those hedge fund advisers to increase or retain
    their level of prime brokerage fees paid to UBS Securities. The
    Complaint seeks a cease and desist order from conduct that
    violates the Act and regulations, to censure UBS Securities, to
    require UBS Securities to pay an administrative fine of an
    unspecified amount, and to find as fact the allegations of the
    Complaint.
On June 26, 2008, the Massachusetts Securities Division
    filed an administrative complaint and notice of adjudicatory
    proceeding against UBS Securities and UBS Financial Services,
    Inc. ("UBS Financial"), captioned In the Matters of
    UBS Securities, LLC and UBS Financial Services, Inc., Docket
No. 2008-0045,
which alleged that UBS Securities and UBS Financial violated the
    Act in connection with the marketing and sale of auction rate
    securities.
On July 22, 2008, the Texas State Securities board filed an
    administrative proceeding against
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UBS Securities and UBS Financial captioned the Matter of the
    Dealer Registrations of UBS Financials Services Inc. and UBS
    Securities LLC, SOAH Docket
No. ###-##-####,
SSB Docket
No. 08-IC04,
alleging violations of the anti-fraud provision of the Texas
    Securities Act in connection the marketing and sale of auction
    rate securities.
On July 24, 2008 the New York Attorney General
    ("NYAG") filed a complaint in Supreme Court of the
    State of New York against UBS Securities and UBS Financial
    captioned State of New York v. UBS Securities LLC and UBS
    Financial Services, Inc. No. 650262/2008, in connection
    with UBS' marketing and sale of auction rate securities.
    The complaint alleges violations of the anti-fraud provisions of
    New York state statutes and seeks a judgment ordering that the
    firm buy back auction rate securities from investors at par,
    disgorgement, restitution and other remedies.
On August 8, 2008, UBS Securities and UBS Financial reached
    agreements in principle with the SEC, the NYAG, the
    Massachusetts Securities Division and other state regulatory
    agencies represented by the North American Securities
    Administrators Association ("NASAA") to restore
    liquidity to all remaining client's holdings of auction
    rate securities by June 20, 2012. On August 20, 2008,
    the Texas proceeding was dismissed and withdrawn. On
    October 2, 2008, UBS Securities and UBS Financial entered
    into a final consent agreement with the Massachusetts Securities
    Division settling all allegations in the Massachusetts
    Securities Division administrative proceeding against UBS
    Securities and UBS Financial with regards to the auction rate
    securities matter. UBS Securities and UBS Financial are
    finalizing agreements with the SEC, NYAG and NASAA.
On August 14, 2008 the New Hampshire Bureau of Securities
    Regulation filed an administrative action against UBS Securities
    relating to a student loan issuer, the New Hampshire Higher
    Education Loan Corp. (NHHELCO). The complaint alleges fraudulent
    and unethical conduct in violation of New Hampshire state
    statues. The complaint seeks an administrative fine, a cease and
    desist order, and restitution to NHHELCO. The claim does not
    impact the global settlement with the SEC, NYAG and NASAA
    relating to the marketing and sale of ARS to investors.
Further, UBS Securities, like most full service investment banks
    and broker-dealers, receives inquiries and is sometimes involved
    in investigations by the SEC, FINRA, NYSE and various other
    regulatory organizations, exchanges and government agencies. UBS
    Securities fully cooperates with the authorities in all such
    requests. UBS Securities regularly discloses to the FINRA
    arbitration awards, disciplinary action and regulatory events.
    These disclosures are publicly available on the FINRA's
    website at www.finra.org. Actions with respect to UBS
    Securities' futures commission merchant business are
    publicly available on the website of the National Futures
    Association
(http://www.nfa.futures.org/).
UBS Securities will act only as clearing broker for the
    Strategic Allocation Fund and as such will be paid commissions
    for executing and clearing trades on behalf of the Strategic
    Allocation Fund. UBS Securities has not passed upon the adequacy
    or accuracy of this prospectus. UBS Securities neither will act
    in any supervisory capacity with respect to the Strategic
    Allocation Fund nor participate in the management of
    Campbell & Company or the Strategic Allocation Fund.
Goldman, Sachs & Co. ("Goldman") is one of
    the Strategic Allocation Fund's futures brokers. Additional
    or replacement futures brokers may be appointed in respect of
    the Strategic Allocation Fund's account in the future
    solely at the discretion of Campbell & Company.
Goldman's principal address is 85 Broad Street, New York,
    NY 10004, telephone
(212) 904-1000.
Futures trades made on behalf of the Strategic Allocation Fund
    are carried by Goldman. Goldman is not affiliated with
    Campbell & Company. Goldman did not sponsor the
    Strategic Allocation Fund and is not responsible for the
    activities of Campbell & Company. It will act only as
    one of the futures brokers.
Goldman, in addition to being a registered futures commission
    merchant, is a registered broker-dealer. From time to time,
    Goldman and its affiliates are involved in judicial, regulatory
    and arbitration concerning matters arising in connection with
    the conduct of its business. Goldman's management believes,
    based on currently available information, that the results of
    such proceedings, in the aggregate, will not have a material
    adverse effect on the firm's financial condition, but may
    be material to the firm's operating results for any
    particular period, depending, in part, upon the results for such
    period. For further information, please refer to the periodic
    public filings by The Goldman Sachs Group, Inc. and to
    Goldman's Form BD as periodically filed with the
    Securities and Exchange Commission.
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These filings are posted in the EDGAR database at the SEC
    website at
http://www.sec.gov.
Global
    Trend Fund
Newedge USA, LLC ("NUSA" or the "futures
    broker") is the Global Trend Fund's futures broker.
    NUSA and Newedge Alternative Strategies Inc. ("NAST")
    are subsidiaries of Newedge Group, which was formed on
    January 2, 2008 as a joint venture by Société
    Générale and Calyon to combine the brokerage
    activities previously carried by their respective subsidiaries
    which comprised the Fimat Group and the Calyon Financial Group
    of affiliated entities. NUSA is a futures commission merchant
    and broker-dealer registered with the CFTC and the SEC, and is a
    member of the National Futures Association and the Financial
    Industry Regulatory Authority ("FINRA"). NUSA is a
    clearing member of all principal equity, option, and futures
    exchanges located in the United States as well as a member of
    the Options Clearing Corporation and Government Securities
    Clearing Corporation. NAST is an eligible swap participant that
    is not registered or required to be registered with the CFTC or
    the SEC, and is not a member of any exchange.
NUSA and NAST are headquartered at 550 W. Jackson,
    Suite 500, Chicago, Illinois 60661 with branch offices in
    San Francisco, California; New York, New York; Kansas City,
    Missouri; Houston, Texas; and Montreal, Canada.
Prior to January 2, 2008, NUSA was known as Fimat USA, LLC,
    while NAST was known as Fimat Alternative Strategies Inc. On
    September 1, 2008, NUSA merged with future commission
    merchant and broker dealer Newedge Financial Inc.
    ("NFI") — formerly known as Calyon Financial
    Inc. NUSA was the surviving entity.
In March 2008, NFI settled, without admitting or denying the
    allegations, a disciplinary action brought by the New York
    Mercantile Exchange ("NYMEX") alleging that NFI
    violated NYMEX rules related to: numbering and time stamping
    orders by failing properly to record a floor order ticket; wash
    trading; failure to adequately supervise employees; and
    violation of a prior NYMEX cease and desist order, effective as
    of December 5, 2006, related to numbering and time stamping
    orders and block trades. NFI paid a $100,000 fine to NYMEX in
    connection with this settlement.
Other than the foregoing proceeding, which did not have a
    material adverse effect upon the financial condition of NUSA,
    there have been no material administrative, civil or criminal
    actions brought, pending or concluded against NUSA, NAST, or its
    principals in the past five years.
Affiliates of NUSA may execute transactions opposite the Fund as
    principal. Neither NUSA nor any affiliate, officer, director or
    employee thereof have passed on the merits of this Memorandum or
    offering, or give any guarantee as to the performance or any
    other aspect of the Fund.
NUSA has adopted and implemented an anti-money laundering
    program consistent with its obligations to comply with
    applicable anti-money laundering laws and regulations, including
    the Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001,
    including Customer Identification Procedures.
All futures trades made on behalf of the Global Trend Fund are
    cleared by NUSA. NUSA is not affiliated with either the Global
    Trend Fund or the trading advisor. NUSA did not sponsor the
    Global Trend Fund and is not responsible for the activities of
    the trading advisor. It will act only as the futures broker.
The futures broker and its affiliates, Trustees, officers and
    employees may trade futures for their own accounts. Records of
    such trading, if any, will not be made available to the limited
    partners. It is possible that such persons may take positions
    either similar or opposite to positions taken by the Global
    Trend Fund, and that the Global Trend Fund and such persons may
    from time to time be competing for similar positions in the
    futures markets. Furthermore, it is possible that the futures
    broker will effect transactions for the Global Trend Fund in
    which the other party is affiliated with the futures broker.
    Although the futures broker is not affiliated with the trading
    advisor, it is the futures broker for other accounts managed by
    the trading advisor
and/or
its
    affiliates. Neither the Global Trend Fund nor the trading
    advisor
and/or
its
    affiliates are obligated to continue to use NUSA and may select
    other or additional futures brokers in the future, provided that
    a reasonable determination is made that their service and
    pricing are competitive.
The Global Trend Fund has entered into a futures brokerage
    agreement with NUSA, which clears all futures transactions on a
    fully disclosed basis. The Global Trend Fund has appointed the
    futures broker to clear trades for the Global Trend Fund upon
    the instructions of the trading advisor.
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The futures broker may change its commission rates at any time.
    The brokerage agreement with NUSA is terminable at any time upon
    notice by either party.
THE
OVER-THE-COUNTER
COUNTERPARTIES
Campbell & Company's Best Execution Committee
    reviews the creditworthiness of its counterparties no less than
    weekly. As a general matter, Campbell & Company
    expects counterparties to maintain a credit rating of investment
    grade or above. In addition to reviewing any changes to credit
    ratings, the Best Execution Committee reviews the
5-year
credit default swap (percentage change) and equity price
    (current
year-to-date
percentage, previous
year-to-date
percentage, and percentage change) changes. The Best Execution
    Committee notes credit default swap and equity price changes
    that have significantly deviated from the average and also
    contemplates capital raises, earnings reports and other news.
Strategic
    Allocation Fund
The Strategic Allocation Fund trades foreign exchange and other
    forward and option contracts through "dealers" in such
    contracts. The dealers that maintain the forward and option
    positions, or act as the counterparties, for the Strategic
    Allocation Fund are Deutsche Bank AG London and The Royal Bank
    of Scotland plc. Unlike futures contracts which are traded
    through brokers such as the futures brokers, foreign exchange or
    currency forward and option contracts are executed through a
    network of dealers. Campbell & Company then instructs
    the executing dealer to "give up" the trade to
    Deutsche Bank AG London or The Royal Bank of Scotland plc.
    Campbell & Company is not obligated to continue to use
    the
over-the-counter
counterparties identified above and may select others or
    additional ones in the future, provided Campbell &
    Company believes that their service and pricing are competitive
    and present minimal counterparty credit risk.
Global
    Trend Fund
The Global Trend Fund trades foreign exchange and other forward
    and option contracts through "dealers" in such
    contracts. The dealer that maintains the forward and option
    positions, or acts as the counterparty, for the Global Trend
    Fund is The Royal Bank of Scotland plc. Unlike futures contracts
    which are traded through brokers such as the futures broker,
    foreign exchange or currency forward and option contracts are
    executed through a network of dealers. Campbell &
    Company then instructs the executing dealer to "give
    up" the trade to The Royal Bank of Scotland plc.
    Campbell & Company is not obligated to continue to use
    the
over-the-counter
counterparty identified above and may select others or
    additional ones in the future, provided Campbell &
    Company believes that their service and pricing are competitive
    and present minimal counterparty credit risk.
THE CASH
    MANAGERS AND THE CUSTODIAN
This section applied to both Funds.
The Strategic Allocation Fund has appointed Wilmington
    Trust Investment Management LLC, a wholly owned subsidiary
    of Wilmington Trust Corporation, and Horizon Cash
    Management L.L.C. as cash managers (the "Cash
    Managers") under Non-Custody Investment Advisory Agreements
    dated July 8, 2009, to manage and control the liquid assets
    of the Strategic Allocation Fund. The Global Trend Fund
    appointed Wilmington as cash manager under the Non-Custody
    Investment Advisory Agreement dated December 15, 2009.
    Wilmington is organized under the laws of the State of Georgia.
    Horizon is incorporated in the State of Illinois. Both Cash
    Managers are registered as investment advisers with the
    Securities and Exchange Commission of the United States under
    the Investment Advisers Act of 1940.
Wilmington, based in Wilmington, Delaware, and Horizon, based in
    Chicago, Illinois, specialize in providing short-term, fixed
    income investment management to institutional investors. As of
    September 2009, Wilmington managed approximately
    $40.3 billion for clients on six continents, in all
    50 states, and in 88 foreign countries. As of December
    2008, Horizon managed approximately $2.2 billion for over
    40 clients world-wide. The Cash Managers structure customized
    portfolios by applying fundamental yield curve and interest rate
    analysis to each client's unique cash flow needs,
    investment parameters and risk/return objectives. The Cash
    Managers specialize in investments which are predominately
    short-term in maturity and high grade, high quality in nature
    with particular emphasis on U.S. Treasury securities and
    U.S. Government Agencies' issues.
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Both Funds opened custodial accounts at The Northern
    Trust Company (the "Custodian"), and has granted
    the Cash Managers a limited power of attorney over such
    accounts. Such power of attorney gives the Cash Managers
    authority to make certain investments on behalf of the Funds
    provided such investments are consistent with the investment
    guidelines created by the trading advisor to both Funds. Such
    investments include, but are not limited to, U.S. Treasury
    securities, securities issued by U.S. Government Agencies,
    high quality money-market securities and repurchase agreements.
    All securities purchased by the Cash Managers on behalf of the
    Funds or other liquid funds of the Funds will be held in its
    custody accounts at the custodian. The Cash Managers will have
    no beneficial or other interest in the securities and cash in
    such custody accounts.
The Cash Managers will use their best endeavors in the
    management of the assets of the Funds but provides no guarantee
    that any profit or interest will accrue to the Funds as a result
    of such management.
The Cash Managers and their principals, employees, agents and
    affiliates will be indemnified out of the assets of the Funds
    for all losses, costs, damages, expenses (including
    attorneys' fees) incurred in the performance of its duties
    except for loss resulting from its gross negligence, malfeasance
    or a violation of applicable law.
DISTRIBUTIONS
    AND REDEMPTIONS
Distributions
Strategic
    Allocation Fund and Global Trend Fund
Campbell & Company is not required to make any
    distributions to limited partners. However, Campbell &
    Company does have the authority to make such distributions, and
    reserves the right to do so at any time in its sole discretion.
    Campbell & Company is not under any obligation to make
    pro rata distributions to its other accounts under management if
    it makes distributions to either or both of the Funds. The
    amount and timing of future distributions is uncertain. Because
    of the potential volatility of futures, forward and option
    markets, especially in the short-term, each Fund is recommended
    for those seeking a medium- to long-term investment
    (
i.e.
, 3-5 years).
If either Fund realizes profits for any fiscal year, such
    profits will constitute taxable income to the limited partners
    in accordance with their respective investments in the Fund
    whether or not cash or other property has been distributed to
    limited partners. Any distributions, if made, may be inadequate
    to cover such taxes payable by the limited partners.
Redemptions
Strategic
    Allocation Fund and Global Trend Fund
A limited partner, with the payment of charges below, may
    request any or all of his Units or a specific dollar amount be
    redeemed by the Strategic Allocation Fund or the Global Trend
    Fund at the net asset value of a Unit as of the end of the
    month. Limited partners must transmit a written request of such
    withdrawal to Campbell & Company not less than ten
    (10) business days prior to the end of the month (or such
    shorter period as permitted by Campbell & Company).
    See Exhibit C to this prospectus for the form of Request
    for Redemption for each Fund.
The Request for Redemption must specify the number of Units for
    which redemption is sought. Except as set forth below,
    redemptions will be paid within 20 business days after the date
    of redemption, contingent upon the Funds having assets
    sufficient to discharge all of their liabilities on the
    requested date of redemption. A delay may occur only in the
    event that redemptions are requested with respect to more Units
    than Campbell & Company is able to honor,
    Campbell & Company will honor requests for redemption
    in the order actually received and will hold requests for
    redemption in such order. Limited partners will be notified in
    the event a request for redemption cannot be honored, and their
    requests will be honored thereafter at the first available
    opportunity.
The federal income tax aspects of redemptions are described
    under "Federal Income Tax Aspects."
Redemption Fees
Strategic
    Allocation Fund
Redemption fees for the Strategic Allocation Fund apply through
    the first twelve month-ends following purchase as follows: 4% of
    net asset value per Unit redeemed through the third month-end,
    3% of net asset value per Unit redeemed through the sixth
    month-end, 2% of net asset value per Unit redeemed through the
    ninth month-end, and 1% of net asset value per Unit redeemed
    through the twelfth month-end. The month-end as of which the
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Unit is purchased is counted as the first month-end. After the
    twelfth month-end following purchase of a Unit, no redemption
    fees apply. Because the purchase date counts as the first
    month-end in determining whether a redemption fee applies, no
    redemption fee would be due in respect of a Unit redeemed on the
    first anniversary of the purchase. Accordingly, redemption fees
    are not included in the "break-even" estimate set
    forth below. For example, if a Unit were purchased on
    June 30, 2010 (the Closing Date for such Unit), a
    redemption fee of 4% would apply if the Unit were redeemed on
    July 31, or August 31, 2010, a redemption fee of 3%
    would apply if the Unit were redeemed on September 30,
    October 31, or November 30, 2010, a redemption fee of
    2% would apply if the Unit were redeemed on December 31,
    2010, January 31, or February 28, 2011, a redemption
    fee of 1% would apply if the Unit were redeemed on
    March 31, April 30, or May 31, 2011 and no
    redemption fee would apply if the Unit were redeemed on or after
    June 30, 2011.
In determining whether redemption fees apply to a particular
    limited partner's Units, Units will be deemed to be
    redeemed on a
"first-in,
first-out" basis.
Global
    Trend Fund
Redemption fees apply to Class A (USD) Units, Class B
    (USD) Units and Class A (GLD) 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, 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
    (USD) Unit, Class B (USD) Unit or Class A (GLD) Unit,
    no redemption fees apply. Because the purchase date counts as
    the first month-end in determining whether a redemption fee
    applies, no redemption fee would be due in respect of a
    Class A (USD) Unit, Class B (USD) Unit or Class A
    (GLD) Unit redeemed on the first anniversary of the purchase.
For example, if Class A (USD) Units, Class B (USD)
    Units or Class A (GLD) Units were purchased on
    June 30, 2010 (the Closing Date for such Unit), a
    redemption fee of 1.833% would apply if the Class A (USD)
    Units, Class B (USD) Units or Class A (GLD) Units were
    redeemed through July 31, 2010, declining each month
    thereafter as referenced above. No redemption fee would apply if
    the Class A (USD) Units, Class B (USD) Units or
    Class A (GLD) Units were redeemed on or after June 30,
    2011.
In determining whether redemption fees apply to a particular
    limited partner's Class A (USD) Units, Class B
    (USD) Units or Class A (GLD) Units, Class A (USD)
    Units, Class B (USD) Units or Class A (GLD) Units will
    be deemed to be redeemed on a
"first-in,
first-out" basis.
Net Asset
    Value
Strategic
    Allocation Fund and Global Trend Fund
The net asset value of a Unit as of any date is the limited
    partner's share of the sum of all cash, plus Treasury bills
    valued at cost plus accrued interest, and other securities
marked-to-market,
plus the fair value of all open futures, forward and option
    positions maintained by the Strategic Allocation Fund or the
    Global Trend Fund, and in turn, each Class of Units, less all
    liabilities of the respective Fund or Class of Units, and
    accrued performance fees, determined in accordance with the
    principles specified in that Fund's Limited Partnership
    Agreement. Where no principle is specified in either Limited
    Partnership Agreement, the net asset value is calculated in
    accordance with accounting principles generally accepted in the
    United States of America under the accrual basis of accounting,
    divided by the number of Units then outstanding. Thus, if the
    net asset value of a Unit for purposes of redemption is
    determined as of a month-end which is not the end of a quarter,
    any performance fees payable to Campbell & Company
    will be determined and charged to such Unit as though such
    month-end were the end of the quarter and such performance fees
    will be paid to Campbell & Company.
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AGREEMENTS
    OF LIMITED PARTNERSHIP
The following is a summary of the Funds' Limited
    Partnership Agreements, forms of which are attached as
    Exhibits A and B and incorporated by reference.
Organization
    and Limited Liability
The Funds are organized under the Delaware Revised Uniform
    Limited Partnership Act ("RULPA"). In general, a
    limited partner's liability under RULPA is limited to the
    amount of his capital contribution and his share of any
    undistributed profits.
Management
    of Partnership Affairs
The Limited Partnership Agreements effectively give
    Campbell & Company, as general partner, full control
    over the management of the Fund and gives no management role to
    the limited partners. To facilitate matters for
    Campbell & Company, the limited partners must execute
    the applicable Fund's Subscription Agreement (attached as
    Exhibit E or F).
Sharing
    of Profits and Losses
Profit
    Potential; Fund Accounting
Each limited partner has a capital account. Initially, the
    limited partner's balance equals the amount paid for the
    Units. The limited partner's balance is then proportionally
    adjusted monthly to reflect his portion of the Funds' gains
    or losses for the month.
Federal
    Tax Allocations
At year-end, the Funds will determine the total taxable income
    or loss for the year. Subject to the special allocation of net
    capital gain or loss to redeeming limited partners, the taxable
    gain or loss is allocated to each limited partner in proportion
    to his capital account and each limited partner is responsible
    for his share of the taxes. See Article 7 of each Limited
    Partnership Agreement, and "Federal Income Tax
    Aspects."
For net capital gain and loss, the gains and losses are first
    allocated to each limited partner who redeemed Units during the
    year. The remaining net capital gain or loss is then allocated
    to each limited partner in proportion to his capital account.
Each limited partner's tax basis in his Units is increased
    by the taxable income allocated to him and reduced by any
    distributions received and losses allocated to him.
Upon the Funds' liquidation, each limited partner will
    receive his proportionate share of the assets of the Funds.
Redemption
    Provisions of the Funds
A limited partner may redeem his Units in either Fund upon 10
    days' prior written notice to Campbell & Company.
    While the Units have redemption rights, there are restrictions,
    and possible fees assessed. For example, redemptions from each
    Fund can occur only at the end of a month.
Dispositions
A limited partner may transfer or assign his Units in either
    Fund upon 30 days' prior written notice to
    Campbell & Company and subject to approval of the
    assignee. Campbell & Company will provide consent when
    it is satisfied that the transfer complies with applicable laws,
    and further would not result in the termination of the Funds for
    federal income tax purposes. An assignee not admitted to the
    Funds as a limited partner will have only limited rights to
    share the profits and capital of the Funds and a limited
    redemption right.
Assignees receive "carry-over" tax basis accounts and
    capital accounts from their assignors, irrespective of the
    amount paid for the assigned Units.
Campbell & Company does not intend to permit purchase
    transfers.
Dissolution
    and Termination of the Funds
The Funds will be terminated and dissolved upon the happening of
    the earlier of:
1)
expiration of the Strategic Allocation Fund's stated term
    on December 31, 2023 (the Global Trend Fund has no stated
    expiration date);
2)
limited partners owning more than 50% of the outstanding Units
    vote to dissolve the respective Fund;
3)
Campbell & Company withdraws as general partner and no
    new general partner is appointed;
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4)
Campbell & Company determines that the purpose of the
    Funds cannot be fulfilled; or
5)
the continued existence of the Funds become unlawful or the
    Funds are dissolved by operation of law.
Amendment,
    Meetings and Voting Rights
Strategic
    Allocation Fund
The Limited Partnership Agreement may be amended by
    Campbell & Company if the limited partners owning more
    than 50% of the outstanding Units concur. Campbell &
    Company may make minor changes to the Limited Partnership
    Agreement without the approval of the limited partners. These
    minor changes can be for clarifications of inaccuracies or
    ambiguities, modifications in response to changes in tax code or
    regulations, or any other changes the general partner deems
    advisable so long as they do not change the basic investment
    policy or structure.
Limited partners owning at least 10% of the outstanding Units
    can call a meeting of the Strategic Allocation Fund. At that
    meeting, the limited partners, provided that limited partners
    owning a majority of the outstanding Units concur, can vote to:
1)
amend the Limited Partnership Agreement without the consent of
    Campbell & Company;
2)
dissolve the Strategic Allocation Fund;
3)
terminate contracts with Campbell & Company;
4)
remove and replace Campbell & Company as general
    partner; and
5)
approve the sale of Strategic Allocation Fund assets.
Global
    Trend Fund
The Limited Partnership Agreement may be amended by
    Campbell & Company without obtaining the authorization
    or approval of any other limited partner and without giving
    prior notification to any limited partner. These changes can be
    for clarifications of inaccuracies or ambiguities, modifications
    in response to changes in tax code or regulations, or any other
    changes the general partner deems advisable so long as they do
    not change the basic investment policy or structure and do not
    have material adverse affect on the Global Trend Fund or its
    limited partners. If the amendment is deemed to have a material
    affect on the Global Trend Fund or the limited partners, the
    general partner will provide notification at least thirty
    (30) days prior to the implementation of such amendment and
    obtaining the consent of the Global Trend Fund subject to the
    provisions set forth in Section 16.3 of the Limited
    Partnership Agreement. The Limited Partnership Agreement may not
    be amended to modify the limited liability of a limited partner.
Limited partners owning at least 10% of the outstanding Units
    can call a meeting of the Global Trend Fund. At that meeting,
    the limited partners, provided that limited partners owning a
    majority of the outstanding Units concur, can vote to:
1)
amend the Limited Partnership Agreement without the consent of
    Campbell & Company;
2)
dissolve the Global Trend Fund;
3)
terminate contracts with Campbell & Company;
4)
remove and replace Campbell & Company as general partner;
    and
5)
approve the sale Global Trend Fund assets.
Indemnification
The Funds agree to indemnify Campbell & Company, as
    general partner, for actions taken on behalf of the Funds,
    provided that Campbell & Company's conduct was in
    the best interests of the Funds and the conduct was not the
    result of negligence or misconduct. Indemnification by the Funds
    for alleged violation of securities laws is only available if
    the following conditions are satisfied:
1)
a successful adjudication on the merits of each count alleged
    has been obtained, or
2)
such claims have been dismissed with prejudice on the merits by
    a court of competent jurisdiction; or
3)
a court of competent jurisdiction approves a settlement of the
    claims and finds indemnification of the settlement and related
    costs should be made; and
4)
in the case of 3), the court has been advised of the position of
    the SEC and the states in which the Units were offered and sold
    as to indemnification for the violations.
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Reports
    to Limited Partners of Both Funds
The limited partners of both funds will have access to and the
    right to copy the Funds' books and records. A limited
    partner may obtain a list of all limited partners together with
    the number of Units owned by each limited partner, provided such
    request is not for commercial purposes.
Campbell & Company will provide various reports and
    statements to the limited partners including:
1)
monthly, Campbell & Company will provide an unaudited
    income statement of the prior month's activities;
2)
annually, Campbell & Company will provide audited
    financial statements accompanied by a fiscal year-end summary of
    the monthly reports described above;
3)
annually, Campbell & Company will provide tax
    information necessary for the preparation of the limited
    partners' annual federal income tax returns; and
4)
if the net asset value per Unit as of the end of any business
    day declines by 50% or more from either the prior year-end or
    the prior month-end Unit value or there is a material change in
    the advisory agreement with Campbell & Company or
    otherwise affecting the compensation to any party, including
    Campbell & Company, Campbell & Company will
    suspend trading activities, notify all limited partners of the
    relevant facts within seven business days and declare a special
    redemption period.
FEDERAL
    INCOME TAX ASPECTS
The following discussion has been prepared by Sidley Austin
    LLP, tax counsel to Campbell & Company, and summarizes
    the material federal income tax consequences to individual
    (non-corporate) investors in the Funds. Sidley Austin LLP's
    opinion is filed as an exhibit to the registration statement
    related to the Units offered hereby. A complete discussion of
    all U.S. federal, state, local or foreign aspects of an
    investment in the Funds is beyond the scope of this summary, and
    prospective investors are advised to consult their tax advisors
    as to their particular circumstances.
The
    Funds' Partnership Tax Status
The Strategic Allocation Fund is classified as a partnership for
    federal income tax purposes. Campbell & Company will
    treat each Series of the Global Trend Fund as a separate
    partnership for federal income tax purposes, and will cause the
    federal income tax returns to be filed on that basis. For
    purposes of the remainder of this section under the caption
    "Federal Income Tax Aspects", the term
    "Fund" shall mean the Strategic Allocation Fund and
    each Series of the Global Trend Fund.
No Fund will be considered a publicly traded partnership taxable
    as a corporation for federal income tax purposes based on the
    type of income each is expected to earn. Therefore, no Fund will
    be subject to any federal income tax. Each Fund's taxable
    year is the calendar year and each Fund will prepare its
    partnership tax return using the accrual method of accounting.
Taxation
    of Limited Partners on Profits and Losses of the Funds
Each limited partner of a Fund will be subject to tax on his
    share of such Fund's annual income and gains, if any, even
    if the limited partner does not redeem any Units or receive any
    cash distributions from such Fund.
Each Fund generally allocates its gains and losses equally to
    each Unit. However, a limited partner who redeems any Units will
    be allocated gains and losses in order that the amount of cash a
    limited partner receives for a redeemed Unit equals the limited
    partner's adjusted tax basis allocable to the redeemed
    Unit. For this purpose, a limited partner's adjusted tax
    basis in a redeemed Unit equals the amount originally paid for
    the Unit, increased by income or gains allocated to the Unit and
    decreased (but not below zero) by distributions, deductions or
    losses allocated to the Unit.
Fund Losses
    by Limited Partners
A limited partner may deduct Fund losses only to the extent of
    his aggregate tax basis in his Units. Generally, a limited
    partner's tax basis is the amount paid for the Units
    reduced (but not below zero) by his share of any Fund
    distributions, deductions or losses and increased by his share
    of a Fund's income and gains. However, a limited partner
    subject to "at-risk" limitations (generally,
    non-corporate taxpayers and closely-held corporations) can only
    deduct losses to the extent he is "at-risk." The
    "at-risk" amount is similar to tax basis, except that
    it does not include any amount borrowed on a non-recourse basis
    or from someone with an interest in the Fund in which the
    limited partner is invested.
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"Passive-Activity
    Loss Rules" and Their Effect on the Treatment of Income and
    Loss
The trading activities of a Fund are not a "passive
    activity." Accordingly, the passive activity loss rules
    will not prevent a limited partner from deducting Fund losses
    against his other taxable income (subject to capital loss and
    other limitations that may apply). However, a limited partner
    cannot offset losses from other "passive activities"
    against Fund income and gains.
Cash
    Distributions and Unit Redemptions
A limited partner who receives cash from a Fund, either through
    a distribution or a partial redemption, will not pay tax on that
    cash until his aggregate tax basis in the Units has been reduced
    to zero.
Gain or
    Loss on Section 1256 Contracts and Non-Section 1256
    Contracts
Section 1256 Contracts are futures and certain options
    traded on regulated exchanges and certain foreign currency
    contracts. For tax purposes, Section 1256 Contracts that
    remain open at year-end are treated as if the position were
    closed at year-end. The gain or loss on Section 1256
    Contracts is characterized as 60% long-term capital gain or loss
    and 40% short-term capital gain or loss, regardless of how long
    the position was open.
Non-Section 1256 Contracts are, among other things, certain
    foreign currency transactions, including Section 988
    transactions — transactions when the amount paid or
    received is in a foreign currency. Gain and loss from these
    non-Section 1256 Contracts is generally short-term capital
    gain or loss or ordinary income or loss.
Tax on
    Capital Gains and Losses
Long-term capital gains of individual taxpayers — net
    gain on capital assets held more than one year, "qualified
    dividend income," and 60% of the gain on Section 1256
    Contracts — are taxed at a maximum rate of 15% for
    most gains recognized in taxable years ending on or before
    December 31, 2010. Short-term capital gains of individual
    taxpayers — net gain on capital assets held less than
    one year and 40% of the gain on Section 1256
    Contracts — are subject to tax at the same rates as
    ordinary income.
Individual taxpayers can deduct capital losses only to the
    extent of their capital gains plus $3,000. Accordingly, a Fund
    could suffer significant losses and a limited partner could
    still be required to pay taxes on his share of such Fund's
    interest income.
An individual taxpayer can carry back net capital losses on
    Section 1256 Contracts three years to offset earlier gains
    on Section 1256 Contracts. To the extent the taxpayer
    cannot offset past Section 1256 Contract gains, he can
    carry forward such losses indefinitely as losses on
    Section 1256 Contracts.
Limited
    Deduction for Certain Expenses
Campbell & Company does not consider the brokerage and
    performance fees, as well as other ordinary expenses of the
    Funds, to be investment advisory expenses. Accordingly, each
    Fund treats these expenses as ordinary business deductions not
    subject to the material deductibility limitations which apply to
    investment advisory expenses. The IRS could contend otherwise
    and to the extent the IRS recharacterizes these expenses a
    limited partner that is subject to such limitations would have
    more taxable income to report than if such expenses were fully
    deductible as ordinary business expenses as intended.
Interest
    Income
Interest income received or accrued by a Fund is taxed as
    ordinary income. Net capital losses of individual taxpayers can
    offset ordinary income only to the extent of $3,000 per year.
    See "— Tax on Capital Gains and Losses."
Syndication
    Fees
No Fund nor any limited partner of a Fund is entitled to any
    deduction for syndication expenses, nor can these expenses be
    amortized by a Fund or any limited partner even though the
    payment of such expenses reduces net asset value.
The IRS could take the position that a portion of the brokerage
    fees paid by a Fund to Campbell & Company or part or
    all of any redemption fees paid by a limited partner constitutes
    non-deductible syndication expenses.
Investment
    Interest Deductibility Limitations
Individual taxpayers can deduct "investment
    interest" — interest on indebtedness allocable to
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property held for investment — only to the extent that
    it does not exceed net investment income. Net investment income
    does not include capital gain and "qualified dividend
    income" taxed at the reduced capital gains rates, unless an
    election is made to treat such income as ordinary income subject
    to tax at the regular tax rates.
Unrelated
    Business Taxable Income
Campbell & Company believes that all of the income
    expected to be realized by the Funds will be short-term or
    long-term capital gain income, interest income or other passive
    investment income that is exempt from the tax imposed on
    unrelated business taxable income of U.S. tax-exempt
    entities. Also, no Fund will borrow funds for the purpose of
    acquiring or holding any of its positions or otherwise incur
    "acquisition indebtedness" with respect to such
    positions. Therefore, tax-exempt limited partners will not be
    subject to federal income tax on their share of income or gains
    of a Fund, provided that such limited partners do not purchase
    Units with borrowed funds.
IRS
    Audits of the Funds and their Limited Partners
If a Fund is audited, the IRS audits Fund-related items at the
    Fund level rather than at the limited partner level.
    Campbell & Company acts as "tax matters
    partner" with the authority to determine a Fund's
    responses to an audit. If an audit results in an adjustment, all
    limited partners of the affected Fund may be required to pay
    additional taxes, interest and penalties.
State and
    Other Taxes
In addition to the federal income tax consequences described
    above, each Fund and its limited partners may be subject to
    applicable state and local income taxes and other applicable
    taxes.
Taxation
    of Foreign Limited Partners
Subject to the discussion below regarding derivative
    transactions, a non-resident alien individual not otherwise
    engaged in a United States trade or business should not be
    deemed to be engaged in a United States trade or business solely
    by virtue of an investment as a limited partner in a Fund.
    Capital gains earned by a Fund and allocated to a foreign
    limited partner of such Fund will, as a general matter, not be
    subject to United States federal income tax or withholding, but
    may be subject to tax in the jurisdiction in which the foreign
    limited partner is resident. Interest income earned by a Fund
    will, as a general rule, likewise not be subject to
    U.S. federal income tax or withholding, but may be subject
    to tax in other jurisdictions to which the foreign limited
    partner is a resident.
With respect to derivative transactions such as options or
    forwards, based on current law it is uncertain whether entering
    into derivative transactions may cause a Fund, and therefore any
    foreign limited partners of such Funds, to be treated as engaged
    in a trade or business within the United States. However, the
    Treasury has issued proposed regulations which, if finalized in
    their current form, would provide that foreign limited partners
    should not be deemed to be engaged in a United States trade or
    business solely by virtue of an investment as a limited partner
    in a Fund even if such Fund enters into derivative transactions.
    These regulations are proposed to be effective for taxable years
    beginning 30 days after the date final regulations are
    published in the Federal Register but also allow the Funds to
    elect to apply the final regulations retroactively once they are
    finalized.
PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX
    ADVISERS BEFORE DECIDING WHETHER TO INVEST.
INVESTMENT
    BY ERISA ACCOUNTS
General
This section applies to both funds.
This section sets forth certain consequences under the Employee
    Retirement Income Security Act of 1974, as amended
    ("ERISA"), and the Internal Revenue Code of 1986, as
    amended (the "Code"), which a fiduciary of an
    "employee benefit plan," as defined in, and subject to
    the fiduciary responsibility provisions of, ERISA, or of a
    "plan," as defined in, and subject to
    Section 4975 of the Code, who has investment discretion
    should consider before deciding to invest the plan's assets
    in, the Fund (such "employee benefit plans" and
    "plans" being referred to herein as "Plans,"
    and such fiduciaries with investment discretion being referred
    to herein as "Plan Fiduciaries"). The following
    summary is not intended to be complete, but only to address
    certain questions under ERISA and the Code which are likely to
    be raised by the Plan Fiduciary's own counsel.
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In general, the terms "employee benefit plan" as
    defined in ERISA and "plan" as defined in
    Section 4975 of the Code together refer to any plan or
    account of various types which provides retirement benefits or
    welfare benefits to an individual or to an employer's
    employees and their beneficiaries. Such plans and accounts
    include, but are not limited to, corporate pension and
    profit-sharing plans, "simplified employee pension
    plans," Keogh plans for self-employed individuals
    (including partners), individual retirement accounts described
    in Section 408 of the Code and medical benefit plans.
Special
    Investment Consideration
Each Plan Fiduciary must give appropriate consideration to the
    facts and circumstances that are relevant to an investment in
    either or both Funds, including the role that an investment in
    either or both Funds plays or would play in the Plan's
    overall investment portfolio. Each Plan Fiduciary, before
    deciding to invest in either or both Funds, must be satisfied
    that such investment is prudent for the Plan, that the
    investments of the Plan, including in either or both Funds, are
    diversified so as to minimize the risk of large losses and that
    an investment in either or both Funds complies with the terms of
    the Plan and related trust.
EACH PLAN FIDUCIARY CONSIDERING ACQUIRING UNITS MUST CONSULT ITS
    OWN LEGAL AND TAX ADVISERS BEFORE DOING SO.
The
    Funds Should Not Be Deemed to Hold "Plan
    Assets"
ERISA and a regulation issued thereunder contains rules for
    determining when an investment by a Plan in an equity interest
    of a limited partnership will result in the underlying assets of
    the partnership being assets of the Plan for purposes of ERISA
    and Section 4975 of the Code (
i.e.
, "plan
    assets"). Those rules provide in pertinent part that assets
    of a limited partnership will not be plan assets of a Plan which
    purchases an equity interest in the partnership if the equity
    interest purchased is a "publicly-offered security"
    (the "Publicly-Offered Security Exception"). If the
    underlying assets of a partnership are considered to be assets
    of any Plan for purposes of ERISA or Section 4975 of the
    Code, the operations of such partnership would be subject to
    and, in some cases, limited by, the provisions of ERISA and
    Section 4975 of the Code.
The Publicly-Offered Security Exception applies if the equity
    interest is a security that is:
1)
"freely transferable" (determined based on the
    relevant facts and circumstances);
2)
part of a class of securities that is "widely held"
    (meaning that the class of securities is owned by 100 or more
    investors independent of the issuer and of each other); and
3)
either (a) part of a class of securities registered under
    Section 12(b) or 12(g) of the Securities Exchange Act of
    1934, or (b) sold to the Plan as part of a public offering
    pursuant to an effective registration statement under the
    Securities Act of 1933 and the class of which such security is a
    part is registered under the Securities Exchange Act of 1934
    within 120 days (or such later time as may be allowed by
    the SEC) after the end of the fiscal year of the issuer in which
    the offering of such security occurred.
At any time that the conditions described above are satisfied
    with respect to each Class of Units of a Fund, the
    Publicly-Offered Security Exception should apply and the assets
    of such Fund should not be considered to constitute plan assets
    of any Plan that purchases Units in the Fund.
ERISA and the regulation discussed above contain another
    exception that may be applicable to purchases of Units by Plans.
    Under that exception, the assets of a limited partnership will
    not be considered plan assets of a Plan which purchases an
    interest therein if the investment by all "benefit plan
    investors" is not "significant." The term
    "benefit plan investors" includes all Plans (i.e., all
    "employee benefit plans" as defined in and subject to
    the fiduciary responsibility provisions of ERISA and all
    "plans" as defined in and subject to Section 4975
    of the Code), and all entities that hold "plan assets"
    (each a "Plan Assets Entity") due to investments made
    in such entities by already described benefit plan investors.
    ERISA provides that a Plan Assets Entity is considered to hold
    plan assets only to the extent of the percentage of the Plan
    Assets Entity's equity interests held by benefit plan
    investors. In addition, all or part of an investment made by an
    insurance company using assets from its general account may be
    treated as a benefit plan investor. Investments by benefit plan
    investors will be deemed not significant if benefit plan
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investors own, in the aggregate, less than 25% of the total
    value of each class of equity interests of the limited
    partnership (determined by not including the investments of
    persons with discretionary authority or control over the assets
    of such entity, of any person who provides investment advice for
    a fee (direct or indirect) with respect to such assets, and
    "affiliates" (as defined in the regulations issued
    under ERISA) of such persons; provided, however, that under no
    circumstances are investments by benefit plan investors excluded
    from such calculation).
At any time that the Publicly-Offered Security Exception does
    not apply with respect to each Class of Units of a Fund, the
    General Partner intends, in order to avoid causing the assets of
    such Fund to be "plan assets," to restrict the
    aggregate investment by benefit plan investors to under 25% of
    the total value of each Class of Units in such Fund (not
    including the investments of Campbell & Company, any
    other person who provides investment advice for a fee (direct or
    indirect) with respect to the assets of such Fund, and any
    entity (other than a benefit plan investor) that is directly or
    indirectly through one or more intermediaries controlling,
    controlled by or under common control with any of such entities
    (including a partnership for which Campbell & Company
    is the general partner, investment advisor or provides
    investment advice), and each of the principals, officers and
    employees of any of the foregoing entities who has the power to
    exercise a controlling influence over the management or policies
    of such entity or of such Fund). Furthermore, because the 25%
    test is ongoing, it not only restricts additional investments by
    benefit plan investors, but also may cause Campbell &
    Company to require that existing benefit plan investors divest
    Units in a Fund in the event that other investors divest Units
    such Fund.
Ineligible
    Purchasers
In general, Units may not be purchased with the assets of a Plan
    if Campbell & Company, the futures brokers, any
over-the-counter
counterparty, the escrow agent, any wholesaler, any of the
    selling agents, any of their respective affiliates or any of
    their respective employees either:
1)
has investment discretion with respect to the investment of such
    plan assets; or
2)
has authority or responsibility to give or regularly gives
    investment advice with respect to such plan assets, for a fee,
    and pursuant to an agreement or understanding that such advice
    will serve as a primary basis for investment decisions with
    respect to such plan assets and that such advice will be based
    on the particular investment needs of the Plan; or
3)
is an employer maintaining or contributing to such Plan.
Except as otherwise set forth, the foregoing statements
    regarding the consequences under ERISA and the Code of an
    investment in either or both Funds based on the provisions of
    the Code and ERISA as currently in effect, and the existing
    administrative and judicial interpretations thereunder. No
    assurance can be given that administrative, judicial, or
    legislative changes will not occur that may make the foregoing
    statements incorrect or incomplete.
None of Campbell & Company, the futures brokers, the
over-the-counter
counterparties, the selling agents or any other party related to
    the Funds make any representation that an investment in either
    or both Funds meets the relevant legal requirements with respect
    to investments by any particular plan or that this investment is
    appropriate for any particular plan. The person with investment
    discretion should consult with his or her attorney and financial
    advisers as to the propriety of an investment in either or both
    Funds in light of the circumstances of the particular plan.
PLAN OF
    DISTRIBUTION
Subscription
    Procedure
The Units for both Funds are offered on a "best
    efforts" basis without any firm underwriting commitment
    through selling agents, which are registered broker-dealers and
    members of the Financial Industry Regulatory Authority, Inc.
Units of each Class of Global Trend Fund will initially be
    offered for a period ending ninety days from the date hereof,
    unless such date is extended by Campbell & Company for
    up to additional ninety days. The subscription minimum for each
    Series of the Global Trend Fund as of the end of the Initial
    Offering Period is $15,000,000. However, if after the expiration
    of the initial offering period, the subscription minimum is not
    reached, Campbell & Company may purchase Units with an
    aggregate initial Unit value in an amount equal to the
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difference between the actual total dollar amount of Units
    subscribed for during the initial offering period and
    $15,000,000. This initial offering period may be shorter if the
    subscription minimum is reached before the end of the initial
    offering period. If subscriptions for at least $15,000,000 for
    either Series have not been received and accepted by the end of
    the initial offering period, all subscriptions will be promptly
    returned to subscribers of that Series, with interest. After the
    end of the initial offering period, each of the Classes will be
    offered continuously.
Units of both Funds are offered until such time as
    Campbell & Company suspends, limits or terminates the
    continuing offering. Subscriptions received during the
    continuing offering can be accepted by each Fund as detailed
    below. Subscribers whose subscriptions are canceled or rejected
    will be notified of when their subscriptions, plus interest,
    will be returned, which will be promptly after rejection.
    Subscribers whose subscriptions are accepted will be issued
    fractional Units, calculated to three decimal places. The issued
    Units will be in an amount equal the accepted subscription
    amount, including all interest earned. Campbell &
    Company may suspend, limit or terminate the continuing offering
    at any time.
Subscriptions from customers of any of the selling agents may
    also be made by authorizing such selling agent to debit the
    subscriber's customer securities account at the selling
    agent on the settlement date. Promptly after debiting the
    customer's securities account, the selling agent will send
    payment to the escrow agent as described above, in the amount of
    the subscription so debited.
Campbell & Company will purchase Units for investment
    purposes only and not with a view towards resale.
An investor who meets the suitability standards given below must
    complete, execute and deliver to the relevant selling agent a
    copy of the Subscription Agreement attached as Exhibit E
    for the Strategic Allocation Fund and Exhibit F for the
    Global Trend Fund. A subscriber can pay either by a check made
    payable to the applicable Fund or by authorizing his selling
    agent to debit his customer securities account.
    Campbell & Company will then accept or reject the
    subscription in the time periods discussed below for each Fund.
    All subscriptions are irrevocable once subscription payments are
    deposited in escrow.
Investors will purchase Units for investment purposes only and
    not with a view toward resale. There is no limit on the number
    of Units that may be offered by the Funds, provided, however,
    that all such Units must be registered with the
    U.S. Securities and Exchange Commission prior to issuance.
Strategic
    Allocation Fund
The Strategic Allocation Fund offers the Units to existing
    investors during the continuing offering at the net asset value
    per Unit as of each Closing Date on which subscriptions are
    accepted. Investors must submit subscriptions at least five
    (5) business days prior to the applicable month-end Closing
    Date and they will be accepted once payments are received and
    cleared. Investors may rescind their subscription agreement
    within five (5) business days of receipt of the Strategic
    Allocation Fund's prospectus. Campbell & Company
    may suspend, limit or terminate the continuing offering at any
    time. Escrow balances will be credited with interest at
    prevailing money market rates.
The Strategic Allocation Fund's escrow account is currently
    maintained at The PNC Bank, National Association, Baltimore,
    Maryland (the "escrow agent"). A replacement escrow
    agent may be appointed in respect of the Strategic Allocation
    Fund in the future solely at the discretion of
    Campbell & Company. All subscription funds are
    required to be promptly transmitted to the escrow agent.
    Subscriptions must be accepted or rejected by
    Campbell & Company as promptly as practicable, and the
    settlement date for the deposit of subscription funds in escrow
    must be within five business days of acceptance. No fees or
    costs will be assessed on any subscription while held in escrow,
    irrespective of whether the subscription is accepted or
    subscription funds returned. The escrow agent will invest the
    subscription funds in a money market account or in other
    authorized instruments while held in escrow.
Global
    Trend Fund
The Global Trend Fund offers any of the Classes of Units to new
    investors during the initial offering period at a price of
    $1,000 per unit of Units of each Class. During the continuing
    offering, the Global Trend Fund offers any of the Classes of
    Units to new and existing investors at the net asset value per
    Class of Unit as of each Closing Date on which subscriptions are
    accepted. Investors must submit
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subscriptions at least five (5) business days prior to the
    applicable month-end Closing Date and they will be accepted once
    payments are received and cleared. Investors may rescind their
    subscription agreement within five (5) business days of
    receipt of the Global Trend Fund's prospectus.
    Campbell & Company may suspend, limit or terminate the
    continuing offering at any time. Escrow balances will be
    credited with interest at prevailing money market rates.
Multiple Classes of Units have been set up to accommodate the
    different types of accounts an individual may have with their
    financial advisor. Class A (USD) Units and Class A
    (GLD) Units are for commission based accounts that are sold
    through selling agents. These Classes also charge a custody fee
    that is paid to the selling firm for custody of the assets.
    Class B (USD) Units are for commission based accounts with
    no custody fee. Class C (USD) Units and Class B (GLD)
    Units are for wrap or fee-based accounts that are sold through
    selling agents. These Classes charge a custody fee that is paid
    to the selling firm for custody of the assets. Class D
    (USD) Units are for wrap or fee-based accounts with no custody
    fee.
Subscription funds may be deposited and held in the Global Trend
    Fund's accounts at PNC Bank, National Association,
    Baltimore, Maryland, U.S.A., prior to the transfer to the Global
    Trend Fund's trading accounts. If after the expiration of
    the Initial Offering Period, the subscription minimum for each
    Series is not reached, Campbell & Company may purchase
    Units with an aggregate initial Unit value in an amount equal to
    the difference between the actual total dollar amount of Units
    subscribed for during the Initial Offering Period and
    $15,000,000.
Representations
    and Warranties of Investors in the Subscription
    Agreement
Investors are required to make representations and warranties in
    the Subscription Agreement. The Funds' primary intention in
    requiring investors to make representations and warranties is to
    ensure that only persons for whom an investment is suitable
    invest in the Funds. The Funds are most likely to assert
    representations and warranties if it has reason to believe that
    the related investor may not be qualified to invest or remain
    invested in the Funds. The representations and warranties made
    by investors in the Subscription Agreement may be summarized as
    relating to:
1)
eligibility of investors to invest in the Funds, including legal
    age, net worth and annual income;
2)
representative capacity of investors;
3)
information provided by investors;
4)
information received by investors; and
5)
investments made on behalf of employee benefit plans.
See the Subscription Agreement attached as Exhibit E for
    the Strategic Allocation Fund and Exhibit F for the Global
    Trend Fund for further detail.
Minimum
    Investment
The minimum initial investment for the Global Trend Fund's
    Class A (USD) Units, Class B (USD) Units, Class C
    (USD) Units and Class D (USD) Units is $1,000 from IRAs and
    other tax-exempt accounts and $5,000 from all other investors.
    The minimum initial investment for the Global Trend
    Fund Class A (GLD) Units and Class B (GLD) Units
    is $50,000. The Strategic Allocation Fund is only open to
    existing investors. The minimum additional investment for the
    Strategic Allocation Fund and the Global Trend
    Fund Class A (USD) Units, Class B (USD) Units,
    Class C (USD) Units and Class D (USD) Units is $1,000.
    The minimum additional investment for the Global Trend
    Fund Class A (GLD) Units and Class B (GLD) Units
    is $10,000. Prospective investors must be aware that the price
    per Unit during the continuing offering will vary depending upon
    the month-end net asset value per Unit for the applicable Fund
    or Fund Class. Under the federal securities laws and those
    of certain states, investors may be subject to special minimum
    purchase
and/or
investor suitability requirements.
Investor
    Suitability
There can be no assurance that the Funds will achieve their
    objectives or avoid substantial losses. An investment in either
    Fund is suitable only for a limited segment of the risk portion
    of an investor's portfolio and no one should invest more in
    either Fund than he can afford to lose. Campbell &
    Company and each selling agent will make every reasonable effort
    to determine the suitability (pursuant to
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NASAA guidelines) of prospective investors through information
    received on the Subscription Agreement. Campbell &
    Company acts as a commodity pool operator and a commodity
    trading advisor in respect of various managed futures investment
    products. The selling agent may or may not be authorized to
    offer certain of such products, which may have materially
    different terms, including investment portfolios and objectives,
    fees, risks, conflicts of interest and suitability requirements,
    from those of either Fund.
At an absolute minimum, investors must have (i) a net worth
    of at least $250,000 (exclusive of home, furnishings and
    automobiles) or (ii) an annual gross income of at least
    $70,000 and a net worth (as calculated above) of at least
    $70,000. No one may invest more than 10% of his net worth (as
    calculated above) in each of the Funds.
These standards (and the additional standards applicable to
    residents of certain states as set forth under
    "Exhibit D — Subscription Requirements"
    herein) are regulatory minimums only. Qualification under such
    standards does not necessarily imply that an investment in
    either Fund is suitable for a particular investor. Prospective
    subscribers should review Exhibit D and consider the highly
    speculative and illiquid nature of an investment in either Fund,
    as well as the high risk and highly leveraged nature of the
    financial instrument markets, in determining whether an
    investment in either Fund is consistent with their overall
    portfolio objectives.
The
    Selling Agents
The selling agents — the broker-dealers who offer the
    Units — offer the Units on a best efforts basis
    without any firm underwriting commitment. The selling agents,
    including the foreign dealers who may elect to participate in
    the offering, are bound by their respective Selling Agreements
    with either Fund or both Funds.
Selling agents of Strategic Allocation Fund Units receive
    no commission from the proceeds of the offering. Instead, they
    receive from Campbell & Company's brokerage fee
    an amount up to 4% of the subscription amount for the Strategic
    Allocation Fund Units sold. Selling agents of Global Trend
    Fund Class A (USD) Units, Class B (USD) Units and
    Class A (GLD) Units receive commissions from the proceeds
    of the offering in an amount up to 2% of the subscription amount
    for the Global Trend Fund Class A (USD) Units,
    Class B (USD) Units,
and/or
Class A (GLD) Units sold. In addition, selling agents of
    the Global Trend Fund Class A (USD) Units,
    Class C (USD) Units, Class A (GLD) Units and
    Class B (GLD) Units receive a broker-dealer custodial fee
    of 0.25% of Class A (USD) Units', Class C (USD)
    Units', Class A (GLD) Units' and Class B
    (GLD) Units' month-end net asset value per annum.
Campbell & Company also will pay ongoing payments to
    the selling agents (or their assignees) in return for providing
    continuing services to the limited partners of up to 4% of the
    Strategic Allocation Fund's month-end net asset value per
    annum beginning at the end of the thirteenth full month after
    the Units were sold. The Global Trend Fund also will pay ongoing
    payments to selling agents (or their assignees) in return for
    providing continuing services to the limited partners of up to
    2% of the Global Trend Fund Class A (USD) Units',
    Class B (USD) Units'
and/or
Class A (GLD) Units' average month-end net asset value
    per annum. Such selling agents may pay all or a portion of such
    ongoing payments to certain account executives.
The amount paid to selling agents on Strategic Allocation
    Fund Units sold pursuant to this disclosure document will
    not, however, exceed 9.0% of the gross offering proceeds of the
    Strategic Allocation Fund sold pursuant to this prospectus. Once
    the 9.0% threshold is reached with respect to a Strategic
    Allocation Fund Unit sold pursuant to this disclosure
    document, the selling agent will receive no future compensation
    and amount that would otherwise be paid to the selling agent for
    that Unit will instead be rebated to the Strategic Allocation
    Fund (up to 4%) for the benefit of all holders of Strategic
    Allocation Fund Units.
The amount paid to selling agents on Global Trend
    Fund Class A (USD) Units, Class B (USD) Units and
    Class A (GLD) Units sold pursuant to this prospectus will
    not, however, exceed 8.0% of the gross offering proceeds of the
    Global Trend Fund Class A (USD) Units and Class A
    (GLD) Units and 9.0% of the gross offering proceeds of the
    Global Trend Fund Class B (USD) Units sold pursuant to
    this disclosure document. In addition, the amount paid to
    selling agents for the broker-dealer custodial fee on
    Class A (USD) Units, Class C (USD) Units, Class A
    (GLD) Units and Class B (GLD) Units sold pursuant to this
    prospectus will not, however, exceed 1.0% of the gross offering
    proceeds of Class A (USD) Units and Class A
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(GLD) Units and 6% of the gross offering proceeds of
    Class C (USD) Units and Class B (GLD) Units.
Once total underwriting compensation, including, but not limited
    to, the fees mentioned in the preceding paragraph, paid on any
    Class A (USD) Unit, Class B (USD) Unit, Class C
    (USD) Unit, Class D (USD) Unit, Class A (GLD) Unit or
    Class B (GLD) Unit reaches 10% of the gross offering
    proceeds, (1) the Class A (USD) Unit, Class B
    (USD) Unit, Class C (USD) Unit or Class D (USD) Unit
    will automatically be re-designated as Class E (USD) Units,
    which are identical to Class A (USD) Units, Class B
    (USD) Units, Class C (USD) Units and Class D (USD)
    Units except that Class E (USD) Units do not pay any
    offering expenses, selling agent fee, broker-dealer custodial
    fee payable to the selling agents and, if applicable, redemption
    fees, and (2) the Class A (GLD) Unit or Class B
    (GLD) Unit will automatically be re-designated as Class C
    (GLD) Units, which are identical to Class A (GLD) Units and
    Class B (GLD) Units, except that Class C (GLD) Units
    do not pay any offering expenses, selling agent fee,
    broker-dealer custodial fee payable to the selling agents and,
    if applicable, redemption fees.
Selling agents and registered representatives as described above
    may receive additional selling commissions from
    Campbell & Company, paid on the same basis as the
    ongoing payments, provided that the maximum compensation to be
    paid to underwriters and related persons regardless of the
    source of payment, including, but not limited to, wholesaling
    salaries, bonus or sales incentives, sales commissions, expense
    reimbursements, and continuing compensation to non-duly
    registered selling agents, will not exceed 10% of the initial
    gross proceeds of such Units' initial sales price. Such
    ongoing payments, salaries and bonuses, and additional selling
    commissions may be deemed to constitute underwriting
    compensation.
Certain of the offering expenses paid by Campbell &
    Company might be deemed to constitute costs properly allocated
    to the accounts of the selling agents. Such costs will, for
    example, cover the expenses of producing a selling brochure,
    organizing seminars to promote the Funds and related travel
    expenses. Such costs are estimated at approximately $150,000 for
    the Global Trend Fund and $100,000 for the Strategic Allocation
    Fund, and in no event will the aggregate amount of (i) such
    costs and (ii) the selling commission exceed, over the life
    of the Fund, 10% of the gross proceeds of the offering of the
    Units.
Other than as described above, Campbell & Company will
    pay no person any commissions or other fees from the Funds in
    connection with the solicitation of purchases for Units.
Campbell & Company will pay the Funds' offering
    expenses related to the continuing offering and the Funds will
    reimburse Campbell & Company. Such reimbursement,
    however, will not exceed 2.5% of the aggregate subscriptions
    accepted by Campbell & Company as general partner.
    Organization and offering expenses related to the initial
    offering of the Global Trend Fund will be reimbursed in the same
    manner. See "Charges to the Funds — Offering
    Expenses."
The Selling Agents are underwriters within the meaning of
    securities laws. In the Selling Agreement with each selling
    agent, Campbell & Company has agreed to indemnify the
    selling agents against certain liabilities that the selling
    agents may incur in connection with the offering and sale of the
    Units, including liabilities under the Securities Act of 1933.
    The Selling Agreement also requires the selling agents to comply
    fully with FINRA Rule 2310 which includes, among other
    things, that there will be no sales of Units to discretionary
    accounts without the prior specific written approval of the
    investor.
Indemnification
    of Selling Agents
Pursuant to the Selling Agreement with respect to the Funds, the
    general partner on behalf of the respective Fund indemnifies and
    holds harmless the selling agent and each person, who controls
    such person against any and all losses, claims, damages, costs,
    expenses, liabilities, joint or several (including any
    investigatory, legal and other expenses incurred in connection
    with, and any amount paid in settlement of, any action, suit or
    proceeding or any claim asserted), and actions to which they may
    become subject under any federal or state statutory law or
    regulation, at common law or otherwise, insofar as such losses,
    claims, damages, costs, expenses, liabilities or actions arise
    out of or are based upon any untrue statement of a material fact
    contained in any preliminary prospectus, registration statement,
    this prospectus or any amendment of supplement thereto, or
    promotional material, or the omission to state therein a
    material fact required to be stated therein or necessary to make
    the statements therein not
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misleading); provided, however, that in no event will the
    indemnification agreement inure to the benefit of any of the
    indemnified parties (or any person controlling any such party)
    on account of any losses, claims, damages, costs, expenses and
    liabilities arising from the sale of the Funds' Units to
    any person if such losses, claims, damages, costs, expenses,
    liabilities or actions arise out of or are based upon, an untrue
    statement or omission in a preliminary prospectus or this
    prospectus or a supplement or amendment thereto, if a
    preliminary prospectus, the prospectus, the prospectus as
    amended or supplemented or as further amended or supplemented,
    respectively, will correct, prior to the delivery to such person
    of his subscription, the untrue statement or omission which is
    the basis of the loss, claim, damage, liability or action for
    which indemnification is sought and a copy of a preliminary
    prospectus, this prospectus or this prospectus as amended or
    supplemented or as further amended or supplemented, as the case
    may be, had not been sent or given to such indemnified person at
    or prior to the receipt of the subscription
The general partner shall have no obligation to indemnify the
    selling agent for more than the amount of proceeds resulting
    from the sale of Units by the selling agent during the
    continuing offering plus the selling agent's actual
    expenses incurred in connection with any loss, claim, damage,
    charge or liability (including reasonable attorneys' and
    accountants' fees incurred in defense thereof). See
    Section 10 of each Fund's Selling Agreement.
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Selling
    Agent Compensation Tables
Strategic
    Allocation Fund
Nature of Payment
Recipient
Amount of Payment
Initial Selling Fee
Selling Agents
Selling Agents shall receive from the Strategic Allocation Fund,
    in conjunction with the sale of Units, an initial selling fee of
    up to 4% of the gross offering proceeds of the Units sold by the
    Selling Agents.
On-going Selling Fee
Selling Agents
Selling Agents shall receive from the Strategic Allocation Fund
    an on-going selling fee (commencing the 13th month after sale of
    each unit) of 0.334% of the month-end net asset value of the
    Units sold and outstanding, subject to a limit of 5% of the
    gross offering proceeds of the Units sold.
Transaction and Non-transaction based Compensation to Wholesalers
Wholesalers
Wholesalers will receive transaction and non-transaction based
    compensation of up to 0.75% of the gross proceeds of the Units
    sold.
Expense Reimbursements for training and education meetings,
    travel expenses, etc.
General Partner
The general partner will be reimbursed for expenses incurred for
    training and education meetings, travel expenses, etc. of up to
    0.25% of the gross offering proceeds of the Units sold. When
    added with the initial and on-going selling fees and transaction
    and non-transaction based payments to wholesalers, the total
    amount shall not exceed 10% of the gross offering proceeds of
    the Units sold.
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Global
    Trend Fund
Nature of Payment
Recipient
Amount of Payment
Initial Selling Fee
Selling Agents
Selling Agents shall receive from the Global Trend Fund, in
    conjunction with the sale of Units, an initial selling fee of up
    to 2% of the gross offering proceeds of the Class A (USD), B
    (USD) and A (GLD) Units sold by the Selling Agents.
On-going Selling Fee
Selling Agents
Selling Agents shall receive from the Global Trend Fund an
    on-going selling fee (commencing the 13th month after sale of
    each unit) of 0.167% of the month-end net asset value of the
    Class A (USD), B (USD) and A (GLD) Units sold and outstanding,
    subject to a limit of 6% of the gross offering proceeds of the
    Class A (USD) and A (GLD) Units sold and 7% of the gross
    offering proceeds of the Class B (USD) Units sold.
Transaction and Non-transaction based Compensation to Wholesalers
Wholesalers
Wholesalers will receive transaction and non-transaction based
    compensation of up to 0.75% of the gross offering proceeds of
    the Class A (USD), B (USD) and A (GLD) Units sold, up to 3% of
    the of the gross offering proceeds of the Class C (USD) and B
    (GLD) Units sold, and up to 6% of the of the gross offering
    proceeds of the Class D (USD) Units sold.
Expense Reimbursements for training and education meetings,
    travel expenses, etc.
General Partner
The general partner will be reimbursed for expenses incurred for
    training and education meetings, travel expenses, etc. of up to
    0.25% of the gross offering proceeds of the Units sold. When
    added with initial and on-going selling fees and transaction and
    non-transaction based payments to wholesalers, the total amount
    shall not exceed 10% of the gross offering proceeds of the Units
    sold.
Broker — Dealer Custodial Fee
Selling Agent/Custodian
Selling Agents and/or custodians will receive a broker-dealer
    custodial fee of 0.0208% of the month-end net asset value of the
    Class A (USD), Class C (USD), Class A (GLD) and Class B (GLD)
    Units sold and outstanding, subject to a limit of 1% of the
    gross offering proceeds of Class A (USD) Units and Class A (GLD)
    Units sold and a limit of 6% of the gross offering proceeds of
    Class C (USD) and Class B (GLD) Units sold.
There are no other items of compensation paid in respect of the
    sale of the Funds' Units.
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Items of
    Compensation Pursuant to FINRA RULE 2310
The following tables set forth the items of compensation, and
    the maximum amounts thereof in respect of the offering of the
    Units of the Funds, paid to members of FINRA pursuant to FINRA
    Rule 2310 on a
fund-by-fund
and
class-by-class
basis. These items of compensation are set forth in detail below
    and more fully described above. In the following tables, CFS
    stands for Campbell Financial Services, Inc., a broker-dealer
    that is wholly owned by Campbell & Company, Inc.
Strategic
    Allocation Fund
Transaction and
Non-Transaction
Based Compensation to
On-Going Selling
Registered
Expense
Fee (Commencing the 13 Month
Representatives
Reimbursements for Training and
After the Sale of
of CFS, Including
Education Meetings, Travel
Initial Selling Fee
Each Unit)
Custodial Fee
Wholesalers
Expenses, etc.
Total
4% of the gross offering proceeds of the units sold.
0.334% of the month-end net asset value of the Units sold and
    outstanding, subject to a limit of 5% of the gross offering
    proceeds of the Units sold.
This item of compensation not paid by these Units.
Up to 0.75% of the gross proceeds of the Units sold.
Up to 0.25% of the gross offering proceeds of the Units sold.
Up to 10% of the gross proceeds of the Units sold.
Maximum estimated amount of $10,000,000.
Global
    Trend Fund — Class A (USD) and Class A
    (GLD)
Transaction and
Non-Transaction
Based Compensation to
Expense
On-Going Selling
Registered
Reimbursements
Fee (Commencing the 13 Month
Representatives
for Training and
After the Sale of
of CFS, Including
Education Meetings, Travel
Initial Selling Fee
Each Unit)
Custodial Fee
Wholesalers
Expenses, etc.
Total
2% of the gross offering proceeds of the units sold.
0.167% of the month-end net asset value of the Units sold and
    outstanding, subject to a limit of 6% of the gross offering
    proceeds of the Units sold.
0.0208% of the month-end net asset value of the Units sold and
    outstanding, subject to a limit of 1% of the gross offering
    proceeds of the Units sold.
Up to 0.75% of the gross proceeds of the Units sold.
Up to 0.25% of the gross offering proceeds of the Units sold.
Up to 10% of the gross proceeds of the Units sold.
Maximum estimated amount of $10,000,000.
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Global
    Trend Fund — Class B (USD)
Transaction and
Non-Transaction
Based
Expense
Compensation to
Reimbursements
On-Going Selling
Registered
for Training and
Fee (Commencing the 13 Month
Representatives
Education
After the Sale of
of CFS, Including
Meetings, Travel
Initial Selling Fee
Each Unit)
Custodial Fee
Wholesalers
Expenses, etc.
Total
2% of the gross offering proceeds of the units sold.
0.167% of the month-end net asset Value of the Units sold and
    outstanding, subject to a limit of 7% of the gross offering
    proceeds of the Units sold.
This item of compensation not paid by these Units.
Up to 0.75% of the gross proceeds of the Units sold.
Up to 0.25% of the gross offering proceeds of the Units sold.
Up to 10% of the gross proceeds of the Units sold.
Maximum estimated amount of $10,000,000.
Global
    Trend Fund — Class C (USD) and Class B
    (GLD)
Transaction and
Non-Transaction
Expense
On-Going Selling
Based Compensation to
Reimbursements
Fee (Commencing
Registered
for Training and
the 13 Month
Representatives
Education
After the Sale of
of CFS, Including
Meetings, Travel
Initial Selling Fee
Each Unit)
Custodial Fee
Wholesalers
Expenses, etc.
Total
This item of compensation not paid by these Units.
This item of compensation not paid by these Units.
0.0208% of the month-end net asset value of the Units sold and
    outstanding, subject to a limit of 6% of the gross offering
    proceeds of the Units sold.
Up to 3% of the gross proceeds of the Units sold.
Up to 1% of the gross offering proceeds of the Units sold.
Up to 10% of the gross proceeds of the Units sold.
Maximum estimated amount of $10,000,000.
Global
    Trend Fund — Class D (USD)
Transaction and
Non-transaction
Expense
On-Going Selling
Based Compensation to
Reimbursements
Fee (Commencing
Registered
for Training and
the 13 Month
Representatives
Education
After the Sale of
of CFS, Including
Meetings, Travel
Initial Selling Fee
Each Unit)
Custodial Fee
Wholesalers
Expenses, etc.
Total
This item of compensation not paid by these Units.
This item of compensation not paid by these Units.
This item of compensation not paid by these Units.
Up to 6% of the gross proceeds of the Units sold.
Up to 4% of the gross offering proceeds of the Units sold.
Up to 10% of the gross proceeds of the Units sold.
Maximum estimated amount of $10,000,000.
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Table of Contents
Global
    Trend Fund — Class E (USD) and Class C
    (GLD)
Transaction and
Non-Transaction
Expense
On-Going Selling
Based Compensation
Reimbursements
Fee (Commencing
to Registered
for Training and
the 13 Month
Representatives
Education
After the Sale of
of CFS, Including
Meetings, Travel
Initial Selling Fee
Each Unit)
Custodial Fee
Wholesalers
Expenses, etc.
Total
This item of compensation not paid by these Units.
This item of compensation not paid by these Units.
This item of compensation not paid by these Units.
This item of compensation not paid by these Units.
This item of compensation not paid by these Units.
No items of underwriting compensation are paid by these Units
LIMITED
    PARTNER PRIVACY NOTICE
The Funds and Campbell & Company believe that
    investors are entitled to the best service they can
    offer — and that includes the right to feel
    comfortable about the personal non-public information investors
    share with the Funds and Campbell & Company.
In the normal course of business, investors give the Funds and
    Campbell & Company personal non-public information.
    The Funds and Campbell & Company use this information
    to manage each investor's account, direct transactions and
    provide each investor with valuable information. The Funds and
    Campbell & Company may collect this information
    through forms, interviews, transaction history of an
    investor's account, or third parties. The information
    includes each investor's name, address, telephone number,
    social security number, transactional and financial information,
    as well as other personal non-public information the Funds and
    Campbell & Company may need to service an
    investor's account. The Funds and Campbell &
    Company maintain physical, electronic, and procedural safeguards
    that comply with federal standards to protect confidentiality.
Neither the Funds nor Campbell & Company provides
    customer names and addresses, or other non-public information,
    to outside firms, organizations or individuals, except as
    necessary to service investor accounts or as permitted by law.
    For example, in the course of regular business, the Funds may
    share relevant information with service providers that support
    the Funds and Campbell & Company in servicing investor
    accounts. These companies may use this information only for the
    services for which they are hired, and are not permitted to use
    or share this information for any other purpose.
The Funds and Campbell & Company require service
    providers to the Funds to maintain policies and procedures
    designed to assure that access to personal non-public
    information about investors is restricted to employees who need
    to know that information in order to provide products or
    services to those investors, and that the use of such
    information is limited to the purposes for which it was
    disclosed or as otherwise permitted by law. The Funds and
    Campbell & Company also require that service providers
    maintain strict physical, electronic and procedural safeguards
    designed to protect the personal information of investors that
    comply with federal standards.
The Funds and Campbell & Company will continue to
    adhere to the privacy policies and practices described in this
    prospectus with respect to information about former limited
    partners who have redeemed their Units in the Funds.
-80-
Table of Contents
RELATED
    PERFORMANCE INFORMATION OF THE COMMODITY POOL OPERATOR AND THE
    TRADING ADVISOR
TABLE
    1
PERFORMANCE OF TRADING PORTFOLIOS OFFERED BY
    CAMPBELL & COMPANY, INC.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Financial, Metal & Energy
Global Diversified
Large
    Portfolio
(4)
Large
    Portfolio
(5)
Commodity Trading Advisor:
Campbell & Company, Inc.
Inception of CTA's Trading:
January 1972
Total Assets Under Management By CTA:
$3.0 Billion
Inception of Trading of the Portfolio:
April 1983
February 1986
Total Assets/Accounts Currently Traded in the Portfolio:
$2.6 Billion / 12 Accounts
$355 Million / 2 Accounts
Worst Monthly Percentage
    Draw-down
(2)
:
July 2007 / 10.81%
July 2007 / 10.58%
Worst
Peak-to-Valley
Draw-down(2):
June 2007 — January 2010
29.37%
June 2007 — January 2010
26.87%
Annual
    Returns
(1)
:
2010 through February
−5.75%
−5.79%
2009
−7.26%
−5.88%
2008
−0.28%
1.25%
2007
−13.35%
−12.89%
2006
5.48%
6.30%
2005
11.01%
11.87%
-81-
Table of Contents
TABLE
    1 — (Continued)
PERFORMANCE OF TRADING PORTFOLIOS OFFERED BY
    CAMPBELL & COMPANY, INC.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Trend Following
Trend Following (GLD)
Portfolio
(6)
Portfolio
(7)
Commodity Trading Advisor:
Campbell & Company, Inc.
Inception of CTA's Trading:
January 1972
Total Assets Under Management By CTA:
$3.0 Billion
Inception of Trading of the Portfolio:
November 2009
November 2009
Total Assets/Accounts Currently Traded in the Portfolio*:
$74,000 / 1 Account
$54,000 / 1 Account
Worst Monthly Percentage
    Draw-down
(2)
:
January 2010 / 8.05%
December 2009 / 12.66%
Worst
Peak-to-Valley
Draw-down
(2)
:
November 2009 — January 2010
11.78%
November 2009 — January 2010
20.79%
Annual
    Returns
(1)
:
2010 through February
−4.85%
−3.14%
2009 (November — December)
0.92% (2 months)
3.24% (2 months)
2008
N/A
N/A
2007
N/A
N/A
2006
N/A
N/A
2005
N/A
N/A
*
The Trend Following Portfolio's total assets, including
    proprietary assets, is $17.3 million as of
    February 28, 2010. The Trend Following (GLD)
    Portfolio's total assets, including proprietary assets, is
    $6.5 million as of February 28, 2010.
-82-
Table of Contents
TABLE
    2
PERFORMANCE OF POOLS OPERATED BY CAMPBELL & COMPANY,
    INC.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Campbell Strategic
Campbell
Campbell
Campbell
Allocation Fund,
Fund Trust
Fund Trust
Fund Trust
L.P.
(Series A)
(Series B)
(Series W)
Type of Pool:
Publicly Offered
Privately Offered
Privately Offered
Privately Offered
Inception of Trading:
April 1994
October 2008
January 1972
March 2009
Aggregate Subscriptions:
$6,078,611,354
$34,170,940
$1,156,840,447
$7,784,341
Current Net Asset Value:
$1,540,837,716
$30,443,004
$300,312,111
$7,226,559
Current Net Asset Value Per Unit:
$2,251.19
$2,226.16
$2,241.92
$2,264.64
Worst Monthly Percentage
    Draw-down
(3)
:
July 2007
10.92%
January 2010
7.18%
July 2007
10.59%
January 2010
7.06%
Worst
Peak-to-Valley
Draw-down
(3)
:
June 2007 — January 2010
32.26%
October 2008 — January 2010
14.26%
June 2007 — January 2010
26.87%
March 2009 — January 2010
11.36%
Trading Portfolio Used:
Financial, Metal & Energy Large
Global Diversified Large
Global Diversified Large
Global Diversified Large
Annual
    Returns
(1)
:
2010 through February
−5.98%
−5.87%
−5.79%
−5.64%
2009
−8.96%
−6.34%
−5.86%
−6.41% (ten months)
2008
−1.53%
−1.38% (three months)
1.25%
N/A
2007
−14.65%
N/A
−12.91%
N/A
2006
4.04%
N/A
6.26%
N/A
2005
9.53%
N/A
11.96%
N/A
-83-
Table of Contents
TABLE
    2 — (Continued)
PERFORMANCE OF POOLS OPERATED BY CAMPBELL & COMPANY,
    INC.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Campbell Global
Campbell Global
Assets Fund
Assets Fund
Campbell Financial
Limited SAC
Limited SAC
Futures Fund
(Class A)
(Class D)
Limited Partnership
Type of Pool:
Offshore
Offshore
Privately Offered
Inception of Trading:
February 1998
July 2004
August 1992
Aggregate Subscriptions:
$1,027,005,533
$33,444,683
$167,587,860
Current Net Asset Value:
$15,888,738
$2,489,824
$15,405,963
Current Net Asset Value Per Unit:
$2,836.84
$2,879.03
$4,908.35
Worst Monthly Percentage
    Draw-down
(3)
:
July 2007
10.49%
July 2007
10.56%
July 2007
9.89%
Worst
Peak-to-Valley
Draw-down
(4)
:
June 2007 — January 2010
21.17%
June 2007 — January 2010
17.99%
June 2007 — January 2010
21.23%
Trading Portfolio Used:
Financial, Metal & Energy Large
Financial, Metal & Energy Large
Financial, Metal & Energy Large
Annual
    Returns
(1)
:
2010 through February
−5.46%
−5.62%
−4.78%
2009
−4.46%
1.00%*
−3.68%
2008
5.83%
4.78%
4.61%
2007
−10.37%
−11.08%
−10.93%
2006
9.17%
8.20%
9.00%
2005
14.55%
13.73%
12.98%
*
The
year-to-date
rate of return does not contain trading results for
    March — April 2009 as there were no assets in
    Class D during this time. Class D's
year-to-date
rate of return would be lower, and Class D's worst
peak-to-valley
decline would be higher, if it had been trading during those two
    months.
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TABLE
    2 — (Continued)
PERFORMANCE OF POOLS OPERATED BY CAMPBELL & COMPANY,
    INC.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
The Campbell Gold
The Campbell Gold
Plus Fund, L.P.
Plus Fund, L.P.
(Class C)
(Class D)
Type of Pool:
Private
Private
Inception of Trading:
November 2009
November 2009
Aggregate Subscriptions:
$58,787
$107,199
Current Net Asset Value:
$53,838
$73,731
Current Net Asset Value Per Unit:
$1,000.02
$960.31
Worst Monthly Percentage
    Draw-down
(3)
:
December 2009
12.66%
January 2010
8.05%
Worst
Peak-to-Valley
Draw-down
(4
):
November 2009 — January 2010
20.79%
November 2009 — January 2010
11.78%
Trading Portfolio Used:
Trend Following Portfolio
Trend Following (GLD) Portfolio
Annual Returns(1):
2010 through February
−3.14%
−4.85%
2009 (November — December)
3.24% (2 months)
0.92% (2 months)
2008
N/A
N/A
2007
N/A
N/A
2006
N/A
N/A
2005
N/A
N/A
NOTES TO
    PERFORMANCE TABLES
1.
In the accompanying performance tables, for each Portfolio and
    for each pool, the "Annual Return" is calculated by
    compounding the monthly rates of return during the year. The
    rate of return for a month is calculated by dividing the net
    profit or loss by the net assets at the beginning of such month.
    Additions and withdrawals occurring during the month are
    included as an addition to or deduction from beginning net
    assets in the calculations of rates of return, except for
    accounts which close on the last day of a month in which case
    the withdrawal is not subtracted from beginning net assets for
    purposes of this calculation. Rate of return is calculated using
    the Modified Only Accounts Traded (Modified OAT) method of
    computation. This computation method is one of the three methods
    approved by the CFTC (pursuant to NFA Compliance
Rule 2-34)
to reduce the distortion caused by significant additions or
    withdrawals of capital during a month. NFA Compliance
Rule 2-34
also requires that rates of return be calculated on the nominal
    account size (i.e., actual funds plus notional funds). CFTC
    Rules require the disclosure of performance information for the
    last five full calendar years and
year-to-date
and consider older performance information less material to an
    investment decision.
2.
In the portfolio composite tables, "draw-down" means
    losses experienced by the portfolio over a specified period.
    Worst monthly percentage draw-down is the largest monthly loss
    experienced by the portfolio during the period presented in any
    calendar month expressed as a percentage of the total equity in
    the portfolio and includes the month and year of such draw-down.
    Worst
peak-to-valley
draw-down is the largest cumulative loss experienced by the
    portfolio during the period presented in any consecutive monthly
    period on a compounded basis and includes the time frame of such
    draw-down. A small number of accounts in the portfolio
    composites have experienced draw-downs which are materially
    larger than the draw-downs reported for the composite. These
    variances result from such factors as small account size
    (
i.e.,
accounts with net assets of less than the
    prescribed Portfolio minimum, which therefore trade fewer
    contracts than the standard Portfolio), intra-month
-85-
Table of Contents
account opening or closing, significant intra-month additions or
    withdrawals, trading commissions in excess of the stated average
    and investment restrictions imposed by the client.
3.
In the performance tables for the pools, "draw-down"
    means losses experienced by that pool over a specified period.
    Worst monthly percentage drawdown is the largest monthly loss
    experienced by the pool during the period presented in any
    calendar month expressed as a percentage of the total equity in
    the pool and includes the month and year of such draw-down.
    Worst
peak-to-valley
draw-down is the largest cumulative loss experienced by the pool
    during the period presented in any consecutive monthly period on
    a compounded basis and includes the time frame of such draw-down.
4.
The first column of Table 1 contains the composite performance
    of accounts traded pursuant to the Financial, Metal &
    Energy Large Portfolio. The data presented reflects the
    composite performance of 43 accounts traded according to the
    Financial, Metal & Energy Large Portfolio. The data
    below is as of February 28, 2010. During the period
    presented, 31 accounts have been closed; 21 closed with a profit
    and 10 closed with a loss. 12 accounts remained open, of which 5
    accounts were profitable and 7 accounts were unprofitable. The
    open accounts ranged in size from $1,300,000 to in excess of
    $1,579,000,000, with an average account size of approximately
    $199,600,000. The average composite monthly return for the
    period from January 2005 through February 2010 was -0.14%
    compared to the average of average monthly returns for all
    accounts of -0.12% over the same time period. The data in this
    composite table do not reflect the performance of any one
    account. Therefore, an individual account may have realized more
    or less favorable results than the composite results indicate.
5.
The second column of Table 1 reflects the composite performance
    of all accounts (a total of 2 accounts) traded according to the
    Global Diversified Large Portfolio. During the period presented,
    0 accounts have been closed. The 2 open accounts are profitable.
    The data below is as of February 28, 2010. During the
    period presented, 0 accounts have been closed. 2 accounts
    remained open, of which 1 account was profitable and 1 account
    was unprofitable. The open accounts ranged in size from
    $12,800,000 to in excess of $342,300,000, with an average
    account size of approximately $177,550,000. The average
    composite monthly return for the period from January 2005
    through February 2010 is -0.06% compared to the average of
    average monthly returns for all accounts of -0.03% over the same
    time period. The data in this composite table do not reflect the
    performance of any one account. Therefore, an individual account
    may have realized more or less favorable results than the
    composite results indicate.
6.
The third column of Table 1 reflects the performance of the only
    account traded according to the Trend Following Portfolio.
    During the period presented, 0 accounts have been closed. The
    one open account is unprofitable.
7.
The fourth column of Table 1 reflects the performance of the
    only account traded according to the Trend Following (GLD)
    Portfolio. During the period presented, 0 accounts have been
    closed. The one open account is unprofitable.
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Table of Contents
LEGAL
    MATTERS
Sidley Austin LLP, New York, New York will advise
    Campbell & Company on all legal matters in connection
    with the Units. In the future, Sidley Austin LLP may advise
    Campbell & Company (and its affiliates) with respect
    to its responsibilities as general partner and trading advisor
    of, and with respect to, matters relating to the Funds. The
    statements under "Federal Income Tax Aspects" have
    been reviewed by Sidley Austin LLP. Sidley Austin LLP has not
    represented, nor will it represent, either the Funds or the
    limited partners in matters relating to the Fund and no other
    counsel has been engaged to act on their behalf. Certain
    opinions of counsel have been filed with the SEC as exhibits to
    the Registration Statement of which this prospectus is a part.
EXPERTS
The financial statements of the Strategic Allocation Fund, and
    statement of financial condition for the Global Trend Fund as of
    April 6, 2010, included in this prospectus, have been
    audited by Deloitte & Touche LLP, an independent
    registered public accounting firm, as stated in their reports
    appearing herein. Such financial statements have been so
    included in reliance upon such reports, given upon their
    authority as experts in accounting and auditing.
The consolidated balance sheet of Campbell & Company
    as of December 31, 2009, included in this prospectus, has
    been audited by Arthur F. Bell, Jr. & Associates,
    L.L.C., independent auditors, as stated in their report
    appearing herein, and has been included in reliance upon such
    report, given upon the authority of that firm as experts in
    auditing and accounting.
[REMAINDER OF THIS PAGE LEFT BLANK INTENTIONALLY.]
-87-
Table of Contents
CAMPBELL
    GLOBAL TREND FUND, L.P.
FORM OF
    STATEMENT OF FINANCIAL CONDITION
CAMPBELL GLOBAL TREND FUND, L.P. HAS NOT COMMENCED TRADING AND
    DOES NOT HAVE A PERFORMANCE HISTORY.
-88-
Table of Contents
REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners of
Campbell Global Trend Fund, L.P.
We have audited the accompanying statement of financial
    condition of Campbell Global Trend Fund, L.P. (the
    "Fund") as of April 6, 2010. The financial
    statement is the responsibility of the Fund's management.
    Our responsibility is to express an opinion on the financial
    statement based on our audit.
We conducted our audit 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 statement of financial
    condition is 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 audit
    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 statement of financial condition, assessing the accounting
    principles used and significant estimates made by management, as
    well as evaluating the overall statement of financial condition
    presentation. We believe that our audit provides a reasonable
    basis for our opinion.
In our opinion, the statement of financial condition referred to
    above presents fairly, in all material respects, the financial
    position of Campbell Global Trend Fund, L.P. as of April 6,
    2010, in conformity with accounting principles generally
    accepted in the United States of America.
April 26, 2010
-89-
Table of Contents
CAMPBELL
    GLOBAL TREND FUND, L.P.
STATEMENT
    OF FINANCIAL CONDITION
April 6,
    2010
April 6, 2010
ASSETS
Cash
$
6,000
PARTNERS' CAPITAL (Net Asset Value)
Global Trend Series (USD)
Class A (USD) redeemable — 1.000 unit
    outstanding
$
1,000
Class B (USD) redeemable — 1.000 unit
    outstanding
1,000
Class C (USD) redeemable — 1.000 unit
    outstanding
1,000
Class D (USD) redeemable — 1.000 unit
    outstanding
1,000
Global Trend Series (USD) total
4,000
Global Trend Series (GLD)
Class A (USD) redeemable — 1.000 unit
    outstanding
1,000
Class B (USD) redeemable — 1.000 unit
    outstanding
1,000
Global Trend Series (GLD) total
2,000
Total partners' capital (Net Asset Value)
$
6,000
Net Asset Value Per Unit
Global Trend Series (USD)
Class A (USD)
$
1,000.00
Class B (USD)
$
1,000.00
Class C (USD)
$
1,000.00
Class D (USD)
$
1,000.00
Global Trend Series (GLD)
Class A (GLD)
$
1,000.00
Class B (GLD)
$
1,000.00
See accompanying notes.
-90-
Table of Contents
CAMPBELL
    GLOBAL TREND FUND, L.P.
NOTES TO
    FINANCIAL STATEMENT
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 consists of two series ("Series") — the
    Global Trend Series (USD) and the Global Trend Series (GLD). The
    Act provides for the limitation of liability of each Series of
    the Fund to the debts, liabilities, obligations and expenses of
    such Series and not those of any other Series or the Fund in
    general. The Fund intends to operate as a commodity investment
    pool and engage in the speculative trading of futures and
    forward currency contracts.
The Global Trend Series (USD) 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 Trend Following Portfolio).
The Global Trend Series (GLD) trades the Trend Following (GLD)
    Portfolio, which seeks to provide investors with a
    gold-denominated exposure to the Trend Following Portfolio. The
    gold-denominated exposure is achieved by maintaining an exposure
    to gold by purchasing long positions in gold futures with a
    value approximately equal to the net asset value of the Series.
    The Global Trend Series (GLD) then seeks appreciation through a
    100% overlay of the Trend Following Portfolio.
The Global Trend Series (USD) consists of five classes of
    limited partnership Units: Class A (USD) Units,
    Class B (USD) Units, Class C (USD) Units, Class D
    (USD) Units and Class E (USD) Units. Only Class A
    (USD) Units, Class B (USD) Units, Class C (USD) Units
    and Class D (USD) Units will be offered. Class E (USD)
    Units are not being offered for sale but will be issued in
    exchange for Class A (USD) Units, Class B (USD) Units,
    Class C (USD) Units and Class D (USD) Units in certain
    circumstances.
The Global Trend Series (GLD) consists of three classes of
    limited partnership Units: Class A (GLD) Units,
    Class B (GLD) Units and Class C (GLD) Units. Only
    Class A (GLD) Units and Class B (GLD) Units are being
    offered for sale. Class C (GLD) Units are not being offered
    for sale but will be issued in exchange for Class A (GLD)
    Units and Class B (GLD) Units in certain circumstances.
B.
Proposed Public Offering of Units of Limited Partnership Interest
The Fund is in the process of filing a registration statement
    with the Securities and Exchange Commission. Each Class of Units
    will be sold at $1,000 per unit during the initial offering
    period and at the net asset value per unit during the continuous
    offering period.
C.
Regulation
As a registrant with the Securities and Exchange Commission, the
    Fund will be 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 will be 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 will be subject to the requirements of
    futures commission merchants (brokers) and interbank market
    makers through which the Fund trades.
-91-
Table of Contents
CAMPBELL
    GLOBAL TREND FUND, L.P.
NOTES TO
    FINANCIAL STATEMENT — (Continued)
Note 1.
ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES — (Continued)
D.
Method of Reporting
The Fund's statement of financial condition is 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.
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 units outstanding.
E.
Income Taxes
The Fund will provide calendar year U.S. and applicable
    state information tax returns and reports to the partners their
    allocable shares of the Fund's income, expenses and trading
    gains or losses.
F.
Organization and Initial Offering Costs
Organization and initial offering costs will be advanced by the
    general partner and are estimated to total approximately
    $400,000. Each Class of Units, excluding Class E (USD) and
    Class C (GLD) , 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. The
    reimbursement is limited to 2.5% of the total subscriptions
    accepted by the Fund. Such amounts are charged directly to
    partners' capital. The Fund will only 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.
G.
Allocations
Income or loss for each Series (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 the each Class within the Series. 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.
H.
Recently Issued Accounting Pronouncements
In January 2010, the FASB issued Accounting Standards update
No. 2010-06
("ASU
2010-06")
for improving disclosure about fair value measurements. ASU
2010-06
adds
    new disclosure requirements about transfers into and out of
    Levels 1 and 2 and separate disclosures about purchases,
    sales, issuances and settlements in the reconciliation for fair
    value measurements using significant unobservable inputs
    (Level 3). It also clarifies existing disclosure
    requirements relating to the levels of disaggregation for fair
    value measurement and inputs and valuation techniques used to
    measure fair value.
The amended guidance is effective for financial statements for
    fiscal years and interim periods beginning after
    December 15, 2009 except for disclosures about purchases,
    sales, issuances and settlements in the rollforward of activity
    in Level 3 fair value measurements, which are effective for
    fiscal years beginning after December 15, 2010 and for
    interim periods within those fiscal years. The impact of this
    guidance on the Fund's financial statements and
    disclosures, if any, is currently being assessed.
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.
-92-
Table of Contents
CAMPBELL
    GLOBAL TREND FUND, L.P.
NOTES TO
    FINANCIAL STATEMENT — (Continued)
Note 2.
GENERAL
    PARTNER AND TRADING
    ADVISOR
— (Continued)
Each Class of Units will pay a monthly advisory fee of 1/12 of
    2% (2% annualized) and a monthly general partner fee of 1/12 of
    1% (1% annualized) of such Class' month-end net assets to
    Campbell & Company.
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 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.
SALES
    FEE
The Fund will pay the selling agents for Class A (USD)
    Units, Class B (USD) Units, and Class A (GLD) Units a
    sales fee of 2% of the subscription amount of each subscription
    for Class A (USD) Units, Class B (USD) Units, and
    Class A (GLD) 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 (USD)
    Units, Class B (USD) Units, and Class A (GLD) Units.
The amount paid to selling agents on Class A (USD) Units,
    Class B (USD) Units and Class A (GLD) Units sold will
    not exceed 8.0% of the gross offering proceeds of the
    Class A (USD) Units and Class A (GLD) Units and 9.0%
    of the gross offering proceeds of the Global Trend
    Fund Class B (USD) Units sold.
Note 4.
BROKER-DEALER
    CUSTODY FEE
Class A (USD) Units, Class C (USD) Units, Class A
    (GLD) Units, and Class B (GLD) 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) 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 1.0%
    of the gross offering proceeds of Class A (USD) of Units
    and Class A (GLD) Units and 6% of the gross offering
    proceeds of Class C (USD) Units and Class B (GLD)
    Units.
Note 5.
OPERATING
    EXPENSES
Operating expenses for each Class of Units in each Series 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 amounts in excess of 0.50%
    per annum will be paid by Campbell & Company.
Note 6.
SUBSCRIPTIONS,
    DISTRIBUTIONS AND REDEMPTIONS
Investments in the Fund are made by subscription agreement,
    subject to acceptance by Campbell & Company.
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 apply to Class A (USD) Units, Class B
    (USD) Units and Class A (GLD) Units through the first
    twelve month-ends following purchase as follows: 1.833% of net
    asset value per redeemed Unit
-93-
Table of Contents
CAMPBELL
    GLOBAL TREND FUND, L.P.
NOTES TO
    FINANCIAL STATEMENT — (Continued)
Note 6.
SUBSCRIPTIONS,
    DISTRIBUTIONS AND
    REDEMPTIONS
— (Continued)
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, 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 (USD) Unit,
    Class B (USD) Unit or Class A (GLD) Unit, no
    redemption fees apply.
Note 7.
INDEMNIFICATIONS
In the normal course of business, the Fund enters into contracts
    and agreements that contain a variety of representations and
    warranties and 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 8.
SUBSEQUENT
    EVENTS
Management of the Fund has evaluated subsequent events through
    the date the financial statements were issued. There are no
    subsequent events to disclose or record.
-94-
Table of Contents
INDEX TO
    FINANCIAL STATEMENTS
Page
CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
REPORT OF INDEPENDENT REGISTERED PUBLIC
    ACCOUNTING FIRM
96
CONDENSED SCHEDULES OF INVESTMENTS
December 31, 2009 and 2008
97
STATEMENTS OF FINANCIAL CONDITION
December 31, 2009 and 2008
101
STATEMENTS OF OPERATIONS
For the Years Ended December 31, 2009, 2008 and 2007
102
STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2009, 2008 and 2007
103
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
    (NET ASSET VALUE)
For the Years Ended December 31, 2009, 2008 and 2007
104
FINACIAL HIGHLIGHTS
For the Years Ended December 31, 2009, 2008 and 2007
105
NOTES TO FINANCIAL STATEMENTS
106
CAMPBELL & COMPANY, INC.
INDEPENDENT AUDITOR'S REPORT
116
CONSOLIDATED BALANCE SHEET
December 31, 2009
117
NOTES TO CONSOLIDATED BALANCE SHEET
118
Schedules are omitted for the reason that they are not required
    or are not applicable or that equivalent information has been
    included in the financial statements or notes thereto.
-95-
Table of Contents
Deloitte & Touche LLP
750 College Road East
Third Floor
Princeton, NJ 08540
USA
Tel: +1 609 514 3600
Fax: +1 609 514 3603
www.deloitte.com
REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners of
Campbell Strategic Allocation Fund, L.P.
We have audited the accompanying statements of financial
    condition of Campbell Strategic Allocation Fund. L.P. (the
    "Partnership"), including the condensed schedules of
    investments, as of December 31, 2009 and 2008, and the
    related statements of operations, cash flows, changes in
    partners' capital (net asset value) and financial
    highlights for each of the three years in the period ended
    December 31, 2009. These financial statements and financial
    highlights are the responsibility of the Partnership'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 audits to obtain
    reasonable assurance about whether the financial statements and
    financial highlights are free of material misstatement. The
    Partnership 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 Partnership'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, the financial statements and financial
    highlights referred to above present fairly, in all material
    respects, the financial position of Campbell Strategic
    Allocation Fund, L.P. as of December 31, 2009 and 2008, the
    results of its operations, cash flows, changes in its
    partners' capital (net asset value) and the financial
    highlights for each of the three years in the period ended
    December 31, 2009, in conformity with accounting principles
    generally accepted in the United States of America.
March 26, 2010
-96-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
CONDENSED
    SCHEDULE OF INVESTMENTS
December 31,
    2009
FIXED
    INCOME SECURITIES
Maturity
% of Net
Face Value
Description
Values ($)
Asset Value
Bank Deposits
United States
Financials (cost $65,590,000)
$
65,689,065
3.84
%
Commercial Paper
Germany
Materials (cost $17,252,376)
$
17,259,598
1.01
%
Netherlands
Consumer Discretionary (cost $23,481,034)
$
23,481,191
1.37
%
United States
Consumer Discretionary
$
143,576,225
8.40
%
Consumer Staples
$
80,742,190
4.73
%
Energy
$
72,767,525
4.26
%
Financials
$
231,111,026
13.53
%
Industrials
$
79,892,248
4.68
%
Municipal
$
169,945,539
9.95
%
Telecommunications
$
4,409,848
0.26
%
Utilities
$
29,998,000
1.76
%
Total United States
(cost $812,299,397)
$
812.442,601
47.57
%
Total Commercial Paper
(cost $853,032,807)
$
853,183,390
49.95
%
Corporate Bonds
United States
Financials (cost $106,198,611)
$
106,210,199
6.22
%
Government And Agency Obligations
United States
U.S. Government Agency
$
311,649,912
18.24
%
U.S. Treasury Bills
U.S. Treasury Bills
$
30,000,000
Due 01/14/2010*
$
29,999,973
1.76
%
U.S. Treasury Bills
$
100,000,000
Due 01/28/2010*
$
99,998,667
5.85
%
$
37,000,000
U.S. Treasury Bills
Due 03/25/2010*
$
36,994,882
2.17
%
$
100,000,000
U.S. Treasury Bills
Due 04/01/2010*
$
99,988,750
5.85
%
Total United States
(cost $579,049,81
1)
$
578,632,184
33.87
%
Short Term Investment Funds
United States
Short Term Investment Funds (cost $2,531,880)
$
2,531,880
0.15
%
Total Fixed Income Securities
(cost $1,606,403,109)
$
1,606,246,718
94.03
%
See Accompanying Notes to Financial Statements.
-97-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
CONDENSED
    SCHEDULE OF INVESTMENTS
December 31,
    2009
LONG FUTURES CONTRACTS
% of Net
Description
Values ($)
Asset Value
Agricultural
(59,783
)
0.00
%
Energy
$
798,745
0.05
%
Metals
$
4,011,004
0.23
%
Stock indices
$
12,654,145
0.74
%
Short-term interest rates
$
(5,342,338
)
(0.31
)%
Long-term interest rates
$
(14,825,155
)
(0.87
)%
Total long futures contracts
$
(2,763,382
)
(0.16
)%
SHORT FUTURES CONTRACTS
% of Net
Description
Values ($)
Asset Value
Agricultural
$
50,561
0.00
%
Metals
$
(2,581,534
)
(0.15
)%
Long-term interest rates
$
717,238
0.04
%
Total short futures contracts
$
(1,813,735
)
(0.11
)%
Total futures contracts
$
(4,577,117
)
(0.27
)%
FORWARD CURRENCY CONTRACTS
% of Net
Description
Values ($)
Asset Value
Various long forward currency contracts
$
(64,092,290
)
(3.75
)%
Various short forward currency contracts
$
49,010,012
2.87
%
Total forward currency contracts
$
(15,082,278
)
(0.88
)%
PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
% of Net
Description
Values (S)
Asset Value
Purchased options on forward currency contracts (premiums
    paid — $4,023,342)
$
4,062,722
0.24
%
WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
% of Net
Description
Values ($)
Asset Value
Written options on forward currency contracts (premiums
    received — $1,254,708)
$
(1,094,738
)
(0.06
)%
*
Pledged as collateral for the trading of futures, forward and
    option positions.
See Accompanying Notes to Financial Statements.
-98-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
CONDENSED
    SCHEDULE OF INVESTMENTS
December 31,
    2008
FIXED
    INCOME SECURITIES
UNITED
    STATES GOVERNMENT SECURITIES*
Maturity
Maturity
% of Net
Face Value
Date
Description
Values ($)
Asset Value
$
800,000,000
03/19/2009
U.S. Treasury Bills
$
799,948,669
32.57
%
$
300,000,000
03/26/2009
U.S. Treasury Bills
$
299,986,000
12.21
%
$
37,000,000
01/22/2009
U.S. Treasury Bills
$
37,000,000
1.51
%
Total United States government securities
(cost,
    including accrued interest , — $1,136,934,669)
$
1,136,934,669
46.29
%
LONG FUTURES CONTRACTS
% of Net
Description
Values ($)
Asset Value
Metals
$
94,925
0.00
%
Stock indices
$
771,700
0.03
%
Short-term interest rates
$
3,840,778
0.16
%
Long-term interest rates
$
4,905,228
0.20
%
Total long futures contracts
$
9,612,631
0.39
%
SHORT FUTURES CONTRACTS
% of Net
Description
Values ($)
Asset Value
Energy
$
(801,546
)
(0.03
)%
Metals
$
(1,664,930
)
(0.07
)%
Stock indices
$
(3,375,148
)
(0.14
)%
Short-term interest rates
$
(27,625
)
0.00
%
Long-term interest rates
$
(3,537,223
)
(0.14
)%
Total short futures contracts
$
(9,406,472
)
(0.38
)%
Total futures contracts
$
206,159
0.01
%
FORWARD CURRENCY CONTRACTS
% of Net
Description
Values ($)
Asset Value
Various long forward currency contracts
$
26,680,445
1.09
%
Various short forward currency contracts
$
(15,851,597
)
(0.65
)%
Total forward currency contracts
$
10,828,848
0.44
%
See Accompanying Notes to Financial Statements.
-99-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
CONDENSED
    SCHEDULE OF INVESTMENTS
December 31,
    2008
PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
% of Net
Description
Values ($)
Asset Value
Purchased options on forward currency contracts (premiums
    paid — $969,001)
$
519,315
0.02
%
WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
% of Net
Description
Values ($)
Asset Value
Written options on forward currency contracts (premiums
    received — $3,537,352)
$
(3,202,653
)
(0.13
)%
*
Pledged as collateral for the trading of futures, forward and
    option positions.
See Accompanying Notes to Financial Statements.
-100-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
STATEMENTS
    OF FINANCIAL CONDITION
December 31,
    2009 and 2008
2009
2008
ASSETS
Equity in broker trading accounts
Cash
$
224,803,378
$
1,278,536,649
Restricted cash
0
41,411,655
Fixed income securities (cost $199,987,417 and $1,099,934,669,
    respectively)
199,987,417
1,099,934,669
Net unrealized gain (loss) on open futures contracts
(4,577,117
)
206,159
Total equity in broker trading accounts
420,213,678
2,420,089,132
Cash and cash equivalents
41,337,614
30,721,976
Restricted cash deposits with forwards broker
0
42,515,724
Fixed income securities (cost $1,406,415,692 and $37,000,000,
    respectively)
1,406,259,301
37,000,000
Options purchased, at fair value (premiums paid —
    $4,023,342 and $969,001, respectively)
4,062,722
519,315
Net unrealized gain (loss) on open forward currency contracts
(15,082,278
)
10,828,848
Interest receivable
2,064,955
41,698
Total assets
$
1,858,855,992
$
2,541,716,693
LIABILITIES
Accounts payable
$
642,518
$
668,492
Brokerage fee
10,246,641
14,801,625
Options written, at fair value (premiums received —
    $1,254,708 and $3,537,352, respectively)
1,094,738
3,202,653
Payable for securities purchased
99,998,667
0
Accrued commissions and other trading fees on open contracts
206,347
114,176
Offering costs payable
346,751
309,964
Redemptions payable
37,828,712
66,725,891
Total liabilities
150,364,374
85,822,801
PARTNERS' CAPITAL (Net Asset Value)
General Partner — 6,637,982 and 10,367,982 redeemable
    units outstanding at December 31, 2009 and
    December 31, 2008
15,893,851
27,266,756
Limited Partners — 706,905,488 and 923,465,791
    redeemable units outstanding at December 31, 2009 and
    December 31, 2008
1,692,597,767
2,428,627,136
Total partners' capital (Net Asset Value)
1,708,491,618
2,455,893,892
Total liabilities and partners' capital (Net Asset Value)
$
1,858,855,992
$
2,541,716,693
See Accompanying Notes to Financial Statements.
-101-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
STATEMENTS
    OF OPERATIONS
For the
    Years Ended December 31, 2009, 2008 and 2007
2009
2008
2007
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized
$
(112,411,933
)
$
179,004,073
$
(90,020,404
)
Change in unrealized
(4,783,274
)
(25,817,098
)
(122,751,393
)
Brokerage commissions
(2,454,792
)
(3,568,175
)
(7,474,048
)
Net gain (loss) from futures trading
(119,649,999
)
149,618,800
(220,245,845
)
Forward currency and options on forward currency trading gains
    (losses)
Realized
89,537,760
(108,527,108
)
(116,066,270
)
Change in unrealized
(25,596,790
)
98,446,709
(280,170,992
)
Brokerage commissions
(342,095
)
(403,740
)
(3,674,992
)
Net gain (loss) from forward currency and options on forward
    currency trading
63,598,875
(10,484,139
)
(399,912,254
)
Total net trading gain (loss)
(56,051,124
)
139,134,661
(620,158,099
)
NET INVESTMENT INCOME (LOSS)
Income
Investment income
3,038,024
53,353,643
231,682,261
Realized gain (loss) on fixed income securities
(27,242
)
0
0
Change in unrealized gain (loss) on fixed income securities
(156,391
)
0
0
Total investment income
2,854,391
53,353,643
231,682,261
Expenses
Brokerage fee
144,756,816
215,712,348
348,527,101
Operating expenses
1,923,333
1,715,745
2,177,186
Total expenses
146,680,149
217,428,093
350,704,287
Net investment income (loss)
(143,825,758
)
(164,074,450
)
(119,022,026
)
NET INCOME (LOSS)
$
(199,876,882
)
S(24,939,789
)
$
(739,180,125
)
NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT
(based on weighted average number of units outstanding during
    the year)
$
(240.77
)
$
(21.87
)
$
(440.33
)
INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED
    PARTNER UNIT
$
(235.52
)
S(40.75
)
$
(458.41
)
See Accompanying Notes to Financial Statements.
-102-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
STATEMENTS OF CASH FLOWS
For
    the Years Ended December 31, 2009, 2008 and 2007
2009
2008
2007
Cash flows from (for) operating activities
Net income (loss)
$
(199,876,882
)
$
(24,939,789
)
$
(739,180,125
)
Adjustments to reconcile net income (loss) to net cash from
    (for) operating activities
Net change in unrealized
30,536,455
(72,629,611
)
402,922,385
(Increase) decrease in restricted cash
83,927,379
(83,927,379
)
64,472,902
(Increase) decrease in option premiums paid
(3,054,341
)
7,018,555
(3,996,452
)
Increase (decrease) in option premiums received
(2,282,644
)
(947,652
)
2,165,305
Increase (decrease) in payable for securities purchased
99,998,667
0
0
(Increase) decrease in interest receivable
(2,023,257
)
1,054,378
5,249,167
Increase (decrease) in accounts payable and accrued expenses
(4,488,787
)
(9,173,661
)
(11,714,926
)
Net maturities (purchases) of investments in fixed income
    securities
(469,468,439
)
2,401,398,318
116,703,926
Net cash from (for) operating activities
(466,731,849
)
2,217,853,159
(163,377,818
)
Cash flows from (for) financing activities
Addition of units
0
38,172,639
86,659,011
Redemption of units
(573,627,818
)
(1,457,812,994
)
(1,108,096,252
)
Offering costs paid
(2,757,966
)
(5,142,749
)
(6,074,654
)
Net cash from (for) financing activities
(576,385,784
)
(1,424,783,104
)
(1,027,511,895
)
Net increase (decrease) in cash and cash equivalents
(1,043,117,633
)
793,070,055
(1,190,889,713
)
Cash and cash equivalents
Beginning of year
1,309,258,625
516,188,570
1,707,078,283
End of year
$
266,140,992
$
1,309,258,625
$
516,188,570
End of year cash and cash equivalents consists of:
Cash in broker trading accounts
$
224,803,378
$
1,278,536,649
$
274,531,263
Cash and cash equivalents
41,337,614
30,721,976
241,657,307
Total end of year cash and cash equivalents
$
266,140,992
$
1,309,258,625
$
516,188.570
See Accompanying Notes to Financial Statements.
-103-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
STATEMENTS
    OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
For the
    Years Ended December 31, 2009, 2008 and 2007
Partners' Capital
General Partner
Limited Partners
Total
Units
Amount
Units
Amount
Units
Amount
Balances at December 31, 2006
19,222,982
$
60,149,864
1,787,882,705
$
5,594,390,302
1,807,105,687
$
5,654,540,166
Net income (loss) for the year ended December 31, 2007
(8,740,910
)
(730,439,215
)
(739,180,125
)
Additions
5,000
13,617
29,737,090
86,729,507
29,742,090
86,743,124
Redemptions
0,000
0
(412,704,833
)
(1,192,493,381
)
(412,704,833
)
(1,192,493,381
)
Offering costs
(71,361
)
(6,146,858
)
(6,218,219
)
Balances at December 31, 2007
19,227,982
51,351,210
1,404,914,962
3,752,040,355
1,424,142,944
3,803,391,565
Net income (loss) for the year ended December 31, 2008
(239,626
)
(24,700,163
)
(24,939,789
)
Additions
0,000
0
14,098,315
38,088,526
14,098,315
38,088,526
Redemptions
(8,860,000
)
(23,787,863
)
(495,547,486
)
(1,332,065,532
)
(504,407,486
)
(1,355,853,395
)
Offering costs
(56,965
)
(4,736,050
)
(4,793,015
)
Balances at December 31, 2008
10,367,982
27,266,756
923,465,791
2,428,627,136
933,833,773
2,455,893,892
Net income (loss) for the year ended December 31, 2009
(2,437,542
)
(197,439,340
)
(199,876,882
)
Redemptions
(3,730,000
)
(8,906,531
)
(216,560,303
)
(535,824,108
)
(220,290,303
)
(544,730,639
)
Offering costs
(28,832
)
(2,765,921
)
(2,794,753
)
Balances at December 31, 2009
6,637,982
$
15,893,851
706,905,488
$
1,692,597,767
713,543,470
S 1,708,491,618
Net Asset Value per General and Limited Partner Unit
December 31, 2009
December 31, 2008
December 31, 2007
$2,394.38
$2,629.90
$2,670.65
See Accompanying Notes to Financial Statements.
-104-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
FINANCIAL
    HIGHLIGHTS
For the
    Years Ended December 31, 2009, 2008 and 2007
The following information presents per unit operating
    performance data and other supplemental financial data for the
    years ended December 31, 2009, 2008 and 2007. This
    information has been derived from information presented in the
    financial statements.
2009
2008
2007
Per Unit Performance
(for a unit outstanding throughout the entire year)
Net asset value per unit at beginning of year
$
2,629.90
$
2,670.65
$
3,129.06
Income (loss) from operations:
Total net trading gains (losses)(1)
(58.90
)
107.33
(383.81
)
Net investment income (loss)(1)
(173.25
)
(143.88
)
(70.90
)
Total net income (loss) from operations
(232.15
)
(36.55
)
(454.71
)
Offering costs(1)
(3.37
)
(4.20
)
(3.70
)
Net asset value per unit at end of year
$
2,394.38
$
2,629.90
$
2,670.65
Total Return
(8.96
)%
(1.53
)%
(14.65
)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee
7.16
%
7.19
%
7.11
%
Performance fee
0.00
%
0.00
%
0.00
%
Total expenses
7.16
%
7.19
%
7.11
%
Net investment income (loss)(2)
(7.02
)%
(5.43
)%
(2.41
)%
Total returns are calculated based on the change in value of
    a unit during the year. An individual partner'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 year. 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.
See Accompanying Notes to Financial Statements.
-105-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
NOTES
    TO FINANCIAL STATEMENTS
December 31,
    2009
Note 1.
ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.
General Description of the Fund
Campbell Strategic Allocation Fund, L.P. (the Fund) is a
    Delaware limited partnership which operates as a commodity
    investment pool. The Fund engages in the speculative trading of
    futures contracts, forward currency contracts and options on
    forward currency contracts.
Effective June 14, 2008, units in the Fund were no longer
    offered for sale. For existing investors in the Fund, business
    is conducted as usual. There was no change in trading,
    operations or monthly statements, etc. and redemptions will
    continue to be offered on a monthly basis.
B.
Regulation
As a registrant with the Securities and Exchange Commission, 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 (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
    market price) are reported in the statement 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, (formerly
    FAS No. 39 - "Offsetting of Amounts Related to
    Certain Contracts"). The market value of futures
    (exchange-traded) contracts is determined by the various futures
    exchanges, and reflects the settlement price for each contract
    as of the close on the last business day of the reporting
    period. The market 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 or based on the market
    value of its exchange-traded equivalent.
The market value of option (non-exchange traded) contracts is
    calculated by applying an industry-standard adaptation of the
    Black-Scholes options valuation model to foreign currency
    options, using as input, the spot prices, interest rates and
    option implied volatilities quoted as of 3:00 P.M. (E.T.)
    on the last business day of the reporting period. Any change in
    net unrealized gain or loss from the preceding period is
    reported in the statement of operations.
When the Fund writes an option, an amount equal to the premium
    received by the Fund is reflected as an asset and an equivalent
    liability. The amount of the liability is subsequently
marked-to-market
to reflect the current market value of option written. Brokerage
    commissions include other trading fees and are charged to
    expense when contracts are opened.
The fixed income investments, other than U.S. Treasury
    bills held at the brokers or interbank market makers, are
marked-to-market
on the last business day of the reporting period by a custodian
    who utilizes
-106-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
NOTES TO
    FINANCIAL STATEMENTS — (Continued)
December 31,
    2009
Note 1.
ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES — (Continued)
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 not held by the custodian are stated at cost plus accrued
    interest. which approximates fair value. Premiums and discounts
    on debt securities are amortized for financial reporting
    purposes.
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.
The Fund adopted the provisions of ASC 820, Fair Value
    Measurements and Disclosures (formerly FASB No. 157,
    "Fair Value Measurements"), as of January 1,
    2008, 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 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 and options on 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 year ended December 31, 2009, the Fund did not have any
    Level 3 assets or liabilities.
-107-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
NOTES TO
    FINANCIAL STATEMENTS — (Continued)
December 31,
    2009
Note 1.
ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES — (Continued)
The following tables set 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, 2009 and
    December 31, 2008.
Fair Value at December 31, 2009
Description
Level 1
Level 2
Level 3
Total
Investments
Fixed income securities
$
0
$
1,606,246,718
$
0
$
1,606,246,718
Other Financial Instruments
Exchange-traded futures contracts
(4,577,117
)
0
0
(4,577,117
)
Forward currency contracts
0
(15,082,278
)
0
(15,082,278
)
Options purchased
0
4,062,722
0
4,062,722
Options written
0
(1,094,738
)
0
(1,094,738
)
Total
$
(4,577,117
)
$
1,594,132,424
$
0
$
1,589,555,307
Fair Value at December 31, 2008
Description
Level 1
Level 2
Level 3
Total
Investments
Fixed income securities
$
0
$
1,136,934,669
$
0
$
1,136,934,669
Other Financial Instruments
Exchange-traded futures contracts
206,159
0
0
206,159
Forward currency contracts
0
10,828,848
0
10,828,848
Options purchased
0
519,315
0
519,315
Options written
0
(3,202,653
)
0
(3,202,653
)
Total
$
206,159
$
1,145,080,179
$
0
$
1,145,286,338
D.
Cash and Cash Equivalents
Cash and cash equivalents includes cash and overnight money
    market investments at financial institutions.
E.
Income Taxes
The Fund prepares calendar year U.S. federal and applicable
    state information tax returns and reports 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 (formerly FASB No. 48.
    "Accounting for Uncertainty in 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 Fund files federal and state tax returns. The
    2006 through 2009 tax years generally remain subject to
    examination by the U.S. federal and most state tax
    authorities.
-108-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
NOTES TO
    FINANCIAL STATEMENTS — (Continued)
December 31,
    2009
Note 1.
ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES — (Continued)
F.
Offering Costs
Campbell & Company, Inc. (Campbell &
    Company) has incurred all costs in connection with the initial
    and continuous offering of units of the Fund (offering costs).
    In addition, Campbell
&
Company continues to
    compensate wholesalers for services rendered to Limited
    Partners. The Fund's liability for offering costs is
    limited to the maximum of total offering costs incurred by
    Campbell & Company or 2.5% of the aggregate
    subscriptions accepted during the initial and continuous
    offerings. The Fund is only liable for payment of offering costs
    on a monthly basis as calculated based on the limitations stated
    above. At December 31, 2009, and December 31, 2008,
    the Fund reflects a liability in the statement of financial
    condition for offering costs payable to Campbell &
    Company of $346,751 and $309,964, respectively. The amount of
    monthly reimbursement due to Campbell & Company is
    charged directly to partners' capital.
If the Fund terminates prior to completion of payment of the
    calculated amounts to Campbell
&
Company
    Campbell & Company will not be entitled to any
    additional payments, and the Fund will have no further
    obligation to Campbell & Company. At December 31,
    2009 and December 31, 2008, the amount of unreimbursed
    offering costs incurred by Campbell & Company is
    $529,166 and $926,519, 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
    statement 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.
Recently Issued Accounting Pronouncements
In January 2010, the Financial Accounting Standards Board issued
    Accounting Standards update
No. 2010-06
("ASU
2010-06")
for improving disclosure about fair value measurements. ASU
2010-06
adds
    new disclosure requirements about transfers into and out of
    Levels 1 and 2 and separate disclosures about purchases,
    sales, issuances and settlements in the reconciliation for fair
    value measurements using significant unobservable inputs
    (Level 3). It also clarifies existing disclosure
    requirements relating to the levels of disaggregation for fair
    value measurement and inputs and valuation techniques used to
    measure fair value. The amended guidance is effective for
    financial statements for fiscal years and interim periods
    beginning after December 15, 2009 except for disclosures
    about purchases, sales, issuances and settlements in the
    rollforward of activity in Level 3 fair value measurements,
    which are effective for fiscal years beginning after
    December 15, 2010 and for interim periods within those
    fiscal years. The impact of this guidance on the Fund's
    financial statements and disclosures, if any, is currently being
    assessed.
Note 2.
GENERAL
    PARTNER AND COMMODITY 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 commodity trading
    advisor of the Fund. The Amended Agreement of Limited
    Partnership provides that Campbell & Company may make
    withdrawals of its units, provided that such withdrawals do not
    reduce Campbell & Company's aggregate percentage
    interest in the Fund to less than 1% of the net aggregate
    contributions.
-109-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
NOTES TO
    FINANCIAL STATEMENTS — (Continued)
December 31,
    2009
Note 2.
GENERAL
    PARTNER AND COMMODITY TRADING
    ADVISOR — (Continued)
Campbell & Company is required by the Amended
    Agreement of Limited Partnership to maintain a net worth 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 net worth shall in no case be less than
    $50,000 nor shall net worth in excess of $1,000,000 be required.
The Fund pays a monthly brokerage fee equal to
1
/
12
of 7% (7% annualized) of month-end net assets to
    Campbell & Company and approximately $4 per round turn
    to the broker for execution and clearing costs. From the 7% fee,
    a portion (4%) is used to compensate selling agents for ongoing
    services rendered and a portion (3%) is retained by
    Campbell & Company for trading and management services
    rendered. The amount paid to the broker and interbank market
    makers for execution and clearing costs is limited to
1
/
12
of 1% (1% annualized) of month-end net assets.
Campbell & Company is also paid a quarterly
    performance fee of 20% of the Fund's aggregate cumulative
    appreciation in the Net Asset Value per unit, exclusive of
    appreciation attributable to interest income. More specifically,
    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) adjusting for investment income. In determining
    the brokerage and performance fees ("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 Fund's bank, broker or
    cash management accounts.
Note 3.
CASH
    MANAGER AND CUSTODIAN
In July 2009 the Fund appointed Wilmington Trust Investment
    Management LLC, a wholly owned subsidiary of Wilmington
    Trust Corporation, and Horizon Cash Management LLC as cash
    managers under the Non-Custody Investment Advisory Agreements to
    manage and control the liquid assets of the Fund. Each cash
    manager is registered as an investment adviser with the
    Securities and Exchange Commission of the United States under
    the Investment Advisers Act of 1940.
The Fund opened custodial accounts at The Northern
    Trust Company (the custodian) and has granted the cash
    managers 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 managers on behalf of the Fund
    will be held in the Fund's custody accounts at the
    custodian. The cash managers will have no beneficial or other
    interest in the securities and cash in such custody accounts.
    The cash managers began trading on behalf of the Fund in August
    2009.
Note 4.
DEPOSITS
    WITH BROKERS
The Fund deposits assets with brokers subject to Commodity
    Futures Trading Commission regulations and various exchange and
    broker requirements. Margin requirements are satisfied by the
    deposit of U.S. Treasury bills and cash with such brokers.
    The Fund typically earns interest income on its assets deposited
    with the brokers.
Note 5.
OPERATING
    EXPENSES
Operating expenses of the Fund are limited by the Amended
    Agreement of Limited Partnership to 0.5% per year of the average
    month end Net Asset Value of the Fund. Actual operating expenses
    were less than 0.5% (annualized) of average month-end Net Asset
    Value for the years ended December 31, 2009, 2008 and 2007.
-110-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
NOTES TO
    FINANCIAL STATEMENTS — (Continued)
December 31,
    2009
Note 6.
SUBSCRIPTIONS,
    DISTRIBUTIONS AND REDEMPTIONS
Investments in the Fund were made by subscription agreement,
    subject to acceptance by Campbell & Company.
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, which are paid to Campbell & Company,
    apply through the first twelve month-ends following purchase as
    follows: 4% of Net Asset Value per unit redeemed through the
    third month-end, 3% of Net Asset Value per unit redeemed through
    the sixth month-end, 2% of Net Asset Value per unit redeemed
    through the ninth month-end and 1% of Net Asset Value per unit
    redeemed through the twelfth month end. After the twelfth
    month-end following purchase of a unit, no redemption fees
    apply. For the years ended December 31, 2009 and 2008.
    Campbell
&
Company received redemption fees of
    $11,966 and $192,892 respectively.
Note 7.
TRADING
    ACTIVITIES AND RELATED RISKS
The Fund engages in the speculative trading of U.S. and
    foreign futures contracts, forward currency contracts and
    options on forward currency contracts (collectively,
    "derivatives"). Specifically, the Fund trades a
    portfolio primarily focused on financial futures, which are
    instruments designed to hedge or speculate on changes in
    interest rates, currency exchange rates or stock index values. A
    secondary emphasis is on metals, energy and agriculture values.
    The Fund is exposed to both market risk, the risk arising from
    changes in the market value of the contracts, and credit risk,
    the risk of failure by another party to perform according to the
    terms of a contract. The market sensitive instruments held by
    the Fund are acquired for speculative trading purposes, and all
    or a substantial amount of the Fund's assets are subject to
    the risk of trading loss. Unlike an operating company, the risk
    of market sensitive instruments is integral, not incidental, to
    the Fund's main line of business.
Purchase and sale of futures contracts requires margin deposits
    with the brokers. Additional deposits may be necessary for any
    loss on contract value. The Commodity Exchange Act requires a
    broker to segregate all customer transactions and assets from
    such broker's proprietary activities. A customer's
    cash and other property (for example, U.S. Treasury bills)
    deposited with a broker are considered commingled with all other
    customer funds subject to the broker's segregation
    requirements. In the event of a 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
    broker and interbank market makers usually range from 10% to 30%
    of Net Asset Value. The market value of securities held to
    satisfy such requirements at December 31, 2009 and
    December 31, 2008 was $266,982,272 and $1,136,934,669,
    respectively. which equals 16% and 46% of Net Asset Value,
    respectively. The cash deposited with interbank market makers at
    December 31, 2009 and December 31, 2008 was
    $41,140,268 and $73,104,593, respectively, which equals 2% and
    3% of Net Asset Value, respectively. These amounts are included
    in cash, Included in cash deposits with the broker and interbank
    market maker at December 31, 2009 and December 31,
    2008 was restricted cash for margin requirements of $0 and
    $83,927,379 respectively, which equals 0% and 3% of Net Asset
    Value respectively.
The Fund trades forward currency and options on forward currency
    contracts in unregulated markets between principals and assumes
    the risk of loss from counterparty nonperformance. Accordingly,
    the risks associated with forward currency and options on
    foreign 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 and options on forward currency contracts
    typically involves delayed cash settlement.
-111-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
NOTES TO
    FINANCIAL STATEMENTS — (Continued)
December 31,
    2009
Note 7.
TRADING
    ACTIVITIES AND RELATED
    RISKS — (Continued)
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 market value of
    the contracts. Market movements result in frequent changes in
    the fair market 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 market 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. As both a buyer and seller of options, the
    Fund pays or receives a premium at the outset and then bears the
    risk of unfavorable changes in the price of the contract
    underlying the option. Written options expose the Fund to
    potentially unlimited liability, and purchased options expose
    the Fund to a risk of loss limited to the premiums paid. See
    Note 1, C, for an explanation of how the Fund determines
    its valuation for derivatives as well as the netting of
    derivatives.
The unrealized gain (loss) on open futures, forward currency and
    options on forward currency contracts is comprised of the
    following:
Forward Currency and Options on
Futures Contracts
Forward Currency Contracts
(exchange traded)
(non-exchange traded)
December 31,
December 31,
December 31,
December 31,
2009
2008
2009
2008
Gross unrealized gains
$
25,016,239
$
14,648,019
$
68,424,483
$
64,296,837
Gross unrealized losses
(29,593,356
)
(14,441,860
)
(83,307,411
)
(53,582,976
)
Net unrealized gain (loss)
$
(4,577,117
)
$
206,159
$
(14,882,928
)
$
10,713,861
In March 2008, the FASB issued ASC 815, "Derivatives
    and Hedging" (formerly SFAS No. 161,
    "Disclosures about Dervative instruments and Hedging
    Activities"). 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. ASC 815 is effective
    for financial statements issued for the Fund's first fiscal
    year beginning after November 15, 2008. The Fund adopted
    ASC 815 effective January 1, 2009.
-112-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
NOTES TO
    FINANCIAL STATEMENTS — (Continued)
December 31,
    2009
Note 7.
TRADING
    ACTIVITIES AND RELATED
    RISKS — (Continued)
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
    Statement of Financial Condition, as of December 31, 2009
    is as follows:
Asset
Liability
Derivatives at
Derivatives at
Statement of Financial
December 31, 2009
December 31, 2009
Type of Instrument*
Condition Location
Fair Value
Fair Value
Net
Agricultural Contracts
Equity in broker trading accounts
$
616,716
$
(625,938
)
$
(9,222
)
Energy Contracts
Equity in broker trading accounts
999,217
(200,472
)
798,745
Metal Contracts
Equity in broker trading accounts
7,483,987
(6,054,517
)
1,429,470
Stock Indices Contracts
Equity in broker trading accounts
13,693,321
(1,039,176
)
12,654,145
Short-Term Interest Rate Contracts
Equity in broker trading accounts
276,225
(5,618,563
)
(5,342,338
)
Long Term Interest Rate Contracts
Equity in broker trading accounts
1,946,773
(16,054,690
)
(14,107,917
)
Forward Currency Contracts
Net unrealized gain (loss) on forward currency contracts
66,727,508
(81,809,786
)
(15,082,278
)
Purchased Options on Forward Currency Contracts
Options purchased, at fair value
4,062,722
0
4,062,722
Written Options on Forward Currency Contracts
Options written, at fair value
0
(1,094,738
)
(1,094,738
)
Totals
$
95,806,469
$
(112,497,880
)
$
(16,691,411
)
*
Derivatives not designated as hedging instruments under
    ASC 815
-113-
Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
NOTES TO
    FINANCIAL STATEMENTS — (Continued)
December 31,
    2009
Note 7.
TRADING
    ACTIVITIES AND RELATED
    RISKS — (Continued)
The trading revenue of the Fund's derivatives by instrument
    type, as well as the location of those gains and losses on the
    Statement of Operations, for the year ended December 31,
    2009 is as follows:
Trading Revenue For
the Year Ended
Type of Instrument
December 31, 2009
Agricultural Contracts
$
(6,276,313
)
Energy Contracts
(25,247,449
)
Metal Contracts
23,508,827
Stock Indices Contracts
(18,689,689
)
Short-Term Interest Rate Contracts
(12,593,188
)
Long Term Interest Rate Contracts
(78,495,735
)
Forward Currency Contracts
36,462,662
Purchased Options on Forward Currency Contracts
(41,245,310
)
Written Options on Forward Currency Contracts
68,723,618
Total
$
(53,852,577
)
Trading Revenue For
the Year Ended
Line Item in the Statement of Operations
December 31, 2009
Futures trading gains (losses):
Realized
$
(113,010,273
)
Change in unrealized
(4,783,274
)
Forward currency and options on forward currency trading gains
    (losses):
Realized
89,537,760
Change in unrealized
(25,596,790
)
Total
$
(53,852,577
)
For the year ended December 31, 2009, the monthly average
    of futures contracts bought and sold was approximately 85,200,
    and the monthly average of notional value of forward currency
    and options on forward currency contracts was $10,284,500,000.
Open contracts generally mature within three months; as of
    December 31, 2009, the latest maturity date for open
    futures contracts is March 2011. the latest maturity date for
    open forward currency contracts is March 2010, and the latest
    expiry date for options on forward currency contracts is January
    2010. However, the Fund intends to close all futures and foreign
    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 precalculating "stop-loss" points at which
    systems will signal to close open positions.
    Campbell & Company controls the risk of
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Table of Contents
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
NOTES TO
    FINANCIAL STATEMENTS — (Continued)
December 31,
    2009
Note 7.
TRADING
    ACTIVITIES AND RELATED
    RISKS — (Continued)
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 bears the risk of loss only to the
    extent of the market value of their respective investments and,
    in certain specific circumstances, distributions and redemptions
    received.
Note 8.
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 9.
SUBSEQUENT
    EVENTS
Management of the Fund has evaluated subsequent events through
    the date the financial statements were issued. Other than the
    following, there are no subsequent events to disclose or record.
    On December 18, 2009, a registration statement was filed
    with the Securities and Exchange Commission to reopen the Fund
    to existing investors. As of March 26, 2010, the
    registration is not yet effective.
-115-
Table of Contents
201 International Circle, Suite 400
Hunt Valley, Maryland 21030 • USA
Tel: 410-771-0001 • Fax: 410-785-9784
www.arthurbellcpas.com
INDEPENDENT
    AUDITOR'S REPORT
To the Stockholders and Board of Directors
Campbell & Company, Inc.
We have audited the accompanying consolidated balance sheet of
    Campbell & Company, Inc. and subsidiaries
    (collectively, the "Company") as of December 31,
    2009. This financial statement is the responsibility of the
    Company's management. Our responsibility is to express an
    opinion on this financial statement based on our audit.
We conducted our audit in accordance with auditing standards
    generally accepted in the United States of America. Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the consolidated balance
    sheet is free of material misstatement. An audit includes
    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 Company's internal control over
    financial reporting. Accordingly, we express no such opinion. An
    audit includes examining, on a test basis, evidence supporting
    the amounts and disclosures in the consolidated balance sheet.
    An audit also includes assessing the accounting principles used
    and significant estimates made by management, as well as
    evaluating the overall consolidated balance sheet presentation.
    We believe that our audit provides a reasonable basis for our
    opinion.
In our opinion, the consolidated balance sheet referred to above
    presents fairly, in all material respects, the financial
    position of Campbell & Company, Inc. and subsidiaries
    as of December 31, 2009, in conformity with accounting
    principles generally accepted in the United States of America.
/s/ ARTHUR F. BELL, JR. & ASSOCIATES, L.L.C.
Hunt Valley, Maryland
April 16, 2010
-116-
Table of Contents
CAMPBELL &
    COMPANY, INC.
CONSOLIDATED BALANCE SHEET
December 31,
    2009
ASSETS
Current assets
Cash and cash equivalents
$
38,432,221
Net unrealized (loss) on open futures contracts
(347,661
)
Net unrealized (loss) on open forward currency contracts
(362,611
)
Fixed income securities
1,199,820
Accounts receivable
Advisory and performance fees
8,716,425
Receivable from Campbell Strategic Allocation Fund, L.P.
6,201,975
Other receivables
1,724,793
Total current assets
55,564,962
Property and equipment
Furniture and office equipment
18,536,973
Leasehold improvements
5,755,048
24,292,021
Less accumulated depreciation and amortization
(10,952,404
)
Total property and equipment
13,339,617
Other assets
Cash surrender value of life insurance, net of policy loans of
    $382,600
596,952
Investments in sponsored funds
95,943,034
Investment in other fund
5,008,955
Other
6,321,714
Total assets
$
176,775,234
LIABILITIES
Current liabilities
Accounts payable and accrued expenses
$
22,842,165
Current portion of subordinated debt
59,834,177
Total current liabilities
82,676,342
Deferred rent expense
3,191,731
Subordinated debt
65,435,823
Capital stock subject to repurchase, at current redemption value
1,579,721
Total liabilities
152,883,617
STOCKHOLDERS' EQUITY
Retained earnings
9,948,235
Noncontrolling interest
13,943,382
Total stockholders' equity
23,891,617
Total liabilities and stockholders' equity
$
176,775,234
See accompanying notes.
-117-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE SHEET
Note 1.
ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.
General
The consolidated balance sheet of Campbell & Company,
    Inc. include the accounts of Campbell & Company, Inc.
    and its wholly-owned subsidiaries, Campbell & Company
    Investment Adviser LLC (CCIA) and Campbell Financial Services,
    Inc. (CFS), and its partially owned subsidiary, The Campbell
    Gold Plus Fund, L.P. (CGPF), collectively, the
    "Company." Campbell & Company, Inc. is
    incorporated in Maryland and earns fees as a commodity trading
    advisor. CCIA was formed on January 31, 2005 as a limited
    liability company under the laws of Delaware. CCIA is registered
    under the Investment Advisers Act of 1940, as amended, as an
    investment adviser. Campbell & Company, Inc. is the
    sole member of CCIA. CFS is a broker and dealer in securities
    ("broker-dealer") whose entire amount of issued common
    stock was purchased by Campbell & Company, Inc.
    effective October 22, 2009. CGPF is a limited partnership
    formed on July 2, 2009 under the laws of Delaware, and
    which commenced operations on October 1, 2009.
    Campbell & Company, Inc. is the general partner of
    CGPF. CGPF is an investment partnership that is majority owned
    by Campbell & Company, Inc. and Campbell &
    Company, Inc.'s majority stockholder. CGPF operates as a
    commodity investment pool and engages in speculative trading of
    futures contracts and forward currency contracts.
    Campbell & Company, Inc. intends to solicit additional
    outside investment in CGPF and will re-assess the need to
    consolidate CGPF in future periods.
Both Campbell & Company, Inc. and CGPF are 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, and the rules of
    the National Futures Association, an industry self-regulatory
    organization. CGPF is also subject to the requirements of
    commodity exchanges, brokers, and interbank market makers
    through which it trades. CCIA is subject to the regulations of
    the Securities and Exchange Commission (SEC) under the
    Investment Advisers Act of 1940. CFS is registered with the SEC
    as a broker-dealer and is a member of the Financial Industry
    Regulatory Authority (FINRA). As a broker-dealer, CFS must meet
    the net capital provisions of
Rule 15c3-1
of the Securities Exchange Act of 1934.
The consolidated balance sheet includes the accounts of
    Campbell & Company, Inc., CCIA, CFS and CGPF at
    December 31, 2009. Intercompany accounts and transactions
    have been eliminated in consolidation. The interest of CGPF not
    owned by Campbell & Company, Inc. is presented as the
    noncontrolling interest in the consolidated balance sheet.
B.
Method of Reporting
The Company's consolidated balance sheet is presented in
    accordance with accounting principles generally accepted in the
    United States of America. The preparation of a consolidated
    balance sheet in conformity with accounting principles generally
    accepted in the United States of America requires management to
    make estimates and assumptions that affect the reported amounts
    of assets and liabilities and disclosures of contingent assets
    and liabilities at the date of the consolidated balance sheet.
    Actual results could differ from those estimates, and such
    differences may be material to the consolidated balance sheet.
For the period October 1, 2009 through December 31,
    2009, Campbell & Company, Inc. was deemed to be the
    controlling investor of CGPF, as its own investment and the
    investment of Campbell & Company, Inc.'s majority
    stockholder represented a majority of the partners' capital
    of CGPF. All ownership interests in CGPF not owned directly by
    Campbell & Company, Inc., which equals all limited
    partners' capital of CGPF, is reported as the
    noncontrolling interest in the consolidated balance sheet.
-118-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 1.
ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES —
    (Continued)
Effective July 1, 2009, the Financial Accounting Standards
    Board (FASB) Accounting Standards Codification (ASC), referred
    to as FASB ASC or the Codification, became the single source of
    U.S. generally accepted accounting principles
    (U.S. GAAP) for interim and annual periods ending after
    September 15, 2009. Existing accounting standards are
    incorporated into the Codification and standards not
    incorporated into the codification are considered
    nonauthoritative.
C.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash, certificates of
    deposit and money market mutual funds readily convertible into
    cash.
D.
Fair Value
The Company's assets and liabilities measured on a
    recurring basis are reported at fair value pursuant to the
    provisions of the
Fair Value Measurements and Disclosures
Topic of the Codification. Fair value is defined 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. The fair value hierarchy, as set forth
    in the
Fair Value Measurements and Disclosures
Topic of
    the Codification, prioritizes the inputs to valuation techniques
    used to measure fair value into three broad levels: quoted
    market prices in active markets for identical assets or
    liabilities (Level 1); inputs other than quoted market
    prices that are observable for the asset or liability, either
    directly or indirectly (Level 2); and unobservable inputs
    for an asset or liability (Level 3). If the inputs used to
    measure a financial instrument fall within different levels of
    the fair value hierarchy, the categorization is based on the
    lowest level input that is significant to the measurement of
    that financial instrument.
During September 2009, Accounting Standards Update
No. 2009-12
(ASU
2009-12),
Fair Value Measurements and Disclosures (Topic 820),
    Investments in Certain Entities That Calculate Net Asset Value
    per Share (or Its Equivalent)
, was issued by the FASB and
    was effective for interim and annual periods ending after
    December 15, 2009.
ASU
2009-12
amends the Codification and provides that if the reporting
    entity has the ability to redeem its investment in another
    investment fund or entity at net asset value at the measurement
    date, the investment shall be categorized as a Level 2 fair
    value measurement, and if the reporting entity cannot redeem its
    investment in another investment fund or entity at net asset
    value at the measurement date but the investment will be
    redeemable at a future date, the reporting entity shall consider
    the length of time until the investment will be redeemable in
    determining whether it will be categorized as a Level 2 or
    Level 3 fair value measurement. Accordingly, in accordance
    with the provisions of ASU
2009-12,
at
    December 31, 2009, the Company's investments in
    sponsored and other funds are categorized as either Level 2
    or Level 3 fair value measurements. At December 31,
    2008, all of the Company's investments in sponsored funds
    were categorized as Level 2 fair value measurements.
E.
Futures and Forward Currency Contracts
Investment transactions are accounted for on the trade date. Net
    unrealized gains or losses on open contracts (the difference
    between contract trade price and market price) are reported in
    the consolidated balance sheet as a net gain or loss, as there
    exists a right of offset of unrealized gains or losses in
    accordance with FASB
ASC 210-20,
Offsetting — Balance Sheet. The fair value of futures
    (exchange-traded) contracts is determined by the various futures
    exchanges, and reflects the settlement price for each contract
    as of the close of the last business day of the reporting
    period. The fair value of forward
-119-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 1.
ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES —
    (Continued)
currency (non-exchange traded) contracts is extrapolated on a
    forward basis from the spot prices quoted as of 3:00 P.M.
    (E.T.) of the last business day of the reporting period.
F.
Fixed Income Securities
U.S. government securities are stated at cost plus accrued
    interest, which approximates fair value.
G.
Property and Equipment
Property and equipment are stated at cost. Depreciation and
    amortization is provided for over the estimated useful lives of
    the assets using straight-line and accelerated methods. Such
    lives range from 3 to 39 years.
H.
Investments in Sponsored and Other Funds
Investments in sponsored and other funds are reported at fair
    value at the date of the consolidated balance sheet. Fair value
    ordinarily is the value determined for each sponsored or other
    fund in accordance with such fund's valuation policies and
    reported at the time of the Company's valuation. Generally,
    the fair value of the Company's investment in a sponsored
    or other fund equals the underlying net asset value and
    represents the amount the Company could reasonable expect to
    receive from such sponsored or other fund if the Company's
    investment was redeemed at the time of valuation.
I.
Revenue Recognition
Advisory and management fees accrue monthly based on a
    percentage of assets under management. Performance fees may be
    earned by achieving defined performance objectives. Performance
    fees are accrued when the conditions of the applicable
    performance fee agreements are satisfied. Commission revenue is
    recognized when earned, based on the terms of the underlying
    agreements.
J.
Income Taxes
The Company has elected S corporation status under the
    Internal Revenue Code, pursuant to which the Company does not
    pay U.S. or Maryland income taxes. The Company files
    U.S. federal and state tax returns and is subject to state
    income taxes in certain states in which it conducts business,
    and adequate provision for such is provided for in the
    consolidated balance sheet. The Company's taxable income is
    taxable to the stockholders on an individual basis.
Effective October 22, 2009, the Company filed on behalf of
    CFS, a Subchapter S Subsidiary election under the Internal
    Revenue Code whereby CFS's taxable income will
    "flow-through" to Campbell & Company, Inc.
    and be subject to their U.S. federal and state taxation
    status.
As both CCIA and CGPF are either a limited liability company or
    a limited partnership, they report to the members or partners,
    including Campbell & Company, Inc., their allocable
    shares of CCIA's and CGPF's income, expenses, gains
    and losses. Such income, expenses, gains and losses are then
    taxable to the Company's stockholders on an individual
    basis.
The Company has continued to evaluate the application of
    ASC 740, Income Taxes (formerly FASB Interpretation
    No. 48 entitled "Accounting For Uncertainty in Income
    Taxes — an interpretation of FASB Statement
    No. 109") to the Company, and has determined that
    ASC 740 does not have a material impact on the
    Company's consolidated balance sheet. The Company has an
    accounting policy to classify tax related interest and
    penalties, if any, as interest expense. The 2006 through 2009
    tax years generally remain subject to examination by
    U.S. federal and most state tax authorities.
-120-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 1.
ORGANIZATION
    AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES —
    (Continued)
K.
Foreign Currency Transactions
The Company'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
    consolidated balance sheet.
L.
Recently Issued Accounting Pronouncements
Effective October 1, 2009, in conjunction with becoming the
    controlling investor of CGPF, the Company adopted Statement of
    Financial Accounting Standards No. 160 (FAS 160),
    "Noncontrolling Interests in Consolidated Financial
    Statements (as amended)," which is now incorporated in the
    Codification in the
Consolidation
Topic. The adoption of
    this accounting pronouncement did not have a material impact on
    the Company's consolidated balance sheet.
Effective October 1, 2009, in conjunction with becoming the
    controlling investor of CGPF, the Company adopted Statement of
    Financial Accounting Standards No. 161, "Disclosure
    about Derivative Instruments and Hedging Activities —
    an amendment of FASB Statement No. 133"
    (FAS 161). FAS 161, which is now incorporated in the
    Codification in the
Derivatives and Hedging
Topic
    establishes, among other things, the disclosure requirements for
    derivative instruments and for hedging activities. The adoption
    of this accounting pronouncement did not have a material impact
    on the Company's consolidated balance sheet. The
    disclosures required by the
Derivatives and Hedging
Topic
    related to this accounting pronouncement are included in
    Note 4. of the consolidated balance sheet.
In May 2009, the FASB issued FASB Statement No. 165,
    "Subsequent Events" (FAS 165), which establishes
    general standards of accounting for and disclosure of events
    that occur after the consolidated balance sheet date but before
    the consolidated balance sheet is issued or available to be
    issued. FAS 165, which is now incorporated in the
    Codification in the
Subsequent Events
Topic, is effective
    for interim and annual periods ending after June 15, 2009.
    The adoption of this accounting pronouncement did not have a
    material impact on the Company's consolidated balance sheet.
In January 2010, the FASB issued Accounting Standards Update
No. 2010-06
(ASU
2010-06)
entitled "Fair Value Measurements and Disclosures (Topic
    820) — Improving Disclosures about Fair Value
    Measurements." ASU
2010-06
adds
    new disclosure requirements about transfers into and out of
    Levels 1 and 2 and separate disclosures about purchases,
    sales, issuances and settlements in the reconciliation for fair
    value measurements using significant unobservable inputs
    (Level 3). It also clarifies existing disclosure
    requirements relating to the levels of disaggregation for fair
    value measurement and inputs and valuation techniques used to
    measure fair value. ASU
2010-06
is
    effective for interim and annual reporting periods beginning
    after December 15, 2009, except for disclosures about
    purchases, sales, issuances and settlements in the roll forward
    of activity in Level 3 fair value measurements, which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years. The
    Company is currently assessing the impact that ASU
2010-06
will
    have on the Company's consolidated balance sheet, however,
    no material impact is anticipated.
-121-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 2.
FAIR
    VALUE
The following summarizes the Company's assets accounted for
    at fair value at December 31, 2009 using the fair value
    hierarchy:
Assets
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$
38,432,221
$
—
$
—
$
38,432,221
Investments in sponsored funds
—
77,875,691
18,067,343
95,943,034
Investment in other fund
—
5,008,955
—
5,008,955
Fixed income securities
—
1,199,820
—
1,199,820
Futures contracts
(347,661
)
—
—
(347,661
)
Forward currency contracts
—
(362,611
)
—
(362,611
)
Total
$
38,084,560
$
83,721,855
$
18,067,343
$
139,873,758
A reconciliation of the beginning and ending balances for each
    major category of assets measured at fair value on a recurring
    basis using significant Level 3 inputs during 2009, is as
    follows:
Level 3 Fair Value
Measurements Investments
in Sponsored Funds
Beginning balance, December 31, 2008
$
0
Reclassification of categorization of level of fair value
    hierarchy pursuant to ASU
2009-12
29,573,704
Total (loss) included in net income
(2,599,829
)
Redemptions from sponsored funds
(8,906,532
)
Ending balance, December 31, 2009
$
18,067,343
The following summarizes the carrying amount and fair value of
    the Company's other financial instruments at
    December 31, 2009:
Carrying
Fair
Assets
Amount
Value
Cash surrender value of life insurance
$
596,952
$
596,952
Liabilities
Subordinated debt
$
125,270,000
$
125,270,000
-122-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 3.
INVESTMENTS
    IN SPONSORED AND OTHER FUNDS
Investments in sponsored funds consist of the following at
    December 31, 2009:
The Campbell Multi-Strategy Trust
$
48,034,388
Campbell Strategic Allocation Fund, L.P.
15,893,851
The Campbell Global Assets Fund Limited SAC —
    Class B
10,183,610
The Campbell Global Assets Fund Limited SAC —
    Class A
9,124,803
The Campbell Qualified Multi-Strategy Fund L.L.C.
8,335,938
Campbell Alternative Asset Trust
2,173,492
Campbell Financial Futures Fund Limited Partnership
2,148,499
The Campbell Fund Trust
48,453
Total
$
95,943,034
In addition to its investments in these sponsored funds, the
    Company has General Partner, Adviser, Managing Owner, Managing
    Member, or Managing Operator responsibilities with regards to
    the following:
The
    Campbell Multi-Strategy Trust
The Company acts as Adviser of The Campbell Multi-Strategy Trust
    (CMST).
Summarized financial information with respect to CMST as of
    December 31, 2009 is as follows:
Balance Sheet Data
Assets
$
345,841,221
Liabilities
188,725,093
Net Asset Value
$
157,116,128
The Company has agreed to advance funds to CMST necessary to pay
    organization and offering costs related to CMST's initial
    and continuous offerings. The Company is reimbursed such amounts
    by CMST at the rate of 0.75% per annum of CMST's net
    assets. The Company reflects a receivable of $107,584 as of
    December 31, 2009 from CMST for offering costs due to be
    reimbursed. Such amount is included in Other receivables in the
    consolidated balance sheet. The remaining unreimbursed offering
    costs of $1,527,470 at December 31, 2009 is included in
    Other assets in the consolidated balance sheet. They are carried
    on the Company's books as an asset because of the probable
    future economic benefit to be obtained from the eventual receipt
    from CMST of these reimbursements, even though CMST is not
    liable for this amount at the current time. In the event CMST
    terminates prior to the completion of any reimbursement of the
    offering costs, the Company will not be entitled to any
    additional reimbursement from CMST. The Company analyzes the
    value of the unreimbursed organization and offering costs on its
    consolidated balance sheet on a quarterly basis to ensure that
    the carrying value is an accurate estimate of what the Company
    can expect to receive over time, and expenses any excess value
    on its books.
Campbell
    Strategic Allocation Fund, L.P.
The Company is the General Partner and commodity trading advisor
    of Campbell Strategic Allocation Fund, L.P. (Strategic). As
    General Partner, the Company receives from Strategic a monthly
    brokerage fee and a quarterly performance fee. Such fees
    represented approximately 71% of the Company's advisory and
    performance fee revenues for the year ended December 31,
    2009. Of these fees, $4,401,384 is included in advisory and
    performance fees receivable at December 31, 2009.
-123-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 3.
INVESTMENTS
    IN SPONSORED AND OTHER
    FUNDS — (Continued)
Summarized financial information with respect to Strategic as of
    December 31, 2009 is as follows:
Balance Sheet Data
Assets
$
1,858,855,992
Liabilities
150,364,374
Net Asset Value
$
1,708,491,618
The Company has committed to maintaining an investment in
    Strategic equal to at least 1% of the net aggregate capital
    contributions of all partners. The Company is further bound by
    Strategic's Amended Agreement of Limited Partnership to
    maintain net worth equal to at least 5% of the capital
    contributed by all the limited partnerships for which the
    Company acts as General Partner. The minimum net worth shall in
    no case be less than $50,000 nor shall net worth in excess of
    $1,000,000 be required.
As General Partner, the Company incurs costs in connection with
    Strategic's initial and continuous offerings. The Company
    reflects a receivable of $346,751 as of December 31, 2009,
    from Strategic for offering costs due to be reimbursed. Such
    amount is included in Receivable from Campbell Strategic
    Allocation Fund, L.P. in the consolidated balance sheet. The
    remaining unreimbursed offering costs of $182,415 at
    December 31, 2009 is included in Other assets in the
    consolidated balance sheet. They are carried on the
    Company's books as an asset because of the probable future
    economic benefit to be obtained from the eventual receipt from
    Strategic of these reimbursements, even though Strategic is not
    liable for this amount at the current time. The Company
    recognizes the newly recalculated amount due from Strategic each
    month as a receivable, which reduces the balance remaining as an
    Other asset. The Company analyzes the value of the remaining
    Other asset on its consolidated balance sheet on a quarterly
    basis to ensure that the carrying value is an accurate estimate
    of what the Company can expect to receive over time, and
    expenses any excess value on its books.
At December 31, 2009, $5,855,224 in selling agent
    commissions are subject to future reimbursement, all of which is
    included in a Receivable from Campbell Strategic Allocation
    Fund, L.P. in the consolidated balance sheet.
In the event Strategic terminates prior to the completion of any
    reimbursement of the aforementioned costs, the Company will not
    be entitled to any additional reimbursement from Strategic.
The
    Campbell Global Assets Fund Limited SAC
The Company is the Trading Advisor of The Campbell Global Assets
    Fund Limited SAC (CGAF), an international business company
    incorporated in The Bahamas.
Summarized financial information with respect to CGAF as of
    December 31, 2009 is as follows:
Balance Sheet Data
Assets
$
54,652,089
Liabilities
19,252,660
Net Asset Value
$
35,399,429
The
    Campbell Qualified Multi-Strategy Fund L.L.C.
The Company acts as Managing Member of The Campbell Qualified
    Multi-Strategy Fund L.L.C. (CQMSF).
-124-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 3.
INVESTMENTS
    IN SPONSORED AND OTHER
    FUNDS — (Continued)
Summarized financial information with respect to CQMSF as of
    December 31, 2009 is as follows:
Balance Sheet Data
Assets
$
161,987,715
Liabilities
81,019,756
Net Asset Value
$
80,967,959
Campbell
    Alternative Asset Trust
The Company is the Managing Owner and commodity trading advisor
    of Campbell Alternative Asset Trust (CAAT). The Trustee of CAAT
    has delegated to the Managing Owner all of the power and
    authority to manage the business affairs of CAAT. The net asset
    value of CAAT at December 31, 2009 is $29,002,062.
The Company has committed to maintaining an investment in CAAT
    equal to at least 1% of the total capital accounts of CAAT. The
    Company's capital account balance as of December 31,
    2009 is $2,173,492. The Company is further bound by CAAT's
    Third Amended and Restated Declaration of Trust and
    Trust Agreement to maintain net worth equal to at least
    $1,000,000.
As Managing Owner, the Company has agreed to advance funds to
    CAAT necessary to pay organization and offering costs related to
    CAAT's initial and continuous offerings. The Company is
    reimbursed such amounts by CAAT at the rate of 0.9% per annum of
    CAAT's net assets. The Company reflects a receivable of
    $5,727 at December 31, 2009 from CAAT for offering costs
    due to be reimbursed. Such amount is included in Other
    receivables in the consolidated balance sheet. The remaining
    unreimbursed offering costs of $19,366 at December 31, 2009
    is included in Other assets in the consolidated balance sheet.
    They are carried on the Company's books as an asset because
    of the probable future economic benefit to be obtained from the
    eventual receipt from CAAT of these reimbursements, even though
    CAAT is not liable for this amount at the current time. In the
    event CAAT terminates prior to the completion of any
    reimbursement of the offering costs, the Company will not be
    entitled to any additional reimbursement from CAAT. The Company
    analyzes the value of the unreimbursed organization and offering
    costs on its consolidated balance sheet on a quarterly basis to
    ensure that the carrying value is an accurate estimate of what
    the Company can expect to receive over time, and expenses any
    excess value on its books.
Campbell
    Financial Futures Fund Limited Partnership
The Company acts as General Partner of Campbell Financial
    Futures Fund Limited Partnership (Financial Futures). The
    net asset value of Financial Futures as of December 31,
    2009 is $16,484,462.
The
    Campbell Fund Trust
The Company is the Managing Operator of The Campbell
    Fund Trust (the Trust). The Trustee of the Trust has
    delegated to the Managing Operator all of the power and
    authority to manage the business affairs of the Trust. The net
    asset value of the Trust at December 31, 2009 is
    $365,318,153.
As Managing Operator, the Company has agreed to advance funds to
    the Trust necessary to pay organization and offering costs
    related to the Trust's initial and continuous offerings.
    The Company is reimbursed by the Trust for the amount of such
    costs applicable to certain Series of the Trust at the rate of
    0.5% per annum of the applicable Series' net assets. The
    Company reflects a current receivable at December 31, 2009
    of $8,501 from Series A of the Trust for offering costs due
    to be reimbursed. Such amount is included in Other receivables
    in the consolidated balance sheet. The remaining unreimbursed
    offering costs of $1,645,160 for Series A of the Trust, and
    $328,196 for Series W of the Trust at December 31,
    2009, is included in Other assets in the consolidated balance
    sheet. They are
-125-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 3.
INVESTMENTS
    IN SPONSORED AND OTHER
    FUNDS — (Continued)
carried on the Company's books as an asset because of the
    probable future economic benefit to be obtained from the
    eventual receipt from the Trust of these reimbursements, even
    though the Trust is not liable for this amount at the current
    time. The Company analyzes the value of the unreimbursed
    organization and offering costs on its consolidated balance
    sheet on a quarterly basis to ensure that the carrying value is
    an accurate estimate of what the Company can expect to receive
    over time, and expenses any excess value on its books.
The Company also pays, up-front, a 2% commission to selling
    agents who sell units of Series A of the Trust. The Company
    is then reimbursed by the Trust for this cost, over twelve
    months, through a fee, which is based on the monthly net asset
    value of the Series A units. At December 31, 2009,
    $306,653 in selling agent commissions are subject to future
    reimbursement, of which $34,003 is included in Other receivables
    in the consolidated balance sheet. The remaining $272,650 is
    included in Other assets in the consolidated balance sheet.
In the event the Trust terminates prior to the completion of
    reimbursement of the aforementioned costs, the Company will not
    be entitled to any additional reimbursement from the Trust.
Investment
    in Other Fund
In September 2009, Campbell & Company, Inc. made an
    investment of $5,000,000 in a non-sponsored or other fund,
    Lyxor/Campbell Fund Limited (Lyxor). Lyxor is a limited
    liability company formed under the laws of Jersey, Channel
    Islands. Lyxor engages primarily in the speculative trading of
    futures contracts and forward currency contracts.
    Campbell & Company, Inc. is the Trading Advisor of
    Lyxor, but does not act in any management capacity with respect
    to Lyxor.
Additional information with respect to investment strategies, as
    well as redemption and liquidity provisions, and other relevant
    information with respect to the Company's investments in
    sponsored funds and other funds at December 31, 2009, is as
    follows:
Redemption
Investment
Fair
Unfunded
Redemption
Notice
Redemption
Investments
Strategy
Value
Commitments
Frequency
Period
Restrictions
The Campbell Multi-Strategy Trust
Multi-
Strategy(1)
$
48,034,388(3
)
$
0
Quarterly(4)
14 days prior to last business day of the quarter(4)
Potential Restriction(8)
Campbell Strategic Allocation Fund, L.P.
Managed
Futures(2)
$
15,893,851(3
)
$
0
Monthly(5)
10 business days prior to end of month(5)
General Partner Restriction(9)
The Campbell Global Assets Fund Limited SAC —
    Class B
Multi-
Strategy(1)
$
10,183,610(3
)
$
0
Monthly(6)
5 business days prior to end of month(6)
Partial Redemption Restriction(10)
The Campbell Global Assets Fund Limited SAC —
    Class A
Managed
Futures(2)
$
9,124,803(3
)
$
0
Monthly(6)
5 business days prior to end of month(6)
Partial Redemption Restriction(10)
The Campbell Qualified Multi-Strategy Fund L.L.C.
Multi-
Strategy(1)
$
8,335,938(3
)
$
0
Monthly(5)
10 business days prior to end of month(5)
None
Campbell Alternative Asset Trust
Managed
Futures(2)
$
2,173,492(3
)
$
0
Monthly(5)
10 business days prior to end of month(5)
Managing Owner Restriction(11)
Campbell Financial Futures Fund Limited Partnership
Managed
Futures(2)
$
2,148,499(3
)
$
0
Monthly(5)
10 business days prior to end of month(5)
General Partner Restriction(9)
The Campbell Fund Trust
Managed
Futures(2)
$
48,453(3
)
$
0
Monthly(5)
10 business days prior to end of month(5)
None
Lyxor/Campbell Fund Limited
Managed
Futures(2)
$
5,008,955(3
)
$
0
Weekly(7)
Dealing Day(7)
None
-126-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 3.
INVESTMENTS
    IN SPONSORED AND OTHER
    FUNDS — (Continued)
(1)
This category consists of an investment in a fund that engages
    in the speculative trading of securities, U.S. and foreign
    futures contracts, forward currency contracts, and options on
    forward currency contracts.
(2)
This category consists of an investment in a fund that engages
    in the speculative trading of U.S. and foreign futures
    contracts, forward currency contracts, and options on forward
    currency contracts.
(3)
The fair values of these investments have been estimated using
    the net asset value.
(4)
The Company may redeem all or a portion of its investment on a
    quarterly basis subject to providing notice 14 days prior
    to the last business day of the quarter.
(5)
The Company may redeem its investment on a monthly basis subject
    to providing notice 10 business days prior to the end of the
    month.
(6)
The Company may redeem its investment on a monthly basis subject
    to providing notice 5 business days prior to the end of the
    month.
(7)
The Company may redeem its investment on a weekly basis subject
    to providing notice prior to the Dealing Day (which is each
    Friday, and if such day is not a business day, the immediate
    following business day).
(8)
In the event that quarterly requests for redemptions exceed
    5%-25% of CMST's outstanding shares, redemptions by the
    Company may be limited to its pro rata share of all outstanding
    redemption requests as of such quarter end.
(9)
The Company, as General Partner, must maintain an investment
    equal to at least 1% of the net aggregate capital contributions
    of all partners.
(10)
Partial redemptions are not permitted if the amount of
    investor's remaining fair value of the investment would be
    less than the minimum initial investment of $500,000.
(11)
The Company, as Managing Owner, must maintain an investment
    equal to 1% of the total capital accounts of CAAT.
Note 4.
DERIVATIVES
Campbell & Company, Inc., as the Trading Advisor of
    and on behalf of CGPF, engages in the speculative trading of
    futures contracts and forward currency contracts (collectively,
    "derivatives") for the purpose of achieving capital
    appreciation. None of CGPF's derivative instruments are
    designated as hedging instruments, as defined by the
Derivatives and Hedging
Topic of the Codification.
    Campbell & Company, Inc.'s basic market risk
    control procedures with respect to derivatives consist of
    continuously monitoring open positions, diversification of the
    portfolio and maintenance of a
margin-to-equity
ratio that rarely exceeds 30%. The Company's attempt to
    manage market risk on open derivative positions is essentially
    the same in all market categories traded. The 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, the Company follows
    diversification guidelines (often formulated in terms of the
    balanced volatility between markets and correlated groups), as
    well as pre-calculating "stop-loss" points at which
    systems will signal to close open positions.
The following presents the fair value of open derivative
    contracts at December 31, 2009. The fair value of open
    derivative contracts is presented as an asset if in a gain
    position and as a liability if in a loss position. Fair value is
-127-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 4.
DERIVATIVES — (Continued)
presented on a gross basis in the table below even though the
    derivative contracts qualify for net presentation in the
    consolidated balance sheet.
Asset
Liability
Derivatives at
Derivatives at
December 31,
December 31,
Consolidated
2009
2009
Type of Instrument
Balance Sheet Location
Fair Value
Fair Value
Net
Agricultural Contracts
Net unrealized (loss) on open futures contracts
$
10,768
$
(11,625
)
$
(857
)
Energy Contracts
Net unrealized (loss) on open futures contracts
29,422
(3,217
)
26,205
Metal Contracts
Net unrealized (loss) on open futures contracts
222,951
(537,433
)
(314,482
)
Stock Indices Contracts
Net unrealized (loss) on open futures contracts
316,250
(12,756
)
303,494
Short-Term Interest Rate Contracts
Net unrealized (loss) on open futures contracts
0
(143,235
)
(143,235
)
Long-Term Interest Rate Contracts
Net unrealized (loss) on open futures contracts
37,518
(256,304
)
(218,786
)
Forward Currency Contracts
Net unrealized (loss) on open forward currency contracts
394,696
(757,307
)
(362,611
)
Totals
$
1,011,605
$
(1,721,877
)
$
(710,272
)
Note 5.
TRADING
    AND INVESTING ACTIVITIES AND THEIR RELATED RISKS
CGPF deposits funds with Newedge USA, LLC to act as broker
    subject to Commodity Futures Trading Commission regulations and
    various exchange and broker requirements. Margin requirements
    are satisfied by the deposit of U.S. Treasury bills and
    cash with such broker. Accordingly, assets used to meet margin
    or other broker or regulatory requirements are partially
    restricted. Cash and the fair value of fixed income securities
    on deposit with Newedge USA, LLC at December 31, 2009
    amounted to $24,513,087.
The Company deposits cash and cash equivalents with financial
    institutions in connection with its operating and cash
    management activities. In the event of a financial
    institution's insolvency, recovery of Company assets on
    deposit may be limited to account insurance or other protection
    afforded such deposits.
The Company, on behalf of CGPF, and the sponsored or other funds
    for which the Company is either the General Partner, Adviser,
    Managing Owner, Managing Member, Managing Operator or Trading
    Advisor engage in the speculative trading of U.S. and
    foreign futures contracts, forward currency contracts and other
    derivative contracts (collectively, "derivatives").
    The Company and the sponsored and other funds are 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.
    As the sponsored and other funds trade forward currency
    contracts and options on forward currency contracts in
    unregulated markets between principals, the sponsored and other
    funds also assume the risk of loss from counterparty
    nonperformance.
Purchase and sale of futures contracts require margin deposits
    with the broker. Additional deposits may be necessary for any
    loss on contract value. The Commodity Exchange Act requires a
    broker to segregate all customer transactions and assets from
    such broker's proprietary activities. A customer's
    cash and other assets (for example, U.S. Treasury bills)
    deposited with a broker are considered commingled with all other
    customer funds, subject to the broker's segregation
    requirements. In the event of a broker's insolvency,
    recovery of assets on deposit may be
-128-
Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 5.
TRADING
    AND INVESTING ACTIVITIES AND THEIR RELATED
    RISKS — (Continued)
limited to a pro rata share of segregated funds available. It is
    possible that the recovered amount could be less than cash and
    other assets deposited.
For derivatives, risks arise from changes in the fair value of
    the contracts. Theoretically, the sponsored and other funds, and
    the Company, both directly and indirectly as an investor in the
    sponsored and other funds, are exposed to the market risks of
    derivative contracts. They are exposed to a market risk equal to
    the notional contract value of derivatives purchased and
    unlimited liability on derivatives sold short. As both a buyer
    and seller of options, certain of the sponsored funds pay or
    receive a premium at the outset and then bear the risk of
    unfavorable changes in the price of the contract underlying the
    option. Written options expose the Company and certain of the
    sponsored funds to potentially unlimited liability, and
    purchased options expose the Company and certain of the
    sponsored funds to a risk of loss limited to the premiums paid.
Certain sponsored funds engage in the trading of securities
    which are typically traded on an exchange or in the
over-the-counter
market. Such sponsored funds also sell securities not owned at
    the time of sale (a "short sale"). Risks arise from
    short sales due to the possible illiquidity of the securities
    markets and from potential adverse movements in security values.
    Theoretically, short sales expose such sponsored funds and the
    Company, as an investor in such sponsored funds, to potentially
    unlimited liability as the ultimate obligation to purchase a
    security sold short may exceed the amount recorded in such
    sponsored funds' balance sheet.
The Company has established procedures to actively monitor the
    market risk and minimize the credit risk of its own trading and
    investing activities, as well as the trading and investing
    activities of the sponsored funds. There can be no assurance
    that the Company will, in fact, succeed in doing so.
    Additionally, the Company, in its capacity as General Partner,
    Managing Owner, Managing Member or Managing Operator of the
    sponsored funds, is subject to certain additional risks of loss
    and liability for the activities of the sponsored funds.
Note 6.
INDEMNIFICATIONS
In the normal course of business, the Company enters into
    contracts and agreements that contain a variety of
    representations and warranties and which provide general
    indemnifications. The Company's maximum exposure under
    these arrangements is unknown, as this would involve future
    claims that may be made against the Company that have not yet
    occurred. The Company expects the risk of any future obligation
    under these indemnifications to be remote.
Note 7.
NONCONTROLLING
    INTEREST AND STOCKHOLDERS' EQUITY
The Company is the General Partner and commodity trading advisor
    of CGPF. The net asset value of CGPF at December 31, 2009
    is $23,770,348. The net asset value of Campbell &
    Company, Inc.'s investment in CGPF at December 31,
    2009 is $9,826,966, and the net asset value of the
    noncontrolling interest is $13,943,382. The noncontrolling
    interest is owned by the majority stockholder of
    Campbell & Company, Inc, an affiliate of the majority
    stockholder of Campbell & Company, Inc., and one
    unaffiliated limited partner.
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Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
Note 7.
NONCONTROLLING
    INTEREST AND STOCKHOLDERS'
    EQUITY — (Continued)
The following is a reconciliation of the beginning and end of
    year stockholders' equity attributable to the Company and
    the noncontrolling interest:
Retained
Noncontrolling
Earnings
Interest
Total
Balances at December 31, 2008
$
15,077,542
$
0
$
15,077,542
Additions to CGPF
0
14,133,986
14,133,986
Net income (loss)
20,978,744
(190,604
)
20,788,140
Distributions and dividends to stockholders
(26,108,051
)
0
(26,108,051
)
Balances at December 31, 2009
$
9,948,235
$
13,943,382
$
23,891,617
Additionally, the following is a schedule showing the changes in
    the Company's ownership in CGPF on the stockholders'
    equity attributable to the Company:
Balance at
Balance at
December 31, 2008
Investments
Net (loss)
December 31, 2009
Stockholders' equity attributable to investment in CGPF
$
0
$
10,000,000
$
(173,034
)
$
9,826,966
Note 8.
CAPITAL
    STOCK SUBJECT TO REPURCHASE
The Company has entered into agreements with its stockholders
    which stipulate that upon the death or disability of a
    stockholder or upon the retirement or termination of a
    stockholder's employment with the Company, the Company will
    purchase the stockholders' capital stock at an amount equal
    to that stockholder's proportionate share of ownership of
    the net book asset value of the Company, excluding the retained
    earnings of the Company accumulated over the past twelve
    (12) months. Such redemption value shall be determined as
    of the last day of the calendar quarter immediately preceding
    the calendar month in which the terminating event occurred. In
    accordance with the
Distinguishing Liabilities from Equity
Topic of the Codification, the redemption value of all
    capital stock has been reclassified from retained earnings to
    liabilities ("Capital stock subject to repurchase, at
    current redemption value") within the consolidated balance
    sheet.
Capital stock subject to repurchase at December 31, 2009
    consists of:
Capital stock
Class A voting, no par, $100 stated value;
    2,500 shares authorized; 80.32 shares issued and
    outstanding
$
8,032
Additional paid-in capital, attributable to those shares
35,701
Retained earnings, attributable to those shares
1,535,988
$
1,579,721
Note 9.
SUBORDINATED
    DEBT
The Company has entered into a working capital agreement with
    its stockholders. This agreement provides for the issuance of
    unsecured notes to the Company which are subordinated to any
    future borrowings of the Company. Interest on any notes issued
    in accordance with this agreement is payable annually at a rate
    of 12.0%. Any unpaid principal balance is due on the sixth
    anniversary date of the commencement date of each note, or if
    sooner, five years
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Table of Contents
CAMPBELL &
    COMPANY, INC.
NOTES TO
    CONSOLIDATED BALANCE
    SHEET — (Continued)
after a stockholder (a noteholder) ceases to be in the employ of
    the Company. At December 31, 2009, $125,270,000 was
    outstanding under this agreement. Under the terms of the notes,
    maturities by year are as follows:
2010
$
59,834,177
2011
4,923,850
2012
7,934,223
2013
0
2014
27,567,750
2015
25,010,000
$
125,270,000
Note 10.
LEASE
    OBLIGATIONS
The Company leases and occupies office facilities under
    agreements which provide for minimum base annual rentals plus a
    proportionate share of operating expenses. The leases for the
    currently occupied office facilities expire on October 31,
    2012 and January 31, 2021. The Company has the option to
    renew the lease expiring on October 31, 2012 for an
    additional 60 months and an option to renew the lease
    expiring on January 31, 2021 for two additional five-year
    terms.
Minimum base annual rentals through the original lease terms are
    as follows:
Year ending December 31
2010
$
2,140,610
2011
2,183,422
2012
2,216,689
2013
2,208,673
2014
2,252,846
Thereafter
14,707,221
Total base annual rentals
$
25,709,461
Note 11.
PROFIT
    SHARING PLAN
The Company has established a qualified 401(k) savings and
    profit sharing plan (the Plan) for the benefit of its employees.
    The Company is the plan administrator and certain Company
    employees are trustees of the Plan. Under terms of the Plan,
    employees may elect to defer a portion of their compensation.
    The Company matches employee contributions up to a maximum of
    8.75% of the employees' compensation. The Company may also
    make optional additional contributions to the Plan.
Note 12.
SUBSEQUENT
    EVENTS
During January 2010, the Company authorized distributions to its
    stockholders aggregating $1,200,000. Such distributions were
    made in cash to stockholders during March 2010.
Management has evaluated subsequent events through
    April 16, 2010, the date the consolidated balance sheet was
    available to be issued, and has determined that there are no
    other subsequent events that require disclosure.
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PART TWO
STATEMENT OF ADDITIONAL
    INFORMATION
CAMPBELL STRATEGIC ALLOCATION
    FUND, L.P.
$100,000,000 Limited
    Partnership Units
CAMPBELL GLOBAL TREND FUND,
    L.P.
$100,000,000 Class A (USD)
    Limited Partnership Units
$100,000,000 Class B (USD) Limited Partnership Units
$100,000,000 Class C (USD) Limited Partnership Units
$100,000,000 Class D (USD) Limited Partnership Units
Class E (USD) Limited Partnership Units
$100,000,000 Class A (GLD)
    Limited Partnership Units
$100,000,000 Class B (GLD) Limited Partnership Units
Class C (GLD) Limited Partnership Units
These are speculative, leveraged investments which involve
    the risk of loss.
Past performance is not necessarily indicative of future
    results.
See "The Risks You Face" and "Conflicts of
    Interest" in Part One.
THIS PROSPECTUS IS IN TWO PARTS:  A DISCLOSURE
    DOCUMENT AND A STATEMENT OF ADDITIONAL INFORMATION. THESE PARTS
    ARE BOUND TOGETHER, AND BOTH CONTAIN IMPORTANT INFORMATION.
CAMPBELL & COMPANY,
    INC.
General Partner of Both Funds
May 3, 2010
PART TWO —
    STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
Page
The Futures, Forward, Option and Swap Markets
134
Investment Factors
136
Value of Diversification — Managed
    Futures Industry
139
Value of Diversification — Campbell
    Strategic Allocation Fund
143
Supplemental Performance
155
Supplemental Gold Discussion
157
Glossary of Terms
158
Appendix 1 — Blue Sky Glossary
APP-1
EXHIBIT A — Campbell Strategic
    Allocation Fund, L.P. Amended Agreement of Limited
    Partnership
A-1
EXHIBIT B — Campbell Global Trend
    Fund, L.P. Amended Agreement of Limited Partnership
B-1
EXHIBIT C — Requests for
    Redemption
C-1
EXHIBIT D — Subscription
    Requirements
D-1
EXHIBIT E — Campbell Strategic
    Allocation Fund, L.P. Subscription Agreement
E-1
EXHIBIT F — Campbell Global Trend
    Fund, L.P. Subscription Agreement
F-1
Table of Contents
THE
    FUTURES, FORWARD, OPTION AND SWAP MARKETS
Futures
    Contracts
Futures contracts are standardized agreements traded on
    commodity exchanges that call for the future delivery of the
    commodity or financial instrument at a specified time and place.
    A futures trader that enters into a contract to take delivery of
    the underlying commodity is "long" the contract, or
    has "bought" the contract. A trader that is obligated
    to make delivery is "short" the contract or has
    "sold" the contract. Actual delivery on the contract
    rarely occurs. Futures traders usually offset (liquidate) their
    contract obligations by entering into equal but offsetting
    futures positions. For example, a trader who is long one
    September Treasury bond contract on the Chicago Board of Trade
    can offset the obligation by entering into a short position in a
    September Treasury bond contract on that exchange. Futures
    positions that have not yet been liquidated are known as
    "open" contracts or positions.
Futures contracts are traded on a wide variety of commodities,
    including agricultural products, metals (including gold),
    energies, livestock products, government securities, currencies
    and stock market indices. Options on futures contracts are also
    traded on U.S. and foreign commodity exchanges. The Fund
    concentrates its futures trading in financial instruments, such
    as interest rate, foreign exchange and stock index contracts,
    and metal and energy contracts.
Forward
    Contracts
Currencies and other commodities may be purchased or sold for
    future delivery or cash settlement through banks or dealers
    pursuant to forward, option or swap contracts. Currencies also
    can be traded pursuant to futures contracts on organized futures
    exchanges; however, Campbell & Company will use the
    dealer market in foreign exchange contracts for most of the
    Funds' trading in currencies. Such dealers will act as
    "principals" in these transactions and will include
    their profit in the price quoted on the contracts. Unlike
    futures contracts, foreign exchange contracts are not
    standardized. In addition, the forward market is largely
    unregulated. Forward contracts are not "cleared" or
    guaranteed by a third party. Thus, the Funds are subject to the
    creditworthiness of the over-the-counter counterparties with
    whom it maintains all assets and positions relating to the
    Funds' forward and option contract investments. There also
    is no daily settlement of unrealized gains or losses on open
    foreign exchange contracts as there is with futures contracts on
    U.S. exchanges.
Option
    Contracts
An option on a futures contract or on a physical commodity or
    currency gives the buyer of the option the right to take a
    position of a specified amount at a specified price in a
    specific underlying instrument (the "striking,"
    "strike" or "exercise price"). The buyer of
    a "call" option acquires the right to take a long
    position (i.e., the obligation to take delivery of a specified
    amount at a specified price in a specific underlying
    instrument). The buyer of a "put" option acquires the
    right to take a short position (i.e., the obligation to make
    delivery of a specified amount at a specified price in a
    specific underlying instrument).
The purchase price of an option is referred to as its
    "premium." The seller (or "writer") of an
    option is obligated to take a position at a specified price
    opposite to the option buyer if the option is exercised. Thus,
    the seller of a call option must stand ready to sell (take a
    short position in) the underlying instrument at the striking
    price if the buyer should exercise the option. The seller of a
    put option, on the other hand, must stand ready to buy (take a
    long position in) the underlying instrument at the striking
    price if the buyer should exercise the option.
A call option is said to be "in the money" if the
    striking price is below current market levels, and "out of
    the money" if the striking price is above current market
    levels. Conversely, a put option is said to be "in the
    money" if the striking price is above current market
    levels, and "out of the money" if the striking price
    is below current market levels.
Options have limited lifespans. An option that is out of the
    money and not offset by the time it expires becomes worthless.
    Options usually trade at a premium above their intrinsic value
    (i.e., the difference between the market price for the
    underlying instrument and the striking price), because the
    option trader is speculating on (or hedging against) future
    movements in the price of the underlying instrument. As an
    option nears its expiration date, the market value and intrinsic
    value typically move into parity. The difference between an
    option's intrinsic value and market value is referred to as
    the "time value" of the option.
Swap
    Transactions
If the trading advisors see it as advantageous, in the future,
    the Funds may periodically enter into
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transactions in the forward or other markets which could be
    characterized as swap transactions and which may involve
    interest rates, currencies, securities interests, commodities
    and other items. A swap transaction is an individually
    negotiated, non-standardized agreement between two parties to
    exchange cash flows measured by different interest rates,
    exchange rates, or prices, with payments calculated by reference
    to a principal ("notional") amount or quantity.
    Transactions in these markets present risks similar to those in
    the futures, forward and options markets:
(1)
the swap markets are generally not regulated by any United
    States or foreign governmental authorities;
(2)
there are generally no limitations on daily price moves in swap
    transactions;
(3)
speculative position limits are not applicable to swap
    transactions, although the counterparties with which the Funds
    may deal may limit the size or duration of positions available
    as a consequence of credit considerations;
(4)
participants in the swap markets are not required to make
    continuous markets in swaps contracts; and
(5)
the swap markets are "principal markets," in which
    performance with respect to a swap contract is the
    responsibility only of the counterparty with which the trader
    has entered into a contract (or its guarantor, if any), and not
    of any exchange or clearinghouse. As a result, the Funds will be
    subject to the risk of the inability of or refusal to perform
    with respect to such contracts on the part of the counterparties
    with which the Funds trade.
In 1993, the CFTC adopted Part 35 to its Rules which
    provides non-exclusive safe harbor treatment from regulation
    under the Commodity Exchange Act for swap transactions which
    meet certain specified criteria, over which the CFTC will not
    exercise its jurisdiction and regulate as futures or commodity
    option transactions. In addition, on December 21, 2000, the
    Commodity Futures Modernization Act of 2000 amended the
    Commodity Exchange Act so that it does not apply to any
    agreement, contract, or transaction in a commodity, other than
    an agricultural commodity (including swap transactions), if the
    agreement, contract, or transaction is entered into only between
    eligible contract participants (which includes commodity pools
    meeting certain capitalization requirements), is subject to
    individual negotiation by the parties, and is not executed or
    traded on a trading facility. It is expected that the Funds will
    engage only in swap transactions for which such exemptive/safe
    harbor relief is available. If the Funds were restricted in its
    ability to trade in the swap markets, the activities of
    Campbell & Company, to the extent that it trades in
    such markets on behalf of the Funds, might be materially
    affected.
In 2008, various federal and state regulators have discussed
    adopting or enacting new regulatory and legal requirements for
    swap transactions, including the clearing of such transactions
    through a centralized clearinghouse. It is possible that new
    regulatory or legal requirements could materially affect or
    restrict the ability of Campbell & Company to trade in
    the swap markets on behalf of the Funds.
Regulation
The U.S. futures markets are regulated under the Commodity
    Exchange Act, which is administered by the CFTC, a federal
    agency created in 1974. The CFTC licenses and regulates
    commodity exchanges, commodity pool operators, commodity trading
    advisors and clearing firms which are referred to in the futures
    industry as "futures commission merchants."
    Campbell & Company is licensed by the CFTC as a
    commodity pool operator and commodity trading advisor. Futures
    professionals are also regulated by the NFA, a self-regulatory
    organization for the futures industry that supervises the
    dealings between futures professionals and their customers. If
    its pertinent CFTC licenses or NFA memberships were to lapse, be
    suspended or be revoked, Campbell & Company would be
    unable to act as the Fund's commodity pool operator and
    commodity trading advisor.
The CFTC has adopted disclosure, reporting and recordkeeping
    requirements for commodity pool operators and disclosure and
    recordkeeping requirements for commodity trading advisors. The
    reporting rules require pool operators to furnish to the
    participants in their pools a monthly statement of account,
    showing the pool's income or loss and change in net asset
    value, and an annual financial report, audited by an independent
    certified public accountant.
The CFTC and the exchanges have pervasive powers over the
    futures markets, including the emergency power to suspend
    trading and order trading for liquidation of existing positions
    only. The exercise of such powers could adversely affect the
    Funds' trading.
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The CFTC does not regulate forward contracts. Federal and state
    banking authorities also do not regulate forward trading or
    forward dealers. Trading in foreign currency forward contracts
    may be less liquid and the Funds' trading results may be
    adversely affected.
Margin
The Fund will use margin in its trading. In order to establish
    and maintain a futures position, a trader must make a type of
    good-faith deposit with its broker, known as "margin,"
    of approximately 2%-10% of contract value. Minimum margins are
    established for each futures contract by the exchange on which
    the contract is traded. The exchanges alter their margin
    requirements from time to time, sometimes significantly. For
    their protection, futures brokers may require higher margins
    from their customers than the exchange minimums. Margin also is
    deposited in connection with forward contracts, but is not
    required by any applicable regulation.
There are two types of margin. "Initial" margin is the
    amount a trader is required to deposit with its broker to open a
    futures position. The other type of margin is
    "maintenance" margin. When the contract value of a
    trader's futures position falls below a certain percentage,
    typically about 75%, of its value when the trader established
    the position, the trader is required to deposit additional
    margin in an amount equal to the loss in value.
INVESTMENT
    FACTORS
The
    Advantages of Non-Correlation and Diversification of Your
    Portfolio
The Nobel Prize for Economics in 1990 was awarded to
    Dr. Harry Markowitz for demonstrating that the total return
    can increase,
and/or
risk
    can be reduced, when portfolios have positively performing asset
    categories that are essentially non-correlated. Even many
    seemingly diverse portfolios may actually be quite correlated.
    For instance, over time, alternative investment classes such as
    real estate and international stocks and bonds may correlate
    closely with domestic equities as the global economy expands and
    contracts.
Historically, alternative investments such as managed futures
    funds have had very little correlation to the stock and bond
    markets. Campbell & Company believes that the
    performance of the Fund should also exhibit a substantial degree
    of non-correlation (not, however, necessarily negative
    correlation) with the performance of traditional equity and debt
    portfolio components, in part because of the ease of selling
    futures short. This feature of futures — being able to
    be long or short a futures position with similar
    ease — means that profit and loss from futures trading
    is not dependent upon economic or geopolitical prosperity or
    stability.
However, non-correlation will not provide any diversification
    advantages unless the non-correlated assets are outperforming
    other portfolio assets, and there is no guarantee that the Fund
    will outperform other sectors of an investor's portfolio
    (or not produce losses). Additionally, although adding managed
    futures funds to a portfolio may provide diversification,
    managed futures funds are not a hedging mechanism and there is
    no guarantee that managed futures funds will appreciate during
    periods of inflation or stock and bond market declines.
Non-correlated performance should not be confused with
    negatively correlated performance. Non-correlation means only
    that the Fund's performance will likely have no relation to
    the performance of equity and debt instruments, reflecting
    Campbell & Company's belief that factors that
    affect equity and debt prices may affect the Fund differently
    and that certain factors which affect the former may not affect
    the latter. The net asset value per Unit may decline or increase
    more or less than equity and debt instruments during both rising
    and falling markets. Campbell & Company has no
    expectation that the Funds' performance will be negatively
    correlated to the general debt and equity markets,
i.e.
,
    likely to be profitable when the latter are unprofitable or vice
    versa.
Advantages
    of Managed Futures Fund Investments
Both the futures, forward and option markets and funds investing
    in those markets offer many structural advantages that make
    managed futures an efficient way to participate in global
    markets.
Profit
    or Loss Potential
Futures and related contracts can easily be leveraged, which
    magnifies the potential profit or loss.
100%
    Interest Credit
Unlike some other alternative investment funds, the Funds do not
    borrow money in order to obtain leverage, so the Funds do not
    incur any interest expense. Rather, the Funds' margin
    deposits are
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maintained in cash and cash equivalents, such as
    U.S. Treasury bills, and the Funds earn interest on 100% of
    the Funds' available assets, which include unrealized
    profits credited to the Funds' accounts held at the futures
    brokers.
Global
    Diversification Within a Single Investment
Futures and related contracts can be traded in many countries,
    which makes it possible to diversify risk around the world. This
    diversification is available both geographically and across
    market sectors. For example, an investor can trade interest
    rates, stock indices and currencies in several countries around
    the world, as well as energy, metals, soft commodities and other
    commodities.
While the Funds themselves trade across a diverse selection of
    global markets, an investment in the Funds is not a substitute
    for overall portfolio diversification.
Ability
    to Profit or Lose in a Rising or Falling Market
    Environment
The Funds can establish short positions and thereby profit from
    declining markets as easily as they can establish long
    positions. This potential to make or lose money, whether markets
    are rising or falling around the world, makes managed futures
    particularly attractive to sophisticated investors. Of course,
    if markets go higher while the Funds have a short position, the
    Funds will lose money until the short position is exited and
    vice versa.
Professional
    Trading
Campbell & Company is one of the world's largest
    and most experienced futures trading advisors.
    Campbell & Company's approach includes the
    following elements:
•
Disciplined Money
    Management.
Campbell & Company
    generally allocates between 1% and 5% of portfolio equity to any
    single market position. However, no guarantee is provided that
    losses will be limited to these percentages.
•
Balanced Risk.
Campbell & Company
    allocates the Funds' capital to approximately 60 markets
    around the world 24 hours a day. Among the factors
    considered for determining the portfolio mix are market
    volatility, liquidity and trending characteristics.
•
Capital Management.
When proprietary
    risk/reward indicators reach predetermined levels,
    Campbell & Company may increase or decrease
    commitments in certain markets in an attempt to reduce
    performance volatility.
•
Multiple Systems.
Campbell & Company
    utilizes a multi-system trading strategy on behalf of the Funds
    that divides capital among different trading systems in an
    attempt to reduce performance volatility and manage risk.
Campbell & Company receives from the Strategic
    Allocation Fund a 7% brokerage fee, of which 3% is retained as
    management fees (2% for providing advisory services and 1% for
    acting as general partner) and 4% is remitted to the selling
    agents for ongoing administrative services provided to limited
    partners. Campbell & Company receives from the Global
    Trend Fund advisory fees of 2% and general partner fees of 1%.
    Campbell & Company receives from both Funds a 20%
    performance fee in exchange for these services.
Convenience
Through the Funds, investors can participate in global markets
    and opportunities without needing to master complex trading
    strategies and monitor multiple international markets.
Liquidity
In most cases, the underlying markets have sufficient liquidity.
    Some markets trade 24 hours a day when global markets are
    open. While there can be cases where there may be no buyer or
    seller for a particular contract, the Funds try to select
    markets for investment based upon, among other things, their
    perceived liquidity. However, unexpected market illiquidity has
    caused major losses in recent years in such sectors as emerging
    markets and mortgage-backed securities. There can be no
    assurance that the same will not happen to the Funds at any time
    or from time to time. Some exchanges impose limits on the amount
    that a futures price can move in one day. Situations in which
    markets have moved the price limit for several days in a row
    have not been common, but do occur. See "The Risks You
    Face — Market Risks — Your Investment Could
    be Illiquid."
Generally, investors may redeem all or a portion of their Units
    on a monthly basis, subject to a declining redemption fee during
    the first year for the Strategic Allocation Fund and the Global
    Trend Fund Class A
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(USD) Units, Class B (USD) Units and Class A (GLD)
    Units. See "Distributions and Redemptions."
Limited
    Liability
Investors' liability is limited to the value of their
    investment in the Funds and no investor will be required to
    contribute additional capital to the Funds. The Funds will cease
    trading and Campbell & Company will declare a special
    redemption period if the net asset value per Unit as of the end
    of any business day declines by 50% or more from either the
    prior year-end or prior month-end unit value.
[REMAINDER OF THIS PAGE LEFT BLANK INTENTIONALLY.]
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VALUE OF
    DIVERSIFICATION — MANAGED FUTURES INDUSTRY
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Historical
    Correlation
The chart below shows the historical correlation of the monthly
    returns of the NASDAQ Composite Index, Europe, Australasia, Far
    East (EAFE) Index, Barclays Capital Long-Term T-Bond Index and
    CISDM Index with that of the S&P 500 Index. Note that
    stocks associated with the NASDAQ and EAFE indices have
    historically had a higher correlation with the S&P 500
    Index than managed futures investments, as represented by the
    CISDM Index. This low correlation shows that managed futures
    have a tendency to behave somewhat independently from stocks.
Historical
    Correlation of Monthly Returns
with the S&P 500 Index
January 1980* — February 2010
*
CISDM data was not available prior to 1980.
This chart was prepared by Campbell & Company.
    See the glossary following this section for information integral
    to this chart.
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VALUE OF
    DIVERSIFICATION — MANAGED FUTURES INDUSTRY —
    (Continued)
PAST
    PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Volatility
    (Risk) Comparison
A common measure of risk is standard deviation, which measures
    the variability of returns around the average return for that
    particular investment. Generally, the higher the standard
    deviation, the higher the volatility. Shown below are three
    comparisons of volatility: overall, upside and downside.
Overall volatility is the most common measure of volatility or
    risk. Upside volatility measures the volatility of only the
    profitable months. Downside volatility measures the volatility
    of only the unprofitable months. Investors are typically more
    concerned with downside volatility, which is perhaps a better
    historical indication of the risk of actually losing money. As
    can be seen from the chart, managed futures investments, as
    represented by the CISDM Index, have shown comparable upside
    volatility and less downside volatility than the other
    benchmarks with the exception of bonds. There is no guarantee
    that historical volatility levels will persist into the future,
    nor is this representative of future returns through an
    investment in either Fund.
Standard
    Deviation of Monthly Returns
January 1980* — February 2010
*
CISDM data was not available prior to 1980.
This chart was prepared by Campbell & Company.
    See the glossary following this section for information integral
    to this chart.
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VALUE OF
    DIVERSIFICATION — MANAGED FUTURES INDUSTRY —
    (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Risk
    Perspective
The proper evaluation of any investment must include an
    assessment of the risk which must be taken to achieve the
    prospective return. Another measure of risk, in addition to
    standard deviation, is historical worst decline, or largest
    draw-down. In other words, if you had purchased an investment at
    a month-end peak in performance and then subsequently sold at
    the lowest month-end price thereafter, the worst decline would
    be the largest percentage loss experienced. The chart below
    shows the worst cumulative monthly decline in the Barclays
    Capital Long-Term T-Bond Index, CISDM Index, S&P 500 Index,
    EAFE Index and NASDAQ Composite Index since 1980. The CISDM
    Index experienced a smaller peak to valley decline than three of
    the other indices. This does not imply that managed futures are
    necessarily safer than the benchmarks compared; it is merely
    intended to put risk in a historical perspective.
Worst
    Declines
January 1980* — February 2010
*
CISDM data was not available prior to 1980.
This chart was prepared by Campbell & Company.
    See the glossary following this section for information integral
    to this chart.
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VALUE OF
    DIVERSIFICATION — MANAGED FUTURES INDUSTRY —
    (Continued)
PAST
    PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Managed
    Futures vs. Stocks During Draw-downs
The following charts show the comparison between the performance
    of managed futures and stocks during the five worst declines for
    each since 1980. These charts demonstrate the historical
    non-correlation between these two asset classes over the stated
    time periods. The managed futures portion is represented by the
    CISDM Index and the stocks portion is represented by the
    S&P 500 Index.
Managed
    Futures vs. Stocks During Managed Futures Draw-downs
January 1980* — February 2010
Managed
    Futures vs. Stocks During Stock Draw-downs
January 1980* — February 2010
*
CISDM data was not available prior to 1980.
These charts were prepared by Campbell & Company. See
    the glossary following this section for information integral to
    these charts.
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VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
The
    Effect of Adding Strategic Allocation Fund
The chart below demonstrates the potential benefit of
    incorporating Strategic Allocation Fund into a balanced
    investment portfolio of stocks and bonds. As the chart shows, a
    portfolio consisting of 10% Strategic Allocation Fund, 55%
    stocks and 35% bonds would have produced comparable returns with
    a slightly lower standard deviation, one measure of risk, than a
    60% stock and 40% bond portfolio.
Prospective investors must be aware that this hypothetical
    analysis includes periods in which the Strategic Allocation Fund
    outperforms other asset classes in the portfolio. There can be
    no assurance that the Strategic Allocation Fund will outperform
    the other asset classes during any particular time period. This
    chart does not constitute a recommendation that anyone invest
    more than 10% of his or her net worth; the maximum investment
    permitted.
The
    Effect of Adding Strategic Allocation Fund
to a Hypothetical Portfolio Consisting of Stocks and Bonds
April 1994 — February 2010
This chart,
    prepared by Campbell & Company, contains historical
    trading results hypothetically blended. The stocks are
represented by the S&P 500 Index and the bonds are
    represented by the Barclays Capital Long-Term T-Bond Index.
See the glossary following this section for information integral
    to this chart.
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT
    LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO
    REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY
    TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT,
    THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL
    PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
    BY ANY PARTICULAR TRADING PROGRAM.
ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS
    THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT.
    IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL
    RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT
    FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE,
    THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR
    TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS
    WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
    ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR
    TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH
    CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL
    PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL
    TRADING RESULTS.
-143-
Table of Contents
VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Correlation
    of Monthly Returns
The more similarly two markets behave, the higher their
    correlation. Generally, asset allocation models attempt to
    reduce overall portfolio volatility by combining instruments
    that behave differently from one another. The first chart shows
    the correlation between the Strategic Allocation Fund and
    various stock, bond, managed futures and hedge fund indices. The
    second chart shows the correlation between the S&P 500
    Index and the same indices. The first chart uses the Strategic
    Allocation Fund as the benchmark for comparison, while the
    second chart uses the S&P 500 Index as the benchmark
    against which the others are correlated.
Historical
    Correlation of Monthly Returns with Campbell Strategic
    Allocation
Fund
April 1994 — February 2010
Historical
    Correlation of Monthly Returns with the S&P 500 Index
April 1994 — February 2010
These charts were prepared by Campbell & Company. See
    the glossary following this section for information integral to
    these charts.
-144-
Table of Contents
VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Correlation
    Analysis
This chart shows that, historically, the Strategic Allocation
    Fund's returns are not negatively correlated with stocks
    but, rather non-correlated, and therefore perform independently
    from stocks. As displayed below, in a small percentage of time,
    the Strategic Allocation Fund and stocks have experienced losses
    simultaneously. In a larger percentage of time (37%), the
    Strategic Allocation Fund has had positive returns during
    periods when stocks were also experiencing positive performance.
    However, in 44% of the 191 months represented in these
    charts, the performance of the Strategic Allocation Fund and
    stocks have moved in opposite directions.
Correlation
    Analysis Between Campbell Strategic Allocation Fund
and S&P 500 Index
April 1994 — February 2010
This chart was prepared by Campbell & Company. See the
    glossary following this section for information integral to this
    chart.
-145-
Table of Contents
VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Past
    Consistency Analysis Between the Campbell Strategic Allocation
    Fund and the S&P 500 Index
Campbell & Company believes that an investment in the
    Strategic Allocation Fund should be considered as a medium- to
    long-term investment and should not be purchased with the intent
    to redeem the investment within the first three years. The
    benefits of this philosophy are illustrated by the table shown
    below.
On a monthly basis, 53.43% of all months have been profitable
    with an average rate of return of 3.50% and 46.07% were
    unprofitable with an average rate of return of –2.99%.
Consider the investment time horizon when compared to the
    profitability of the Strategic Allocation Fund's
    performance over time. This clearly demonstrates that an
    investment held for any ten year rolling window would have been
    profitable every period, or 100% of the time, whereas a shorter
    time horizon, such as twelve month windows, produced
    profitability in 71.11% of the time periods.
On a historical basis this demonstrates that for the Strategic
    Allocation Fund, the longer the investment time horizon, the
    greater the probability of positive returns. Performance can be
    volatile. The net asset value per Unit has fluctuated in a
    single month by as much as 12%. This table should in no way be
    considered an assurance of profitability if the investment is
    held for at least ten years.
The following tables compare the Strategic Allocation
    Fund's profitable versus unprofitable periods to those of
    the S&P 500 Index.
Campbell
    Strategic Allocation Fund
April 1994 — February 2010
Number of
Number
Number
Percentage
April 1994 — February
    2010
Time Periods
Profitable
Unprofitable
Profitable
Total Months
191
103
88
53.93
%
Total Years*
16
12
4
75.00
%
12-Month
Rolling Windows
180
128
52
71.11
%
24-Month
Rolling Windows
168
136
32
80.95
%
36-Month
Rolling Windows
156
130
26
83.33
%
60-Month
Rolling Windows
132
117
15
88.64
%
120-Month
Rolling Windows
72
72
0
100.00
%
The
    S&P 500 Index
April 1994 — February 2010
Number of
Number
Number
Percentage
April 1994 — February
    2010
Time Periods
Profitable
Unprofitable
Profitable
Total Months
191
123
68
64.40
%
Total Years*
15
12
4
75.00
%
12-Month
Rolling Windows
180
129
51
71.67
%
24-Month
Rolling Windows
168
118
50
70.24
%
36-Month
Rolling Windows
156
108
48
69.23
%
60-Month
Rolling Windows
132
89
43
67.42
%
120-Month
Rolling Windows
72
56
16
77.78
%
*
For the period April 1994 — December 2009. April 1994
    to December 1994 is considered one year.
These tables were prepared by Campbell & Company. See
    the glossary following this section for information integral to
    these tables.
-146-
Table of Contents
VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Volatility
    (Risk) Comparison (ending February 2010)
A common measure of risk is standard deviation, which measures
    the variability of returns around the average return for that
    specific investment. Generally, the higher the standard
    deviation, the higher the volatility or risk. A comparison of
    overall volatility (measured by standard deviation) of monthly
    returns for the Barclays Capital Long-Term T-Bond Index, the
    Strategic Allocation Fund, EAFE Index, S&P 500 Index and
    NASDAQ Composite Index is shown in the first chart below. Past
    performance is not necessarily indicative of future results, and
    there is no guarantee that historical volatility levels will
    persist into the future. Upside volatility measures the
    volatility of only the profitable months. Downside volatility
    measures the volatility of only the unprofitable months.
    Investors are typically more concerned with downside volatility,
    which is perhaps a better historical indicator of the risk of
    actually losing money. The second chart compares the upside
    volatility and the third chart compares the downside volatility
    for the Strategic Allocation Fund and the same indices. Once
    again, there is no guarantee that historical volatility levels
    will persist into the future.
Overall Volatility
Upside
    Volatility
Downside
    Volatility
These charts were prepared by Campbell & Company. See
    the glossary following this section for information integral to
    these charts.
-147-
Table of Contents
VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Risk
    Perspective
The proper evaluation of any investment must include an
    assessment of the risk which must be taken to achieve the
    prospective return. Another measure of risk, in addition to
    standard deviation, is historical worst decline, or largest
    draw-down. In other words, if you had purchased an investment at
    a month-end peak in performance and then subsequently sold at
    the lowest month-end price thereafter, the worst decline would
    be the largest percentage loss experienced. The chart below
    shows the worst cumulative monthly decline in the CISDM Index,
    Barclays Capital Long-Term T-Bond Index, HFRI Fund of Funds
    Composite Index, S&P 500 Index, EAFE Index, NASDAQ
    Composite Index and the Strategic Allocation Fund since the
    Strategic Allocation Fund's inception of trading in 1994.
Worst
    Declines
April 1994 — February 2010
This chart was prepared by Campbell & Company. See the
    glossary following this section for information integral to this
    chart.
-148-
Table of Contents
VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Historical
    Performance Comparison (April 1994 — February
    2010)
The table below charts the annual rates of returns for various
    indices or asset categories since the Strategic Allocation
    Fund's inception in April 1994.
Barclays
HFRI
Capital
Campbell
Fund of
Long-Term
Strategic
Funds
NASDAQ
T-Bond
Allocation
Composite
Composite
Index
Fund
CISDM Index
Index
EAFE Index
Index
S&P 500 Index
1994*
−1.14%
−11.62%
−2.18%
−3.48%
6.23%
−3.20%
5.31%
1994*
1995
30.73%
9.99%
9.66%
11.10%
9.42%
39.92%
37.59%
1995
1996
−0.76%
30.46%
11.89%
14.39%
4.38%
22.70%
22.96%
1996
1997
14.91%
14.31%
9.48%
16.20%
0.24%
21.64%
33.38%
1997
1998
13.48%
14.60%
6.81%
−5.11%
18.24%
39.62%
28.58%
1998
1999
−8.71%
4.45%
1.48%
26.47%
25.26%
84.55%
21.04%
1999
2000
20.11%
10.70%
9.37%
4.07%
−15.20%
−39.28%
−9.09%
2000
2001
5.34%
2.91%
7.52%
2.80%
−22.61%
−21.04%
−11.87%
2001
2002
16.31%
13.12%
11.99%
1.01%
−17.52%
−31.52%
−22.10%
2002
2003
2.06%
17.68%
12.17%
11.62%
35.27%
50.01%
28.69%
2003
2004
7.97%
4.35%
3.22%
6.87%
17.60%
8.60%
10.87%
2004
2005
6.70%
9.53%
5.97%
7.50%
10.85%
1.38%
4.89%
2005
2006
0.85%
4.04%
8.30%
10.39%
23.46%
9.51%
15.79%
2006
2007
8.52%
−14.65%
8.57%
10.26%
8.61%
9.81%
5.50%
2007
2008
25.08%
−1.53%
16.28%
−21.39%
−45.09%
−40.53%
−37.01%
2008
2009
−13.17%
−8.96%
1.05%
11.46%
27.75%
43.88%
25.30%
2009
2010 YTD
2.59%
−5.98%
−3.43%
−0.25%
−5.28%
−1.37%
−0.96%
2010 YTD
* The Strategic Allocation Fund began trading in April
    1994, therefore, the returns for all indices or asset categories
    for 1994 are for the 9 months from April —
    December 1994.
This table was prepared by Campbell & Company. See the
    glossary following this section for information integral to this
    table.
-149-
Table of Contents
VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
The
    Periodic Table of Index Returns (January 2000 —
    February 2010)
The table below charts the annual rates of returns for various
    indices or asset categories for the past ten years and
    year-to-date, and illustrates that all sectors behave
    differently from year to year. An index or asset category that
    is ranked at the top one year may be ranked toward the bottom in
    subsequent years. The Strategic Allocation Fund is intended to
    be a medium- to long-term investment. No one can predict which
    sectors are likely to outperform the others during any specific
    period in the future.
2010 YTD
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
(2 Months)
BCBI
CISDM
BCBI
NAS
EAFE
EAFE
EAFE
HFRI
BCBI
NAS
BCBI
20.11%
7.52%
16.31%
50.01%
17.60%
10.85%
23.46%
10.26%
25.08%
43.88%
2.59%
CSAF
BCBI
CSAF
EAFE
S&P
CSAF
S&P
NAS
CISDM
EAFE
HFRI
10.70%
5.34%
13.12%
35.27%
10.87%
9.53%
15.79%
9.81%
16.28%
27.75%
−0.25%
CISDM
CSAF
CISDM
S&P
NAS
HFRI
HFRI
EAFE
CSAF
S&P
S&P
9.37%
2.91%
11.99%
28.69%
8.60%
7.50%
10.39%
8.61%
−1.53%
25.30%
−0.96%
HFRI
HFRI
HFRI
CSAF
BCBI
BCBI
NAS
CISDM
HFRI
HFRI
NAS
4.07%
2.80%
1.01%
17.68%
7.97%
6.70%
9.51%
8.57%
−21.39%
11.46%
−1.37%
S&P
S&P
EAFE
CISDM
HFRI
CISDM
CISDM
BCBI
S&P
CISDM
CISDM
−9.09%
−11.87%
−17.52%
12.17%
6.87%
5.97%
8.30%
8.52%
−37.01%
1.05%
−3.43%
EAFE
NAS
S&P
HFRI
CSAF
S&P
CSAF
S&P
NAS
CSAF
EAFE
−15.20%
−21.04%
−22.10%
11.62%
4.35%
4.89%
4.04%
5.50%
−40.53%
−8.96%
−5.28%
NAS
EAFE
NAS
BCBI
CISDM
NAS
BCBI
CSAF
EAFE
BCBI
CSAF
−39.28%
−22.61%
−31.52%
2.06%
3.22%
1.38%
0.85%
−14.65%
−45.09%
−13.17%
−5.98%
BCBI = Barclays Capital Long-Term T-Bond Index
CISDM = CISDM Index
CSAF = Campbell Strategic Allocation Fund, L.P.
EAFE = Europe, Australasia, Far East Index
HFRI = HFRI Fund of Funds Composite Index
NAS = NASDAQ Composite Index
S&P = S&P 500 Index
This table
    was prepared by Campbell & Company. See the glossary
    following this section for information integral to this table.
-150-
Table of Contents
VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Performance
    History (ending February 2010)
The charts below illustrate how the Campbell Strategic
    Allocation Fund has performed relative to various stock and bond
    indices over the past one, five and ten year time periods.
These charts were prepared by Campbell & Company. See
    the glossary following this section for information integral to
    these charts.
-151-
Table of Contents
VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Performance
    Statistics
This table compares various performance statistics for the
    Strategic Allocation Fund, the S&P 500 Index, the EAFE
    Index, the NASDAQ Composite Index and the Barclays Capital
    Long-Term T-Bond Index through February 2010.
Performance
    Statistics
Through February 2010
Barclays Capital
Campbell
S&P 500
EAFE
NASDAQ
Long-Term
Performance Statistics Through February 2010
Strategic
Index
Index
Index
T-Bond Index
Rate-of-Return:
February 2010
1.32%
2.85%
-0.88%
4.23%
0.06%
Year To Date
-5.98%
-0.96%
-5.28%
-1.37%
2.59%
Compounded Annual
Rate-of-Return:
12-Month
-15.03%
51.68%
50.09%
62.43%
-1.35%
(Average Annual
Rate-of-Return)
36-Month
-9.31%
-6.07%
-10.70%
-2.52%
5.78%
60-Month
-3.20%
0.11%
-0.68%
1.76%
5.15%
120-Month
2.34%
-0.44%
-1.20%
-7.14%
7.29%
Since Inception (4/94)
5.23%
7.79%
2.52%
7.14%
7.63%
Cumulative Return:
12-Month
-15.03%
51.68%
50.09%
62.43%
-1.35%
(Total Return)
36-Month
-25.42%
-17.13%
-28.80%
-7.36%
18.35%
60-Month
-15.03%
0.56%
-3.36%
9.09%
28.55%
120-Month
26.07%
-4.27%
-11.41%
-52.32%
102.20%
Since Inception (4/94)
125.12%
229.89%
48.51%
199.54%
222.10%
Annualized Standard Deviation of Monthly
12-Month
10.53%
13.65%
17.46%
17.07%
11.35%
Returns (measures the dispersion of returns
36-Month
12.56%
19.71%
23.39%
22.86%
13.35%
around the mean or average return):
60-Month
12.57%
15.95%
19.33%
19.32%
11.37%
120-Month
13.54%
16.02%
17.56%
26.16%
10.45%
Since Inception (4/94)
14.09%
15.47%
16.25%
25.43%
9.68%
Worst Decline:
Last 60 Months
-32.26%
-50.96%
-58.24%
-51.80%
-14.74%
Duration of Decline
6/07 - 1/10
10/07 - 2/09
10/07 - 2/09
10/07 -2/09
12/08 - 5/09
Last 120 Months
-32.26%
-50.96%
-58.24%
-75.03%
-14.74%
Duration of Decline
6/07 - 1/10
10/07 - 2/09
10/07 - 2/09
2/00 -9/02
12/08 - 5/09
Since Inception (4/94)
-32.26%
-50.96%
-58.24%
-75.03%
-14.74%
Duration of Decline
6/07 - 1/10
10/07 - 2/09
10/07 - 2/09
2/00 -9/02
12/08 - 5/09
Correlation With S&P 500:
Last 60 Months
0.11
1.00
0.90
0.93
-0.03
Last 120 Months
-0.13
1.00
0.88
0.85
-0.15
Correlation During S&P 500 Positive Months:
Last 60 Months
-0.12
1.00
0.63
0.81
-0.16
Last 120 Months
-0.25
1.00
0.62
0.63
-0.17
Correlation During S&P 500 Negative Months:
Last 60 Months
-0.16
1.00
0.91
0.90
0.20
Last 120 Months
-0.22
1.00
0.83
0.69
0.05
This table was prepared by Campbell & Company. See the
    glossary following this section for information integral to this
    table.
-152-
Table of Contents
VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Sector
    Allocation
Sector allocation for each sector is calculated using the dollar
    value of margin posted as collateral to support trading in each
    sector as a percentage of the total dollar value of margin
    posted to support trading in all sectors. This chart reports
    average sector allocation for each sector as of the previous six
    month-ends through February 28, 2010 as follows: 31% to
    Foreign Exchange, 29% to Interest Rates, 26% to Equity Indices
    and 14% to Commodities. Sector allocation and the specific
    markets traded, may frequently fluctuate in response to changes
    in market volatility.
Sector
    Allocation
Average of Last Six Month-ends Through
    February 2010
The following markets will be added to the trading portfolio as
    of March 2010: Commodities - Aluminum, Canola, Cocoa, Frozen
    Concentrated Orange Juice, High Grade Copper, KC Hard Red Winter
    Wheat, Lean Hogs, LIFFE Cocoa, LIFFE White Sugar, Live Cattle,
    Platinum, Soybean, Soybean Meal, Soybean Oil, Sugar #11
    (World) and Equity Indices — DJ Stoxx 50 —
    Eurex, DJ Stoxx 600 Bank — Comb, Dow Jones Mini,
    FTSE/JSE Top 40, Hang Seng China, S&P Canada 60 Index,
    SIMEX MSCI Sing IX ETS Index, Tokyo Price Index — Comb
    Session.
This chart was prepared by Campbell & Company. See the
    glossary following this section for information integral to this
    chart.
-153-
Table of Contents
VALUE OF
    DIVERSIFICATION — CAMPBELL STRATEGIC ALLOCATION
    FUND — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Value-at-Risk
(VAR) for the Period Ending February 28, 2010
VaR expresses market risk as a percentage of a portfolio's
    value. Normally, VaR is measured over a specific time horizon
    and at a specific confidence level. Campbell & Company
    produces a daily VaR using a quarterly look back at a 97.5%
    confidence level, which represents approximately 2 standard
    deviations using a standard normal distribution. This allows us
    to make the statement that we have 97.5% confidence that our
    daily loss will
not
exceed the VaR percentage of a
    portfolio's value. This means that we
would
expect
    daily losses to exceed our VaR metric approximately 2.5% of the
    time. Because the risk of a whole portfolio is generally less
    than the sum of the risks of the individual sectors, component
    risk is used to describe the contribution of each sector's
    risk to the overall portfolio risk. In some cases, a sector may
    "hedge" the portfolio, and thus reduce risk, in which
    case the component risk for that sector would be negative.
The information contained herein conforms to emerging industry
    standards and should enhance your ability to monitor the risk in
    your investment. We report daily VaR as of the end of the period
    using a quarterly look back. VaR as calculated may not be
    comparable to similarly titled measures used by other entities.
These charts were prepared by Campbell & Company. See
    the glossary following this section for information integral to
    these charts.
-154-
Table of Contents
SUPPLEMENTAL
    PERFORMANCE
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Campbell
    Strategic Allocation Fund
This chart shows the value of an initial $1,000 investment in
    the Strategic Allocation Fund from inception through February
    2010.
Worst
    Monthly Percentage
    Draw-down
(1)
:

    July 2007/10.92%
Worst
Peak-to-Valley
Draw-down
(1)
:

    June 2007 — January 2010/32.26%
Campbell
    Strategic Allocation Fund
Value of Initial $1,000 Investment
April 1994 — February 2010
Rate of
    Return
(2)
(Computed on a compounded monthly basis)
Month
2010 YTD
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
January
−7.20%
−0.08
%
−0.46
%
2.50
%
1.97
%
−2.22
%
1.85
%
7.74
%
−0.98
%
−1.30
%
3.53
%
−5.02
%
2.74
%
4.52
%
5.79
%
−4.67
%
February
1.32%
0.82
%
1.44
%
−5.89
%
−1.85
%
−1.32
%
10.65
%
7.46
%
−2.27
%
0.11
%
−0.60
%
1.67
%
−2.81
%
2.03
%
−5.97
%
4.21
%
March
−2.23
%
−0.23
%
−3.38
%
4.40
%
−0.07
%
0.83
%
−4.52
%
−1.81
%
7.02
%
−2.67
%
0.46
%
4.68
%
−2.47
%
4.72
%
8.77
%
April
−4.77
%
−2.69
%
2.07
%
−2.94
%
0.40
%
−6.84
%
2.51
%
−4.57
%
−8.42
%
−1.80
%
5.33
%
−6.69
%
−3.60
%
3.59
%
1.13
%
0.16%
May
−0.79
%
1.95
%
5.61
%
−2.91
%
4.86
%
−0.61
%
1.89
%
3.88
%
0.95
%
2.15
%
−3.69
%
4.07
%
−2.92
%
−2.18
%
−0.84
%
−2.42%
June
−2.43
%
5.26
%
4.33
%
−0.55
%
6.54
%
−3.30
%
−0.94
%
7.74
%
−1.98
%
1.87
%
4.81
%
1.29
%
2.48
%
0.75
%
−1.77
%
5.15%
July
0.05
%
−1.30
%
−10.92
%
−0.21
%
0.90
%
−0.73
%
−4.85
%
7.78
%
1.15
%
−2.07
%
−0.32
%
−4.00
%
9.12
%
−0.78
%
−3.82
%
−3.93%
August
−1.32
%
−1.64
%
−6.79
%
−0.51
%
−5.68
%
−1.37
%
2.23
%
3.33
%
1.94
%
2.82
%
0.82
%
9.48
%
−5.69
%
1.84
%
5.47
%
−3.89%
September
3.79
%
−1.37
%
1.74
%
−2.92
%
3.59
%
−1.78
%
−1.72
%
3.62
%
6.66
%
−3.71
%
1.36
%
2.47
%
4.51
%
1.77
%
−3.93
%
5.20%
October
−1.52
%
−1.22
%
5.48
%
1.60
%
3.97
%
2.16
%
2.63
%
−4.98
%
5.01
%
2.88
%
−4.31
%
3.97
%
1.83
%
12.44
%
0.79
%
−0.14%
November
3.26
%
−1.46
%
−6.32
%
0.68
%
2.02
%
3.78
%
0.71
%
−1.61
%
−10.14
%
6.25
%
0.58
%
−0.75
%
0.17
%
11.00
%
−0.15
%
−6.67%
December
−3.77
%
0.44
%
—2.46
%
7.76
%
—3.16
%
0.59
%
4.14
%
3.31
%
3.49
%
2.05
%
3.28
%
0.30
%
4.46
%
−4.41
%
5.35
%
−4.98%
Total
−5.98%
(2 months)
−8.96
%
−1.53
%
−14.65
%
4.04
%
9.53
%
4.35
%
17.68
%
13.12
%
2.91
%
10.70
%
4.45
%
14.60
%
14.31
%
30.46
%
9.99
%
−11.62%
(9 months)
(1)
"Draw-down" means losses experienced by the Fund over
    a specified period.
(2)
The "Rate of Return" for a period is calculated by
    dividing the net profit or loss by the assets at the beginning
    of such period. Additions and withdrawals occurring during the
    period are included as an addition to or deduction from
    beginning net asset value in the calculations of "Rates of
    Return."
These charts were prepared by
    Campbell & Company. The performance of the Strategic
    Allocation Fund does not reflect the performance of all
    investors in the Strategic Allocation Fund. See the glossary
    following this section for information integral to these charts.
-155-
Table of Contents
SUPPLEMENTAL
    PERFORMANCE — (Continued)
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
Campbell
    Strategic Allocation
    Fund — (Continued)
Compounded Annual Rates of Return
April 1994 — February 2010
12-month
−15.03%
24-month
−8.63%
36-month
−9.31%
Since Inception
5.23%
Statistics
4/94 - 2/10
Compounded Monthly Annual Rate of Return
5.23%
Average Monthly Rate of Return
0.51%
Standard Deviation of Monthly Returns
4.07%
Annualized Standard Deviation
14.09%
Sharpe Ratio
0.12
Average Monthly Gain
3.50%
Average Monthly Loss
−2.99%
Number of Profitable Months
103
Number of Unprofitable Months
88
Average Duration of Decline (Months)
3.09
Average Recovery Period (Months)
2.97
Latest Month's Margin to Equity
9.6%
This graph shows the magnitude of the five largest declines for
    the Strategic Allocation Fund since inception through
    February 2010. It also shows the duration of the declines,
    the subsequent recovery period and the Strategic Allocation
    Fund's return over the following
12-month
period.
A draw-down is any losing period during an investment record. It
    is defined as the percent retrenchment from any peak in
    performance to the valley or trough. A draw-down is in effect
    from the time a retrenchment begins until a new high is reached.
    In terms of time, a draw-down encompasses both the period from
    peak to valley (length) and the time from the valley to a new
    high (recovery).
These tables and graphs were
    prepared by Campbell & Company. The performance of the
    Strategic Allocation Fund does not reflect the performance of
    all investors in the Strategic Allocation Fund. See the glossary
    following this section for information integral to these tables
    and graphs.
-156-
Table of Contents
SUPPLEMENTAL
    GOLD DISCUSSION
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
    RESULTS.
The
    Price of Spot Gold Versus Inflation-Adjusted Spot
    Gold
The chart below displays the price of spot gold versus the price
    of inflation-adjusted spot gold. As indicated below, the price
    of spot gold remains well below its peak on an
    inflation-adjusted basis.
January
    1968* — February 2010
*Spot gold was deregulated in
    January 1968. The source data was obtained from the National
    Bureau of Economic Research.
This chart was prepared by Campbell & Company. See the
    glossary following this section for information integral to this
    chart. By offering the Global Trend Series (GLD) neither the
    Global Trend Fund nor Campbell & Company is making any
    recommendation or providing any investment or other advice with
    respect to the possible future performance of gold, gold
    futures, or any other gold-related product, nor is it a
    prediction or recommendation as to the future performance of the
    U.S. Dollar. The Global Trend Series (GLD) is offered
    solely to provide a gold-denominated exposure to the Campbell
    Trend Following Portfolio to those investors who prefer to have
    their investments denominated in gold, as opposed to the
    U.S. Dollar.
-157-
Table of Contents
GLOSSARY
    OF TERMS
Barclays
    Capital Long-Term T-Bond Index*
Utilized as a broad measure of the performance of long-term
    government bonds. The index, which is a component of the
    Barclays U.S. Treasury Bond Index, consists of Treasury
    bonds with maturities of ten years or greater.
Campbell
    Strategic Allocation Fund, L.P.
The Strategic Allocation Fund, which began trading in April
    1994, is an actively managed account with speculative trading
    profits as its objective. Performance information for the
    Strategic Allocation Fund is net of all fees and commissions.
Campbell
    Global Trend Fund, L.P.
The Global Fund will be an actively managed account with
    speculative trading profits as its objective. The Global Trend
    Fund has not commenced trading and does not have any performance
    history.
Credit
    Agricole Structured Asset Management Center for International
    Securities and Derivatives Markets CPO Asset Weighted Index
    (CISDM)
The CISDM Index is a dollar weighted index that includes the
    performance of current as well as retired public futures funds,
    private pools and offshore funds that have the objective of
    speculative trading profits. The CISDM Index is utilized as a
    broad measure of overall managed futures returns, as compared to
    other indices that measure the overall returns of stocks and
    bonds as separate asset classes. The CISDM Index is not the same
    as an investment in the Funds, and the Funds may perform quite
    differently than the Index, just as an individual stock may
    perform quite differently from the S&P 500 Index. Investors
    cannot invest in this index.
Hedge
    Fund Research Performance Index (HFRI) Fund of Funds
    Composite Index
The HFRI monthly performance indices are equally weighted
    performance indices used as industry standard benchmarks of
    hedge fund performance. Fund of funds invest with multiple
    managers through funds or managed accounts. The strategy designs
    a diversified portfolio of managers with the objective of
    significantly lowering the risk (volatility) of investing with
    an individual manager. Investors cannot invest in this index.
Morgan
    Stanley Capital International Europe, Australasia, Far East
    Index (EAFE)*
A cap weighted index that is designed to measure the investment
    returns of developed economies outside of North America. The
    Index includes publicly traded stocks from 21 countries that are
    divided into industry groups and then representative stocks are
    selected from each industry group. In addition, cross-ownership
    is tracked to ensure that the market weight given each company
    is accurate.
NASDAQ
    Composite Index*
Measures all NASDAQ domestic and
non-U.S. based
common stocks listed on the NASDAQ Stock Market (currently over
    5,000 companies). The Index is market-value weighted. This
    means that each company's security affects the Index in
    proportion to its market value. The market value, the last sale
    price multiplied by total shares outstanding, is calculated
    throughout the trading day, and is related to the total value of
    the Index.
Spot
    Gold
Gold that is bought and sold for cash and delivered immediately.
    The spot price is different from the futures price on an
    exchange, which reflects what the commodity might be worth in
    the future months.
Spot
    Gold (Inflation-Adjusted)
The inflation-adjusted price of gold in 2010 U.S. Dollars
    using U.S. inflation rates obtained from the National
    Bureau of Economic Research.
-158-
Table of Contents
Standard &
    Poor's 500 Composite Stock Index (S&P
    500)*
The 500 stocks in the S&P 500 are chosen by Standard and
    Poor's based on industry representation, liquidity and
    stability. The stocks in the S&P 500 are not the 500
    largest companies, rather the Index is designed to capture the
    returns of many different sectors of the U.S. economy. This
    is the only index that includes dividends reinvested.
*
Passive, unmanaged indices of equity and debt securities
    generally purchased by investors with an investment objective of
    capital preservation, growth or income. Investors cannot invest
    in an index; performance of any of these indices (which, by
    definition, are averages of many individual investments) may not
    be representative of any specific investment within that
    index's asset class.
Performance information for (1) the stock and hedge fund
    indices was obtained through Per Trac 2000, (2) the bond
    index was obtained through Barclays Capital, and (3) the
    CISDM Index was obtained through casam-hedge.com. Some
    information contained herein may not have been audited.
-159-
Table of Contents
APPENDIX I
BLUE SKY
    GLOSSARY
The following definitions are included in this Appendix I
    in compliance with the requirements of various state securities
    administrators who review public futures fund offerings for
    compliance with the "Guidelines for the Registration of
    Commodity Pool Programs" Statement of Policy promulgated by
    the North American Securities Administrators Association, Inc.
    The following definitions are reprinted verbatim from such
    Guidelines and may, accordingly, not in all cases be relevant to
    an investment in the Fund.
Definitions
— As used in the Guidelines, the
    following terms have the following meanings:
Administrator
— The official or agency
    administering the security laws of a state.
Advisor
— Any person who for any consideration
    engages in the business of advising others, either directly or
    indirectly, as to the value, purchase, or sale of commodity
    contracts or commodity options.
Affiliate
— An Affiliate of a Person
    means:  (a) any Person directly or indirectly
    owning, controlling or holding with power to vote 10% or more of
    the outstanding voting securities of such Person; (b) any
    Person 10% or more of whose outstanding voting securities are
    directly or indirectly owned, controlled or held with power to
    vote, by such Person; (c) any Person, directly or
    indirectly, controlling, controlled by, or under common control
    of such Person; (d) any officer, director or partner of
    such Person; or (e) if such Person is an officer, director
    or partner, any Person for which such Person acts in any such
    capacity.
Capital Contributions
— The total investment in
    a Program by a Participant or by all Participants, as the case
    may be.
Commodity Broker
— Any Person who engages in
    the business of effecting transactions in commodity contracts
    for the account of others or for his own account.
Commodity Contract
— A contract or option
    thereon providing for the delivery or receipt at a future date
    of a specified amount and grade of a traded commodity at a
    specified price and delivery point.
Cross Reference Sheet
— A compilation of the
    Guideline sections, referenced to the page of the prospectus,
    Program agreement, or other exhibits, and justification of any
    deviation from the Guidelines.
Net Assets
— The total assets, less total
    liabilities, of the Program determined on the basis of generally
    accepted accounting principles. Net Assets shall include any
    unrealized profits or losses on open positions, and any fee or
    expense including Net Asset fees accruing to the Program.
Net Asset Value Per Program Interest
— The Net
    Assets divided by the number of Program Interests outstanding.
Net Worth
— The excess of total assets over
    total liabilities are determined by generally accepted
    accounting principles. Net Worth shall be determined exclusive
    of home, home furnishings and automobiles.
New Trading Profits
— The excess, if any, of
    Net Assets at the end of the period over Net Assets at the end
    of the highest previous period or Net Assets at the date trading
    commences, whichever is higher, and as further adjusted to
    eliminate the effect on Net Assets resulting from new Capital
    Contributions, redemptions, or capital distributions, if any,
    made during the period decreased by interest or other income,
    not directly related to trading activity, earned on Program
    assets during the period, whether the assets are held separately
    or in a margin account.
Organizational and Offering Expenses
— All
    expenses incurred by the Program in connection with and in
    preparing a Program for registration and subsequently offering
    and distributing it to the public, including, but not limited
    to, total underwriting and brokerage discounts and commissions
    (including fees of the underwriter's attorneys), expenses
    for printing, engraving, mailing, salaries of employees while
    engaged in sales activity, charges of transfer agents,
    registrars, trustees, escrow holders, depositories, experts,
    expenses of qualification of the sale of its Program Interest
    under federal and state law, including taxes and fees,
    accountants' and attorneys' fees.
Participant
— The holder of a Program Interest.
APP-1
Table of Contents
Person
— Any natural Person, partnership,
    corporation, association or other legal entity.
Pit Brokerage Fee
— Pit Brokerage Fee shall
    include floor brokerage, clearing fees, National Futures
    Association fees, and exchange fees.
Program
— A limited partnership, joint venture,
    corporation, trust or other entity formed and operated for the
    purpose of investing in Commodity Contracts.
Program Broker
— A Commodity Broker that
    effects trades in Commodity Contracts for the account of a
    Program.
Program Interest
— A limited partnership
    interest or other security representing ownership in a program.
Pyramiding
— A method of using all or a part of
    an unrealized profit in a Commodity Contract position to provide
    margin for any additional Commodity Contracts of the same or
    related commodities.
Sponsor
— Any Person directly or indirectly
    instrumental in organizing a Program or any Person who will
    manage or participate in the management of a Program, including
    a Commodity Broker who pays any portion of the Organizational
    Expenses of the Program, and the general partner(s) and any
    other Person who regularly performs or selects the Persons who
    perform services for the Program. Sponsor does not include
    wholly independent third parties such as attorneys, accountants,
    and underwriters whose only compensation is for professional
    services rendered in connection with the offering of the Units.
    The term "Sponsor" shall be deemed to include its
    Affiliates.
Valuation Date
— The date as of which the Net
    Assets of the Program are determined.
Valuation Period
— A regular period of time
    between Valuation.
APP-2
Table of Contents
EXHIBIT A
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED
    PARTNERSHIP
ARTICLE 1.
FORMATION AND NAME
The parties to this Second Amended and Restated Agreement of
    Limited Partnership (the "Agreement") dated as of
    January 1, 2010 have formed Campbell Strategic Allocation
    Fund, L.P. (the "Partnership") under the Delaware
    Revised Uniform Limited Partnership Act in effect on the date
    thereof (the "Act") and do hereby continue the
    Partnership pursuant to the terms herein. Each Limited Partner
    hereby undertakes to furnish to the General Partner a power of
    attorney which may be filed with this Agreement and any
    amendment hereto and such additional information as is required
    from him to complete such documents and to execute and cooperate
    in the filing, recording or publishing of such documents at the
    request of the General Partner.
ARTICLE 2.
PRINCIPAL OFFICE AND REGISTERED AGENT
The principal office of the Partnership shall be 2850 Quarry
    Lake Drive, Baltimore, Maryland 21209, or such other place as
    the General Partner may designate from time to time. The
    Registered Agent for the Limited Partnership is D. Keith
    Campbell, 2850 Quarry Lake Drive, Baltimore, Maryland 21209. The
    Tax Matters Partner for the Limited Partnership is
    Campbell & Company, Inc.
ARTICLE 3.
BUSINESS AND PURPOSE OF THE PARTNERSHIP
The Partnership's business and purpose is to trade, buy,
    sell or otherwise acquire, hold or dispose of futures and other
    related investment interests and any activities incidental or
    related thereto. The objective of the Partnership business is
    appreciation of its assets through speculative trading.
ARTICLE 4.
TERM, DISSOLUTION AND FISCAL YEAR
4.1
Term.
The term of the
    Partnership commenced upon the execution and filing of the
    Certificate of Limited Partnership, as amended, and shall end
    upon the first to occur of the following:
    (i) December 31, 2023; (ii) an election to
    dissolve the Partnership in accordance with the provisions of
    Article 4.2 by Limited Partners owning more than 50% of the
    Units then outstanding; (iii) the withdrawal of the General
    Partner, as defined in, and subject to the limitations of
    Article 13; (iv) a determination by the General
    Partner that the purpose of the Partnership cannot be fulfilled;
    or (v) any event which constitutes a dissolution of a
    limited partnership under the Act or otherwise makes it unlawful
    for the existence of the Partnership to be continued.
4.2
Dissolution.
Upon the
    occurrence of an event causing the dissolution of the
    Partnership, the Partnership shall be wound up and terminated.
    Upon dissolution and termination of the Partnership, the General
    Partner shall contribute to the Partnership an amount equal in
    the aggregate to the lesser of (a) the deficit balance in
    their capital accounts, or (b) the excess of 1.01% of the
    net aggregate capital contributions paid in by the Limited
    Partners over any capital previously contributed by the General
    Partner. Payment of creditors, and distribution of the
    Partnership's assets shall be effected as soon as
    practicable in accordance with the Act, and the General Partner
    and each Limited Partner (and any assignee) shall share in the
    assets of the Partnership
pro rata
in accordance with
    such Partner's respective capital account, less any amount
    owing by such Partner (or assignee) to the Partnership.
4.3
Fiscal Year.
The fiscal year of
    the Partnership shall end on December 31, unless the
    General Partner elects, with the approval of the Internal
    Revenue Service and the CFTC, a different fiscal year.
A-1
Table of Contents
ARTICLE 5.
GENERAL PARTNER
The General Partner is Campbell & Company, Inc., a
    Maryland corporation, 2850 Quarry Lake Drive, Baltimore,
    Maryland 21209.
ARTICLE 6.
CAPITAL CONTRIBUTIONS AND
UNITS OF LIMITED PARTNERSHIP INTEREST
6.1
Units and Capital Contributions of Limited
    Partners.
Interests in the Partnership other than
    the General Partner's interests, shall be evidenced by
    Units (individually a "Unit").
6.2
Capital Contributions by General Partner; Net
    Worth.
The General Partner has contributed cash
    to the capital of the Partnership in an amount equal to at least
    1% of the net aggregate contributions of all Partners including
    the General Partner. The General Partner's contribution
    shall be evidenced by Units of General Partnership Interest. The
    General Partner may make withdrawals of its Units provided that
    such withdrawals do not reduce the General Partner's
    aggregate percentage interest in the Partnership to less than 1%
    of the net aggregate contributions. If additional Limited
    Partners are admitted during any Continuing Offering pursuant to
    the provisions of Article 11 herein, the General Partner
    shall make such additional capital contributions as may be
    required to maintain its interest at the required level in the
    Partnership at all times during the term of the Partnership. The
    General Partner shall 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 Partnership. 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.
6.3
Availability of
    Contributions.
The aggregate of all Partnership
    contributions shall be available to the Partnership to carry on
    its business and purpose, and no interest shall be paid to any
    Partner on any such contributions.
ARTICLE 7.
ALLOCATION OF PROFITS AND LOSSES
7.1
Capital Accounts.
A capital
    account shall be established for each Partner, including the
    General Partner. The initial balance of each Partner's
    capital account shall be the amount of his initial capital
    contribution to the Partnership.
7.2
Monthly Allocations.
As of the
    close of business (as determined by the General Partner) of the
    last day of each month, the following determinations and
    allocations shall be made:
(1) The Net Assets of the Partnership (as defined in
    Article 7.4) before the General Partner's Brokerage
    Fee, the direct administrative expenses and the General
    Partner's performance fees payable shall be determined.
(2) Brokerage Fees payable by the Partnership and the
    direct administrative expenses shall then be charged against the
    Net Assets.
(3) Accrued performance fees, if any, shall then be charged
    against the Net Assets.
(4) Any increase or decrease in the Net Assets as of the
    end of the month (after the adjustments in subparagraphs
    (2) and (3)) shall then be credited or charged to the
    capital accounts of each Partner in the ratio that the balance
    of each account bears to the balance of all accounts.
(5) The amount of any distribution to a Partner, any amount
    paid to a Limited Partner on redemption of Units, and any amount
    paid to the General Partner by way of distribution or redemption
    of Units of General Partnership Interest, shall be charged to
    such Partner's capital account.
A-2
Table of Contents
7.3
Allocation of Profit and Loss for Federal
    Income Tax Purposes.
At the end of each taxable
    year, each item of Partnership taxable income, gain, loss,
    deduction, or credit will be allocated among the Partners in
    accordance with the following provisions:
(1) Capital gain shall be allocated first to each Partner
    who has redeemed Units (Units of General Partnership Interest in
    the case of the General Partner) during the year to the extent
    that the amount the Partner received on redemption exceeds the
    amount paid for the redeemed Units (as set forth in subparagraph
    (5));
(2) Capital gain remaining after the allocation in
    subparagraph (1) shall be allocated among all Partners in
    the ratio that each Partner's capital account bears to all
    Partner's capital accounts;
(3) Capital losses shall be allocated first to each Partner
    who has redeemed Units (Units of General Partnership Interest in
    the case of the General Partner) during the year to the extent
    that the amount the Partner paid for the redeemed Units (as set
    forth in subparagraph (5)) exceeds the amount the Partner
    received on redemption;
(4) Capital losses remaining after the allocation in
    subparagraph (3) shall be allocated among all Partners in
    the ratio that each Partner's capital account bears to all
    Partners' capital accounts;
(5) For the purpose of the allocations of capital gain and
    loss in subparagraphs (1) and (3), the amount each Partner
    paid for each of his Units shall be deemed to have increased by
    the amount of capital gain allocated to him with respect to such
    Unit pursuant to subparagraph (2) or ordinary income
    pursuant to subparagraph 6; decreased by the amount of any
    capital loss allocated to him with respect to such Unit pursuant
    to subparagraph (4) or ordinary expense pursuant to
    subparagraph 6; and decreased by the amount of any distributions
    to him with respect to such Unit pursuant to Article 7.8;
(6) Items of ordinary income and expense will be allocated
pro rata
among the Partners based upon their respective
    capital accounts as of the end of each month in which the items
    of ordinary income or expense accrue; provided that any
    performance fee paid to the General Partner shall be allocated
    among the Units outstanding at any time during the fiscal year
    based upon the ratio that each such Unit's net performance
    fee (the excess, if any, of the aggregate of all performance
    fees allocated to the capital account relating to such Unit over
    the aggregate of all reversals of performance fees allocated to
    such Unit) bears to the net performance fee of all Units;
(7) Notwithstanding subparagraphs (4) and (6), if the
    allocation of such loss would cause a Limited Partner to have a
    capital account deficit, then such loss shall be allocated to
    the General Partner, according to its capital account, to the
    extent of such losses;
(8) For purposes of this Paragraph 7.3, "capital
    gain" and "capital loss" shall mean gain or loss
    characterized as gain or loss from the sale or exchange of a
    capital asset by the Internal Revenue Code of 1986, as amended
    (the "Code"), including but not limited to gain or
    loss required to be taken into account pursuant to
    Section 1256 thereof and any income, gain or loss
    determined under Section 988 of the Code; and
(9) Allocations of capital gain or loss will be made
pro
    rata
from each category of capital gain or loss determined
    under Section 1(h) of the Code and income or loss
    determined under Section 988 of the Code.
7.4
Definitions; Accounting.
(1)
Net Assets.
"Net
    Assets" of the Partnership shall mean the total assets of
    the Partnership, including all cash and cash equivalents, plus
    accrued interest thereon, and the market value of all open
    commodity positions and other assets of the Partnership, less
    all liabilities of the Partnership, including accrued
    performance fees determined in accordance with the principles
    specified in this subparagraph and, where no principle is
    specified, in accordance with generally accepted accounting
    principles consistently applied under the accrual basis of
    accounting. The market value of a commodity or commodity futures
    contract traded on an exchange, or through a clearing firm or
    through a bank, shall mean the most recent available settlement
    price or closing quotation, as appropriate on the exchange, or
    of the clearing firm or bank on or through which the commodity
    or contract is traded by the Partnership on the day with respect
    to which Net Assets are being determined. If such contract
    cannot be liquidated, due to the operation of daily limits or
    otherwise, on a day as of which Net Assets are determined, the
    liquidating value on the first subsequent day on which the
    contract would be liquidated may be used or such other value as
    the General
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Partner may deem fair and reasonable. The market value of a
    commodity forward contract or a commodity futures contract
    traded on a foreign exchange shall mean its market value as
    determined by the General Partner on a basis consistently
    applied.
(2)
Net Asset Value.
The "Net
    Asset Value" of the Partnership shall mean the total
    capital accounts of all Partners. The "Net Asset
    Value" of a Unit shall be the total capital accounts of all
    Partners, divided by the number of Units owned by all Partners.
(3)
Blue Sky Glossary.
The
    definitions in the Blue Sky Glossary in Appendix I to the
    Partnership's Prospectus are hereby incorporated herein by
    reference.
7.5
Expenses.
(1) The General Partner shall advance the organization and
    offering expenses of the initial and continuous offerings of the
    Units, and no such expenses shall be deducted from the proceeds
    of the offerings. Subject to the limitation described below, the
    General Partner shall be reimbursed such advanced amounts by the
    Partnership in approximately 30 equal installments commencing
    after the closing of the initial offering and monthly during the
    continuous offering. The General Partner shall have discretion
    to adopt reasonable procedures to implement the amortization of
    such expenses, including grouping expenses related to the same
    offering period and expensing de minimis amounts as they are
    incurred. In no event shall the General Partner be entitled to
    receive reimbursement in an amount greater than 2.5% of the
    aggregate subscriptions accepted during the initial and
    continuous offerings, as the case may be. In the event the
    Partnership terminates prior to completion of the reimbursement,
    the General Partner will not be entitled to receive additional
    reimbursement and the Partnership will have no obligation to
    make further reimbursement payments to the General Partner. For
    purposes of this Agreement, organization and offering expenses
    shall mean all costs paid or incurred by the General Partner or
    the Partnership in organizing the Partnership and offering the
    Units, including legal and accounting fees incurred, bank
    account charges, all blue sky filing fees, filing fees payable
    upon formation and activation of the Partnership, and expenses
    of preparing, printing and distributing the prospectus and
    registration statement, but in no event shall exceed limits set
    forth in Article 8 herein or guidelines imposed by
    appropriate regulatory bodies.
(2) The Partnership shall be obligated to pay all
    liabilities incurred by it, including without limitation,
    (i) Brokerage Fees; (ii) operating expenses and
    performance fees; (iii) legal and accounting fees;
    (iv) cash management fees; and (v) taxes and other
    extraordinary expenses incurred by the Partnership. During any
    year of operations, the General Partner shall be responsible for
    payment of operating expenses in excess of 0.5% of the
    Partnership's average month-end Net Asset Value during that
    year. Any operating expenses incurred in excess of the
    aforementioned annual cap are initially paid by the General
    Partner; provided, however, that the Strategic Allocation Fund
    reimburses the offering expenses paid by the General Partner at
    such time, if any, as the Strategic Allocation Fund is able to
    do so within the limit of the aforementioned cap. Indirect
    expenses of the General Partner, such as indirect salaries, rent
    and other overhead expenses, shall not be liabilities of the
    Partnership. The Partnership shall receive all interest earned
    on its assets.
(3) Compensation to any party, including the General
    Partner (or any advisor which may be retained in the future),
    shall not exceed the limitations imposed as of the date hereof
    by the North American Securities Administrators Association
    ("NASAA"). In the event the compensation exceeds such
    limitations, the General Partner shall promptly reimburse the
    Partnership for such excess. NASAA limitations on fees are as
    follows: management fees, advisory fees and all other fees,
    except for performance fees and commodity brokerage commissions,
    when added to the customary and routine administrative expenses,
    shall not exceed 6% annually of net asset value. The aggregate
    performance fees shall not exceed 15% of new trading profits.
    The sponsor or advisor will be entitled to an additional 2%
    performance fee for each 1% by which the net asset value fee is
    reduced below 6%. Commodity brokerage rates will be
    presumptively reasonable if they satisfy either 80% of the
    published retail rate plus pit brokerage fees or 14% annually of
    average net assets, including pit brokerage fees. The
    Partnership will pay an 8% per annum Brokerage Fee, of which 3%
    will be for management services, allowing the performance fee to
    be 20%, as discussed above. The remaining 5% from the Brokerage
    Fee will be paid for brokerage services (including the initial
    distribution of the Units, execution of commodity transactions,
    and ongoing services to the Limited Partners), which is less
    than the 14% limit imposed by NASAA.
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(4) The Partnership shall also be obligated to pay any
    costs of indemnification to the extent permitted under
    Article 15 of this Agreement.
7.6
Limited Liability of Limited
    Partners.
Each Unit purchased by a Limited
    Partner is fully paid and non-assessable. A Limited Partner
    shall be liable for the Partnership's obligations to the
    extent of the capital contributed by him plus his share of
    profits remaining in the Partnership, if any.
In addition, if a Limited Partner receives a return of any part
    of his capital contribution, he shall be liable to the
    Partnership for a period of one year thereafter for the amount
    of the returned contribution, but only to the extent necessary
    to discharge the Partnership's liabilities to creditors who
    extended credit to the Partnership during the period the
    contribution was held by the Partnership.
A Limited Partner shall also be liable to the Partnership for
    return of any part of his capital contribution returned to him,
    for a period of six years, if such return was in violation of
    this Agreement or the Act.
7.7
Return of Limited Partner's Capital
    Contribution.
Except to the extent that a Limited
    Partner shall have the right to redeem Units, no Limited Partner
    shall have any right to demand the return of his capital
    contribution or any profits added thereto, except upon
    dissolution and termination of the Partnership. In no event
    shall a Limited Partner be entitled to demand or receive
    property other than cash.
7.8
Distributions.
The General
    Partner shall have sole discretion in determining what
    distributions (other than on redemption of Units or
    dissolution), if any, the Partnership will make to its Partners
    (or any assignee thereof). Distributions shall be made
pro
    rata
in accordance with the respective capital accounts of
    the Partners.
ARTICLE 8.
MANAGEMENT
8.1
General.
(1) The General Partner, to the exclusion of the Limited
    Partners, shall conduct and manage the business of the
    Partnership including, without limitation, all functions
    necessary for administration of the Partnership. The General
    Partner shall have the fiduciary responsibility for the
    safekeeping and use of all assets of the Partnership, whether or
    not in its immediate possession or control, shall not contract
    away such duty and shall not employ or permit another to employ
    such assets in any manner except for the exclusive benefit of
    the Partnership. The General Partner, on behalf of the
    Partnership, shall make all investment decisions regarding the
    Partnership and shall have complete trading discretion. The
    General Partner shall seek the best price and services available
    in its futures brokerage transactions, and all brokerage
    transactions for the Partnership's futures trades will be
    effected at competitive rates.
(2) The General Partner shall receive from the Partnership:
    (i) Brokerage Fees of 8% per annum of the month-end Net
    Assets; and (ii) a quarterly "performance fee" of
    20% of the Partnership's aggregate cumulative appreciation
    in the Net Asset Value per Unit, exclusive of interest income.
    The performance fee is paid on the cumulative increase, if any,
    in the Net Asset Value per Unit over the highest previous
    cumulative Unit value or Unit value as of the commencement of
    trading, whichever is higher. In determining the fees in this
    paragraph, 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. Such fees may be
    changed upon sixty days' notice to the Limited Partners,
    provided that prior to the imposition of the revised fees,
    Limited Partners have an opportunity to redeem (and there are no
    delays in receiving payment therefor) and the notice explains
    their redemption and voting rights. Further, any new contract
    with any advisor, including the General Partner, shall
    carryforward all losses attributable to such advisor or General
    Partner, as the case may be.
(3) The General Partner may take such other actions as it
    deems necessary or desirable to manage the business of the
    Partnership including, but not limited to, the following:
    entering into commercially reasonable contracts, opening bank
    accounts, paying or authorizing the payment of distributions to
    the Partners and expenses of the Partnership including fees to
    the General Partner, taxes and other fees of governmental
    agencies.
(4) The General Partner shall keep and retain for at least
    six years, at the principal office of the Partnership, such
    books and records relating to the business of the Partnership as
    it deems necessary to substantiate that Units were sold only to
    purchasers for whom such securities were suitable and which are
    required by the Commodity Exchange Act, and
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the rules and regulations thereunder. Such books and records
    shall be available to any Limited Partner or his authorized
    attorney or agent for inspection and copying during normal
    business hours of the Partnership.
(5) The General Partner may engage in other business
    activities and shall not refrain from any other activity nor
    disgorge any profits from any such activity, whether as general
    partner of additional partnerships for investment in commodity
    futures or forward contracts or otherwise. Subject to the terms
    and conditions set forth in this Agreement, the General Partner
    may engage and compensate on behalf of the Partnership, from
    funds of the Partnership, such persons, firms or corporations,
    as the General Partner in its sole judgment shall deem advisable
    for the conduct and operation of the business of the
    Partnership. The General Partner may develop and implement a
    cash management facility. In such event, the General Partner may
    cause the Partnership to participate in such facility if doing
    so would be in the best interests of the Partnership.
    Competitive management fees may be paid to the General Partner
    or an affiliate thereof.
(6) No person dealing with the General Partner shall be
    required to determine its authority to make any undertaking on
    behalf of the Partnership, nor to determine any fact or
    circumstance bearing upon the existence of such authority.
(7) Except as provided by Article 13, the General
    Partner may not sell, assign, or otherwise dispose of all or
    substantially all of its General Partnership Interest in the
    Partnership except for a sale or transfer of all Partnership
    interests of all Partners or a sale of all or substantially all
    of its interest to a corporation controlled by such General
    Partner. The foregoing restriction shall not be applicable to
    the General Partner mortgaging, pledging, hypothecating or
    granting a security interest in its General Partnership Interest
    as collateral for a loan or loans and any such assignment of all
    or any portion of the General Partner's Interest shall not
    cause an event of withdrawal with respect to the General Partner
    pursuant to Article 13 of this Agreement.
(8) The maximum period covered by any contract entered into
    by the Partnership, except for certain provisions which survive
    the stated term, shall be one year. Agreements between the
    Partnership and the General Partner or any affiliate shall be
    terminable by the Partnership without penalty on
    60 days' written notice. All sales of Units in the
    United States shall be made by registered brokers. No sales will
    be made by the General Partner or an affiliate.
8.2
Prohibitions.
The Partnership
    shall not: (i) engage in pyramiding; (ii) commingle
    its assets with the assets of any other person, except as
    permitted by law; (iii) make loans to the General Partner
    or any affiliate thereof or to any person; (iv) pay
    per-trade compensation to the General Partner or any advisor or
    any affiliate thereof or to any person who receives any other
    form of compensation from the Partnership; or (v) permit
    rebates or
give-ups
to
    be received by the General Partner or affiliates thereof nor
    shall the General Partner participate in any reciprocal business
    arrangements which would circumvent the foregoing or any other
    provision of this Agreement; or (vi) borrow cash or other
    assets from the General Partner.
ARTICLE 9.
REPORTS TO LIMITED PARTNERS
The books and records of the Partnership shall be audited
    annually by an independent certified public accountant. Net
    Assets and Net Asset Value per Unit shall be determined daily
    and will be supplied in writing to any Limited Partner who
    requests such information. The General Partner will cause each
    Partner to receive (i) within ninety (90) days after
    the close of each fiscal year an annual report with audited
    financial statements (including a balance sheet and income
    statement) for the fiscal year then ended, and (ii) within
    seventy-five (75) days after the close of each fiscal year
    such tax information as is necessary for the Partner to complete
    his federal income tax return. In addition, the General Partner
    will report within 30 days after the end of each month to
    the Limited Partners the information required by the CFTC to be
    reported, which information currently includes the following:
    the total amount of realized net gain or loss on commodity
    interest positions liquidated during the month; the change in
    unrealized net gain or loss on commodity interest positions
    during the month; the total amount of net gain or loss from all
    other transactions engaged in by the Partnership during the
    month, including interest earned; the total amount of all
    Brokerage Fees and performance fees, and all other expenses
    incurred or accrued by the Partnership during the month; the Net
    Asset Value of a Unit as of the end of the month and as of the
    end of the previous month;
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the total amount of additions to the Net Assets of the
    Partnership made during the month; the total amount of
    withdrawals from and redemptions of Units for the month; and the
    total net income or loss of the Partnership during the month. In
    the event either Net Asset Value per Unit as of the end of any
    business day declines by more than 50% of the previous year-end
    or month-end Net Asset Value per Unit, or there is a material
    change in the advisory agreement with the General Partner or
    otherwise affecting the compensation to any party, including the
    General Partner, the General Partner will notify each Limited
    Partner of such information, their redemption and voting rights
    and any material effect on the Units within seven business days.
    Reporting to Limited Partners may be via hard copy or, where
    permitted by applicable rules, via electronic media. In the
    event of the 50% decline in Net Asset Value per Unit referred to
    in the previous sentence, the General Partner will declare a
    special redemption period and temporarily suspend the
    Partnership's trading during such period.
ARTICLE 10.
DISPOSITIONS AND REDEMPTIONS OF PARTNERSHIP UNITS
10.1
Permissible Dispositions.
A
    Limited Partner may transfer, assign, pledge, or encumber his
    Units only as provided in this Article 10.1. No such
    transferee, pledgee, assignee, or secured creditor shall become
    a substituted Limited Partner unless the General Partner
    consents in writing to such substitution. The General Partner
    has complete discretion to withhold consent but only intends to
    do so in order to prevent or minimize potential adverse legal or
    tax consequences to the Partnership. Any transfer or assignment
    of Units which is permitted hereunder shall be effective as of
    the beginning of the month following the month in which such
    transfer or assignment is made; provided, however, that the
    Partnership need not recognize any transfer, assignment, or
    pledge until it has received at least 30 days' prior
    written notice thereof from the transferor, assignor, or
    pledgor, which notice shall include (i) the name,
    signature, address and social security or taxpayer
    identification number of the transferee, assignee, or pledgee,
    (ii) the number of Units transferred, assigned or pledged,
    and (iii) the signature of the transferor, assignor, or
    pledgor. The General Partner may, in its discretion, waive
    receipt of the above described written notice or waive any
    defect therein. No transfer or assignment shall be permitted
    unless the General Partner is satisfied that (i) such
    transfer or assignment would not be in violation of the Act,
    (ii) the amount of the transfer is at least the minimum
    subscription amount except for transfers by gift, inheritance,
    or to affiliates, including family members of the person
    transferring the Units, and (iii) notwithstanding such
    transfer or assignment, the Partnership shall continue to be
    classified as a partnership rather than as a corporation or an
    association under the Internal Revenue Code, as amended. No
    transfer or assignment of Units shall be effective or recognized
    by the Partnership if following such transfer or assignment
    there would result a termination of the Partnership for federal
    income tax purposes as provided in Code 708(b) and any attempted
    transfer or assignment in violation hereof shall be ineffective
    to transfer or assign any such Units. Any transferee or assignee
    of Units who has not been admitted to the Partnership as a
    substituted Limited Partner shall not have any of the rights of
    a Limited Partner, except that the assignee shall receive that
    share of capital and profits and shall have that right of
    redemption to which his assignor would otherwise have been
    entitled and shall remain subject to the other terms of this
    Agreement binding upon Limited Partners. The transfer or
    assignment of Units shall be subject to all applicable
    securities laws. The transferor or assignor shall bear all costs
    (including any attorneys' fees) related to such transfer or
    assignment.
10.2
Redemptions.
(1) A Limited Partner (or any assignee thereof) may
    withdraw all or part of his capital contribution and
    undistributed profits, if any, by requiring the Partnership to
    redeem all or part of his Units at the Net Asset Value per Unit,
    reduced as hereinafter described (such withdrawal being herein
    referred to as a "Redemption").
(2) Redemptions shall be effective as of the end of any
    month ending after a Request for Redemption in proper form has
    been timely received by the General Partner (the
    "Redemption Date"). Redemption fees apply through
    the first twelve month-ends following purchase (from and
    including the Closing Date on which the Unit is purchased) as
    follows: 4% of Net Asset Value per Unit redeemed through the
    third month-end, 3% of Net Asset Value per Unit redeemed through
    the sixth month-end, 2% of Net Asset Value per Unit redeemed
    through the ninth month-end, and 1% of Net Asset Value per Unit
    redeemed through the twelfth month-end. After the twelfth
    month-end following purchase of a Unit, no redemption fees
    apply. As used herein, "Request for Redemption" shall
    mean a written request of such withdrawal transmitted by the
    Limited Partner (or any assignee thereof) to the General Partner
    not
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less than ten business days prior to the end of the month or
    such shorter period as established by the General Partner. Upon
    Redemption, a Limited Partner (or any assignee thereof) shall
    receive, per Unit redeemed, an amount equal to the Net Asset
    Value per Unit as of the Redemption Date, less any amount
    owing by such Limited Partner (and his assignee, if any) to the
    Partnership pursuant to Article 15.3, and less any
    applicable redemption fees due to the General Partner. If
    redemption is requested by an assignee, all amounts owed to the
    Partnership under Article 15.3 by the Partner to whom such
    Unit was sold, as well as all amounts owed by the assignees of
    such Unit, shall be deducted from the amount payable upon
    Redemption by any assignee. All Requests for Redemption in
    proper form shall be honored and payment will be made within
    twenty (20) business days following the
    Redemption Date, except that under special circumstances,
    including, but not limited to, the inability on the part of the
    Partnership to liquidate commodity positions or the default or
    delay in payments due the Partnership from commodity brokers,
    banks, or other persons, the Partnership may delay payment to
    Partners requesting Redemption of Units. In the event that
    Redemptions are requested for more Units than the General
    Partner is able to honor due to the foregoing contingencies, the
    General Partner will honor Requests for Redemption in the order
    actually received and will hold Requests for Redemption in such
    order. Limited Partners will be notified within 10 days
    after month-end if any Redemption cannot be honored under the
    terms hereof and their Requests thereafter will be honored at
    the first available opportunity. The Partnership shall not be
    obligated to redeem Units that are subject to a pledge or
    otherwise encumbered in any fashion.
(3) Subparagraph (2) notwithstanding, if the Net Asset
    Value per Unit is determined for purposes of Redemption as of a
    month-end which is not the end of a quarter, any performance
    fees payable and applicable to such Unit, will be determined and
    charged to such Unit as though such month-end were the end of a
    quarter and such performance fees were payable and such
    performance fees will be paid.
ARTICLE 11.
OFFERING OF UNITS; ADMISSION OF ADDITIONAL LIMITED
    PARTNERS
The General Partner shall, from time to time, (i) cause the
    Partnership to file a Registration Statement and such amendments
    as the General Partner deems advisable, with the Securities and
    Exchange Commission for the registration and public offering of
    the Units; (ii) seek to qualify the Units for sale in
    various jurisdictions as the General Partner deems advisable;
    and (iii) take such other actions as the General Partner
    deems advisable.
The General Partner, at its option, may admit additional Limited
    Partners to the Partnership without the consent of the Limited
    Partners at any time. Such additional Limited Partners shall
    contribute capital to the Partnership, and shall be admitted as
    Limited Partners as of the first business day of the month
    immediately following the month-end as of which their
    subscriptions were accepted by the General Partner at no less
    than the Net Asset Value per Unit as of such month-end.
ARTICLE 12.
SPECIAL POWER OF ATTORNEY
By execution of this Agreement, each Limited Partner irrevocably
    constitutes and appoints the General Partner with full power of
    substitution, as his true and lawful attorney-in-fact, in his
    name, place and stead, to execute, acknowledge, swear to, file
    and record in his behalf in the appropriate public offices and
    publish (i) this Agreement and any amendments thereto;
    (ii) all instruments which the General Partner deems
    necessary or appropriate to reflect any amendment, change, or
    modification of the Limited Partnership Agreement or Certificate
    of Limited Partnership in accordance with the terms of this
    Agreement; and (iii) Certificates of Fictitious or Assumed
    Name. The Power of Attorney granted herein shall be irrevocable
    and deemed to be a power coupled with an interest and shall
    survive the incapacity or death of a Limited Partner. Each
    Limited Partner hereby agrees to be bound by any representation
    made by the General Partner and by any successor thereto, acting
    in good faith pursuant to such Power of Attorney.
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ARTICLE 13.
WITHDRAWAL OF A PARTNER
The Partnership shall terminate and be dissolved upon the
    withdrawal, or insolvency of the General Partner (unless in the
    case of the withdrawal of the General Partner, the actions
    necessary to continue the Partnership are taken pursuant to
    Article 16). The General Partner shall cease to be a
    general partner of the Partnership upon the occurrence of any of
    the following events of withdrawal: (i) the General
    Partner's bankruptcy or insolvency; (ii) any event
    prescribed in the Act that is not encompassed in this
    Article 13; or (iii) 120 days' prior written
    notice to the Limited Partners of the General Partner's
    intent to withdraw as a General Partner. If the General Partner
    withdraws as general partner, it can redeem its interests in the
    Partnership at Net Asset Value as of the next month-end in which
    it is calculated. If the Limited Partners elect to continue the
    Partnership, the withdrawing General Partner shall pay all
    Partnership expenses incurred as a result of its withdrawal. The
    death, incompetency, incapacity, withdrawal, insolvency, or
    dissolution of a Limited Partner shall not dissolve or terminate
    the Partnership, and said Limited Partner, his estate,
    custodian, or personal representative shall have no right to
    withdraw or value such Limited Partner's Units except as
    provided in Article 10 hereof. Each Limited Partner (and
    any assignee of such Limited Partner) expressly agrees that in
    the event of his death, he waives on behalf of himself and his
    estate, and he directs the legal representative of his estate
    and any person interested therein to waive the furnishing of any
    inventory, accounting, or appraisal of the assets of the
    Partnership and any right to a special audit of the books and
    records of the Partnership, provided that the waiver shall not
    relieve the General Partner from its reporting obligations set
    forth in Article 9.
ARTICLE 14.
NO PERSONAL LIABILITY FOR RETURN OF CAPITAL
Subject to the provisions of Article 15 below, the General
    Partner shall not be personally liable for the return or
    repayment of all or any portion of the capital or profits of any
    Partner (or assignee), it being expressly agreed that any such
    return of capital or profits made pursuant to this Agreement
    shall be made solely from the assets (which shall not include
    any right of contribution from the General Partner) of the
    Partnership.
ARTICLE 15.
STANDARD OF LIABILITY; INDEMNIFICATION
15.1
Standard of Liability.
The
    General Partner and its controlling persons shall have no
    liability to the Partnership or any Limited Partner for any loss
    suffered by the Partnership which arises out of any action of
    the General Partner if the General Partner, in good faith,
    determined that such course of conduct was in the best interests
    of the Partnership and such course of conduct did not constitute
    negligence or misconduct of the General Partner.
15.2
Indemnification by the
    Partnership.
The Partnership shall indemnify,
    defend, and hold harmless the General Partner (including
    controlling persons and a former General Partner who has
    withdrawn from the Partnership) from and against any loss,
    liability, damage, cost or expense (including attorneys'
    fees, and expenses incurred in defense of any demands, claims or
    lawsuits) arising from actions or omissions concerning the
    business or activities undertaken by or on behalf of the
    Partnership, from any source only if all of the following
    conditions are satisfied: (i) the General Partner has
    determined, in good faith, that the course of conduct which
    caused the loss or liability was in the best interests of the
    Partnership, (ii) the General Partner was acting on behalf
    of or performing services for the Partnership, (iii) such
    liability or loss was not the result of negligence or misconduct
    by the General Partner, and (iv) such indemnification is
    recoverable only out of the Partnership's assets and not
    from the Limited Partners. In no event shall the General Partner
    or any of the selling agents receive indemnification from the
    Partnership arising out of alleged violations of federal or
    state securities laws unless the following conditions are
    satisfied; (a) there has been a successful adjudication on
    the merits of each count involving alleged securities law
    violations, or (b) such claims have been dismissed with
    prejudice on the merits by a court of competent jurisdiction, or
    (c) a court of competent jurisdiction approves a settlement
    of the claims and finds that indemnification of the settlement
    and related costs should be made, and (d) in the case of
    subparagraph (c), the court considering the request has been
    advised of the position of the Securities and Exchange
    Commission and the states in which Units were offered and sold
    as to indemnification for violations of securities laws;
    provided that the court need only be
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advised and consider the positions of the securities regulatory
    authorities in those states in which plaintiffs claim they were
    offered or sold Units. The Partnership shall not incur the cost
    of that portion of liability insurance which insures the General
    Partner for any liability as to which the General Partner is
    prohibited from being indemnified herein.
15.3
Advance Payment.
Expenses
    incurred in defending a threatened or pending civil,
    administrative or criminal action, suit or proceeding against
    the General Partner may be paid by the Partnership in advance of
    the final disposition of such action, suit or proceeding, if and
    to the extent that (i) the legal action relates to acts or
    omissions with respect to the performance of duties or services
    on behalf of the Partnership, (ii) the legal action is
    initiated by a party who is not a Limited Partner, or if by a
    Limited Partner, then a court of competent jurisdiction
    specifically approves such advancement, and (iii) the
    General Partner shall agree to reimburse the Partnership,
    together with the applicable legal rate of interest thereon, in
    the event indemnification is not permitted under this
    Article 15 upon final disposition.
ARTICLE 16.
AMENDMENTS; MEETINGS
16.1
Amendments with Consent of the General
    Partner.
If at any time during the term of the
    Partnership the General Partner shall deem it necessary or
    desirable to amend this Agreement, such amendment shall be
    effective only if embodied in an instrument signed by the
    General Partner and by the holders of more than fifty percent
    (50%) of the Units then owned by the Limited Partners. Any such
    supplemental or amendatory agreement shall be adhered to and
    have the same effect from and after its effective date as if the
    same had originally been embodied in and formed a part of this
    Limited Partnership Agreement, provided, however, that no such
    supplemental or amendatory agreement shall, without the consent
    of all Limited Partners, change or alter this Section 16,
    extend the term of the Partnership, reduce the capital account
    of any Partner or modify the percentage of profits, losses or
    distributions to which any Partner is entitled. In addition,
    reduction of the capital account of any assignee or
    modifications of the percentage of profits, losses or
    distributions to which an assignee is entitled hereunder shall
    not be effected by any amendment or supplement to this Limited
    Partnership Agreement without such assignee's written
    consent. No meeting procedure or specified notice period is
    required in the case of amendments made with the consent of the
    General Partner, mere receipt of an adequate number of unrevoked
    written consents being sufficient. The General Partner may amend
    this Limited Partnership Agreement without the consent of the
    Limited Partners in order (i) to clarify any clerical
    inaccuracy or ambiguity or reconcile any inconsistency
    (including any inconsistency between this Agreement and the
    Prospectus), (ii) to effect the intent of the tax
    allocations proposed herein (including, without limitation,
    allocating capital gain and capital loss on a net rather than a
    gross basis) to the maximum extent possible in the event of a
    change in the Code or the interpretations thereof affecting such
    allocations, (iii) to attempt to ensure that the
    Partnership is not taxed as an association taxable as a
    corporation for federal income tax purposes, (iv) to delete
    or add any provision of or to this Limited Partnership Agreement
    required to be deleted or added by the staff of the Securities
    and Exchange Commission or any other federal agency or any state
    "Blue Sky" official or similar official or in order to
    opt to be governed by any amendment or successor statute to the
    Act, (v) to change the name of the Partnership and to make
    any modifications to this Limited Partnership Agreement to
    reflect the admission of an additional or substitute general
    partner, (vi) to make any amendment to this Limited
    Partnership Agreement which the General Partner deems advisable,
    provided that such amendment is not adverse to the Limited
    Partners and does not alter the basic investment policies or
    structure of the Partnership, or that is required by law, or
    (vii) to make any amendment that is appropriate or
    necessary, in the opinion of the General Partner, to prevent the
    Partnership or the General Partner or their respective
    directors, officers or controlling persons from in any manner
    being subject to the provisions of the Investment Company Act of
    1940, as amended, or "plan asset" regulations adopted
    under ERISA as a result of their association with the
    Partnership.
16.2
Meetings; Access to
    Records.
The General Partner will maintain at the
    office a list of the names and addresses of all Limited Partners
    and the Units owned by them. Upon request of any Limited Partner
    or his representative, the General Partner shall make such list
    available for review by any Limited Partner or his
    representative, and upon request, either in person or by mail,
    the General Partner shall furnish a copy of such list by mail to
    any Limited Partner or his representative, for the cost of
    duplication and postage the General Partner shall maintain and
    preserve such records for a period of five years. Upon receipt
    of a written request, signed by Limited Partners owning at least
    10% of the Units then owned by Limited Partners, that a meeting
    of the Partnership be
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called to vote upon any matter which the Limited Partners may
    vote upon pursuant to this Agreement, the General Partner shall,
    by written notice, either in person or by certified mail, to
    each Limited Partner of record mailed within 15 days after
    such receipt, call a meeting of the Partnership. Such meeting
    shall be held at least 30 days but not more than
    60 days after the mailing of such notice, and such notice
    shall specify the date, a reasonable place and time, and the
    purpose of such meeting.
16.3
Amendments and Actions Without Consent of the
    General Partner.
At any meeting called pursuant
    to Article 16.2, upon the affirmative vote (which may be in
    person or by proxy) of Limited Partners owning more than a
    majority of the Units then owned by the Limited Partners (any
    Units held by the General Partner or its affiliates shall be
    disregarded in calculating the percentage of outstanding Units
    and the General Partner shall be prohibited from voting as a
    Limited Partner) the following actions may be taken:
    (i) this Agreement may be amended in accordance with and
    only to the extent permissible under the Act, provided, however,
    that consent of all Limited Partners shall be required in the
    case of amendments requiring the consent of all Limited Partners
    under the Act; (ii) the Partnership may be dissolved;
    (iii) the General Partner may be removed and replaced;
    (iv) a new general partner may be elected if the General
    Partner withdraws from the Partnership; (v) any contracts
    with the General Partner may be terminated without penalty on
    60 days written notice; and (vi) the sale of all the
    assets of the Partnership may be approved; provided, however,
    that none of the said actions may be taken unless the action is
    permitted under the Act. In the event of the occurrence of an
    event described in (iii) or (iv) above, the interest
    of the General Partner shall be redeemed and paid to the General
    Partner on the basis of the Net Assets allocable thereto on the
    date of such event.
ARTICLE 17.
GOVERNING LAW
The General Partner and Limited Partners expressly agree that
    all the terms and provisions hereof shall be construed under the
    Delaware Revised Uniform Limited Partnership Act as now adopted
    or as may be hereafter amended and shall govern the partnership
    aspects of this Agreement absent contrary terms contained in
    this Agreement.
ARTICLE 18.
MISCELLANEOUS
18.1
Priority Among Limited
    Partners.
No Limited Partner shall be entitled to
    any priority or preference over any other Limited Partner in
    regard to the affairs of the Partnership.
18.2
Notices.
All notices under
    this Agreement, other than Requests for Redemption of Units,
    notices of assignment, transfer or pledge of Units, and reports
    by the General Partner to the Limited Partners, shall be in
    writing and shall be effective upon personal delivery, or if
    sent by first class mail, postage prepaid, addressed to the last
    known address of the party to whom such notice is to be given,
    then, upon the deposit of such notice in the United States
    mails. Reports by the General Partner to the Limited Partners
    shall be in writing and shall be sent by first class mail to the
    last known address of each Limited Partner. Requests for
    Redemption and notices of assignment, transfer or pledge of
    Units shall be effective upon receipt by the Partnership.
18.3
Binding Effect.
This Agreement
    shall inure to and be binding upon all of the parties, their
    successors, assigns as permitted herein, custodians, estates,
    heirs and personal representatives. For purposes of determining
    the rights of any Partner or assignee hereunder, the Partnership
    and the General Partner may rely upon the Partnership records as
    to who are Partners and assignees, and all Partners and
    assignees agree that their rights shall be determined and that
    they shall be bound hereby, including all rights which they may
    have under Article 16 hereof.
18.4
Captions.
Captions in no way
    define, limit, extend or describe the scope of this Agreement
    nor the effect of any of its provisions.
18.5
Counterparts.
This Agreement
    may be executed in any number of counterparts, each of which
    shall be deemed to be an original, and all of such counterparts
    together shall constitute one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have executed this
    Agreement on the date first appearing above.
GENERAL PARTNER:
CAMPBELL & COMPANY, INC.
By:
/s/
Gregory
    T. Donovan
Name:     Gregory T. Donovan
Title:
Chief Financial Officer
By:
/s/
Thomas
    P. Lloyd
Name:     Thomas P. Lloyd
Title:
General Counsel
LIMITED PARTNERS:
Campbell & Company as attorney-in-fact for the Limited
    Partners who have agreed by separate instrument to be a party
    hereto.
CAMPBELL & COMPANY, INC.
By:
/s/
Gregory
    T. Donovan
Name:     Gregory T. Donovan
Title:
Chief Financial Officer
By:
/s/
Thomas
    P. Lloyd
Name:     Thomas P. Lloyd
Title:
General Counsel
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EXHIBIT B
CAMPBELL
    GLOBAL TREND FUND, L.P.
AMENDED AGREEMENT OF LIMITED PARTNERSHIP
This Amended Limited Partnership Agreement of Campbell Global
    Trend Fund, L.P. (the "Fund" or the
    "Partnership"), is entered into as of January 1,
    2010 (this "Agreement"), by and among
    Campbell & Company, Inc., a Maryland corporation, as
    general partner (the "General Partner" or
    "Campbell & Company), and those other parties who
    may be hereafter admitted to the Fund and who shall execute this
    Agreement, whether in counterpart, by separate instrument or
    otherwise, as limited partners of the Fund (collectively the
    "Limited Partners") executed by Campbell &
    Company, Inc. as general partner, in accordance with the
    provisions hereinafter set forth. This Agreement amends and
    restates in its entirety the original Limited Partnership
    Agreement of the Fund dated as of December 1, 2009.
WITNESSETH:
WHEREAS, the General Partner heretofore filed an Amended
    Certificate of Limited Partnership with the Office of the
    Secretary of State of the State of Delaware under and pursuant
    to the Delaware Revised Uniform Limited Partnership Act (6 Del.
    C.
§ 17-101
et seq.
, as amended from time to time, the
    "Act"); and
WHEREAS, the parties desire to enter into this Agreement to:
    (i) set forth their respective interests, rights, powers,
    authority, duties, responsibilities, liabilities and obligations
    in and with respect to the Fund, as well as the respective
    interests, rights, powers, authority, duties, responsibilities,
    liabilities and obligations of persons who may hereafter be
    admitted to the Fund as Limited Partners in accordance with the
    provisions hereof, and (ii) provide for the management and
    conduct of the business and affairs of the Fund.
NOW, THEREFORE, in consideration of the mutual premises and
    agreements made herein and other good and valuable
    consideration, the receipt and sufficiency of which are hereby
    acknowledged, the parties hereto hereby agree as follows:
ARTICLE 1.
NAME; APPOINTMENT OF GENERAL PARTNER;
    CONTINUATION
1.1.
Name; Appointment of General
    Partner
.
The name of the Fund is Campbell
    Global Trend Fund, L.P. (the "Fund").
    Campbell & Company, Inc. shall be the General Partner
    of the Fund and the General Partner shall be the General Partner
    of each Series (as defined herein). The General Partner shall
    determine in its sole discretion the name or designation of any
    Series in the Fund. The General Partner may, without the
    approval of the other Limited Partners, establish and designate
    one or more additional Series and Classes (which may invest in
    the same or different portfolios), change the name of the Fund
    or the name or designation of any Series or Class in the Fund,
    or cause the Fund or any Series or Class in the Fund to transact
    business under another name. The General Partner shall notify
    all Limited Partners and their permitted assigns of which it has
    written notice of any such change. Any use in this Agreement of
    the term "Fund" shall, should the context so require,
    be deemed to be a reference to any Series and any use in this
    Agreement of the terms "Limited Partner,"
    "capital account," "Capital Contribution" or
    "Interest" shall, should the context so require, be
    deemed to be a reference to a Limited Partner, capital account,
    Capital Contribution or Interest of any Series. The use of the
    terms "Fund" or "Series" in this Agreement
    shall in no event alter the intent of the parties hereto that
    the Fund, may in the future, at the General Partner's
    discretion, receive the full benefit of the limitations on
    inter-Series liability as set forth in the Act.
1.2.
Formation and
    Continuation
.
The General Partner has formed
    the Fund as a series limited partnership containing one or more
    series of limited partner interests pursuant to and in
    accordance with the provisions of the Act. The General Partner
    has caused to be executed and filed with the Secretary of State
    of the State of Delaware an Amended Certificate of Limited
    Partnership conforming to the requirements of the Act which such
    Amended Certificate of Limited Partnership provides for the
    limitation of liability of each Series (as may be so designated
    and established) to the debts, liabilities, obligations and
    expenses of such Series and not those of any other Series or the
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Fund in general, so that the liability of each Series shall be
    segregated and the liability of each additional Series, as
    designated, may be segregated as such in the future, in the sole
    discretion of the General Partner. The General Partner and the
    Limited Partners are entering into this Agreement in order to
    provide for the establishment and continuation of the Fund as a
    series limited partnership under the Act and the General Partner
    and shall execute, file and record as appropriate such
    amendments, assumed name certificates and other documents as are
    or become necessary or advisable in connection with the Fund as
    determined by the General Partner from time to time.
ARTICLE 2.
PRINCIPAL PLACE OF BUSINESS; REGISTERED OFFICE AND
REGISTERED AGENT; LIMITED PARTNERS NOT AGENTS
2.1.
Principal Place of
    Business
.
The principal office of the Fund
    shall be located at 2850 Quarry Lake Drive, Baltimore, Maryland
    21209, or such other place as the General Partner may designate
    from time to time.
2.2.
Registered Office and Registered
    Agent
.
The registered office of the Fund in
    the State of Delaware shall be at Corporation Trust Center,
    1209 Orange Street, Wilmington, New Castle County, Delaware
    19801. The registered agent for service of process on the Fund
    shall be The Corporation Trust Company. The General Partner
    may from time to time change such registered agent and
    registered office and shall give prompt notice of any such
    change to each Limited Partner.
2.3.
Limited Partners Not
    Agents
.
Except as specifically provided
    herein, nothing contained herein shall be construed to
    constitute any Limited Partner the agent of any other Limited
    Partner.
ARTICLE 3.
BUSINESS AND PURPOSE OF THE FUND
The business and purpose of the Fund is to, directly or
    indirectly, trade, buy, sell, swap or otherwise acquire, hold or
    dispose of any and all commodities (including, but not limited
    to, foreign currencies, money market instruments, and any other
    financial instruments or items which are now, or may hereafter
    be, the subject of futures contract trading), domestic and
    foreign futures contracts, forward contracts, foreign exchange
    commitments, options on physical commodities and on futures
    contracts, spot (cash) commodities and currencies, and any
    rights pertaining thereto, as well as swaps and other
    derivatives of any type or nature whatsoever, whether currently
    existing or hereafter developed, whether traded on an organized
    exchange or otherwise, to engage in all activities necessary,
    convenient or incidental thereto and to carry on such other
    businesses, purposes, or activities as may be set forth from
    time to time in the Fund's Disclosure Document, as amended
    or supplemented from time to time (the "Prospectus").
    The Fund may also engage in "hedge," arbitrage and
    cash trading of any of the foregoing instruments. The Fund may
    engage in such business and purpose either directly or through
    subsidiaries, joint ventures, entities or partnerships, provided
    that the Fund's participation in any of the foregoing has
    no adverse economic or liability consequences for the Limited
    Partners, which consequences would not be present had the Fund
    engaged in that same business or purpose directly. The objective
    of the Fund's business is appreciation of its assets
    through speculative trading.
The Fund shall possess and may exercise all the powers and
    privileges granted by the Act or by any other law or by this
    Agreement, together with any powers incidental thereto,
    including such powers and privileges as are necessary,
    appropriate, advisable or convenient to the conduct, promotion
    or attainment of any business, purpose or activity of the Fund.
ARTICLE 4.
TERM, DISSOLUTION AND FISCAL YEAR
4.1
Term.
The term of the
    Partnership commenced upon the execution and filing of the
    Certificate of Limited Partnership, as amended, and shall end
    upon the first to occur of the following: (i) an election
    to dissolve the Partnership in accordance with the provisions of
    Article 4.2 by Limited Partners owning more than 50% of the
    Units then outstanding; (ii) the withdrawal of the General
    Partner, as defined in, and subject to the limitations of
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Article 13; (iii) a determination by the General
    Partner that the purpose of the Partnership cannot be fulfilled;
    or (iv) any event which constitutes a dissolution of a
    limited partnership under the Act or otherwise makes it unlawful
    for the existence of the Partnership to be continued.
4.2
Dissolution.
Upon the
    occurrence of an event causing the dissolution of the
    Partnership, the Partnership shall be wound up and terminated.
    Upon dissolution and termination of the Partnership, the General
    Partner shall contribute to the Partnership an amount equal in
    the aggregate to the lesser of (a) the deficit balance in
    their capital accounts, or (b) the excess of 1.01% of the
    net aggregate capital contributions paid in by the Limited
    Partners over any capital previously contributed by the General
    Partner. Payment of creditors, and distribution of the
    Partnership's assets shall be effected as soon as
    practicable in accordance with the Act, and the General Partner
    and each Limited Partner (and any assignee) shall share in the
    assets of the Partnership
pro rata
in accordance with
    such Partner's respective capital account, less any amount
    owing by such Partner (or assignee) to the Partnership.
4.3
Fiscal Year.
The fiscal year of
    the Partnership shall end on December 31, unless the
    General Partner elects, with the approval of the Internal
    Revenue Service and the CFTC, a different fiscal year.
ARTICLE 5.
GENERAL PARTNER
5.1 The General Partner is Campbell & Company,
    Inc., a Maryland corporation, 2850 Quarry Lake Drive, Baltimore,
    Maryland 21209.
ARTICLE 6.
CAPITAL CONTRIBUTIONS AND
UNITS OF LIMITED PARTNERSHIP INTEREST
6.1
Units and Capital Contributions of Limited
    Partners.
Interests in the Partnership, other
    than the General Partner's interests, shall be evidenced by
    Units (individually a "Unit").
6.2
Capital Contributions by General Partner; Net
    Worth.
The General Partner has contributed cash
    to the capital of each Series of the Partnership respectively in
    an amount equal to the greater of (i) 1% of the net
    aggregate contributions of all Partners in each Series including
    the General Partner or (ii) $25,000. The General
    Partner's contribution shall be evidenced by Units of
    General Partnership Interest. The General Partner may make
    withdrawals of its Units provided that such withdrawals do not
    reduce the General Partner's aggregate percentage interest
    in each Series of the Partnership below the levels described in
    the previous sentence. If additional Limited Partners are
    admitted during any Continuing Offering pursuant to the
    provisions of Article 11 herein, the General Partner shall
    make such additional capital contributions as may be required to
    maintain its interest at the required level in each Series of
    the Partnership at all times during the term of the Partnership.
    The General Partner shall 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 Partnership. 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.
6.3
Issuance and Sale of Units.
The
    Fund is authorized to issue an unlimited number of Units. The
    General Partner is authorized to admit as Limited Partners, in
    compliance with applicable law, any person and may issue Units
    to such Limited Partners. In connection with the Fund's
    offering of Units, the General Partner, on behalf of the Fund,
    shall: (i) qualify Units for sale initially and on a
    continuing basis under the Blue Sky and securities laws of such
    states of the United States or other jurisdictions as the
    General Partner shall deem advisable; (ii) make such
    arrangements for the offering and sale of Units as it shall deem
    appropriate; and (iii) take such action with respect to the
    matters described in clauses (i) and (ii) as it shall
    deem advisable or necessary. The General Partner in its
    discretion may, from time to time, without vote of the Limited
    Partners, issue Units, in addition to the then issued and
    outstanding Units, to such party or parties at the then current
    net asset value of such Units in connection with the business of
    the Fund. In connection with any issuance of Units, the General
    Partner may issue fractional Units.
6.4
Establishment of Series.
The
    General Partner, on behalf of the Fund, shall designate various
    series of Units (each Series of Units is referred to herein as a
    "Series"), and each Series may have such general
    partners,
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separate business purposes, investment objectives, rights,
    powers or duties with respect to specified property or
    obligations of such Series or the Fund, as applicable, or
    profits and losses associated with specified property or
    obligations, and such other rights as the General Partner shall
    determine. The General Partner, in addition to being the general
    partner of the Fund, shall be the general partner associated
    with each Series designated and established hereunder. The
    General Partner hereby establishes and designates the following
    Series: the "Global Trend Series (USD)" and the
    "Global Trend Series (GLD)". Additional Series of
    Units may be offered from time to time in the discretion of the
    General Partner and the terms of any such Series shall be
    determined by the General Partner and set forth in the
    Prospectus. Separate and distinct records may be maintained for
    each Series and the Fund may hold and account for the assets
    associated therewith separately from the other Fund property and
    the assets associated with any other Series. Each Unit of a
    Series (or a Class thereof,) shall represent an equal beneficial
    interest in the net assets associated with that Series (or Class
    thereof).
The General Partner, in its sole discretion, shall organize the
    Fund so that the debts, liabilities, obligations and expenses
    incurred, contracted for or otherwise existing with respect to a
    particular Series or a general partner associated with such
    Series shall be enforceable only against the assets of such
    Series or a general partner associated with such Series, and not
    against the assets of the Fund generally, any other Series
    thereof or any general partner not associated with such Series,
    and none of the debts, liabilities, obligations and expenses
    incurred, contracted for or otherwise existing with respect to
    the Fund generally or any other Series thereof shall be
    enforceable against the assets of such Series or a general
    partner associated with such Series. With respect to debts,
    liabilities, obligations and expenses which relate to the Fund
    generally or more than one Series, the General Partner in its
    discretion may allocate and apply such debts, liabilities,
    obligations and expenses to and among certain Series as the
    General Partner considers appropriate.
A Series may have a business purpose or investment strategy that
    differs from other Series. A Series may be treated as a separate
    partnership for U.S. federal income tax purposes, in the
    General Partner's discretion. Every written agreement,
    instrument or other undertaking made or issued by or on behalf
    of a particular Series may include a recitation limiting the
    obligation or claim represented thereby to that Series and its
    assets.
6.5
Classes.
Within each Series the
    General Partner may designate Units into any number of classes
    (each a "Class"). The Global Trend Series (USD) shall
    consist initially of Class A (USD), Class B (USD),
    Class C (USD), Class D (USD) and Class E (USD)
    Units. The Global Trend Series (GLD) shall consist initially of
    Class A (GLD), Class B (GLD), and Class C (GLD)
    Units. For the avoidance of doubt, the creation of separate
    Classes of Units within a Series shall be for accounting
    purposes only, and is not intended to separate or segregate the
    assets and liabilities of one Class within a Series from all
    other Classes in that same Series. Further, for the avoidance of
    doubt, the General Partnership Units shall be accounted for
    separately from all other Units and shall be considered the
    functional equivalent of a separate "class" of Units
    for all purposes hereunder. Such General Partnership Units shall
    share in the profits, losses, and expenses of the Partnership on
    a pro rata basis, excluding any advisory fees, general partner
    fees, performance fees, and certain other expenses (or a portion
    thereof) as determined by the General Partner in its sole
    discretion
6.6
Establishment of Additional Series and
    Classes.
The establishment and designation of any
    Series
and/or
Classes of Units other than those specifically named in
    Sections 6.4 and 6.5 above shall be effective upon the
    execution by the General Partner of an instrument setting forth
    such establishment and designation and the relative rights and
    preferences of such Series
and/or
Classes, or as otherwise provided in such instrument. At any
    time that there are no Units outstanding of any particular
    Series or Class previously established and designated, the
    General Partner may, in its exclusive discretion, abolish that
    Series
and/or
Class
    and the establishment and designation thereof. Each instrument
    referred to in this Section 6.6 shall have the status of an
    amendment to this Agreement.
6.7
Availability of
    Contributions.
The aggregate of all Partnership
    contributions shall be available to the Partnership to carry on
    its business and purpose, and no interest shall be paid to any
    Partner on any such contributions.
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ARTICLE 7.
ALLOCATION OF PROFITS AND LOSSES
7.1
Capital Accounts.
A separate
    capital account shall be established and maintained for each
    Limited Partner, including with respect to each Series. The
    initial balance of each Limited Partner's capital account
    shall be the amount initially contributed to that capital
    account, and shall be appropriately adjusted to reflect
    allocations of net profits, net losses and distributions of cash
    or other property, whether through redemption or otherwise. To
    the extent that a Limited Partner purchases Units of different
    Series, the Fund shall establish a separate memorandum account
    within the Limited Partner's primary capital account for
    each Series of Units.
7.2
Periodic Allocations.
The Fund
    shall commence operations as a monthly liquidity fund. Profits
    and losses, accordingly, initially will be allocated on a
    monthly basis. However, the General Partner reserves the right,
    without the consent of the Limited Partners, to provide
    liquidity to the Limited Partners of any existing or future
    Series or Class on a more frequent basis, employing periods
    shorter than one month for, among other things, the allocation
    of profits and losses. As of the close of business (as
    determined by the General Partner) on the last day of each
    period and on each Redemption Date, the following
    determinations and allocations shall be made with respect to
    each Series and each Class: (i) any increase or decrease in
    the Net Assets (prior to the accrual of all fees and other
    charges) shall be determined; (ii) fees and charges shall
    then be charged against Net Assets; (iii) accrued
    performance fees, if any, shall then be charged against Net
    Assets; (iv) any remaining increase or decrease in the Net
    Assets as compared to the last such determination of Net Assets
    shall be credited or charged to the capital accounts of each
    Limited Partner of such Series and Class in the ratio that the
    balance of each capital account bears to the balance of all
    capital accounts for such Series and Class; and (v) the
    amount of any distribution to a Limited Partner and any amount
    paid to a Limited Partner on redemption of Units shall be
    charged to such Limited Partner's capital account.
7.3
Allocation of Profit and Loss for Federal
    Income Tax Purposes.
At the end of each taxable
    year, each item of Partnership taxable income, gain, loss,
    deduction, or credit will be allocated among the Partners in
    accordance with the following provisions:
(1) Capital gain shall be allocated first to each Partner
    who has redeemed Units (Units of General Partnership Interest in
    the case of the General Partner) during the year to the extent
    that the amount the Partner received on redemption exceeds the
    amount paid for the redeemed Units (as set forth in subparagraph
    (5));
(2) Capital gain remaining after the allocation in
    subparagraph (1) shall be allocated among all Partners in
    the ratio that each Partner's capital account bears to all
    Partner's capital accounts;
(3) Capital losses shall be allocated first to each Partner
    who has redeemed Units (Units of General Partnership Interest in
    the case of the General Partner) during the year to the extent
    that the amount the Partner paid for the redeemed Units (as set
    forth in subparagraph (5)) exceeds the amount the Partner
    received on redemption;
(4) Capital losses remaining after the allocation in
    subparagraph (3) shall be allocated among all Partners in
    the ratio that each Partner's capital account bears to all
    Partners' capital accounts;
(5) For the purpose of the allocations of capital gain and
    loss in subparagraphs (1) and (3), the amount each Partner
    paid for each of his Units shall be deemed to have increased by
    the amount of capital gain allocated to him with respect to such
    Unit pursuant to subparagraph (2) or ordinary income
    pursuant to subparagraph (6); decreased by the amount of any
    capital loss allocated to him with respect to such Unit pursuant
    to subparagraph (4) or ordinary expense pursuant to
    subparagraph (6); and decreased by the amount of any
    distributions to him with respect to such Unit pursuant to
    Article 7.8;
(6) Items of ordinary income and expense will be allocated
pro rata
among the Partners based upon their respective
    capital accounts as of the end of each month in which the items
    of ordinary income or expense accrue; provided that any
    performance fee paid to the General Partner shall be allocated
    among the Units outstanding at any time during the fiscal year
    based upon the ratio that each such Unit's net performance
    fee (the excess, if any, of the aggregate of all performance
    fees allocated to the capital account relating to such Unit over
    the aggregate of all reversals of performance fees allocated to
    such Unit) bears to the net performance fee of all Units;
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(7) Notwithstanding subparagraphs (4) and (6), if the
    allocation of such loss would cause a Limited Partner to have a
    capital account deficit, then such loss shall be allocated to
    the General Partner, according to its capital account, to the
    extent of such losses;
(8) For purposes of this Paragraph 7.3, "capital
    gain" and "capital loss" shall mean gain or loss
    characterized as gain or loss from the sale or exchange of a
    capital asset by the Internal Revenue Code of 1986, as amended
    (the "Code"), including but not limited to gain or
    loss required to be taken into account pursuant to
    Section 1256 thereof and any income, gain or loss
    determined under Section 988 of the Code; and
(9) Allocations of capital gain or loss will be made
pro
    rata
from each category of capital gain or loss determined
    under Section 1(h) of the Code and income or loss
    determined under Section 988 of the Code.
7.4
Definitions; Accounting.
(1)
Net Assets.
"Net
    Assets" of the Partnership shall mean the total assets of
    the Partnership, including all cash and cash equivalents, plus
    accrued interest thereon, and the market value of all open
    commodity positions and other assets of the Partnership, less
    all liabilities of the Partnership, including accrued
    performance fees determined in accordance with the principles
    specified in this subparagraph and, where no principle is
    specified, in accordance with generally accepted accounting
    principles consistently applied under the accrual basis of
    accounting. The market value of a commodity or commodity futures
    contract traded on an exchange, or through a clearing firm or
    through a bank, shall mean the most recent available settlement
    price or closing quotation, as appropriate on the exchange, or
    of the clearing firm or bank on or through which the commodity
    or contract is traded by the Partnership on the day with respect
    to which Net Assets are being determined. If such contract
    cannot be liquidated, due to the operation of daily limits or
    otherwise, on a day as of which Net Assets are determined, the
    liquidating value on the first subsequent day on which the
    contract would be liquidated may be used or such other value as
    the General Partner may deem fair and reasonable. The market
    value of a commodity forward contract or a commodity futures
    contract traded on a foreign exchange shall mean its market
    value as determined by the General Partner on a basis
    consistently applied. The "Net Assets of a
    'Series' or 'Class' " shall mean the
    Net Assets of the Partnership, on a
Series-by-Series
or
Class-by-Class
basis.
(2)
Net Asset Value.
The "Net
    Asset Value" of the Partnership shall mean the total
    capital accounts of all Partners. The "Net Asset
    Value" of a Series or Class shall mean the Net Asset Value
    of the Partnership on a
Series-by-Series
or
Class-by-Class
basis. The "Net Asset Value" of a Unit shall be the
    total capital accounts of all Partners, divided by the number of
    Units owned by all Partners.
(3)
Blue Sky Glossary.
The
    definitions in the Blue Sky Glossary in Appendix I to the
    Partnership's Prospectus are hereby incorporated herein by
    reference.
7.5
Expenses.
(1) The organization and offering expenses during the
    initial and continuing offering will be advanced by Campbell
    & Company. The Fund, and in turn, each Class of Units
    (excluding Class E (USD) Units and Class C (GLD)
    Units), will reimburse, monthly, its organization and offering
    expenses (collectively, "Offering Costs"), subject to
    an annual cap of 0.50% of the Fund's, and in turn, each
    Class of Units', month end net asset value. Such Offering
    Costs include all fees and expenses in connection with the
    distribution of the Units, including legal, accounting,
    printing, mailing, filing fees, escrow fees, salaries and
    bonuses of employees while engaged in sales activities
    (including wholesaling), and marketing expenses of
    Campbell & Company and the selling agents which are
    paid by the Fund. Any Offering Costs advanced by Campbell &
    Company in excess of the aforementioned annual cap may be
    reimbursed by the Fund in later periods, as the Fund is able to
    do so within the limit of the annual cap, provided that the
    maximum amount reimbursed by the Fund in any calendar year not
    exceed the overall limits set forth above. In no event will the
    reimbursement exceed 2.5% of the total subscriptions accepted by
    the Fund. In no event shall the Offering Costs paid by the Fund
    exceed the limits set by the NASAA Guidelines during such time
    as the Units are registered for sale to the public. Each Class
    of Units (excluding Class E (USD) Units and Class C
    (GLD) Units) shall be specifically allocated its pro rata Share
    of the Offering Costs. In the event the Fund terminates prior to
    the completion of any reimbursement of the aforementioned costs,
    Campbell & Company will not be entitled to any additional
    reimbursement from the Fund.
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(2) The Partnership shall be obligated to pay all
    liabilities incurred by it, including without limitation,
    (i) advisory and general partner fees payable to
    Campbell & Company; (ii) fees payable to the
    futures broker and
over-the-counter
counterparty; (iii) selling commissions and broker-dealer
    custodial fees as described in the Prospectus payable to the
    selling agents; (iv) operating expenses and performance
    fees; (v) administrative, legal and accounting fees;
    (vi) cash management fees; and (vii) taxes and other
    extraordinary expenses incurred by the Partnership. During any
    year of operations, the General Partner shall be responsible for
    payment of operating expenses in excess of 0.5% of the
    Partnership's average month-end Net Asset Value during that
    year. Any operating expenses incurred in excess of the
    aforementioned annual cap are initially paid by Campbell &
    Company; provided, however, that the Fund reimburses the
    operating expenses paid by Campbell & Company at such
    times, if any, as the Fund is able to do as within the limit of
    the aforementioned cap. Indirect expenses of the General
    Partner, such as indirect salaries, rent and other overhead
    expenses, shall not be liabilities of the Partnership. The
    Partnership shall receive all interest earned on its assets.
(3) Class A (USD) Units, Class C (USD) Units,
    Class A (GLD) Units, and Class B (GLD) Units shall pay
    a monthly broker-dealer custodial fee of 0.25% of each
    respective Class's month-end net asset value per annum to
    the selling agents (the firm, not the individual) provided,
    however that the total of such broker-dealer custodial fees per
    Unit do not exceed 1.0% of the gross offering proceeds of
    Class A (USD) Units and Class A (GLD) Units and 6% of
    the gross offering proceeds of Class C (USD) Units and
    Class B (GLD) Units.
(4) Compensation to any party, including the General
    Partner (or any advisor which may be retained in the future),
    shall not exceed the limitations imposed as of the date hereof
    by the North American Securities Administrators Association
    ("NASAA"). In the event the compensation exceeds such
    limitations, the General Partner shall promptly reimburse the
    Partnership for such excess. NASAA limitations on fees are as
    follows: general partner fees, advisory fees and all other fees
    paid to the General Partner, except for performance fees and
    commodity brokerage commissions, when added to organization and
    offering expenses, shall not exceed 6% annually of net asset
    value. The aggregate performance fees shall not exceed 15% of
    new trading profits. The sponsor or advisor will be entitled to
    an additional 2% performance fee for each 1% by which the net
    asset value fee (including any general partner or advisory fees
    paid to the General Partner and organization and offering
    expenses) is reduced below 6%. Commodity brokerage rates will be
    presumptively reasonable if they satisfy either 80% of the
    published retail rate plus pit brokerage fees or 14% annually of
    average net assets, including pit brokerage fees. Each Class of
    Units of the Partnership will pay to the futures brokers and
over-the-counter
counterparty up to 1% of the net asset value ofthat Class of
    Units, respectively. Each Class of Units will pay
    Campbell & Company a monthly (i) advisory fee at
    the annual rate of 2% and (ii) general partner fee at an
    annual rate of 1%, of the net asset value of that Class of
    Units, respectively, prior to any accrual for or payment of any
    general partner fee, advisory fee, performance fee, redemption
    or subscription during said month, allowing the performance fee
    to be 20%, as discussed above.
(5) The Partnership will pay to selected selling agents who
    have sold Class A (USD) Units, Class B (USD) Units,
    and Class A (GLD) Units selling commissions of 2% of each
    subscription of Class A (USD) Units, Class B (USD)
    Units, and Class A (GLD) Units (which includes the initial
    distribution of the Units, execution of commodity transactions,
    and ongoing services to the Limited Partners), which is less
    than the 14% limit imposed by NASAA. The amount paid to selling
    agents of Class A (USD) Units, Class B (USD) Units,
    and Class A (GLD) Units sold pursuant to each disclosure
    document will not, however, exceed 8.0% of the gross offering
    proceeds of the Class A (USD) Units and Class A (GLD)
    Units and 9.0% of the gross offering proceeds of the
    Class B (USD) Units sold pursuant to the disclosure
    document.
Once total underwriting compensation, including, but not limited
    to, the fees mentioned in the preceding paragraph, paid on any
    Class A (USD) Unit, Class B (USD) Unit, Class C
    (USD) Unit, Class D (USD) Unit, Class A (GLD) Unit or
    Class B (GLD) Unit reaches 10% of the gross offering
    proceeds, (1) the Class A (USD) Unit, Class B
    (USD) Unit, Class C (USD) Unit or Class D (USD) Unit
    will automatically be re-designated as Class E (USD) Units,
    which are identical to Class A (USD) Units, Class B
    (USD) Units, Class C (USD) Units and Class D (USD)
    Units except that Class E (USD) Units do not pay any
    offering expenses, selling agent fee, broker-dealer custodial
    fee payable to the selling agents and, if applicable, redemption
    fees, and (2) the Class A (GLD) Unit or Class B
    (GLD) Unit will automatically be re-designated as Class C
    (GLD) Units, which are identical to Class A (GLD) Units and
    Class B (GLD) Units, except that Class C (GLD) Units
    do not pay any offering expenses, selling agent fee,
    broker-dealer custodial fee payable to the selling agents and,
    if applicable, redemption fees.
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(6) The Partnership shall also be obligated to pay any
    costs of indemnification to the extent permitted under
    Article 15 of this Agreement.
7.6
Limited Liability of Limited
    Partners.
Each Unit purchased by a Limited
    Partner is fully paid and non-assessable. A Limited Partner
    shall be liable for the Partnership's obligations to the
    extent of the capital contributed by him plus his share of
    profits remaining in the Partnership, if any.
In addition, if a Limited Partner receives a return of any part
    of his capital contribution, he shall be liable to the
    Partnership for a period of one year thereafter for the amount
    of the returned contribution, but only to the extent necessary
    to discharge the Partnership's liabilities to creditors who
    extended credit to the Partnership during the period the
    contribution was held by the Partnership.
A Limited Partner shall also be liable to the Partnership for
    return of any part of his capital contribution returned to him,
    for a period of six years, if such return was in violation of
    this Agreement or the Act.
7.7
Return of Limited Partner's Capital
    Contribution.
Except to the extent that a Limited
    Partner shall have the right to redeem Units, no Limited Partner
    shall have any right to demand the return of his capital
    contribution or any profits added thereto, except upon
    dissolution and termination of the Partnership. In no event
    shall a Limited Partner be entitled to demand or receive
    property other than cash.
7.8
Distributions.
The General
    Partner shall have sole discretion in determining what
    distributions (other than on redemption of Units or
    dissolution), if any, the Partnership will make to its Partners
    (or any assignee thereof). Distributions shall be made
pro
    rata
in accordance with the respective capital accounts of
    the Partners.
ARTICLE 8.
MANAGEMENT
8.1
General.
(1) The General Partner, to the exclusion of the Limited
    Partners, shall conduct and manage the business of the
    Partnership including, without limitation, all functions
    necessary for administration of the Partnership. The General
    Partner shall have the fiduciary responsibility for the
    safekeeping and use of all assets of the Partnership, whether or
    not in its immediate possession or control, shall not contract
    away such duty and shall not employ or permit another to employ
    such assets in any manner except for the exclusive benefit of
    the Partnership. The General Partner, on behalf of the
    Partnership, shall make all investment decisions regarding the
    Partnership and shall have complete trading discretion. The
    General Partner shall seek the best price and services available
    in its futures brokerage transactions, and all brokerage
    transactions for the Partnership's futures trades will be
    effected at competitive rates.
(2) The General Partner shall receive from the Partnership:
    (i) advisory fee of 2% per annum of the month-end Net Asset
    Value of all Classes of Units; general partner fee of 1% per
    annum of the month-end Net Asset Value of all Classes of Units;
    and (ii) a quarterly "performance fee" of 20% of
    the Partnership's aggregate cumulative appreciation in the
    Net Asset Value per Unit, exclusive of interest income. The
    performance fee is paid on the cumulative increase, if any, in
    the Net Asset Value per Unit over the highest previous
    cumulative Unit value or Unit value as of the commencement of
    trading, whichever is higher. In determining the fees in this
    paragraph, adjustments shall be made for capital additions and
    withdrawals and Net Assets shall not be reduced by the
    performance fees being calculated for such current period. Such
    fees may be changed upon sixty days' notice to the Limited
    Partners, provided that prior to the imposition of the revised
    fees, Limited Partners have an opportunity to redeem (and there
    are no delays in receiving payment therefor) and the notice
    explains their redemption and voting rights. Further, any new
    contract with any advisor, including the General Partner, shall
    carryforward all losses attributable to such advisor or General
    Partner, as the case may be.
(3) The General Partner may take such other actions as it
    deems necessary or desirable to manage the business of the
    Partnership including, but not limited to, the following:
    entering into commercially reasonable contracts,
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opening bank accounts, paying or authorizing the payment of
    distributions to the Partners and expenses of the Partnership
    including fees to the General Partner, taxes and other fees of
    governmental agencies.
(4) The General Partner shall keep and retain for at least
    six years, at the principal office of the Partnership, such
    books and records relating to the business of the Partnership as
    it deems necessary to substantiate that Units were sold only to
    purchasers for whom such securities were suitable and which are
    required by the Commodity Exchange Act, and the rules and
    regulations thereunder. Such books and records shall be
    available to any Limited Partner or his authorized attorney or
    agent for inspection and copying during normal business hours of
    the Partnership.
(5) The General Partner may engage in other business
    activities and shall not refrain from any other activity nor
    disgorge any profits from any such activity, whether as general
    partner of additional partnerships for investment in commodity
    futures or forward contracts or otherwise. Subject to the terms
    and conditions set forth in this Agreement, the General Partner
    may engage and compensate on behalf of the Partnership, from
    funds of the Partnership, such persons, firms or corporations,
    as the General Partner in its sole judgment shall deem advisable
    for the conduct and operation of the business of the
    Partnership. The General Partner may develop and implement a
    cash management facility. In such event, the General Partner may
    cause the Partnership to participate in such facility if doing
    so would be in the best interests of the Partnership.
    Competitive management fees may be paid to the General Partner
    or an affiliate thereof.
(6) No person dealing with the General Partner shall be
    required to determine its authority to make any undertaking on
    behalf of the Partnership, nor to determine any fact or
    circumstance bearing upon the existence of such authority.
(7) Except as provided by Article 13, the General
    Partner may not sell, assign, or otherwise dispose of all or
    substantially all of its General Partnership Interest in the
    Partnership except for a sale or transfer of all Partnership
    interests of all Partners or a sale of all or substantially all
    of its interest to a corporation controlled by such General
    Partner. The foregoing restriction shall not be applicable to
    the General Partner mortgaging, pledging, hypothecating or
    granting a security interest in its General Partnership Interest
    as collateral for a loan or loans and any such assignment of all
    or any portion of the General Partner's Interest shall not
    cause an event of withdrawal with respect to the General Partner
    pursuant to Article 13 of this Agreement.
(8) The maximum period covered by any contract entered into
    by the Partnership, except for certain provisions which survive
    the stated term, shall be one year. Agreements between the
    Partnership and the General Partner or any affiliate shall be
    terminable by the Partnership without penalty on
    60 days' written notice. All sales of Units in the
    United States shall be made by registered brokers. No sales will
    be made by the General Partner or an affiliate.
8.2
Prohibitions.
The Partnership
    shall not: (i) engage in pyramiding; (ii) commingle
    its assets with the assets of any other person, except as
    permitted by law; (iii) make loans to the General Partner
    or any affiliate thereof or to any person; (iv) pay
    per-trade compensation to the General Partner or any advisor or
    any affiliate thereof or to any person who receives any other
    form of compensation from the Partnership; or (v) permit
    rebates or
give-ups
to
    be received by the General Partner or affiliates thereof nor
    shall the General Partner participate in any reciprocal business
    arrangements which would circumvent the foregoing or any other
    provision of this Agreement; or (vi) borrow cash or other
    assets from the General Partner.
ARTICLE 9.
REPORTS TO LIMITED PARTNERS
The books and records of the Partnership shall be audited
    annually by an independent certified public accountant. Net
    Assets and Net Asset Value per Unit shall be determined daily
    and will be supplied in writing to any Limited Partner who
    requests such information. The General Partner will cause each
    Partner to receive (i) within ninety (90) days after
    the close of each fiscal year an annual report with audited
    financial statements (including a balance sheet and income
    statement) for the fiscal year then ended, and (ii) within
    seventy-five (75) days after the close of each fiscal year
    such tax information as is necessary for the Partner to complete
    his Federal income tax return. In addition, the General Partner
    will report within 30 days after the end of each month to
    the Limited Partners
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the information required by the CFTC to be reported, which
    information currently includes the following: the total amount
    of realized net gain or loss on commodity interest positions
    liquidated during the month; the change in unrealized net gain
    or loss on commodity interest positions during the month; the
    total amount of net gain or loss from all other transactions
    engaged in by the Partnership during the month, including
    interest earned; the total amount of (i) the general
    partner and advisory fees payable to Campbell &
    Company; (ii) fees payable to the futures broker and
over-the-counter
counterparty; (iii) fees payable by Class A (USD)
    Units, Class B (USD) Units, and Class A (GLD) Units to
    the selling agents who have sold Class A (USD) Units,
    Class B (USD) Units and Class A (GLD) Units; and
    (iv) performance fees, and all other expenses incurred or
    accrued by the Partnership during the month; the Net Asset Value
    of a Unit as of the end of the month and as of the end of the
    previous month; the total amount of additions to the Net Assets
    of the Partnership made during the month; the total amount of
    withdrawals from and redemptions of Units for the month; and the
    total net income or loss of the Partnership during the month. In
    the event either Net Asset Value per Unit as of the end of any
    business day declines by more than 50% of the previous year-end
    or month-end Net Asset Value per Unit, or there is a material
    change in the advisory agreement with the General Partner or
    otherwise affecting the compensation to any party, including the
    General Partner, the General Partner will notify each Limited
    Partner of such information, their redemption and voting rights
    and any material effect on the Units within seven business days.
    Reporting to Limited Partners may be via hard copy or, where
    permitted by applicable rules, via electronic media. In the
    event of the 50% decline in Net Asset Value per Unit referred to
    in the previous sentence, the General Partner will declare a
    special redemption period and temporarily suspend the
    Partnership's trading during such period.
ARTICLE 10.
DISPOSITIONS AND REDEMPTIONS OF PARTNERSHIP
    UNITS
10.1
Permissible Dispositions.
A
    Limited Partner may transfer, assign, pledge, or encumber his
    Units only as provided in this Article 10.1. No such
    transferee, pledgee, assignee, or secured creditor shall become
    a substituted Limited Partner unless the General Partner
    consents in writing to such substitution. The General Partner
    has complete discretion to withhold consent but only intends to
    do so in order to prevent or minimize potential adverse legal or
    tax consequences to the Partnership. Any transfer or assignment
    of Units which is permitted hereunder shall be effective as of
    the beginning of the month following the month in which such
    transfer or assignment is made; provided, however, that the
    Partnership need not recognize any transfer, assignment, or
    pledge until it has received at least 30 days' prior
    written notice thereof from the transferor, assignor, or
    pledgor, which notice shall include (i) the name,
    signature, address and social security or taxpayer
    identification number of the transferee, assignee, or pledgee,
    (ii) the number of Units transferred, assigned or pledged,
    and (iii) the signature of the transferor, assignor, or
    pledgor. The General Partner may, in its discretion, waive
    receipt of the above described written notice or waive any
    defect therein. No transfer or assignment shall be permitted
    unless the General Partner is satisfied that (i) such
    transfer or assignment would not be in violation of the Act,
    (ii) the amount of the transfer is at least the minimum
    subscription amount except for transfers by gift, inheritance,
    or to affiliates, including family members of the person
    transferring the Units, and (iii) notwithstanding such
    transfer or assignment, the Partnership shall continue to be
    classified as a partnership rather than as a corporation or an
    association under the Internal Revenue Code, as amended. No
    transfer or assignment of Units shall be effective or recognized
    by the Partnership if following such transfer or assignment
    there would result a termination of the Partnership for federal
    income tax purposes as provided in Code 708(b) and any attempted
    transfer or assignment in violation hereof shall be ineffective
    to transfer or assign any such Units. Any transferee or assignee
    of Units who has not been admitted to the Partnership as a
    substituted Limited Partner shall not have any of the rights of
    a Limited Partner, except that the assignee shall receive that
    share of capital and profits and shall have that right of
    redemption to which his assignor would otherwise have been
    entitled and shall remain subject to the other terms of this
    Agreement binding upon Limited Partners. The transfer or
    assignment of Units shall be subject to all applicable
    securities laws. The transferor or assignor shall bear all costs
    (including any attorneys' fees) related to such transfer or
    assignment.
10.2
Redemptions.
(1) A Limited Partner (or any assignee thereof) may
    withdraw all or part of his capital contribution and
    undistributed profits, if any, by requiring the Partnership to
    redeem all or part of his Units at the Net Asset Value per Unit,
    reduced as hereinafter described (such withdrawal being herein
    referred to as a "Redemption").
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(2) Redemptions shall be effective as of the end of any
    month ending after a Request for Redemption in proper form has
    been timely received by the General Partner (the
    "Redemption Date"). Redemption fees apply to the
    Class A (USD) Units, Class B (USD) Units, and
    Class A (GLD) 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, 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 (USD) Unit,
    Class B (USD) Unit, or Class A (GLD) Unit, no
    redemption fees apply. Because the purchase date counts as the
    first month-end in determining whether a redemption fee applies,
    no redemption fee would be due in respect of a Class A
    (USD) Unit, Class B (USD) Unit, or Class A (GLD) Unit
    redeemed on the first anniversary of the purchase.
As
    used herein, "Request for Redemption" shall mean a
    written request of such withdrawal transmitted by the Limited
    Partner (or any assignee thereof) to the General Partner not
    less than ten business days prior to the end of the month or
    such shorter period as established by the General Partner. Upon
    Redemption, a Limited Partner (or any assignee thereof) shall
    receive, per Unit redeemed, an amount equal to the Net Asset
    Value per Unit as of the Redemption Date, less any amount
    owing by such Limited Partner (and his assignee, if any) to the
    Partnership pursuant to Article 15.3, and less any
    applicable redemption fees due to the General Partner. If
    redemption is requested by an assignee, all amounts owed to the
    Partnership under Article 15.3 by the Partner to whom such
    Unit was sold, as well as all amounts owed by the assignees of
    such Unit, shall be deducted from the amount payable upon
    Redemption by any assignee. All Requests for Redemption in
    proper form shall be honored and payment will be made within
    twenty (20) business days following the
    Redemption Date, except that under special circumstances,
    including, but not limited to, the inability on the part of the
    Partnership to liquidate commodity positions or the default or
    delay in payments due the Partnership from commodity brokers,
    banks, or other persons, the Partnership may delay payment to
    Partners requesting Redemption of Units. In the event that
    Redemptions are requested for more Units than the General
    Partner is able to honor due to the foregoing contingencies, the
    General Partner will honor Requests for Redemption in the order
    actually received and will hold Requests for Redemption in such
    order. Limited Partners will be notified within 10 days
    after month-end if any Redemption cannot be honored under the
    terms hereof and their Requests thereafter will be honored at
    the first available opportunity. The Partnership shall not be
    obligated to redeem Units that are subject to a pledge or
    otherwise encumbered in any fashion.
(3) Subparagraph (2) notwithstanding, if the Net Asset
    Value per Unit is determined for purposes of Redemption as of a
    month-end which is not the end of a quarter, any performance
    fees payable and applicable to such Unit, will be determined and
    charged to such Unit as though such month-end were the end of a
    quarter and such performance fees were payable and such
    performance fees will be paid.
ARTICLE 11.
OFFERING OF UNITS; ADMISSION OF ADDITIONAL LIMITED
    PARTNERS
The General Partner shall, from time to time, (i) cause the
    Partnership to file a Registration Statement and such amendments
    as the General Partner deems advisable, with the Securities and
    Exchange Commission for the registration and public offering of
    the Units; (ii) seek to qualify the Units for sale in
    various jurisdictions as the General Partner deems advisable;
    and (iii) take such other actions as the General Partner
    deems advisable.
The General Partner, at its option, may admit additional Limited
    Partners to the Partnership without the consent of the Limited
    Partners at any time. Such additional Limited Partners shall
    contribute capital to the Partnership, and shall be admitted as
    Limited Partners as of the first business day of the month
    immediately following the month-end as of which their
    subscriptions were accepted by the General Partner at no less
    than the Net Asset Value per Unit as of such month-end.
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ARTICLE 12.
SPECIAL POWER OF ATTORNEY
By execution of this Agreement, each Limited Partner irrevocably
    constitutes and appoints the General Partner with full power of
    substitution, as his true and lawful attorney-in-fact, in his
    name, place and stead, to execute, acknowledge, swear to, file
    and record in his behalf in the appropriate public offices and
    publish (i) this Agreement and any amendments thereto;
    (ii) all instruments which the General Partner deems
    necessary or appropriate to reflect any amendment, change, or
    modification of the Limited Partnership Agreement or Certificate
    of Limited Partnership in accordance with the terms of this
    Agreement; and (iii) Certificates of Fictitious or Assumed
    Name. The Power of Attorney granted herein shall be irrevocable
    and deemed to be a power coupled with an interest and shall
    survive the incapacity or death of a Limited Partner. Each
    Limited Partner hereby agrees to be bound by any representation
    made by the General Partner and by any successor thereto, acting
    in good faith pursuant to such Power of Attorney.
ARTICLE 13.
WITHDRAWAL OF A PARTNER
The Partnership shall terminate and be dissolved upon the
    withdrawal, or insolvency of the General Partner (unless in the
    case of the withdrawal of the General Partner, the actions
    necessary to continue the Partnership are taken pursuant to
    Article 16). The General Partner shall cease to be a
    general partner of the Partnership upon the occurrence of any of
    the following events of withdrawal: (i) the General
    Partner's bankruptcy or insolvency; (ii) any event
    prescribed in the Act that is not encompassed in this
    Article 13; or (iii) 120 days' prior written
    notice to the Limited Partners of the General Partner's
    intent to withdraw as a General Partner. If the General Partner
    withdraws as general partner or is removed as General Partner
    Pursuant to Article 16, it can redeem its interests in the
    Partnership at Net Asset Value as of the next month-end in which
    it is calculated. If the Limited Partners elect to continue the
    Partnership, the withdrawing General Partner shall pay all
    Partnership expenses incurred as a result of its withdrawal. The
    death, incompetency, incapacity, withdrawal, insolvency, or
    dissolution of a Limited Partner shall not dissolve or terminate
    the Partnership, and said Limited Partner, his estate,
    custodian, or personal representative shall have no right to
    withdraw or value such Limited Partner's Units except as
    provided in Article 10 hereof. Each Limited Partner (and
    any assignee of such Limited Partner) expressly agrees that in
    the event of his death, he waives on behalf of himself and his
    estate, and he directs the legal representative of his estate
    and any person interested therein to waive the furnishing of any
    inventory, accounting, or appraisal of the assets of the
    Partnership and any right to a special audit of the books and
    records of the Partnership, provided that the waiver shall not
    relieve the General Partner from its reporting obligations set
    forth in Article 9.
ARTICLE 14.
NO PERSONAL LIABILITY FOR RETURN OF CAPITAL
Subject to the provisions of Article 15 below, the General
    Partner shall not be personally liable for the return or
    repayment of all or any portion of the capital or profits of any
    Partner (or assignee), it being expressly agreed that any such
    return of capital or profits made pursuant to this Agreement
    shall be made solely from the assets (which shall not include
    any right of contribution from the General Partner) of the
    Partnership.
ARTICLE 15.
STANDARD OF LIABILITY; INDEMNIFICATION
15.1
Standard of Liability.
The
    General Partner and its controlling persons shall have no
    liability to the Partnership or any Limited Partner for any loss
    suffered by the Partnership which arises out of any action of
    the General Partner if the General Partner, in good faith,
    determined that such course of conduct was in the best interests
    of the Partnership and such course of conduct did not constitute
    negligence or misconduct of the General Partner.
15.2
Indemnification by the
    Partnership.
The Partnership shall indemnify,
    defend, and hold harmless the General Partner (including
    controlling persons and a former General Partner who has
    withdrawn from the Partnership) from and against any loss,
    liability, damage, cost or expense (including attorneys'
    fees, and expenses
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incurred in defense of any demands, claims or lawsuits) arising
    from actions or omissions concerning the business or activities
    undertaken by or on behalf of the Partnership, from any source
    only if all of the following conditions are satisfied:
    (i) the General Partner has determined, in good faith, that
    the course of conduct which caused the loss or liability was in
    the best interests of the Partnership, (ii) the General
    Partner was acting on behalf of or performing services for the
    Partnership, (iii) such liability or loss was not the
    result of negligence or misconduct by the General Partner, and
    (iv) such indemnification is recoverable only out of the
    Partnership's assets and not from the Limited Partners. In
    no event shall the General Partner or any of the selling agents
    receive indemnification from the Partnership arising out of
    alleged violations of federal or state securities laws unless
    the following conditions are satisfied; (a) there has been
    a successful adjudication on the merits of each count involving
    alleged securities law violations, or (b) such claims have
    been dismissed with prejudice on the merits by a court of
    competent jurisdiction, or (c) a court of competent
    jurisdiction approves a settlement of the claims and finds that
    indemnification of the settlement and related costs should be
    made, and (d) in the case of subparagraph (c), the court
    considering the request has been advised of the position of the
    Securities and Exchange Commission and the states in which Units
    were offered and sold as to indemnification for violations of
    securities laws; provided that the court need only be advised
    and consider the positions of the securities regulatory
    authorities in those states in which plaintiffs claim they were
    offered or sold Units. The Partnership shall not incur the cost
    of that portion of liability insurance which insures the General
    Partner for any liability as to which the General Partner is
    prohibited from being indemnified herein.
15.3
Advance Payment.
Expenses
    incurred in defending a threatened or pending civil,
    administrative or criminal action, suit or proceeding against
    the General Partner may be paid by the Partnership in advance of
    the final disposition of such action, suit or proceeding, if and
    to the extent that (i) the legal action relates to acts or
    omissions with respect to the performance of duties or services
    on behalf of the Partnership, (ii) the legal action is
    initiated by a party who is not a Limited Partner, or if by a
    Limited Partner, then a court of competent jurisdiction
    specifically approves such advancement, and (iii) the
    General Partner shall agree to reimburse the Partnership,
    together with the applicable legal rate of interest thereon, in
    the event indemnification is not permitted under this
    Article 15 upon final disposition.
ARTICLE 16.
AMENDMENTS; MEETINGS
16.1.
Amendments Not Requiring the Consent of the
    Fund
.
(a) The General Partner, without obtaining the
    authorization or approval of any other Limited Partner and
    without giving prior notification to any Limited Partner, may
    amend this Agreement at any time and from time to time, whether
    by changing any one or more of the provisions hereof, removing
    any one or more provisions herefrom or adding one or more
    provisions hereto, to the extent necessary, in the reasonable
    judgment of the General Partner, to: (i) cause the
    provisions of this Agreement to comply with the provisions of
    Section 7704 of the Code and the Treasury Regulations
    thereunder; (ii) otherwise cause the provisions of this
    Agreement to comply with any requirement, condition or guideline
    contained in any order, directive, opinion, ruling or regulation
    of a federal or state agency or contained in federal or state
    law; (iii) ensure the Fund's continuing classification
    as a partnership for U.S. federal income tax purposes;
    (iv) prevent the Fund from being treated as a
    "publicly traded partnership" within the meaning of
    Section 7704 of the Code and the Treasury Regulations;
    (v) take such action as may be necessary or appropriate to
    avoid the assets of the Fund being treated for any purpose of
    ERISA or Section 4975 of the Code as assets of any
    "employee benefit plan" as defined in and subject to
    ERISA or of any plan or account subject to Section 4975 of
    the Code (or any corresponding provision of succeeding law);
    (vi) prevent the Fund from being required to register as an
    "investment company" under the Investment Company Act
    of 1940; (vii) avoid the Fund engaging in any
    "prohibited transaction" (within the meaning of
    Section 406 of ERISA or Section 4975(c) of the Code);
    (viii) add to the obligations of the General Partner for
    the benefit of the Fund or the Limited Partners; (ix) make
    any modification to this Agreement to reflect the admission of
    additional or substitute General Partners (x) reflect the
    admission, substitution, termination or redemption of Limited
    Partners after the date hereof in accordance with the provisions
    of this Agreement; (xi) cure any ambiguity in this
    Agreement, or correct any provision in this Agreement that is
    manifestly incorrect; or (xii) provide that any one or more
    additional or substitute General Partner may possess and
    exercise any one or more of the rights, powers and authority of
    the General Partner
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hereunder; provided that such appointment of an additional
    General Partner does not constitute an "assignment"
    within the meaning of Section 202(a)(1) of the Advisers Act.
(b) Upon giving notification to the Limited Partners, but
    without obtaining the authorization or approval of any Limited
    Partner, the General Partner may amend this Agreement at any
    time and from time to time, whether by changing any one or more
    of the provisions hereof, removing any one or more provisions
    herefrom or adding one or more provisions hereto, for such
    purpose of purposes as the General Partner may deem necessary,
    appropriate, advisable or convenient, provided that, in the
    General Partner's reasonable judgment, such amendment could
    not reasonably be expected to have a material adverse effect on
    the Fund or any Limited Partner.
16.2
Meetings; Access to
    Records
.  The General Partner will maintain at the
    office a list of the names and addresses of all Limited Partners
    and the Units owned by them. Upon request of any Limited Partner
    or his representative, the General Partner shall make such list
    available for review by any Limited Partner or his
    representative, and upon request, either in person or by mail,
    the General Partner shall furnish a copy of such list by mail to
    any Limited Partner or his representative, for the cost of
    duplication and postage. The General Partner shall maintain and
    preserve such records for a period of five years. Upon receipt
    of a written request, signed by Limited Partners owning at least
    10% of the Units then owned by Limited Partners, that a meeting
    of the Partnership be called to vote upon any matter which the
    Limited Partners may vote upon pursuant to this Agreement, the
    General Partner shall, by written notice, either in person or by
    certified mail, to each Limited Partner of record mailed within
    15 days after such receipt, call a meeting of the
    Partnership. Such meeting shall be held at least 30 days
    but not more than 60 days after the mailing of such notice,
    and such notice shall specify the date, a reasonable place and
    time, and the purpose of such meeting.
16.3
Amendments and Actions Without Consent of the
    General Partner
.  At any meeting called pursuant
    to Article 16.2, upon the affirmative vote (which may be in
    person or by proxy) of Limited Partners owning more than a
    majority of the Units then owned by the Limited Partners (any
    Units held by the General Partner or its affiliates shall be
    disregarded in calculating the percentage of outstanding Units
    and the General Partner shall be prohibited from voting as a
    Limited Partner) the following actions may be taken:
    (i) this Agreement may be amended in accordance with and
    only to the extent permissible under the Act, provided, however,
    that consent of all Limited Partners shall be required in the
    case of amendments requiring the consent of all Limited Partners
    under the Act; (ii) the Partnership may be dissolved;
    (iii) the General Partner may be removed and replaced;
    (iv) a new general partner may be elected if the General
    Partner withdraws from the Partnership; (v) any contracts
    with the General Partner may be terminated without penalty on
    60 days written notice; and (vi) the sale of all the
    assets of the Partnership may be approved; provided, however,
    that none of the said actions may be taken unless the action is
    permitted under the Act. In the event of the occurrence of an
    event described in (iii) or (iv) above, the interest
    of the General Partner shall be redeemed and paid to the General
    Partner on the basis of the Net Assets allocable thereto on the
    date of such event.
16.4.
Amendment Requiring Consent of the
    Fund.
Subject to the provisions of
    Section 16.3, the General Partner may amend this Agreement
    at any time and from time to time, whether by changing any one
    or more of the provisions hereof, removing any one or more
    provisions herefrom or adding one or more provisions hereto, in
    a manner that materially adversely affects or could reasonably
    be expected to have a material affect on the Fund or the Limited
    Partners; provided, however, that the General Partner may not
    make any such Amendment without giving notification to the
    Limited Partners, at least thirty (30) days prior to the
    implementation of such amendment, setting forth all material
    facts relating to such amendment, and obtaining the Consent of
    the Fund to such amendment prior to the implementation thereof.
16.5.
Consent of the Fund.
For
    purposes of this Agreement, the "Consent of the
    Fund
,
" when used with respect to a particular
    transaction, practice, amendment to this Agreement or other
    action (any such transaction, practice, amendment or other
    action being referred to in this Agreement as a "Consent
    Transaction"), shall be deemed to have been obtained if a
    Majority in Interest of the Limited Partners, approves such
    Consent Transaction (it being understood and agreed that, for
    purposes of the foregoing, (i) a Limited Partner shall be
    deemed to approve a Consent Transaction if such Limited Partner
    either (a) affirmatively approves such Consent Transaction
    prior to the completion, consummation or implementation thereof
    or (b) fails to give notification to the Fund of its
    objection to such Consent Transaction prior to the completion,
    consummation or implementation thereof and (ii) a Limited
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Partner who withdraws or is required to withdraw all amounts
    from its capital account(s) pursuant to the provisions of this
    Agreement prior to the completion, consummation or
    implementation of such a Consent Transaction shall thereupon
    automatically cease to have any right to approve or withhold its
    approval of such Consent Transaction and shall not be considered
    a Limited Partner for purposes of determining whether a Majority
    in Interest of the Limited Partners has approved such Consent
    Transaction, notwithstanding that such Limited Partner may have
    objected to such Consent Transaction). "Majority in
    Interest" of the Limited Partners, means Limited Partners
    (other than the General Partner and its affiliates), the opening
    balances of whose capital accounts at such time exceed 50% of
    the opening balances of the capital accounts at such time of all
    Limited Partners (other than the General Partner and its
    affiliates).
16.6.
Certain Amendments Requiring Consent of
    Affected Limited Partners.
Notwithstanding any
    other provision of this Article XVI, this Agreement may not
    be amended so as to modify the limited liability of a Limited
    Partner.
16.7.
Amendments of Certificate.
(a) The General Partner shall cause the Certificate of
    Limited Partnership to be amended
and/or
restated at such time or times, to such extent and in such
    manner as may be required by the Act.
(b) The General Partner may cause the Certificate of
    Limited Partnership to be amended
and/or
restated in accordance with the principles set forth in this
    Article XVI, and any such amendment
and/or
restatement shall be effective immediately upon the filing of a
    certificate of amendment in the office of the Secretary of State
    of the State of Delaware or upon such future date as may be
    stated therein.
ARTICLE 17.
GOVERNING LAW
The General Partner and Limited Partners expressly agree that
    all the terms and provisions hereof shall be construed under the
    Delaware Revised Uniform Limited Partnership Act as now adopted
    or as may be hereafter amended and shall govern the partnership
    aspects of this Agreement absent contrary terms contained in
    this Agreement.
ARTICLE 18.
MISCELLANEOUS
18.1
Priority Among Limited
    Partners.
No Limited Partner shall be entitled to
    any priority or preference over any other Limited Partner in
    regard to the affairs of the Partnership.
18.2
Notices.
All notices under
    this Agreement, other than Requests for Redemption of Units,
    notices of assignment, transfer or pledge of Units, and reports
    by the General Partner to the Limited Partners, shall be in
    writing and shall be effective upon personal delivery, or if
    sent by first class mail, postage prepaid, addressed to the last
    known address of the party to whom such notice is to be given,
    then, upon the deposit of such notice in the United States
    mails. Reports by the General Partner to the Limited Partners
    shall be in writing or in such electronic format as permitted by
    applicable rules. When such requests are in writing, they shall
    be sent by first class mail to the last known address of each
    Limited Partner. When such reports are in electronic format,
    they shall be delivered consistent with applicable rules.
    Requests for Redemption and notices of assignment, transfer or
    pledge of Units shall be effective upon receipt by the
    Partnership.
18.3
Binding Effect.
This Agreement
    shall inure to and be binding upon all of the parties, their
    successors, assigns as permitted herein, custodians, estates,
    heirs and personal representatives. For purposes of determining
    the rights of any Partner or assignee hereunder, the Partnership
    and the General Partner may rely upon the Partnership records as
    to who are Partners and assignees, and all Partners and
    assignees agree that their rights shall be determined and that
    they shall be bound hereby, including all rights which they may
    have under Article 16 hereof.
18.4
Captions.
Captions in no way
    define, limit, extend or describe the scope of this Agreement
    nor the effect of any of its provisions.
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18.5
Counterparts.
This Agreement
    may be executed in any number of counterparts, each of which
    shall be deemed to be an original, and all of such counterparts
    together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed this
    Agreement on the date first appearing above.
LIMITED PARTNERS:
GENERAL PARTNER:
All Limited Partners now and hereafter admitted as limited
    partners of the Fund pursuant to the power of attorney now or
    hereafter executed in favor of and delivered to the General
    Partner.
CAMPBELL & COMPANY, INC.
By:
/s/
Thomas
    P.
    Lloyd
By: Campbell & Company, Inc. Attorney-in-fact
Name: Thomas P. Lloyd
Title: General Counsel
By:
/s/
Thomas
    P.
    Lloyd
By:
/s/
Gregory
    T.
    Donovan
Name: Thomas P. Lloyd
Title: General Counsel
Name: Gregory T. Donovan
Title: Chief Financial Officer
By:
/s/
Gregory
    T.
    Donovan
Name: Gregory T. Donovan
Title: Chief Financial Officer
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Table of Contents
EXHIBIT C
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
REQUEST FOR REDEMPTION
Please send original to:
Campbell & Company, Inc.
General Partner
2850 Quarry Lake Drive
Baltimore, Maryland 21209
Phone:
800-698-7235
Fax:
410-413-2572
Date
Limited
    Partner No.
Social
    Security Number/Taxpayer ID Number
(must be included)
Client Mailing Address
City, State and Zip Code
Client Phone Number
Client
E-mail
Address
Brokerage Account Number
Dear Sir/Madam:
The undersigned hereby requests redemption, as defined in and
    subject to all the terms and conditions of the Limited
    Partnership Agreement of CAMPBELL STRATEGIC ALLOCATION FUND,
    L.P. ("Fund"), of the undersigned's limited
    partnership units ("units") in the Fund at the net
    asset value per unit, as described in the prospectus, as of the
    close of business at the end of the current month.
Redemption
    will be effective as of the month-end immediately following
    receipt by you of this request for redemption, provided that
    this request for redemption is received ten (10) business
    days prior to the end of such month.
Redemption fees apply
    through the first twelve month ends following purchase (from and
    including the closing date on which the unit is purchased) as
    follows: 4% of net asset value per unit redeemed through the
    third month-end, 3% of net asset value per unit redeemed through
    the sixth month-end, 2% of net asset value per unit redeemed
    through the ninth month-end and 1% of net asset value per unit
    redeemed through the twelfth month-end. After the twelfth
    month-end following purchase of a unit, no redemption fees
    apply. The undersigned hereby represents and warrants that the
    undersigned is the true, lawful and beneficial owner of the
    units to which this request for redemption relates with full
    power and authority to request redemption of such units. Such
    units are not subject to any pledge or otherwise encumbered in
    any fashion.
United
    States Taxable Limited Partners Only
Under penalty of perjury, the undersigned hereby certifies that
    the Social Security Number or Taxpayer ID Number indicated on
    this request for redemption is the undersigned's true,
    correct and complete Social Security Number or Taxpayer ID
    Number and that the undersigned is not subject to backup
    withholding under the provisions of section 3406(a)(1)(C)
    of the Internal Revenue Code.
Non-United
States Limited Partners Only
Under penalty of perjury, the undersigned hereby certifies that
    (a) the undersigned is not a citizen or resident of the
    United States or (b) (in the case of an investor which is not an
    individual) the investor is not a United States corporation,
    partnership, estate or trust.
In order for this redemption request to be processed, it is
    mandatory to complete the following:
Type
    of Redemption (check one):
o
Full
    Redemption
o
Partial
    Redemption (specify number of units
or dollar amount
    $
)
Remittance
    of Redemption Funds:
o
Forward redemption funds to the
    undersigned at:
Name
Street
City, State and Zip Code
o
Remit
    funds directly to Brokerage Account
    Number:
SIGNATURE(S)
    MUST BE IDENTICAL TO NAME(S) IN WHICH UNITS ARE REGISTERED.
ALL BENEFICIARIES MUST SIGN ON THE SAME
    REDEMPTION FORM WHEN APPLICABLE.
Entity Limited Partner
Individual Limited
    Partner(s)
Printed Name of Entity Limited Partner
(or assignee)
Printed Limited Partner Name
Signature of Limited Partner
By:
Signature of Trustee, Custodian,
Fiduciary, Partner or Authorized Officer
Printed Limited Partner Name/Custodian
Signature of Limited Partner/Custodian
Title:
Additional Limited Partner Signature
Additional Limited Partner Signature
Custodian Medallion Signature Guarantee
Financial Advisor Name
Broker/Dealer Name
Branch Address
Financial Advisor E-mail
Branch Phone Number
Branch Fax Number
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CAMPBELL
    GLOBAL TREND FUND, L.P.
REQUEST FOR REDEMPTION
Please send original to:
Campbell & Company, Inc.
General Partner
2850 Quarry Lake Drive
Baltimore, Maryland 21209
Phone:
800-698-7235
Fax:
410-413-2572
Date
Limited
    Partner No.
Social
    Security Number/Taxpayer ID Number
(must be included)
Client Mailing Address
City, State and Zip Code
Client Phone Number
Client
E-mail
Address
Brokerage Account Number
Dear Sir/Madam:
The undersigned hereby requests redemption, as defined in and
    subject to all the terms and conditions of the Limited
    Partnership Agreement of CAMPBELL GLOBAL TREND FUND, L.P.
    ("Fund"), of the undersigned's limited
    partnership units ("units") in the Fund at the net
    asset value per unit, as described in the prospectus, as of the
    close of business at the end of the current month.
Redemption
    will be effective as of the month-end immediately following
    receipt by you of this request for redemption, provided that
    this request for redemption is received ten (10) business
    days prior to the end of such month.
Redemption fees apply
    through the first twelve month ends following purchase of the
    Class A (USD) Units, Class B (USD) Units and
    Class A (GLD) Units as follows: 1.833% of net asset value
    (NAV) per Class A (USD) Unit, Class B (USD) Unit or
    Class A (GLD) Unit redeemed through the second month-end,
    decreasing every month thereafter to 1.666%, 1.500%, 1.333%,
    1.167%, 1.000%, 0.833%, 0.667%, 0.500%, 0.333%, and 0.167%,
    respectively. After the twelfth month-end following purchase of
    a unit, no redemption fees apply. The undersigned hereby
    represents and warrants that the undersigned is the true, lawful
    and beneficial owner of the units to which this request for
    redemption relates with full power and authority to request
    redemption of such units. Such units are not subject to any
    pledge or otherwise encumbered in any fashion.
United
    States Taxable Limited Partners Only
Under penalty of perjury, the undersigned hereby certifies that
    the Social Security Number or Taxpayer ID Number indicated on
    this request for redemption is the undersigned's true,
    correct and complete Social Security Number or Taxpayer ID
    Number and that the undersigned is not subject to backup
    withholding under the provisions of section 3406(a)(1)(C)
    of the Internal Revenue Code.
Non-United
States Limited Partners Only
Under penalty of perjury, the undersigned hereby certifies that
    (a) the undersigned is not a citizen or resident of the
    United States or (b) (in the case of an investor which is not an
    individual) the investor is not a United States corporation,
    partnership, estate or trust.
In order for this redemption request to be processed, it is
    mandatory to complete the following:
Type
    of Redemption (check one)
o
Full
    Redemption
o
Partial
    Redemption (specify number of units or dollar amount):
Class A
    (USD) Units
Class B (USD) Units
Class C (USD) Units
Class D (USD) Units
Class E
    (USD) Units
Class A (GLD) Units
Class B (GLD) Units
Class C (GLD) Units
Remittance
    of Redemption Funds:
o
Forward
    redemption funds to the undersigned at:
Name
Street
City, State and Zip Code
o
Remit
    funds directly to Brokerage Account
    Number:
SIGNATURE(S)
    MUST BE IDENTICAL TO NAME(S) IN WHICH UNITS ARE REGISTERED.
ALL BENEFICIARIES MUST SIGN ON THE SAME
    REDEMPTION FORM WHEN APPLICABLE.
Entity Limited Partner
Individual Limited
    Partner(s)
Printed Name of Entity Limited Partner
(or assignee)
Printed Limited Partner Name
Signature of Limited Partner
By:
Signature of Trustee, Custodian,
Fiduciary, Partner or Authorized Officer
Printed Limited Partner Name/Custodian
Signature of Limited Partner/Custodian
Title:
Additional Limited Partner Signature
Additional Limited Partner Signature
Custodian Medallion Signature Guarantee
Financial Advisor Name
Broker/Dealer Name
Branch Address
Financial Advisor E-mail
Branch Phone Number
Branch Fax Number
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EXHIBIT D
SUBSCRIPTION
    REQUIREMENTS
Campbell
    Strategic Allocation Fund, L.P.
By executing the Subscription Agreement for Campbell Strategic
    Allocation Fund, L.P. (the "Strategic Allocation
    Fund"), each purchaser ("purchaser") of limited
    partnership units in the Strategic Allocation Fund
    ("units") irrevocably subscribes for units at a price
    equal to the net asset value per unit as of the end of the month
    in which the subscription is accepted provided such subscription
    is received at least five business days prior to such month end,
    as described in this prospectus dated May 3, 2010 (the
    "prospectus"). The Strategic Allocation Fund is only
    open to existing investors wishing to make additions to their
    existing accounts. Limited partners may increase their
    investment in the Strategic Allocation Fund with a minimum
    additional investment of $1,000. Subscriptions must be
    accompanied by a check or wire in the full amount of the
    subscription and made payable to "Campbell Strategic
    Allocation Fund, L.P." Purchaser is also delivering to the
    selling agent an executed Subscription Agreement (Exhibit E
    to the prospectus). If purchaser's Subscription Agreement
    is accepted, purchaser agrees to contribute purchaser's
    subscription to the Strategic Allocation Fund and to be bound by
    the terms of the Strategic Allocation Fund's Limited
    Partnership Agreement, attached as Exhibit A to the
    prospectus.
Campbell
    Global Trend Fund, L.P.
By executing the Subscription Agreement for Campbell Global
    Trend Fund, L.P. (the "Global Trend Fund"), each
    purchaser ("purchaser") of limited partnership units
    of any of the classes of the Global Trend Fund
    ("units") irrevocably subscribes for units at a price
    equal to the net asset value per class of unit as of the end of
    the month in which the subscription is accepted provided such
    subscription is received at least five business days prior to
    such month end, as described in this prospectus dated
    May 3, 2010 (the "prospectus"). The general
    partner in its sole and absolute discretion may change the
    foregoing notice requirement by written notice to you, as
    described in this prospectus dated May 3, 2010 (the
    "prospectus"). The minimum initial subscription for
    Class A (USD) Units, Class B (USD) Units, Class C
    (USD) Units and Class D (USD) Units is $1,000 from IRAs and
    other tax-exempt accounts and $5,000 from all other investors.
    Limited partners of Class A (USD) Units, Class B (USD)
    Units, Class C (USD) Units and Class D (USD) Units may
    increase their investment with a minimum additional investment
    of $1,000. The minimum initial subscription for Class A
    (GLD) Units and Class B (GLD) Units is $50,000. Limited
    partners of Class A (GLD) Units and Class B (GLD)
    Units may increase their investment with a minimum additional
    investment of $10,000. Subscriptions must be accompanied by a
    check or wire in the full amount of the subscription and made
    payable to "Campbell Global Trend Fund, L.P."
    Purchaser is also delivering to the selling agent an executed
    Subscription Agreement (Exhibit F to the prospectus). If
    purchaser's Subscription Agreement is accepted, purchaser
    agrees to contribute purchaser's subscription to the Global
    Trend Fund and to be bound by the terms of the Global Trend
    Fund's Limited Partnership Agreement, attached as
    Exhibit B to the prospectus.
Both
    Funds
Purchaser agrees to reimburse the applicable Fund and
    Campbell & Company, Inc., the general partner, for any
    expense or loss incurred as a result of the cancellation of
    purchaser's units due to a failure of purchaser to deliver
    good funds in the amount of the subscription price. By execution
    of the applicable Fund's Subscription Agreement, purchaser
    will be deemed to have executed the respective Limited
    Partnership Agreement and to be bound by the terms of the
    respective Limited Partnership Agreement, which will be in
    substantially the form of the Limited Partnership Agreements
    included in the prospectus as Exhibits A and B.
In connection with this Exhibit D and the attached
    Subscription Agreements, the term "purchaser" will
    also include subscriptions from related investors such as the
    spouse, children, step-children, siblings, parents or other
    immediate relatives of a current limited partner living in the
    same household, as well as any related investing entity, such as
    a trust, 401K account, foundation or other entity, provided that
    the current limited partner is the primary "decision
    maker" on behalf of these related investors and further
    provided that the limited partner exercises investment control
    over such subscriptions.
D-1
Table of Contents
As an inducement to the general partner to accept this
    subscription, purchaser (for the purchaser and, if purchaser is
    an entity, on behalf of and with respect to each of
    purchaser's shareholders, partners or beneficiaries), by
    executing and delivering purchaser's Subscription
    Agreement, represents and warrants to the general partner, the
    clearing broker and the selling agent who solicited
    purchaser's subscription and the Funds, as follows:
(a) Purchaser is of legal age to execute the Subscription
    Agreement and is legally competent to do so. Purchaser
    acknowledges that purchaser has received a copy of the
    prospectus, including the respective Fund's Limited
    Partnership Agreement.
(b) All information that purchaser has furnished to the
    general partner or that is set forth in the Subscription
    Agreement submitted by purchaser is correct and complete as of
    the date of such Subscription Agreement, and if there should be
    any change in such information prior to acceptance of
    purchaser's subscription, purchaser will immediately
    furnish such revised or corrected information to the general
    partner.
(c) Unless (d) or (e) below is applicable,
    purchaser's subscription is made with purchaser's
    funds for purchaser's own account and not as trustee,
    custodian or nominee for another.
(d) The subscription, if made as custodian for a minor, is
    a gift purchaser has made to such minor and is not made with
    such minor's funds or, if not a gift, the representations
    as to net worth and annual income set forth below apply only to
    such minor.
(e) If purchaser is subscribing in a representative
    capacity, purchaser has full power and authority to purchase the
    units and enter into and be bound by the Subscription Agreement
    on behalf of the entity for which he is purchasing the units,
    and such entity has full right and power to purchase such units
    and enter into and be bound by the Subscription Agreement and
    become a Limited Partner pursuant to the applicable Limited
    Partnership Agreement attached to the prospectus as
    Exhibits A and B.
(f) Purchaser either is not required to be registered with
    the Commodity Futures Trading Commission ("CFTC") or
    to be a member of, the National Futures Association
    ("NFA") or if required to be so registered is duly
    registered with the CFTC and is a member in good standing of the
    NFA.
(g) If the undersigned is, or is acting on behalf of, an
    "employee benefit plan," as defined in and subject to
    the Employee Retirement Income Security Act of 1974, as amended
    ("ERISA"), or "plan" as defined in and
    subject to Section 4975 of the Internal Revenue Code of
    1986, as amended (the "Code") (a "Plan") or
    an entity ("Plan Assets Entity") deemed for any
    purpose of ERISA or Section 4975 of the Code to hold assets
    of any such Plan due to investments made in such entity by Plans
    or other Plan Asset Entities (in which case, the representations
    and warranties are made with respect to each Plan holding an
    investment in such Plan Assets Entity), the individual signing
    this Subscription Agreement on behalf of the undersigned hereby
    further represents and warrants as, or on behalf of, the
    fiduciary of the Plan responsible for purchasing units (the
    "Plan Fiduciary") that: (a) the Plan Fiduciary
    has considered an investment in either or both Funds for such
    plan in light of the risks relating thereto; (b) the Plan
    Fiduciary has determined that, in view of such considerations,
    the investment in either or both Funds is consistent with the
    Plan Fiduciary's responsibilities under ERISA; (c) the
    Plan's investment in either or both Funds does not violate
    and is not otherwise inconsistent with the terms of any legal
    document constituting the Plan or any trust agreement
    thereunder; (d) the Plan's investment in either or
    both Funds has been duly authorized and approved by all
    necessary parties; (e) none of the general partner, the
    Funds' advisors, the Funds' cash managers, the
    Funds' futures brokers, the Funds'
over-the-counter
counterparties, the Funds' escrow agent, any wholesaler,
    any selling agent, any of their respective affiliates or any of
    their respective agents or employees: (i) has investment
    discretion with respect to the investment of assets of the Plan
    used to purchase units; (ii) has authority or
    responsibility to or regularly gives investment advice with
    respect to the assets of the Plan used to purchase units for a
    fee and pursuant to an agreement or understanding that such
    advice will serve as a primary basis for investment decisions
    with respect to the Plan and that such advice will be based on
    the particular investment needs of the Plan; or (iii) is an
    employer maintaining or contributing to the Plan; and
    (f) the Plan Fiduciary (i) is authorized to make, and
    is responsible for, the decision to invest in either or both
    Funds, including the determination that such investment is
    consistent with the requirement imposed by Section 404 of
    ERISA that Plan investments be diversified so as to minimize the
    risks of large losses, (ii) is independent of the general
    partner, the Funds' advisors, the Funds' cash
    managers, the Funds' futures brokers, the Funds'
over-the-counter
counterparties, the Funds' escrow agent, each
D-2
Table of Contents
wholesaler, any selling agent, each of their respective
    affiliates, and (iii) is qualified to make such investment
    decision. The undersigned will, at the request of the general
    partner, furnish the general partner with such information as
    the general partner may reasonably require to establish that the
    purchase of the units by the Plan does not violate any provision
    of ERISA or the Code, including without limitation, those
    provisions relating to "prohibited transactions" by
    "parties in interest" or "disqualified
    persons" as defined therein.
(h) If the undersigned is acting on behalf of a trust (the
    "Subscriber Trust"), the individual signing the
    Subscription Agreement on behalf of the Subscriber Trust hereby
    further represents and warrants that an investment in the Trust
    is permitted under the trust agreement of the Subscriber Trust,
    and that the undersigned is authorized to act on behalf of the
    Subscriber Trust under the trust agreement thereof.
(i) Purchaser represents and warrants that purchaser has
    (i) a net worth of at least $250,000 (exclusive of home,
    furnishings and automobiles) or (ii) an annual gross income
    of at least $70,000 and a net worth (similarly calculated) of at
    least $70,000. Residents of the following states must meet the
    requirements set forth below (net worth in all cases is
    exclusive of home, furnishings and automobiles). In addition,
    purchaser may not invest more than 10% of his net worth
    (exclusive of home, furnishings and automobiles) in each Fund.
Kansas
—
The Office of the Kansas
    Securities Commissioner recommends that you should limit your
    aggregate investment in the Fund and other managed futures
    investments to not more than 10% of your liquid net worth.
    "Liquid net worth" is that portion of your total net
    worth (total assets minus liabilities) that is comprised of
    cash, cash equivalents and readily marketable securities.
Kentucky
—
Either (i) Net worth of
    at least $300,000 (exclusive of home, home furnishings and
    automobiles) or (ii) a net worth of at least $85,000
    (exclusive of home, home furnishings and automobiles) and an
    annual taxable income of $85,000. Kentucky investors should
    limit their investment in any commodity pool program to not more
    than 10% of their liquid net worth (cash, cash equivalents and
    readily marketable securities).
D-3
Table of Contents
EXHIBIT E
CAMPBELL
    STRATEGIC ALLOCATION FUND, L.P.
UNITS OF
    LIMITED PARTNERSHIP INTEREST
SUBSCRIPTION
    AGREEMENT
Campbell Strategic Allocation Fund, L.P.
c/o Campbell &
Company, Inc.
2850 Quarry Lake Drive
Baltimore, Maryland 21209
Dear Sir/Madam:
1.
Subscription for Units.
I hereby
    subscribe for the number of Units of Limited Partnership
    Interest ("units") in Campbell Strategic Allocation
    Fund, L.P. (the "Fund") set forth on the reverse side
    (minimum additional investment of $1,000) of this Subscription
    Agreement, at net asset value per unit as set forth in the
    prospectus of the Fund dated May 3, 2010 (the
    "prospectus"). The undersigned's wire, sent
    contemporaneously, or check payable to "Campbell Strategic
    Allocation Fund, L.P.," in the full amount of the
    undersigned's subscription, accompanies the Subscription
    Agreement Signature Page sent to the Strategic Allocation Fund
    at the above address. If this subscription is rejected, all
    funds remitted by the undersigned herewith will be returned. If
    this subscription is accepted, subscribers will earn additional
    units in lieu of interest earned on the undersigned's
    subscription while held in escrow. The general partner, in its
    sole and absolute discretion, accepts or rejects this
    subscription in whole or in part. All subscriptions once
    submitted are irrevocable. All units are offered subject to
    prior sale.
2.
Representations and Warranties of
    Subscriber.
I have received the prospectus. By
    submitting this Subscription Agreement I am making the
    representations and warranties set forth in "Exhibit D
    — Subscription Requirements" contained in the
    prospectus, including, without limitation, those representations
    and warranties relating to my net worth and annual income set
    forth therein.
3.
Acceptance of Limited Partnership
    Agreement.
I agree that as of the date of the
    acceptance of my subscription by the Fund I shall become a
    Limited Partner, and I hereby (i) acknowledge that I have
    received the Limited Partnership Agreement of the Fund,
    (ii) agree to each and every term of the Limited
    Partnership Agreement, (iii) agree that my execution of
    this Subscription Agreement shall constitute (for all purposes)
    my execution of the Limited Partnership Agreement and agreement
    to the terms thereof, and (iv) acknowledge that the general
    partner may rely upon my execution of this Subscription
    Agreement as constituting execution of the Limited Partnership
    Agreement and agreement to the terms thereof.
4.
Irrevocability; Governing Law.
I
    hereby acknowledge and agree that I am not entitled to cancel,
    terminate or revoke this subscription or any of my agreements
    hereunder after the Subscription Agreement has been submitted
    (and not rejected) and that this subscription and such
    agreements shall survive my death or disability, but shall
    terminate with the full redemption of all my units in the
    Strategic Allocation Fund. This Subscription Agreement shall be
    governed by and interpreted in accordance with the laws of the
    State of Delaware.
READ AND
    COMPLETE REVERSE SIDE
E-1
Table of Contents
EXHIBIT E
Signature Page
CSAF
SUBSCRIPTION AGREEMENT
IMPORTANT: READ REVERSE SIDE BEFORE SIGNING
The investor named below, by execution and delivery of this
    Subscription Agreement, by payment of the purchase price for
    Units of Limited Partnership Interest in Campbell Strategic
    Allocation Fund, L.P. and by either (i) enclosing a check
    payable to
"Campbell Strategic Allocation Fund,
    L.P.,"
or (ii) authorizing the Selling Agent (or
    Additional Seller, as the case may be) to debit investor's
    customer securities account in the amount set forth below,
    hereby subscribes for the purchase of units at net asset value
    per unit. The named investor further acknowledges receipt of the
    prospectus dated May 3, 2010, including the Strategic
    Allocation Fund's Limited Partnership Agreement, the
    Subscription Requirements and the Subscription Agreement set
    forth therein, the terms of which govern the investment in the
    units being subscribed for hereby.
1)
Total $ Amount
­
    ­
2)
Account
    #
­
    ­
(must be completed)
(minimum of $1,000 for additional
    investments)
o
if payment is made by debit to investor's securities account, check box
3)
Social
    Security #
­
    ­
-
­
    ­
-
­
    ­
Taxpayer ID #
­
    ­
-
­
    ­
-
­
    ­
Joint
    Accounts
1
Trust Accounts
2

    or 3
o
Individual
1
o
UGMA/UTMA
3
o
Corporation
    or Limited Liability
    Company
2
o
Partnership
2
o
Estate
2
o
Tenants
    by/in Entirety
o
Tenants
    in Common
o
Joint
    Tenancy with Rights of Survivorship
o
Community
    Property
o
Revocable
    or Grantor
o
Other
    than Revocable or Grantor
IRA
    Accounts
3
Pension/Profit Sharing Plans
o
Traditional
o
Rollover
o
SEP
3
o
401(k)
2
Note:
In connection with any subscription, the general
    partner, in its sole discretion, may request a subscriber to
    provide appropriate authorization documents.
o
Roth
o
DBP/DCP
2
o
Simple     IRA
3
1
Primary

    Owner's Social Security Number is
    required.
2
EIN/TIN

    is
    required.
3
Beneficial

    Owner's Social Security Number and Custodian's TIN are
    required.
4)
o
Check
    here if this is an addition to an existing account.
    Partner #:
­
    ­
4a)
o
Check
    here if this account is related to an existing account.
    Partner #:
­
    ­
5) Limited
    Partner
    Name
­
    ­
6)
Additional
    Information
(For Estates,
    Partnerships, Trusts and Corporations)
7)
Resident Address
of Limited Partner
­
    ­
Street
(P.O.
    Box not acceptable)
City                                State                         Zip
    Code
8)
Mailing
    Address
(if different)
­
    ­
Street
City                                State                         Zip     Code
9)
Custodian
    Name
and Mailing Address
­
    ­
Name
Street
City                                State                         Zip     Code
10)
INVESTOR(S) MUST SIGN
X
­
    ­
X
­
    ­
Signature of
    Investor                             Date                         Telephone
    No.
Signature of Joint Investor (if any) or
    Custodian               Date
Executing and delivering this Subscription Agreement shall in
    no respect be deemed to constitute a waiver of any rights under
    the Securities Act of 1933 or under the Securities Exchange Act
    of 1934.
UNITED
    STATES INVESTORS ONLY:
I have checked the following box if I am subject to backup
    withholding under the provisions of Section 3406(a)(1)(C)
    of the Internal Revenue
    Code:
o
.
    Under penalties of perjury, by signature above I hereby certify
    that the Social Security Number or Taxpayer ID Number next to my
    name is my true, correct and complete Social Security Number or
    Taxpayer ID Number and that the information given in the
    immediately preceding sentence is true, correct and complete.
NON-UNITED
STATES INVESTORS ONLY:
Under penalties of perjury, by signature above I hereby certify
    that (a) I am not a citizen or resident of the United
    States or (b) (in the case of an investor which is not an
    individual) the investor is not a United States corporation,
    partnership, estate or trust.
11)
FINANCIAL ADVISOR MUST
    SIGN
I hereby certify that I have informed the investor of all
    pertinent facts relating to the risks, tax consequences,
    liquidity, marketability, management and control of the General
    Partner with respect to an investment in the units, as set forth
    in the prospectus dated May 3, 2010. I have also informed
    the investor of the unlikelihood of a public trading market
    developing for the units. I have reasonable grounds to believe,
    based on information obtained from this investor concerning his/
    her investment objectives, other investments, financial
    situation and needs and any other information known by me, that
    investment in the Fund is suitable for such investor in light of
    his/ her financial position, net worth and other suitability
    characteristics.
The Financial Advisor MUST sign below in order to substantiate
    compliance with FINRA Rule 2310.
X
­
    ­
X
­
    ­
Financial Advisor
    Signature                                            Date
Office Manager
    Signature                                            Date
(if required by Selling Agent
    procedures)
12)
Selling
    Firm
­
    ­
F.A. Name
F.A. Number
(print clearly for proper credit)
F.A.
    Phone                                                                                                                           F.A.     Fax                                                                                      F.A.     Email Address
F.A. Address
(for confirmations)
Street
(P.O. Box not
    acceptable)
City                 State                         Zip     Code
E-2
Table of Contents
EXHIBIT F
CAMPBELL
    GLOBAL TREND FUND, L.P.
UNITS OF
    LIMITED PARTNERSHIP INTEREST
SUBSCRIPTION
    AGREEMENT
Campbell Global Trend Fund, L.P.
c/o Campbell &
Company, Inc.
2850 Quarry Lake Drive
Baltimore, Maryland 21209
Dear Sir/Madam:
1.
Subscription for Units.
I hereby
    subscribe for the number of Units of Limited Partnership
    Interest ("units") in Campbell Global Trend Fund, L.P.
    (the "Fund") set forth on the reverse side (the
    minimum initial investment for the Class A (USD) Units,
    Class B (USD) Units, Class C (USD) Units and
    Class D (USD) Units is $1,000 for IRAs and other tax-exempt
    accounts and $5,000 for all other investors; the minimum initial
    investment for the Class A (GLD) Units and Class B
    (GLD) Units is $50,000) of this Subscription Agreement, at net
    asset value per unit as set forth in the prospectus of the Fund
    dated May 3, 2010 (the "prospectus"). The
    undersigned's wire, sent contemporaneously, or check
    payable to "Campbell Global Trend Fund, L.P.," in the
    full amount of the undersigned's subscription (additions
    may be made with a minimum investment of $1,000 for the
    Class A (USD) Units, Class B (USD) Units, Class C
    (USD) Units and Class D (USD) Units and $10,000 for the
    Class A (GLD) Units and Class B (GLD) Units, as
    described in the prospectus), accompanies the Subscription
    Agreement Signature Page sent to the Global Trend Fund at the
    above address. If this subscription is rejected, all funds
    remitted by the undersigned herewith will be returned. If this
    subscription is accepted, subscribers will earn additional units
    in lieu of interest earned on the undersigned's
    subscription while held in escrow. The general partner, in its
    sole and absolute discretion, accepts or rejects this
    subscription in whole or in part. All subscriptions once
    submitted are irrevocable. All units are offered subject to
    prior sale.
2.
Representations and Warranties of
    Subscriber.
I have received the prospectus. By
    submitting this Subscription Agreement I am making the
    representations and warranties set forth in "Exhibit D
    — Subscription Requirements" contained in the
    prospectus, including, without limitation, those representations
    and warranties relating to my net worth and annual income set
    forth therein.
3.
Acceptance of Limited Partnership
    Agreement.
I agree that as of the date of the
    acceptance of my subscription by the Fund I shall become a
    Limited Partner, and I hereby (i) acknowledge that I have
    received the Limited Partnership Agreement of the Fund,
    (ii) agree to each and every term of the Limited
    Partnership Agreement, (iii) agree that my execution of
    this Subscription Agreement shall constitute (for all purposes)
    my execution of the Limited Partnership Agreement and agreement
    to the terms thereof, and (iv) acknowledge that the general
    partner may rely upon my execution of this Subscription
    Agreement as constituting execution of the Limited Partnership
    Agreement and agreement to the terms thereof.
4.
Irrevocability; Governing Law.
I
    hereby acknowledge and agree that I am not entitled to cancel,
    terminate or revoke this subscription or any of my agreements
    hereunder after the Subscription Agreement has been submitted
    (and not rejected) and that this subscription and such
    agreements shall survive my death or disability, but shall
    terminate with the full redemption of all my units in the Global
    Trend Fund. This Subscription Agreement shall be governed by and
    interpreted in accordance with the laws of the State of Delaware.
READ AND
    COMPLETE REVERSE SIDE
F-1
Table of Contents
EXHIBIT F
Signature Page
CGTF
SUBSCRIPTION AGREEMENT
IMPORTANT: READ REVERSE SIDE BEFORE SIGNING
The investor named below, by execution and delivery of this
    Subscription Agreement, by payment of the purchase price for
    Units of Limited Partnership Interest in Campbell Global Trend
    Fund, L.P. and by either (i) enclosing a check payable to
"Campbell Global Trend Fund, L.P.,"
or
    (ii) authorizing the Selling Agent (or Additional Seller,
    as the case may be) to debit investor's customer securities
    account in the amount set forth below, hereby subscribes for the
    purchase of units at net asset value per unit. The named
    investor further acknowledges receipt of the prospectus dated
    May 3, 2010, including the Global Trend Fund's Limited
    Partnership Agreement, the Subscription Requirements and the
    Subscription Agreement set forth therein, the terms of which
    govern the investment in the units being subscribed for hereby.
1) Total
    Amount of: Class A (USD) Units $
Class B (USD) Units $
Class C (USD) Units $
Class D (USD) Units $
(minimum of $1,000 from IRAs and other
    tax-exempt accounts and $5,000 from all other investors; $1,000
    for additional investments)
Class A (GLD) Units $
Class B
    (GLD) Units $
(
minimum
    of $50,000; $10,000 for additional investments)
Class E (USD) and Class C (GLD) Units are not being
    offered in the prospectus and will be issued in exchange for
    Class A (USD), B (USD), C (USD), D (USD), A (GLD) and B
    (GLD) Units in certain circumstances which are described in the
    prospectus.
2)
Account #
­
    ­
(must be
    completed)
o
If
    payment is made by debit to investor's securities account,
    check box
3)
Social
    Security #
­
    ­
-
­
    ­
-
­
    ­
Taxpayer ID #
­
    ­
-
­
    ­
-
­
    ­
Joint
    Accounts
1
Trust Accounts
2

    or 3
o
Individual
1
o
UGMA/UTMA
3
o
Corporation
    or Limited Liability
    Company
2
o
Partnership
2
o
Estate
2
o
Tenants
    by/in Entirety
o
Tenants
    in Common
o
Joint
    Tenancy with Rights of Survivorship
o
Community
    Property
o
Revocable
    or Grantor
o
Other
    than Revocable or Grantor
IRA
    Accounts
3
Pension/Profit Sharing Plans
o
Traditional
o
Rollover
o
SEP
3
o
401(k)
2
Note:
In connection with any subscription, the general
    partner, in its sole discretion, may request a subscriber to
    provide appropriate authorization documents.
o
Roth
o
DBP/DCP
2
o
Simple     IRA
3
1
Primary

    Owner's Social Security Number is
    required.
2
EIN/TIN

    is
    required.
3
Beneficial

    Owner's Social Security Number and Custodian's TIN are
    required.
4)
o
Check
    here if this is an addition to an existing account.
    Partner #:
­
    ­
4a)
o
Check
    here if this account is related to an existing account.
    Partner #:
­
    ­
5) Limited
    Partner
    Name
­
    ­
6)
Additional
    Information
(For Estates,
    Partnerships, Trusts and Corporations)
7)
Resident
    Address
of Limited Partner
­
    ­
Street
(P.O.
    Box not acceptable)
City                                State                         Zip
    Code
8)
Mailing
    Address
(if different)
­
    ­
Street
City                                State                         Zip     Code
9)
Custodian
    Name
and Mailing Address
­
    ­
Name
Street
City                                State                         Zip     Code
10)
INVESTOR(S) MUST SIGN
X
­
    ­
X
­
    ­
Signature of
    Investor                             Date                         Telephone
    No.
Signature of Joint Investor (if any) or
    Custodian               Date
Executing and delivering this Subscription Agreement shall in
    no respect be deemed to constitute a waiver of any rights under
    the Securities Act of 1933 or under the Securities Exchange Act
    of 1934.
UNITED
    STATES INVESTORS ONLY:
I have checked the following box if I am subject to backup
    withholding under the provisions of Section 3406(a)(1)(C)
    of the Internal Revenue
    Code:
o
.
    Under penalties of perjury, by signature above I hereby certify
    that the Social Security Number or Taxpayer ID Number next to my
    name is my true, correct and complete Social Security Number or
    Taxpayer ID Number and that the information given in the
    immediately preceding sentence is true, correct and complete.
NON-UNITED
STATES INVESTORS ONLY:
Under penalties of perjury, by signature above I hereby certify
    that (a) I am not a citizen or resident of the United
    States or (b) (in the case of an investor which is not an
    individual) the investor is not a United States corporation,
    partnership, estate or trust.
11)
FINANCIAL ADVISOR MUST
    SIGN
I hereby certify that I have informed the investor of all
    pertinent facts relating to the risks, tax consequences,
    liquidity, marketability, management and control of the General
    Partner with respect to an investment in the units, as set forth
    in the prospectus dated May 3, 2010. I have also informed
    the investor of the unlikelihood of a public trading market
    developing for the units. I have reasonable grounds to believe,
    based on information obtained from this investor concerning his/
    her investment objectives, other investments, financial
    situation and needs and any other information known by me, that
    investment in the Fund is suitable for such investor in light of
    his/ her financial position, net worth and other suitability
    characteristics.
The Financial Advisor MUST sign below in order to substantiate
    compliance with FINRA Rule 2310.
X
­
    ­
X
­
    ­
Financial Advisor
    Signature                                            Date
Office Manager
    Signature                                            Date
(if required by Selling Agent
    procedures)
12)
Selling
    Firm
­
    ­
F.A. Name
F.A. Number
(print clearly for proper credit)
F.A.
    Phone                                                                                                                           F.A.     Fax                                                                                      F.A.     Email Address
F.A. Address
(for confirmations)
Street
(P.O. Box not
    acceptable)
City                 State                         Zip     Code
F-2
Table of Contents
PART II
Information
    Not Required in Prospectus
Item 13.
Other
    Expenses of Issuance and Distribution.
The following expenses reflect the estimated amounts required to
    prepare and file this Registration Statement and complete the
    offering of the units (other than selling commissions).
Campbell
    Global Trend Fund, L.P.
Approximate
Amount
Securities and Exchange Commission Registration Fee
$
42,780
*
The Financial Industry Regulatory Authority Filing Fee
60,500
Printing Expenses
75,000
**
Blue Sky Expenses (Excluding Legal Fees)
150,000
**
Escrow Fees
2,500
**
Fees of Certified Public Accountants
25,000
**
Fees of Counsel
100,000
**
Total
$
455,780
**
*
Campbell Global Trend Fund, L.P. is applying the aggregate
    filing fee of $36,580 associated with the registered but
    unissued securities under registration statement on
Form S-1
(No. 333-163835-01)
(which was withdrawn on April 23, 2010) against the
    total filing fee of $42,780 that would otherwise be due in
    connection with this registration statement. The remaining
    balance of $6,200 was paid in connection with this filing.
**
Represents an estimate of the portion of fees and expenses of
    the Fund that are common to this Registration Statement and the
    Registration Statement for Campbell Strategic Allocation Fund,
    L.P. (SEC File
No. 333-[-]),
which is being filed concurrently with this Registration
    Statement.
Item 14.
Indemnification
    of Directors and Officers.
Article 15 of the Limited Partnership Agreement of Campbell
    Global Trend Fund, L.P. filed as an exhibit to this Registration
    Statement and, as amended from
time-to-time,
provides for the indemnification of the general partner. The
    general partner and its controlling persons will have no
    liability to the Fund or any limited partner of the Fund for any
    loss suffered by the Fund which arises out of any action of the
    general partner if the general partner, in good faith,
    determined that such course of conduct was in the best interests
    of the Fund and such course of conduct did not constitute
    negligence or misconduct of the general partner. The Fund will
    indemnify, defend, and hold harmless the general partner
    (including controlling persons and a former general partner who
    has withdrawn from the Fund) from and against any loss,
    liability, damage, cost or expense (including attorneys'
    fees, and expenses incurred in defense of any demands, claims or
    lawsuits) arising from actions or omissions concerning the
    business or activities undertaken by or on behalf of the Fund,
    from any source only if all of the following conditions are
    satisfied: (i) the general partner has determined, in good
    faith, that the course of conduct which caused the loss or
    liability was in the best interests of the Fund, (ii) the
    general partner was acting on behalf of or performing services
    for the Fund, (iii) such liability or loss was not the
    result of negligence or misconduct by the general partner, and
    (iv) such indemnification is recoverable only out of the
    respective Fund's assets and not from the limited partners.
    In no event will the general partner or any of the selling
    agents receive indemnification from the Fund arising out of
    alleged violations of federal or state securities laws unless
    the following conditions are satisfied: (a) there has been
    a successful adjudication on the merits of each count involving
    alleged securities law violations, or (b) such claims have
    been dismissed with prejudice on the merits by a court of
    competent jurisdiction, or (c) a court of competent
    jurisdiction approves a settlement of the claims and finds that
    indemnification of the settlement and related costs should be
    made, and (d) in the case of subparagraph (c), the court
    considering the request has been advised of the position of the
    Securities and Exchange Commission and the states in which Units
    were offered and sold as to
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indemnification for violations of securities laws; provided that
    the court need only be advised and consider the positions of the
    securities regulatory authorities in those states in which
    plaintiffs claim they were offered or sold Units. The Fund will
    not incur the cost of that portion of liability insurance which
    insures the general partner for any liability as to which the
    general partner is prohibited from being indemnified herein.
Item 15.
Recent
    Sales of Unregistered Securities.
None.
Item 16.
Exhibits
    and Financial Statement Schedules.
The following documents (unless otherwise indicated) are filed
    herewith and made a part of this Registration Statement:
(a) Exhibits. The following exhibits are filed herewith:
Exhibit
Number
Description of Document
1
.1
Amended Form of Selling Agreement for Campbell Global Trend
    Fund, L.P.
1
.2
Form of Service Agreement for Campbell Global Trend Fund, L.P.
3
.1
Amended Certificate of Limited Partnership of Campbell Global
    Trend Fund, L.P.
4
.1
Amended Agreement of Limited Partnership of Campbell Global
    Trend Fund, L.P. (included to the Prospectus as Exhibit B)
5
.1
Opinion of Sidley Austin LLP as to legality of the Units of
    Campbell Global Trend Fund, L.P.
8
.1
Opinion of Sidley Austin LLP as to income tax matters of
    Campbell Global Trend Fund, L.P.
10
.1
Advisory Agreement between the Global Trend Series (USD) of
    Campbell Global Trend Fund, L.P. and Campbell & Company
10
.2
Advisory Agreement between the Global Trend Series (GLD) of
    Campbell Global Trend Fund, L.P. and Campbell & Company
10
.3
Commodity Customer Agreement with NewEdge USA, LLC with respect
    to the Global Trend Series (USD) of Campbell Global Trend Fund,
    L.P.
10
.4
Commodity Customer Agreement with NewEdge USA, LLC with respect
    to the Global Trend Series (GLD) of Campbell Global Trend Fund,
    L.P.
10
.5
Global Institutional Master Custody Agreement with respect to
    the Global Trend Series (USD) of Campbell Global Trend Fund, L.P.
10
.6
Global Institutional Master Custody Agreement with respect to
    the Global Trend Series (GLD) of Campbell Global Trend Fund, L.P.
10
.7
Over-the-Counter
Counterparty Agreement with Royal Bank of Scotland plc with
    respect to the Global Trend Series (USD) and Global Trend Series
    (GLD) of Campbell Global Trend Fund, L.P.
10
.8
Non-Custody Investment Advisory Agreement with Wilmington
    Trust Investment Management LLC, cash manager with respect
    to the Global Trend Series (USD) of Campbell Global Trend Fund,
    L.P.
10
.9
Non-Custody Investment Advisory Agreement with Wilmington
    Trust Investment Management LLC, cash manager with respect
    to the Global Trend Series (GLD) of Campbell Global Trend Fund,
    L.P.
10
.10
Request for Redemption for Campbell Global Trend Fund, L.P.
    (included to the Prospectus as Exhibit C)
10
.11
Subscription Requirements for Campbell Global Trend Fund, L.P.
    (included to the Prospectus as Exhibit D)
10
.12
Subscription Agreement for Campbell Global Trend Fund, L.P.
    (included to the Prospectus as Exhibit F)
10
.13
Escrow Agreement for Campbell Global Trend Fund, L.P.
23
.1
Consent of Sidley Austin
LLP
is included as
    part of Exhibit 5.1
23
.2
Consent of Arthur F. Bell, Jr. & Associates, L.L.C.
23
.3
Consent of Sidley Austin LLP as tax counsel is included as part
    of Exhibit 8.1
23
.4
Consent of Deloitte & Touche LLP
II-2
Table of Contents
(b) The following financial statements are included in the
    Prospectus:
No Financial Schedules are required to be filed herewith.
Item 17.
Undertakings.
(a) Each undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement;
(i) To include any prospectus required by
    section 10(a)(3) of the Securities Act of 1933, as amended;
(ii) To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule 424(b) if, in the aggregate, the changes in volume and
    price represent no more than a 20% change in the maximum
    aggregate offering price set forth in the "Calculation of
    Registration Fee" table in the effective registration
    statement;
(iii) To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;
Provided, however, That:
(A) Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do
    not apply if the registration statement is on
    Form S — 8, and the information required to be
    included in a post-effective amendment by those paragraphs is
    contained in reports filed with or furnished to the Commission
    by the registrant pursuant to section 13 or
    section 15(d) of the Securities Exchange Act of 1934 that
    are incorporated by reference in the registration
    statement; and
(B) Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of
    this section do not apply if the registration statement is on
    Form S — 3 or Form F — 3 and the
    information required to be included in a post-effective
    amendment by those paragraphs is contained in reports filed with
    or furnished to the Commission by the registrant pursuant to
    section 13 or section 15(d) of the Securities Exchange
    Act of 1934 that are incorporated by reference in the
    registration statement, or is contained in a form of prospectus
    filed pursuant to Rule 424(b) that is part of the
    registration statement.
(C)
Provided further, however
, that paragraphs
    (a)(1)(i) and (a)(1)(ii) do not apply if the registration
    statement is for an offering of asset-backed securities on
Form S-1
(§ 239.11 of this chapter) or
Form S-3
(§ 239.13 of this chapter), and the information
    required to be included in a post-effective amendment is
    provided pursuant to Item 1100(c) of Regulation AB
    (§ 229.1100(c)).
(2) That, for the purpose of determining any liability
    under the Securities Act of 1933, each such post-effective
    amendment shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the
bona
    fide
offering thereof.
(3) To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.
(4) If any registrant is a foreign private issuer, to file
    a post-effective amendment to the registration statement to
    include any financial statements required by Item 8.A. of
Form 20-F
at the start of any delayed offering or throughout a continuous
    offering. Financial statements and information otherwise
    required by
Section 10(a)(3)
of the Act need not be
    furnished,
provided
that such registrant includes in the
    prospectus, by
II-3
Table of Contents
means of a post-effective amendment, financial statements
    required pursuant to this paragraph (a)(4) and other information
    necessary to ensure that all other information in the prospectus
    is at least as current as the date of those financial
    statements. Notwithstanding the foregoing, with respect to
    registration statements on
Form F-3,
a post-effective amendment need not be filed to include
    financial statements and information required by Section
    10(a)(3) of the Act or
Rule 3-19
of this chapter if such financial statements and information are
    contained in periodic reports filed with or furnished to the
    Commission by any registrant pursuant to
section 13
or
section 15(d)
of the Securities Exchange Act of
    1934 that are incorporated by reference in the Form F-3.
(5) That, for the purpose of determining liability under
    the Securities Act of 1933 to any purchaser:
(i) If any registrant is relying on Rule 430B:
(A) The prospectus filed by the registrant pursuant to
    Rule 424(b)(3) shall be deemed to be part of the
    registration statement as of the date the filed prospectus was
    deemed part of and included in the registration
    statement; and
(B) Each prospectus required to be filed pursuant to
    Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
    statement in reliance on Rule 430B relating to an offering
    made pursuant to Rule 415(a)(1)(i), (vii), or (x) for
    the purpose of providing the information required by
    section 10(a) of the Securities Act of 1933 shall be deemed
    to be part of and included in the registration statement as of
    the earlier of the date such form of prospectus is first used
    after effectiveness or the date of the first contract of sale of
    securities in the offering described in the prospectus. As
    provided in Rule 430B, for liability purposes of the issuer
    and any person that is at that date an underwriter, such date
    shall be deemed to be a new effective date of the registration
    statement relating to the securities in the registration
    statement to which that prospectus relates, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof. Provided, however, that no statement
    made in a registration statement or prospectus that is part of
    the registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date; or
(ii) If any registrant is subject to Rule 430C, each
    prospectus filed pursuant to Rule 424(b) as part of a
    registration statement relating to an offering, other than
    registration statements relying on Rule 430B or other than
    prospectuses filed in reliance on Rule 430A, shall be deemed to
    be part of and included in the registration statement as of the
    date it is first used after effectiveness. Provided, however,
    that no statement made in a registration statement or prospectus
    that is part of the registration statement or made in a document
    incorporated or deemed incorporated by reference into the
    registration statement or prospectus that is part of the
    registration statement will, as to a purchaser with a time of
    contract of sale prior to such first use, supersede or modify
    any statement that was made in the registration statement or
    prospectus that was part of the registration statement or made
    in any such document immediately prior to such date of first use.
(6) That, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities:
Each undersigned registrant undertakes that in a primary
    offering of securities of such undersigned registrant pursuant
    to this registration statement, regardless of the underwriting
    method used to sell the securities to the purchaser, if the
    securities are offered or sold to such purchaser by means of any
    of the following communications, each undersigned registrant
    will be a seller to the purchaser and will be considered to
    offer or sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus of each
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule 424;
II-4
Table of Contents
(ii) Any free writing prospectus relating to the offering
    prepared by or on behalf of each undersigned registrant or used
    or referred to by the undersigned registrant;
(iii) The portion of any other free writing prospectus
    relating to the offering containing material information about
    each undersigned registrant or its securities provided by or on
    behalf of each undersigned registrant; and
(iv) Any other communication that is an offer in the
    offering made by each undersigned registrant to the purchaser.
(b) Insofar as indemnification for liabilities under the
    Securities Act of 1933 may be permitted to officers,
    directors or controlling persons of the registrant pursuant to
    the foregoing provisions, or otherwise, the registrant has been
    advised that in the opinion of the Securities and Exchange
    Commission such indemnification is against public policy as
    expressed in the Act and is, therefore, unenforceable. In the
    event that a claim for indemnification against such liabilities
    (other than the payment by the registrant of expenses incurred
    or paid by an officer, director, or controlling person of the
    registrant in the successful defense of any action, suit or
    proceeding) is asserted by such officer, director or controlling
    person in connection with the securities being registered, the
    registrant will, unless in the opinion of its counsel the matter
    has been settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Act and will be governed by the final adjudication of such
    issue.
II-5
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
    General Partner of the Registrant has duly caused this
    Registration Statement to be signed on their behalf by the
    undersigned, thereunto duly authorized, in the city of
    Baltimore, State of Maryland, on April 23, 2010.
Campbell Global Trend Fund, L.P.
By:
Campbell & Company, Inc.,
its General Partner
By:
/s/  Theresa
    D. Becks
Name:     Theresa D. Becks
Title:
Chief Executive Officer
(Principal Executive Officer)
By:
/s/  Gregory
    T. Donovan
Name:     Gregory T. Donovan
Title:
Chief Financial Officer
(Principal Financial Officer)
Pursuant to the requirements of the Securities Act of 1933, this
    Registration Statement has been signed by the following persons
    on behalf of the General Partner of the Registrant in the
    capacities and on the date indicated.
Campbell & Company, Inc.,
General Partner Of the Registrant
/s/  D.
    Keith Campbell
Name:
    D. Keith Campbell
Chairman of the Board and Director
April 23, 2010
/s/  Bruce
    L. Cleland
Name:
    Bruce L. Cleland
Vice Chairman of the Board and Director
April 23, 2010
/s/  Theresa
    D. Becks
Name:
    Theresa D. Becks
President, Chief Executive Officer and Director (Principal
    Executive Officer)
April 23, 2010
/s/  Gregory
    T. Donovan
Name:
    Gregory T. Donovan
Chief Financial Officer and Treasurer (Principal Financial
    Officer)
April 23, 2010
(Being principal executive officer, the principal financial
    officer and a majority of the directors of Campbell &
    Company, Inc.)
CAMPBELL &
    COMPANY, INC.
General
    Partner of the Registrant
April 23, 2010
By:
/s/  Theresa
    D. Becks
Name: Theresa D. Becks
Title: Chief Executive Officer (Principal Executive Officer)
By:
/s/  Gregory
    T. Donovan
Name: Gregory T. Donovan
Title: Chief Financial Officer (Principal Financial Officer)
II-6