##### Table of Contents



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, 2009
 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
    
    (IRS Employer Identification Number)incorporation or organization)
 2850
Quarry Lake Drive, Baltimore, Maryland 21209
 (410) 413-2600
 None
  Units of Beneficial Interest
  o þ
  o þ
  þ o
  þ o
 þ
  Large accelerate 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
    
    
    3-6ITEM 1A.
    
    RISK FACTORS
    
    
    6-15ITEM 1B.
    
    UNRESOLVED STAFF COMMENTS
    
    
    16ITEM 2.
    
    PROPERTIES
    
    
    16ITEM 3.
    
    LEGAL PROCEEDINGS
    
    
    16ITEM 4.
    
    (REMOVED AND RESERVED)
    
    
    16PART IIITEM 5.
    
    MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
    
    
    16ITEM 6.
    
    SELECTED FINANCIAL DATA
    
    
    16-17ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
    
    
    17-26ITEM 7A.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    26-31ITEM 8.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    31ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
    
    
    31ITEM 9A.
    
    CONTROLS AND PROCEDURES
    
    
    32ITEM 9A(T).
    
    CONTROLS AND PROCEDURES
    
    
    32ITEM 9B.
    
    OTHER INFORMATION
    
    
    32PART IIIITEM 10.
    
    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    33-36ITEM 11.
    
    EXECUTIVE COMPENSATION
    
    
    36ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
    
    
    36ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND
DIRECTOR INDEPENDENCE
    
    
    36ITEM 14.
    
    PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    37PART IVITEM 15.
    
    EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    37-38SIGNATURESCERTIFICATIONSEX-31.1EX-31.2EX-32.1EX-32.2




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PART I
 
 Item 1.
    
    Business
 Overview
       3




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Regulation
     4




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Operations
      5




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Charges
  RECIPIENT
    
    NATURE OF PAYMENT
    
    AMOUNT OF PAYMENTCampbell & Company
    
    Brokerage Fee
    
    The Trust will pay
Campbell & Company a
brokerage fee of up
to 2.85% of the
Trusts month-end net
asset value per annum
(prior to accruals
for such brokerage
fee or performance
fees), irrespective
of profitability, of
which up to 0.35% is
paid to the selling
agents. Campbell &
Company retains the
remaining 2.50%.Campbell & Company
    
    Performance Fee
    
    Campbell & Company
will be paid a
quarterly performance
fee equal to 20% of
aggregate cumulative
appreciation in the
Trusts net asset
value per unit, if
any, excluding
interest income and
as adjusted for
subscriptions and
redemptions.Campbell & Company
    
    Offering Costs
    
    Reimbursement
of the Trusts
offering costs are
charged at a monthly rate of 1/12 of 0.9% of the Trusts month-end net asset value. Campbell & Company
pays the Trusts
offering costs and is
subsequently
reimbursed by the
Trust.Cash Manager and
Custodian Fees
    
    Cash Management and
Custody fees
    
    Cash management and
custodial fees for
the Trusts
non-margin assets is
estimated at 0.10%
per annum based on
the percentage of
assets under
management by the
cash managers.
 Other Information
 http://www.sec.gov
 
 Item 1A.
    
    Risk Factors
  Market Risks
 You Could Possibly Lose Your Total Investment in the Trust
  6




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The Trust is Highly Leveraged
  Changes In Financing Policies or the Imposition of Other Credit Limitations or Restrictions Could
Compel the Trust to Liquidate Positions at Disadvantageous Prices
  Your Investment Could be Illiquid
   7




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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
   8




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The Current Markets are Subject to Market Disruptions and Governmental Intervention That May Be a
Detriment to Your Investment
     The Trust is a Party to Financial Instruments With Elements of Off-Balance Sheet Risk, Which Causes
the Trust to Lose All of Its Assets
  9




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Trading Risks
 There are Disadvantages to Making Trading Decisions Based Primarily on Technical Market Data
   Increased Competition from Other Trend-Following Traders Could Reduce Campbell & Companys
Profitability
  Limits Imposed by Futures Exchanges or Other Regulatory Organizations, Such As Speculative Position
Limits and Daily Price Fluctuation Limits, May Alter Trading Decisions for the Trust
  Increase in Assets Under Management May Make Profitable Trading More Difficult
  10




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Investors Will Not be Able to View the Trusts Holdings on a Daily Basis, Which May Result in
Unanticipated Losses
  Tax Risks
 Investors are Taxed Based on Their Share of the Trusts Profits
  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
  11




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Other Risks
 Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
  The Trusts Service Providers Could Fail, Which May Result in Losses to the Trust
   Investors Must Not Rely on the Past Performance of Either Campbell & Company or the Trust in
Deciding Whether to Buy Units
  Conflicts of Interest Exist in the Structure and Operation of the Trust
  12




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There are No Independent Experts Representing Investors
  The Trust Places Significant Reliance on Campbell & Company and the Incapacity of its Principals
Could Adversely Affect the Trust
  The Trust Could Terminate Before You Achieve Your Investment Objective Causing Potential Loss of
Your Investment or Disrupting Your Investment Portfolio Allocation
  The Trust Is Not A Regulated Investment Company and Therefore Is Subject to Different Protections
Than a Regulated Investment Company
  13




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Forwards, Options, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation;
Therefore, the Trust Will Not Receive the Same Protections on These Transactions
  The Trust is Subject to Foreign Market Credit and Regulatory Risk
  The Trust is Subject to Foreign Exchange Risk
  Transfers Could be Restricted
  Restrictions on Investment by ERISA Plans, Employee Retirement Income Security Act of 1974
  14




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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
  Failure to Receive Timely and Accurate Market Data from Third Party Vendors Could Cause Disruptions
or the Inability to Trade
  15




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Item 1B.
    
