CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - JULY 2008
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (22,348.432 units) at June 30, 2008 $ 38,363,114
Additions of 102.600 units on July 31, 2008 174,178
Redemptions of (134.841) units on July 31, 2008 (228,913)
Offering Costs (28,544)
Net Income - July 2008 (394,667)
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Net Asset Value (22,316.191 units) at July 31, 2008 $ 37,885,168
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Net Asset Value per Unit at July 31, 2008 $ 1,697.65
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ 973,657
Change in unrealized (1,307,985)
Gains (losses) on forward and options on forward contracts:
Realized 2,418
Change in unrealized (9,909)
Interest income 52,408
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(289,411)
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Expenses:
Brokerage fee 95,126
Performance fee 0
Operating expenses 10,130
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105,256
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Net Income (Loss) - July 2008 $ (394,667)
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FUND STATISTICS
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Net Asset Value per Unit on July 31, 2008 $ 1,697.65
Net Asset Value per Unit on June 30, 2008 $ 1,716.59
Unit Value Monthly Gain (Loss) % (1.10)%
Fund 2008 calendar YTD Gain (Loss) % 5.87%
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,
Losses in Fixed Income & Commodities Largely Offset by Strong Gains in Equity
Indices Trading.
The month of July held two distinct phases for most asset classes, with the
overall environment dominated by reversals.
The Fund captured profits in equity indices trading early in the month despite
late month stabilization, particularly in the U.S. Intra-month swings in global
indices were significant. The DJIA and the S&P hit technical bear market
territory during the month, while Japanese equities saw the longest back-to-back
daily losing streak in 54 years. Equity markets did find their bottom mid-month,
after the U.S. announcement of a Government-Sponsored Enterprises (GSE) bail-out
plan.
Gains earned in equity indices trading offset the majority of losses incurred in
interest rates and commodities trading. Lower commodity prices led to position
short-covering in the face of reduced inflation worries in the Euro-Zone,
pushing bond futures higher. Crude Oil declined almost 12% for the month on
fears that weakening economic conditions would reduce global demand.
Foreign exchange trading finished relatively flat as the Euro hit a new high,
commodity-linked currencies fell, and the broad dollar index gained against most
major currencies.
As always, please call if we can be of any assistance.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust