Attached files
EXHIBIT 5.1
April 23, 2010
Campbell & Company, Inc.
General Partner of Campbell Global Trend Fund, L.P.
2850 Quarry Lake Drive
Baltimore, Maryland 21209
General Partner of Campbell Global Trend Fund, L.P.
2850 Quarry Lake Drive
Baltimore, Maryland 21209
Re: Campbell Global Trend Fund, L.P.
Units of Limited Partnership Interest (the Units)
Units of Limited Partnership Interest (the Units)
Dear Sir or Madam:
We refer to Registration Statement on Form S-1 to be filed by Campbell Global Trend Fund, L.P.
(the Partnership) with the Securities and Exchange Commission under the Securities Act of 1933
(the Securities Act), on or about April 23, 2010 (the Registration Statement), relating to the
registration of Units of the Partnership as set forth on the cover page of the prospectus included
therein.
We are familiar with the proceedings to date with respect to the proposed issuance and sale of the
Units and have examined such records, documents and questions of law, and satisfied ourselves as to
such matters of fact, as we have considered relevant and necessary as a basis of this opinion.
For purposes of rendering this opinion, we have assumed the genuineness of all signatures, the
legal capacity of natural persons, the authenticity of all documents submitted to us as originals,
the conformity to originals of all documents submitted to us as certified or photostatic copies,
and the authenticity of the original of copies.
Based on the foregoing, we are of the opinion that:
1. The Partnership has been duly formed and is validly existing in good standing as a limited
partnership under the Delaware Revised Uniform Limited Partnership Act (the Act).
Sidley Austin llp is a limited liability partnership practicing in affiliation with other Sidley Austin partnerships
Campbell & Company, Inc.
April 23, 2010
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April 23, 2010
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2. The General Partner has taken all corporate action required to be taken by it to authorize
the issuance and sale of Units to the Subscribers (as defined below) and to authorize the admission
to the Partnership of the limited partners of the Partnership.
3. Assuming (i) the due authorization, execution and delivery to the General Partner of the
Subscription Agreement by each subscriber for Units (the Subscribers), (ii) the due acceptance by
the General Partner of the admission of the Subscribers as limited partners of the Partnership to
the Partnership, (iii) the payment by each Subscriber to the Partnership of the full consideration
due from it for the Units subscribed to by it, (iv) the due authorization, execution and delivery
by all parties thereto, including the Subscribers as limited partners of the Partnership, of the
Amended Agreement of Limited Partnership, (v) that the books and records of the Partnership set
forth all information required by the Amended Agreement of Limited Partnership and the Act,
including all information with respect to all persons and entities to be admitted as partners and
their contributions to the Partnership, (vi) that the Subscribers, as limited partners of the
Partnership, do not participate in the control of the business of the Partnership, and (vii) that
the Units are offered and sold as described in the Registration Statement and the Amended Agreement
of Limited Partnership, the Units to be issued to the Subscribers will represent valid limited
partner interests in the Partnership and, subject to the qualifications set forth herein, will be
fully paid and nonassessable limited partner interests in the Partnership, as to which the
Subscribers as limited partners of the Partnership will have no liability in excess of their
obligations to make contributions to the Partnership, their obligations to make other payments
provided for in the Amended Agreement of Limited Partnership and their share of the Partnerships
assets and undistributed profits (subject to the obligation of a Limited Partner to repay any funds
wrongfully distributed to it).
We express no opinion as to the application of the securities or blue sky laws of the various
states (including the State of Delaware) to the sale of the Units.
We are members of the Bar of the State of New York and, except as necessary to render this opinion,
do not opine with respect to the laws of any jurisdiction other than the State of New York, and the
Delaware Revised Uniform Limited Partnership Act.
We hereby consent to the filing of this opinion as an Exhibit to the Registration Statement and all
references to our firm included in or made a part of the Registration Statement.
Very truly yours,
/s/ Sidley Austin LLP
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