    Unresolved Staff Comments
  
 Item 2.
    
    Properties
  
 Item 3.
    
    Legal Proceedings
  
 Item 4.
    
    (Removed and Reserved)
 
 PART II
 
 Item 5.
    
    Market for Registrants Common Equity , Related Stockholder Matters and Issuer Purchases of Equity Securities
    
 Item 6.
    
    Selected Financial Data
  For the Years Ended December 31,2009
    
    2008
    
    2007
    
    2006
    
    2005Total Assets
    
    $
    31,009,469
    
    
    $
    36,668,639
    
    
    $
    37,566,581
    
    
    $
    43,619,109
    
    
    $
    40,221,009Total Unitholders Capital
    
    
    29,002,062
    
    
    
    35,835,483
    
    
    
    36,288,756
    
    
    
    42,871,715
    
    
    
    39,856,467Total Net Trading Gain (Loss)
(includes brokerage commissions)
    
    
    (826,016
    )
    
    
    1,568,937
    
    
    
    (4,880,807
    )
    
    
    2,971,747
    
    
    
    5,125,300Net Income (Loss)
    
    
    (1,807,668
    )
    
    
    977,473
    
    
    
    (4,555,069
    )
    
    
    3,250,791
    
    
    
    4,799,375Net Income (Loss) Per Managing 
Owner and Other Unitholder Unit *
    
    
    (85.69
    )
    
    
    43.49
    
    
    
    (195.52
    )
    
    
    135.31
    
    
    
    204.75Increase (Decrease) in Net Asset Value
Per Managing Owner and Other
Unitholder Unit
    
    
    (94.41
    )
    
    
    28.40
    
    
    
    (211.94
    )
    
    
    123.59
    
    
    
    190.55
 
 *
    
    - Based on weighted average number of units outstanding during the period. 16




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1st Qtr
    
    2nd Qtr
    
    3rd Qtr
    
    4th Qtr2009
    
    2009
    
    2009
    
    2009Total Net Trading Gain(Loss) (net of brokerage
Commissions)
    
    $
    75,143
    
    
    $
    (2,137,482
    )
    
    $
    1,317,012
    
    
    $
    (80,689
    )Net Income (Loss)
    
    
    (207,164
    )
    
    
    (2,392,807
    )
    
    
    1,078,786
    
    
    
    (286,483
    )Net Income (Loss) per Managing Owner and
Other Unitholder Unit
    
    
    (9.33
    )
    
    
    (110.22
    )
    
    
    52.82
    
    
    
    (14.29
    )Increase (Decrease) in Net Asset Value per Managing
Owner and Other Unitholder Unit
    
    
    (12.84
    )
    
    
    (113.43
    )
    
    
    49.41
    
    
    
    (17.55
    )Net Asset Value per Managing Owner and Other
Unitholder Unit at the End of the Period
    
    
    1,619.15
    
    
    
    1,505.72
    
    
    
    1,555.13
    
    
    
    1,537.58
 1st Qtr
    
    2nd Qtr
    
    3rd Qtr
    
    4th Qtr2008
    
    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
 
 *
    
    - 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
  17




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Capital Resources
   Liquidity
  i.e.
   18




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Off-Balance Sheet Risk
    Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts Accounted
for at Fair Value
  19




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Results of Operations
  2009
  Sector
    
    % Gain (Loss)Currencies
    
    
    3.41
    %Commodities
    
    
    (0.32
    )Stock Indices
    
    
    (0.68
    )Interest Rates
    
    
    (4.15
    )(1.74
    )%
    20




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21




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2008
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    9.10
    %Commodities
    
    
    0.35Currencies
    
    
    (0.51
    )Interest Rates
    
    
    (4.51
    )4.43
    %
 22




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23




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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
    )%
  24




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25




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Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    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).
  26




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The Trusts Trading Value at Risk in Different Market Sectors
  December 31, 2009
 TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    0.90
    %
    
    
    3.41
    %Interest Rates
    
    
    0.68
    %
    
    
    (4.15
    )%Stock Indices
    
    
    0.45
    %
    
    
    (0.68
    )%Commodities
    
    
    0.41
    %
    
    
    (0.32
    )%Aggregate/Total
    
    
    1.62
    %
    
    
    (1.74)
    %
 
 *
    
    -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, 2009, approximately (1.74)% was due to trading
gains (before commissions) and approximately 0.15% due to interest income offset by approximately
(4.19)% was due to brokerage fees, operating costs and offering costs borne by the Trust offset by
giving a net return of (5.78)%. 27




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December 31, 2008
 TradingMarket 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, 2007
 TradingMarket 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)%. 28




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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; and5)
    
    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
  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
  29




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Interest Rates
  Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Fixed Income Securities
  30




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Treasury Bill Positions Held for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
    General
  
 Item 8.
    
    Financial Statements and Supplementary Data
  
 Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  31




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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.
    
 Item 9B.
    
    Other Information
  32




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PART III
 
 Item 10. Directors and Executive Officers of the Registrant
     33




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34




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35




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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, 2009, no
Units of Beneficial Interest are owned or held by an officer of Campbell & Company. As
of December 31, 2009, the following beneficial owners owned more than five percent of
the Units:
 Name of Beneficial Owner
    

Number of Units Owned
    
    

Percentage of TrustCampbell & Company, Inc. 401(k) Plan
    
    
    13,958.734
    
    
    
    74.00
    %Campbell & Company, Inc.
    
    
    1,413.580
    
    
    
    7.49
    %
 (b)
    
    Security Ownership of Management. As of December 31, 2009, Campbell & Company
owned 1,413.580 Units of Managing Owner Interest having a value of $2,173,492. Units
of Managing Owner Interest will always be owned by Campbell & Company in its capacity
as managing owner.
 
 Item 13.
    
    Certain Relationships and Related Transactions
  36




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Item 14.
    
    Principal Accounting Fees and Services
  (a)
    
    Audit FeesThe aggregate fees billed for professional services rendered by the principal
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, 2009
and 2008 were $36,450 and $60,050, respectively.(b)
    
    Audit Related FeesThe aggregate fees billed for professional services rendered by the principal
accountant in connection with Sarbanes Oxley compliance for the years ended December
31, 2009 and 2008 were $5,070 and $0, respectively.(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 40 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
 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).
 37




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Exhibit Number
    
    Description of Document3.02
    
    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. 12 to Form
S-1 (No. 333-74014) filed on September 24, 2009).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. 12 to Form S-1 (No. 333-74014) filed on September
24, 2009).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.
 38




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##### Table of Contents



SIGNATURES
  CAMPBELL ALTERNATIVE ASSET TRUSTBy:
    CAMPBELL & COMPANY, INC.
 Managing OwnerBy:
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Officer and Director  Signature
    
    Capacity/s/ D. Keith CampbellD. Keith Campbell
    
    Chairman of the Board of Directors/s/ Bruce L. ClelandBruce L. Cleland
    
    Vice Chairman of the Board of Directors/s/ Theresa D. BecksTheresa D. Becks
    
    Chief Executive Officer/s/ Gregory T. DonovanGregory T. Donovan
    
    Chief Financial Officer, Principal Accounting Officer
 39




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##### Table of Contents



CAMPBELL ALTERNATIVE ASSET TRUST
 ANNUAL REPORT
  40




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##### Table of Contents



CAMPBELL ALTERNATIVE ASSET TRUST
  PAGESReports of Independent Registered Public Accounting FirmsDeloitte & Touche LLP
    
    
    42Financial StatementsCondensed Schedules of Investments
December 31, 2009 and 2008
    
    
    43-47Statements of Financial Condition
December 31, 2009 and 2008
    
    
    48Statements of Operations For the Years
Ended December 31, 2009, 2008 and 2007
    
    
    49Statements of Cash Flows For the Years
Ended December 31, 2009, 2008 and 2007
    
    
    50Statements of Changes in Unitholders Capital (Net Asset Value)
For the Years Ended December 31, 2009, 2008 and 2007
    
    
    51Financial Highlight
    
    
    52Notes to Financial Statements
    
    
    53-61
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
      
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##### Table of Contents



Campbell Alternative Asset Trust  Condensed Schedule of Investments  December 31, 2009
 FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsUnited StatesFinancials
(cost $1,100,000)
    
    $
    1,100,627
    
    
    
    3.79
    %Commercial PaperGermanyMaterials
(cost $588,603)
    
    $
    588,850
    
    
    
    2.03
    %NetherlandsConsumer Discretionary
(cost $827,966)
    
    $
    827,971
    
    
    
    2.85
    %United StatesConsumer Discretionary
    
    $
    2,048,923
    
    
    
    7.06
    %Consumer Staples
    
    $
    1,523,579
    
    
    
    5.25
    %Energy
    
    $
    924,969
    
    
    
    3.19
    %Financials
    
    $
    1,708,792
    
    
    
    5.89
    %Industrials$
    2,290,000
    
    
    Avery Dennison Corporation Due 01/04/2010
    
    $
    2,289,921
    
    
    
    7.90
    %Municipal
    
    $
    6,549,496
    
    
    
    22.58
    %Telecommunications
    
    $
    382,987
    
    
    
    1.32
    %Total United States(cost $15,424,662)
    
    $
    15,428,667
    
    
    
    53.19
    %Total Commercial Paper
(cost $16,841,231)
    
    $
    16,845,488
    
    
    
    58.07
    %Corporate BondsUnited StatesFinancials
(cost $1,395,877)
    
    $
    1,397,647
    
    
    
    4.82
    %Government And Agency ObligationsUnited StatesUS Government Agency
    
    $
    4,249,147
    
    
    
    14.65
    %US Treasury Bill$
    5,000,000
    
    
    U.S. Treasury Bills Due 04/01/2010*
    
    $
    4,999,431
    
    
    
    17.24
    %$
    1,650,000
    
    
    U.S. Treasury Bills Due 03/25/2010*
    
    $
    1,649,753
    
    
    
    5.69
    %Total United States(cost $10,896,184)
    
    $
    10,898,331
    
    
    
    37.58
    %Short Term Investment FundsUnited StatesShort Term Investment Funds
(cost $34,246)
    
    $
    34,246
    
    
    
    0.12
    %Total Fixed Income Securities
(cost $30,267,538)
    
