CAMPBELL ALTERNATIVE ASSET TRUST
                          MONTHLY REPORT - AUGUST 2009
                                   -----------


                     STATEMENT OF CHANGES IN NET ASSET VALUE
                     ---------------------------------------


Net Asset Value (20,423.007 units) at July 31, 2009            $     30,879,955
Additions of 64.342 units on August 31, 2009                             96,334
Redemptions of (70.604) units on August 31, 2009                       (105,711)
Offering Costs                                                          (23,005)
Net Income - August 2009                                               (278,845)
                                                               ----------------

Net Asset Value (20,416.745 units) at August 31, 2009          $     30,568,728
                                                               ================

Net Asset Value per Unit at August 31, 2009                    $       1,497.24
                                                               ================


                           STATEMENT OF INCOME (LOSS)
                           --------------------------


Income:
  Gains (losses) on futures contracts:
    Realized                                                   $       (179,240)
    Change in unrealized                                                 80,792

  Gains (losses) on forward and options on forward contracts:
    Realized                                                             29,321
    Change in unrealized                                               (124,041)
  Interest income                                                         2,389
                                                               ----------------

                                                                       (190,779)
                                                               ----------------

Expenses:
  Brokerage fee                                                          75,545
  Performance fee                                                             0
  Operating expenses                                                     12,521
                                                               ----------------

                                                                         88,066
                                                               ----------------

Net Income (Loss) - August 2009                                $       (278,845)
                                                               ================



                                 FUND STATISTICS
                                 ---------------


Net Asset Value per Unit on August 31, 2009                        $  1,497.24

Net Asset Value per Unit on July 31, 2009                          $  1,512.02

Unit Value Monthly Gain (Loss) %                                         (0.98)%

Fund 2009 calendar YTD Gain (Loss) %                                     (8.26)%


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,

Losses in August Centered on Fixed Income...

While risk appetite was generally strong in August, investor's risk behavior was
a bit random as fixed income initially sold off on better than expected payrolls
data, but spent the rest of the month rallying. Bernanke's nomination for a
second term and continued "lower rates for longer" comments from Fed officials
helped support treasury prices against our general positioning across the curve.

Smaller losses were recorded in currency trading as investors appeared unwilling
to chase growth currencies higher, at the expense of the dollar, from already
stretched levels. Gains were recorded in commodity markets as Campbell has
recently increased its exposure to this sector with the launch of more agile
models, providing more efficient holding period diversification. Trading in base
and precious metals was a primary driver as the "risk on" trade prevailed on
improving economic data. Equity indices trading yielded a marginal gain as
positioning geographically and across model groups remains mixed.

In 2009, markets have been primarily driven by investors' indecisiveness in risk
appetite, typically dependant on the economic data or news of the day. As such,
while "risk on" is applied slowly, the "risk off" trade is abrupt and somewhat
violent. This causes most momentum-oriented strategies to struggle as the models
try to balance a commitment to the longer-term prevailing trend with the risk
management of the short-term price reversals. The ongoing frustration with
trading performance resulting from the bumpy risk landscape is palpable, but
educated commitment pays off when you are engaged prior to the emergence of a
defined pattern.

As always, please do not hesitate to call with questions.
Sincerely,

Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust