CAMPBELL ALTERNATIVE ASSET TRUST MONTHLY REPORT - JANUARY 2011 ----------- STATEMENT OF CHANGES IN NET ASSET VALUE --------------------------------------- Net Asset Value (16,954.410 units) at December 31, 2010 $ 29,727,966 Additions of 391.418 units on January 31, 2011 680,904 Redemptions of (123.708) units on January 31, 2011 (215,200) Offering Costs 0 Net Income - January 2011 (234,479) ----------------- Net Asset Value (17,222.120 units) at January 31, 2011 $ 29,959,191 ================= Net Asset Value per Unit at January 31, 2011 $ 1,739.58 ================= STATEMENT OF INCOME (LOSS) -------------------------- Income: Gains (losses) on futures contracts: Realized $ 91,905 Change in unrealized 238,617 Gains (losses) on forward and options on forward contracts: Realized (36,433) Change in unrealized (447,761) Net Investment Income (Loss) 2,389 ----------------- (151,283) ----------------- Expenses: Brokerage fee 76,001 Performance fee 0 Operating expenses 7,195 ----------------- 83,196 ----------------- Net Income (Loss) - January 2011 $ (234,479) ================= FUND STATISTICS --------------- Net Asset Value per Unit on January 31, 2011 $ 1,739.58 Net Asset Value per Unit on December 31, 2010 $ 1,753.41 Unit Value Monthly Gain (Loss) % (0.79)% Fund 2011 calendar YTD Gain (Loss) % (0.79)% To the best of my knowledge and belief, the information contained herein is accurate and complete. /s/ Theresa D. Becks ----------------------------------------- Theresa D. Becks, Chief Executive Officer Campbell & Company, Inc. Managing Owner Campbell Alternative Asset Trust Prepared without audit Dear Investor, Currencies and Fixed Income Losses Partially Offset by Gains in Equities and Commodities... 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, 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 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. As central bank activity and global uncertainty remains a dominant theme, maintaining diversification at all levels with a steady risk posture is at the core of the Trust's portfolio structure. Sincerely, Terri Becks President & CEO Campbell & Company, Inc. Managing Owner Campbell Alternative Asset Trust