    $
    30,276,339
    
    
    
    104.38
    %
 See Accompanying Notes to Financial Statements.
 43




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Campbell Alternative Asset Trust  Condensed Schedule of Investments  December 31, 2009
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgriculture
    
    $
    (3,889
    )
    
    
    (0.01
    )%Energy
    
    $
    18,479
    
    
    
    0.06
    %Long-term interest rates
    
    $
    (252,217
    )
    
    
    (0.87
    )%Metals
    
    $
    163,924
    
    
    
    0.57
    %Short-term interest rates
    
    $
    (100,836
    )
    
    
    (0.35
    )%Stock indices
    
    $
    213,758
    
    
    
    0.74
    %Total long futures contracts
    
    $
    39,219
    
    
    
    0.14
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgriculture
    
    $
    838
    
    
    
    0.00
    %Long-term interest rates
    
    $
    11,956
    
    
    
    0.04
    %Metals
    
    $
    (107,732
    )
    
    
    (0.37
    )%Total short futures contracts
    
    $
    (94,938
    )
    
    
    (0.33
    )%Total futures contracts
    
    $
    (55,719
    )
    
    
    (0.19
    )%
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (1,124,565
    )
    
    
    (3.88
    )%Various short forward currency contracts
    
    $
    859,412
    
    
    
    2.96
    %Total forward currency contracts
    
    $
    (265,153
    )
    
    
    (0.92
    )%
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 See Accompanying Notes to Financial Statements.
 44




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##### Table of Contents



Campbell Alternative Asset Trust  Condensed Schedule of Investments  December 31, 2009
 Description
    
    Values ($)
    
    
    % of Net
 Asset ValuePurchased
options on forward currency
contracts
 (premiums paid
 $70,105)
    
    $
    70,935
    
    
    
    0.24
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts

(premiums received  $21,883)
    
    $
    (19,069
    )
    
    
    (0.07
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 45




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##### Table of Contents



Campbell Alternative Asset Trust  Condensed Schedule of Investments  December 31, 2008
 FIXED INCOME SECURITIES
 UNITED STATES GOVERNMENT SECURITIES*
 Maturity
    
    MaturityFace Value
    
    Date
    
    
    Description

    
    Values ($)
    
    
    % of Net
 Asset Value$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 CONTRACTS
 Description
    
    Values ($)
    
    

% of Net Asset ValueStock 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 CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueEnergy
    
    $
    (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.
 46




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Campbell Alternative Asset Trust  Condensed Schedule of Investments  December 31, 2008
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious 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 CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts

(premiums paid  $13,775)
    
    $
    7,494
    
    
    
    0.02
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten 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.
 47




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Campbell Alternative Asset Trust
 
 Statements of Financial Condition
 December 31, 2009 And 2008
 2009
    
    
    2008ASSETSEquity in broker trading accountsCash
    
    $
    695,155
    
    
    $
    33,954,446Restricted cash
    
    
    0
    
    
    
    1,180,793Fixed income securities
(cost $4,999,431 and $0, respectively)
    
    
    4,999,431
    
    
    
    0Net unrealized gain (loss) on open futures contracts
    
    
    (55,719
    )
    
    
    (6,154
    )Total equity in broker trading accounts
    
    
    5,638,867
    
    
    
    35,129,085Cash
    
    
    279,164
    
    
    
    269,764Fixed income securities
(cost $25,268,107 and $1,100,000, respectively)
    
    
    25,276,908
    
    
    
    1,100,000Options purchased, at fair value
(premiums paid  $70,105 and $13,775, respectively)
    
    
    70,935
    
    
    
    7,494Net unrealized gain (loss) on open forward currency contracts
    
    
    (265,153
    )
    
    
    159,738Interest receivable
    
    
    7,530
    
    
    
    558Prepaid expenses
    
    
    1,218
    
    
    
    2,000Total assets
    
    $
    31,009,469
    
    
    $
    36,668,639LIABILITIESAccounts payable
    
    $
    31,880
    
    
    $
    66,072Brokerage fee
    
    
    18,138
    
    
    
    28,580Options written, at fair value
(premiums received  $21,883 and $50,507, respectively)
    
    
    19,069
    
    
    
    45,850Accrued commissions and other trading fees on open contracts
    
    
    4,701
    
    
    
    1,593Offering costs payable
    
    
    5,727
    
    
    
    9,025Redemptions payable
    
    
    1,927,892
    
    
    
    682,036Total liabilities
    
    
    2,007,407
    
    
    
    833,156UNITHOLDERS CAPITAL (Net Asset Value)Managing Owner - 1,413.580 redeemable units
outstanding at December 31, 2009 and December 31, 2008
    
    
    2,173,492
    
    
    
    2,306,948Other Unitholders - 17,448.570 and 20,544.542 redeemable units
outstanding at December 31, 2009 and December 31, 2008
    
    
    26,828,570
    
    
    
    33,528,535Total unitholders capital (Net Asset Value)
    
    
    29,002,062
    
    
    
    35,835,483Total liabilities and unitholders capital (Net Asset Value)
    
    $
    31,009,469
    
    
    $
    36,668,639
 See Accompanying Notes to Financial Statements
 48




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##### Table of Contents



Campbell Alternative Asset Trust
 
 Statements of Operations
 For The Years Ended December 31, 2009, 2008 And 2007
 2009
    
