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					          CAMPBELL
           & COMPANY, INC.




                                          2850 Quarry Lake Drive
                                          Baltimore, Maryland 21209
                                          (410) 413-2600




PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION
IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR
ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE
COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON
THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR
ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE
COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS
TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.




                           February 28, 2011
(This page has been left blank intentionally.)
                                  RISK DISCLOSURE STATEMENT

  THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE
CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL
CONDITION. IN CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU
SHOULD BE AWARE OF THE FOLLOWING:

  IF YOU PURCHASE A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE PREMIUM AND OF ALL
TRANSACTION COSTS.

   IF YOU PURCHASE OR SELL A COMMODITY FUTURES CONTRACT OR SELL A COMMODITY OPTION OR ENGAGE
IN OFF-EXCHANGE FOREIGN CURRENCY TRADING YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN
FUNDS OR SECURITY DEPOSIT AND ANY ADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOUR BROKER TO
ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET MOVES AGAINST YOUR POSITION, YOU MAY BE
CALLED UPON BY YOUR BROKER TO DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN FUNDS, ON
SHORT NOTICE, IN ORDER TO MAINTAIN YOUR POSITION. IF YOU DO NOT PROVIDE THE REQUIRED FUNDS WITHIN
THE PRESCRIBED TIME, YOUR POSITION MAY BE LIQUIDATED AT A LOSS, AND YOU WILL BE LIABLE FOR ANY
RESULTING DEFICIT IN YOUR ACCOUNT.

  UNDER CERTAIN MARKET CONDITIONS, YOU MAY FIND IT DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A
POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHEN THE MARKET MAKES A “LIMIT MOVE.”

   THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR YOUR TRADING ADVISOR, SUCH AS A “STOP-LOSS” OR
“STOP-LIMIT” ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET
CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS.

  A “SPREAD” POSITION MAY NOT BE LESS RISKY THAN A SIMPLE “LONG” OR “SHORT” POSITION.

  THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY INTEREST TRADING CAN WORK
AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS.

  IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR
MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO
THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR
ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS, AT PAGE 11, A COMPLETE DESCRIPTION OF EACH FEE TO BE
CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR.

   THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE
COMMODITY INTEREST MARKETS. YOU SHOULD THEREFORE CAREFULLY STUDY THIS DISCLOSURE DOCUMENT
AND COMMODITY INTEREST TRADING BEFORE YOU TRADE, INCLUDING THE DESCRIPTION OF THE PRINCIPAL
RISK FACTORS OF THIS INVESTMENT, BEGINNING AT PAGE 4.

   YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING 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. 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 YOUR TRANSACTIONS MAY BE EFFECTED. BEFORE YOU TRADE YOU
SHOULD INQUIRE ABOUT ANY RULES RELEVANT TO YOUR PARTICULAR CONTEMPLATED TRANSACTIONS AND
ASK THE FIRM WITH WHICH YOU INTEND TO TRADE FOR DETAILS ABOUT THE TYPES OF REDRESS AVAILABLE IN
BOTH YOUR LOCAL AND OTHER RELEVANT JURISDICTIONS.

  THIS COMMODITY TRADING ADVISOR IS PROHIBITED BY LAW FROM ACCEPTING FUNDS IN THE TRADING
ADVISOR’S NAME FROM A CLIENT FOR TRADING COMMODITY INTERESTS. YOU MUST PLACE ALL FUNDS FOR
TRADING IN THIS TRADING PROGRAM DIRECTLY WITH A FUTURES COMMISSION MERCHANT OR RETAIL FOREIGN
EXCHANGE DEALER, AS APPLICABLE.




                                                i
                                                                    Campbell & Company, Inc.
                                                                      Disclosure Document
                                                                       February 28, 2011

                                                                            Table of Contents


1.    INTRODUCTION ..................................................................................................................................................................... 1

2.    BACKGROUND ........................................................................................................................................................................ 1

3.    CONFLICTS OF INTEREST ................................................................................................................................................. 3

4.    THE RISKS YOU FACE.......................................................................................................................................................... 4

5.    ACCOUNT DOCUMENTATION ........................................................................................................................................ 11

6.    NOTIONAL FUNDING OF AN ACCOUNT ...................................................................................................................... 12

7.    BROKERAGE RELATIONSHIPS ...................................................................................................................................... 12

8.    TRADING SYSTEMS ............................................................................................................................................................ 13

9.    TRADING CAPACITY .......................................................................................................................................................... 16

10.   INVESTOR PRIVACY NOTICE ......................................................................................................................................... 16

11.   PERFORMANCE RECORDS .............................................................................................................................................. 16




                                                                                          iii
1.        Introduction
    The date of this Disclosure Document is February 28, 2011. Delivery of this Disclosure Document at any time does not
imply that the information contained herein is correct as of any time subsequent to the date shown above. Further, the Disclosure
Document shall not be used or relied on by any investor opening an account with Campbell & Company, Inc. (“Campbell &
Company”) more than nine months past the date stated above. Futures, forward and options contract trading is speculative in
nature, involves a high degree of risk, and is not suitable for all investors. An investor should consult his or her financial adviser
before opening a managed futures account.

   No person is authorized by Campbell & Company to give any information or to make any representation not contained
herein.

2.        Background
     Campbell & Company is a Maryland Corporation organized in April 1978 as a successor to a partnership originally
organized in January 1974. Campbell & Company is registered with the Commodity Futures Trading Commission (“CFTC”) as
a commodity pool operator and a commodity trading advisor. Campbell & Company is a member of the NFA in such capacities.
Its registration as a commodity pool operator became effective on September 10, 1982 and its registration as a CTA became
effective on May 6, 1978 with the CFTC and on July 1, 1982 with the NFA. Campbell & Company became an NFA Member
effective July 1, 1982. Campbell & Company’s offices are located at 2850 Quarry Lake Drive, Baltimore, Maryland 21209, and
its main telephone number is (410) 413-2600. Past performance information for Campbell & Company can be found in
“Performance Records.”

     Biographical information on the principals of Campbell & Company is listed below in alphabetical order.

    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, and was
Vice President: Director of Research Operations from March 2006 to April 2007 and Research Assistant from March 2005 to
February 2006. 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, and in that capacity is responsible for the management of the research and
investment process at the firm. In March 2010, Mr. Andrews was appointed 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 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. Since April 2007, Ms. Becks has served as 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; she previously served as Chief Financial Officer, Treasurer and Assistant
Secretary commencing December 2005. Ms. Becks has served since April 2007 as Trustee, President and Chief Executive
Officer of The Campbell Multi-Strategy Trust, a registered investment company; she previously served as Treasurer, Chief
Financial Officer and Assistant Secretary commencing June 2005. In May 2010, Ms. Becks was appointed President of
Campbell & Company International Bahamas Limited, an international business company incorporated in The Bahamas which
invests in international investment opportunities. 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
January 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


Disclosure Document                                               1                                                February 28, 2011
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. From December 2005 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. From June 2005 until April 2007,
Mr. Cleland also served as 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, and in that capacity 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. 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.

     Gregory T. Donovan, born in 1972, joined Campbell & Company in October 2006 and has served as Chief Financial
Officer and Treasurer of Campbell & Company 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, since April 2007, 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, and since May 2010 as Treasurer of Campbell & Company International Bahamas Limited, an international business
company incorporated in The Bahamas which invests in international investment opportunities. 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. In March 2010, Mr. Harris
was appointed to the firm’s Investment Committee, and in that capacity is responsible for the management of the investment
process of the firm. 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.

     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, and in that capacity 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 Institute of Technology in China. He went on to receive an M.A. and Ph.D. in Systems and
Information Engineering from Toyohashi University of Technology, in Japan. During his studies in Toyohashi, Mr. Hu was also
a Visiting Researcher in Computer Science and Operations Research and published several research papers. Mr. Hu became
listed as 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, since September 2005, 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


Disclosure Document                                           2                                             February 28, 2011
SEC registered investment adviser, and The Campbell Multi-Strategy Trust, a registered investment company, and since May
2010, Secretary of Campbell & Company International Bahamas Limited, an international business company incorporated in
The Bahamas which invests in international investment opportunities. From July 1999 to September 2005, Mr. Lloyd was
employed by Deutsche Bank Securities Inc. ("DBSI"), a broker/dealer subsidiary of a global investment bank, 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 an Associated Person and listed as a Principal and NFA Associate Member of Campbell & Company effective
August 30, 2010, October 20, 2005 and August 30, 2010, respectively. Mr. Lloyd became listed as a Principal of Campbell &
Company Investment Adviser LLC effective December 12, 2005.
    Robert W. McBride, born in 1970, has been employed by Campbell & Company since January 2004 and was appointed
Director – Software Development and Research Operations in May 2010, was Director Research Operations & Trade Operations
from January 2010 to May 2010, Research Operations – Code Management Manager from March 2006 to January 2010, and
Research Programmer from January 2004 to March 2006. Mr. McBride holds a Master’s of Science in Computer Science from
South Dakota Schools of Mines and Technology and a Bachelor of Science in Computer Science from Minnesota State
University Mankato. Mr. McBride became listed as a Principal of Campbell & Company effective May 25, 2010.
     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 Institutional Business Development from February
2006 to January 2007. Ms. Wills-Zapata is also, since December 2008, 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, the institutional asset management division of a
global investment bank, 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., a commodity pool operator and commodity trading advisor subsidiary of
a global investment bank, and from February 2003 to January 2005 with DB Advisors LLC. 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., and from January 2003 to January 2005 with DB Advisors
LLC. Ms. Wills-Zapata served as a member of the Board of Directors and a Member of the Executive Committee for the
Managed Funds Association from November 2006 to November 2010. 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.
     Past performance records for portfolios managed by Campbell & Company may be found beginning on page 19.


3.       Conflicts of Interest
   Campbell & Company (or its principals) acts as a general partner to several commodity pools and as a trading advisor to
numerous accounts, all of which compete with each other for Campbell & Company’s services. Thus, Campbell & Company
could have a conflict of interest between its responsibilities to one client’s account and to those pools and other accounts.
Campbell & Company believes that it has sufficient resources to discharge its responsibilities in this regard in a fair manner.

    Campbell & Company may receive higher advisory fees from some accounts than others. Campbell & Company, however,
trades all its accounts within each portfolio 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 a particular account, when aggregated with positions in other accounts of Campbell & Company, approach the speculative
position limits in a particular market. Campbell & Company may decide to address this situation either by liquidating positions
in that futures contract and reapportioning the portfolio in other contracts or by trading similar 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.

    Campbell & Company employs a speculative strategy and receives performance fees based on the trading profits earned by
it. Campbell & Company would not agree to manage a client’s account in the absence of such a performance fee arrangement.
Accordingly, Campbell & Company may make investments that are riskier than might be made if the assets were managed by a
trading advisor that did not require performance-based compensation.




Disclosure Document                                              3                                               February 28, 2011
    Principals of Campbell & Company may trade futures and related contracts for his or her own accounts. In addition,
Campbell & Company manages proprietary accounts for itself, its deferred compensation plan and for 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 on futures unless
Campbell & Company’s consent is given to the employee in writing. Such consent will be given on a case by case basis. All
employees must preclear all trades in equities, equity options, equity indices or equity index options through a computer-based
system provided by Campbell & Company. The proposed trades are compared to a restricted list that includes positions traded in
material amounts. Campbell & Company receives a daily feed from its 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 same Futures Commission Merchant (“FCM”) as another account. To the extent executions are bundled and then
allocated among accounts held at the FCM, one account may receive less favorable executions than 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 positions in proprietary accounts which are opposite, or ahead of, the
positions taken by any non-proprietary account.

4.       The Risks You Face
    Campbell & Company directs the trading for customers in futures, options, forward and interbank contracts (collectively
referred to as “futures” or “futures trading”). Before investing in futures, prospective clients (“clients”) should consult their
financial adviser to inform themselves fully on futures trading and to determine if futures are suitable for their investment needs.
Futures trading involves many risks. Prospective clients should review this section and the entire Disclosure Document to
become familiar with some of the more significant risks.

Market Risks
Futures, Forward and Option Trading is Speculative and Volatile
    Futures, forward and option trading is speculative and has a high degree of price variability. This variability, combined with
the leverage used in futures, forward and option trading, can cause large and sudden losses of capital and may result in the total
loss of your investment or, in certain circumstances, a total loss in excess of your total investment.

Futures, Forward and Option Trading is 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 with face
values equal to several times the net assets of a client’s account. 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 Campbell &
Company to Liquidate Positions at Disadvantageous Prices
    Campbell & Company may utilize leverage and may depend on the availability of credit in order to trade its portfolios. There
can be no assurance that Campbell & Company will be able to maintain adequate financing arrangements under all market
circumstances. As a general matter, the dealers that provide financing to Campbell & Company 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 Campbell & Company to liquidate all
or a portion of its positions at disadvantageous prices. In 2009, banks and dealers substantially curtailed financing activities and
increased collateral requirements, forcing many hedge funds to liquidate.

Your Investment 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. Your investment 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


Disclosure Document                                              4                                               February 28, 2011
it difficult or impossible to close out positions against which the markets are moving. The financing available to Campbell &
Company from banks, dealers, and other counterparties is likely to be restricted in disrupted markets. For example, in 1994,
1998 and again from 2007-2009 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. 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 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 a client’s account, and such events can result in otherwise
historically low-risk strategies performing with unprecedented volatility and risk. Any of these actions could result in losses to a
client’s account. An investment with Campbell & Company should be considered only by persons financially able to maintain
their investment and who can afford the loss of all, substantially all, or, in certain circumstances, a total loss in excess of such
investment.

Market Disruptions; Governmental Intervention; The Dodd Frank Wall Street Reform and Consumer Protection Act (the
“Reform Act”)
     The global financial markets have in the past few years gone through pervasive and fundamental disruptions that 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 previously successful investment strategies.

     A client’s account may incur major losses in the event of disrupted markets and other extraordinary events in which
historical pricing relationships become materially distorted. 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. The financing available to a client’s account from its banks, dealers and other counterparties is typically
reduced in disrupted markets. Such a reduction may result in substantial losses to a client’s account. Market disruptions may
from time to time cause dramatic losses for a client’s account, and such events can result in otherwise historically low-risk
strategies performing with unprecedented volatility and risk.

     In response to the recent financial crises, the Obama Administration and the U.S. Congress proposed sweeping reform of
the U.S. financial regulatory system. After over a year of debate, the Reform Act became law in July 2010. The Reform Act
seeks to regulate markets, market participants and financial instruments that previously have been unregulated and substantially
alters the regulation of many other markets, market participants and financial instruments. Because many provisions of the
Reform Act require rulemaking by the applicable regulators before becoming fully effective and the Reform Act mandates
multiple agency reports and studies (which could result in additional legislative or regulatory action), it is difficult to predict the
impact of the Reform Act on a client’s account, Campbell & Company, and the markets in which it trades and invests. The
Reform Act could result in certain investment strategies in which a client’s account engages or may have otherwise engaged
becoming non-viable or non-economic to implement. The Reform Act and regulations adopted pursuant to the Reform Act could
have a material adverse impact on the profit potential of a client’s account. See also “Over-the-Counter Derivatives Markets”
below.

Speculative Position Limits
     The Commodity Futures Trading Commission (“CFTC”) and certain exchanges have established position limits on the
maximum net long or short futures and options positions which any person or group of persons acting in concert may hold or
control in particular futures contracts. The CFTC has adopted a rule generally requiring each domestic U.S. exchange to set
speculative position limits, subject to CFTC approval, for all futures contracts and options traded on such exchanges which are
not already subject to speculative position limits established by the CFTC or such exchange. The CFTC has jurisdiction to
establish speculative position limits with respect to all futures contracts and options traded on exchanges located in the United
States, and any such exchange may impose additional limits on positions on that exchange. Generally, no speculative position
limits are in effect with respect to the trading of forward contracts or trading on non-U.S. exchanges. All accounts controlled by
Campbell & Company are combined for speculative position limit purposes. Because futures position limits allow a commodity
trading advisor and its principals to control only a limited number of contracts in any one commodity, Campbell & Company
and its principals are potentially subject to a conflict among the interests of all accounts it controls because they are competing
for shares of that limited number of contracts. Although Campbell & Company may be able to achieve the same performance
results with OTC substitutes for futures contracts, the OTC market may be subject to differing prices, lesser liquidity and greater
counterparty credit risks than the regulated US commodities exchanges. Campbell & Company may in the future reduce the size


Disclosure Document                                               5                                                February 28, 2011
of the positions which would otherwise be taken or not trade in certain markets on behalf of clients’ accounts in order to avoid
exceeding such limits. Modification of such trades that would otherwise be made by Campbell & Company, if required, could
adversely affect Campbell & Company’s operations and the profitability of your investment. Such modification, if required,
could require Campbell & Company to liquidate certain positions more rapidly than might otherwise be desirable, and could
adversely affect the performance of client accounts. A violation of speculative position limits by Campbell & Company, as
trading advisor, could lead to regulatory action materially adverse to a client account’s prospects for profitability.

     The CFTC has proposed and invited public comment regarding a new rule to implement speculative position limits for
futures and options contracts in certain energy commodities. Such speculative position limits may apply to traders engaged in
trading that is neither for bona fide hedging nor swap dealer risk management purposes. Depending on the outcome of this or
any other future CFTC regulatory action, the rules concerning speculative position limits may be amended in a manner that is
either detrimental or favorable to a client’s account. For example, if the amended rules are detrimental to a client’s account,
Campbell & Company’s ability to invest in additional commodity futures contracts on behalf of clients may be limited to the
extent these activities would cause Campbell & Company to exceed the applicable speculative position limits.

     In addition, it is possible that the CFTC may propose new rules that would consider futures contracts underlying OTC
transactions in calculating position limits. Such a change could alter, perhaps to a material extent, the nature of an investment
with Campbell & Company.

Over-the-Counter Derivatives Markets
     The Reform Act includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives markets for
the first time.

     The Reform Act will mandate that a substantial portion of OTC derivatives must be executed in regulated markets and
submitted for clearing to regulated clearinghouses. OTC trades submitted for clearing will be subject to minimum initial and
variation margin requirements set by the relevant clearinghouse, as well as possible SEC- or CFTC-mandated margin
requirements. The regulators also have broad discretion to impose margin requirements on non-cleared OTC derivatives and
new requirements will apply to the holding of customer collateral by OTC derivatives dealers. These requirements may increase
the amount of collateral Campbell & Company is required to provide and the costs associated with providing it. Although the
Reform Act includes limited exemptions from the clearing and margin requirements for so-called “end-users,” Campbell &
Company does not expect to be able to rely on such exemptions. In addition, the OTC derivative dealers with which Campbell &
Company executes the majority of its OTC derivatives will not be able to rely on the end-user exemptions under the Reform Act
and therefore such dealers will be subject to clearing and margin requirements irrespective of whether Campbell & Company is
subject to such requirements. OTC derivative dealers also will be required to post margin to the clearinghouses through which
they clear their customers’ trades instead of using such margin in their operations, as is currently permitted. This will increase
the OTC derivative dealers’ costs, and these increased costs are expected to be passed through to other market participants in the
form of higher upfront and mark-to-market margin, less favorable trading pricing, and the possible imposition of new or
increased fees.

     The SEC and CFTC may also require a substantial portion of derivative transactions that are currently executed on a bi-
lateral basis in the OTC markets to be executed through a regulated securities, futures, or swap exchange or execution facility.
Such requirements may make it more difficult and costly for investment funds, including client accounts, to enter into highly
tailored or customized transactions. They may also render certain strategies in which a client’s account might otherwise engage
impossible or so costly that they will no longer be economical to implement.

     OTC derivative dealers and major OTC derivatives market participants will be required to register with the SEC and/or
CFTC. Campbell & Company may be required to register as a major participant in the OTC derivatives markets. Dealers and
major participants will be subject to minimum capital and margin requirements. These requirements may apply irrespective of
whether the OTC derivatives in question are exchange-traded or cleared. OTC derivatives dealers will also be subject to new
business conduct standards, disclosure requirements, reporting and recordkeeping requirements, transparency requirements,
position limits, limitations on conflicts of interest, and other regulatory burdens. These requirements may further increase the
overall costs for OTC derivative dealers, which costs are also likely to be passed along to market participants. The overall impact
of the Reform Act on a client’s account, Campbell & Company, and the markets in which it trades and invests is highly
uncertain and it is unclear how the OTC derivatives markets will adapt to this new regulatory regime.

Over-the-Counter Transactions May Be Subject to the Risk of Counterparty Default
    A client’s account faces 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


Disclosure Document                                              6                                                February 28, 2011
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, your account could suffer
significant losses on these contracts. Additionally, in the event of a default by the counterparty, your account might potentially
lose all funds on deposit with that counterparty.

Options on Futures and Over-the-Counter Contracts are Speculative and Highly Leveraged
    Options on futures and over-the-counter contracts may be used 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 Managed Futures May Not Diversify an Overall Portfolio
    Historically, alternative investments such as managed futures 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, a client’s account 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 offsetting loss. If a client’s account does not perform in a manner non-correlated with the general
financial markets or does not perform successfully, an investor will obtain no diversification benefits by investing in managed
futures and an investor’s account may have no gains to offset losses from other investments.

Trading Risks
There are Disadvantages to Making Trading Decisions Based Primarily on Technical Market Data
    The trading systems used by Campbell & Company for clients’ accounts 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. No assurance can be given that Campbell & Company’s methods will be successful in the future, or that investment
results of a client’s account will be similar to those achieved by Campbell & Company in the past.

   The likelihood of profitability 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 a client’s account. It may become more difficult
for Campbell & Company to implement its trading strategy 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.

Trading Systems Involve Proprietary Methods
    Because specific elements of Campbell & Company’s trading systems are proprietary, a client will not be able to determine
the full details of the systems or whether the systems are being followed. For more information regarding Campbell &
Company’s trading systems, see “Trading Systems.”



Disclosure Document                                              7                                               February 28, 2011
Trades May be Executed at Different Prices for Different Accounts
    The trading models used by Campbell & Company identify the price of a particular futures, forward or option contract which
corresponds to the models’ entry or exit point for a trade. Once the entry or exit point has been reached, Campbell & Company
attempts to execute the trade for all accounts at the best price possible. Trades may be executed at different times for different
accounts. There is no guarantee that every client account will receive a trade at the price identified by the models or at the same
price as other accounts.

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. Should the amount of equity Campbell & Company manages increase, it may be
more difficult 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, which could have a detrimental affect on a client’s investment. Such considerations may also
cause Campbell & Company to eliminate smaller markets from consideration for inclusion in its various portfolios, reducing the
range of markets in which trading opportunities may be pursued. Campbell & Company reserves the right to reduce account size
by returning assets or profits to clients 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 certain other accounts. Because records with respect to other accounts are not accessible, an investor will not be
able to determine if Campbell & Company is favoring other accounts. See “Trading Capacity.”

Performance May Vary From Other Accounts During the Start of Trading
    A client’s account may incur certain risks relating to the initial investment of its assets. Due to market conditions, Campbell
& Company may take several days or months before a client’s account is fully invested. Notwithstanding any delay in becoming
fully invested, a client’s account may commence trading operations at an unpropitious time, such as after sustained moves in a
number of markets.

Tax Risks
Fees May be Characterized as “Investment Advisory Fees”
    The Internal Revenue Code of 1986, as amended, provides that investment advisory fees are to be aggregated with
unreimbursed employee business expenses and other expenses of producing income, collectively “aggregate investment
expenses,” and the aggregate amount of such expenses will be deductible only to the extent that such amount exceeds 2% of a
taxpayer’s adjusted gross income. In addition, aggregate investment expenses in excess of the 2% threshold, when combined
with certain other deductions, are subject to a reduction generally equal to 3% of the taxpayer’s adjusted gross income in excess
of a threshold amount. Such limitation could substantially reduce the deductibility for federal income tax purposes on any
amount deemed to constitute “investment advisory fees.” The management and performance fees payable to Campbell &
Company may be characterized as investment advisory fees subject to the above limitation. EACH CLIENT, THEREFORE,
MAY PAY TAX ON MORE THAN THE NET PROFITS GENERATED IN THEIR ACCOUNT. EACH PROSPECTIVE
CLIENT MUST CONSULT AND MUST DEPEND ON THEIR OWN TAX ADVISER REGARDING THE FEDERAL,
STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF PARTICIPATING IN THE CAMPBELL & COMPANY
TRADING PORTFOLIOS.

Other Risks
Foreign Futures and Options are Not Subject to U.S. Regulation, but are Subject to Foreign Market Credit, Regulatory and
Exchange Risk
    The risk of loss in trading foreign futures and options contracts can be substantial. Participation in foreign futures and
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. A substantial portion of Campbell &
Company’s trades takes place on markets or exchanges outside the United States. From time to time, as much as 20% to 50% of
a client’s overall market exposure could involve positions taken on foreign markets. 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
any 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.




Disclosure Document                                              8                                               February 28, 2011
    The price of any foreign futures or foreign options contract, and therefore the potential profit or 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, Campbell & Company 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 in the event of the insolvency or bankruptcy of a
non-U.S. market or broker are likely to be more limited than in the case of U.S. markets or brokers.

Your Account’s Service Providers Could Fail
     The institutions with which your account trades or invests may encounter financial difficulties that impair the operational
capabilities or capital position of your account. A futures broker is generally required by U.S. law to segregate all funds received
from such broker’s customers from such broker’s proprietary assets. If the futures broker were not to do so to the full extent
required by law, the assets of an account might not be fully protected in the event of the bankruptcy of the futures broker.
Furthermore, in the event of the futures broker’s bankruptcy, an account would be limited to recovering only a pro rata share of
all available funds segregated on behalf of the futures broker’s combined customer accounts. It is possible that in the event of
such a bankruptcy that you may not receive any assets traceable to your brokerage account, even though certain property
specifically traceable to you (for example, U.S. Treasury bills deposited with the futures broker as margin) was held by the
futures broker. Furthermore, dealers in forward contracts are not regulated by the Commodity Exchange Act and are not
obligated to segregate customer assets.

    Although the trading advisor regularly monitors the financial condition of the counterparties it uses, if one or more of the
counterparties with which your account trades or invests were to become insolvent or the subject of liquidation proceedings in
the United State (either under the Securities Investors Protection Act of the United States Bankruptcy Code), these exist the risk
that the recovery of the traded assets from such counterparty will be delayed or be of a value less than the value of the assets
originally entrusted to such counterparty.

Inadequate Models Could Negatively Affect Campbell & Company’s Investment Portfolio
    Campbell & Company’s trading is highly model driven, and is materially subject to possible flaws in the models. As market
dynamics (for example, due to changed market conditions and participants) shift over time, a previously highly successful model
often becomes outdated or inaccurate, sometimes without Campbell & Company recognizing that fact before substantial losses
are incurred. In particular, Campbell & Company may incur major losses in the event of disrupted markets and other
extraordinary events that cause Campbell & Company’s pricing models to generate prices which deviate from the market. The
risk of loss to Campbell & Company in the case of disrupted markets is compounded by the number of different investment
models of pricing, each of which may independently become wholly unpredictable during market disruptions. In addition, in
disrupted derivatives markets, many positions may become illiquid, making it difficult or impossible to close out positions
against which the markets are moving. There can be no assurance that Campbell & Company will be successful in continuing to
develop and maintain effective quantitative models.

You Must Not Rely on the Past Performance of Campbell & Company in Deciding Whether to Invest
    The future performance of a client’s account is not predictable, and no assurance can be given that a client’s account and
Campbell & Company will perform successfully in the future in as much as past performance is not necessarily indicative of
future results. Campbell & Company’s trading systems are continually evolving and the fact that Campbell & Company may
have traded successfully in the past does not mean that they will do so in the future. Additionally, the markets in which
Campbell & Company operates 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 past performance of a client’s account may not be construed as an indication of the future results. The personnel of
Campbell & Company responsible for managing the investment portfolios have substantial experience in managing investments
and private investment funds and have provided and continue to provide advisory and management services to clients and
private and registered investment funds.

Conflicts of Interest
    While Campbell & Company will seek to avoid conflicts of interest to the extent feasible and to resolve all conflicts that may
arise equitably and in a manner consistent with its responsibilities to a client’s account, no specific policies regarding conflicts of
interest have been or are intended to be adopted by Campbell & Company. See “Conflicts of Interest.”




Disclosure Document                                               9                                                February 28, 2011
Reliance on Campbell & Company
    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 management 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 management responsibilities.

Fees and Commissions May be Incurred Regardless of Profitability and are Subject to Change
    A client’s account may be subject to substantial charges payable irrespective of profitability, in addition to performance fees
which may be payable based on an account’s profitability. Included in these charges are brokerage fees. On forward and option
trading, “bid-ask” spreads and prime brokerage fees may be incorporated into the pricing of forward and option contracts by the
counterparties in addition to the brokerage fees paid. It is not possible to quantify the “bid-ask” spreads paid by the account
because the profit its counterparty is making cannot be determined. Such spreads can at times be significant.

Proposed Regulatory Change is Impossible to Predict
    The futures markets are subject to comprehensive statutes, regulations and margin requirements. In addition, the CFTC
and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example,
the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily price
limits and the suspension of trading. The regulation of futures, forward and option transactions in the United States is a
rapidly changing area of law. The global financial markets are currently undergoing a period of unprecedented disruption
which has led to extensive governmental intervention. It is not possible to predict what structural and/or regulatory changes
in the regulations applicable to a client’s account may result from the current market conditions. Any such regulation could
have a material impact on the profit potential of a client’s account.

Recent U.S. Legislative Efforts May Negatively Impact Your Investment
    Restrictive proposals aimed at financial speculators in commodities have from time to time been made in the U.S. House of
Representatives and the Senate. The aims of such proposals are generally stated to be to curb excessive speculation and increase
transparency and accountability in the commodities markets, including the oil and gas markets. For example, previous proposals
would prohibit private and public pension funds with more than $500 million in assets from investing in agricultural and energy
commodities traded on a U.S. futures exchange, foreign exchange or OTC, would direct the CFTC to establish total limits on the
share of the commodity market held by financial investors and/or would direct the CFTC to impose speculative-position limits
on any stakes not related to real hedging activities. The various bills and proposals could result in the establishment of
speculative position limits for trading that does not involve physical delivery of a commodity, regulation and speculation via
unregulated foreign exchanges, and enhanced recordkeeping and information collection requirements. If proposals such as these
were to be enacted into law as previously proposed, it could negatively impact the ability of investors to invest and,
consequently, for Campbell & Company to manage client’s assets.

Forwards, Options, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation, Therefore, Your Investment
will Not Receive the Same Protections on These Transactions
    Campbell & Company trades foreign exchange contracts and options in the interbank market. Campbell & Company may
trade in swap agreements, hybrid instruments and other off-exchange contracts for some clients. Swap agreements involve
trading income streams, such as fixed rate interest in exchange for floating rate interest. Hybrids are instruments that combine
features of a security with those of a futures contract. At this time, there is no exchange or clearinghouse for these contracts
and they are not regulated by the CFTC. For this reason, to the extent to which Campbell & Company trades such
unregulated instruments for clients’ accounts, such clients will not receive the protections that are provided by the CFTC’s
regulatory scheme.

The Performance Fee Could Be an Incentive to Make Riskier Investments
     Campbell & Company employs a speculative strategy and receives performance fees based on the trading profits earned by
it. Campbell & Company would not agree to manage a client’s account in the absence of such a performance fee arrangement.
Accordingly, Campbell & Company may make investments that are riskier than might be made if the assets were managed by a
trading advisor that did not require performance-based compensation.

Potential Inability to Trade or Report Due to Systems Failure Could Adversely Affect Your Account
    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

Disclosure Document                                             10                                               February 28, 2011
remedied. Any such failure, and consequential inability to trade (even for a short time), could, in certain market conditions,
cause a client’s account 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 a client’s
account or make trading impossible until such failure or inaccuracy is remedied. Any such failure or inaccuracy could, in certain
market conditions, cause a client’s account 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
Campbell & Company 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 Campbell & Company to reverse such action or inaction, all of which may ultimately be to the
detriment of a client’s account.

5.       Account Documentation
    Clients are required to execute a management agreement with Campbell & Company, which constitutes the full and
complete understanding between the parties. Authorizations are executed by the client and furnished to their broker to empower
Campbell & Company to make trades for the client’s account and to collect fees for its services. If a client intends to (1) have
their account traded notionally, (2) commit funds from outside accounts, or (3) open an account on behalf of an ERISA plan,
specific additional acknowledgments must be signed by the client at the time an account is opened. The management agreement
provides for a monthly management fee to be paid from the client’s account regardless of whether the account is profitable,
and a quarterly performance fee payable solely out of net new appreciation in the account’s nominal account value, with the
exception of the accounts that trade pursuant to the Trend Following (GLD) Portfolio. The accounts in the Trend Following
(GLD) Portfolio are charged only on the trading performance of the Trend Following Portfolio. See “Performance Records –
The Trend Following (GLD) Portfolio.” These standard fees are as follows:

    A. The monthly management fee equals 1/12 of 2% of the nominal account value (which is the net asset value of the
account plus notional equity, if any) as of the end of each month or 2% per annum, without reduction for any withdrawals from
the account during such month or any performance fees payable as of such date. (Note: The nominal account value equals the
net asset value when there is no notional equity.)

    For purposes of calculating the management fee, net assets will mean total assets, which includes notional funds, including
all cash and cash equivalents, committed funds, accrued interest and the market value of all open positions maintained in the
account, less all liabilities of the account, inclusive of brokerage commissions on open trades, and shall be determined in
accordance with accounting principles generally accepted in the United States of America under the accrual basis of accounting.

    B. The quarterly performance fee equals twenty percent (20%) of the new trading profits of the client’s nominal account
value during each calendar quarter, with the exception of the accounts that trade pursuant to the Trend Following (GLD)
Portfolio. These accounts are charged only on the trading performance of the Trend Following Portfolio (irrespective of the
performance of the long gold futures positions purchased to convert the investors’ U.S. Dollar investment to an exposure to
gold). (These accounts are charged the same monthly management fee as other accounts, as described above 1/12 of 2% of the
nominal account value (which is the net asset value of the account plus notional equity, if any) as of the end of each month or
2% per annum, without reduction for any withdrawals from the account during such month or any performance fees payable as
of such date.) As used herein, new trading profits means, for any calendar quarter, the sum of (i) the net of any profits and
losses realized on all trades and positions in futures interests closed out for the account during such quarter, plus (ii) the net
of any unrealized profits and losses on open positions in futures interests in the account as of the last business day of such
quarter, minus (iii) (A) the net of any unrealized profits or losses on open positions in the account as of the last business day
of the immediately preceding quarter, (B) the management fees payable to Campbell & Company as of the end of such
quarter, and (C) cumulative net realized or unrealized trading losses in futures interests in the account (reduced by a
proportionate share of realized and unrealized trading losses in futures interests in the account attributable to withdrawn
amounts, to the extent that the dollar value of such withdrawn amounts exceeds the dollar value of additions to the account
during such quarter), if any, carried forward from all preceding calendar quarters since the last calendar quarter for which
performance fees were paid to Campbell & Company with respect to the account or, if no performance fee has ever been paid
with respect to such account, then since the commencement of trading therefor. New trading profits shall be calculated (i)
after deduction of brokerage commissions and other transaction charges and (ii) exclusive of interest income.


Disclosure Document                                              11                                               February 28, 2011
   If any performance fee shall have been paid to Campbell & Company, and the account shall thereafter incur a net loss for
any subsequent quarter, Campbell & Company shall be entitled to retain the performance fees previously paid from the
account. However, no subsequent performance fee shall be paid to Campbell & Company until the account has again
experienced new appreciation. Losses carried forward into subsequent quarters will be reduced proportionately for any
withdrawals of capital.

6.       Notional Funding of an Account
    Please Note: The following has been provided solely for the purpose of helping prospective clients to fully understand the
information contained in this Disclosure Document. It is not meant as a recommendation by Campbell & Company to clients
to fund accounts with notional equity. Clients should consult their financial advisers to determine whether or not the use of
notional equity is suitable for them.

    Notional funds in a client’s account are funds not actually held in the account, but which have been committed by a client to
the trading activity of the account. Because notional funding involves credit risk to the client’s Futures Commission Merchant
(“clearing firm” or “FCM”), any such trading must be agreed to by the clearing firm. Notional funding allows a client to trade
the account at a level higher than the cash actually held in the account. Generally, Campbell & Company will accept accounts
that trade notional funds provided that the notional portion is initially less than or equal to the actual cash in an account. In other
words, all accounts should have cash equal to at least 50% of the initial nominal account value. The nominal account value
equals the total net assets in an account plus any notional funds.

    The client’s monthly management fee and quarterly performance fee are calculated based on the total nominal account value,
which includes notional funds in addition to actual net assets. As an example, a 2% fee is equivalent to 4% of actual net assets on
an account that is 50% funded.

    Notional equity creates additional leverage in an account relative to the cash in such account (see the general discussion of
leverage in “The Risks You Face”). This additional leverage results in a proportionally greater risk of loss (and opportunity for
gain). While the possibility of losing all the cash in an account is present in all accounts, accounts that contain notional equity
have a proportionately greater risk of loss. For example, in an account which is funded with only 50% cash (and therefore has
50% notional equity), a loss of 10% of the account’s total value (based on both cash and notional equity) will equal a loss of
20% of the cash in the account. Additionally, a client who funds his or her account with notional equity may receive more
frequent and larger margin calls.

    The client should be aware that the notional portion of an account would be increased or reduced only upon prior written
notification by the client. Increases in the trading level may occur by (1) adding capital to the account, (2) increasing the
account’s notional funds, or (3) positive net performance. Decreases in the trading level may occur by (1) withdrawing capital
from the account, (2) decreasing the account’s notional funds, or (3) negative net performance. For the purpose of calculating
performance fees, any withdrawals of capital from the account (including reductions in the notional equity) at a time when the
account has a carry-forward loss will result in an adjustment to such loss carry-forward in a ratio equal to the withdrawal divided
by the equity prior to the withdrawal.

    When reviewing the past performance of Campbell & Company in “Performance Records” of this Disclosure Document, a
client who intends to fund their account notionally should read the tables in conjunction with the matrix on page thirteen. The
matrix allows a client to take the actual rate of return for a given portfolio at various funding levels and determine the adjusted
rate of return at that level of funding.

7.       Brokerage Relationships
    Clients are free to choose the FCM at which their accounts are maintained, from a list provided by Campbell & Company,
and a separate introducing broker, if any. Campbell & Company may, in its sole discretion, accept a new clearing firm suggested
by a client on a case-by-case basis. In exercising its discretion, Campbell & Company will consider any number of factors
relevant to the relationship, which may include: any prior experience with the FCM, the FCM’s reputation for quality in
operational effectiveness, trade reconciliation procedures, volume of trade breaks, timeliness and ease of trade break resolution,
technology capabilities, customer service, responsiveness, documentation procedures, and other factors affecting the FCM’s
ability to service the client account.

    Campbell & Company will not receive any form of compensation or consideration, either direct or indirect, from any FCM
as a result of the maintenance of any client accounts with such FCM. Campbell & Company may, in its sole discretion, pay


Disclosure Document                                               12                                                February 28, 2011
certain parties who are appropriately registered portions of the fees that Campbell & Company earns as compensation for the
introduction and maintenance of client accounts. Such parties must be registered with the CFTC as an Introducing Broker or as
an FCM. The FCM may remit some or all of its compensation to certain of its employees who are registered as Associated
Persons.

    In order to maintain the efficiency of order entry and trade execution, Campbell & Company has determined to use a smaller
number of executing brokers. Collectively, the firms to be used offer both global and market-specific executing capabilities
required by Campbell & Company. Following execution, the trades are given up to the clearing firm at which the client’s
account is held. The additional cost to the client for the execution and “giving up” of the trade will not generally exceed an
average of $1.25 per round turn. Campbell & Company believes, but cannot guarantee, that over time, this cost will be more
than offset by the improvement in the quality of execution.

    Because Campbell & Company provides trading management services to many funds sponsored by FCMs, and because
Campbell & Company chooses the executing brokers who will execute trades for all of Campbell & Company’s clients, there
exists a potential conflict of interest in the selection of those executing brokers. Campbell & Company represents that only
executing brokers with adequate levels of operational strength and market-specific executing capabilities will be selected.

8.        Trading Systems
   Campbell & Company makes trading decisions for all clients’ accounts using proprietary computerized trading models
which analyze market statistics. Clients are cautioned that since the trading models are proprietary, it is not possible to determine
whether Campbell & Company is following the models or not. There can be no assurance that the trading models currently being
used will produce results similar to those produced in the past.

     Campbell & Company trades the following four portfolios:

           (i)     The Financial, Metal & Energy Large Portfolio,
           (ii)    The Global Diversified Large Portfolio,
           (iii)   The Trend Following Portfolio, and
           (iv)    The Trend Following (GLD) Portfolio.

     These portfolios currently trade the following markets:

Commodities                                    Aluminum
                                               Brent Crude
                                               Coffee
                                               Copper
                                               Corn
                                               Cotton
                                               Gas Oil
                                               Gold
                                               Heating Oil
                                               High Grade Copper
                                               KC Hard Red Winter Wheat
                                               Lean Hogs
                                               LIFFE Cocoa
                                               LIFFE White Sugar
                                               Live Cattle
                                               Natural Gas
                                               Nickel
                                               Platinum
                                               RBOB Gasoline
                                               Silver
                                               Soybean
                                               Soybean Meal
                                               Soybean Oil
                                               Sugar #11 (World)
                                               Wheat
                                               WTI Crude


Disclosure Document                                              13                                               February 28, 2011
                                             Zinc

Equity Indices                               AEX (Netherlands)
                                             CAC 40 (France)
                                             DAX (Germany)
                                             DJ Euro Stoxx 50 (Europe)
                                             Dow Jones Mini (USA)
                                             FTSE 100 (UK)
                                             Hang Seng (Hong Kong)
                                             IBEX 35 (Spain)
                                             MSCI Taiwan Index (Taiwan)
                                             NASDAQ 100 (USA)
                                             Nikkei (Japan/Singapore)
                                             S&P 500 (USA)
                                             S&P Canada 60 Index Futures (Canada)
                                             Share Price 200 Index (Australia)
                                             SIMEX MSCI Sing IX ETS Index (Singapore)

Foreign Exchange*                            Australian Dollar**
                                             British Pound**
                                             Canadian Dollar**
                                             Euro**
                                             Japanese Yen**
                                             Mexican Peso
                                             New Zealand Dollar
                                             Norwegian Krone
                                             Singapore Dollar
                                             South African Rand
                                             Swedish Krona
                                             Swiss Franc**

Interest Rates                               Australian 3-Year Bond (Australia)
                                             Australian 10-Year Bond (Australia)
                                             Australian 90-Day Bill (Australia)
                                             Bobl (Germany)
                                             Bund (Germany)
                                             Canadian 10-Year Bond (Canada)
                                             Canadian 90-Day Bill (Canada)
                                             Euribor (Europe)
                                             Eurodollar (USA)
                                             Euroswiss (Switzerland)
                                             Japanese 10-Year Bond (Japan/Singapore)
                                             Long Gilt (UK)
                                             Schatz (Germany)
                                             Short Sterling (UK)
                                             Treasury Bond/30 Yr. (USA)
                                             Treasury Note/10 Yr. (USA)
                                             Treasury Note/5 Yr. (USA)
                                             Treasury Note/2 Yr. (USA)

The specific markets traded may change at any time if Campbell & Company determines such change to be in the best
interests of the client.

*Traded as forward and/or options contracts, not futures.
**Also may be traded as cross rates.

   The foregoing portfolios are primarily focused on financial futures and forwards, 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 and
energy products, soft commodities and other commodities. Historically, the Global Diversified Large Portfolio included markets


Disclosure Document                                           14                                             February 28, 2011
not traded in the Financial, Metal & Energy Large Portfolio, such as soft commodities. However, beginning in August 2009, the
portfolios trade the same markets utilizing the same investment philosophy and strategy as described below.

    In order to diversify across the full range of markets traded by each portfolio, the suggested minimum account size for each
portfolio is $20 million. If an account is below that size, there is the possibility that performance of the account may vary from
performance of other accounts trading the same portfolio.

   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, Campbell & Company will
concentrate its futures trading in financial instruments such as interest rates, foreign exchange and stock index contracts, and
metal, energy, soft commodity and other commodity contracts. The U.S. futures markets are regulated under the Commodity
Exchange Act, which is administered by the CFTC. Campbell & Company will trade futures positions on margin, meaning that
Campbell & Company will utilize leverage in its trading.

    Currencies and other commodities may be purchased or sold by Campbell & Company for future delivery or cash settlement
through banks or dealers pursuant to forward, option or swap contracts. Unlike futures contracts, forward, option and swap
contracts are not standardized and these markets are largely unregulated. Campbell & Company periodically enters into swap
transactions, which are individually negotiated, non-standardized agreements between two parties to exchange cash flows
measured by different interest rates, exchange rates or prices, with payments calculated by reference to a principal amount or
quantity.

   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(s), including contracts traded and
percentage allocations to each sector, may frequently fluctuate in response to changes in market volatility.

    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 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 an account’s assets, changes in market conditions, perceived changes in portfolio-wide risk factors, or other factors
which may be deemed relevant.



Disclosure Document                                              15                                                February 28, 2011
    Campbell & Company estimates that, based on the amount of margin required to maintain positions in the markets currently
traded, aggregate margin for all positions held in a client’s account will range between 5% and 30% of the account’s net assets.
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.

9.       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.”

10.      Investor Privacy Notice
    Campbell & Company believes that investors are entitled to the best service it can offer – and that includes the right to
feel comfortable about the personal non-public information investors share with Campbell & Company.

    In the normal course of business, investors give Campbell & Company personal non-public information. Campbell &
Company uses this information to manage each investor’s account, direct transactions and provide each investor with
valuable information. 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 Campbell &
Company may need to service an investor’s account. Campbell & Company maintains physical, electronic and procedural
safeguards that comply with federal standards to protect confidentiality.

   Campbell & Company does not provide 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, Campbell & Company may share relevant information with service providers that support
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.

    Campbell & Company requires service providers to maintain policies and procedures designed to assure that access to
non-public personal 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. Campbell & Company also requires that service providers maintain strict
physical, electronic and procedural safeguards designed to protect the personal information of investors that comply with
federal standards.

    Campbell & Company will continue to adhere to the privacy policies and practices described herein with respect to
information about former investors who have closed their accounts with Campbell & Company.

11.      Performance Records
    The following performance tables and accompanying notes are presented in an attempt to provide clients with account
performance information that is representative of Campbell & Company’s historical trading management record. The
performance data required to be disclosed for the most recent five calendar years through November 2010 for each portfolio
traded is presented in Tables 1 through 4. Tables 5 through 8 contain the performance data required to be disclosed for each


Disclosure Document                                             16                                               February 28, 2011
closed portfolio. In Tables 9 and 10, supplementary information is presented which provides performance information since the
inception of trading for the FME Large and Global Diversified Large Portfolios through November 2010. Returns since
inception for the composite performance of all accounts ever advised by Campbell & Company are provided in Table 11. The
performance records of the portfolios have been audited for the period January 1, 1993 through June 30, 2009, and reviewed for
the four years ending December 31, 1992 by Arthur F. Bell, Jr. and Associates, L.L.C., independent auditors. The historical
composite tables include the monthly composite performance of all accounts managed by Campbell & Company and its
principals.

    The rates of return presented for each portfolio are a composite weighted average of all accounts included. An individual
account’s rate of return may not match the composite. Rather, an individual account may have more or less favorable results
than the composite due to a variety of factors. Such factors may include without limitation: (1) varying account sizes resulting in
varying portfolio compositions; (2) different fees; (3) different commission rates; (4) timing of execution of orders; and (5)
different starting and ending periods.

    Another example of how differences in account size can affect an individual account’s performance relates to the fact that as
an account grows, contracts may be added to that account’s portfolio. Because futures contracts may only be bought and sold in
whole numbers (i.e., there are no partial contracts), the larger of two accounts of very similar trading values might trade more
contracts than the smaller account. The additional equity in the larger account may be just enough to allow the account to trade
an additional contract of a particular market. If a significant move in that market were to occur, the larger account’s gain or loss
would be proportionally greater than the difference in account size would suggest.

    In the opinion of Campbell & Company, the information included in the following performance tables fairly presents the
composite performance of all accounts subject to the company’s management for the periods shown. As of November 30, 2010,
the total amount of money under management by Campbell & Company in all of its portfolios was approximately $2.6 billion.

Matrix for Computing Performance of Notional Accounts
When reviewing the performance tables on the                 (1) Actual                     (2) Level of Funding
following pages, clients who intend to fund their                Rate of      100%           75%            50%       25%
accounts notionally should read these tables in                 Return       Funded        Funded         Funded    Funded
conjunction with the adjoining matrix. The matrix
allows a client to take (1) the actual rate of return           -30.00%      -30.00%        -40.00%        -60.00%  -120.00%
for a given portfolio (2) at various funding levels             -20.00%      -20.00%        -26.67%        -40.00%   -80.00%
and (3) determine the adjusted rate of return at                -10.00%      -10.00%        -13.33%        -20.00%   -40.00%
those levels of funding. See “Notional Funding                   10.00%        10.00%        13.33%         20.00%    40.00%
of an Account.”                                                  20.00%        20.00%        26.67%         40.00%    80.00%
                                                                 30.00%        30.00%        40.00%         60.00%   120.00%
                                                                              (3) Rates of Return at Various Funding Levels




Disclosure Document                                              17                                               February 28, 2011
                                                             INDEX TO PERFORMANCE RECORDS

   REQUIRED DISCLOSURES                                                                                                                                             PAGE

           Table 1:         Financial, Metal & Energy Large Portfolio (January 2005 – November 2010)............................. 19
           Table 2:         Global Diversified Large Portfolio (January 2005 – November 2010) .......................................... 20
           Table 3:         Trend Following Portfolio (November 2009 - November 2010) .................................................. 21
           Table 4:         Trend Following (GLD) Portfolio (November 2009 - November 2010) ...................................... 22
           Table 5:         The Multi-Strategy Portfolio (futures & currencies portion)
                               (February 2005 (Inception) – December 2005).......................................................................... 23
           Table 6:         Financial, Metal & Energy Small (Above $5 Million) Portfolio
                               (January 2005 – October 2005) .................................................................................................. 23
           Table 7:         Financial, Metal & Energy Small (Below $5 Million) Portfolio
                               (January 2005 – February 2005) ................................................................................................. 24
           Table 8:         Foreign Exchange Portfolio (January 2005 – July 2005)................................................................ 24

   Notes to Tables 1, 2, 3, 4, 5, 9, 10 & 11 ...................................................................................................................... 25
   Notes to Tables 6, 7 & 8 ............................................................................................................................................. 26

   SUPPLEMENTAL DISCLOSURES

           Table 9: Financial, Metal & Energy Large Portfolio (April 1983 (Inception) – November 2010) .............. 27
           Table 10: Global Diversified Large Portfolio (February 1986 (Inception) – November 2010) ..................... 30
           Table 11: Composite of All Accounts (January 1972 – November 2010)...................................................... 33




Disclosure Document                                                                       18                                                                   February 28, 2011
PERFORMANCE RECORDS – FINANCIAL, METAL & ENERGY LARGE PORTFOLIO

               PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

   The Financial, Metal & Energy Large (“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 FME
Large Portfolio consists of underlying investment strategies, both trend following and non-trend following in nature, that aim for
low correlation and are diversified by investment style, information source, investment holding period and instrument.

    Trend following strategies apply traditional and alternative trend following methods to systematically exploit futures market
moves through the use of price information. Some trend following strategies trade all markets while others are specific to
certain sectors or factors. Non-trend following strategies develop relative value and fundamental themes to systematically
exploit asset mispricings using carry, spread, and directional methods. Non-trend following strategies tend to be specific to
certain sectors and employ global tactical asset allocation methodologies. Other technical strategies, based on statistical
indicators, use varying lookback and holding periods to identity mispricings, complimentary to trend following. 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.

    The data in this composite table does not reflect the performance of any one account. An individual account may have
realized more or less favorable results than the composite indicates.
                                                        Table 1
                                    FME Large Portfolio Composite Performance Table

Commodity Trading Advisor (CTA): Campbell & Company, Inc.
Inception of CTA’s Trading: January 1972
Total Nominal Assets Under Management by CTA: $2.6 billion
Inception of Trading of the Portfolio: April 1983
Total Nominal Assets/Accounts Currently Traded in the Portfolio: $2.3 billion / 13 accounts
Worst Monthly Percentage Draw-down1: July 2007 / 10.81%
Worst Peak-to-Valley Draw-down2: June 2007 – January 2010 / 29.37%
Number of Profitable Accounts That Have Opened and Closed: 3 accounts
Range of Returns Experienced by Profitable Accounts: 0.86% to 10.90%
Number of Unprofitable Accounts That Have Opened and Closed: 4 accounts
Range of Returns Experienced by Unprofitable Accounts: -3.28% to -14.58%

                                                                         3
                                                       Rate of Return
                                          (Computed on a compounded monthly basis)
                 Month         2010 YTD        2009        2008        2007        2006       2005
                 January            -7.12%       0.09%      -0.43%      2.49%       2.01%     -2.16%
                 February            1.48%       0.99%       1.50%     -5.58%      -1.58%     -1.11%
                 March               2.14%      -2.10%      -0.14%     -3.22%       4.27%      0.11%
                 April               2.41%      -4.60%      -2.55%      2.18%      -2.76%      0.50%
                 May                -2.94%      -0.65%       2.09%      5.72%      -2.78%      5.00%
                 June               -0.51%      -2.20%       5.44%      4.16%      -0.41%      6.24%
                 July               -1.58%       0.16%      -1.28%    -10.81%      -0.10%      1.00%
                 August              5.08%      -1.08%      -1.47%     -6.71%      -0.36%     -5.40%
                 September           4.62%       3.85%      -1.27%      1.92%      -2.78%      3.75%
                 October             4.10%      -1.40%      -0.99%      5.61%       1.76%      3.85%
                 November           -1.54%       3.39%      -1.43%     -6.14%       0.80%      2.12%
                 December                       -3.61%       0.50%     -2.18%       7.81%     -2.76%
                 Year                5.58%      -7.26%      -0.28%    -13.35%       5.48%     11.01%




Disclosure Document                                            19                                              February 28, 2011
PERFORMANCE RECORDS – GLOBAL DIVERSIFIED LARGE PORTFOLIO

              PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

    The Global Diversified 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 Global Diversified Large Portfolio
consists of underlying investment strategies, both trend following and non-trend following in nature, that aim for low correlation
are diversified by investment style, information source, investment holding period and instrument.

    Trend following strategies apply traditional and alternative trend following methods to systematically exploit futures market
moves through the use of price information. Some trend following strategies trade all markets while others are specific to certain
sectors or factors. Non-trend following strategies develop relative value and fundamental themes to systematically exploit asset
mispricings using carry, spread, and directional methods. Non-trend following strategies tend to be specific to certain sectors and
employ global tactical asset allocation methodologies. Other technical strategies, based on statistical indicators, use varying
lookback and holding periods to identify mispricings, complimentary to trend following. 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.

   The data in this composite table does not reflect the performance of any one account. Therefore, an individual account may
have realized more or less favorable results than the composite indicates.

                                                          Table 2
                              Global Diversified Large Portfolio Composite Performance Table

Commodity Trading Advisor (CTA): Campbell & Company, Inc.
Inception of CTA’s Trading: January 1972
Total Nominal Assets Under Management by CTA: $2.6 billion
Inception of Trading of the Portfolio: February 1986
Total Nominal Assets/Accounts Currently Traded in the Portfolio: $342 million / 2 accounts
Worst Monthly Percentage Draw-down1: July 2007 / 10.58%
Worst Peak-to-Valley Draw-down2: June 2007 – January 2010 / 26.87%
Number of Profitable Accounts That Have Opened and Closed: 0 accounts
Range of Returns Experienced by Profitable Accounts: N/A
Number of Unprofitable Accounts That Have Opened and Closed: 0 accounts
Range of Returns Experienced by Unprofitable Accounts: N/A

                                                                               3
                                                             Rate of Return
                                                (Computed on a compounded monthly basis)
                      Month          2010 YTD        2009        2008        2007        2006        2005
                      January            -7.15%       0.11%      -0.05%       2.52%       2.04%      -2.19%
                      February            1.46%       1.31%       1.95%      -5.53%      -1.30%      -1.13%
                      March               2.29%      -1.97%      -0.64%      -3.04%       3.63%       0.15%
                      April               2.65%      -4.55%      -2.49%       1.99%      -2.82%       0.69%
                      May                -2.87%      -0.45%       2.04%       5.61%      -2.67%       4.90%
                      June               -0.57%      -2.21%       5.58%       4.20%      -0.39%       6.24%
                      July               -1.69%       0.22%      -1.31%     -10.58%       0.10%       1.08%
                      August              5.29%      -0.93%      -1.32%      -6.90%      -0.29%      -4.97%
                      September           4.64%       3.97%      -1.00%       2.11%      -2.63%       3.91%
                      October             4.21%      -1.24%      -0.67%       5.43%       2.11%       3.44%
                      November           -1.49%       3.53%      -1.30%      -6.04%       1.02%       2.21%
                      December                       -3.48%       0.71%      -1.85%       7.84%      -2.46%
                      Year                6.22%      -5.88%       1.25%     -12.89%       6.30%      11.87%




Disclosure Document                                             20                                              February 28, 2011
PERFORMANCE RECORDS – THE TREND FOLLOWING PORTFOLIO

              PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

    The Trend Following Portfolio trades only the trend following strategies, and is therefore a “subset” portfolio of the FME
Large Portfolio described above. 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.

   The data in this composite table does not reflect the performance of any one account. Therefore, an individual account may
have realized more or less favorable results than the composite indicates.

                                                          Table 3
                                  Trend Following Portfolio Composite Performance Table

Commodity Trading Advisor (CTA): Campbell & Company, Inc.
Inception of CTA’s Trading: January 1972
Total Nominal Assets Under Management by CTA: $2.6 billion
Inception of Trading of the Portfolio: November 2009
Total Nominal Assets/Accounts Currently Traded in the Portfolio: $6,453 / 1 account
Worst Monthly Percentage Draw-down1: January 2010 / 8.05%
Worst Peak-to-Valley Draw-down2: November 2009 – January 2010 / 11.78%
Number of Profitable Accounts That Have Opened and Closed: 0 accounts
Range of Returns Experienced by Profitable Accounts: N/A
Number of Unprofitable Accounts That Have Opened and Closed: 0 accounts
Range of Returns Experienced by Unprofitable Accounts: N/A


                                                           Rate of Return 3
                                                          (Computed on a
                                                        compounded monthly
                                                               basis)
                                          Month         2010 YTD       2009
                                          January           -8.05%
                                          February           3.48%
                                          March              4.84%
                                          April              2.76%
                                          May               -3.57%
                                          June               0.58%
                                          July              -1.54%
                                          August             5.38%
                                          September          4.01%
                                          October            3.97%
                                          November          -1.86%      5.19%
                                          December                       -4.06%
                                          Year                9.48%       0.92%




Disclosure Document                                            21                                              February 28, 2011
PERFORMANCE RECORDS – THE TREND FOLLOWING (GLD) PORTFOLIO

              PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

    The Trend Following (GLD) Portfolio seeks to provide investors with a gold-denominated exposure to the 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 the Trend Following
(GLD) Portfolio. The Trend Following (GLD) Portfolio then seeks appreciation through a 100% overlay of the Trend Following
Portfolio. Campbell & Company will adjust the respective allocations to gold and the Trend Following Portfolio at the beginning
of each month to reflect additions to and redemptions of Trend Following (GLD) Portfolio’s capital, as well as to reflect profits
and losses from the Trend Following (GLD) Portfolio’s 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 Trend Following (GLD) Portfolio’s net asset value at the beginning of each month.

   The data in this composite table does not reflect the performance of any one account. Therefore, an individual account may
have realized more or less favorable results than the composite indicates.

                                                      Table 4
                             Trend Following (GLD) Portfolio Composite Performance Table

Commodity Trading Advisor (CTA): Campbell & Company, Inc.
Inception of CTA’s Trading: January 1972
Total Nominal Assets Under Management by CTA: $2.6 billion
Inception of Trading of the Portfolio: November 2009
Total Nominal Assets/Accounts Currently Traded in the Portfolio: $162,111 / 1 account
Worst Monthly Percentage Draw-down1: December 2009 / 12.66%
Worst Peak-to-Valley Draw-down2: November 2009 – January 2010 / 20.79%
Number of Profitable Accounts That Have Opened and Closed: 0 accounts
Range of Returns Experienced by Profitable Accounts: N/A
Number of Unprofitable Accounts That Have Opened and Closed: 0 accounts
Range of Returns Experienced by Unprofitable Accounts: N/A

                                                          Rate of Return 3
                                                         (Computed on a
                                                       compounded monthly
                                                              basis)
                                        Month          2010 YTD       2009
                                        January            -9.31%
                                        February            6.80%
                                        March               4.33%
                                        April               8.66%
                                        May                 0.28%
                                        June                2.96%
                                        July               -7.01%
                                        August            10.85%
                                        September           8.66%
                                        October             7.41%
                                        November            0.09%     18.21%
                                        December                      -12.66%
                                        Year               35.51%       3.24%




Disclosure Document                                            22                                             February 28, 2011
PERFORMANCE RECORDS – CLOSED PORTFOLIOS

               PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

  The data in these composite tables does not reflect the performance of any one account. Therefore, an individual account
may have realized more or less favorable results than the composites indicate.


                                                        Table 5
               The Multi-Strategy Portfolio (futures & currencies portion) Composite Performance Table

                 This portfolio, which was not a stand-alone portfolio, closed at the end of December 2005.

Commodity Trading Advisor (CTA): Campbell & Company, Inc.
Inception of CTA's Trading: January 1972
Total Nominal Assets Under Management by CTA: $2.6 billion
Inception of Trading of the Portfolio: February 2005
Total Nominal Assets/Accounts Currently Traded in Portfolio: 0 (This portfolio closed at the end of December 2005.)
Worst Monthly Percentage Draw-down1: August 2005 / 3.86%
Worst Peak-to-Valley Draw-down2: July 2005 – August 2005 / 3.86%
Rate of Return3:
    2005 Annual Return: 19.22% (11 months)


                                                        Table 6
                           FME Small (Above $5 Million) Portfolio Composite Performance Table

                                        This portfolio closed at the end October 2005.

Commodity Trading Advisor (CTA): Campbell & Company, Inc.
Inception of CTA’s Trading: January 1972
Total Nominal Assets Under Management by CTA: $2.6 billion
Inception of Trading of the Portfolio: February 1995
Total Nominal Assets/Accounts Currently Traded in the Portfolio: 0 (This portfolio closed at the end of October 2005.)
Worst Monthly Percentage Draw-down6: August 2005 / 5.99%
Worst Peak-to-Valley Draw-down7: July 2005 – August 2005 / 5.99%
Rate of Return 8:
    2005 Annual Return: 7.35% (10 months)




Disclosure Document                                           23                                            February 28, 2011
PERFORMANCE RECORDS – CLOSED PORTFOLIOS – (Continued)

               PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


                                                          Table 7
                            FME Small (Below $5 Million) Portfolio Composite Performance Table

                                       This portfolio closed at the end of February 2005.

Commodity Trading Advisor (CTA): Campbell & Company, Inc.
Inception of CTA’s Trading: January 1972
Total Nominal Assets Under Management by CTA: $2.6 billion
Inception of Trading of the Portfolio: July 2000
Total Nominal Assets/Accounts Currently Traded in the Portfolio: 0 (This portfolio closed at the end of February 2005.)
Worst Monthly Percentage Draw-down6: January 2005 / 3.51%
Worst Peak-to-Valley Draw-down7: December 2004 – February 2005 / 4.94%
Rate of Return 8:
    2005 Annual Return: -4.94% (2 months)



                                                         Table 8
                                 Foreign Exchange Portfolio Composite Performance Table

                                         This portfolio closed at the end of July 2005.

Commodity Trading Advisor (CTA): Campbell & Company, Inc.
Inception of CTA’s Trading: January 1972
Total Nominal Assets Under Management by CTA: $2.6 billion
Inception of Trading of the Portfolio: November 1990
Total Nominal Assets/Accounts Currently Traded in Portfolio: 0 (This portfolio closed at the end of July 2005.)
Worst Monthly Percentage Draw-down6: January 2005 / 4.30%
Worst Peak-to-Valley Draw-down7: February 2004 – March 2005 / 20.20%
Rate of Return8:
    2005 Annual Return: 9.18% (7 months)


     Several accounts in the Foreign Exchange Portfolio have been subject to client-imposed restrictions on the leverage ratio in
their portfolios.




Disclosure Document                                            24                                              February 28, 2011
                                           NOTES TO TABLES 1, 2, 3, 4, 5, 9, 10 & 11
1
   “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. A small number of accounts in the portfolio composites have experienced monthly draw-downs that are
materially larger than the largest composite monthly draw-down. 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 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.
2
   “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 peak-to-valley draw-downs which are materially larger than the largest
composite peak-to-valley draw-down. 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 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
   The “Rate of Return” for a period for all tables is calculated by dividing the net profit or loss by the nominal 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 assets in the calculations of rates of return, except for accounts that close on the last day of a period in which
case the withdrawal is not subtracted from beginning net assets for purposes of this calculation. Beginning in January 1987, rate
of return is calculated using the Only Accounts Traded (OAT) method of computation. This computation method is one of the
methods approved by the CFTC to reduce the distortion caused by significant additions or withdrawals of capital during a
month. The records of many of the accounts in the tables prior to 1987 do not document the exact day within a month accounts
were opened or closed. Accordingly, there is insufficient data to calculate rate of return during such periods using the OAT
method. Campbell & Company has no reason to believe that the pre-1987 annual rates of return would be materially different if
the OAT method were used to calculate such returns. The OAT method excludes from the calculation of rate of return those
accounts which had material intra-month additions or withdrawals and accounts which were open for only part of the month. In
this way, the composite rate of return is based on only those accounts whose rate of return is not distorted through intra-month
capital changes.
4
  The “VAMI” (Value Added Monthly Index) is calculated by multiplying the rate of return by the prior period VAMI and
then adding this number to the prior period VAMI.
5
  The Trend Following Portfolio’s total assets, including proprietary assets, is $37.1 million as of November 30, 2010. The
Trend Following (GLD) Portfolio’s total assets including proprietary assets, is $18.1 million as of the same time period.




Disclosure Document                                              25                                               February 28, 2011
                                                  NOTES TO TABLES 6, 7 & 8
6
   “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. A small number of accounts in the portfolio composites have experienced monthly draw-downs that are
materially larger than the largest composite monthly draw-down. 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 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.
7
   “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 peak-to-valley draw-downs that are materially larger than the largest
composite peak-to-valley draw-down. 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 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.
8
  The “Rate of Return” for Tables 6, 7 and 8 is calculated by dividing the net profit or loss by the assets at the beginning of
each such period. Additions and withdrawals occurring during the period 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 period in which
case the withdrawal is not subtracted from beginning net assets for purposes of this calculation. This computation method was
one of the methods approved by the CFTC to reduce the distortion caused by significant additions or withdrawals of capital
during a month. The OAT method excludes from the calculation of rate of return those accounts that had material intra-month
additions or withdrawals and accounts that were open for only part of the month. In this way, the composite rate of return is
based on only those accounts whose rate of return is not distorted through intra-month capital changes.




Disclosure Document                                             26                                               February 28, 2011
SUPPLEMENTAL PERFORMANCE RECORDS

               PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

                                                       Table 9
                        Financial, Metal & Energy Large Portfolio Composite Performance Table

Worst Monthly Percentage Draw-down1: June 1986 / 17.68%
Worst Peak-to-Valley Draw-down2: March 1986 – November 1986 / 41.94%

                                            Value of an Initial $10,000 Investment
                                                April 1983 – November 2010

                                                                                                               $275,000

                                                                                                               $250,000

                                                                                                               $225,000

                                                                                                               $200,000

                                                                                                               $175,000

                                                                                                               $150,000

                                                                                                               $125,000

                                                                                                               $100,000

                                                                                                               $75,000

                                                                                                               $50,000

                                                                                                               $25,000

                                                                                                               $0

                                                                                                      08  10
                                                                                            04   06
                                                                              00       02                YTD
                                                              96        98
                                                  92    94
                                       88   90
                            84    86
                       Initial
                      $10,000
                    Investment


This graph, prepared by Campbell & Company, shows the performance of an initial $10,000 investment in the FME Large Portfolio. It
is assumed that the returns for the investment are compounded and reinvested on a monthly basis.
                                                                                   3
                                                           Rate of Return
                                              (Computed on a compounded monthly basis)
                           2010 YTD                    2009                            2008                 2007
        Month         Return    VAMI4         Return    VAMI4                Return    VAMI4          Return    VAMI4
        January        -7.12% $ 182,796         0.09% $ 212,400               -0.43% $ 211,896          2.49% $ 251,708
        February        1.48%   185,501         0.99%   214,503                1.50%   215,075         -5.58%   237,663
        March           2.16%   189,508        -2.10%   209,998               -0.14%   214,774         -3.22%   230,010
        April           2.41%   194,075        -4.60%   200,339               -2.55%   209,297          2.18%   235,024
        May            -2.94%   188,369        -0.65%   199,036                2.09%   213,671          5.72%   248,468
        June           -0.51%   187,408        -2.20%   194,658                5.44%   225,295          4.16%   258,804
        July           -1.58%   184,447         0.16%   194,969               -1.28%   222,411        -10.81%   230,827
        August          5.08%   193,817        -1.08%   192,863               -1.47%   219,142         -6.71%   215,339
        September       4.62%   202,772         3.85%   200,289               -1.27%   216,359          1.92%   219,473
        October         4.10%   211,085        -1.40%   197,484               -0.99%   214,217          5.61%   231,786
        November       -1.54%   207,835         3.39%   204,179               -1.43%   211,153         -6.14%   217,554
        December                               -3.61%   196,808                0.50%   212,209         -2.18%   212,812
        Year            5.58%                  -7.26%                         -0.28%                  -13.35%


Disclosure Document                                                27                                                     February 28, 2011
  SUPPLEMENTAL PERFORMANCE RECORDS – (Continued)

                Financial, Metal & Energy Large Portfolio Composite Performance Table – (Continued)

               PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

                                                                          3
                                                           Rate of Return
                                              (Computed on a compounded monthly basis)
                               2006                  2005                     2004                   2003
            Month       Return    VAMI4       Return    VAMI4         Return    VAMI4         Return    VAMI4
            January       2.01% $ 237,523      -2.16% $ 205,223         2.36% $ 200,792         7.75% $ 175,556
            February     -1.58%   233,770      -1.11%   202,945        10.79%   222,457         7.71%   189,092
            March         4.27%   243,752       0.11%   203,169         0.94%   224,548        -4.38%   180,809
            April        -2.76%   237,024       0.50%   204,184        -6.67%   209,571         2.77%   185,818
            May          -2.78%   230,435       5.00%   214,394        -0.54%   208,439         2.09%   189,701
            June         -0.41%   229,490       6.24%   227,772        -3.14%   201,894        -0.77%   188,241
            July         -0.10%   229,261       1.00%   230,049        -0.62%   200,643        -4.56%   179,657
            August       -0.36%   228,436      -5.40%   217,627        -1.11%   198,415         2.42%   184,005
            September    -2.78%   222,085       3.75%   225,788        -1.55%   195,340        -1.38%   181,465
            October       1.76%   225,994       3.85%   234,481         2.40%   200,028         2.84%   186,619
            November      0.80%   227,802       2.12%   239,452         4.03%   208,089         0.79%   188,093
            December      7.81%   245,593      -2.76%   232,843         0.80%   209,754         4.29%   196,162
            Year          5.48%                11.01%                   6.93%                  20.40%

                                                             Rate of Return3
                                                (Computed on a compounded monthly basis)
                   2002                   2001                     2000                     1999                   1998
Month       Return      VAMI4      Return      VAMI4        Return      VAMI4        Return      VAMI4      Return      VAMI4
January      -0.71% $ 138,990       -1.09% $ 130,373          3.70% $ 119,574         -4.83% $ 102,745        3.25% $     92,839
February     -1.98%      136,238     0.71%      131,298      -0.35%      119,155       1.45%      104,235    -2.38%       90,630
March        -1.60%      134,058     6.97%      140,450      -1.96%      116,820       0.87%      105,142     4.95%       95,116
April        -4.03%      128,656    -8.09%      129,087      -1.86%      114,647       5.60%      111,030    -5.88%       89,523
May           4.12%      133,956     1.23%      130,675       2.74%      117,788      -3.25%      107,421     4.34%       93,408
June          7.73%      144,311    -1.71%      128,441       1.95%      120,085       4.63%      112,395     2.04%       95,314
July          7.64%      155,337     1.45%      130,303      -1.72%      118,020      -0.15%      112,226    -3.68%       91,806
August        3.61%      160,944     2.10%      133,039       3.08%      121,655       1.22%      113,595     9.23%      100,280
September     3.90%      167,221     6.94%      142,272      -3.23%      117,725       1.75%      115,583     2.97%      103,258
October      -4.75%      159,278     4.96%      149,329       3.19%      121,481      -4.25%      110,671     4.41%      107,812
November     -1.31%      157,192    -9.62%      134,963       5.98%      128,745       0.53%      111,258    -0.50%      107,273
December      3.65%      162,929     3.72%      139,984       2.38%      131,809       3.64%      115,307     0.64%      107,959
Year         16.39%                  6.20%                   14.31%                    6.81%                 20.07%

                                                             Rate of Return3
                                                (Computed on a compounded monthly basis)
                   1997                   1996                     1995                     1994                   1993
Month       Return      VAMI4      Return      VAMI4        Return      VAMI4        Return      VAMI4      Return      VAMI4
January       5.26% $     79,702     5.46% $     58,732      -4.53% $     44,508      -4.67% $     53,389    -0.71% $     53,120
February      2.26%       81,504    -5.63%       55,425       5.85%       47,112      -6.81%       49,753    13.74%       60,418
March        -2.08%       79,808     5.62%       58,540       9.58%       51,625       7.00%       53,236    -5.79%       56,920
April        -3.84%       76,744     3.49%       60,583       2.08%       52,699      -1.77%       52,294     2.99%       58,622
May          -1.84%       75,332    -1.71%       59,547       0.88%       53,163      -2.78%       50,840     2.81%       60,269
June          2.23%       77,012     1.29%       60,315      -0.90%       52,684       5.24%       53,504     2.55%       61,806
July          9.27%       84,151     0.01%       60,321      -4.05%       50,550      -4.36%       51,171     5.55%       65,236
August       -5.14%       79,825     1.78%       61,395       5.83%       53,497      -3.79%       49,232    -4.33%       62,412
September     4.23%       83,202     2.47%       62,912      -3.47%       51,641       6.91%       52,634    -4.83%       59,397
October       2.39%       85,190    12.06%       70,499       1.20%       52,261       0.36%       52,823    -6.19%       55,720
November      0.57%       85,676    12.22%       79,114      -0.24%       52,135      -7.02%       49,115     0.59%       56,049
December      4.95%       89,917    -4.29%       75,720       6.82%       55,691      -5.08%       46,620    -0.08%       56,004
Year         18.75%                 35.96%                   19.46%                  -16.76%                  4.68%



  Disclosure Document                                        28                                             February 28, 2011
  SUPPLEMENTAL PERFORMANCE RECORDS – (Continued)

                Financial, Metal & Energy Large Portfolio Composite Performance Table – (Continued)

               PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


                                                             Rate of Return3
                                                (Computed on a compounded monthly basis)
                   1992                   1991                   1990                    1989                   1988
Month       Return      VAMI4      Return      VAMI4      Return      VAMI4       Return      VAMI4      Return      VAMI4
January      -5.54% $     44,538    -7.89% $     33,123     3.00% $     27,387      7.90% $     20,172    -0.08% $     17,302
February     -3.58%       42,944    -1.59%       32,596     0.59%       27,549     -1.99%       19,771     2.39%       17,716
March         1.05%       43,395    20.41%       39,249     3.37%       28,477     10.74%       21,894    -1.88%       17,383
April        -2.78%       42,189    -1.87%       38,515     4.62%       29,793      1.94%       22,319    -5.12%       16,493
May           1.14%       42,669     2.81%       39,597   -11.50%       26,367     13.72%       25,381     1.63%       16,762
June         10.66%       47,218     1.49%       40,187     8.29%       28,553      1.88%       25,858     8.29%       18,151
July         10.40%       52,129    -7.96%       36,988    10.04%       31,419      0.55%       26,000    -0.68%       18,028
August        4.99%       54,730     3.79%       38,390    12.30%       35,284     -0.81%       25,790    -0.22%       17,988
September    -2.17%       53,542     6.07%       40,721     2.59%       36,198     -4.27%       24,689     4.80%       18,851
October      -4.67%       51,042     0.63%       40,977     1.25%       36,650     -6.88%       22,990    -0.06%       18,840
November      6.26%       54,237    -2.03%       40,145    -1.35%       36,155      2.46%       23,556    -0.35%       18,774
December     -1.36%       53,499    17.45%       47,151    -0.54%       35,960     12.88%       26,590    -0.42%       18,695
Year         13.47%                 31.12%                 35.24%                  42.23%                  7.96%




                                                             Rate of Return3
                                                (Computed on a compounded monthly basis)
                   1987                   1986                   1985                    1984                     1983
Month       Return      VAMI4      Return      VAMI4      Return      VAMI4       Return      VAMI4      Return          VAMI4
January      33.71% $     14,085    -6.28% $     14,194     3.63% $     11,796      1.27% $      9,079
February      3.23%       14,540    17.84%       16,726    11.59%       13,163      2.12%        9,272
March        13.51%       16,504     6.48%       17,810     0.74%       13,261      2.44%        9,498             $      10,000
April        15.39%       19,044    -7.87%       16,409     5.97%       14,052      0.09%        9,507    -0.40%           9,960
May          -4.17%       18,250     5.01%       17,231     2.92%       14,463      9.78%       10,436     0.18%           9,978
June         -3.21%       17,664   -17.68%       14,184    -2.18%       14,148     -5.50%        9,862    -3.71%           9,608
July          9.80%       19,395     5.21%       14,923     5.48%       14,923      6.86%       10,539     3.27%           9,922
August       -1.12%       19,178     7.61%       16,059    -3.63%       14,381     -1.34%       10,398    -1.47%           9,776
September     2.71%       19,698   -17.22%       13,294   -11.29%       12,757      8.32%       11,263     0.83%           9,857
October     -13.45%       17,049   -11.74%       11,733     3.95%       13,261      2.79%       11,577    -4.18%           9,445
November     -0.53%       16,958   -11.84%       10,344    10.45%       14,647     -3.12%       11,216    -1.93%           9,263
December      2.11%       17,316     1.84%       10,534     3.40%       15,145      1.49%       11,383    -3.21%           8,966
Year         64.38%                -30.45%                 33.05%                  26.96%                -10.34%




  Disclosure Document                                       29                                           February 28, 2011
SUPPLEMENTAL PERFORMANCE RECORDS – (Continued)

              PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

                                                        Table 10
                             Global Diversified Large Portfolio Composite Performance Table

Worst Monthly Percentage Draw-down1: April 1986 / 14.41%
Worst Peak-to-Valley Draw-down2: March 1986 – November 1986 / 29.71%

                                             Value of an Initial $10,000 Investment
                                               February 1986 – November 2010


                                                                                                        $110,000

                                                                                                        $100,000

                                                                                                        $90,000

                                                                                                        $80,000

                                                                                                        $70,000

                                                                                                        $60,000

                                                                                                        $50,000

                                                                                                        $40,000

                                                                                                        $30,000

                                                                                                        $20,000

                                                                                                        $10,000

                                                                                                        $0
                                                                                                  10
                                                                                         07 08 09
                                                                                04 05 06         YTD
                                                                 99 00 01 02 03
                                                        96 97 98
                                               93 94 95
                                   89 90 91 92
                          86 87 88
                    Initial
                    $10,000
                  Investment



 This graph, prepared by Campbell & Company, shows the performance of an initial $10,000 investment in the Global Diversified Large
             Portfolio. It is assumed that the returns for each investment are compounded and reinvested on a monthly basis.
                                                                             3
                                                               Rate of Return
                                                    (Computed on a compounded monthly basis)
                  2010 YTD                   2009                     2008                  2007                      2006
                          4                            4                     4                      4                         4
Month        Return   VAMI          Return   VAMI            Return   VAMI         Return    VAMI            Return   VAMI
January       -7.15% $ 78,830         0.11% $ 90,306          -0.05% $ 89,050        2.52% $ 104,854           2.04% $ 98,173
February       1.46%   79,981         1.31%   91,490           1.95%   90,786       -5.53%    99,055          -1.30%    96,897
March          2.29%   81,813        -1.97%   89,687          -0.64%   90,205       -3.04%    96,044           3.63%   100,414
April          2.65%   83,981        -4.55%   85,606          -2.49%   87,959        1.99%    97,955          -2.82%    97,583
May           -2.87%   81,571        -0.45%   85,221           2.04%   89,754        5.61%   103,451          -2.67%    94,977
June          -0.57%   81,106        -2.21%   83,338           5.58%   94,762        4.20%   107,796          -0.39%    94,607
July          -1.69%   79,735         0.22%   83,521          -1.31%   93,521      -10.58%    96,391           0.10%    94,701
August         5.29%   83,953        -0.93%   82,744          -1.32%   92,286       -6.90%    89,740          -0.29%    94,427
September      4.64%   87,848         3.97%   86,029          -1.00%   91,363        2.11%    91,633          -2.63%    91,943
October        4.21%   91,547        -1.24%   84,963          -0.67%   90,751        5.43%    96,609           2.11%    93,883
November      -1.49%   90,183         3.53%   87,962          -1.30%   89,571       -6.04%    90,774           1.02%    94,841
December                             -3.48%   84,901           0.71%   90,207       -1.85%    89,095           7.84%   102,276
Year           6.22%                 -5.88%                    1.25%               -12.89%                     6.30%


Disclosure Document                                            30                                                 February 28, 2011
   SUPPLEMENTAL PERFORMANCE RECORDS – (Continued)

                          Global Diversified Large Portfolio Composite Performance Table – (Continued)

                 PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

                                                                                        3
                                                                       Rate of Return
                                                            (Computed on a compounded monthly basis)
                          2005                       2004                      2003                     2002                      2001
                                     4                         4                        4                        4                         4
   Month         Return   VAMI              Return  VAMI              Return   VAMI            Return    VAMI            Return   VAMI
   January        -2.19% $ 84,122            3.01% $ 81,558             7.40% $ 71,572          -0.86% $  57,462          -0.90% $ 54,242
   February       -1.13%   83,171           10.37%   90,016             7.46%   76,912          -1.98%    56,324           1.33%   54,963
   March           0.15%   83,296            0.74%   90,682            -4.31%   73,597          -1.76%    55,333           6.78%   58,690
   April           0.69%   83,871           -6.37%   84,905             2.70%   75,584          -4.08%    53,075          -8.39%   53,766
   May            4.90%           87,980     -0.69%         84,319     1.81%          76,952    3.72%          55,050      1.51%         54,578
   June           6.24%           93,470     -2.85%         81,916    -0.80%          76,336    7.93%          59,415     -1.52%         53,748
   July           1.08%           94,480     -0.40%         81,589    -4.99%          72,527    7.50%          63,871      1.24%         54,414
   August        -4.97%           89,784     -1.15%         80,650     2.36%          74,239    3.52%          66,119      1.68%         55,329
   September      3.91%           93,295     -1.32%         79,586    -1.34%          73,244    3.44%          68,394      7.30%         59,368
   October        3.44%           96,504      2.56%         81,623     2.92%          75,383   -4.56%          65,275      4.68%         62,146
   November       2.21%           98,637      4.46%         85,264     0.71%          75,918   -1.15%          64,525     -9.95%         55,962
   December      -2.46%           96,210      0.87%         86,005     4.29%          79,175    3.28%          66,641      3.57%         57,960
   Year          11.87%                       8.63%                   18.81%                   14.98%                      5.89%




                                                                        Rate of Return3
                                                             (Computed on a compounded monthly basis)
                      2000                        1999                      1998                      1997                       1996
Month          Return      VAMI4           Return      VAMI4         Return      VAMI4         Return      VAMI4          Return      VAMI4
January          3.06% $     50,735         -5.03% $     44,711        2.81% $     43,037        3.68% $     37,756         3.77% $     29,806
February        -0.71%       50,375          2.54%       45,847       -2.59%       41,922        1.77%       38,424        -7.22%       27,654
March           -2.88%       48,924         -0.31%       45,705        4.12%       43,649       -2.08%       37,625         3.41%       28,597
April           -1.18%           48,347      4.86%       47,926       -6.37%       40,869       -2.56%       36,662         5.15%          30,070
May              1.62%           49,130     -3.55%          46,225     3.33%          42,230    -1.74%          36,024     -2.67%          29,267
June             2.53%           50,373      4.57%          48,337     1.33%          42,792     3.19%          37,173      0.91%          29,533
July            -2.40%           49,164      0.48%          48,569    -4.05%          41,059     6.89%          39,734     -1.13%          29,199
August           2.91%           50,595      0.42%          48,773     8.91%          44,717    -5.11%          37,704      2.09%          29,810
September       -3.32%           48,915      1.45%          49,480     1.86%          45,549     3.87%          39,163      1.73%          30,325
October          3.07%           50,417     -4.88%          47,066     3.45%          47,120     1.80%          39,868     13.36%          34,377
November         6.02%           53,452      1.47%          47,758    -0.83%          46,729     0.39%          40,024     10.38%          37,945
December         2.40%           54,734      3.08%          49,229     0.75%          47,079     4.59%          41,861     -4.03%          36,416
Year            11.18%                       4.57%                    12.47%                    14.95%                     26.78%




   Disclosure Document                                                 31                                                 February 28, 2011
  SUPPLEMENTAL PERFORMANCE RECORDS – (Continued)

                      Global Diversified Large Portfolio Composite Performance Table – (Continued)

               PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


                                                             Rate of Return3
                                                  (Computed on a compounded monthly basis)
                   1995                   1994                    1993                    1992                   1991
Month       Return      VAMI4      Return      VAMI4      Return       VAMI4     Return        VAMI4      Return      VAMI4
January      -2.87% $     26,192    -3.77% $     23,673      0.31% $     24,101    -5.55% $      21,075    -7.59% $     17,953
February      4.85%       27,462    -8.45%       21,673    12.43%        27,097    -5.04%        20,013    -2.58%       17,489
March         4.02%       28,566     6.35%       23,049     -3.09%       26,259    -2.61%        19,491    16.04%       20,295
April         1.40%       28,966    -3.74%       22,187     -0.01%       26,257    -2.22%        19,058    -1.66%       19,958
May          -1.30%       28,590     3.49%       22,961      2.79%       26,989    -2.26%        18,627     2.66%       20,489
June          0.08%       28,612    14.90%       26,383      3.81%       28,018   10.64%         20,609     5.43%       21,601
July         -5.49%       27,042     2.53%       27,050      4.60%       29,307   11.14%         22,905    -8.54%       19,756
August        2.57%       27,737    -3.35%       26,144     -6.12%       27,513     4.53%        23,943    -2.92%       19,180
September    -2.75%       26,974     3.48%       27,054     -7.07%       25,568    -0.43%        23,840     2.11%       19,584
October      -0.75%       26,771     0.50%       27,189     -5.45%       24,174    -3.21%        23,075     0.31%       19,645
November      0.77%       26,978     2.84%       27,961     -2.31%       23,616     4.24%        24,053    -2.09%       19,234
December      6.47%       28,723    -3.56%       26,966      4.17%       24,601    -0.11%        24,027    16.01%       22,314
Year          6.52%                  9.61%                   2.39%                  7.68%                  14.86%


                                                                          3
                                                             Rate of Return
                                                  (Computed on a compounded monthly basis)
                   1990                   1989                   1988                    1987                      1986
                             4                      4                      4                       4                       4
Month       Return      VAMI       Return      VAMI       Return      VAMI        Return      VAMI        Return    VAMI
January       5.63% $     15,525    -3.86% $     11,200    -5.70% $      9,217     12.05% $      8,230            $   10,000
February      2.45%       15,906    -1.28%       11,057     1.69%        9,373     -1.09%        8,140     -0.11%      9,989
March         5.68%       16,809    10.69%       12,239    -3.03%        9,089      3.24%        8,404      4.14%     10,403
April         8.34%       18,211    -1.01%       12,115    -5.83%        8,559     16.56%        9,795    -14.41%      8,904
May         -12.09%       16,009    11.35%       13,490     9.86%        9,403     -1.28%        9,670      3.56%      9,221
June          4.55%       16,738     0.72%       13,587    25.99%       11,847     -1.53%        9,522     -5.68%      8,697
July          4.32%       17,461     4.64%       14,218    -2.01%       11,609      5.25%       10,022      6.53%      9,265
August        8.98%       19,029    -4.47%       13,582     0.65%       11,685     -3.88%        9,633      5.08%      9,735
September     0.72%       19,166    -2.68%       13,218      0.28%       11,717     -1.72%        9,468    -9.92%         8,770
October       2.13%       19,574    -3.08%       12,811    -0.10%        11,706    -10.16%        8,506   -10.93%         7,811
November      0.07%       19,588     4.07%       13,333     1.05%        11,828      8.18%        9,201    -6.41%         7,310
December     -0.82%       19,427    10.24%       14,698    -1.51%        11,650      6.23%        9,775     0.47%         7,345
Year         32.18%                 26.16%                 19.18%                   33.08%                -26.55%




  Disclosure Document                                       32                                            February 28, 2011
SUPPLEMENTAL PERFORMANCE RECORDS – (Continued)

                PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

                                                           Table 11
                                Composite of All Accounts Traded by Campbell & Company, Inc.

     The following tables give past performance for the composite of all accounts ever advised by Campbell & Company
throughout its thirty-eight year trading history. Performance information prior to 1980 was maintained on a quarterly basis
pursuant to Commodity Exchange Act regulations then in place which required only quarterly data; monthly figures are not
available. An investment can not be made in the composite.

Inception of Trading: January 1972
Total Current Nominal Net Assets: $2.6 billion
Worst Monthly Percentage Draw-down1: April 1986 / 16.70%
Worst Peak-to-Valley Draw-down2: March 1986 – November 1986 / 37.61%

                                                  Value of an Initial $10,000 Investment
                                                     January 1972 – November 2010



                                  Campbell Composite                                                                 $2,500,000

                                  S&P 500 Index
                                                                                                                     $2,250,000
                                  NASDAQ Composite Index
                                                                                                                     $2,000,000

                                                                                                                     $1,750,000

                                                                                                                     $1,500,000

                                                                                                                     $1,250,000

                                                                                                                     $1,000,000

                                                                                                                     $750,000

                                                                                                                     $500,000

                                                                                                                     $250,000

                                                                                                                     $0

                                                                                                         07     10
                                                                                           01     04
                                                                                    98                         YTD
                                                                      92     95
                                                        86     89
                                          80      83
                           74     77
                   Initial
                  $10,000
                Investment

   This graph, prepared by Campbell & Company, compares the performance of an initial $10,000 investment in Campbell Composite to an
    initial $10,000 investment in two widely recognized benchmarks for stocks – the S&P 500 Index and the NASDAQ Composite Index. It is
  assumed that the returns for each investment are compounded and reinvested on a monthly basis. The returns for the S&P 500 Index include
 dividends reinvested; dividends are not reinvested for the NASDAQ Composite Index. The S&P 500 Index and NASDAQ Composite Index are
passive, unmanaged indices of equity securities generally purchased by investors with an investment objective of capital growth or income. The
   Campbell Composite reflects the composite performance of all accounts ever advised by Campbell & Company. An investment can not be
  made in the Composite. The Composite includes actively managed accounts with speculative trading profits as the objective. The Composite
      does not reflect the performance of any one account, but rather a combination of the historical performance of multiple accounts and
     portfolios. Therefore, an individual account and a particular trading portfolio may have realized more or less favorable results than the
Composite indicates. The Composite’s performance has been enhanced by unusually high returns during the early years of trading, which may
                                                              not occur in the future.



