1043951--3/31/2006--CAMPBELL_FUND

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{interest, director, officer}

{tax, income, asset}

{investment, property, distribution}

{system, service, information}

{operation, international, foreign}

{regulation, change, law}

{loan, real, estate}

{cost, contract, operation}

Forward and Option Transactions are Over-the-Counter, are Not Regulated and are Subject to Credit Risk Options on Futures and Over-the-Counter Contracts are Speculative and Highly Leveraged An Investment in the Trust May Not Diversify an Overall Portfolio Campbell Company Analyzes Primarily Technical Market Data Increased Competition from Other Trend-Following Traders Could Reduce Campbell Company s Profitability Speculative Position Limits May Alter Trading Decisions for the Trust Increase in Assets Under Management May Make Profitable Trading More Difficult Investors Will Not be Able to Review the Trust s Holdings on a Daily Basis Investors are Taxed Based on Their Share of Trust Income and Gain Tax Could be Due from Investors on Their Share of the Trust s Ordinary Income Despite Overall Losses There Could be a Limit on the Deductibility of Management and Performance Fees Fees and Commissions are Charged Regardless of Profitability and are Subject to Change The Futures Broker Could Fail Investors Must Not Rely on the Past Performance of Either Campbell Company or the Trust in Deciding Whether to Buy Units Parties to the Trust Have Conflicts of Interest There are No Independent Experts Representing Investors The Trust Places Significant Reliance on Campbell Company The Trust Could Terminate Before Expiration of its Stated Term The Trust is Not a Regulated Investment Company Proposed Regulatory Change is Impossible to Predict Forwards, Options, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation The Trust is Subject to Foreign Market Credit and Regulatory Risk The Trust is Subject to Foreign Exchange Risk Restrictions on Investment by ERISA Plans, Employee Retirement Income Security Act of 1974 A Single-Advisor Fund May be More Volatile Than a Multi-Advisor Fund The Performance Fee Could be an Incentive to Make Riskier Investments The Trust May Distribute Profits to Unitholders at Inopportune Times Potential Inability to Trade or Report Due to Systems Failure

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1043951--3/31/2006--CAMPBELL_FUND_TRUST