##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
  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, 2010
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 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




---



##### 



TABLE OF CONTENTS
 PagePART IITEM 1. BUSINESS
    
    
    3-6ITEM 1A. RISK FACTORS
    
    
    6-17ITEM 1B. UNRESOLVED STAFF COMMENTS
    
    
    17ITEM 2. PROPERTIES
    
    
    17ITEM 3. LEGAL PROCEEDINGS
    
    
    17ITEM 4. (REMOVED AND RESERVED)
    
    
    17PART IIITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY,
RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES
    
    
    17ITEM 6. SELECTED FINANCIAL DATA
    
    
    18ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
    
    
    19-29ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
    
    
    29-34ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
DATA
    
    
    35ITEM 9. CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
    
    
    35ITEM 9A. CONTROLS AND PROCEDURES
    
    
    35ITEM 9B. OTHER INFORMATION
    
    
    36PART IIIITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND
CORPORATE GOVERNANCE
    
    
    36-39ITEM 11. EXECUTIVE COMPENSATION
    
    
    39ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER
MATTERS
    
    
    39ITEM 13. CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS, AND
DIRECTOR INDEPENDENCE
    
    
    39ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    40PART IVITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    40-41SIGNATURESCERTIFICATIONSEX-31.01EX-31.02EX-32.01EX-32.02




---



##### Table of Contents



PART I
 
 Item 1. Business
 Overview
       3




---



##### Table of Contents



Regulation
   4




---



##### Table of Contents



Operations
      5




---



##### Table of Contents



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
    
    Campbell & Company
pays the Trusts
offering costs and is
subsequently
reimbursed by the
Trust. Reimbursement
of the Trusts
offering costs are
not to exceed 0.9% of
the aggregate
subscriptions
accepted by Campbell
& Company.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




---



##### Table of Contents



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




---



##### Table of Contents



Suspension of Redemptions
   Market Disruptions: Governmental Intervention; The Dodd Frank Wall Street Reform and Consumer
Protection Act (the Reform Act)
    8




---



##### Table of Contents



Speculative Position Limits
    Over-the-Counter Transactions are Subject to Little, if Any, Regulation
  Over-the-Counter Transactions May Be Subject to the Risk of Counterparty Default
  9




---



##### Table of Contents



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 Regulatory Risk Associated with Futures Contracts Could Adversely Affect the Trusts Operations
and The Profitability of Your Investment
  Regulatory Changes or Actions May Alter the Operations and Profitability of the Trust
   10




---



##### Table of Contents



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
  11




---



##### Table of Contents



Increase in Assets Under Management May Make Profitable Trading More Difficult
  Investors Will Not Be Able to Review the Trusts Holdings on a Daily Basis
 i.e.
 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
  12




---



##### Table of Contents



Other Risks
 Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
  The Trusts Service Providers Could Fail
 pro rata
  Inadequate Models Could Negatively Affect the Trusts Portfolio
  13




---



##### Table of Contents



Investors Must Not Rely on the Past Performance of Either Campbell & Company or the Trust in
Deciding Whether to Buy Units
   Parties to the Trust Have Conflicts of Interest
     There are No Independent Experts Representing Investors
  The Trust Places Significant Reliance on Campbell & Company 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
  14




---



##### Table of Contents



The Trust Is Not A Regulated Investment Company and Is Therefore Subject to Different Protections
Than a Regulated Investment Company
  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
  15




---



##### Table of Contents



Restrictions on Investment by ERISA Plans, Employee Retirement Income Security Act of 1974
   A Single-Advisor Fund May be More Volatile Than a Multi-Advisor Fund
  The Performance Fee Could Be an Incentive to Make Riskier Investments
  The Trust May Distribute Profits to Unitholders at Inopportune Times
  Potential Inability to Trade or Report Due to Systems Failure
  16




---



##### Table of Contents



Failure to Receive Timely and Accurate Market Data from Third Party Vendors Could Cause Disruptions
or the Inability to Trade
  
 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
    17




---



##### Table of Contents



Item 6. Selected Financial Data
 Dollars in thousands, except per Unit amounts
  For the Years Ended December 31,2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Total Assets
    
    $
    30,990,022
    
    
    $
    31,009,469
    
    
    $
    36,668,639
    
    
    $
    37,566,581
    
    
    $
    43,619,109Total Unitholders Capital
    
    
    29,727,966
    
    
    
    29,002,062
    
    
    
    35,835,483
    
    
    
    36,288,756
    
    
    
    42,871,715Total Net Trading Gain (Loss)
(includes brokerage commissions)
    
    
    4,632,309
    
    
    
    (826,016
    )
    
    
    1,568,937
    
    
    
    (4,880,807
    )
    
    
    2,971,747Net Income (Loss)
    
    
    3,817,397
    
    
    
    (1,807,668
    )
    
    
    977,473
    
    
    
    (4,555,069
    )
    
    
    3,250,791Net Income (Loss) Per Managing
Owner and Other Unitholder Unit *
    
    
    210.52
    
    
    
    (85.69
    )
    
    
    43.49
    
    
    
    (195.52
    )
    
    
    135.31Increase (Decrease) in Net Asset Value
Per Managing Owner and Other
Unitholder Unit
    
    
    215.83
    
    
    
    (94.41
    )
    
    
    28.40
    
    
    
    (211.94
    )
    
    
    123.59
 
 *
    
    - Based on weighted average number of units outstanding during the period.  1st Qtr
    
    
    2nd Qtr
    
    
    3rd Qtr
    
    
    4th Qtr2010
    
    
    2010
    
    
    2010
    
    
    2010Total Net Trading Gain(Loss) (net of brokerage
Commissions)
    
    
    ($665,443
    )
    
    $
    217,585
    
    
    $
    2,576,890
    
    
    $
    2,503,277Net Income (Loss)
    
    
    (872,094
    )
    
    
    572
    
    
    
    2,406,440
    
    
    
    2,282,479Net Income (Loss) per Managing Owner and
Other Unitholder Unit
    
    
    (45.45
    )
    
    
    0.03
    
    
    
    137.75
    
    
    
    130.78Increase (Decrease) in Net Asset Value per Managing
Owner and Other Unitholder Unit
    
    
    (51.13
    )
    
    
    (1.60
    )
    
    
    137.72
    
    
    
    130.84Net Asset Value per Managing Owner and Other
Unitholder Unit at the End of the Period
    
    
    1,486.45
    
    
    
    1,484.85
    
    
    
    1,622.57
    
    
    
    1,753.41
 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
 
 *
    
    - Based on weighted average number of units outstanding during the period. 18




---



##### Table of Contents



Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Introduction
     Critical Accounting Policies
   Capital Resources
   Liquidity
  19




---



##### Table of Contents



Off-Balance Sheet Risk
  20




---



##### Table of Contents



Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts Accounted
for at Fair Value
  Results of Operations
  2010
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    12.36
    %Commodities
    
    
    4.20Currencies
    
    
    3.36Stock Indices
    
    
    (2.38
    )17.52
    %
 21




---



##### Table of Contents



22




---



##### Table of Contents



th
    23




---



##### Table of Contents



24




---



##### Table of Contents



2009
  Sector
    
    % Gain (Loss)Currencies
    
    
    3.41
    %Commodities
    
    
    (0.32
    )Stock Indices
    
    
    (0.68
    )Interest Rates
    
    
    (4.15
    )(1.74
    )%
    25




---



##### Table of Contents



26




---



##### Table of Contents



2008
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    9.10
    %Commodities
    
    
    0.35Currencies
    
    
    (0.51
    )Interest Rates
    
    
    (4.51
    )4.43
    %
  27




---



##### Table of Contents



28




---



##### Table of Contents



Item 7A. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    Standard of Materiality
  29




---



##### Table of Contents



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).
       The Trusts Trading Value at Risk in Different Market Sectors
  30




---



##### Table of Contents



December 31, 2010TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Commodities
    
    
    0.83
    %
    
    
    4.20
    %Stock Indices
    
    
    0.48
    %
    
    
    (2.38
    )%Currencies
    
    
    0.46
    %
    
    
    3.36
    %Interest Rates
    
    
    0.45
    %
    
    
    12.36
    %Aggregate/Total
    
    
    1.72
    %
    
    
    17.52
    %
 
 *
    
    -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 14.04% return for the year ended December 31, 2010, approximately 17.51% was due to
trading gains (before commissions) and approximately 0.34% due to interest income offset by
approximately (3.81)% due to brokerage fees, operating costs and offering costs borne by the Trust. December 31, 2009TradingMarket 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 (5.78)% 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) due to brokerage fees, operating costs and offering costs borne by the Trust. 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
    %
 31




---



##### Table of Contents



*
    
    -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 1.77% 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)% due to brokerage fees, operating costs and offering costs borne by the Trust. 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.
 32




---



##### Table of Contents



Currencies
 i.e.,
 Interest Rates
  Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  33




---



##### Table of Contents



Foreign Currency Balances
  Fixed Income Securities
  Treasury Bill Positions Held for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  34




---



##### Table of Contents



Item 8.
    
    Financial Statements and Supplementary Data
  
 Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
  
 Item 9A.
    
    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.
   35




---



##### Table of Contents



Item 9B.
    
    Other Information
  
 PART III
 
 Item 10.
    
    Directors and Executive Officers of the Registrant
     36




---



##### Table of Contents



37




---



##### Table of Contents



38




---



##### Table of Contents



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, 2010, no
Units of Beneficial Interest are owned or held by an officer of Campbell & Company. As
of December 31, 2010, 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
    
    
    14,005.882
    
    
    
    82.41
    %
 (b)
    
    Security Ownership of Management. As of December 31, 2010, Campbell & Company
owned 741.284 Units of Managing Owner Interest having a value of $1,236,580.32. 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
  39




---



##### Table of Contents



Item 14.
    
    
    Principal Accounting Fees and Services
 The principle accountant for the year ended December 31, 2010 was Deloitte & Touche LLP.
 (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, 2010
and 2009 were $52,275 and $36,450, 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, 2010 and 2009 were $0 and $5,070, 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 46 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 Post-Effective Amendment No. 11 to the
Registrants Registration Statement on Form S-1 (No. 333-74014) filed on
November 25, 2008).1.02
    
    Additional Selling Agreement among the Registrant, Campbell &
Company and the Additional Selling Agent. (Incorporated by reference to the
respective exhibit to the Post-Effective Amendment No. 11 to the Registrants
Registration Statement on Form S-1 (No. 333-74014) filed on November 25, 2008).
 40




---



##### Table of Contents



Exhibit Number
    
    Description of Document3.01
    
    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
    
    Fourth 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 Form S-1 (No. 333-167794)
filed on June 25, 2010).10.01
    
    Customer Agreement between the Registrant and UBS Securities
LLC. (Incorporated by reference to the respective exhibit to the Post-Effective
Amendment No. 11 to the Registrants Registration Statement on Form S-1 (No.
333-74014) filed on November 25, 2008).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 Post-Effective Amendment No. 11 to the Registrants Registration Statement
on Form S-1 (No. 333-74014) filed on November 25, 2008).10.05
    
    Form ofInternational Swap Dealers Association, Inc. Master
Agreement between the Registrant and Deutsche Bank AG. (Incorporated by
reference to the respective exhibit to the Post-Effective Amendment No. 11 to
the Registrants Registration Statement on Form S-1 (No. 333-74014) filed on
November 25, 2008.)10.06
    
    Non-Custody Investment Advisory Agreement between the Registrant
and Wilmington Trust Company. (Incorporated by reference to the respective
exhibit to the Post-Effective Amendment No. 12 to the Registration Statement on
Form S-1 (No. 333-74014) filed on August 25, 2009.10.07
    
    Global Institutional Master Custody Agreement. (Incorporated by
reference to the respective exhibit to the Post-Effective Amendment No. 12 to
the Registration Statement on Form S-1 (No. 333-74014) filed on August 25, 2009.16.01
    
    Letter regarding change in Certifying Accountant. (Incorporated by
reference to the respective exhibit to the Report on Form 8-K (No.
000-33311) filed on September 27, 2005.31.01
    
    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.
 41




---



##### 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 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/s/ Gregory T. Donovan

Gregory T. Donovan
    
    Chief
Financial Officer, Principal Accounting Officer
 42




---



##### Table of Contents



CAMPBELL ALTERNATIVE ASSET TRUST
 ANNUAL REPORT
                       43




---



##### Table of Contents



CAMPBELL ALTERNATIVE ASSET TRUST
  PAGESReports of Independent Registered Public Accounting FirmsDeloitte & Touche LLP
    
    
    45Financial StatementsCondensed Schedules of Investments
December 31, 2010 and 2009
    
    
    46-51Statements of Financial Condition
December 31, 2010 and 2009
    
    
    52Statements of Operations For the Years
Ended December 31, 2010, 2009 and 2008
    
    
    53Statements of Cash Flows For the Years
Ended December 31, 2010, 2009 and 2008
    
    
    54Statements of Changes in Unitholders Capital (Net Asset Value)
For the Years Ended December 31, 2010, 2009 and 2008
    
    
    55Financial Highlights
    
    
    56Notes to Financial Statements
    
    
    57-65
 44




---



##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    /s/ DELOITTE & TOUCHE LLPPhiladelphia, PennsylvaniaMarch 29, 2011 45




---



##### Table of Contents



Campbell Alternative Asset Trust
 
 Condensed Schedule of Investments
 December
 FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueCertificate Of DepositCanadaCertificate of Deposit
Financials
(cost $740,000)
    
    $
    740,659
    
    
    
    2.49
    %Commercial PaperUnited KingdomConsumer Staples
(cost $742,778)
    
    $
    742,826
    
    
    
    2.50
    %United StatesConsumer Discretionary
    
    $
    3,697,905
    
    
    
    12.44
    %Energy
    
    $
    249,972
    
    
    
    0.84
    %Financials
    
    $
    742,982
    
    
    
    2.50
    %Industrial
    
    $
    742,918
    
    
    
    2.50
    %Municipal
    
    $
    430,017
    
    
    
    1.45
    %Utilities
    
    $
    1,946,850
    
    
    
    6.55
    %Total United States(cost $7,810,309)
    
    $
    7,810,644
    
    
    
    26.28
    %Total Commercial Paper
(cost $8,553,087)
    
    $
    8,553,470
    
    
    
    28.78
    %Corporate BondsUnited StatesFinancials
(cost $1,529,608)
    
    $
    1,536,950
    
    
    
    5.17
    %Government And Agency ObligationsUnited StatesUS Government Agency
    
    $
    998,100
    
    
    
    3.36
    %US Treasury BillU.S. Treasury Bills *$
    5,000,000
    
    
    Due 01/13/2011
    
    $
    4,999,842
    
    
    
    16.82
    %Total United States(cost $5,999,742)
    
    $
    5,997,942
    
    
    
    20.18
    %Short Term Investment FundsUnited StatesShort Term Investment Funds
(cost $3,070,325)
    
    $
    3,070,325
    
    
    
    10.33
    %Total Fixed Income Securities
(cost $19,892,762)
    
    $
    19,899,346
    
    
    
    66.95
    %
 See Accompanying Notes to Financial Statements.
 46




---



##### Table of Contents



Campbell Alternative Asset Trust  Condensed Schedule of Investments  December
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgriculture
    
    $
    200,217
    
    
    
    0.67
    %Energy
    
    $
    68,603
    
    
    
    0.23
    %Long-term interest rates
    
    $
    3,254
    
    
    
    0.01
    %Metals
    
    $
    238,213
    
    
    
    0.80
    %Short-term interest rates
    
    $
    34,455
    
    
    
    0.12
    %Stock indices
    
    $
    1,453
    
    
    
    0.00
    %Total long futures contracts
    
    $
    546,195
    
    
    
    1.83
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgriculture
    
    $
    (10,356
    )
    
    
    (0.03
    )%Energy
    
    $
    (24,831
    )
    
    
    (0.08
    )%Long-term interest rates
    
    $
    (52,701
    )
    
    
    (0.18
    )%Metals
    
    $
    (12,703
    )
    
    
    (0.04
    )%Short-term interest rates
    
    $
    (469
    )
    
    
    0.00
    %Stock indices
    
    $
    4,024
    
    
    
    0.01
    %Total short futures contracts
    
    $
    (97,036
    )
    
    
    (0.32
    )%Total futures contracts
    
    $
    449,159
    
    
    
    1.51
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    2,407,765
    
    
    
    8.10
    %Various short forward currency contracts
    
    $
    (1,930,792
    )
    
    
    (6.49
    )%Total forward currency contracts
    
    $
    476,973
    
    
    
    1.61
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $96,376)
    
    $
    132,809
    
    
    
    0.45
    %
 See Accompanying Notes to Financial Statements.
 47




---



##### Table of Contents



Campbell Alternative Asset Trust  Condensed Schedule of Investments  December
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts (premiums received  $-20,991)
    
    $
    (61,350
    )
    
    
    (0.21
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 48




---



##### Table of Contents



Campbell Alternative Asset Trust  Condensed Schedule of Investments  December
 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
    %IndustrialsAvery Dennison Corporation$
    2,290,000
    
    
    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 BillU.S. Treasury Bills *$
    5,000,000
    
    
    Due 04/01/2010
    
    $
    4,999,431
    
    
    
    17.24
    %U.S. Treasury Bills *$
    1,650,000
    
    
    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.
 49




---



##### Table of Contents



Campbell Alternative Asset Trust  Condensed Schedule of Investments  December
 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
    )%
 See Accompanying Notes to Financial Statements.
 50




---



##### Table of Contents



Campbell Alternative Asset Trust  Condensed Schedule of Investments  December
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    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.
 51




---



##### Table of Contents



Campbell Alternative Asset Trust
 
 Statements of Financial Condition
 December And
 2010
    
    
    2009ASSETSEquity in broker trading accountsCash
    
    $
    7,272,155
    
    
    $
    695,155Fixed income securities
(cost $4,999,842 and $4,999,431, respectively)
    
    
    4,999,842
    
    
    
    4,999,431Net unrealized gain (loss) on open futures contracts
    
    
    449,159
    
    
    
    (55,719
    )Total equity in broker trading accounts
    
    
    12,721,156
    
    
    
    5,638,867Cash
    
    
    2,502,810
    
    
    
    279,164Restricted cash deposits with forwards broker
    
    
    249,673
    
    
    
    0Fixed income securities
(cost $14,892,920 and $25,268,107, respectively)
    
    
    14,899,504
    
    
    
    25,276,908Options purchased, at fair value
(premiums paid  $96,376 and $70,105, respectively)
    
    
    132,808
    
    
    
    70,935Net unrealized gain (loss) on open forward
currency contracts
    
    
    476,973
    
    
    
    (265,153
    )Interest receivable
    
    
    3,739
    
    
    
    7,530Prepaid expenses
    
    
    3,359
    
    
    
    1,218Total assets
    
    $
    30,990,022
    
    
    $
    31,009,469LIABILITIESAccounts payable
    
    $
    38,155
    
    
    $
    31,880Brokerage fee
    
    
    14,679
    
    
    
    18,138Options written, at fair value
(premiums received  $20,991 and $21,883, respectively)
    
    
    61,350
    
    
    
    19,069Accrued commissions and other trading fees
on open contracts
    
    
    4,070
    
    
    
    4,701Offering costs payable
    
    
    0
    
    
    
    5,727Redemptions payable
    
    
    1,143,802
    
    
    
    1,927,892Total liabilities
    
    
    1,262,056
    
    
    
    2,007,407UNITHOLDERS CAPITAL (Net Asset Value)Managing Owner - 741.284 and 1,413.580 redeemable units
outstanding at December 31, 2010 and December 31, 2009
    
    
    1,299,767
    
    
    
    2,173,492Other Unitholders - 16,213.126 and 17,448.570 redeemable units
outstanding at December 31, 2010 and December 31, 2009
    
    
    28,428,199
    
    
    
    26,828,570Total unitholders capital (Net Asset Value)
    
    
    29,727,966
    
    
    
    29,002,062Total liabilities and unitholders capital (Net Asset Value)
    
    $
    30,990,022
    
    
    $
    31,009,469
 See Accompanying Notes to Financial Statements.
 52




---



##### Table of Contents



Campbell Alternative Asset Trust
 
 Statements
of Operations
 For The Years Ended December And
 2010
    
    
    2009
    
    
    2008TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    3,254,038
    
    
    $
    (1,734,107
    )
    
    $
    2,020,401Change in unrealized
    
    
    504,878
    
    
    
    (49,564
    )
    
    
    (203,665
    )Brokerage commissions
    
    
    (72,262
    )
    
    
    (47,647
    )
    
    
    (53,459
    )Net gain (loss) from futures trading
    
    
    3,686,654
    
    
    
    (1,831,318
    )
    
    
    1,763,277Forward currency and options on forward currency trading gains (losses)Realized
    
    
    218,740
    
    
    
    1,430,644
    
    
    
    (1,162,559
    )Change in unrealized
    
    
    734,554
    
    
    
    (419,623
    )
    
    
    969,895Brokerage commissions
    
    
    (7,639
    )
    
    
    (5,719
    )
    
    
    (1,676
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    945,655
    
    
    
    1,005,302
    
    
    
    (194,340
    )Total net trading gain (loss)
    
    
    4,632,309
    
    
    
    (826,016
    )
    
    
    1,568,937NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    90,271
    
    
    
    40,809
    
    
    
    554,492Realized gain (loss)
on fixed income securities
    
    
    6,920
    
    
    
    (1,277
    )
    
    
    0Change in unrealized gain (loss)
on fixed income securities
    
    
    (2,217
    )
    
    
    8,801
    
    
    
    0Total investment income
    
    
    94,974
    
    
    
    48,333
    
    
    
    554,492ExpensesBrokerage fee
    
    
    802,334
    
    
    
    941,871
    
    
    
    1,055,055Operating expenses
    
    
    107,552
    
    
    
    88,114
    
    
    
    90,901Total expenses
    
    
    909,886
    
    
    
    1,029,985
    
    
    
    1,145,956Net investment income (loss)
    
    
    (814,912
    )
    
    
    (981,652
    )
    
    
    (591,464
    )NET INCOME (LOSS)
    
    $
    3,817,397
    
    
    $
    (1,807,668
    )
    
    $
    977,473NET INCOME (LOSS) PER MANAGING OWNER
AND OTHER UNITHOLDERS UNIT
(based on weighted average number of units outstanding during the year)
    
    $
    210.52
    
    
    $
    (85.69
    )
    
    $
    43.49INCREASE (DECREASE) IN NET ASSET VALUE
PER MANAGING OWNER AND OTHER UNITHOLDERS UNIT
    
    $
    215.83
    
    
    $
    (94.41
    )
    
    $
    28.40
 See Accompanying Notes to Financial Statements.
 53




---



##### Table of Contents



Campbell Alternative Asset Trust
 
 Statements
of Cash Flows
 For The Years Ended December And
 2010
    
    
    2009
    
    
    2008Cash flows from (for) operating activitiesNet income (loss)
    
    $
    3,817,397
    
    
    $
    (1,807,668
    )
    
    $
    977,473Adjustments to reconcile net income (loss) to
net cash from (for) operating activitiesNet change in unrealized
    
    
    (1,237,215
    )
    
    
    460,386
    
    
    
    (766,230
    )(Increase) decrease in restricted cash
    
    
    (249,673
    )
    
    
    1,180,793
    
    
    
    (1,180,793
    )(Increase) decrease in option premiums paid
    
    
    (26,271
    )
    
    
    (56,330
    )
    
    
    60,384Increase (decrease) in option premiums received
    
    
    (892
    )
    
    
    (28,624
    )
    
    
    8,662(Increase) decrease in interest receivable
    
    
    3,791
    
    
    
    (6,972
    )
    
    
    7,336(Increase) decrease in prepaid expenses
    
    
    (2,141
    )
    
    
    782
    
    
    
    (2,000
    )Increase (decrease) in accounts payable and accrued
expenses
    
    
    2,185
    
    
    
    (41,526
    )
    
    
    12,709Purchases of investments in
fixed income securities
    
    
    (280,397,793
    )
    
    
    (587,829,404
    )
    
