CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - APRIL 2008
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (22,408.116 units) at March 31, 2008 $ 36,496,598
Additions of 71.255 units on April 30, 2008 113,366
Redemptions of (100.956) units on April 30, 2008 (160,621)
Offering Costs (26,822)
Net Income - April 2008 (818,573)
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Net Asset Value (22,378.415 units) at April 30, 2008 $ 35,603,948
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Net Asset Value per Unit at April 30, 2008 $ 1,591.00
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ (886,639)
Change in unrealized (353,492)
Gains (losses) on forward and options on forward contracts:
Realized 11,425
Change in unrealized 456,440
Interest income 48,655
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(723,611)
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Expenses:
Brokerage fee 88,177
Performance fee 0
Operating expenses 6,785
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94,962
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Net Income (Loss) - April 2008 $ (818,573)
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FUND STATISTICS
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Net Asset Value per Unit on April 30, 2008 $ 1,591.00
Net Asset Value per Unit on March 31, 2008 $ 1,628.72
Unit Value Monthly Gain (Loss) % (2.32)%
Fund 2008 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
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Theresa D. Becks, Chief Executive Officer
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust
Prepared without audit
Dear Investor,
Currency gains dampen losses in equities and bonds...
Trading in the foreign exchange sector produced gains this month, primarily as a
result of the US Dollar rally against key funding currencies, despite a
generally weak global economy. Minimal gains were recorded in the commodities
sector as Campbell's technical models took advantage of escalating prices as
access to petroleum supply continues to tighten.
Losses were recorded in both the interest rates sector and in equity indices
trading as prior trends reversed their course. US treasury prices declined in a
technical break as curve flattening continued. Global equity prices reversed
their downward trend amid the optimistic belief that the worst news had passed.
Recent enhancements have allowed our models to operate: (1) with greater
sensitivity to short-term market correlations; and (2) with greater overall
agility to consider risk factor correlations. Uncertain economic times, such as
these call for cool heads and a disciplined approach to investing. As such, we
are optimistic that our robust research infrastructure should result in improved
performance, particularly in response to changing market dynamics.
Thank you for your continued partnership and please do not hesitate to contact
me with further questions.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust