CAMPBELL ALTERNATIVE ASSET TRUST 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


þ		Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2011


o		Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _________to__________

Commission File number: 0-33311

CAMPBELL ALTERNATIVE ASSET TRUST

(Exact name of registrant as specified in charter)


Delaware		52-1823554

(State of Organization)		(IRS Employer Identification Number)

2850 Quarry Lake Drive,
Baltimore, Maryland 21209

(Address of principal executive offices, including zip code)

(410) 413-2600

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated file, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company: in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerate filer o	Accelerated filer o	Non-accelerated filer o	Smaller reporting company þ
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

Total number of Pages: 32


	Page
PART I — FINANCIAL INFORMATION

Item 1. Unaudited Financial Statements

Condensed Schedules of Investments as of March 31, 2011 (Liquidation Basis) and December 31, 2010		3-5

Statements of Financial Condition as of March 31, 2011 (Liquidation Basis) and December 31, 2010		6

Statements of Operations for the Three Months Ended March 31, 2011 (Liquidation Basis) and 2010		7

Statements of Cash Flows for the Three Months Ended March 31, 2011 (Liquidation Basis) and 2010		8

Statements of Changes in Unitholders’ Capital (Net Asset Value) for the Three Months Ended March 31, 2011 (Liquidation Basis) and 2010		9

Financial Highlights for the Three Months Ended March 31, 2011 (Liquidation Basis) and 2010		10

Notes to Financial Statements (Liquidation Basis)		11-16

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		17-22

Item 3. Quantitative and Qualitative Disclosure About Market Risk		22-28

Item 4. Controls and Procedures		28

PART II — OTHER INFORMATION		29

Item 6. Exhibits and Reports on Form 8-K		29

SIGNATURES		30

CERTIFICATIONS

CAMPBELL ALTERNATIVE ASSET TRUST

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

MARCH 31, 2011 (Liquidation Basis)

FIXED INCOME SECURITIES


Maturity				% of Net
Face Value	Description	Values ($)		Asset Value
	Government And Agency Obligations
	United States
	US Treasury Bill
	U.S. Treasury Bills *
$14,000,000	Due 04/07/2011 (cost $13,999,848)	$	13,999,848		48.06	%

	Total Fixed Income Securities (cost $13,999,848)	$	13,999,848		48.06	%

LONG FUTURES CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Agriculture	$	50,745			0.17	%
Energy	$	127,090			0.44	%
Long-term interest rates	$	(159,450	)		(0.55	)%
Metals	$	57,480			0.20	%
Short-term interest rates	$	(51,884	)		(0.18	)%
Stock indices	$	131,079			0.45	%

Total long futures contracts	$	155,060			0.53	%

SHORT FUTURES CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Agriculture	$	(17,783	)		(0.06	)%
Energy	$	0			0.00	%
Long-term interest rates	$	14,300			0.05	%
Metals	$	(66,122	)		(0.22	)%
Short-term interest rates	$	56,295			0.19	%
Stock indices	$	(8,547	)		(0.03	)%


Total short futures contracts	$	(21,857	)		(0.07	)%


Total futures contracts	$	133,203			0.46	%

FORWARD CURRENCY CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Various long forward currency contracts	$	710,525			2.44	%
Various short forward currency contracts	$	(933,283	)		(3.20	)%


Total forward currency contracts	$	(222,758	)		(0.76	)%

PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS


			% of Net
Description	Values ($)		Asset Value
Purchased options on forward currency contracts (premiums paid — $63,770)	$	113,860		0.39	%

WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS


*		Pledged as collateral for the trading of futures, forward and option positions.

See Accompanying Notes to Financial Statements. (Liquidation Basis)

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CAMPBELL ALTERNATIVE ASSET TRUST
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2010 (Unaudited)

FIXED INCOME SECURITIES


Maturity				% of Net
Face Value	Description	Values ($)		Asset Value
	Certificate Of Deposit
	Canada
	Certificate of Deposit Financials (cost $740,000)	$	740,659		2.49	%

	Commercial Paper
	United Kingdom
	Consumer Staples (cost $742,778)	$	742,826		2.50	%

	United States
	Consumer 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 Bonds
	United States
	Financials (cost $1,529,608)	$	1,536,950		5.17	%

	Government And Agency Obligations
	United States
	US Government Agency	$	998,100		3.36	%
	US Treasury Bill
	U.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 Funds
	United States
	Short 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	%

LONG FUTURES CONTRACTS


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

See Accompanying Notes to Financial Statements. (Liquidation Basis)

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CAMPBELL ALTERNATIVE ASSET TRUST
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2010 (Unaudited)

SHORT FUTURES CONTRACTS


				% of Net
Description	Values ($)			Asset Value
Agriculture	$	(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 Net
Description	Values ($)			Asset Value
Various 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 Net
Description	Values ($)		Asset Value
Purchased options on forward currency contracts (premiums paid — $96,376)	$	132,809		0.45	%

WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS


*		Pledged as collateral for the trading of futures, forward and option positions.

See Accompanying Notes to Financial Statements. (Liquidation Basis)

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CAMPBELL ALTERNATIVE ASSET TRUST

UNAUDITED STATEMENTS OF FINANCIAL CONDITION

March 31, 2011 (Liquidation Basis) and December 31, 2010


	March 31,			December 31,
	2011			2010
ASSETS
Equity in broker trading accounts
Cash	$	12,391,703		$	7,272,155
Fixed income securities (cost $13,999,848 and $4,999,842, respectively)		13,999,848			4,999,842
Net unrealized gain (loss) on open futures contracts		133,203			449,159

Total equity in broker trading accounts		26,524,754			12,721,156

Cash		1,406,822			2,502,810
Restricted cash deposits with forwards broker		1,443,555			249,673
Fixed income securities (cost $0 and $14,892,920, respectively)		0			14,899,504
Options purchased, at fair value (premiums paid — $63,770 and $96,376, respectively)		113,860			132,808
Net unrealized gain (loss) on open forward currency contracts		(222,758	)		476,973
Interest receivable		49			3,739
Prepaid expenses		1,680			3,359

Total assets	$	29,267,962		$	30,990,022


LIABILITIES
Accounts payable	$	39,301		$	38,155
Brokerage fee		11,314			14,679
Options written, at fair value (premiums received — $36,480 and $20,991, respectively)		58,982			61,350
Accrued commissions and other trading fees on open contracts		6,777			4,070
Redemptions payable		23,966			1,143,802

Total liabilities		140,340			1,262,056


UNITHOLDERS’ CAPITAL (Net Asset Value)
Managing Owner - 741.284 redeemable units outstanding at March 31, 2011 and December 31, 2010		1,242,166			1,299,767
Other Unitholders - 16,641.059 and 16,213.126 redeemable units outstanding at March 31, 2011 and December 31, 2010		27,885,456			28,428,199

Total unitholders’ capital (Net Asset Value)		29,127,622			29,727,966


Total liabilities and unitholders’ capital (Net Asset Value)	$	29,267,962		$	30,990,022

See Accompanying Notes to Financial Statements. (Liquidation Basis)

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CAMPBELL ALTERNATIVE ASSET TRUST

UNAUDITED STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2011 (Liquidation Basis) and 2010


	Three Months Ended
	March 31,
	2011			2010
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	(243,328	)	$	(1,150,240	)
Change in unrealized		(315,956	)		690,302
Brokerage commissions		(19,131	)		(19,695	)

Net gain (loss) from futures trading		(578,415	)		(479,633	)


Forward currency and options on forward currency trading gains (losses)
Realized		132,606			(479,481	)
Change in unrealized		(668,216	)		295,511
Brokerage commissions		(2,964	)		(1,840	)

Net gain (loss) from forward currency and options on forward currency trading		(538,574	)		(185,810	)


Total net trading gain (loss)		(1,116,989	)		(665,443	)


NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		7,397			22,113
Realized gain (loss) on fixed income securities		6,522			(858	)
Change in unrealized gain (loss) on fixed income securities		(6,584	)		(4,433	)

Total investment income		7,335			16,822


Expenses
Brokerage fee		212,607			199,626
Operating expenses		23,179			23,847


Total expenses		235,786			223,473


Net investment income (loss)		(228,451	)		(206,651	)


NET INCOME (LOSS)	$	(1,345,440	)	$	(872,094	)


NET INCOME (LOSS) PER MANAGING OWNER AND OTHER UNITHOLDERS UNIT (based on weighted average number of units outstanding during the period)	$	(78.38	)	$	(45.45	)

INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OWNER AND OTHER UNITHOLDERS UNIT	$	(77.71	)	$	(51.13	)

See Accompanying Notes to Financial Statements. (Liquidation Basis)

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CAMPBELL ALTERNATIVE ASSET TRUST

UNAUDITED STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2011 (Liquidation Basis) and 2010


	Three Months Ended
	March 31,
	2011			2010
Cash flows from (for) operating activities
Net income (loss)	$	(1,345,440	)	$	(872,094	)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized		990,755			(981,380	)
(Increase) decrease in restricted cash		(1,193,882	)		0
(Increase) decrease in option premiums paid		32,606			11,103
Increase (decrease) in option premiums received		15,489			34
(Increase) decrease in interest receivable		3,690			3,656
(Increase) decrease in prepaid expenses		1,679			552
Increase (decrease) in accounts payable and accrued expenses		488			11,698
Purchases of investments in fixed income securities		(35,998,713	)		(103,931,256	)
Sales/maturities of investments in fixed income securities		41,891,628			106,995,987


Net cash from (for) operating activities		4,398,300			1,238,300


Cash flows from (for) financing activities
Addition of units		1,102,511			1,093,142
Redemption of units		(1,477,251	)		(2,053,506	)
Offering costs paid		0			(63,295	)

Net cash from (for) financing activities		(374,740	)		(1,023,659	)


Net increase (decrease) in cash		4,023,560			214,641

Unrestricted cash
Beginning of period		9,774,965			974,319


End of period	$	13,798,525		$	1,188,960


End of period cash consists of:
Cash in broker trading accounts	$	12,391,703		$	895,909
Cash		1,406,822			293,051


Total end of period cash	$	13,798,525		$	1,188,960

See Accompanying Notes to Financial Statements. (Liquidation Basis)

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CAMPBELL ALTERNATIVE ASSET TRUST

UNAUDITED STATEMENTS OF CHANGES IN UNITHOLDERS’ CAPITAL (NET ASSET VALUE)

For the Three Months Ended March 31, 2011 (Liquidation Basis) and 2010


	Unitholders’ Capital
	Managing Owner					Other Unitholders						Total
	Units		Amount			Units			Amount			Units			Amount
Three Months Ended March 31, 2011

Balances at December 31, 2010		741.284	$	1,299,767			16,213.126		$	28,428,199			16,954.410		$	29,727,966

Net income (loss) for the three months ended March 31, 2011				(57,601	)					(1,287,839	)					(1,345,440	)
Additions		0.000		0			632.084			1,102,511			632.084			1,102,511
Redemptions		0.000		0			(204.151	)		(357,415	)		(204.151	)		(357,415	)


Balances at March 31, 2011		741.284	$	1,242,166			16,641.059		$	27,885,456			17,382.343		$	29,127,622


Three Months Ended March 31, 2010

Balances at December 31, 2009		1,413.580	$	2,173,492			17,448.570		$	26,828,570			18,862.150		$	29,002,062

Net income (loss) for the three months ended March 31, 2010				(67,633	)					(804,461	)					(872,094	)
Additions		0.000		0			758.588			1,093,142			758.588			1,093,142
Redemptions		0.000		0			(715.044	)		(1,057,786	)		(715.044	)		(1,057,786	)
Offering costs				(4,643	)					(58,396	)					(63,039	)


Balances at March 31, 2010		1,413.580	$	2,101,216			17,492.114		$	26,001,069			18,905.694		$	28,102,285


Net Asset Value per Managing Owner and Other Unitholders’ Unit
March 31, 2011		December 31, 2010		March 31, 2010		December 31, 2009
$	1,675.70	$	1,753.41	$	1,486.45	$	1,537.58

See Accompanying Notes to Financial Statements. (Liquidation Basis)

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CAMPBELL ALTERNATIVE ASSET TRUST

UNAUDITED FINANCIAL HIGHLIGHTS
For the Three Months Ended March 31, 2011 (Liquidation Basis) and 2010

The following information presents per unit operating performance data and other supplemental financial data for the three months ended March 31, 2011 and 2010. This information has been derived from information presented in the unaudited financial statements.


	Three Months Ended
	March 31,
	2011			2010
Per Unit Performance (for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	1,753.41		$	1,537.58


Income (loss) from operations:
Total net trading gains (losses) ₍₁₎		(64.40	)		(37.07	)
Net investment income (loss) ₍₁₎		(13.31	)		(10.77	)


Total net income (loss) from operations		(77.71	)		(47.84	)


Offering costs ₍₁₎		0.00			(3.29	)


Net asset value per unit at end of period	$	1,675.70		$	1,486.45


Total Return ₍₃₎		(4.43	)%		(3.33	)%


Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee ₍₄₎		3.15	%		3.15	%
Performance fee ₍₃₎		0.00	%		0.00	%


Total expenses		3.15	%		3.15	%


Net investment income (loss) _(2),(4)		(3.05	)%		(2.91	)%

Total returns are calculated based on the change in value of a unit during the period. 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 period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2)		Excludes performance fee.

(3)		Not annualized

(4)		Annualized

See Accompanying Notes to Financial Statements. (Liquidation Basis)

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CAMPBELL ALTERNATIVE ASSET TRUST

UNAUDITED NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2011 (Liquidation Basis)

Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.		General Description of the Trust

		Campbell 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 March 31, 2011 and December 31, 2010, the 401(K) Plan held approximately 84% and 83% of the Trust’s outstanding units, respectively.

		In the first quarter of 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. Accordingly, starting on January 1, 2011, the financial statements are 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, the presentation of liquidation-basis financial statements does not have a material impact on the presentation of the Trust’s financial statements.

B.		Regulation

		As 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 Reporting

		The 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.

		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).

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CAMPBELL ALTERNATIVE ASSET TRUST
UNAUDITED NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2011 (Liquidation Basis)

		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 March 31, 2011, 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 were adopted as of January 1, 2011. The adoption of the remaining provisions have not had 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 March 31, 2011 and December 31, 2010.


	Fair Value at March 31, 2011
Description	Level 1		Level 2			Level 3		Total
Investments
Fixed income securities	$	0	$	13,999,848		$	0	$	13,999,848
Other Financial Instruments
Exchange-traded futures contracts		133,203		0			0		133,203
Forward currency contracts		0		(222,758	)		0		(222,758	)
Options purchased		0		113,860			0		113,860
Options written		0		(58,982	)		0		(58,982	)

Total	$	133,203	$	13,831,968		$	0	$	13,965,171


	Fair Value at December 31, 2010
Description	Level 1		Level 2			Level 3		Total
Investments
Fixed income securities	$	0	$	19,899,346		$	0	$	19,899,346
Other Financial Instruments
Exchange-traded futures contracts		449,159		0			0		449,159
Forward currency contracts		0		476,973			0		476,973
Options purchased		0		132,808			0		132,808
Options written		0		(61,350	)		0		(61,350	)

Total	$	449,159	$	20,447,777		$	0	$	20,896,936

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.

- 12 -

CAMPBELL ALTERNATIVE ASSET TRUST
UNAUDITED NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2011 (Liquidation Basis)

D.		Income Taxes

		The 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 Costs

		Effective May 2010, the Trust had reimbursed Campbell & Company, Inc. (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.

		Campbell & Company incurred all costs in connection with the initial and continuous offering of units of the Trust (offering costs). Offering costs were 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 were fully reimbursed. Such amounts are charged directly to unitholders’ capital. The Trust was only liable for payment of offering costs on a monthly basis.

		The offering costs for which Campbell & Company were reimbursed relate to the offering of units of the Trust to all unitholders except the 401(K) Plan. Therefore, Campbell & Company rebated to the 401(K) Plan the offering costs charged to the 401(K) Plan. All such rebates were made by issuing additional units to the 401(K) Plan.

F.		Foreign Currency Transactions

		The Trust’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the statement of financial condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income.

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.

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.

- 13 -

CAMPBELL ALTERNATIVE ASSET TRUST
UNAUDITED NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2011 (Liquidation Basis)

Note 4. CASH MANAGER AND CUSTODIAN

		The 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 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 granted the cash manager authority to make certain investments on behalf of the Trust provided such investments were consistent with the investment guidelines created by the managing operator. All securities purchased by the cash manager on behalf of the Trust were held in its custody account at the custodian. The cash manager had no beneficial or other interest in the securities and cash in such custody account.

		The Trust instructed the cash manager to either sell or let mature all of its positions in its cash management program. In February 2011, the remaining proceeds in the custodial account were transferred to the Trust’s trading accounts.

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. The operating expenses of the Trust did not exceed the 0.40% threshold for the periods ended March 31, 2011 and 2010.

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 focused on financial futures, which are instruments designed to hedge or speculate on changes in interest rates, currency exchange rates or stock index values, as well as metals, energy and agricultural 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 fair 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 broker. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer trusts subject to the 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.

		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 fair value of securities held to satisfy such requirements at March 31, 2011 and December 31, 2010 was $13,999,848 and $4,999,842, respectively, which equals 48% and 17% of Net Asset Value, respectively. The cash deposited with interbank market makers at March 31, 2011 and December 31, 2010 was $2,726,564 and $2,547,070, respectively, which equals 9% and 9% of Net Asset Value, respectively. These amounts are included in cash and cash equivalents. Included in cash deposits with the broker and interbank market maker at March 31, 2011 and December 31, 2010 was restricted cash for margin requirements of $1,443,555 and $249,673 respectively, which equals 5% and 1% 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.

- 14 -

CAMPBELL ALTERNATIVE ASSET TRUST
UNAUDITED NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2011 (Liquidation Basis)

		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 fair value of the contracts. Market movements result in frequent changes in the fair 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 fair 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 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 Statement of Financial Condition, as of March 31, 2011 and December 31, 2010 is as follows:


		Asset		Liability
		Derivatives at		Derivatives at
	Statement of Financial	March 31, 2011		March 31, 2011
Type of Instrument *	Condition Location	Fair Value		Fair Value			Net
Agricultural Contracts	Equity in broker trading accounts	$	70,986	$	(38,024	)	$	32,962
Energy Contracts	Equity in broker trading accounts		127,090		0			127,090
Metal Contracts	Equity in broker trading accounts		87,026		(95,668	)		(8,642	)
Stock Indices Contracts	Equity in broker trading accounts		133,415		(10,883	)		122,532
Short-Term Interest Rate Contracts	Equity in broker trading accounts		57,228		(52,817	)		4,411
Long-Term Interest Rate Contracts	Equity in broker trading accounts		14,300		(159,450	)		(145,150	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		710,525		(933,283	)		(222,758	)
Purchased Options on Forward Currency Contracts	Options purchased, at fair value		113,860		0			113,860
Written Options on Forward Currency Contracts	Options written, at fair value		0		(58,982	)		(58,982	)


Totals		$	1,314,430	$	(1,349,107	)	$	(34,677	)


* Derivatives not designated as hedging instruments under ASC 815

		Asset		Liability
		Derivatives at		Derivatives at
	Statement of Financial	December 31, 2010		December 31, 2010
Type of Instrument *	Condition Location	Fair Value		Fair Value			Net
Agricultural Contracts	Equity in broker trading accounts	$	200,217	$	(10,356	)	$	189,861
Energy Contracts	Equity in broker trading accounts		87,953		(44,181	)		43,772
Metal Contracts	Equity in broker trading accounts		238,213		(12,703	)		225,510
Stock Indices Contracts	Equity in broker trading accounts		67,063		(61,586	)		5,477
Short-Term Interest Rate Contracts	Equity in broker trading accounts		34,455		( 469	)		33,986
Long-Term Interest Rate Contracts	Equity in broker trading accounts		12,905		(62,352	)		(49,447	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		2,407,765		(1,930,792	)		476,973
Purchased Options on Forward Currency Contracts	Options purchased, at fair value		132,808		0			132,808
Written 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

- 15 -

CAMPBELL ALTERNATIVE ASSET TRUST
UNAUDITED NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2011 (Liquidation Basis)

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 period ended March 31, 2011 and 2010 is as follows:


	Trading Revenue for			Trading Revenue for
	the Three Months Ended			the Three Months Ended
Type of Instrument	March 31, 2011			March 31, 2010
Agricultural Contracts	$	4,471		$	7,142
Energy Contracts		606,933			(214,491	)
Metal Contracts		(120,012	)		(192,929	)
Stock Indices Contracts		(583,075	)		(553,826	)
Short-Term Interest Rate Contracts		(335,808	)		856,726
Long Term Interest Rate Contracts		(132,357	)		(358,642	)
Forward Currency Contracts		(287,320	)		(41,619	)
Purchased Options on Forward Currency Contracts		(404,996	)		(314,684	)
Written Options on Forward Currency Contracts		156,706			172,334

Total	$	(1,095,458	)	$	(639,989	)


	Trading Revenue for			Trading Revenue for
	the Three Months Ended			the Three Months Ended
Line Item in the Statement of Operations	March 31, 2011			March 31, 2010
Futures trading gains (losses):
Realized	$	(243,892	)	$	(1,146,321	)
Change in unrealized		(315,956	)		690,302
Forward currency and options on forward currency trading gains (losses):
Realized		132,606			(479,481	)
Change in unrealized		(668,216	)		295,511

Total	$	(1,095,458	)	$	(639,989	)

		For the three months ended March 31, 2011 and 2010, the monthly average of futures contracts bought and sold was approximately 1,540 and 1,640 respectively, and the monthly average of notional value of forward currency and options on forward currency contracts was $299,730,000 and $207,720,000 respectively.

		Open contracts generally mature within twelve months; as of March 31, 2011, the latest maturity date for open futures contracts is June 2012, the latest maturity date for open forward currency contracts is June 2011, and the latest expiry date for options on forward currency contracts is April 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 reducing position sizes dynamically in response to trading losses. 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.

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. INTERIM FINANCIAL STATEMENTS (Liquidation Basis)

The statement of financial condition, including the condensed schedule of investments, as of March 31, 2011, and December 31, 2010, and the statements of operations, cash flows, changes in unitholders’ capital (Net Asset Value) and financial highlights for the three months ended March 31, 2011 and 2010 are unaudited. In the opinion of management, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of March 31, 2011, and the results of operations, cash flows, changes in unitholders’ capital (Net Asset Value) and financial highlights for the three months ended March 31, 2011 and 2010.

Note 11. SUBSEQUENT EVENTS

Management of the Trust has evaluated subsequent events through the date the financial statements were filed. There are no subsequent events to disclose or record.

- 16 -


Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations

Introduction

The offering of Campbell Alternative Asset Trust’s (the “Trust”) Units of Beneficial Interest commenced on May 15, 2001, and the initial offering terminated on September 30, 2001 with proceeds of $15,821,743. The continuing offering period commenced immediately after the termination of the initial offering period; additional subscriptions totaling $41,899,598 have been accepted during the continuing offering period as of March 31, 2011. Redemptions over the same time period total $44,938,249.

Campbell & Company, Inc. (Campbell) 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 Trust initially began trading in October 1, 2001 but has not offered units to the public since December 31, 2002; however, the registered units continued to be offered exclusively for sale to the Campbell & Company, Inc. 401(k) Plan (the Plan).

The assets of the Trust are largely comprised (87%) of affiliated entities of Campbell; Campbell’s management team has elected to construct a more suitable entity to facilitate the Plan. The current, non-affiliated, investors in the Trust may have opportunities to invest in other Campbell fund or trust offerings based on suitability requirements and in consideration with ERISA capacity. This change is part of Campbell’s continuing efforts to focus administrative resources on our currently available offerings which hold the majority of Campbell & Company, Inc. assets.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Management believes that the estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from those estimates. The Trust’s significant accounting policies are described in detail in Note 1 of the Financial Statements.

The Trust records all investments at fair value in its financial statements, with changes in fair value reported as a component of realized and change in unrealized trading gain (loss) in the Statements of Operations. Generally, fair values are based on market prices; however, in certain circumstances, estimates are involved in determining fair value in the absence of an active market closing price (e.g. forward and option contracts which are traded in the inter-bank market).

In the first quarter of 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. Accordingly, starting on January 1, 2011, the financial statements are 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, the presentation of liquidation-basis financial statements does not have a material impact on the presentation of the Trust’s financial statements.

Capital Resources

The Trust will raise additional capital only through the sale of Units offered pursuant to the continuing offering, and does not intend to raise any capital through borrowing. Due to the nature of the Trust’s business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

- 17 -

The Trust maintains 40-80% of its net asset value in cash, cash equivalents or other liquid positions in its cash management program over and above that needed to post as collateral for trading. These funds are available to meet redemptions each month. After redemptions and additions are taken into account each month, the trade levels of the Trust are adjusted and positions in the instruments the Trust trades are added or liquidated on a pro-rata basis to meet those increases or decreases in trade levels.

Liquidity

Most United States futures exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” During a single trading day, no trades may be executed at prices beyond the daily limit. Once the price of a futures contract has reached the daily limit for that day, positions in that contract can neither be taken nor liquidated. Futures prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Trust from promptly liquidating unfavorable positions and subject the Trust to substantial losses which could exceed the margin initially committed to such trades. In addition, even if futures prices have not moved the daily limit, the Trust may not be able to execute futures trades at favorable prices, if little trading in such contracts is taking place. Other than these limitations on liquidity, which are inherent in the Trust’s commodity futures trading operations, the Trust’s assets are expected to be highly liquid.

The entire offering proceeds, without deductions, will be credited to the Trust’s bank brokerage and/or cash management accounts. The Trust meets margin requirements for its trading activities by depositing cash and U.S. government securities with the futures broker and the over-the-counter counterparties. This does not reduce the risk of loss from trading activities. The Trust receives all interest earned on its assets. No other person shall receive any interest or other economic benefits from the deposit of Trust assets.

Approximately 10% to 30% of the Trust’s assets normally are committed as required margin for futures contracts and held by the futures broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. Treasury bills in segregated accounts with the futures broker pursuant to the Commodity Exchange Act and regulations thereunder. Approximately 10% to 30% of the Trust’s assets are deposited with over-the-counter counterparties in order to initiate and maintain forward contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties.

The managing owner deposits the majority of those assets of the Trust that are not required to be deposited as margin with the futures broker and over-the-counter counterparty in a custodial account with Northern Trust Company. The assets deposited in the custodial account with Northern Trust Company are segregated. The custodial account constitutes approximately 40% to 80% of the Trust’s assets and is invested directly by Wilmington Trust Investment Management LLC (“Wilmington”). Wilmington is registered with the Securities and Exchange Commission as an investment adviser 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 instructed the cash manager to either sell or let mature all of its positions in its cash management program. In February 2011, the remaining proceeds in the cash management account were transferred to the Trust’s trading accounts.

- 18 -

The Trust occasionally receives margin calls (requests to post more collateral) from its futures broker or over-the-counter counterparties, which are met by moving the required portion of the assets held in the custody account at Northern Trust to the margin accounts. In the past three years, the Trust has not needed to liquidate any position as a result of a margin call.

The Trust’s assets are not and will not be, directly or indirectly, commingled with the property of any other person in violation of law or invested with or loaned to Campbell & Company or any affiliated entities.

Off-Balance Sheet Risk

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Trust trades in futures, forward and options contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Trust, market risk, that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Trust at the same time, and if the Trust’s trading advisor was unable to offset futures interests positions of the Trust, the Trust could lose all of its assets and the Unitholders would realize a 100% loss. Campbell & Company, Inc., the managing owner (who also acts as trading advisor), minimizes market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30%.

In addition to market risk, in entering into futures, forward and option contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Trust. The counterparty for futures contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward and option contracts, which are traded on the interbank market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus there may be a greater counterparty credit risk. Campbell & Company trades for the Trust only with those counterparties which it believes to be creditworthy. All positions of the Trust are valued each day on a mark-to-market basis. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Trust.

Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts Accounted for at Fair Value

The Trust invests in futures, forward currency and options on forward currency contracts. The market value of futures (exchange-traded) contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of the last business day of the reporting period. The market value of forward (non-exchange traded) contracts is extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) of the last business day of the reporting period. 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.

- 19 -

Results of Operations

The returns for the three months ending March 31, 2011 and March 31, 2011 were (4.43)% and (3.33)%, respectively.

2011

Of the 2011 year-to-date decrease of (4.43)%, approximately (0.85)% was due to brokerage fees, operating costs and offering costs borne by the Trust, approximately (3.60)% was due to trading losses (before commissions) and approximately 0.02% was offset by investment income. During the three months ended March 31, 2011, the Trust accrued brokerage fees in the amount of $212,607 and paid brokerage fees in the amount of $215,971. An analysis of the (3.60)% trading loss by sector is as follows:


Sector	% Gain (Loss)
Commodities		1.68	%

Interest Rates		(1.57	)

Currencies		(1.80	)

Stock Indices		(1.91	)


		(3.60	)%

2011 started with global equities trending higher, fueled by improving U.S. labor market conditions, a “pro-business” move toward the center by President Obama, stronger corporate earnings and a general rotation from fixed income into stocks. The Trust’s long equity positions made the sector the best performer for the month of January, in the face of such a rising global equity environment. Commodity trading also produced gains for the month from the Trust’s long positions in agricultural and energy contracts. Most energy contracts exploded to 24 month highs on strong global demand due to cold weather in the U.S. / U.K. and civil unrest in the Middle East. Cotton started 2011 up over 16% for the month of January on surging demand from the world’s biggest consumer, China. Currency trading on the month proved difficult as the Trust’s short position in the U.S. Dollar generated losses as emerging market risk aversion was prompted by the Egyptian anti-government protests. Additional losses were recorded in the fixed income markets from the Trust’s long position in short-term European rates. The bond market was choppy during the first part of January until concerns were raised about Euro-zone inflation, causing a sell-off in short-term rates as market participants began pricing in future rate hikes.

In February, Geo-political concerns, centering on the growing Middle East/North African (MENA) populist uprising, overwhelmed commodity markets. This regional tension generated significant price movements in the energy sector fueling gains for the Trust. Precious Metals, including gold and silver, were also strong contributors, along with soft commodities such as cotton (+17% during February) and coffee as they continued their upward trends. Despite the MENA unrest, additional gains were recorded in equity trading on improving macroeconomic data supporting the global recovery theme. Currency trading took its cue from the energy complex during the month, as investors grew cautious about global monetary policy. While some of the major currencies rallied during the month, others like the New Zealand Dollar fell dramatically on the devastation of a massive earthquake in the Christchurch region. In the aggregate, currency trading was marginally positive on the month for the Trust. Fixed Income trading finished slightly negative as price action was choppy across the globe, mainly from better economic data in the early part of the month followed by risk aversion in the second half of February.

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The “V—shaped” behavior in most sectors during March can be widely attributed to global stock market volatility compounded by the devastating earthquake and resulting tsunami in Japan, followed by upside surprises to manufacturing data and other economic activity as the month came to a close. Global stock markets were extremely volatile as the Middle East/North Africa (MENA) unrest and Europe’s sovereign debt crisis both worsened prior to the crisis in Japan that concluded with threats of a nuclear reactor emergency. While the Nikkei finished down approximately 8% for March, the U.S. stock market was relatively unchanged despite large mid-month swings. The Trust’s models adjusted to the abrupt price swings by reducing long equity exposure over 50% (region specific) by mid-month across the U.S., Europe and Asia. Stock indices trading was the worst performing sector for March. Commodities took their cue from the Equity markets in reacting to the “twin shocks,” with particular impact on base metal prices. Risk-aversion-based gains from long positions in energies and precious metals were not enough to overcome losses in nickel, copper and corn. Currency trading also proved challenging as Central Banks intervened, in a resolute way, in response to excess volatility and disorderly movements in exchange rates that were perceived as having adverse implications for economic and financial stability. In particular, the Trust’s short position in the Japanese Yen suffered as a result of the repatriation of Yen back to Japan. While risk exposures were light in fixed income trading, small losses were incurred in both short-term and long-term rates due to choppy market price action.

2010

Of the 2010 year-to-date decrease of (3.33)%, approximately (1.08)% was due to brokerage fees, operating costs and offering costs borne by the Trust, approximately (2.31)% was due to trading losses (before commissions) and approximately 0.06% was offset by investment income. During the three months ended March 31, 2010, the Trust accrued brokerage fees in the amount of $140,088 and paid brokerage fees in the amount of $143,167. An analysis of the 2.31% trading loss by sector is as follows:


Sector	% Gain (Loss)
Interest Rates		1.73	%

Currencies		(0.60	)

Commodities		(1.43	)

Stock Indices		(2.01	)

		(2.31	)%

The New Year begins with an equity sell-off in the second half of the month as global confidence in a steady recovery, again, begins to waver, resulting in trading losses for the Trust’s net long equity indices positions. Primary drivers were related to: (1) China’s efforts to manage growth; (2) questionable stability of the European Union as Greece potentially defaults on sovereign debt; and (3) the potential heavy-handed regulation of the U.S. banking system. As the global risk trade unwound, the Trust’s commodity positions also produced losses, largely in the energy complex and in base metals. The global negative news detracted from a relative positive earnings season and signs of improved economic data. Further losses were recorded in currency trading as the U.S. Dollar was, once again, seen as a safe haven as the economic health of several nations was called into question. Marginal gains were recorded in fixed income as we were able to benefit from the steepening of the yield curve as a result of short-term interest rates being kept at extremely low levels by global central banks.

