exv10w8






Exhibit 10.8




INVESTMENT ADVISORY AGREEMENT




Between: Dated: July 8, 2009






Horizon Cash Management L.L.C. (“Horizon”)




and




Campbell Strategic Allocation Fund Limited Partnership (the “Client”)




Horizon and the Client hereby agree as follows:




     1. Investment Advisory Services; Discretionary Authority. The Client hereby
agrees to open a trust account and deposit funds with the Custodian referred to in
Paragraph 2, such funds will be used to purchase securities and other obligations
consistent with the investment objectives and guidelines contained in Appendix 1
hereto. Horizon shall have the sole power and discretion with respect to the purchase of any
such securities or obligations and with respect to the authorization and execution of
transactions for the account of the Client within the classifications of securities or
obligations and pursuant to the investment objectives and guidelines contained in
Appendix 1 hereto until Horizon receives written notice of termination from the
Client.



     2. Custody. All funds and securities in the Client’s account will be held by
The Northern Trust Company, as custodian (the “Custodian”), pursuant to a Custody
Agreement, a copy of which has been provided to Horizon, unless the Client designates a
different custodian and provides Horizon with a limited power of attorney and a copy of the
relevant Custody Agreement.



     3. Ownership. Horizon shall neither own nor have any interest in securities or
funds deposited into the account of the Client under this Agreement. All funds and
securities deposited and held at the Custodian shall be held for the benefit of the Client
and shall be the property of the Client and not Horizon.



     4. Investment Objectives. Horizon will be available to consult with the Client
with respect to the investment objectives and needs of the Client.



     5. Non-Exclusivity. The Client understands and agrees that nothing herein shall
restrict the ability of Horizon or any of its principals, employees or affiliates to engage
in any transactions for its (or their) own account and for the account of others. The
performance of such services for others shall not be deemed to violate or give rise to any
duty or obligation to the Client.



     6. Allocation. Horizon will act in a fair and reasonable manner in allocating
suitable investments among the Client’s account and all other accounts advised by Horizon or



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any of its affiliates, but the Client acknowledges that equality of treatment cannot be
assured in all situations.




     7. Management Fee. The Client agrees to pay Horizon an annualized fee based on
the percentage of the principal amount of the Client’s assets under management by Horizon,
computed and accrued on the daily balance maintained in the account by the Client. The
percentage is determined by the following scale:



	 	 	 	 	 
	Assets Under Management	 	Tiered Management Fee	 
	First $200,000,000
	 	 	.12	%
	Next $100,000,000
	 	 	.10	%
	Next $200,000,000
	 	 	.08	%
	Next $500,000,000
	 	 	.06	%
	Anything Over $1,000,000,000
	 	 	.04	%






Horizon shall send to the Client on a monthly basis an invoice which shows the amount of the
management fee, the principal amount of assets on which such fee was based and the specific
manner in which the fee was calculated. The Client reserves the right to use the average
daily market value provided by the Custodian to confirm the accuracy of Horizon’s fees and
may be used as the final determinant of payment amount. The invoice is payable within 10
business days of receipt and the Client will notify Horizon within five business days after
receipt of the statement of any objections or exceptions.




     8. Other Fees and Expenses. Custodial fees and related securities transaction
fees will be paid directly by the Client.



     9. Withdrawals; Pledges; Hypothecation. It is understood and agreed that the
Client shall be able to withdraw all or any part of the funds on deposit with the Custodian
or add additional funds thereto upon notice to Horizon, subject to the specific notice
guidelines established by Horizon as may be in effect from time to time. Horizon is
authorized to receive and act upon instructions from the persons named in Appendix 2
hereto as authorized representatives of the Client (“Authorized Representatives”) which
Horizon, in good faith, believes to have been provided by such persons. The Client may add
or delete Authorized Representatives upon written notice to Horizon. The Client retains the
right to pledge or hypothecate the assets subject to the receipt by Horizon of a notification
agreement satisfactory to Horizon.



     10. Reports and Other Documentation. Horizon shall furnish the Client daily and
monthly reports described in Horizon’s Form ADV, Part II and such other reports as are agreed
to between Horizon and the Client. The Client understands and agrees that, given the
relatively short-term nature of the securities utilized by Horizon, Horizon’s reports to the
Client will list securities held by the Client at cost plus accrued interest rather than
market value. The Client



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acknowledges that market values of fixed-income securities fluctuate with changes in interest
rates and thus that market value may be higher or lower from time to time than the cost plus
accrued interest reported by Horizon. Horizon will furnish to the Client the market value of
any security held in the Client’s account upon reasonable request. The Client hereby
revocably waives the receipt of all documents such as prospectuses, periodic shareholder
reports, proxy materials, and any other information and disclosure relating to the securities
held in the Client’s account which may be required to be delivered to the Client by
applicable laws or regulations, and authorizes Horizon and/or the Custodian to receive such
documents on behalf of the Client.. Furthermore, the Client hereby revocably waives receipt
of individual transaction confirmations and authorizes and directs Horizon to instruct all
brokers and dealers executing orders for the Client to forward confirmations of those
transactions to Horizon and/or the Custodian. The Client will rely on periodic reports from
Horizon to keep informed of the status of the Client’s account. If the Client wishes, the
Client may revoke or modify this decision at any time by providing written notice to Horizon.
Following such notice, Horizon will instruct the brokers and dealers executing orders for
the Client’s account to send the Client individual transaction confirmations and such other
information required by the Client.




     11. Risk; No Assurance of Profits. The Client shall bear all risk of gain or
loss in its account. No assurance can be given that Horizon’s advice will result in profits
for the Client or that the Client will not incur losses.



     12. Limitation of Liability. Except as a direct result of Horizon’s negligence,
malfeasance or violation of this agreement or applicable law, neither Horizon nor any of its
principals, employees, agents or affiliates shall be liable to the Client for any loss, cost,
damage, expense, fine or penalty occasioned by any act or omission or error of judgment of
Horizon or any of its principals, employees, agents or affiliates in connection with the
performance of services hereunder. Furthermore, Horizon shall neither be responsible for
delays in the transmission nor execution of instructions due to breakdown or failure of
transmission or communication facilities, or to any other cause of causes beyond its
reasonable control or anticipation. Horizon shall not be responsible for any loss, damage,
expense or claim arising from any act of omission of the Custodian (or any replacement
custodian) or any broker, dealer or bank in connection herewith chosen in a commercially
reasonable manner. Notwithstanding the foregoing, the federal securities laws impose
liabilities under certain circumstances on persons who act in good faith and nothing herein
shall in any way constitute a waiver or limitation of any rights which the Client might have
under any federal securities laws.



     13. Indemnification. The Client shall indemnify and hold harmless Horizon and
its principals, employees, agents and affiliates against all losses, costs, damages, expenses
(including attorneys’ fees), fines or penalties (“Losses”) arising out of or relating to this
Agreement or the services performed hereunder, unless such Losses directly arise out of or
result from negligence, malfeasance or a violation of this agreement or applicable law on the
part of Horizon or its principals, employees, agents or affiliates.



     14. Independent Contractor. For all purposes of this Agreement, Horizon shall
be an independent contractor and not an employee or dependent agent of the Client; nor shall anything herein be construed as making the Client a partner or co-venturer with Horizon or
any of its



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other clients. Except as provided in this Agreement, Horizon shall not have any
authority to bind, obligate or represent the Client.




     15. Ownership of Advice; Confidentiality. All investment advice furnished by
Horizon to the Client or for the Client’s benefit shall remain property of Horizon, shall be
treated as confidential by the Client and shall not be used by the Client or disclosed to
third parties, except as required in connection with the operation of the Client’s account or
as required by law or by demand of any regulatory or self-regulatory authority.



     16. Termination. The Agreement may be terminated by either party upon thirty
(30) days prior written notice to the other party.



     17. Representations. Each party hereby represents that it is duly authorized
and empowered to execute, deliver and perform this Agreement, that such action does not
conflict with or violate any provision of law, rule or regulation, contract, deed of trust or
other instrument to which it is a party or to which any of its property is subject, and that
this Agreement is its valid and binding obligation enforceable in accordance with its terms.
The Client shall provide to Horizon, upon request, satisfactory evidence of its authority to
enter into this Agreement and the signatory’s authority to execute this Agreement on the
Client’s behalf.



     18. Additional Representations of the Client. The Client represents that it has
such financial resources and investment experience and knowledge in financial, investment and
business matters that it is capable of evaluating the risks and merits of participating in
Horizon’s investment program. The Client represents that it understands the nature and risks
of Horizon’s investment approach, is satisfied that it has received adequate information and
opportunities to ask questions of and receive clarification from Horizon on all matters it
considers material to its engagement of Horizon and has relied solely on Horizon’s Form ADV
Part II and independent investigation made by it in determining to engage Horizon. The
Client further represents that investment objectives and guidelines contained in Appendix
1 are in accordance with applicable law, the Client’s constitutional documents, and all
applicable restrictions on the Client.



     19. Receipt of Form ADV, Part II. The Client acknowledges receipt of Horizon’s
current Form ADV, Part II at least 48 hours prior to entering into this Agreement.



     20. Authorization. The Client hereby agrees to execute and authorizes Horizon
to execute any documents, including but not limited to repurchase agreements, broker/dealer
account agreements, limited powers of attorney and account agreements with the Custodian (or
any replacement custodian), which are deemed by Horizon to be necessary for the consummation
of the transactions contemplated herein.



     21. Disclosures Regarding Horizon. Attached hereto as Appendix 3 is
disclosure regarding Horizon which has been approved for use in the Client’s offering
memoranda, listing particulars and similar marketing materials. The Client agrees not to
make any disclosures regarding Horizon that are materially different from or inconsistent
with the disclosures in Appendix 3 without the prior written approval of Horizon. The Client
acknowledges that Horizon shall not be liable for any disclosures made by the Client other



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than those set forth in Appendix 3 or otherwise approved in writing in advance of use
by the Client.




     22. Notices. Any communications or notices provided for in this Agreement shall
be sent in writing to a party at the following address or such other address as notified in
writing by such party: in the case of Horizon, Horizon Cash Management L.L.C., 325 West
Huron, Suite 808, Chicago, Illinois 60610, Attention: Pauline Modjeski, Facsimile No.:
312/335-8501; and in the case of the Client, the address set forth in Appendix 2.
All communications or notices sent to such addresses or telecommunication numbers (or as
otherwise directed by the parties by notice hereunder) shall be effective upon receipt.



     23. Scope; Assignment. The provisions of this Agreement shall be continuous and
shall cover individually and collectively all accounts which the Client now maintains or may
in the future open or reopen with Horizon, and shall inure to the benefit of Horizon and its
successors and assigns and shall be binding upon the Client and the estate, executors,
administrators, successors and assigns of the Client; provided, however, that no assignment
(as that term is defined in Section 202(a)(1) of the Investment Advisers Act of 1940) of this
Agreement shall be made by Horizon without the consent of the Client.



     24. Force Majeure. Neither party shall be liable for any delay or failure to
perform its obligations hereunder if such delay or failure is caused by an unforeseeable
event beyond the reasonable control of a party.



     25. Amendment; Waiver. Except as otherwise expressly provided herein, this
Agreement shall not be amended, nor shall any provision of this Agreement be considered
modified or waived, unless evidenced in writing signed by the party to be charged with such
amendment, waiver or modification. A waiver on one occasion will not be deemed to be a
waiver of the same or any other breach on a future occasion.



     26. Governing Law. The provisions of this Agreement shall in all respects be
construed according to, and the rights and liabilities of the parties hereto shall in all
respects be governed by, the laws of the State of Illinois.



     27. Entire Agreement. This Agreement, together with the Appendices hereto,
constitutes the entire agreement among the parties hereto with respect to the subject matter
hereof and supersedes all prior communications, agreements, understandings, representations,
and warranties, whether oral or written, between the parties hereto with respect to the
subject matter hereof.



     28. Severability. Each provision of this Agreement is intended to be severable
from the others so that if any provision or term hereof is illegal or invalid for any reason
whatsoever, such illegality or invalidity shall not affect the validity of the remaining
provisions and terms hereof.



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     29. Counterparts. This Agreement may be executed in one or more counterparts,
each of which will be deemed an original, but all of which together will constitute one and
the same instrument.



     30. Captions. The captions of this Agreement are for convenience and ease of
reference only and in no way define, describe, extend, or limit the scope of this Agreement
or the intent of any of its provisions.



     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized officers as of the date first set forth above.



	 	 	 	 	 	 	 	 	 	 	 

	HORIZON CASH MANAGEMENT L.L.C.	 	 	 	CAMPBELL STRATEGIC

ALLOCATION FUND LIMITED 

PARTNERSHIP by Campbell &

Company, Inc., its General Partner	 	 
	 
	By: 



	/s/ Pauline Modjeski
 

Title: President
	 	 	 	By: 
	/s/ Thomas P. Lloyd
 

Thomas P. Lloyd
	 	 
	 

	 	 	 	 	 	 	Title: General Counsel	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	/s/ Gregory T. Donovan	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	Gregory T. Donovan	 	 
	 

	 	 	 	 	 	 
	Title: Chief Financial Officer	 	 






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Appendix 1




Investment Objectives




To achieve returns (net of any fees) in the range of 20-50 bps in excess of prevailing rolling
90-day Treasury Bill rates without a significant increase in risk to the Fund’s assets. Primary
objective is preservation of principal and adequate liquidity to meet the needs of the respective
Fund.




Specific Investment Guidelines in Furtherance of Investment Objectives




        
                  
               
        See Appendix 4 for Investment Guidelines
        
                  
               
        



Securities Eligible For Investment, subject to Investment Guidelines as stated in Appendix 4.





	 	 	þ U.S. Treasury Securities & U.S. Government Agencies’ Securities
	 
	 	 	þ Repurchase Agreements — U.S. Treasury Securities & U.S. Government Agencies Securities
	 
	 	 	þ Corporate Issued Debt Securities
	 
	 	 	þ Commercial Bank Issued Securities




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Appendix 2




Part 1 — Client Information




	 	 	 	 	 	 	 

	 	 	Name:	 	Campbell Strategic Allocation Fund Limited Partnership
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	2850 Quarry Lake Drive	 	 
	 
	 	 	 	 	 	 
	 

	 	City:
	 	Baltimore	 	 
	 
	 	 	 	 	 	 
	 

	 	State:
	 	Maryland
	 	Zip: 21209
	 
	 	 	 	 	 	 
	 

	 	Telephone
	 	Gregory Donovan
	 	Fax (410) 413-2754
	 
	 	 	 	 	 	 
	 

	 	E-Mail
	 	greg.donovan@campbell.com	 	 
	 
	 	 	 	 	 	 
	 

	 	Tax I.D./Social Security No. 
52-1823554
	 	 





          
If client is a non-U.S. entity, an IRS form W-8 must be completed.
 o
Please check if non-U.S.



Authorized Persons




	 	 	 	 	 
	Name	 	Title	 	Signature
	Gregory Donovan
	 	Chief Financial Officer
	 	 	 
	Brian Niemiec
	 	Director of Fund Accounting






Part II — Other Information










	 	 	 	 	 	 	 

	 

	 	Accountant:
	 	Deloitte & Touche LLP	 	 
	 

	 	Contact:
	 	 	 	 
	 	 	Address:	 	750 College Road East, Third Floor
	 

	 	City:
	 	Princeton	 	 
	 

	 	State:
	 	New Jersey
	 	Zip: 08540
	 

	 	Telephone:
	 	(609) 806-4542	 	 
	 

	 	Fax	 	 	 	 
	 	 	 	 	 








Send Duplicate Confirmations to Accounting Firm? Yes o No þ




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Appendix 3




Version 1




The Company has appointed Horizon Cash Management L.L.C. as cash manager (the “Cash Manager”) under
the Investment Advisory Agreement dated June 29, 2009 to manage and control the liquid assets of
the Company including subscriptions received from investors. The Cash Manager is incorporated in
the State of Illinois, U.S.A. and is registered as an investment adviser with the Securities and
Exchange Commission of the United States under the Investment Advisers Act of 1940.




The Cash Manager is based in Chicago, Illinois, USA and specializes in providing short-term, fixed
income investment management to institutional investors. As of December 2008, the Cash Manager
manages approximately $2.2 billion for over 40 clients world-wide. The Cash Manager structures
customized portfolios by applying fundamental yield curve and interest rate analysis to each
client’s unique cash flow needs, investment parameters and risk/return objectives. The Cash
Manager specializes in investments which are predominantly short-term in maturity and high grade,
high quality in nature with particular emphasis on U.S. Treasury securities and U.S. Government
Agencies’ issues.




The Company opened an account at the Custodian and has granted the Cash Manager a limited power of
attorney over such accounts. Such power of attorney gives the Cash Manager authority to make
certain investments on behalf of the Company provided such investments are consistent with the
investment approach of the Company. Such investments include, but are not limited to, U.S.
Treasury securities, securities issued by U.S. Government Agencies, high quality money-market
securities and repurchase agreements. All securities purchased by the Cash Manager on behalf of
the Company or other liquid funds of the Company will be held in its custody accounts at the
custodian. The Cash Manager will have no beneficial or other interest in the securities and cash
in such custody account.




The Cash Manager will use its best endeavors in the management of the assets of the Company but
provides no guarantee that any profit or interest will accrue to the Company as a result of such
management.




The Cash Manager and its principals, employees, agents and affiliates will be indemnified out of
the assets of the Company for all losses, costs, damages, expenses (including attorneys’ fees)
incurred in the performance of its duties except for loss resulting from its gross negligence,
malfeasance or a violation of applicable law.




Version 2




The Directors have appointed Horizon Cash Management L.L.C., as the cash manager (the “Cash
Manager”) of the Company. The Cash Manager is incorporated in the State of Illinois and is a
registered Investment Adviser with the U.S. Securities and Exchange Commission under the Investment
Advisers Act of 1940. The Cash Manager was established in 1991 and as of




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December 2008 managed approximately US$2.2 billion of client’s assets. The Cash Manager does not guarantee
any interest or profits will accrue on the Company’s assets it manages. The Cash Manager will
receive for its service an annual fee of not greater than 0.25% payable monthly, computed daily on
the assets under its management.




Assets not maintained with the Prime Broker, and which are surplus to the margin requirements, are
held in a separate segregated account with the Custodian, as described below, and are invested at
the direction of the Cash Manager in U.S. Treasury and U.S. Government Agencies’ issues, high
quality money market securities and repurchase agreements anticipated to earn interest, even after
pertinent management fees, comparable to or greater than can be obtained on those Company assets,
maintained by the Broker.




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Appendix 4




CAMPBELL & COMPANY, INC.

&

CAMPBELL & COMPANY INVESTMENT ADVISOR




CASH MANAGEMENT POLICY




Statement of Objectives and Investment Guidelines

For

Campbell Sponsored Funds




Originally adopted July 1, 2009,

Revisions Effective December 1, 2009

Version 1.3




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Cash Management Investment Guidelines




I. INVESTMENT GUIDELINE PURPOSE:





	 	A.	 	Establish a clear understanding between the respective Campbell &
Company Inc. or Campbell & Company Investment Advisor Sponsored Funds (“Campbell
Funds”) and the third party cash manager (“Manager”) of the investment policies and
objectives of the assets directed to the Manager for cash management.






	 	B.	 	Outline an overall philosophy that is specific enough for the Manager
to know what is expected, but sufficiently flexible to allow for changing economic
conditions and securities markets.






	 	C.	 	Provide risk preferences to guide the Manager toward the long-term rate
of return objectives, which serve as standards for evaluating investment
performance.






	 	D.	 	Establish the investment restrictions placed upon the Manager, and
outline procedures for policy and performance review. The Manager will have
investment discretion for the funds under its management subject to the limitations
appearing herein.





II. INVESTMENT OBJECTIVES:





	 	A.	 	For each of the Campbell Funds, excess cash collateral not required to
be held for margin purposes shall be invested consistent with the primary
objective of preservation of principal as well as the following general guidelines:






	 	1.	 	The Manager shall maintain a pool of liquid funds
that is considered sufficient to meet the cash demands of redemption
activity or margin calls.