    
    2008
    
    
    2007TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (1,734,107
    )
    
    $
    2,020,401
    
    
    $
    (784,118
    )Change in unrealized
    
    
    (49,564
    )
    
    
    (203,665
    )
    
    
    (885,438
    )Brokerage commissions
    
    
    (47,647
    )
    
    
    (53,459
    )
    
    
    (72,611
    )Net gain (loss) from futures trading
    
    
    (1,831,318
    )
    
    
    1,763,277
    
    
    
    (1,742,167
    )Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    1,430,644
    
    
    
    (1,162,559
    )
    
    
    (874,349
    )Change in unrealized
    
    
    (419,623
    )
    
    
    969,895
    
    
    
    (2,235,565
    )Brokerage commissions
    
    
    (5,719
    )
    
    
    (1,676
    )
    
    
    (28,726
    )Net gain (loss) from forward currency and options on
forward currency trading
    
    
    1,005,302
    
    
    
    (194,340
    )
    
    
    (3,138,640
    )Total net trading gain (loss)
    
    
    (826,016
    )
    
    
    1,568,937
    
    
    
    (4,880,807
    )NET INVESTMENT INCOME (LOSS)IncomeInvestment income
    
    
    40,809
    
    
    
    554,492
    
    
    
    1,850,313Realized gain (loss)
on fixed income securities
    
    
    (1,277
    )
    
    
    0
    
    
    
    0Change in unrealized gain (loss) on fixed income securities
    
    
    8,801
    
    
    
    0
    
    
    
    0Total investment income
    
    
    48,333
    
    
    
    554,492
    
    
    
    1,850,313ExpensesBrokerage fee
    
    
    941,871
    
    
    
    1,055,055
    
    
    
    1,157,288Performance fee
    
    
    0
    
    
    
    0
    
    
    
    270,167Operating expenses
    
    
    88,114
    
    
    
    90,901
    
    
    
    97,120Total expenses
    
    
    1,029,985
    
    
    
    1,145,956
    
    
    
    1,524,575Net investment income (loss)
    
    
    (981,652
    )
    
    
    (591,464
    )
    
    
    325,738NET INCOME (LOSS)
    
    $
    (1,807,668
    )
    
    $
    977,473
    
    
    $
    (4,555,069
    )NET INCOME (LOSS) PER MANAGING OWNER AND
OTHER UNITHOLDERS UNIT

(based on weighted average number of units outstanding during
the year)
    
    $
    (85.69
    )
    
    $
    43.49
    
    
    $
    (195.52
    )INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OWNER
AND OTHER UNITHOLDERS UNIT
    
    $
    (94.41
    )
    
    $
    28.40
    
    
    $
    (211.94
    )
 See
Accompanying Notes to Financial Statements.
 49




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##### Table of Contents



Campbell Alternative Asset Trust
 
 Statements of Cash Flows
 For The Years Ended December 31, 2009, 2008 And 2007
 2009
    
    
    2008
    
    
    2007Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (1,807,668
    )
    
    $
    977,473
    
    
    $
    (4,555,069
    )Adjustments to reconcile net income (loss) to net cash from
(for) operating activitiesNet change in unrealized
    
    
    460,386
    
    
    
    (766,230
    )
    
    
    3,121,003(Increase) decrease in restricted cash
    
    
    1,180,793
    
    
    
    (1,180,793
    )
    
    
    0(Increase) decrease in option premiums paid
    
    
    (56,330
    )
    
    
    60,384
    
    
    
    (44,384
    )Increase (decrease) in option premiums received
    
    
    (28,624
    )
    
    
    8,662
    
    
    
    24,509(Increase) decrease in interest receivable
    
    
    (6,972
    )
    
    
    7,336
    
    
    
    12,658(Increase) decrease in prepaid expenses
    
    
    782
    
    
    
    (2,000
    )
    
    
    0Increase
(decrease) in accounts payable and accrued expenses
    
    
    (41,526
    )
    
    
    12,709
    
    
    
    (48,656
    )Net
maturities (purchases) of investments in fixed income securities
    
    
    (29,167,537
    )
    
    
    32,795,758
    
    
    
    651,527Net cash from (for) operating activities
    
    
    (29,466,696
    )
    
    
    31,913,299
    
    
    
    (838,412
    )Cash flows from (for) financing activitiesAddition of units
    
    
    1,906,380
    
    
    
    2,404,879
    
    
    
    2,880,078Redemption of units
    
    
    (5,388,845
    )
    
    
    (3,949,714
    )
    
    
    (3,583,534
    )Offering costs paid
    
    
    (300,730
    )
    
    
    (335,846
    )
    
    
    (369,590
    )Net cash from (for) financing activities
    
    
    (3,783,195
    )
    
    
    (1,880,681
    )
    
    
    (1,073,046
    )Net increase (decrease) in cash
    
    
    (33,249,891
    )
    
    
    30,032,618
    
    
    
    (1,911,458
    )Unrestricted cashBeginning of year
    
    
    34,224,210
    
    
    
    4,191,592
    
    
    
    6,103,050End of year
    
    $
    974,319
    
    
    $
    34,224,210
    
    
    $
    4,191,592End of year cash consists of:Cash in broker trading accounts
    
    $
    695,155
    
    
    $
    33,954,446
    
    
    $
    2,538,672Cash
    
    
    279,164
    
    
    
    269,764
    
    
    
    1,652,920Total end of year cash
    
    $
    974,319
    
    
    $
    34,224,210
    
    
    $
    4,191,592
 See
Accompanying Notes to Financial Statements.
 50




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Campbell Alternative Asset Trust
 
 Statements of Changes in unitholders capital (Net Asset Value)
 For The Years Ended December 31, 2009, 2008 And 2007
 Unitholders CapitalManaging Owner
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances 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
    
    
    
    35,835,483Net income (loss) for the year ended December 31, 2009
    
    
    
    
    
    
    (113,540
    )
    
    
    
    
    
    
    (1,694,128
    )
    
    
    
    
    
    
    (1,807,668
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    1,204.263
    
    
    
    1,906,380
    
    
    
    1,204.263
    
    
    
    1,906,380Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (4,300.235
    )
    
    
    (6,634,701
    )
    
    
    (4,300.235
    )
    
    
    (6,634,701
    )Offering costs
    
    
    
    
    
    
    (19,916
    )
    
    
    
    
    
    
    (277,516
    )
    
    
    
    
    
    
    (297,432
    )Balances at December 31, 2009
    
    
    1,413.580
    
    
    $
    2,173,492
    
    
    
    17,448.570
    
    
    $
    26,828,570
    
    
    
    18,862.150
    
    
    $
    29,002,062
 Net Asset Value per Managing Owner and Other Unitholders UnitDecember 31, 2009
     
     
    December 31, 2008
    
    
    December 31, 2007$1,537.58
    

    $1,631.99
    
    
    $1,603.59
 See Accompanying Notes to Financial Statements.
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Campbell Alternative Asset Trust
Financial Highlights
For The Years Ended December And
  2009
    
    
    2008
    
    
    2007Per Unit Performance(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year
    
    $
    1,631.99
    
    
    $
    1,603.59
    
    
    $
    1,815.53Income (loss) from operations:Total net trading
gains (losses) (1)
    
    
    (33.77
    )
    
    
    69.54
    
    
    
    (210.23
    )Net investment
income (loss) (1)
    
    
    (46.54
    )
    
    
    (26.32
    )
    
    
    13.98Total net income (loss) from operations
    
    
    (80.31
    )
    
    
    43.22
    
    
    
    (196.25
    )Offering costs (1)
    
    
    (14.10
    )
    
    
    (14.82
    )
    
    
    (15.69
    )Net asset value per unit at end of year
    
    $
    1,537.58
    
    
    $
    1,631.99
    
    
    $
    1,603.59Total Return
    
    
    (5.78
    )%
    
    
    1.77
    %
    
    
    (11.67
    )%Supplemental DataRatios to average net asset value:Expenses prior
to performance fee
    
    
    3.13
    %
    
    
    3.11
    %
    
    
    3.09
    %Performance fee
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.67
    %Total expenses
    
    
    3.13
    %
    
    
    3.11
    %
    
    
    3.76
    %Net investment income (loss) (2)
    
    
    (2.98
    )%
    
    
    (1.61
    )%
    
    
    1.47
    %
 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)
    
    Net investment income (loss) per unit and offering costs per unit are calculated by
dividing the net investment income (loss) 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. See Accompanying Notes to Financial Statements.
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Campbell Alternative Asset Trust  Notes to Financial Statements  December 31, 2009
 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, 2009 and December 31, 2008, the 401(K) Plan held approximately 74% and 68% 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 (FASB) Accounting Standards Codification (ASC) 210-20,
Offsetting  Balance Sheet, (formerly FAS 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 on 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.) on 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.The fixed income investments, other than U.S. Treasury bills held at the brokers or
interbank market makers, are marked-to-market on the last business day of the reporting
period by a custodian who utilizes a third party vendor hierarchy of pricing providers who
specialize in such markets. The prices furnished by the providers consider the yield or
price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets
in such securities. U.S. Treasury bills not held by the custodian are stated at cost plus accrued
interest,
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Campbell Alternative Asset Trust  Notes to Financial Statements  December 31, 2009
 which approximates fair value. Premiums and discounts on debt securities are amortized for
financial reporting purposes.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 ASC 820, Fair Value Measurements and Disclosures (formerly FASB
No.157, Fair Value Measurements), as of January 1, 2008. ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation
techniques used to measure fair value. ASC 820 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.ASC 820 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.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. This category also includes fixed
income investments.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, 2009, the Trust did not have any Level
3 assets or liabilities.The following tables set forth by level within the fair value hierarchy the Trusts investments
accounted for at fair value on a recurring basis as of December 31, 2009 and December 31, 2008.
 Fair Value at December 31, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    30,276,339
    
    
    $
    0
    
    
    $
    30,276,339Other Financial InstrumentsExchange-traded futures contracts
    
    
    (55,719
    )
    
    
    0
    
    
    
    0
    
    
    
    (55,719
    )Forward currency contracts
    
    
    0
    
    
    
    (265,153
    )
    
    
    0
    
    
    
    (265,153
    )Options purchased
    
    
    0
    
    
    
    70,935
    
    
    
    0
    
    
    
    70,935Options written
    
    
    0
    
    
    
    (19,069
    )
    
    
    0
    
    
    
    (19,069
    )Total
    
    $
    (55,719
    )
    
    $
    30,063,052
    
    
    $
    0
    
    
    $
    30,007,333
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Campbell Alternative Asset Trust
Notes to Financial Statements
December 31, 2009
 Fair Value at December 31, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    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. federal 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 ASC 740, Income Taxes (formerly FIN
No. 48, Accounting for Uncertainty in Income Taxes) to the Trust, and has determined that
no reserves for uncertain tax positions were required. The Trust files federal and state tax
returns. The 2006 through 2009 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, 2009 and December 31, 2008, the Trust reflects a liability in the
statement of financial condition for offering costs payable to Campbell & Company of $5,727
and $9,025, 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, 2009 and December 31, 2008, the amount of
unreimbursed offering costs incurred by Campbell & Company is $25,094 and $114,051,
respectively.
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Campbell Alternative Asset Trust
Notes to Financial Statements
December 31, 2009
 F.
    
    Foreign Currency TransactionsThe 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 January 2010, the Financial Accounting Standards Board issued Accounting Standards
update No. 2010-06 (ASU 2010-06) for improving disclosure about fair value measurements.
ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1 and 2
and separate disclosures about purchases, sales, issuances and settlements in the
reconciliation for fair value measurements using significant unobservable inputs (Level 3).
It also clarifies existing disclosure requirements relating to the levels of disaggregation
for fair value measurement and inputs and valuation techniques used to measure fair value.
The amended guidance is effective for financial statements for fiscal years and interim
periods beginning after December 15, 2009 except for disclosures about purchases, sales,
issuances and settlements in the rollforward of activity in Level 3 fair value
measurements, which are effective for fiscal years beginning after December 15, 2010 and
for interim periods within those fiscal years. The impact of this guidance on the Trusts
financial statements and disclosures, if any, is currently being assessed.
 Note 2.
    
    MANAGING OWNER AND COMMODITY TRADING ADVISOR
 The 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 $4 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.
More specifically, the performance fee is paid on the cumulative increase, if any, in the
Net Asset Value per Unit over the highest previous cumulative Net Asset Value per Unit
(commonly referred to as a High Water Mark) adjusting for investment income. In
determining the brokerage and performance fees, adjustments shall be made for capital
additions and withdrawals and Net Assets shall not be reduced by the fees being calculated
for such current period. The performance fee is not subject to any clawback provisions.
The brokerage fee and performance fee are typically paid in the month following the month
in which they are earned. The brokerage fee and performance fee are paid from the
available cash at the Trusts bank, broker or cash management accounts.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.
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Campbell Alternative Asset Trust
Notes to Financial Statements
December 31, 2009
 Note 3. TRUSTEE
 The 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. CASH MANAGER AND CUSTODIAN
 The Trust has appointed Wilmington Trust Investment Management LLC, a wholly owned
subsidiary of Wilmington Trust Corporation, as cash manager under the Non-Custody
Investment Advisory Agreement dated July 8, 2009, to manage and control the liquid assets
of the Trust. The cash manager is registered as an investment adviser with the Securities
and Exchange Commission of the United States under the Investment Advisers Act of 1940.
 The Trust opened a custodial account at The Northern Trust Company (the custodian) and has
granted the cash manager authority to make certain investments on behalf of the Trust
provided such investments are consistent with the investment guidelines created by the
managing operator. All securities purchased by the cash manager on behalf of the Trust
will be held in its custody account 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 began trading on behalf of the Trust in August 2009.
 Note 5. DEPOSITS WITH BROKER
 The 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
typically earns interest income on its assets deposited with the broker.
 Note 6. OPERATING EXPENSES
 Operating 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 7. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 Investments 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. Units are
transferable, but no market exists for their sale and none is expected to develop. Monthly
redemptions are permitted upon ten (10) business days advance written notice to Campbell &
Company.
 Note 8. TRADING ACTIVITIES AND RELATED RISKS
 The Trust engages in the speculative trading of U.S. and foreign futures contracts,
forward currency contracts and options on forward currency contracts (collectively,
derivatives). Specifically, the Fund trades a portfolio primarily focused on financial
futures, which are instruments designed to hedge or speculate on changes in interest
rates, currency exchange rates or stock index values. A secondary emphasis is on metals,
energy and agriculture values. 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. The market sensitive
instruments held by the Trust are acquired for speculative trading purposes, and all or a
substantial amount of the Trusts assets are subject to the risk of trading loss. Unlike
an operating company, the risk of market sensitive instruments is integral, not
incidental, to the Trusts main line of business.
 Purchase and sale of futures contracts requires margin deposits with the brokers.
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
 57




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Campbell Alternative Asset Trust
Notes to Financial Statements
December 31, 2009
 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 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, 2009 and December 31, 2008 was $6,649,184 and $1,100,000,
respectively, which equals 23% and 3% of Net Asset Value, respectively. The cash deposited with
interbank market makers at December 31, 2009 and December 31, 2008 was $102,855 and $257,949,
respectively, which equals 0% and 1% of Net Asset Value, respectively. These amounts are included
in cash. Included in cash deposits with the broker and interbank market maker at December 31, 2009
and December 31, 2008 was restricted cash for margin requirements of $0 and $1,180,793
respectively, which equals 0% and 3% of Net Asset Value respectively.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. Market movements
result in frequent changes in the fair market value of the Trusts open positions and,
consequently, in its earnings and cash flow. The Trusts market risk is influenced by a wide
variety of factors, including the level and volatility of exchange rates, interest rates, equity
price levels, the market value of financial instruments and contracts, the diversification effects
among the Trusts open positions and the liquidity of the markets in which it trades.
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. See Note 1. C. for an explanation of how
the Trust determines its valuation for derivatives as well as the netting of derivatives.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, 2009
    
    
    December 31, 2008
    
    
    December 31, 2009
    
    
    December 31, 2008Gross unrealized gains
    
    $
    529,851
    
    
    $
    192,722
    
    
    $
    1,199,815
    
    
    $
    977,900Gross unrealized losses
    
    
    (585,570
    )
    
    
    (198,876
    )
    
    
    (1,461,324
    )
    
    
    (819,786
    )Net unrealized gain (loss)
    
    $
    (55,719
    )
    
    $
    (6,154
    )
    
    $
    (261,509
    )
    
    $
    158,114
 58




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Campbell Alternative Asset Trust
Notes to Financial Statements
December 31, 2009
 In March 2008, the FASB issued ASC 815, Derivatives and Hedging (formerly SFAS No.161, Disclosures about Dervative instruments and Hedging Activities). ASC 815 provides
enhanced disclosures about how and why an entity uses derivative instruments, how derivative
instruments are accounted for, and how derivative instruments affect an entitys financial
position, financial performance and cash flows. ASC 815 is effective for financial statements
issued for the Trusts first fiscal year beginning after November 15, 2008. The Trust adopted ASC
815 effective January 1, 2009.The following tables summarize quantitative information required by ASC 815.The fair value of the Trusts derivatives by instrument type, as well as the location of those
instruments on the Statement of Financial Condition, as of December 31, 2009 is as follows:
 Asset

    
    
    LiabilityDerivatives at

    
    
    Derivatives atStatement of Financial
    
    December 31, 2009
    
    
    December 31, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    12,155
    
    
    $
    (15,206
    )
    
    $
    (3,051
    )Energy Contracts
    
    Equity in broker trading accounts
    
    
    19,804
    
    
    
    (1,325
    )
    
    
    18,479Metal Contracts
    
    Equity in broker trading accounts
    
    
    223,512
    
    
    
    (167,320
    )
    
    
    56,192Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    231,004
    
    
    
    (17,246
    )
    
    
    213,758Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    0
    
    
    
    (100,836
    )
    
    
    (100,836
    )Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    43,376
    
    
    
    (283,637
    )
    
    
    (240,261
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    1,170,194
    
    
    
    (1,435,347
    )
    
    
    (265,153
    )Purchased Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    70,935
    
    
    
    0
    
    
    
    70,935Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (19,069
    )
    
    
    (19,069
    )Totals
    
    
    
    $
    1,770,980
    
    
    $
    (2,039,986
    )
    
    $
    (269,006
    )
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 The trading revenue of the Trusts derivatives by instrument type, as well as the location of
those gains and losses on the Statement of Operations, for the year ended December 31, 2009 is as
follows:
 Trading Revenue forthe Year EndedType of Instrument
    
    December 31, 2009Agricultural Contracts
    
    $
    (111,725
    )Energy Contracts
    
    
    (482,311
    )Metal Contracts
    
    
    441,641Stock Indices Contracts
    
    
    (342,289
    )Short-Term Interest Rate Contracts
    
    
    (177,489
    )Long Term Interest Rate Contracts
    
    
    (1,121,620
    )Forward Currency Contracts
    
    
    593,074Purchased Options on Forward Currency Contracts
    
    
    (668,111
    )Written Options on Forward Currency Contracts
    
    
    1,086,058Total
    
    $
    (782,772
    )
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##### Table of Contents



Campbell Alternative Asset Trust
Notes to Financial Statements
December 31, 2009
 Trading Revenue forthe Year EndedLine Item in the Statement of Operations
    
    December 31, 2009Futures trading gains (losses):Realized
    
    $
    (1,744,229
    )Change in unrealized
    
    
    (49,564
    )Forward
currency and options on forward currency trading gains (losses):Realized
    
    
    1,430,644Change in unrealized
    
    
    (419,623
    )Total
    
    $
    (782,772
    )
 For the year ended December 31, 2009, the monthly average of futures contracts bought and sold
was approximately 900, and the monthly average of notional value of forward currency and options on
forward currency contracts was $175,300,000.Open contracts generally mature within three months; as of December 31, 2009, the latest maturity
date for open futures contracts is March 2011, the latest maturity date for open forward currency
contracts is March 2010, and the latest expiry date for options on forward currency contracts is
January 2010. 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s attempt to manage the risk of the Trusts open positions is essentially
the same in all market categories traded. Campbell & Company applies risk management policies to
its trading which generally limit the total exposure that may be taken per risk unit of assets
under management. In addition, Campbell & Company follows diversification guidelines (often
formulated in terms of the balanced volatility between markets and correlated groups), as well as
precalculating stop-loss points at which systems will signal to close open positions. Campbell &
Company controls the risk of the Funds non-trading fixed income instruments by limiting the
duration of such instruments and requiring a minimum credit quality of the issuers of those
instruments.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.
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##### Table of Contents



Campbell Alternative Asset Trust
Notes to Financial Statements
December 31, 2009
 Note 9. INDEMNIFICATIONS
 In 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.
 Note 10. SUBSEQUENT EVENTS
 Management of the Trust has evaluated subsequent events through the date the financial
statements were issued. There are no subsequent events to disclose or record.
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##### Table of Contents



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