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The first half of February was somewhat subdued as the market digested mixed U.S. employment numbers versus the unemployment rate. By mid-month, the Federal Reserve surprised the markets by deciding to hike the discount rate, in a clear sign that the pace of their exit strategy may be more aggressive than originally anticipated. Our long position in short-term rates, both in the U.S. and Europe, fueled strong gains in the sector for the remainder of the month. Gains were also recorded in currency trading as the Euro currency weakened against most majors on accelerated sovereign fears evidenced by the record high cost of insuring Greek and Portuguese debt. Global equity indices trading produced small losses for the Trust as a result of dealing with diverse global macroeconomic challenges (weakening Euro, China central bank intervention and U.S. employment and earnings season results). While the market finished generally negative in Europe and Asia, the U.S. managed to record a gain on largely upbeat fourth quarter earnings announcements with many S&P constituents beating consensus expectations. Commodity trading resulted in generally negative results as the structural imbalances in Europe, and the strong relative performance of the U.S. economy versus the Eurozone helped “de-link” Europe from the risk trade, keeping commodities in alignment with U.S. stocks. While energy prices rallied for most of the month, precious metals sold off early only to turn positive as the market used gold as a safe haven against Eurozone turmoil.

March proved to be a very strong month for trends as our long positions in energies and base metals benefited from prices moving higher on climbing global economic growth prospects. Global equity indices also provided gains for the Trust’s long positions as prices surged on renewed merger and acquisition activity, positive news centered on economic releases, and subdued fears regarding Greece’s finances. Marginal gains were recorded in the foreign exchange markets as the return of the carry trade pushed commodity linked currencies higher. Almost all central banks have acknowledged that the worst has passed; however, the lack of flexibility to induce fresh fiscal or monetary stimulus has forced a lower for longer interest rate policy globally. The Trust’s net gains were partially offset by losses in the fixed income markets from our long positions in U.S. Treasury futures as prices fell during the month. In the U.S. fixed income market, heavy supply put pressure on bond prices, and U.S. Treasury yields were higher than swap yields for the first time on record.


Item 3.		Quantitative and Qualitative Disclosures About Market Risk

Introduction

Past Results Not Necessarily Indicative of Future Performance

The Trust is a speculative commodity pool. The market sensitive instruments held by it 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.

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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.

The Trust rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Trust’s past performance is not necessarily indicative of its future results.

Standard of Materiality

Materiality as used in this section, “Quantitative and Qualitative Disclosures About Market Risk,” is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, and multiplier features of the Trust’s market sensitive instruments.

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 risk exposure in the various market sectors traded is estimated in terms of Value at Risk (VaR). The Trust estimates VaR using a model based upon historical simulation (with a confidence level of 97.5%) which involves constructing a distribution of hypothetical daily changes in the value of a trading portfolio. The VaR model takes into account linear exposures to risks, including equity and commodity prices, interest rates, foreign exchange rates, and correlation among these variables. The hypothetical changes in portfolio value are based on daily percentage changes observed in key market indices or other market factors to which the portfolio is sensitive. The Trust’s VaR at a one day 97.5% confidence level VaR corresponds to the negative change in portfolio value that, based on observed market risk factors, would have been exceeded once in 40 trading days or one day in 40. VaR typically does not represent the worst case outcome.

The Trust uses approximately one quarter of daily market data and revalues its portfolio for each of the historical market moves that occurred over this time period. This generates a probability distribution of daily “simulated profit and loss” outcomes. The VaR is the 2.5 percentile of this distribution.

The VaR for a sector represents the one day downside risk for the aggregate exposures associated with this sector. The current methodology used to calculate 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.

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The Trust’s VaR computations are based on the risk representation of the underlying benchmark for each instrument or contract and does not distinguish between exchange and non-exchange dealer-based instruments. It is also not based on exchange and/or dealer-based maintenance margin requirements.

VaR models, including the Trust’s, are continually evolving as trading portfolios become more diverse and modeling techniques and systems capabilities improve. Please note that the VaR model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by the Trust in its daily risk management activities. Please further note that VaR as described above may not be comparable to similarly titled measures used by other entities.

Because the business of the Trust is the speculative trading of futures, forwards and options, the composition of the Trust’s trading portfolio can change significantly over any given time period, or even within a single trading day, which could positively or negatively materially impact market risk as measured by VaR.

The Trust’s Trading Value at Risk in Different Market Sectors

The following tables indicate the trading Value at Risk associated with the Trust’s open positions by market category as of March 31, 2011 and December 31, 2010 and the trading gains/losses by market category for the nine months ended March 31, 2011 and the year ended December 31, 2010.


	March 31, 2011
				Trading
Market Sector	Value at Risk*			Gain/(Loss)**
Commodities		0.96	%		1.68	%
Interest Rates		0.25	%		(1.57	)%
Currencies		0.58	%		(1.80	)%
Stock Indices		0.86	%		(1.91	)%


Aggregate/Total		2.01	%		(3.60	)%


*		- 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 2011 year-to-date decrease of 4.43%, approximately (0.85)% was due to brokerage fees, operating costs and offering costs borne by the Trust, approximately (3.60)% was due to trading gains (before commissions) and approximately 0.02% was due to investment income.

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	December 31, 2010
				Trading
Market Sector	Value at Risk*			Gain/(Loss)**
Commodities		0.83	%		4.19	%
Stock Indices		0.61	%		(2.39	)%
Interest Rates		0.56	%		12.36	%
Currencies		0.55	%		3.35	%


Aggregate/Total		1.95	%		17.51	%


*		- 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.

Material Limitations of Value at Risk as an Assessment of Market Risk

The following limitations of VaR as an assessment of market risk should be noted:

Past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements;

Changes in portfolio value caused by market movements may differ from those of the VaR model;

VaR results reflect past trading positions while future risk depends on future positions;

VaR using a one day time horizon does not fully capture the market risk of positions that cannot be liquidated or hedged within one day; and

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.

VaR is not necessarily representative of historic risk nor should it be used to predict the Trust’s future financial performance or its ability to manage and monitor risk. There can be no assurance that the Trust’s actual losses on a particular day will not exceed the VaR amounts indicated or that such losses will not occur more than once in 40 trading days.

Non-Trading Risk

The Trust has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are immaterial. The Trust also has non-trading market risk as a result of investing a substantial portion of its available assets in U.S. Treasury Bills held at the broker and over-the-counter counterparty. The market risk represented by these investments is minimal. Finally, the Trust has non-trading market risk on fixed income securities held as part of its cash management program. The cash manager will use its best endeavors in the management of the assets of the Trust but provide no guarantee that any profit or interest will accrue to the Trust as a result of such management.

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Qualitative Disclosures Regarding Primary Trading Risk Exposures

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

The following were the primary trading risk exposures of the Trust as of March 31, 2011, by market sector.

Currencies

Exchange rate risk is a principal market exposure of the Trust. The Trust’s currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Trust trades in a large number of currencies, including crossrates — i.e., positions between two currencies other than the U.S. Dollar. Campbell & Company does not anticipate that the risk profile of the Trust’s currency sector will change significantly in the future.

Interest Rates

Interest rate risk is a significant market exposure of the Trust. Interest rate movements directly affect the price of the sovereign bond positions held by the Trust and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Trust’s profitability. The Trust’s primary interest rate exposure is to interest rate fluctuations in the United States and the other G-7 countries. Campbell & Company anticipates that G-7 interest rates will remain the primary rate exposure of the Trust for the foreseeable future. The changes in interest rates which have the most effect on the Trust are changes in long-term, as opposed to short-term rates. Most of the speculative positions held by the Trust are in medium- to long-term instruments.

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Stock Indices

The Trust’s primary equity exposure is to equity price risk in the G-7 countries and several other countries (Hong Kong, Spain, the Netherlands and Taiwan). The stock index futures traded by the Trust are by law limited to futures on broadly based indices. The Trust is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese indices. Markets that trade in a narrow range could result in the Trust’s positions being “whipsawed” into numerous small losses.

Energy

The Trust’s primary energy market exposure is to natural gas, crude oil and derivative product price movements, often resulting from international political developments and ongoing conflicts in the Middle East and the perceived outcome. Oil and gas prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Metals

The Trust’s metals market exposure is to fluctuations in the price of aluminum, copper, gold, nickel, silver, and zinc.

Agricultural

The Trust’s agricultural exposure was to the fluctuations in the price of wheat, corn, coffee, sugar, soy, hogs, cattle, and cotton.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the primary non-trading risk exposures of the Trust as of March 31, 2011.

Foreign Currency Balances

The Trust’s primary foreign currency balances are in Australian Dollars, Canadian Dollars, Japanese Yen, British Pounds and Euros. The Trust controls the non-trading risk of these balances by regularly converting these balances back into dollars (no less frequently than twice per month, and more frequently if a particular foreign currency balance becomes unusually large).

Fixed Income Securities

The Trust’s primary market exposure in instruments (other than treasury positions described in the subsequent section) held other than for trading is in its fixed income portfolio. All securities purchased by the cash manager on behalf of the Trust are held in the Trust’s custody account at the custodian.

Treasury Bill Positions Held for Margin Purposes

The Trust also has market exposure in its Treasury Bill portfolio. The Trust holds Treasury Bills (interest bearing and credit risk-free) with maturities no longer than six months. Violent fluctuations in prevailing interest rates could cause minimal mark-to-market losses on the Trust’s Treasury Bills, although substantially all of these short-term investments are held to maturity.

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Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Trust and Campbell & Company, severally, 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 out open positions.

Campbell & Company manages the risk of the Trust’s non-trading instruments of Treasury Bills held for margin purposes by limiting the duration of such instruments to no more than six months. Campbell & Company manages the risk of the Trust’s fixed income securities held for cash management purposes by restricting the cash managers to investing in securities that are modeled after those investments allowed by the futures broker as defined under The Commodity Exchange Act, Title 17, Part 1, § 1.25 Investment of customer funds. Investments can include, but are not limited to, (i) U.S. Government Securities, Government Agency Securities, Municipal Securities, banker acceptances and certificates of deposits; (ii) commercial paper; and (iii) corporate debt.

General

The Trust is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased margin requirements on futures contracts. Because the Trust generally will use a small percentage of assets as margin, the Trust does not believe that any increase in margin requirements, as proposed, will have a material effect on the Trust’s operations.

Item 4. Controls and Procedures

Campbell & Company, Inc., the managing owner of the Trust, with the participation of the managing owner’s chief executive officer and chief financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) or 15d-15(e)) with respect to the Trust as of the end of the period covered by this quarterly report. Based on their evaluation, the chief executive officer and chief financial officer have concluded that these disclosure controls and procedures are effective. There were no changes in the managing owner’s internal control over financial reporting applicable to the Trust identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or is reasonably likely to materially affect, internal control over financial reporting applicable to the Trust.

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PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 1A. Risk Factors.

None

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. (Removed and Reserved).

Item 5. Other Information

None

Item 6. Exhibits and Reports on Form 8-K.

(a) Exhibits


Exhibit
Number		Description of Document
	31.01	Certification of Theresa D. Becks, Chief Executive Officer, pursuant to Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.

	31.02	Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to Rules 13a-14 and 15d-14 of the Securites 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 of Form 8-K

None

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	CAMPBELL ALTERNATIVE ASSET TRUST (Registrant)
	By:	Campbell & Company, Inc.
		Managing Owner



Date: May 16, 2011	By:	/s/ Theresa D. Becks
		Theresa D. Becks
		Chief Executive Officer

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EXHIBIT INDEX


		Page
Exhibit Number	Description of Document	Number
31.01	Certification by Chief Executive Officer	E 2 — E 3

31.02	Certification by Chief Financial Officer	E 4 — E 5

32.01	Certification by Chief Executive Officer	E 6

32.02	Certification by Chief Financial Officer	E 7

E 1

% of Net

Description

Values ($)

Asset Value

Written options on forward currency contracts (premiums received — $36,480)