SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 (Mark One)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934[NO FEE REQUIRED]
 For the Fiscal Year Ended December 31, 2008
 Commission File Number 0-33311 and 2-84126
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934[NO FEE REQUIRED]
 For the transition period from  to
 CAMPBELL ALTERNATIVE ASSET TRUST
  DELAWARE
    
    52-2238521(State or other jurisdiction of 
incorporation or organization)
    
    (IRS Employer Identification Number)
 2850 Quarry Lake Drive, Baltimore, Maryland 21209
 
 (410) 413-2600
 None
  Units of Beneficial Interest
  o þ
 o þ
 þ o
 þ
  Large accelerated filer o   
    Accelerated filer
o
    Non-accelerated filer o
    Smaller reporting company
þ(Do not check if a smaller reporting company)
 o þ




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TABLE OF CONTENTS
 PagePART IITEM 1. BUSINESS
    
    
    1-2ITEM 1A. RISK FACTORS
    
    
    3-10ITEM 1B. UNRESOLVED STAFF COMMENTS
    
    
    10ITEM 2. PROPERTIES
    
    
    10ITEM 3. LEGAL PROCEEDINGS
    
    
    10ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
    
    
    10PART IIITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS
AND ISSUER OF PURCHASES OF
EQUITY SECURITIES
    
    
    10ITEM 6. SELECTED FINANCIAL DATA
    
    
    11-12ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
    
    
    12-19ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    19-24ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    24ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
    
    
    25ITEM 9A. CONTROLS AND PROCEDURES
    
    
    25ITEM 9A(T). CONTROLS AND PROCEDURES
    
    
    25ITEM 9B. OTHER INFORMATION
    
    
    26PART IIIITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF AND CORPORATE GOVERANCE
    
    
    26-29ITEM 11. EXECUTIVE COMPENSATION
    
    
    29ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
    
    
    29ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND
DIRECTOR INDEPENDENCE
    
    
    30ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    30PART IVITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    30-31SIGNATURES
    
    
    32CERTIFICATIONS
   i




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PART I
 
 Item 1. Business
       Regulation
  1




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Operations
     http://www.sec.gov
 2




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Item 1A. Risk Factors
 Market Risks
 You Could Possibly Lose Your Total Investment in the Trust
  The Trust Is Highly Leveraged
  Your Investment Could Be Illiquid
     Forward and Option Transactions are Over-the-Counter, are Not Regulated and are Subject to Credit
Risk
  3




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Options on Futures and Over-the-Counter Contracts are Speculative and Highly Leveraged
  An Investment in the Trust May Not Diversify an Overall Portfolio
  The Current Markets are Subject to Market Disruptions; Governmental Intervention
  4




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Trading Risks
 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
  5




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Investors Will Not Be Able to Review the Trusts Holdings on a Daily Basis
 i.e.
 Tax Risks
 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
  6




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Other Risks
 Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
  The Futures Broker Could Fail and Has Been Subject to Disciplinary Action
   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
  7




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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
  8




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The Trust is Subject to Foreign Exchange Risk
  Transfers Could be Restricted
  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
  9




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Potential Disruption or Inability to Trade Due to a Failure to Receive Timely and Accurate Market
Data from Third Party Vendors
  
 Item 1B. Unresolved Staff Comments
  
 Item 2. Properties
  
 Item 3. Legal Proceedings
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 PART II
 
 Item 5.
    
    Market for Registrants Common Equity , Related Stockholder Matters and Issuer
Purchases of Equity Securities
    10




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Item 6. Selected Financial Data
  For the Years Ended December 31,2008
    
    2007
    
    2006
    
    2005
    
    2004Total Assets
    
    $
    36,668,639
    
    
    $
    37,566,581
    
    
    $
    43,619,109
    
    
    $
    40,221,009
    
    
    $
    35,225,567Total Unitholders Capital
    
    
    35,835,483
    
    
    
    36,288,756
    
    
    
    42,871,715
    
    
    
    39,856,467
    
    
    
    34,955,385Total Net Trading Gain (Loss)

(net of brokerage commissions)
    
    
    1,568,937
    
    
    
    (4,880,807
    )
    
    
    2,971,747
    
    
    
    5,125,300
    
    
    
    5,125,392Net Income (Loss)
    
    
    977,473
    
    
    
    (4,555,069
    )
    
    
    3,250,791
    
    
    
    4,799,375
    
    
    
    3,249,651Net Income (Loss) Per Managing
Owner and Other
Unitholder Unit*
    
    
    43.49
    
    
    
    (195.52
    )
    
    
    135.31
    
    
    
    204.75
    
    
    
    135.90Increase (Decrease) in Net Asset
Value per Managing Owner
And Other Unitholder Unit
    
    
    28.40
    
    
    
    (211.94
    )
    
    
    123.59
    
    
    
    190.55
    
    
    
    123.76
 
 *
    
    - Based on weighted average number of units outstanding during the period.  1st Qtr.
    
    2nd Qtr.
    
    3rd Qtr.
    
    4th Qtr.2008
    
    2008
    
    2008
    
    2008Total Net Trading
Gain (Loss)
(net of brokerage
commissions)
    
    $
    693,007
    
    
    $
    2,185,179
    
    
    $
    (1,217,518
    )
    
    $
    (91,731
    )Net Income (Loss)
    
    
    659,620
    
    
    
    2,045,059
    
    
    
    (1,366,878
    )
    
    
    (360,328
    )Net Income (Loss)
per Managing Owner
and Other Unitholder
Unit *
    
    
    28.97
    
    
    
    91.39
    
    
    
    (61.14
    )
    
    
    (16.08
    )Increase (Decrease) in
Net Asset Value per
Managing Owner and
Other Unitholder Unit
    
    
    25.13
    
    
    
    87.87
    
    
    
    (64.92
    )
    
    
    (19.68
    )Net Asset Value per
Managing Owner and
Other Unitholder Unit
at the End of the Period
    
    
    1,628.72
    
    
    
    1,716.59
    
    
    
    1,651.67
    
    
    
    1,631.99
 11




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1st Qtr.
    
    2nd Qtr.
    
    3rd Qtr.
    
    4th Qtr.2007
    
    2007
    
    2007
    
    2007Total Net Trading
Gain (Loss)

(net of brokerage
commissions)
    
    $
    (2,580,343
    )
    
    $
    5,168,121
    
    
    $
    (6,436,720
    )
    
    $
    (1,031,865
    )Net Income (Loss)
    
    
    (2,393,538
    )
    
    
    5,073,257
    
    
    
    (6,263,229
    )
    
    
    (971,559
    )Net Income (Loss)
per Managing Owner
and Other Unitholder
Unit *
    
    
    (101.57
    )
    
    
    218.05
    
    
    
    (270.61
    )
    
    
    (41.85
    )Increase (Decrease) in
Net Asset Value per
Managing Owner and
Other Unitholder Unit
    
    
    (105.72
    )
    
    
    214.11
    
    
    
    (274.75
    )
    
    
    (45.58
    )Net Asset Value per
Managing Owner and
Other Unitholder Unit
at the End of the Period
    
    
    1,709.81
    
    
    
    1,923.92
    
    
    
    1,649.17
    
    
    
    1,603.59
 
 *
    
    - Based on weighted average number of units outstanding during the period. 
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Introduction
  Critical Accounting Policies
   12




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Capital Resources
  Liquidity
  i.e.
   Results of Operations
  13




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2008
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    9.10
    %Commodities
    
    
    0.35Currencies
    
    
    (0.51
    )Interest Rates
    
    
    (4.51
    )4.43
    %
       14




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2007
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    1.10
    %Metals
    
    
    (0.73
    )Energy
    
    
    (1.99
    )Stock Indices
    
    
    (2.53
    )Currencies
    
    
    (7.17
    )(11.32)
    %
 15




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16




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2006
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    6.98
    %Interest Rates
    
    
    3.07Currencies
    
    
    2.22Metals
    
    
    2.07Energy
    
    
    (6.58
    )7.76
    %
  17




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Off-Balance Sheet Risk
  18




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Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    19




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Standard of Materiality
  Quantifying the Trusts Trading Value at Risk
 Quantitative Forward-Looking Statements
 The following quantitative disclosures regarding the Trusts market risk exposures
contain forward-looking statements within the meaning of the safe harbor from civil
liability provided for such statements by the Private Securities Litigation Reform Act of 1995
(set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934). All quantitative disclosures in this section are deemed to be
forward-looking statements for purposes of the safe harbor, except for statements of
historical fact (such as the dollar amount of maintenance margin required for market risk
sensitive instruments held at the end of the reporting period).
      20




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The Trusts Trading Value at Risk in Different Market Sectors
  December 31, 2008TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    0.50
    %
    
    
    (0.51
    )%Interest Rates
    
    
    0.30
    %
    
    
    (4.51
    )%Stock Indices
    
    
    0.18
    %
    
    
    9.10
    %Commodities
    
    
    0.05
    %
    
    
    0.35
    %Aggregate/Total
    
    
    0.60
    %
    
    
    4.43
    %
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector.  The aggregate VaR represents the VaR of the Trusts open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    -Of the return for the year ended December 31, 2008, approximately 4.43% was due to
trading gains (before commissions) and approximately 1.51% due to interest income offset by
approximately 4.17% was due to brokerage fees, operating costs and offering costs borne by the
Trust offset by giving a net return of 1.77%. December 31, 2007TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    1.48
    %
    
    
    (7.17
    )%Stock Indices
    
    
    0.51
    %
    
    
    (2.53
    )%Interest Rates
    
    
    0.42
    %
    
    
    1.10
    %Metals
    
    
    0.14
    %
    
    
    (0.73
    )%Energy
    
    
    0.08
    %
    
    
    (1.99
    )%Aggregate/Total
    
    
    1.72
    %
    
    
    (11.32
    )%
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector.  The aggregate VaR represents the VaR of the Trusts open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    -Of the return for the year ended December 31, 2007, approximately 11.32% was due to
trading losses (before commissions) and approximately 4.91% due to brokerage fees, performance
fees and operating and offering costs borne by the Trust offset by approximately 4.56% of
interest income giving a net return of (11.67)%. 21




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December 31, 2006TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Stock Indices
    
    
    0.75
    %
    
    
    6.98
    %Currencies
    
    
    0.70
    %
    
    
    2.22
    %Energy
    
    
    0.39
    %
    
    
    (6.58
    )%Interest Rates
    
    
    0.59
    %
    
    
    3.07
    %Metals
    
    
    0.17
    %
    
    
    2.07
    %Aggregate/Total
    
    
    1.42
    %
    
    
    7.76
    %
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector.  The aggregate VaR represents the VaR of the Trusts open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    -Of the return for the year ended December 31, 2006, approximately 7.76% was due to
trading gains (before commissions), approximately 4.70% was due interest income offset by
approximately 5.16% due to brokerage fees, performance fees and operating and offering costs
borne by the Trust giving a net return of 7.30%. Material Limitations of Value at Risk as an Assessment of Market Risk
  1)
    
    Past changes in market risk factors will not always result in accurate predictions of
the distributions and correlations of future market movements;
 2)
    
    Changes in portfolio value caused by market movements may differ from those of the VaR
model;
 3)
    
    VaR results reflect past trading positions while future risk depends on future
positions;
 4)
    
    VaR using a one day time horizon does not fully capture the market risk of positions
that cannot be liquidated or hedged within one day; and
 5)
    
    The historical market risk factor data for VaR estimation may provide only limited
insight into losses that could be incurred under certain unusual market movements.
  Non-Trading Risk
  22




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Qualitative Disclosures Regarding Primary Trading Risk Exposures
 The following qualitative disclosures regarding the Trusts market risk exposures 
except for (i) those disclosures that are statements of historical fact and (ii) the
descriptions of how the Trust manages its primary market risk exposures  constitute
forward-looking statements within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act. The Trusts primary market risk exposures as well as the
strategies used and to be used by Campbell & Company for managing such exposures are subject
to numerous uncertainties, contingencies and risks, any one of which could cause the actual
results of the Trusts risk controls to differ materially from the objectives of such
strategies. Government interventions, defaults and expropriations, illiquid markets, the
emergence of dominant fundamental factors, political upheavals, changes in historical price
relationships, an influx of new market participants, increased regulation and many other
factors could result in material losses as well as in material changes to the risk exposures
and the risk management strategies of the Trust. There can be no assurance that the Trusts
current market exposure and/or risk
management strategies will not change materially or that any such strategies will be effective
in either the short- or long-term. Investors must be prepared to lose all or substantially
all of their investment in the Trust.
  Currencies
 i.e.,
 Interest Rates
  Stock Indices
  Energy
  23




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Metals
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  
 Item 8. Financial Statements and Supplementary Data
  24




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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures
  
 Item 9A (T). Controls and Procedures
 Managements Annual Report on Internal Control over Financial Reporting
   
    
    Pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Trust;
    
    Provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that the partnerships transactions are being made only in accordance with
authorizations of Management and;
    
    Provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Trusts assets that could have a material effect on
the financial statements.
    25




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Item 9B. Other Information
  
 PART III
 
 Item 10. Directors and Executive Officers of the Registrant
     26




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27




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28




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The Handbook of Financial Futures
 Audit Committee Financial Expert
  Code of Ethics
  
 Item 11. Executive Compensation
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
 (a)
    
    Security Ownership of Certain Beneficial Owners. As of December 31, 2008, no
Units of Beneficial Interest are owned or held by an officer of Campbell & Company. As
of December 31, 2008, the following beneficial owners owned more than five percent of
the Units:
 Name of Beneficial
    
    Number of Units
    
    
    Percentage ofOwner
    
    Owned
    
    
    TrustCampbell & Company, Inc. 401(k) Plan
    
    
    14,824.733
    
    
    
    67.51
    %Campbell & Company, Inc.
    
    
    1,413.580
    
    
    
    6.44
    %
 (b)
    
    Security Ownership of Management. As of December 31, 2008, Campbell & Company
owned 1,413.580 Units of Managing Owner Interest having a value of $2,306,948. Units
of Managing Owner Interest will always be owned by Campbell & Company in its capacity
as managing owner.
 29




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Item 13. Certain Relationships and Related Transactions
  
 Item 14. Principal Accounting Fees and Services
  (a)
    
    Audit FeesThe aggregate fees billed for professional services rendered by the principle accountant
for the audit of the Trusts annual financial statements, for review of financial
statements included in the Trusts Forms 10-Q and other services normally provided in
connection with regulatory filings for the years ended December 31, 2008 and 2007 were
$60,050 and $64,000, respectively.(b)
    
    Audit Related FeesNone.(c)
    
    Tax FeesNone.(d)
    
    All Other FeesNone.(e)
    
    The Board of Directors of Campbell & Company approved all of the services
described above. The Board of Directors has determined that the payments made to its
independent accountants for these services are compatible with maintaining such
auditors independence. The Board of Directors explicitly pre-approves all audit and
non-audit services and all engagement fees and terms.
 
 PART IV
 
 Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    See Financial Statements beginning on page 33 hereof.(2)
    
    Schedules:Financial statement schedules have been omitted because they are not included
in the financial statements or notes hereto applicable or because equivalent
information has been included in the financial statements or notes thereto.(3)
    
    Exhibit
 30




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Exhibit Number
    
    Description of Document1.01
    
    Selling Agreement among the Registrant, Campbell & Company,
PaineWebber Incorporated and the Selling Agent. (Incorporated by reference to
the respective exhibit to the Pre-Effective Amendment No. 2 to the Registrants
Registration Statement on Form S-1 (No. 333-37548) filed on February 26, 2001).1.02
    
    Additional Selling Agreement among the Registrant, Campbell &
Company and the Additional Selling Agent. (Incorporated by reference to the
respective exhibit to the Pre-Effective Amendment No. 2 to the Registrants
Registration Statement on Form S-1 (No. 333-37548) filed on February 26, 2001).3.01
    
    Declaration of Trust and Trust Agreement of the Registrant
dated May 1, 2000. (Incorporated by reference to the respective exhibit to the
Registrants Registration Statement on Form S-1 (No. 333-37548) filed on May
22, 2000).3.02
    
    Certificate of Trust of the Registrant. (Incorporated by
reference to the respective exhibit to the Pre-Effective Amendment No. 1 to the
Registrants Registration Statement on Form S-1 (No. 333-37548) filed on
November 9, 2000).3.03
    
    Amended and Restated Declaration of Trust and Trust Agreement
of the Registrant. (Incorporated by reference to the respective exhibit to the
Registrants Registration Statement on Post-Effective Amendment No. 11 to Form
S-1 (No. 333-74014) filed on November 25, 2008).10.01
    
    Customer Agreement between the Registrant and Paine Webber
Incorporated. (Incorporated by reference to the respective exhibit to the
Pre-Effective Amendment No. 2 to the Registrants Registration Statement on
Form S-1 (No. 333-37548) filed on February 26, 2001).10.02
    
    Subscription Agreement and Power of Attorney. (Incorporated
by reference to the respective exhibit to the Registrants Registration
Statement on Post-Effective Amendment No. 11 to Form S-1 (No. 333-74014) filed
on November 25, 2008).10.03
    
    Escrow Agreement between the Registrant and Mercantile Safe
Deposit & Trust Company. (Incorporated by reference to the respective exhibit
to the Pre-Effective Amendment No. 2 to the Registrants Registration Statement
on Form S-1 (No. 333-37548) filed on February 26, 2001).10.04
    
    International Swap Dealers Association, Inc. Master Agreement
between the Registrant and ABN AMRO Bank, N.V., Chicago Branch. (Incorporated
by reference to the respective exhibit to the Registrants Registration
Statement on Post-Effective Amendment No. 1 to Form S-1 (No. 333-74014) filed
on December 12, 2002).10.05
    
    International Swap Dealers Association, Inc. Master Agreement
between the Registrant and Deutsche Bank AG. (Incorporated by reference to the
respective exhibit to the Pre-Effective Amendment No. 2 to the Registrants
Registration Statement on Form S-1 (No. 333-37548) filed on February 26, 2001.)31.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.31.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.32.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.
 (b)
    
    Reports on Form 8-KNone.
 31




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##### 



SIGNATURES
  CAMPBELL ALTERNATIVE ASSET TRUSTBy:
    
    CAMPBELL & COMPANY, INC. Managing OwnerBy:
    
    /s/ Theresa D. Becks

Theresa D. BecksChief Executive Officer, President, Secretary, and Director
  Signature
    
    
    
    Capacity/s/ D. Keith Campbell

D. Keith Campbell
    
    
    
    Chairman
of the Board of Directors/s/ Bruce L. Cleland

Bruce L. Cleland
    
    
    
    Vice
Chairman of the Board of Directors/s/ Theresa D. Becks

Theresa D. Becks
    
    
    
    Chief
Executive Officer, President, Secretary, and
Director/s/ Gregory T. Donovan

Gregory T. Donovan
    
    
    
    Chief
Financial Officer and Treasurer
 32




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##### 



CAMPBELL ALTERNATIVE ASSET TRUST
 ANNUAL REPORT
  33




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##### 



CAMPBELL ALTERNATIVE ASSET TRUST
    PAGESReports of Independent Registered Public Accounting FirmsDeloitte & Touche LLP
    
    
    36Financial StatementsCondensed Schedules of Investments
December 31, 2008 and 2007
    
    
    37-40Statements of Financial Condition
December 31, 2008 and 2007
    
    
    41Statements of Operations For the Years
Ended December 31, 2008, 2007 and 2006
    
    
    42Statements of Cash Flows For the Years
Ended December 31, 2008, 2007 and 2006
    
    
    43Statements of Changes in Unitholders Capital (Net Asset Value)
For the Years Ended December 31, 2008, 2007 and 2006
    
    
    44Financial Highlight
    
    
    45Notes to Financial Statements
    
    
    46-49
  34




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##### 



CAMPBELL ALTERNATIVE ASSET TRUST
 
    -s- Theresa D. Becks
Theresa D. BecksChief Executive OfficerCampbell & Company, Inc., Managing OwnerCAMPBELL ALTERNATIVE ASSET TRUST
 35




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##### 



Deloitte & Touche LLP
 
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 Member ofMarch 23, 2008
    
    Deloitte Touche Tohmatsu
 36




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##### 



Campbell Alternative Asset Trust
 
 Condensed Schedule of Investments  December
 % of NetValues ($)
    
    
    Asset ValueUNITED STATES GOVERNMENT SECURITIES*
 Maturity
    
    
    MaturityFace Value
    
    
    Date
    
    
    Description$
    1,100,000
    
    
    
    01/02/2009
    
    
    U.S. Treasury Bills
    
    $
    1,100,000
    
    
    
    3.07
    %Total United States government securities
(cost, including accrued interest,  $1,100,000)
    
    $
    1,100,000
    
    
    
    3.07
    %
 LONG FUTURES CONTRACTSDescriptionStock indices
    
    $
    11,598
    
    
    
    0.03
    %Short-term interest rates
    
    $
    46,855
    
    
    
    0.13
    %Long-term interest rates
    
    $
    62,096
    
    
    
    0.17
    %Total long futures contracts
    
    $
    120,549
    
    
    
    0.33
    %SHORT FUTURES CONTRACTSDescriptionEnergy
    
    $
    (8,848
    )
    
    
    (0.03
    )%Metals
    
    $
    (22,893
    )
    
    
    (0.06
    )%Stock indices
    
    $
    (40,610
    )
    
    
    (0.11
    )%Short-term interest rates
    
    $
    125
    
    
    
    0.00
    %Long-term interest rates
    
    $
    (54,477
    )
    
    
    (0.15
    )%Total short futures contracts
    
    $
    (126,703
    )
    
    
    (0.35
    )%Total futures contracts
    
    $
    (6,154
    )
    
    
    (0.02
    )%
 See Accompanying Notes to Financial Statements.
 37




---



##### 



Campbell Alternative Asset Trust  Condensed Schedule of Investments  December
 % of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    438,448
    
    
    
    1.22
    %Various short forward currency contracts
    
    $
    (278,710
    )
    
    
    (0.78
    )%Total forward currency contracts
    
    $
    159,738
    
    
    
    0.44
    %PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency
contracts (premiums paid  $13,775)
    
    $
    7,494
    
    
    
    0.02
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency
contracts (premiums received  $50,507)
    
    $
    (45,850
    )
    
    
    (0.13
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 38




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##### 



Campbell Alternative Asset Trust  Condensed Schedule of Investments  December
 % of NetValues ($)
    
    
    Asset ValueUNITED STATES GOVERNMENT SECURITIES*
 Maturity
    
    
    MaturityFace Value
    
    
    Date
    
    
    Description$
    12,000,000
    
    
    
    02/07/2008
    
    
    U.S. Treasury Bills
    
    $
    11,953,750
    
    
    
    32.94
    %$
    10,000,000
    
    
    
    02/28/2008
    
    
    U.S. Treasury Bills
    
    $
    9,953,278
    
    
    
    27.43
    %$
    8,000,000
    
    
    
    01/03/2008
    
    
    U.S. Treasury Bills
    
    $
    7,998,289
    
    
    
    22.04
    %$
    4,000,000
    
    
    
    01/24/2008
    
    
    U.S. Treasury Bills
    
    $
    3,990,442
    
    
    
    11.00
    %Total United States government securities
(cost, including accrued interest,  $33,895,759)
    
    $
    33,895,759
    
    
    
    93.41
    %
 LONG FUTURES CONTRACTSDescriptionEnergy
    
    $
    89,355
    
    
    
    0.25
    %Metals
    
    $
    37,694
    
    
    
    0.10
    %Stock indices
    
    $
    105,504
    
    
    
    0.29
    %Short-term interest rates
    
    $
    46,265
    
    
    
    0.13
    %Long-term interest rates
    
    $
    37,652
    
    
    
    0.10
    %Total long futures contracts
    
    $
    316,470
    
    
    
    0.87
    %SHORT FUTURES CONTRACTSDescriptionEnergy
    
    $
    (72,904
    )
    
    
    (0.20
    )%Metals
    
    $
    (9,992
    )
    
    
    (0.03
    )%Stock indices
    
    $
    (4,422
    )
    
    
    (0.01
    )%Short-term interest rates
    
    $
    (48,238
    )
    
    
    (0.13
    )%Long-term interest rates
    
    $
    16,596
    
    
    
    0.05
    %Total short futures contracts
    
    $
    (118,960
    )
    
    
    (0.32
    )%Total futures contracts
    
    $
    197,510
    
    
    
    0.55
    %
 See Accompanying Notes to Financial Statements.
 39




---



##### 



Campbell Alternative Asset Trust  Condensed Schedule of Investments  December
 % of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    (604,943
    )
    
    
    (1.67
    )%Various short forward currency contracts
    
    $
    (205,499
    )
    
    
    (0.57
    )%Total forward currency contracts
    
    $
    (810,442
    )
    
    
    (2.24
    )%PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency
contracts (premiums paid  $74,159)
    
    $
    50,330
    
    
    
    0.14
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency
contracts (premiums received  $41,845)
    
    $
    (19,355
    )
    
    
    (0.05
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 40




---



##### 



Campbell Alternative Asset Trust
 
 Statements of Financial Condition
 December
 2008
    
    
    2007ASSETSEquity in broker trading accountsCash
    
    $
    33,954,446
    
    
    $
    2,538,672Restricted cash
    
    
    1,180,793
    
    
    
    0United States government securities
    
    
    0
    
    
    
    29,905,317Net unrealized gain (loss) on open futures contracts
    
    
    (6,154
    )
    
    
    197,510Total equity in broker trading accounts
    
    
    35,129,085
    
    
    
    32,641,499Cash
    
    
    269,764
    
    
    
    1,652,920United States government securities
    
    
    1,100,000
    
    
    
    3,990,442Options purchased, at fair value
(premiums paid  $13,775 and $74,159, respectively)
    
    
    7,494
    
    
    
    50,330Net unrealized gain (loss) on open forward
currency contracts
    
    
    159,738
    
    
    
    (810,442
    )Interest receivable
    
    
    558
    
    
    
    7,894Subscriptions receivable
    
    
    0
    
    
    
    33,938Prepaid expenses
    
    
    2,000
    
    
    
    0Total assets
    
    $
    36,668,639
    
    
    $
    37,566,581LIABILITIESAccounts payable
    
    $
    66,072
    
    
    $
    38,549Brokerage fee
    
    
    28,580
    
    
    
    37,041Options written, at fair value
(premiums received  $50,507 and $41,845, respectively)
    
    
    45,850
    
    
    
    19,355Accrued commissions and other trading fees
on open contracts
    
    
    1,593
    
    
    
    7,946Offering costs payable
    
    
    9,025
    
    
    
    11,697Redemptions payable
    
    
    682,036
    
    
    
    1,163,237Total liabilities
    
    
    833,156
    
    
    
    1,277,825UNITHOLDERS CAPITAL (Net Asset Value)Managing Owner - 1,413.580 units outstanding at
December 31, 2008 and December 31, 2007
    
    
    2,306,948
    
    
    
    2,266,803Other Unitholders - 20,544.542 and 21,216.063 units outstanding at
December 31, 2008 and December 31, 2007
    
    
    33,528,535
    
    
    
    34,021,953Total unitholders capital (Net Asset Value)
    
    
    35,835,483
    
    
    
    36,288,756Total liabilities and unitholders capital (Net Asset Value)
    
    $
    36,668,639
    
    
    $
    37,566,581
 See Accompanying Notes to Financial Statements.
 41




---



##### 



Campbell Alternative Asset Trust
 
 Statements of Operations  For the Years Ended December
 2008
    
    
    2007
    
    
    2006TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    2,020,401
    
    
    $
    (784,118
    )
    
    $
    1,005,543Change in unrealized
    
    
    (203,665
    )
    
    
    (885,438
    )
    
    
    1,243,608Brokerage commissions
    
    
    (53,459
    )
    
    
    (72,611
    )
    
    
    (76,571
    )Net gain (loss) from futures trading
    
    
    1,763,277
    
    
    
    (1,742,167
    )
    
    
    2,172,580Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    (1,162,559
    )
    
    
    (874,349
    )
    
    
    (1,928,500
    )Change in unrealized
    
    
    969,895
    
    
    
    (2,235,565
    )
    
    
    2,748,647Brokerage commissions
    
    
    (1,676
    )
    
    
    (28,726
    )
    
    
    (20,980
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    (194,340
    )
    
    
    (3,138,640
    )
    
    
    799,167Total net trading gain (loss)
    
    
    1,568,937
    
    
    
    (4,880,807
    )
    
    
    2,971,747INTEREST INCOME NET OF EXPENSESIncomeInterest income
    
    
    554,492
    
    
    
    1,850,313
    
    
    
    1,921,132ExpensesBrokerage fee
    
    
    1,055,055
    
    
    
    1,157,288
    
    
    
    1,171,323Performance fee
    
    
    0
    
    
    
    270,167
    
    
    
    370,369Operating expenses
    
    
    90,901
    
    
    
    97,120
    
    
    
    100,396Total expenses
    
    
    1,145,956
    
    
    
    1,524,575
    
    
    
    1,642,088Interest income net of expenses
    
    
    (591,464
    )
    
    
    325,738
    
    
    
    279,044NET INCOME (LOSS)
    
    $
    977,473
    
    
    $
    (4,555,069
    )
    
    $
    3,250,791NET INCOME (LOSS) PER MANAGING OWNER
AND OTHER UNITHOLDERS UNIT

(based on weighted average number
of units outstanding during the year)
    
    $
    43.49
    
    
    $
    (195.52
    )
    
    $
    135.31INCREASE (DECREASE) IN NET ASSET VALUE
PER MANAGING OWNER AND
OTHER UNITHOLDERS UNIT
    
    $
    28.40
    
    
    $
    (211.94
    )
    
    $
    123.59
 See Accompanying Notes to Financial Statements.
 42




---



##### 



Campbell Alternative Asset Trust
 
 Statements of Cash Flows
 For the Years Ended December
 2008
    
    
    2007
    
    
    2006Cash flows from (for) operating activitiesNet income (loss)
    
    $
    977,473
    
    
    $
    (4,555,069
    )
    
    $
    3,250,791Adjustments to reconcile net income (loss) to
net cash from (for) operating activitiesNet change in unrealized
    
    
    (766,230
    )
    
    
    3,121,003
    
    
    
    (3,992,255
    )(Increase) decrease in restricted cash
    
    
    (1,180,793
    )
    
    
    0
    
    
    
    1,873,271(Increase) decrease in option premiums paid
    
    
    60,384
    
    
    
    (44,384
    )
    
    
    (29,775
    )Increase (decrease) in option premiums received
    
    
    8,662
    
    
    
    24,509
    
    
    
    17,336(Increase) decrease in interest receivable
    
    
    7,336
    
    
    
    12,658
    
    
    
    6,124(Increase) decrease in prepaid expenses
    
    
    (2,000
    )
    
    
    0
    
    
    
    0Increase (decrease) in accounts payable and accrued expenses
    
    
    12,709
    
    
    
    (48,656
    )
    
    
    (60,394
    )Net maturities (purchases) of investments in
United States government securities
    
    
    32,795,758
    
    
    
    651,527
    
    
    
    (4,717,011
    )Net cash from (for) operating activities
    
    
    31,913,299
    
    
    
    (838,412
    )
    
    
    (3,651,913
    )Cash flows from (for) financing activitiesAddition of units
    
    
    2,404,879
    
    
    
    2,880,078
    
    
    
    2,123,429Redemption of units
    
    
    (3,949,714
    )
    
    
    (3,583,534
    )
    
    
    (1,974,504
    )Offering costs paid
    
    
    (335,846
    )
    
    
    (369,590
    )
    
    
    (370,272
    )Net cash from (for) financing activities
    
    
    (1,880,681
    )
    
    
    (1,073,046
    )
    
    
    (221,347
    )Net increase (decrease) in cash
    
    
    30,032,618
    
    
    
    (1,911,458
    )
    
    
    (3,873,260
    )Unrestricted cashBeginning of year
    
    
    4,191,592
    
    
    
    6,103,050
    
    
    
    9,976,310End of year
    
    $
    34,224,210
    
    
    $
    4,191,592
    
    
    $
    6,103,050End of year cash consists of:Cash in broker trading accounts
    
    $
    33,954,446
    
    
    $
    2,538,672
    
    
    $
    3,198,569Cash
    
    
    269,764
    
    
    
    1,652,920
    
    
    
    2,904,481Total end of year cash
    
    $
    34,224,210
    
    
    $
    4,191,592
    
    
    $
    6,103,050
 See Accompanying Notes to Financial Statements.
 43




---



##### 



Campbell Alternative Asset Trust
 
 Statements of Changes in Unitholders Capital net Asset
Value
 For the Years Ended December
 Unitholders CapitalManaging Owner
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances at
December 31,
2005
    
    
    1,413.580
    
    
    $
    2,391,693
    
    
    
    22,143.118
    
    
    $
    37,464,774
    
    
    
    23,556.698
    
    
    $
    39,856,467Net income (loss)
for the year
ended
December 31,
2006
    
    
    
    
    
    
    196,472
    
    
    
    
    
    
    
    3,054,319
    
    
    
    
    
    
    
    3,250,791Additions
    
    
    0.000
    
    
    
    0
    
    
    
    1,463.895
    
    
    
    2,536,293
    
    
    
    1,463.895
    
    
    
    2,536,293Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (1,406.677
    )
    
    
    (2,401,944
    )
    
    
    (1,406.677
    )
    
    
    (2,401,944
    )Offering costs
    
    
    
    
    
    
    (21,768
    )
    
    
    
    
    
    
    (348,124
    )
    
    
    
    
    
    
    (369,892
    )Balances at
December 31,
2006
    
    
    1,413.580
    
    
    
    2,566,397
    
    
    
    22,200.336
    
    
    
    40,305,318
    
    
    
    23,613.916
    
    
    
    42,871,715Net income (loss)
for the year
ended
December 31,
2007
    
    
    
    
    
    
    (277,422
    )
    
    
    
    
    
    
    (4,277,647
    )
    
    
    
    
    
    
    (4,555,069
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    1,444.335
    
    
    
    2,501,152
    
    
    
    1,444.335
    
    
    
    2,501,152Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (2,428.608
    )
    
    
    (4,163,583
    )
    
    
    (2,428.608
    )
    
    
    (4,163,583
    )Offering costs
    
    
    
    
    
    
    (22,172
    )
    
    
    
    
    
    
    (343,287
    )
    
    
    
    
    
    
    (365,459
    )Balances at
December 31,
2007
    
    
    1,413.580
    
    
    
    2,266,803
    
    
    
    21,216.063
    
    
    
    34,021,953
    
    
    
    22,629.643
    
    
    
    36,288,756Net income (loss)
for the year
ended
December 31,
2008
    
    
    
    
    
    
    61,100
    
    
    
    
    
    
    
    916,373
    
    
    
    
    
    
    
    977,473Additions
    
    
    0.000
    
    
    
    0
    
    
    
    1,450.873
    
    
    
    2,370,941
    
    
    
    1,450.873
    
    
    
    2,370,941Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (2,122.394
    )
    
    
    (3,468,513
    )
    
    
    (2,122.394
    )
    
    
    (3,468,513
    )Offering costs
    
    
    
    
    
    
    (20,955
    )
    
    
    
    
    
    
    (312,219
    )
    
    
    
    
    
    
    (333,174
    )Balances at
December 31, 2008
    
    
    1,413.580
    
    
    $
    2,306,948
    
    
    
    20,544.542
    
    
    $
    33,528,535
    
    
    
    21,958.122
    
    
    $
    35,835,483
 Net Asset Value per Managing Owner and Other Unitholders Unit
December 31,
 2008
    
    
    2007
    
    
    2006$
    1,631.99
    
    
    $
    1,603.59
    
    
    $
    1,815.53
 See Accompanying Notes to Financial Statements.
 44




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##### 



Campbell Alternative Asset Trust
 
 Financial Highlights
 For the Years Ended December
  2008
    
    
    2007
    
    
    2006Per Unit Performance(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year
    
    $
    1,603.59
    
    
    $
    1,815.53
    
    
    $
    1,691.94Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    69.54
    
    
    
    (210.23
    )
    
    
    127.38Interest income net of expenses (1)
    
    
    (26.32
    )
    
    
    13.98
    
    
    
    11.61Total net income (loss) from operations
    
    
    43.22
    
    
    
    (196.25
    )
    
    
    138.99Offering costs (1)
    
    
    (14.82
    )
    
    
    (15.69
    )
    
    
    (15.40
    )Net asset value per unit at end of year
    
    $
    1,631.99
    
    
    $
    1,603.59
    
    
    $
    1,815.53Total Return
    
    
    1.77
    %
    
    
    (11.67
    )%
    
    
    7.30
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee
    
    
    3.11
    %
    
    
    3.09
    %
    
    
    3.11
    %Performance fee
    
    
    0.00
    %
    
    
    0.67
    %
    
    
    0.91
    %Total expenses
    
    
    3.11
    %
    
    
    3.76
    %
    
    
    4.02
    %Interest income net of expenses (2,3)
    
    
    (1.61
    )%
    
    
    1.47
    %
    
    
    1.59
    %
 Total returns are calculated based on the change in value of a unit during the year. An individual
partners total returns and ratios may vary from the above total returns and ratios based on the
timing of additions and redemptions.
 
 (1)
    
    Interest income net of expenses per unit and offering costs per unit are calculated by
dividing the interest income net of expenses and offering costs by the average number of
units outstanding during the year. Total net trading gains (losses) is a balancing amount
necessary to reconcile the change in net asset value per unit with the other per unit
information.(2)
    
    Excludes performance fee.(3)
    
    Interest income net of expenses is shown as a positive amount when the interest income
exceeds expenses for the year and a negative number when expenses exceed interest income for
the year. See Accompanying Notes to Financial Statements.
 45




---



##### 



Campbell Alternative Asset Trust
 
 Notes to Financial Statements
 December
 Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the TrustCampbell Alternative Asset Trust (the Trust) is a Delaware statutory trust which operates as
a commodity investment pool. The Trust was formed on May 3, 2000 and commenced trading on
October 1, 2001. The Trust engages in the speculative trading of futures contracts, forward
currency contracts and options on forward currency contracts.As of December 31, 2002, units are no longer offered to the public, but are offered
exclusively for sale to the Campbell & Company, Inc. 401(K) Plan (the
401(K) Plan). At December 31, 2008 and December 31, 2007, the 401(K) Plan
held approximately 68% and 60% of the Trusts outstanding units, respectively.B.
    
    RegulationAs a registrant with the Securities and Exchange Commission, the Trust is subject to the
regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act
of 1934. As a commodity investment pool, the Trust is subject to the regulations of the
Commodity Futures Trading Commission, an agency of the United States
(U.S.) government which regulates most aspects of the commodity futures
industry; rules of the National Futures Association, an industry self-regulatory
organization; and the requirements of the various commodity exchanges where the Trust
executes transactions. Additionally, the Trust is subject to the requirements of futures
commission merchants (brokers) and interbank market makers through which the Trust trades.C.
    
    Method of ReportingThe Trusts financial statements are presented in accordance with accounting principles
generally accepted in the United States of America, which may require the use of certain
estimates made by the Trusts management. Actual results may differ from these estimates.
Investment transactions are accounted for on the trade date. Gains or losses are realized
when contracts are liquidated. Unrealized gains and losses on open contracts (the difference
between contract trade price and market price) are reported in the statement of financial
condition as a net gain or loss, as there exists a right of offset of unrealized gains or
losses in accordance with Financial Accounting Standards Board Interpretation No. 39 -
Offsetting of Amounts Related to Certain Contracts. The market value of futures
(exchange-traded) contracts is determined by the various futures exchanges, and reflects the
settlement price for each contract as of the close of the last business day of the reporting
period. The market value of forward currency (non-exchange traded) contracts was
extrapolated on a forward basis from the spot prices quoted as of 3:00
P.M. (E.T.) of the last business day of the reporting
period or based on the market value of its exchange-traded equivalent.The market value of option (non-exchange traded) contracts is calculated by applying an
industry-standard adaptation of the Black-Scholes options valuation model to foreign
currency options, using as input, the spot prices, interest rates and option implied
volatilities quoted as of 3:00 P.M. (E.T.) on the last
business day of the reporting period. Any change in net unrealized gain or loss from the
preceding period is reported in the statement of operations.When the Trust writes an option, an amount equal to the premium received by the Trust is
reflected as an asset and an equivalent liability. The amount of the liability is
subsequently marked-to-market to reflect the current market value of option written.
Brokerage commissions include other trading fees and are charged to expense when contracts
are opened. United States government securities are stated at cost plus accrued interest,
which approximates market value.For purposes of both financial reporting and calculation of redemption value, Net Asset
Value per unit is calculated by dividing Net Asset Value by the number of outstanding
units.The Trust adopted the provisions of Statement of Financial Accounting Statement No. 157 -
Fair Value Measurement, or SFAS 157, as of January 1, 2008. SFAS 157
provides guidance for determining fair value and requires increased disclosure regarding the
inputs to valuation techniques used to measure fair value. SFAS 157 defines fair
value as the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date.SFAS No. 157 establishes a fair value hierarchy which prioritizes the inputs to
valuation techniques used to measure fair value into three broad levels. The fair value
hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for
identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs
(Level 3).Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities that the Trust has the ability to access at the measurement date. An active
market for the asset or liability is a market in which transactions for the asset or
liability occur with sufficient frequency and volume to provide pricing information on an
ongoing basis. The value of the Trusts exchange-traded futures contracts fall into this
category.
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Campbell Alternative Asset Trust  Notes to Financial Statements  December
 Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable
for the asset or liability, either directly or indirectly. This category includes forward
currency contracts and options on forward currency contracts that the Trust values using
models or other valuation methodologies derived from observable market data.Level 3 inputs are unobservable inputs for an asset or liability (including the Funds own
assumptions used in determining the fair value of investments). Unobservable inputs shall be
used to measure fair value to the extent that observable inputs are not available, thereby
allowing for situations in which there is little, if any, market activity for the asset or
liability at the measurement date. As of and for the year ended December 31, 2008, the Trust
did not have any Level 3 assets or liabilities.The following table sets forth by level within the fair value hierarchy the Trusts
investments accounted for at fair value on a reoccurring basis as of December 31, 2008.
 Fair Value at December 31, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsU.S. Treasury Bills
    
    $
    0
    
    
    $
    1,100,000
    
    
    $
    0
    
    
    $
    1,100,000Other Financial InstrumentsExchange-traded futures contracts
    
    
    (6,154
    )
    
    
    0
    
    
    
    0
    
    
    
    (6,154
    )Forward currency contracts
    
    
    0
    
    
    
    159,738
    
    
    
    0
    
    
    
    159,738Options purchased
    
    
    0
    
    
    
    7,494
    
    
    
    0
    
    
    
    7,494Options written
    
    
    0
    
    
    
    (45,850
    )
    
    
    0
    
    
    
    (45,850
    )Total
    
    $
    (6,154
    )
    
    $
    1,221,382
    
    
    $
    0
    
    
    $
    1,215,228
 D.
    
    Income TaxesThe Trust prepares calendar year U.S. and applicable state information tax returns and
reports to the unitholders their allocable shares of the Trusts income, expenses and trading
gains or losses. No provision for income taxes has been made in the accompanying financial
statements as each unitholder is individually responsible for reporting income or loss based
on such unitholders respective share of the Trusts income and expenses as reported for
income tax purposes.Management has continued to evaluate the application of Financial Accounting Standards Board
(FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an interpretation
of FASB Statement No. 109 (FIN 48), to the Trust, and has determined that FIN 48 does not
have a material impact on the Trusts financial statements. The Trust files federal and state
tax returns. The 2005 through 2008 tax years generally remain subject to examination by the
U.S. federal and most state tax authorities.E.
    
    Offering CostsCampbell & Company, Inc. (Campbell & Company) has incurred all costs in connection with the
initial and continuous offering of units of the Trust (offering costs). Offering costs are
charged to the Trust at a monthly rate of 1/12 of 0.9% (0.9% annualized) of the Trusts
month-end net asset value (as defined in the Amended and Restated Declaration of Trust and
Trust Agreement) until such amounts are fully reimbursed. Such amounts are charged directly
to unitholders capital. The Trust is only liable for payment of offering costs on a monthly
basis. At December 31, 2008 and December 31, 2007, the Trust reflects a liability in the
statement of financial condition for offering costs payable to Campbell & Company of $9,025
and $11,697, respectively.The offering costs for which Campbell & Company are being reimbursed relate to the offering
of units of the Trust to all unitholders except the 401(K) Plan. Therefore, Campbell &
Company rebates to the 401(K) Plan the offering costs charged to the 401(K) Plan. All such
rebates are made by issuing additional units to the 401(K) Plan.If the Trust terminates prior to completion of payment to Campbell & Company for the
unreimbursed offering costs incurred through the date of such termination, Campbell & Company
will not be entitled to any additional payments, and the Trust will have no further
obligation to Campbell & Company. At December 31, 2008 and December 31, 2007, the amount of
unreimbursed offering costs incurred by Campbell & Company is $114,051 and $235,984,
respectively.F.
    
    Foreign Currency Transactions
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Campbell Alternative Asset Trust  Notes to Financial Statements  December
 The Trusts functional currency is the U.S. dollar; however, it transacts
business in currencies other than the U.S. dollar. Assets and liabilities
denominated in currencies other than the U.S. dollar are translated into
U.S. dollars at the rates in effect at the date of the statement of
financial condition. Income and expense items denominated in currencies other than the
U.S. dollar are translated into U.S. dollars at the
rates in effect during the period. Gains and losses resulting from the translation to
U.S. dollars are reported in income.G.
    
    Recently Issued Accounting PronouncementsIn March 2008, the Financial Accounting Standards Board (FASB) issued Statement of
Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and
Hedging Activities  an amendment of FASB Statement No. 133 (SFAS 161).
SFAS 161 establishes, amoung other things, the disclosure requirements for
derivative instruments and for hedging activities. SFAS 161 is effective for
financial statements issued for fiscal years beginning after November 15, 2008, and interim
periods within those fiscal years. The impact on the Trusts financial statement
disclosures, if any, is currently being assessed.Note 2.
    
    MANAGING OWNER AND COMMODITY TRADING ADVISORThe managing owner of the Trust is Campbell & Company, which conducts and manages the
business of the Trust. Campbell & Company is also the commodity trading advisor of the
Trust. The Amended and Restated Declaration of Trust and Trust Agreement requires Campbell &
Company to maintain a capital account equal to 1% of the total capital accounts of the
Trust. Additionally, Campbell & Company is required by the Amended and Restated Declaration
of Trust and Trust Agreement to maintain a net worth of not less than $1,000,000.The Trust pays a monthly brokerage fee of 1/12 of 2.85% (2.85% annualized) of month-end net
assets to Campbell & Company and approximately $6 per round turn to the broker for execution
and clearing costs. Such costs are limited to 3.5% of average month-end net assets per year.
From the 2.85% fee, a portion (0.35%) is used to compensate selling agents for
administrative services and a portion (2.5%) is retained by Campbell & Company for trading
and management services rendered.Campbell & Company is also paid a performance fee equal to 20% of New Appreciation (as
defined) calculated as of the end of each calendar quarter and upon redemption of units.Campbell & Company rebates to the 401(K) Plan the brokerage fee and the
performance fee applicable to the 401(K) Plan. All such rebates are made by
issuing additional units to the 401(K) Plan.Note 3.
    
    TRUSTEEThe trustee of the Trust is U.S. Bank National Association, a national
banking corporation. The trustee has delegated to the managing operator the duty and
authority to manage the business and affairs of the Trust and has only nominal duties and
liabilities with respect to the Trust.Note 4.
    
    DEPOSITS WITH BROKERThe Trust deposits assets with a broker subject to Commodity Futures Trading Commission
regulations and various exchange and broker requirements. Margin requirements are satisfied
by the deposit of U.S. Treasury bills and cash with such broker. The
Trust earns interest income on its assets deposited with the broker.Note 5.
    
    OPERATING EXPENSESOperating expenses of the Trust are restricted by the Amended and Restated Declaration
of Trust and Trust Agreement to 0.40% per annum of the average month-end Net Asset
Value of the Trust.Note 6.
    
    SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONSInvestments in the Trust are made by subscription agreement, subject to acceptance by
Campbell & Company.The Trust is not required to make distributions, but may do so at the sole discretion of
Campbell & Company. A unitholder may request and receive redemption of units
owned, subject to restrictions in the Declaration of Trust and Trust Agreement.Note 7.
    
    TRADING ACTIVITIES AND RELATED RISKSThe Trust engages in the speculative trading of U.S. and foreign futures
contracts, forward currency contracts and options on forward currency contracts
(collectively, derivatives). The Trust is exposed to both market risk, the risk arising
from changes in the market value of the contracts, and credit risk, the risk of failure by
another party to perform according to the terms of a contract.Purchase and sale of futures contracts requires margin deposits with the broker. Additional
deposits may be necessary for any loss on contract value. The Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such brokers
proprietary activities. A customers cash and other property (for example,
U.S. Treasury bills) deposited with a broker are considered commingled
with all other customer trusts subject to the
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Campbell Alternative Asset Trust  Notes to Financial Statements  December
 brokers segregation requirements. In the event of a brokers insolvency, recovery may be
limited to a pro rata share of segregated Trusts available. It is possible that the
recovered amount could be less than total cash and other property deposited.The amount of required margin and good faith deposits with the broker and interbank market
makers usually range from 10% to 30% of Net Asset Value. The market value of securities held
to satisfy such requirements at December 31, 2008 and December 31, 2007 was $1,100,000 and
$33,895,759, respectively, which equals 3% and 93% of Net Asset Value, respectively. The
cash deposited with interbank market makers at December 31, 2008 and December 31, 2007 was
$257,949 and $1,644,730, respectively, which equals 1% and 5% of Net Asset Value,
respectively. These amounts are included in cash and cash equivalents. Included in cash
deposits with the broker at December 31, 2008, was restricted cash for margin requirements
$1,180,793 which equals 3% of Net Asset Value. There was no restricted cash at December 31,
2007.The Trust trades forward currency and options on forward currency contracts in unregulated
markets between principals and assumes the risk of loss from counterparty nonperformance.
Accordingly, the risks associated with forward currency and options on foreign currency
contracts are generally greater than those associated with exchange traded contracts because
of the greater risk of counterparty default. Additionally, the trading of forward currency
and options on forward currency contracts typically involves delayed cash settlement.The Trust has a substantial portion of its assets on deposit with financial institutions. In
the event of a financial institutions insolvency, recovery of Trust assets on deposit may
be limited to account insurance or other protection afforded such deposits.For derivatives, risks arise from changes in the market value of the contracts.
Theoretically, the Trust is exposed to a market risk equal to the notional contract value of
futures and forward currency contracts purchased and unlimited liability on such contracts
sold short. As both a buyer and seller of options, the Trust pays or receives a premium at
the outset and then bears the risk of unfavorable changes in the price of the contract
underlying the option. Written options expose the Trust to potentially unlimited liability,
and purchased options expose the Trust to a risk of loss limited to the premiums paid.The unrealized gain (loss) on open futures, forward currency and options on forward
currency contracts is comprised of the following:
 Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)December 31, 2008
    
    
    December 31, 2007
    
    
    December 31, 2008
    
    
    December 31, 2007Gross unrealized gains
    
    $
    192,722
    
    
    $
    470,224
    
    
    $
    977,900
    
    
    $
    742,233Gross unrealized losses
    
    
    (198,876
    )
    
    
    (272,714
    )
    
    
    (819,786
    )
    
    
    (1,554,014
    )Net unrealized gain (loss)
    
    $
    (6,154
    )
    
    $
    197,510
    
    
    $
    158,114
    
    
    $
    (811,781
    )
 Open contracts generally mature within three months; as of December 31, 2008, the latest
maturity date for open futures contracts is September 2009, the latest maturity date for
open forward currency contracts is March 2009, and the latest expiry date for options on
forward currency contracts is January 2009. However, the Trust intends to close all futures
and foreign currency contracts prior to maturity.Campbell & Company has established procedures to actively monitor market risk and minimize
credit risk, although there can be no assurance that it will, in fact, succeed in doing so.
Campbell & Companys basic market risk control procedures consist of continuously monitoring
open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio
that rarely exceeds 30%. Campbell & Company seeks to minimize credit risk primarily by
depositing and maintaining the Trusts assets at financial institutions and brokers which
Campbell & Company believes to be credit worthy. The unitholder bears the risk of loss only
to the extent of the market value of their respective investments and, in certain specific
circumstances, distributions and redemptions received.Note 8.
    
    INDEMNIFICATIONSIn the normal course of business, the Trust enters into contracts and agreements that
contain a variety of representations and warranties which provide general indemnifications.
The Trusts maximum exposure under these arrangements is unknown, as this would involve
future claims that may be made against the Trust that have not yet occurred. The Trust
expects the risk of any future obligation under these indemnifications to be remote.
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Privacy Policy
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EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E-231.02
    
    Certification by Chief Financial Officer
    
    E-332.01
    
    Certification by Chief Executive Officer
    
    E-432.02
    
    Certification by Chief Financial Officer
    
    E-5
 E-1