BROKER DEALER

                                SELLING AGREEMENT





     THIS BROKER DEALER SELLING AGREEMENT ("Agreement") made and entered into

between ALPS Distributors, Inc. ("ADI"), a Colorado corporation having its

principal place of business at 1290 Broadway, Suite 1100, Denver, Colorado

80203, and [Name of Broker/Dealer] a [______] corporation having its principal

place of business at [Address], [City], [State] [Zip] (hereinafter

"Broker/Dealer").



     WHEREAS, Broker/Dealer desires to enter in this Agreement with ADI to sell

shares of The Campbell Multi-Strategy Trust (the "Company"), a registered

closed-end, non-diversified management investment company. Broker/Dealer will

provide distribution related to, continuing personal services to shareholder

and/or administration of shareholder accounts in the Company. ADI is the

principal underwriter and agent for the Company.



     NOW, THEREFORE, in consideration of the mutual covenants and promises set

forth herein, the parties agree as follows:



1.   Recommendations of Company Shares for Sale to Customers.



     (a)  Broker/Dealer is hereby appointed as a non-exclusive selling agent of

          the Company during the term herein specified for the purpose of

          finding suitable investors for Company's shares as described herein.

          Subject to the performance by ADI of its obligations to be performed

          hereunder and to the completeness and accuracy in all material

          respects of all the representations and warranties of the Company

          contained herein, Broker/Dealer hereby accepts such agency and agrees

          to the terms and conditions set forth herein and in the Company's

          confidential private offering memorandum, as it may be amended from

          time-to-time (the "Offering Memorandum") to use reasonable efforts

          during the term hereof to find suitable investors and to provide

          ongoing services to such investors for the duration of their

          investments. It is understood that Broker/Dealer has no commitment

          with regard to the sale of the Company's shares other than to use

          reasonable efforts and shall not prevent Broker/Dealer from acting as

          a selling agent or underwriter for the securities of other issuers

          that may be offered or sold during the term hereof. Broker/Dealer's

          agency relationship with ADI hereunder shall continue until the

          termination of this Agreement. Any sales of a Fund's shares made prior

          to the date hereof by Broker/Dealer shall be deemed made pursuant to

          this Agreement.



     (b)  In offering and selling Company's shares to Broker/Dealer's customers,

          Broker/Dealer shall in no transaction have any authority to act or

          hold itself out as agent for ADI or the Company. ADI acknowledges that

          customers of Broker/Dealer who purchase Fund shares are the

          Broker/Dealer's customers. Broker/Dealer shall be responsible for

          opening, approving, and monitoring customer accounts and for the

          review and supervision of these accounts, all in accordance with the

          rules of the Securities and Exchange Commission ("SEC") and National

          Association of Securities Dealers, Inc. ("NASD").





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     (c)  Broker/Dealer agrees to offer and sell the Company's shares to

          Broker/Dealer's customers only at net asset value per share, as

          described in the Offering Memorandum. Broker/Dealer agrees to deliver,

          or cause to be delivered, to each customer, at or prior to the time of

          any purchase of shares, a copy of the Offering Memorandum.



     (d)  All orders are subject to acceptance or rejection by ADI in its sole

          discretion. ADI reserves the right, at its discretion and without

          notice to the Broker/Dealer, to suspend sales or to withdraw the

          offering of the Company's shares, in whole or in part, or to make a

          limited offering of the Company's shares. The minimum dollar amounts

          for purchase of the Company's for any shareholder shall be the

          applicable minimum amount described in the Offering Memorandum and no

          order for less or more than, as the case may be, such amount will be

          accepted hereunder. Broker/Dealer hereby expressly acknowledges and

          agrees that the Company's shares are to be offered and sold only to

          investors who are both "accredited investors," as defined in Rule 501

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