CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - JUNE 30, 2008
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (22,343.847 units) at May 31, 2008 $ 36,286,466
Additions of 80.202 units on June 30, 2008 137,674
Redemptions of (75.617) units on June 30, 2008 (129,803)
Offering Costs (28,857)
Net Income - June 2008 2,097,634
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Net Asset Value (22,348.432 units) at June 30, 2008 $ 38,363,114
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Net Asset Value per Unit at June 30, 2008 $ 1,716.59
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ 677,807
Change in unrealized 1,376,464
Gains (losses) on forward and options on forward contracts:
Realized 816,875
Change in unrealized (720,972)
Interest income 55,055
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2,205,226
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Expenses:
Brokerage fee 97,279
Performance fee 0
Operating expenses 10,313
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107,592
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Net Income (Loss) - June 2008 $ 2,097,634
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FUND STATISTICS
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Net Asset Value per Unit on June 30, 2008 $ 1,716.59
Net Asset Value per Unit on May 31, 2008 $ 1,624.00
Unit Value Monthly Gain (Loss) % 5.70%
Fund 2008 calendar YTD Gain (Loss) % 7.05%
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,
Strong Gains Posted on Global Equity Market Decline
Equity indices trading produced strong gains for the Fund as short positions
benefited from the negative news that roiled markets around the globe. Signs of
commodity-based inflation were constantly in the headlines and consumer
confidence fell to a 16-year low. In the U.S., the Dow finished its worst
performance for the month of June in over 75 years, and European and Asian
equities fell in tandem.
Additional gains were recorded in interest rates trading, particularly in
Europe, in response to the ECB's increasingly hawkish stance and fears of
inflation. Energy trading also contributed as crude oil hit new highs on the
back of escalating tensions between Israel and Iran, and amongst OPEC members.
Foreign Exchange trading results were slightly positive, due to central banks
being forced to choose between growth and inflation, driving dollar weakness,
and a higher Euro.
We are confident that our passion for a disciplined investment process, combined
with our focus on continuous research, will compel us to take optimal advantage
of these difficult market conditions. Please reach out to me with any questions
or comments.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust