exv10w03



 




Exhibit 10.03




	Copy Number:	_____________________
	 
	Effective Date:	_____________________
	 
	Number of Units Purchased:	_____________________
	 
	Subscription Amount:	_____________________




 


CAMPBELL TRUST



A DELAWARE BUSINESS TRUST

SUBSCRIPTION AGREEMENT



Campbell Trust

c/o Campbell & Company, Inc.

210 West Pennsylvania Avenue

Suite 770

Towson, Maryland 21204




THE OFFERING OF THESE UNITS OF BENEFICIAL INTEREST (“UNITS”) IN CAMPBELL TRUST,
A DELAWARE BUSINESS TRUST, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (“THE ACT”) OR CERTAIN STATE SECURITIES LAWS AND CANNOT BE RESOLD UNLESS
THEY ARE SUBSEQUENTLY REGISTERED UNDER THAT ACT AND SUCH LAWS, OR UNLESS AN
EXEMPTION IS AVAILABLE. THE UNITS ARE NOT TRANSFERABLE, ASSIGNABLE OR CAPABLE
OF BEING DISPOSED OF IN ANY OTHER WAY EXCEPT IN COMPLIANCE WITH THE
RESTRICTIONS ON TRANSFERABILITY CONTAINED IN THE TRUST CERTIFICATE AND TRUST
AGREEMENT, AND UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS. THE OFFERING
IS DIRECTED TO THOSE INVESTORS CAPABLE OF EVALUATING THE RISKS AND MERITS OF
THE PROPOSED TRUST PROGRAM (OR WHO HAVE BEEN ADVISED ACCORDINGLY BY AN
INDEPENDENT PURCHASER REPRESENTATIVE) AND CAN BEAR THE ECONOMIC RISK OF THE
PROPOSED INVESTMENT. NO ONE SHOULD INVEST IN THE UNITS WHO IS NOT PREPARED TO
LOSE A SUBSTANTIAL PORTION OF THE INVESTMENT.






If and when accepted by the managing operator, this Subscription Agreement
(“Agreement”) shall constitute a binding subscription for units in Campbell
Trust (the “Trust”). Each part of this Agreement must be completed by the
subscriber and by execution thereof subscriber acknowledges that the managing
operator, the Trust, and any participating broker-dealers are relying upon the
accuracy and completeness hereof in complying with their respective obligations
under applicable securities laws.




 
	 	 
	
	
	January 1, 2003	 









 


CAMPBELL TRUST SUBSCRIPTION AGREEMENT




	1.	 	Subscription Amount



     The
undersigned subscriber hereby subscribes for $______ of units
($250,000 minimum initial investment, unless the managing operator elects to
accept lesser amounts; $1,000 or more for additional investments; this $1,000
minimum will increase to $25,000 effective February 1, 2003) upon the terms and
conditions specified herein and in the Confidential Private Offering
Memorandum, as amended (“Memorandum”) and the Trust Agreement (Appendix A to
the Memorandum), which are incorporated herein by reference. Subscriber hereby
tenders a check (which must be payable to Campbell Trust) in full payment of
subscriber’s subscription. Payments made by check must be received AT LEAST
FIVE BUSINESS DAYS prior to the last business day of the month, and personal
checks must be received AT LEAST SEVEN BUSINESS DAYS prior to the last business
day of the month. If payment is being made by wire transfer, the Financial
Advisor should contact either his or her firm’s Fund Administration Department
or Campbell & Company’s Fund Administration Department for instructions.



	2.	 	Acceptance of Subscriptions



     It is understood that this subscription is subject to acceptance by the
managing operator. In the event that subscriber’s subscription is not accepted,
subscriber’s subscription payment shall be returned promptly to subscriber, and
this Agreement shall be terminated for all purposes. Subscription funds
received and accepted by the Trust will be held in a separate bank account and
will be released to the Trust for futures and forward trading at a closing each
month. No interest will be paid to subscribers on these funds.


     Confirmation of acceptance will be sent to the subscriber evidencing their
beneficial interest in Campbell Trust.



	3.  	 	Representations and Warranties of Subscriber




	 	(a)	 	Prior to the date of this Agreement, subscriber has received
and subscriber or subscriber’s designated representative has read a
copy of the Memorandum, including the Appendices thereto. The
undersigned is legally competent, and, if executing this
Subscription Agreement on behalf of an entity, is duly authorized,
to execute this Subscription Agreement.
	 
	 	(b)	 	Prior to the date of this Agreement, subscriber has received
and subscriber or subscriber’s designated representative has read a
copy of the Risk Disclosure Statements included in the Memorandum.
	 
	 	(c)	 	Subscriber understands that Campbell & Company, Inc. is both
the managing operator and the trading advisor of the Trust.
Accordingly, the Trust is subject to conflicts of interest as
described in the Memorandum under the captions “Conflicts of
Interest” and “Fiduciary Duty and Remedies of the Managing
Operator.”
	 
	 	(d)	 	Subscriber acknowledges that the managing operator, the Trust
and any participating broker-dealers are relying upon subscriber’s
representations, the Purchaser Suitability Questionnaire, and upon
the information and representations concerning subscriber in this
Agreement. Subscriber affirms that all such information is accurate
and complete and may be relied upon (i) in determining whether
subscriber is qualified to participate in this offering, (ii) for
purposes of determining the availability of an exemption from
registration for the offer and sale of the units, and (iii) as a
defense in any action relating to the Trust or the offering of
units.




      Subscriber hereby authorizes the managing operator to contact his
accountant, __________ at ________ telephone
(     )      
-               and hereby authorizes his
accountant to verify the information and representations contained in this
Agreement.



	 	(e)	 	Subscriber and/or the duly appointed representative(s) has
had the opportunity to ask questions of, and receive answers
concerning the terms and conditions of the offering, and to obtain
information necessary to verify the accuracy of the information
provided. All other information desired in connection with this
offering has been obtained. Subscriber has relied only upon such
information in determining to subscribe for units.




 
	 	 
	
	
	January 1, 2003	Page 2










 



CAMPBELL TRUST SUBSCRIPTION AGREEMENT




	 	(f)	 	Subscriber is purchasing the units for investment, for
subscriber’s own account, for no other person, and not with a view
to distribution thereof. Subscriber understands the effect of the
limitations on disposition of the units, including subscriber’s
agreement herein that the units will not be resold without
registration under the Securities Act of 1933 (the “1933 Act”) or an
exemption therefrom. Subscriber consents to implementation of such
restrictions on transfer. The Trust will not, and is not obligated
to register the units on subscriber’s behalf.
	 
	 	(g)	 	Subscriber understands that an investment in the Trust
involves a high degree of risk. Subscriber represents that under
subscriber’s present and reasonably foreseeable circumstances,
subscriber can for an indefinite period of time bear the economic
risk of investment in the units and can afford to sustain a complete
loss with respect to the purchase of such units.
	 
	 	(h)	 	If subscriber is not an individual, subscriber represents
that subscriber was not organized for the specific purpose of
acquiring the units offered in the aforementioned offering. If a
corporation, subscriber represents that its governing instruments
permit, and it is duly qualified to make this investment, and that
execution of this Agreement has been duly authorized. If a
partnership, trust, estate, association or other unincorporated
organization, subscriber represents that it has the authority to
make this investment and that its governing instruments or Bylaws
allow such investment.
	 
	 	(i)	 	Subscriber indemnifies and holds harmless the managing
operator, the Trust and any participating broker-dealers in this
offering, any person controlling one or more of these persons, and
anyone acting on their behalf, with respect to the offer and/or sale
of units to subscriber, against all liability, costs and expenses
arising out of or resulting from any misrepresentation, breach of
warranty, or breach of any covenant by subscriber contained herein
with respect to any offer, sale, distribution or other disposition
of the units or any solicitation of any offer to buy, purchase or
otherwise acquire the units subscribed for by subscriber hereunder.
This Agreement, its provisions and the representations and
warranties contained herein shall be binding upon the heirs, legal
representatives, successors and assigns of subscriber.
	 
	 	(j)	 	The tables in the Memorandum (See “Past Performance of The
Campbell Trust” and “Additional Performance Information”) reflecting
past performance of the managing operator should be read only in
connection with the notes to such tables, and should not be
interpreted to mean that the Trust will have similar results or will
realize any profits whatsoever. Subscriber understands that the
managing operator receives substantial management fees and may
receive substantial performance fees from the Trust, and subscriber
consents to payment of such fees.
	 