    
    (200,204,242
    )Sales/maturities of investments in
fixed income securities
    
    
    290,772,568
    
    
    
    558,661,867
    
    
    
    233,000,000Net cash from (for) operating activities
    
    
    12,681,956
    
    
    
    (29,466,696
    )
    
    
    31,913,299Cash flows from (for) financing activitiesAddition of units
    
    
    2,287,795
    
    
    
    1,906,380
    
    
    
    2,404,879Redemption of units
    
    
    (6,087,148
    )
    
    
    (5,388,845
    )
    
    
    (3,949,714
    )Offering costs paid
    
    
    (81,957
    )
    
    
    (300,730
    )
    
    
    (335,846
    )Net cash from (for) financing activities
    
    
    (3,881,310
    )
    
    
    (3,783,195
    )
    
    
    (1,880,681
    )Net increase (decrease) in cash
    
    
    8,800,646
    
    
    
    (33,249,891
    )
    
    
    30,032,618Unrestricted cashBeginning of year
    
    
    974,319
    
    
    
    34,224,210
    
    
    
    4,191,592End of year
    
    $
    9,774,965
    
    
    $
    974,319
    
    
    $
    34,224,210End of year cash consists of:Cash in broker trading accounts
    
    $
    7,272,155
    
    
    $
    695,155
    
    
    $
    33,954,446Cash
    
    
    2,502,810
    
    
    
    279,164
    
    
    
    269,764Total end of year cash
    
    $
    9,774,965
    
    
    $
    974,319
    
    
    $
    34,224,210
 See Accompanying Notes to Financial Statements.
 54




---



##### Table of Contents



Campbell Alternative Asset Trust
 
 Statements of Changes in Unitholders Capital (Net Asset Value)
 For The Years Ended December And
 Unitholders CapitalManaging Owner
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances at January 1,
2008
    
    
    1,413.580
    
    
    $
    2,266,803
    
    
    
    21,216.063
    
    
    $
    34,021,953
    
    
    
    22,629.643
    
    
    $
    36,288,756Net income (loss)
    
    
    
    
    
    
    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)
    
    
    
    
    
    
    (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
    
    
    
    29,002,062Net income (loss)
    
    
    
    
    
    
    131,904
    
    
    
    
    
    
    
    3,685,493
    
    
    
    
    
    
    
    3,817,397Additions
    
    
    0.000
    
    
    
    0
    
    
    
    1,507.036
    
    
    
    2,287,795
    
    
    
    1,507.036
    
    
    
    2,287,795Redemptions
    
    
    (672.296
    )
    
    
    (1,000,000
    )
    
    
    (2,742.480
    )
    
    
    (4,303,058
    )
    
    
    (3,414.776
    )
    
    
    (5,303,058
    )Offering costs
    
    
    
    
    
    
    (5,629
    )
    
    
    
    
    
    
    (70,60l
    )
    
    
    
    
    
    
    (76,230
    )Balances at
December 31, 2010
    
    
    741.284
    
    
    $
    1,299,767
    
    
    
    16,213.126
    
    
    $
    28,428,199
    
    
    
    16,954.410
    
    
    $
    29,727,966
 Net Asset Value per Managing Owner and Other Unitholders Unit
 December 31, 2010
    
    December 31, 2009
    
    December 31, 2008$1,753.41
    
    $1,537.58
    
    $1,631.99
 See Accompanying Notes to Financial Statements.
 55




---



##### Table of Contents



Campbell Alternative Asset Trust
 
 Financial Highlights  For The Years Ended December And
  2010
    
    
    2009
    
    
    2008Per Unit Performance
(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year
    
    $
    1,537.58
    
    
    $
    1,631.99
    
    
    $
    1,603.59Income (loss) from operations:Total net trading
gains (losses) (1)
    
    
    264.97
    
    
    
    (33.77
    )
    
    
    69.54Net investment income (loss) (1)
    
    
    (44.94
    )
    
    
    (46.54
    )
    
    
    (26.32
    )Total net income (loss) from operations
    
    
    220.03
    
    
    
    (80.31
    )
    
    
    43.22Offering costs (1)
    
    
    (4.20
    )
    
    
    (14.10
    )
    
    
    (14.82
    )Net asset value per unit at end of year
    
    $
    1,753.41
    
    
    $
    1,537.58
    
    
    $
    1,631.99Total Return
    
    
    14.04
    %
    
    
    (5.78
    )%
    
    
    1.77
    %Supplemental DataRatios to average net asset value:Expenses prior
to performance fee
    
    
    3.26
    %
    
    
    3.13
    %
    
    
    3.11
    %Performance fee
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    3.26
    %
    
    
    3.13
    %
    
    
    3.11
    %Net investment income (loss) (2)
    
    
    (2.92
    )%
    
    
    (2.98
    )%
    
    
    (1.61
    )%
 Total returns are calculated based on the change in value of a unit during the year. An individual
unitholder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.
 56




---



##### Table of Contents



Campbell Alternative Asset Trust
 
 Notes to Financial Statements  December
 Note 1.
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESA.
    
    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,
2010 and December 31, 2009, the 401(K) Plan held approximately
83% and 74% 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. The fair 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 fair 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.The fair 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 inputs 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 fair
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,
are held at the custodian and marked to market on the last
business day of the reporting period by the 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 are held at the brokers or interbank market makers and
are stated at cost plus accrued interest, which approximates
fair value. Premiums and discounts on fixed income securities
are amortized for financial reporting purposes.
 57




---



##### Table of Contents



Campbell Alternative Asset Trust  Notes to Financial Statements  December
 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 follows the provisions of ASC 820, Fair Value Measurements and Disclosures 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 Trust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 period ended December 31, 2010, the Trust did not have any
Level 3 assets or liabilities.In January 2010, the FASB 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. As of January 1, 2010, the Trust adopted the provisions of ASC 2010-06 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 management does not expect that
adoption of the remaining provisions will have a material impact on the Trusts financial statement
disclosures.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, 2010 and 2009.
 58




---



##### Table of Contents



Campbell Alternative Asset Trust  Notes to Financial Statements  December 31, 2010
 Fair Value at December 31, 2010Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    19,899,346
    
    
    $
    0
    
    
    $
    19,899,346Other Financial InstrumentsExchange-traded futures contracts
    
    
    449,159
    
    
    
    0
    
    
    
    0
    
    
    
    449,159Forward currency contracts
    
    
    0
    
    
    
    476,973
    
    
    
    0
    
    
    
    476,973Options purchased
    
    
    0
    
    
    
    132,808
    
    
    
    0
    
    
    
    132,808Options written
    
    
    0
    
    
    
    (61,350
    )
    
    
    0
    
    
    
    (61,350
    )Total
    
    $
    449,159
    
    
    $
    20,447,777
    
    
    $
    0
    
    
    $
    20,896,936
 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
 The gross presentation of the fair value of the Trusts derivatives by instrument type is
shown in Note 8. See Condensed Schedule of Investments for additional detail categorization.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 to the Trust,
and has determined that no reserves for uncertain tax positions were required. The Trust files
federal and state tax returns. The 2007 through 2010 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, 2010 and December 31, 2009, the Trust reflects a liability in the
statement of financial condition for offering costs payable to Campbell & Company of $0 and
$5,727, 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.Effective May 2010, the Trust has reimbursed Campbell & Company for all offering costs incurred
in the initial and continuing offering of the Trust.
Additional offering costs with regard to the Trusts continued
offering will be incurred by Campbell & Company. Campbell &
Company will not be reimbursed by the Trust for these costs.
At December 31, 2010 and December 31, 2009, the amount of
unreimbursed offering costs incurred by Campbell & Company is
$0 and $25,094, respectively.
 59




---



##### Table of Contents



Campbell Alternative Asset Trust  Notes to Financial Statements  December
 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.
    
    ReclassificationCertain 2009 and 2008 amounts in the Statement of Cash Flows
were reclassified to conform with the 2010 presentation.
Specifically, purchases and sales/maturities of fixed income
securities are presented on a gross basis as components of
cash flow from (for) operating activities.
 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 $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.
 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.
 60




---



##### Table of Contents



Campbell Alternative Asset Trust  Notes to Financial Statements  December
 Note 4.
    
    CASH MANAGER AND CUSTODIANThe Trust 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 has
terminated the Non-Custody Investment Advisory Agreement
appointing Wilmington Trust Investment Management LLC as cash
manager, effective December 31, 2010.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.
 Note 5.
    
    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 typically earns interest income on its assets deposited with
the broker.
 Note 6.
    
    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. The
operating expenses of the Trust did not exceed the 0.40% threshold
for the years ended December 31, 2010, 2009 and 2008.
 Note 7.
    
    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.
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 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).
Specifically, the Fund trades a portfolio focused on financial
futures, which are instruments designed to hedge or speculate on
changes in interest rates, currency exchange rates, stock index
values, as well as 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.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 funds 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 funds available. It is possible that the recovered
amount could be less than total cash and other property deposited.
 61




---



##### Table of Contents



Campbell Alternative Asset Trust  Notes to Financial Statements  December
 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, 2010 and 2009 was $4,999,842 and $6,649,184,
respectively, which equals 17% and 23% of Net Asset Value, respectively. The cash deposited with
interbank market makers at December 31, 2010 and December 31, 2009 was $2,547,070 and $102,855,
respectively, which equals 9% and 0% of Net Asset Value, respectively. Included in cash deposits
with the broker and interbank market maker at December 31, 2010 and December 31, 2009 was
restricted cash for margin requirements of $249,673 and $0 respectively, which equals 0.8% and 0.0%
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. 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 Trust has adopted the provisions of ASC 815, Derivatives and Hedging, (ASC 815). 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.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 Statements of Financial Condition, as of December 31, 2010 and 2009 is as
follows:
 Asset
    