Disclosure Document                                                  33                                                   February 28, 2011
          SUPPLEMENTAL PERFORMANCE RECORDS – (Continued)

                                    Composite of All Accounts Traded by Campbell & Company, Inc. – (Continued)

                            PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
                                                                                                    3
                                                                                   Rate of Return
                                                                        (Computed on a compounded monthly basis)
                     2010 YTD                       2009                     2008                       2007                     2006                        2005
                               4                             4                       4                          4                           4                          4
Month           Return     VAMI            Return    VAMI           Return     VAMI          Return      VAMI          Return      VAMI             Return      VAMI
January          -7.12% $1,732,363          0.09% $2,009,520         -0.38% $2,002,148         2.49% $ 2,376,051          2.01% $2,240,082            -2.17% $ 1,932,614
February          1.48% 1,758,002            1.03%    2,030,218       1.55%    2,033,181       -5.57%      2,243,705      -1.55%   2,205,361          -1.10%     1,911,356
March              2.16%    1,795,974       -2.09%    1,987,787      -0.20%    2,029,115       -3.20%      2,171,907       4.21%   2,298,207           0.11%     1,913,458
April              2.45%    1,839,976       -4.60%    1,896,349      -2.54%    1,977,576        2.16%      2,218,820      -2.76%   2,234,776           0.51%     1,923,217
May               -2.93%    1,786,065       -0.63%    1,884,402       2.09%    2,018,907        5.71%      2,345,515      -2.77%   2,172,873           4.99%     2,019,185
June              -0.52%    1,776,777       -2.20%    1,842,945       5.45%    2,128,937        4.16%      2,443,088      -0.40%   2,164,182           6.22%     2,144,778
July              -1.59%    1,748,526        0.17%    1,846,078      -1.28%    2,101,687      -10.79%      2,179,479      -0.08%   2,162,450           1.04%     2,167,084
August             5.11%    1,837,876       -1.06%    1,826,509      -1.45%    2,071,212       -6.73%      2,032,800      -0.36%   2,154,665          -5.32%     2,051,795
September          4.62%    1,922,786        3.87%    1,897,195      -1.24%    2,045,529        1.94%      2,072,236      -2.77%   2,094,981           3.78%     2,129,353
October            4.11%    2,001,812       -1.38%    1,871,014      -0.96%    2,025,892        5.59%      2,188,074      1.79%    2,132,481           3.81%     2,210,481
November          -1.54%    1,970,984        3.41%    1,934,816      -1.41%    1,997,327       -6.13%      2,053,945      0.83%    2,150,181           2.12%     2,257,344
December                                    -3.60%    1,865,162       0.52%    2,007,713       -2.15%      2,009,785      7.82%    2,318,325          -2.72%     2,195,944
Year              5.67%                     -7.10%                   -0.10%                   -13.31%                     5.57%                       11.16%



                                                                                     Rate of Return3
                                                                          (Computed on a compounded monthly basis)
                                    2004                         2003                        2002                         2001                            2000
        Month              Return     VAMI4            Return       VAMI4           Return     VAMI4             Return       VAMI4              Return     VAMI4
        January              2.44% $ 1,893,283             7.71% $ 1,650,407         -0.71% $ 1,309,076             -1.10% $ 1,231,318             3.63% $ 1,135,642
        February            10.65%      2,094,918           7.68%    1,777,158       -1.99%      1,283,026           0.69%      1,239,814         -0.35%       1,131,667
        March                0.87%      2,113,143          -4.37%    1,699,496       -1.63%      1,262,112           6.92%      1,325,610         -2.10%       1,107,902
        April               -6.66%      1,972,408           2.77%    1,746,572       -4.01%      1,211,502          -8.05%      1,218,898         -1.83%       1,087,628
        May                 -0.59%      1,960,771           2.10%    1,783,250        4.09%      1,261,052           1.21%      1,233,647          2.59%       1,115,797
        June                -3.15%      1,899,007          -0.77%    1,769,519        7.75%      1,358,784          -1.74%      1,212,181          1.85%       1,136,440
        July                -0.57%      1,888,182          -4.63%    1,687,591        7.55%      1,461,372           1.41%      1,229,273         -1.87%       1,115,188
        August              -1.13%      1,866,846           2.42%    1,728,430        3.58%      1,513,689           2.05%      1,254,473          3.03%       1,148,978
        September           -1.50%      1,838,843          -1.15%    1,708,553        3.85%      1,571,966           6.90%      1,341,032         -3.26%       1,111,522
        October              2.43%      1,883,527           2.88%    1,757,760       -4.71%      1,497,926           4.90%      1,406,742          3.19%       1,146,979
        November             4.06%      1,959,998           0.80%    1,771,822       -1.30%      1,478,453          -9.63%      1,271,273          5.91%       1,214,766
        December             0.79%      1,975,482           4.31%    1,848,187        3.64%      1,532,269           3.71%      1,318,437          2.49%       1,245,013
        Year                 6.89%                         20.62%                    16.22%                          5.90%                        13.61%

                                                                                     Rate of Return3
                                                                        (Computed on a compounded monthly basis)
                                  1999                        1998                         1997                         1996                            1995
        Month              Return      VAMI4           Return      VAMI4            Return      VAMI4            Return      VAMI4               Return      VAMI4
        January             -4.83% $ 977,456             3.14% $ 886,228              5.05% $ 761,760              5.74% $ 565,881                -4.48% $ 433,017
        February             1.52%      992,314         -2.39%      865,047           2.15%      778,138          -5.69%      533,683              5.64%      457,439
        March                0.84%    1,000,649          4.97%      908,040          -2.05%      762,186           5.31%      562,021              9.45%      500,667
        April                5.51%    1,055,785         -5.89%      854,557          -3.38%      736,424           3.53%      581,860              1.80%      509,679
        May                 -3.26%    1,021,366          4.25%      890,875          -1.91%      722,358          -1.81%      571,329              0.17%      510,546
        June                 4.63%    1,068,655          1.93%      908,069           2.38%      739,550           1.26%      578,527             -1.07%      505,083
        July                -0.14%    1,067,159         -3.70%      874,471           8.97%      805,888          -0.19%      577,428             -3.83%      485,738
        August               1.18%    1,079,752          9.13%      954,310          -5.19%      764,062           1.93%      588,573              6.04%      515,077
        September            1.72%    1,098,324          2.88%      981,794           4.17%      795,924           2.36%      602,463             -3.62%      496,431
        October             -4.24%    1,051,755          4.50%    1,025,975           2.28%      814,071          12.19%      675,903              1.10%      501,892
        November             0.68%    1,058,907         -0.57%    1,020,127           0.60%      818,955          12.07%      757,485             -0.16%      501,089
        December             3.49%    1,095,862          0.68%    1,027,063           4.92%      859,248          -4.27%      725,140              6.80%      535,163
        Year                 6.70%                      19.53%                       18.49%                       35.50%                          18.05%




          Disclosure Document                                                       34                                                          February 28, 2011
  SUPPLEMENTAL PERFORMANCE RECORDS – (Continued)

                     Composite of All Accounts Traded by Campbell & Company, Inc. – (Continued)

               PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


                                                             Rate of Return3
                                                (Computed on a compounded monthly basis)
                   1994                   1993                   1992                    1991                   1990
Month       Return      VAMI4      Return      VAMI4      Return      VAMI4       Return      VAMI4      Return      VAMI4
January      -4.59% $ 519,329       -1.23% $ 526,178       -5.53% $ 444,921        -8.05% $ 342,174        3.70% $ 290,922
February     -6.86%      483,703    13.90%      599,317    -3.88%      427,658     -2.28%      334,373     0.44%      292,202
March         6.01%      512,774    -5.74%      564,916     0.52%      429,882     19.78%      400,511     3.86%      303,481
April        -2.20%      501,493     2.96%      581,638    -2.71%      418,232     -1.99%      392,541     5.44%      319,990
May          -2.80%      487,451     2.76%      597,691     0.80%      421,578      2.75%      403,336   -11.69%      282,584
June          5.92%      516,308     2.81%      614,486    10.72%      466,771      2.32%      412,694     7.08%      302,591
July         -3.24%      499,580     5.47%      648,099    10.23%      514,521     -8.46%      377,780     8.58%      328,553
August       -4.14%      478,897    -4.85%      616,666     4.93%      539,887      2.56%      387,451    11.33%      365,778
September     6.67%      510,839    -5.06%      585,463    -2.42%      526,822      5.51%      408,799     2.19%      373,788
October       0.57%      513,751    -6.59%      546,881    -3.66%      507,540      0.54%      411,007     1.64%      379,918
November     -6.55%      480,101    -0.18%      545,896     5.97%      537,841     -2.12%      402,294    -1.25%      375,170
December     -5.03%      455,951    -0.29%      544,313    -0.95%      532,731     17.07%      470,965    -0.81%      372,131
Year        -16.23%                  2.17%                 13.11%                  26.56%                 32.65%




                                                             Rate of Return3
                                                (Computed on a compounded monthly basis)
                   1989                   1988                   1987                    1986                   1985
Month       Return      VAMI4      Return      VAMI4      Return      VAMI4       Return      VAMI4      Return      VAMI4
January       1.23% $ 221,311       -6.64% $ 195,363       11.72% $ 194,388        -0.62% $ 240,860        1.47% $ 187,998
February     -1.99%      216,907     1.27%      197,844    -2.35%      189,820     10.91%      267,137     9.45%      205,764
March        10.73%      240,181    -4.05%      189,832     2.53%      194,622      4.19%      278,330     1.47%      208,789
April         0.12%      240,469    -7.79%      175,044    17.53%      228,740    -16.70%      231,849     2.89%      214,823
May          13.34%      272,548     6.98%      187,262    -1.74%      224,760      1.35%      234,979    -2.44%      209,581
June          1.13%      275,628    21.37%      227,280    -2.80%      218,466     -6.89%      218,789    -7.70%      193,443
July          2.15%      281,554    -2.48%      221,643     4.71%      228,756      5.97%      231,851    12.40%      217,430
August       -2.70%      273,952    -0.20%      221,200    -5.25%      216,746      4.72%      242,794    -1.12%      214,995
September    -4.09%      262,747     1.10%      223,633    -3.02%      210,201    -10.78%      216,621    -8.82%      196,033
October      -6.27%      246,273    -0.96%      221,486   -13.41%      182,013    -13.32%      187,767    12.24%      220,027
November      2.46%      252,331     0.21%      221,951     7.78%      196,173     -7.51%      173,666     3.74%      228,256
December     11.18%      280,542    -1.50%      218,622     6.67%      209,258      0.19%      173,996     6.18%      242,362
Year         28.32%                  4.47%                 20.27%                 -28.21%                 30.81%




  Disclosure Document                                       35                                           February 28, 2011
  SUPPLEMENTAL PERFORMANCE RECORDS – (Continued)

                        Composite of All Accounts Traded by Campbell & Company, Inc. – (Continued)

                    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

                                                              Rate of Return3
                                                   (Computed on a compounded monthly basis)
                    1984                    1983                   1982                   1981                   1980
Month        Return      VAMI4       Return      VAMI4      Return      VAMI4      Return      VAMI4      Return      VAMI4
January        3.79% $ 161,596        11.37% $ 171,532        2.82% $ 132,596        2.58% $ 164,099       25.29% $ 122,747
February      -1.19%      159,673     -0.90%      169,988     4.50%      138,563    -0.63%      163,065     0.73%      123,643
March         -0.07%      159,561     -3.03%      164,837     5.66%      146,406    -6.87%      151,862    10.45%      136,563
April         -0.83%      158,237     -1.78%      161,903     4.24%      152,614    -6.93%      141,338    -0.41%      136,003
May            6.73%      168,886      7.16%      173,495     3.46%      157,894    -1.95%      138,582     7.38%      146,040
June          -4.99%      160,459     -9.29%      157,378     8.74%      171,694     3.27%      143,114     0.10%      146,186
July          12.98%      181,286     -3.56%      151,775    -8.49%      157,117   -10.50%      128,087     9.16%      159,577
August        -2.90%      176,029     11.90%      169,836    12.46%      176,694     2.52%      131,315    -5.06%      151,502
September      5.30%      185,358     -6.72%      158,423    10.87%      195,901    -3.54%      126,666    -1.24%      149,624
October       -1.11%      183,301      1.32%      160,514    -7.61%      180,993    -7.25%      117,483    -7.07%      139,045
November      -1.07%      181,340     -3.36%      155,121    -9.22%      164,305    20.15%      141,156     0.27%      139,421
December       2.17%      185,275      0.37%      155,695    -6.26%      154,020    -8.64%      128,960    14.74%      159,972
Year          19.00%                   1.09%                 19.43%                -19.39%                 63.29%

     NOTE: Performance information prior to 1980 was maintained on a quarterly basis pursuant to Commodity Exchange Act
  regulations then in place which required only quarterly data; monthly figures are not available.

                                                                          3
                                                            Rate of Return
                                               (Computed on a compounded quarterly basis)
                              1979                    1978                    1977                    1976
                                        4                       4                       4                       4
      Qtr. Ending      Return      VAMI        Return      VAMI        Return      VAMI        Return      VAMI
      March               7.51% $ 116,541       17.80% $ 131,975         8.66% $     92,122    -25.90% $     53,357
      June                8.96%     126,983     -8.51%      120,744     19.87%      110,426     62.33%       86,614
      September           5.04%     133,383      7.44%      129,727     -2.83%      107,301     -5.07%       82,223
      December          -26.55%      97,970    -16.44%      108,400      4.41%      112,033      3.11%       84,780
      Year               -9.62%                 -3.24%                  32.15%                  17.74%




                                                                          3
                                                            Rate of Return
                                               (Computed on a compounded quarterly basis)
                              1975                    1974                    1973                    1972
                                        4                       4                       4                       4
      Qtr. Ending      Return      VAMI        Return      VAMI        Return      VAMI        Return      VAMI
      March               0.37% $    65,779      9.04% $     54,994     29.37% $     22,862     -6.52% $      9,348
      June              -12.44%      57,596     11.50%       61,318     95.77%       44,758     19.62%       11,182
      September          22.34%      70,463     23.39%       75,660     20.71%       54,027     16.18%       12,991
      December            2.19%      72,006    -13.38%       65,537     -6.65%       50,434     36.03%       17,672
      Year                9.87%                 29.94%                 185.39%                  76.72%




  Disclosure Document                                        36                                           February 28, 2011

				
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