	 	(k)	 	The subscriber does hereby irrevocably constitute and appoint
the managing operator, and its successors and assigns, as the
subscriber’s true and lawful Attorney-in-Fact, with full power of
substitution, in the subscriber’s name, place and stead, to: (i)
file, prosecute, defend, settle or compromise litigation, claims or
arbitrations on behalf of the Trust; (ii) make, execute, sign,
acknowledge, swear to, deliver, record and file any documents or
instruments, which may be considered necessary or desirable by the
managing operator to carry out fully the provisions of the Trust
Agreement; (iii) to execute one or more further Subscription
Agreements on its behalf between the Trust, the managing operator
and any person being admitted by the managing operator to the Trust
as a unitholder (or such other parties as may be appropriate) in
such form and on such
terms and conditions as the managing operator or other person
appointed hereby considers in its, his or her absolute discretion
necessary or appropriate, including reference to the Trust
Agreement and the novation thereof and agreeing and covenanting
with such person on behalf of the subscriber that the subscriber
will from the effective date of such Subscription Agreement or
Agreements comply with and observe the terms of the Trust
Agreement, including, without limitation, those (if any) necessary
or desirable to effect the subscriber’s admission as a unitholder;
and (iv) to perform all other acts contemplated by the Trust
Agreement or as are necessary or convenient to the operation of the
Trust. This Power of Attorney shall be deemed to be coupled with an
interest and shall be irrevocable and survive and not be affected
by the subscriber’s subsequent death, incapacity, disability,
insolvency or dissolution or any delivery by the subscriber of an
assignment of the whole or any portion of the subscriber’s units.




 
	 	 
	
	
	January 1, 2003	Page 3










 



CAMPBELL TRUST SUBSCRIPTION AGREEMENT




	 	(l)	 	By execution of this Agreement, subscriber certifies under
penalties of perjury that (i) the number shown in this Agreement as
subscriber’s Social Security or Taxpayer Identification Number is
correct, and (ii) that subscriber is not subject to backup
withholding either because subscriber has not been notified by the
IRS that subscriber is subject to backup withholding as a result of
a failure to report all interest or dividends, or because the IRS
has notified subscriber that subscriber is no longer subject to
backup withholding. Subscriber agrees to strike out the language in
(ii) above if subscriber is unable to make this certification.
	 
	 	(m)	 	Benefit Plan Investors. The Memorandum states that the
managing operator may limit investment by “benefit plan investors”
to less than 25% of the total capital of each class of equity
interests of the Trust (not including investments by the managing
operator, certain other persons and their affiliates). To help the
managing operator determine whether investment by the undersigned is
included in the 25% limitation, the undersigned has checked the box
designated — “Employee Benefit Plan” — under the “ENTITY OWNERSHIP”
section of the Execution Page for Subscription by an Entity if the
subscriber is a benefit plan investor. The undersigned, if not a
benefit plan investor, as described below, on the date this
Subscription Agreement is signed, agrees to notify the managing
operator immediately if the undersigned becomes a benefit plan
investor. The term “benefit plan investor” refers to (i) any
“employee benefit plan,” as defined in the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), regardless of
whether it is subject to ERISA, (ii) any plan as defined in Section
4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
regardless of whether it is subject to Section 4975 of the Code, and
(iii) any entity deemed for any purpose of ERISA or Section 4975 of
the Code to hold assets of any such employee benefit plan or plan
due to investments made in such entity by such employee benefit
plans and plans. Benefit plan investors include, but are not limited
to, corporate pension and profit sharing plans, “simplified employee
pension plans,” KEOGH plans for self-employed individuals (including
partners), individual retirement accounts, medical benefit plans,
life insurance plans, church plans, governmental plans, foreign
plans, bank commingled trust funds for such plans and accounts,
insurance company separate accounts for such plans and accounts,
and, under certain circumstances, all or a portion of the general
account of an insurance company.
	 
	 	(n)	 	ERISA Accounts. If the undersigned is acting on behalf of
an “employee benefit plan” as defined in and subject to ERISA, or a
“plan” as defined in Section 4975 of the Code (a “Plan”), the
individual signing this Subscription Agreement on behalf of the
subscriber, hereby further represents and warrants as, or on behalf
of, the fiduciary of the Plan responsible for purchasing units (the
“Plan Fiduciary”) that: (a) the Plan Fiduciary has considered an
investment in the Trust in light of the risks relating thereto; (b)
the Plan Fiduciary has determined that, in view of such
considerations, an investment in the Trust is consistent with the
Plan Fiduciary’s responsibilities under ERISA; (c) the Plan’s
investment in the Trust does not violate and is not otherwise
inconsistent with the terms of any legal document constituting the
Plan or any trust agreement thereunder; (d) the Plan’s investment in
the Trust has been duly authorized and approved by all necessary
parties; (e) none of the managing operator, ABN AMRO Incorporated,
ABN AMRO Bank, N.V., Chicago Branch, Mercantile Safe Deposit & Trust
Company, LaSalle Bank, N.A., any selling agent, any of their
respective affiliates or any of their respective agents or
employees: (i) has investment discretion with respect to the
investment of assets of the Plan used to purchase the units; (ii)
has authority or responsibility to or regularly gives investment
advice with respect to the assets of the Plan used to purchase the
units for a fee and pursuant to an agreement or understanding that
such advice will serve as a primary basis for investment decision
with respect to the Plan and that such advice will be based on the
particular investment needs of the Plan; or (iii) is an employer
maintaining or contributing to the Plan; (f) the Plan Fiduciary (i)
is authorized to make, and is responsible for, the decision to
invest in the Trust, including the determination that such
investment is consistent with the requirement imposed by Section 404
of ERISA that plan investments be diversified so as to minimize the
risks of large losses, (ii) is independent of the managing operator,
ABN AMRO Incorporated, ABN AMRO Bank, N.V., Chicago Branch,
Mercantile Safe Deposit & Trust Company, LaSalle Bank, N.A., each
selling agent and each of their respective affiliates, and (iii) is
qualified to make such investment decision; and (g) taking into
account the following factors, and all other factors relating to the
Trust, the undersigned has concluded that investment in the Trust
constitutes an appropriate part of the Plan’s overall





 
	 	 
	
	
	January 1, 2003	Page 4










 



CAMPBELL TRUST SUBSCRIPTION AGREEMENT




	 	 	 	investment program: (i) there is a substantial risk of a complete
loss of the Plan’s investment; (ii) an investment in the Trust will
be illiquid, except for certain redemption rights; (iii) the Trust
may permit the aggregate investments by benefit plan investors to
be twenty-five percent (25%) or more of any class of equity
interest of the Trust, in which case the assets of the Trust will
for purposes of ERISA and Section 4975 of the Code be deemed assets
of the Plans on whose behalf investments in the Trust are made; and
(iv) funds invested in the Trust will not be readily available for
the payment of employee benefits under the Plan. The undersigned
further represents and warrants that (a) the trustee of the Plan
will hold the Plan’s units in trust, unless not required by ERISA;
(b) the Plan fiduciary consents to the payment of fees to the
managing operator and has determined that the arrangement for
services by, and the fees to be paid to, the managing operator are
reasonable and the services to be performed by the managing
operator are appropriate and helpful to the Plan, all within the
meaning of Section 408(b)(2) of ERISA and Section 4975(d)(2) of the
Code; and (c) the undersigned consents on behalf of the Plan to and
authorized the operation of the Trust as described in the Trust’s
Confidential Private Offering Memorandum and Disclosure Document.
The undersigned will notify the managing operator, in writing, of
(a) any termination, substantial contraction, merger or
consolidation of the Plan, or transfer of its assets to any other
plan; (b) any amendment to the Plan or any related instrument which
materially affects the investments of the Plan or the authority of
any fiduciary to authorize Plan investment; and (c) any alteration
in the identity of any fiduciary including the undersigned, who has
the authority to approve Plan investments. The undersigned will,
at the request of the managing operator, furnish the managing
operator with such information as the managing operator may
reasonably require to establish that the purchase of the units by
the Plan and the transactions to be entered into by the Trust and
the holding of any investment by the Trust do not violate any
provision of ERISA or the Code, including without limitation, those
provisions relating to “prohibited transactions” by “parties in
interest” or “disqualified persons” as defined therein.
	 
	 	(o)	 	Party in Interest/Disqualified Person Status — Plans Subject
to ERISA.  If the subscriber is a Plan that is subject to ERISA, the
undersigned has determined, after investigating the Plan’s service
providers, that ABN AMRO Bank, N.V., Chicago Branch is not a
fiduciary with respect to the Plan and, other than being a service
provider to the Plan or having a relationship to a service provider
to the Plan, is not otherwise a “party in interest” (as such term is
defined in Section 3(14) of ERISA) or a “disqualified person” (as
such term is defined in Section 4975(e)(2) of the Code) with respect
to the Plan. The undersigned agrees and covenants that ABN AMRO
Bank, N.V., Chicago Branch will not while the Plan holds units
become a fiduciary to the Plan.
	 
	 	(p)	 	Disqualified Person Status — Plans Subject to Section 4975 of
the Code.  If the subscriber is a Plan that is subject to Section
4975 of the Code, but is not subject to ERISA, the undersigned has
determined, after investigating the Plan’s service providers, that
ABN AMRO Bank, N.V., Chicago Branch is not in any respect a
“disqualified person” (as such term is defined in Section 4975(e)(2)
of the Code) with respect to the Plan. The undersigned agrees and
covenants that ABN AMRO Bank, N.V., Chicago Branch will not while
the Plan holds units become a disqualified person with respect to
the Plan.
	 
	 	(q)	 	Insurance Company Accounts.  If the subscriber is using the
assets of an insurance company general account to purchase the
units, the undersigned hereby represents and warrants that the
percentage of such assets used to purchase the units that represents
plan assets does not exceed the following percentage:
	 
	 	 	 	____________________%
	 
	 	 	 	The undersigned agrees to immediately notify the managing operator if the
above number changes.




 
	 	 
	
	
	January 1, 2003	Page 5










 



CAMPBELL TRUST SUBSCRIPTION AGREEMENT




	4.	 	Acceptance of Trust Agreement



     Subscriber agrees that as of the date of the acceptance of subscriber’s
subscription funds by the Trust, subscriber shall become a unitholder, and
subscriber hereby agrees to each and every term of the Trust Agreement as if
subscriber’s signature were subscribed thereto. By execution of this
Subscription Agreement, and the power of attorney set forth herein, subscriber
agrees that subscriber shall be deemed to have executed the Trust Agreement.


FOR GEORGIA INVESTORS ONLY



     THE UNITS WILL BE SOLD IN RELIANCE ON THE EXEMPTION FROM SECURITIES
REGISTRATION CONTAINED IN PARAGRAPH 13 OF CODE SECTION 10-5-9 OF THE GEORGIA
SECURITIES ACT OF 1973, AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN A
TRANSACTION WHICH IS EXEMPT FROM SUCH ACT OR PURSUANT TO AN EFFECTIVE
REGISTRATION UNDER SUCH ACT.


This Agreement shall be governed by the internal laws of the State of Maryland.



 
	 	 
	
	
	January 1, 2003	Page 6










 


CAMPBELL TRUST SUBSCRIPTION AGREEMENT




 

Executed this
__________ day of __________, ____.





INDIVIDUAL PURCHASERS:



	 	 	 	 	 
	 



Print Name (first)	 	 	 	 



Signature (first)
	 
	 



Print Name (second)	 	 	 	 



Signature (second)
	 
	          If a joint subscription, please indicate:	 	
o     Tenants in Common

o     Joint Tenancy with Right of Survivorship

o     Tenants in Entirety

o     Community Property




ENTITY PURCHASERS:


	 	 	 	 
	By:	 	 
	 	


Print Name of Entity	 	


Signature/Title




     If purchaser is a trust or partnership, please attach a copy of the trust instrument or partnership
agreement or, in lieu of that, an opinion of counsel that the trust or partnership has authority to purchase
units of the partnership. If the purchaser is a corporation, please attach a certified corporate resolution
authorizing signature. If the purchaser is an estate, please attach appropriate authorization documents.


SELECT EITHER “A”
OR “B”:




	 	 	 	 	 
	o	 	
A.
	 	Please debit my
brokerage account $ ____________ for payment of my subscription.
	 
	 	 	 	 	ACCOUNT # ________________________
	 
	o	 	B.
	 	To pay for the
subscription, purchaser herewith encloses the sum of $______ (make check
payable to “Campbell Trust”). Payments made by check must be received AT
LEAST FIVE BUSINESS DAYS prior to the last business day of the month, and
personal checks must be received AT LEAST SEVEN BUSINESS DAYS prior to the
last business day of the month



PURCHASER(S):





	 	 	 
	Taxpayer ID Number or Social Security Number:	 	

	 
	Home Telephone Number:	 	

	 
	Business Telephone Number:	 	

	 
	Fax Number:	 	

	 
	Primary Residence/Location (No P.O. Boxes):	 	

	 
	Previous Residence/Location (If at Primary

Residence/Location for less than five years):	 	

	 
	Mailing Address (If different from

Primary Residence/Location):	 	

	 	 	 







 
	 	 
	
	
	January 1, 2003	Page 7










 



CAMPBELL TRUST SUBSCRIPTION AGREEMENT



ADDITIONAL INFORMATION FOR IRA & KEOGH/SEP ACCOUNT:



	 	 	 
	Custodian’s Name:	 	

	 
	Custodian’s Mailing Address:	 	

	 	 	 



	 
	Custodian’s Tax ID Number:	 	

	 
	Custodian’s Telephone Number:	 	




TO BE COMPLETED BY THE SELLING AGENT (Account Executive — Please Print):



	 	 	 
	Name:	 	

	 
	Broker/Dealer:	 	

	 
	Address:	 	

	 
	Phone Number:	 	

	 
	Account Executive #:	 	

	 

 
	
Account Executive Signature	 	
Office Manager Signature (if required)




 
	 	 
	
	
	January 1, 2003	Page 8










 



CAMPBELL TRUST SUBSCRIPTION AGREEMENT


CAMPBELL TRUST

A DELAWARE BUSINESS TRUST


CONFIDENTIAL PURCHASER QUESTIONNAIRE


INVESTORS MUST ANSWER EACH QUESTION UNLESS DIRECTED TO PROCEED TO A LATER

SECTION. INCOMPLETE QUESTIONNAIRES WILL BE RETURNED AND MAY CAUSE DELAYS IN

THE INVESTMENT.


     Units of beneficial interest (the “units”) are being offered in Campbell
Trust (the “Trust”), a Delaware business trust, to a limited number of
accredited investors pursuant to the Trust’s Offering Memorandum.


     Before you may purchase units, the Trust’s managing operator, Campbell &
Company, Inc. (the “managing operator”), must be reasonably satisfied that you
have such knowledge and experience in financial and business matters that you
are capable of evaluating the risks and merits of investing in the Trust. This
questionnaire is designed to enable the managing operator to make that
determination.


     The managing operator will maintain the confidentiality of all information
disclosed by you, except as is necessary to provide such information to a
regulatory body.


     BECAUSE THE MANAGING OPERATOR WILL RELY ON YOUR ANSWERS IN ORDER TO COMPLY
WITH FEDERAL AND STATE LAWS, YOU MUST CAREFULLY ANSWER EACH QUESTION.
PURCHASERS CAN BE HELD LIABLE FOR ANY MISSTATEMENT OR OMISSION IN THIS
QUESTIONNAIRE.


     Please print or type.  Answer every question. Insert “Not Applicable” or
“NA” if a question does not apply to you. Attach separate sheets if the space
given for any answer is insufficient.



	 	 	 	 	 
	Form of Ownership (check one)	 	Purchaser’s Instructions (complete)
	
	 	

	o     Individual

o     Joint Account

o     IRA
	 	Part I (page 10); Part III (page 13); Part

IV (page 14); Part VI (page 15)
	 
	o     Corporation*

o     Partnership*

o     Revocable Trust*

o     Irrevocable Trust*

o     Estate*

o     Keogh/SEP

o     Pension Plan*

o     Tax-Exempt Trust*

o     Taxable Trust*
	 	Part II (page 11); Part III (page 13); Part

IV (page 14); Part VI (page 15)




		
	 	(*Appropriate authorization documents must accompany subscription, i.e.,
trusts, pension, estate, corporate documents.)



 
	 	 
	
	
	January 1, 2003	Page 9










 



     PART I. TO BE COMPLETED BY PURCHASERS WHO ARE INDIVIDUALS



	1.	 	Subscriber’s Name:
_____________________________________________________________________(Age): _________________
	 
	 	 	Joint Subscriber’s Name (if
applicable): ___________________________________________________________________________
	 
	2.	 	Name of Subscriber’s Employer
or Business:
_______________________________________________________________________
	 
	 	 	Nature of Business:
___________________________________________________________________________________________
	 
	 	 	Position/Title:
_______________________________________________________________________________________________
	 
	 	 	Length of Time in Position:
_____________________________________________________________________________________
	 
	 	 	Business Address:
____________________________________________________________________________________________
	 
	 	 	                              _____________________________________________________________________________________________
	 
	3.	 	Do you, and any joint subscriber(s), intend to purchase the units solely for your own account?
	 
	 	 	
o   Yes      
o   No

	 
	 	 	
If not, please indicate who else would have a direct or indirect interest
in the units to be purchased and describe such interest:
 

 






	 
	4.	 	Are you:




	 	(a)	 	An individual whose individual income exceeds $200,000 (or
joint income with spouse exceeds $300,000) in each of the last
two years and who reasonably expects his individual income to
be in excess of $200,000 in the current year?
	 
	 	 	 	oYes                  o   No
	 
	 	(b)	 	An individual whose individual net worth, or joint net worth with your spouse, exceeds $1,000,000 as of the date hereof (net
worth includes home and personal property)?



                        o   Yes               o   No




	 	 	You must be able to answer “Yes” to one of the above questions in order
to subscribe to the Trust.	 




	5.	 	 List any college or graduate
degrees:
________________________________________________________________________
	 
	 	 	
Describe any previous employment or experience in financial and
business matters generally or the futures markets specifically:
 

 






	 



 
	 	 
	
	
	January 1, 2003	Page 10














 



CAMPBELL TRUST SUBSCRIPTION AGREEMENT



PART I. TO BE COMPLETED BY PURCHASERS WHO ARE INDIVIDUALS – (Continued)



	6.	 	Investment Experience:
	 
	 	 	Describe your previous investment experience:





	 	(a)	 	Frequency of your investments in commodities:




	 	 	 	 	 	 	 
	o   Often	 	
o   Occasionally
	 	o   Seldom
	 	o   Never




	 	(b)	 	Frequency of your investment in marketable securities:




	 	 	 	 	 	 	 
	o   Often	 	
o   Occasionally
	 	o   Seldom
	 	o   Never




	 	(c)	 	Frequency of your investments in securities that are not
readily marketable:




	 	 	 	 	 	 	 
	o   Often	 	
o   Occasionally
	 	o   Seldom
	 	o   Never




	 	(d)	 	Indicate the types of investments in which you have
participated:




		
	 	     o   Limited partnerships investing in commodities.
	 
	 	     o   Limited partnerships investing in other investments.
	 
	 	     o   Private placements of securities sold in reliance
upon the non-public offering exemption from registration under
the Act.
	 
	 	     o   Other investments.




	7.	 	What is the:




	 	(a)	 	Source of Funds for this
Investment: __________________________________________________________________
	 
	 	(b)	 	Reason for Investment:
_____________________________________________________________________________



PART II. TO BE COMPLETED BY PURCHASERS WHICH ARE ENTITIES



	1.	 	Name of
Entity:

 

	 
	2.	 	Nature of Business:

 

	 
	 	 	State of incorporation or
organization:
____________________________________________________________________
	 
	3.	 	Are you:
	 
	 	 	
o   A revocable grantor trust whose grantor is a
person that is:



	 
	 	 	
o (a)   A natural person whose individual net
worth, or joint net worth with spouse, exceeds $1 million
at the time of purchase. (In this instance, the term “net
worth” means the excess of assets at fair market value,
including home and personal property, above total
liabilities, including mortgages and income taxes on
unrealized appreciation of assets.)

	 
	 	 	
o (b)   A natural person who has individual
income of more than $200,000 in each of the two most recent
years, or joint income with that person’s spouse of more
than $300,000, and reasonably expects to reach the same
income level in the current year.

	 
	 	 	
o   A trust (other than an IRA or a revocable grantor
trust) having total assets of more than $5 million, not formed
for the specific purpose of acquiring the units offered
hereby, whose purchase is directed by a person who has such
knowledge and experience in financial and business matters
that he is capable of evaluating the merits and risks of an
investment in the units.






 
	 	 
	
	
	January 1, 2003	Page 11










 






CAMPBELL TRUST SUBSCRIPTION AGREEMENT



PART II.  TO BE COMPLETED
BY PURCHASERS WHICH ARE ENTITIES – (Continued)




	 	 	 	
o   A bank (as defined in Section 3(a)(2) of the
Securities Act), a savings and loan association, or other
institution (as defined in Section 3(a)(5)(A) of the
Securities Act), acting in an individual or fiduciary
capacity, including as a credit union or other institution
whose account is insured by the National Credit Union
Administration.


	 
	 	 	 	

o   A broker and/or dealer registered under Section
15 of the Securities Exchange Act of 1934, as amended.


	 
	 	 	 	
o   A business development company (as defined in
Section 2(a)(48) of the Investment Company Act of 1940).


	 
	 	 	 	
o   A private business development company (as
defined in Section 202(a)(22) of the Investment Advisers Act
of 1940).

	 
	 	 	 	
o   A corporation, Massachusetts or similar business
trust, or partnership, not formed for the specific purpose of
acquiring the units offered hereby, with total assets of more
than $5 million.

	 
	 	 	 	
o   One of the following:


	 
	 	 	 	
o   (a)  An employee benefit plan established
and maintained by a state, its political subdivisions, or
any agency or instrumentality of a state or its political
subdivisions, which has total assets of more than $5
million.

	 
	 	 	 	
o   (b)  An employee benefit plan within the
meaning of the Employee Retirement Income Security Action
of 1974 (“ERISA”) whose investment decision is made by a
plan fiduciary (as defined in Section 3(21) of ERISA),
which is a bank, a savings and loan association, an
insurance company, or a registered investment adviser.


	 
	 	 	 	
o   (c)  An employee benefit plan within the
meaning of the ERISA which has total assets of more than $5
million.


	 
	 	 	 	
o   A self-directed employee benefit plan within the
meaning of ERISA, whose investment decisions are made solely
by a person(s) that is:


	 
	 	 	 	
o   (a)  A natural person whose individual net
worth, or joint net worth with spouse, exceeds $1 million
at the time of purchase.

	 
	 	 	 	o   (b)  A natural person whose individual
income of more than $200,000 in each of the two most recent
year, or joint income of more than $300,000 when income of
that person’s spouse is taken into account, and reasonably
expects to reach the same income level in the current year.

	 
	 	 	 	
o   An insurance company (as defined in Section 2(13) of the Securities Act).

	 
	 	 	 	
o   An investment company registered under the Investment Company Act of 1940.


	 
	 	 	 	
o   A tax-exempt organization described in Section
501(c) of the Code with total assets of more than $5 million.

	 
	 	 	 	
o   A Small Business Investment Company (licensed by
the United States Small Business Administration under Section
301(c) or (d) of the Small Business Investment Company Act of
1958).


	 
	 	 	 	
o   Another entity ALL of whose equity owners are
accredited investors meeting one of the foregoing categories.
Type of entity: __________________.

	 
	 	 	 	
       (Please note that a trust may not qualify as an accredited
investor under this definition.) If you check this box, please
duplicate this Questionnaire and have each equity owner complete
and submit such questionnaire with the entity’s subscription
documents.





 
	 	 
	
	
	January 1, 2003	Page 12










 




CAMPBELL TRUST SUBSCRIPTION AGREEMENT



     PART
III.  TO BE COMPLETED BY ALL PURCHASERS


     To be completed by all subscribers. If an entity, then complete one for
each owner with 25% or more ownership:


Date of Birth:
____________________________________


Place of Birth: ____________________________________


Nationality/Citizenship: _____________________________


Passport # or National ID #: __________________________


(Must be accompanied by a photocopy of the passport or ID, signed by the
individual at the firm who reviewed the document.)



 
	 	 
	
	
	January 1, 2003	Page 13










 


CAMPBELL TRUST SUBSCRIPTION AGREEMENT



PART IV.  REPRESENTATIONS
(All subscribers must complete)



     I acknowledge that the managing operator will be relying upon the
information I have furnished in this Questionnaire in determining, among other
things, whether there are reasonable grounds to believe that I qualify as an
accredited investor under Rule 501 under the Securities Act or otherwise
qualify as a suitable investor under federal and state securities laws. To the
best of my information and belief, the information I have supplied is complete
and correct, and I represent and warrant to the managing operator as follows:






____(initial)    (1)   The answers to the above questions are complete and
correct and may be relied upon by the managing operator
in determining whether this offering in which I propose
to participate will be exempt from registration under
applicable securities laws.






____(initial)    (2)   Prior to receiving notice of the managing operator’s
acceptance of my subscription, I will notify the managing
operator immediately of any material change in any
information I have furnished in this Questionnaire.






____(initial)    (3)   I personally (or with my Purchaser Representative, if
any) have sufficient knowledge and experience in
financial and business matters to evaluate the merits and
risks of an investment in the Trust.






____(initial)    (4)   I am able to bear the economic risk and lack of liquidity
of an investment in the Trust, and at the present time
could afford a complete loss of such investment;






____(initial)    (5)   After receiving notice of the managing operator’s
acceptance of my subscription, I will immediately advise
the managing operator in writing of any material change
in the information I have supplied in this Questionnaire,
and I will provide at any time any additional information
the managing operator may reasonably request concerning
the information I have supplied in this Questionnaire.




INDIVIDUAL PURCHASERS



	 	 	 
	
Print Name (first)	 	

Signature (first)
	 
	

Print Name (second)	 	

Signature (second)
	 
	Date:
	 	 
	 
	ENTITY PURCHASERS	 	 
	 
	By:
                                    Print Name of Entity	 	

Signature/Title
	 
	Date:
	 	 




PART V.  PURCHASER
REPRESENTATIVE



     If you are relying upon an adviser (“Purchaser Representative”) such as a
lawyer, accountant or other investment adviser to advise you in deciding
whether to invest in the Trust, furnish the Purchaser Representative’s name and
other information below. It may be necessary for the Purchaser Representative
to complete a Questionnaire in connection with this offering.



	Name:	 
	 	

	 
	Profession:
	 	

	 
	Address:
	 	

	 
	Telephone:	( _____ ) ________ - ________________________




 
	 	 
	
	
	January 1, 2003	Page 14










 


CAMPBELL TRUST SUBSCRIPTION AGREEMENT



PART VI.  ACKNOWLEDGEMENT
OF RECEIPT OF DISCLOSURE DOCUMENT



ALL SUBSCRIBERS MUST COMPLETE


Campbell Trust

210 West Pennsylvania Avenue

Suite 770

Towson, Maryland 21204


RE: Acknowledgement of Receipt of the Offering Memorandum of Campbell Trust


Sir/Madam:


     This is to acknowledge that I have received a copy of the Offering
Memorandum of the Campbell Trust dated January 1, 2003 describing the
investment allocation program pursuant to which my account will be directed,
including the Risk Disclosure Statement.


	 	 	 
	 



Print Name (first)	 	
 



Print Name (second)
	 
	 



Signature (first)	 	
 



Signature (second)
	 
	 



Date (first)	 	
 



Date (second)





 
	 	 
	
	
	January 1, 2003	Page 15