    
    LiabilityDerivatives
    
    
    Derivatives atStatement of Financial
    
    at December 31,
    
    
    December 31, 2010Type of Instrument *
    
    Condition Location
    
    2010 Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    200,217
    
    
    $
    (10,356
    )
    
    $
    189,861Energy Contracts
    
    Equity in broker trading accounts
    
    
    87,953
    
    
    
    (44,181
    )
    
    
    43,772Metal Contracts
    
    Equity in broker trading accounts
    
    
    238,213
    
    
    
    (12,703
    )
    
    
    225,510Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    67,063
    
    
    
    (61,586
    )
    
    
    5,477Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    34,455
    
    
    
    ( 469
    )
    
    
    33,986Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    12,905
    
    
    
    (62,352
    )
    
    
    (49,447
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    2,407,765
    
    
    
    (1,930,792
    )
    
    
    476,973
 62




---



##### Table of Contents



Campbell Alternative Asset Trust  Notes to Financial Statements  December
 Asset
    
    
    LiabilityDerivatives
    
    
    Derivatives atStatement of Financial
    
    at December 31,
    
    
    December 31, 2010Type of Instrument *
    
    Condition Location
    
    2010 Fair Value
    
    
    Fair Value
    
    
    NetPurchased Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    132,808
    
    
    
    0
    
    
    
    132,808Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (61,350
    )
    
    
    (61,350
    )Totals
    
    
    
    $
    3,181,379
    
    
    $
    (2,183,789
    )
    
    $
    997,590
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 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  Trading Revenue for the
    
    
    Trading Revenue for theTwelve Months Ended
    
    
    Twelve Months EndedType of Instrument
    
    December 31, 2010
    
    
    December 31, 2009Agricultural Contracts
    
    $
    1,320,674
    
    
    $
    (111,725
    )Energy Contracts
    
    
    (1,092,112
    )
    
    
    (482,311
    )Metal Contracts
    
    
    940,327
    
    
    
    441,641Stock Indices Contracts
    
    
    (585,777
    )
    
    
    (342,289
    )Short-Term Interest Rate Contracts
    
    
    1,510,181
    
    
    
    (177,489
    )Long Term Interest Rate Contracts
    
    
    1,678,738
    
    
    
    (1,121,620
    )
 63




---



##### Table of Contents



Campbell Alternative Asset Trust  Notes to Financial Statements  December
 Trading Revenue for the
    
    
    Trading Revenue for theTwelve Months Ended
    
    
    Twelve Months EndedType of Instrument
    
    December 31, 2010
    
    
    December 31, 2009Forward Currency Contracts
    
    
    1,198,606
    
    
    
    593,074Purchased Options on Forward Currency
Contracts
    
    
    (842,721
    )
    
    
    (668,111
    )Written Options on Forward Currency Contracts
    
    
    597,409
    
    
    
    1,086,058Total
    
    $
    4,725,325
    
    
    $
    (782,772
    )
 Trading Revenue for the
    
    
    Trading Revenue for theTwelve Months Ended
    
    
    Twelve Months EndedLine Item in the Statement of Operations
    
    December 31, 2010
    
    
    December 31, 2009Futures trading gains (losses):Realized
    
    $
    3,267,153
    
    
    $
    (1,744,229
    )Change in unrealized
    
    
    504,878
    
    
    
    (49,564
    )Forward currency and options on forward
currency trading gains (losses):Realized
    
    
    218,740
    
    
    
    1,430,644Change in unrealized
    
    
    734,554
    
    
    
    (419,623
    )Total
    
    $
    4,725,325
    
    
    $
    (782,772
    )
 For the twelve months ended December 31, 2010 and 2009, the
monthly average of futures contracts bought and sold was
approximately 2,300 and 900 respectively, and the monthly average
of notional value of forward currency and options on forward
currency contracts was
$215,500,000 and $175,300,000 respectively.Open contracts generally mature within three months; as of
December 31, 2010, the latest maturity date for open futures
contracts is March 2012, the latest maturity date for open forward
currency contracts is March 2011, and the latest expiry date for
options on forward currency contracts is January 2011. 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 Trust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.
 64




---



##### Table of Contents



Campbell Alternative Asset Trust  Notes to Financial Statements  December
 Note 9.
    
    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.
 Note 10.
    
    SUBSEQUENT EVENTSManagement of the Trust has evaluated subsequent events through
the date the financial statements were filed. In 2011, management
of the Trust has made the decision to cease the Trust offering,
effective April 22, 2011. The decision to cease the offering is
the precursor to closing the Trust as of May 31, 2011. The
financial statements for periods subsequent to December 31, 2010
will be presented on a liquidation-basis of accounting. Under the
liquidation basis of accounting, assets are valued at their
estimated net realizable amounts and liabilities are adjusted to
the estimated amounts to be paid in settlement of the Trusts
obligations. As the majority of the Trusts assets and
liabilities are at fair value, management does not anticipate a
material impact to result from the presentation of
liquidation-basis financial statements.
 65




---



##### 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