	 	2.	 	The remainder of the assets will be managed to
produce the highest return available, consistent with liquidity and
quality constraints, given the Manager’s outlook for interest rates and
the economic environment.






	III.	 	INVESTMENT RESTRICTIONS:






	 	A.	 	Campbell’s Risk Committee has adopted the following restrictions and
policies relating to the investment of the Campbell Fund assets. The policies are
fundamental and may not be changed without written approval of Campbell’s Risk
Committee.






	 	1.	 	No permitted investment may contain an embedded
derivative of any kind except; an otherwise permitted instrument may have
an option to call in whole or in part, at par.






	 	2.	 	Repurchase Agreements are strictly prohibited
regardless of collateralization terms and Reverse Repo agreements are
prohibited, unless terms are fully collateralized with Treasury or Agency
Securities at a minimum of 102%, physical delivery (delivery vs. payment).






	 	3.	 	No instrument may contain interest-only payment
features.






	 	4.	 	No instrument may provide payments linked to a
commodity currency, reference instrument, index, or benchmark and it may
not constitute a derivative instrument. Securities with interest payments
linked to Libor, Fed Funds and the Prime rate are permissible investments.




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	 	5.	 	No interest payment on an adjustable rate security,
in any period, can be a negative amount.






	 	6.	 	All permitted investments are required to be governed
by U.S. Law, Issuing entities domiciled in the U.S. and securities U.S.
Dollar based.






	 	7.	 	No investment should be greater than 10% of
authorized program size.






	 	8.	 	Purchase of investments with a limit of 5% above par
restriction on non-government securities only.






	 	9.	 	No investments in money market funds or related
equivalents, with the exception of Government money market funds
only1.






	 	10.	 	Investments limited to no greater than 25% of any one
industry.






	 	B.	 	The Manager may not:






	 	1.	 	Purchase any securities other than described under
Section V, “Permitted Investments,” and subject to the respective
percentages outlined;






	 	2.	 	Make investments for the purpose of exercising
control or management of an issuer;






	 	3.	 	Purchase any securities on margin;






	 	4.	 	Make short sales of securities or maintain a short
position or write, purchase or sell puts, calls, straddles, spreads or
combinations thereof;






	 	5.	 	Make loans to other persons, provided that the
Manager may purchase money market securities or enter into repurchase
agreements;






	 	6.	 	Mortgage, pledge, hypothecate or in any manner
transfer as security for indebtedness any securities owned or held;






	 	7.	 	Invest in securities (except for repurchase
agreements and short term notes purchased under 4(2)/144A program meeting
all other criteria outlined in Section V. E. ) with legal or contractual
restrictions on resale or for which no readily available market exists;






	 	8.	 	Act as an underwriter of securities; or






	 	9.	 	Buy or sell any authorized investment when it is a
party or any related or affiliated party in the transaction on both sides.





IV. ADDITIONAL CONSIDERATIONS:





	 	A.	 	In the event that the Manager purchases any security that violates the
guidelines at the time of purchase, Campbell’s Risk Committee will be notified
immediately and expects the Manager to remove the security from the portfolio as
soon as possible. Campbell’s Risk Committee may require the Manager to sell such
securities at a loss. The Manager will, however, absorb any investment losses or
costs associated with the purchase and sale of the security.






	 	B.	 	In the event that the Manager holds any security that violates the
guidelines after the time of purchase, as the result of a downgrade to below the
specified purchase criteria,







 




			
	1	 	Government Money Market Fund should not be
affiliated in any manner with Manager.




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	 	 	 	the Manager will notify Campbell’s Risk Committee for consideration of a course of
action.






	 	C.	 	In the event permitted investments are placed under review for
downgrade, holdings under this criterion will be discussed, at a minimum, on a
quarterly basis to assess if the investment should continue to be held.






	 	D.	 	If adjustment or market action impairs value by 1% of the portfolio
value, Manager has a duty to notify Risk Committee same business day.






	 	E.	 	In the event the issuer’s CDS widens by more than 15% intraday change
based on the 5yr Credit Default Swap price, the issuer will be reviewed by the
Manager on a daily basis prior to the commencement of additional issuer purchases.






	 	F.	 	In the event the issuer’s CDS widens by more than 25% intraday change
based on the 5yr Credit Default Swap price, the issuer may be removed from the buy
list pending further analysis to determine suitability of investment.






	 	1.	 	If a holder of issuer’s paper, Manager will notify
Campbell’s Risk Committee of the change immediately,






	 	2.	 	Update Campbell’s Risk Committee with current outlook
and impact on portfolio,






	 	3.	 	Suggest course of action,






	 	4.	 	Campbell Risk Committee will determine course of
action.








V. PERMITTED INVESTMENTS:




The following investments are permissible for all Campbell Funds, subject to the
percentage limitations contained herein,





	 	A.	 	US Government Securities






	 	1.	 	Restrictions: None






	 	2.	 	Further Defined: Any security issued or guaranteed as
to principle and interest by the United States, or by a person controlled
or supervised and acting as an instrumentality of the Government of the
United States pursuant to authority granted by the Congress of the United
States. This shall include bank debt issued under the Temporary Liquidity
Guaranty Program (TLGP).






	 	B.	 	Government Agency Securities2






	 	1.	 	Restrictions: Short-term securities must be rated
(A-1, P-1, F1, or higher S&P, Moodys, Fitch, respectively) by a NRSRO.






	 	2.	 	Any single issuer may not exceed 25% of the total
value of the investment portfolio relative to each legal entity.
3







 




			
	2	 	Further defined, Debt securities issued by
government-sponsored enterprises, federal agencies, federal financing banks.
If Federal guarantee is implied, will need to be backed with credit lines from
the Treasury.
	 
	3	 	Investment portfolio is defined as the funds
for each of the Campbell Funds managed by the Manager; the limitation is
defined as X percentage of this investment portfolio.




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     C. Municipal Securities





	 	1.	 	Restrictions: Short-term securities must be rated at
a minimum (A-1, P-1, F1, S&P, Moodys, Fitch, respectively) by an NRSRO or
one of the highest long term rating categories (AA, Aa2, AA, S&P, Moodys,
Fitch, respectively).






	 	1.	 	No more than 5% of the total value of the
investment portfolio shall be invested in any respective State or
Local Government or General Obligation or any related combination.
4






	 	2.	 	Permitted investment also includes
pre-refunded bonds collateralized with U.S. Government securities
(as referenced above) and will be treated as U.S. Government
securities for diversification standards.





     D. Certificates of Deposit





	 	1.	 	Restrictions: Short-term securities must be rated at
a minimum (A-1, P-1, F1, S&P, Moodys, Fitch, respectively) by an NRSRO.






	 	2.	 	Must be able to be liquidated within one business
day, or if not negotiable, must be redeemable at the issued bank within
one business day.






	 	3.	 	Institutions : Issued or endorsed by a bank, or a
savings and loan association, organized and supervised under federal or
state laws.






	 	4.	 	Any single issuer 5 may not exceed 5% of
total value of the investment portfolio relative to each legal entity.






	 	5.	 	The commercial paper or long-term debt instrument of
the issuer of a certificate of deposit or, if the issuer is part of a
holding company system, its holding company’s commercial paper or
long-term debt instrument, must be rated at a minimum (A-1, P-1, F1, S&P,
Moodys, Fitch, respectively) of an NRSRO or one of the two highest
long-term ratings (AA-, Aa3, AA-, S&P, Moodys, Fitch, respectively) of an
NRSRO.





     E. Commercial Paper (Including ABCP)





	 	1.	 	Restrictions: Short-term securities must be rated at
a minimum (A-1, P-1, F1, S&P, Moodys, Fitch, respectively) by an NRSRO;
or rated at a minimum (A-2, P-2, F2, S&P, Moodys, Fitch, respectively) by
an NRSRO with a maximum maturity of 7 days.






	 	2.	 	Any single issuer 6may not exceed 5% of
total value of the investment portfolio relative to each legal entity,
overnight investments may not exceed 10% of total value of the investment
portfolio relative to each legal entity.






	 	3.	 	Issued by a U.S. corporation or Non-U.S. corporation
issuing debt through its U.S. subsidiary.






	 	4.	 	For off-shore accounts, maximum remaining maturity is
183 days.







 




			
	4	 	For example, State of California bonds and
Los Angeles County GO bonds cannot total greater than 5% of the total value of
the investment portfolio for each of the Campbell Funds.
	 
	5	 	Treatment of securities issued by affiliates.
For purposes of determining compliance with the concentration limits set forth
within the investment guidelines, securities issued by entities that are
affiliated shall be aggregated and deemed the securities of a single issuer. An
affiliate includes parent companies, including all entities through the
ultimate holding company, subsidiaries to the lowest level, and companies under
common ownership of such parent company or affiliates.
	 
	6	 	Ibid.




-15-









 










     F. Corporate Debt Instruments





	 	1.	 	Restrictions: Short-term securities must be rated
(A-1, P-1, F1, S&P, Moodys, Fitch, respectively) by an NRSRO or at least
one long term rating of (AA-, Aa3, AA-, S&P, Moodys, Fitch, respectively).






	 	2.	 	Issued by a U.S. corporation or Non-U.S. corporation
issuing debt through its U.S. subsidiary.






	 	3.	 	Issued by Supranationals






	 	4.	 	For off-shore accounts, maximum remaining maturity is
183 days.






	 	5.	 	Any single issuer7 may not exceed 5% of
total value of the investment portfolio relative to each legal entity.





     VI. MATURITY RESTRICTIONS:





	 	1.	 	The dollar weighted average time to maturity of the
portfolio may not exceed 12 months.






	 	2.	 	No investment shall have a remaining maturity greater
than 24 months from the time of purchase.






	 	3.	 	Maximum maturity






	 	1.	 	50% of the portfolio will mature in 6
months






	 	2.	 	75% of the portfolio will mature in 9
months






	 	4.	 	Maximum Exposure of






	 	1.	 	Certificates of Deposits will be 25% of
the investment portfolio






	 	2.	 	Commercial Paper will be 50% of the
investment portfolio






	 	3.	 	Municipal Securities will be 50% of the
investment portfolio






	 	4.	 	Corporate Bonds and Notes will be 50% of
the investment portfolio






	 	5.	 	Asset Back Securities will be 10% of the
investment portfolio





VII. STANDARDS OF PERFORMANCE:





	 	A.	 	The Manager is expected to produce a net return in the range of 15 to
50 basis points in excess of the rolling three-month Treasury Bill8,
consistent with the primary objectives of preservation of principal and liquidity.
On a quarterly basis, the Manager will discuss return expectations relative to the
current economic landscape which may include updating the range of performance.






	 	B.	 	The period for investment evaluation will be at least two years and
will normally include a market cycle. However, Campbell will have the discretion to
terminate the relationship at any time prior to the two year period.






	 	C.	 	Investments purchased and held in the plan as of July 1, 2009 are
considered to be in grandfathered in terms of compliance with stated investment
guidelines, however the reinvestment of the maturity proceeds will need to be
invested in congruency with the stated investment guidelines.






	 	D.	 	It is required the Manager implement the proposed investment strategy
within 60 days of receipt of initial funds.







 




			
	7	 	Ibid.
	 
	8	 	Secondary Market Yield of 3-Month U.S.
Treasury Bills published by the St. Louis Federal Reserve Bank




-16-









 











	 	E.	 	The Manager is expected to act in a prudent manner when considering
informing Campbell’s Risk Committee of material events related, but not limited to,
the portfolio, Manager’s company, management team or the ability to achieve the
investment objectives within the stated investment guidelines.





VIII. REPORTING:





	 
	 	The Manager will provide quarterly reports indicating:     






	 	a.	 	Portfolio composition for each major asset class at cost and market.






	 	b.	 	Portfolio characteristics (e.g. yield, duration, etc.)






	 	c.	 	Summary of results for most recent quarter, year-to-date, and since
inception.






	 	Periodic meetings will be scheduled with the Manager. The agenda for these meetings
should include:






	 	a.	 	Presentation of investment results compared to prior forecasts and stated
objectives.






	 	b.	 	Review of current investment strategies.






	 	c.	 	Discussion of any material changes in policy objectives, staffing, or
business conditions of the Manager.






	 	d.	 	Update on the changes in the approved security and executing broker
—dealer listings.






	 	Reports from Custody will be discussed at a minimum on a quarterly basis addressing the
following topics:






	 	A.	 	Late Security Trades






	 	B.	 	Breaks






	 	C.	 	Operational Issues as discussed with Custodian






	 	D.	 	Findings related to compliance testing relative to investment
guidelines






	 	E.	 	Individual security holdings at cost and market.






	 	F.	 	Transactions for the prior quarter by individual security.






	 	Campbell Funds will independently monitor the investment guidelines based on information
provided by the Custodian. It is required each Manager monitor the investment guidelines on
a pre-trade compliance basis.




-17-









 











LIMITED POWER OF ATTORNEY




     We hereby constitute and appoint Horizon Cash Management L.L.C. (whose
signature appears below), our agent and attorney-in-fact, with full power and authority to
act for us and on our behalf to direct the purchase and sale of securities for our account
or accounts with you, however designated, and whether presently open or hereafter opened.



     You are accordingly authorized and empowered to follow the instructions of our said
agent and attorney-in-fact in every respect with regard to any such purchases or sales for
our account(s) and we hereby ratify and confirm any and all transactions effected in and
for our account(s) by our said agent and attorney-in-fact, and agreements entered into on
our behalf by said agent and attorney-in-fact, and agree to indemnify you and hold you free
and harmless of any loss, liability or damage by reason thereof.



     This power of attorney, authorization and indemnity is in addition to (and in no way
limits or restricts) any and all rights which you may have under any other agreement or
agreements between your firm and us or otherwise, and shall inure and continue in favor of
your present firm, its successors by merger, consolidation or otherwise, and assigns.



     This power of attorney and authorization shall continue in full force and effect, and
you and your successors and assigns shall be indemnified in relying thereon, until you
shall receive written notice of revocation thereof, signed by us, and such revocation or
termination shall in no way affect the validity of this power and our liability under the
indemnity herein contained, with reference to any transaction initiated by our agent and
attorney-in-fact, prior to the actual receipt by you of notice of such revocation or
termination, as above provided.



Dated at                                         , this 8th day of July, 2009




WITNESS:

Horizon Cash Management LLC

Investment Advisor on behalf

of Clients




	 	 	 	 	 	 	 

	 

Name of Agent

	 	 
	 	Campbell Strategic Allocation Fund L.P.
 

Name of Client
	 	 
	 
	 	 	 	 	 	 
	/s/ Pauline Modjeski
 

Authorized Signature

	 	 
	 	/s/ Thomas P. Lloyd
 

Authorized Signature
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Gregory T. Donovan
 

Authorized Signature
	 	 






-18-









 






Letter of Acknowledgement




	 	 	 

	TO:

	 	Horizon Cash Management L.L.C.
	FROM:

	 	Campbell Strategic Allocation Fund L.P.
	DATE:

	 	July 8, 2009






This is to acknowledge that as of this date we received and reviewed the Form ADV Part II,
Investment Advisory Agreement, Privacy Policy, Limited Power of Attorney and descriptive
brochure.




We have delineated our investment objectives in Appendix 1 of the Advisory Agreement
along with any specific guidelines we require. We have authorized Horizon Cash Management
L.L.C. to provide investment advisory services in accordance with these objectives and
guidelines.




We acknowledge that changes to the Agreement, objectives and guidelines as well as wire
transfer instructions must be made in writing.




We further acknowledge that any mention by Horizon of past results does not in anyway
guarantee future performance.




Campbell Strategic Allocation

Fund Limited Partnership

by Campbell & Company, Inc.,

its General Partner




	 	 	 	 	 	 	 	 	 	 	 

	By: 

	/s/ Thomas P. Lloyd
 

	 	 	 	By: 
	/s/ Gregory T. Donovan
 

	 	 
	 	Title: 

	General Counsel
	 	 	 	 	Title: 
	Chief Financial Officer	 	 
	 	Date: 

	July 8, 2009
	 	 	 	 	Date: 
	July 8, 2009	 	 






	 	 	 	 	 
	 	Received: Horizon Cash Management L.L.C.

 	 
	 	By:  	/s/ Pauline Modjeski
 	 
	 	 	Date: July 13, 2009 	 
	 	 	 	 
	 




-19-











 





Statement Request




	 	 	 

	Client Name: Campbell Strategic Allocation Fund L.P.

	 	Date: July       , 2009
	 
	 	 
	Account(s) #                     
             
                           
	 	 






ALL CURRENT REPORTING METHODS WILL REMAIN THE SAME




Please send my daily statements as follows:




	 	 	 	 	 

	 

	 	by mail
	 	                    
	 

	 	by e-mail
	 	                    
	 

	 	e-mail address
	 	                                                            






Please send duplicate daily statements to the following persons:




	 	 	 	 	 	 	 	 

	1) 

	
              
              
                    
	2	) 	              
              
                    
	 

	              
              
                    
	 	 	              
              
                    
	 

	              
              
                    
	 	 	              
              
                    
	 

	              
              
                    
	 	 	              
              
                    
	 
	 

	by mail
	                                        
	 	by mail
	 	                                        
	 

	by e-mail
	                                        
	 	by e-mail
	 	                                        
	 

	e-mail address 
	                                                            
	 	e-mail address
	 	                                                            






Please send my monthly statement:




	 	 	 	 	 	 	 

	 

	 	by mail                     	 	 	 	 
	 

	 	by e-mail                     
	 	 	 	e-mail address           
                         






Please send duplicate monthly statements to:






	 	 	 	 	 	 	 	 

	1) 

	
              
              
                    
	2	)	              
              
                    
	 

	              
              
                    
	 	 	              
              
                    
	 

	              
              
                    
	 	 	              
              
                    
	 

	              
              
                    
	 	 	              
              
                    
	 
	 

	by mail
	                                        
	 	by mail
	 	                                        
	 

	by e-mail
	                                        
	 	by e-mail
	 	                                        
	 

	e-mail address 
	                                                            
	 	e-mail address
	 	                                                            











-20-









 






HORIZON CASH MANAGEMENT, L.L.C.

PRIVACY POLICY NOTICE




Our Commitment to You




When you become a client of Horizon Cash Management, L.L.C. you entrust us with not only your
financial assets but also with private information about you. We treat this information as
confidential and recognize the importance of protecting access to it.




The Type of Information We Collect About You




In the course of doing business with clients, we collect nonpublic information about you.
You typically provide private information when you become a client or when you request a
transaction that involves Horizon Cash Management. This nonpublic information may include
information regarding your name and address, social security number, federal tax
identification number, assets, income, account balance, bank account information, clearing
firm information, tax information and investment activity.




What We Do With Your Private Information




We do not sell information about current or former clients to third parties, and we do not
disclose it to third parties unless requested by a client or necessary to process a
transaction, service an account, or as permitted or required by law.




We may share information with companies that perform administrative services for us.
However, our contracts restrict the companies from using our client information for any other
purpose than that for which they have been hired.




How We Safeguard Your Personal Information




To protect your private information, we maintain physical, electronic and procedural
safeguards to guard your personal information including restricting your personal information
to our employees that need to know that information in order to service your account. Our
Privacy Policy, which applies to all employees, restricts the use of client information and
requires that it be held in strict confidence. In fact, we require each new employee sign a
confidentiality agreement.




We’ll Keep You Informed




As required by federal law, we will notify you of our privacy policy annually. In addition,
we will tell you promptly if we change this policy.




Should you have any questions regarding our privacy policy, please contact us.




February 2009




-21-









 








ACCOUNT OPENING CHECKLIST




1. Documents required to be completed, signed and returned.





	 	q 	 	Investment Advisory Agreement including execution page and completed Appendices
	 
	 	q	 	Limited Power of Attorney
	 
	 	q	 	Letter of Acknowledgement
	 
	 	q	 	W-8 or W-9 whichever applicable
	 
	 	q	 	Statement Request Form





2. Documents Required to be included in client’s file at Horizon





	 	q	 	Audited financial statement — current and previous year
	 
	 	q	 	Descriptive information — fund prospectus, offering memorandum, annual report, etc.





3. Other





	 	q	 	Discuss with your clearing firm and pre-determine “sweep” levels






-22-