CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - DECEMBER 2008
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (22,329.084 units) at November 30, 2008 $ 36,153,328
Additions of 46.955 units on December 31, 2008 76,630
Redemptions of (417.917) units on December 31, 2008 (682,036)
Offering Costs (27,416)
Net Income - December 2008 314,977
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Net Asset Value (21,958.122 units) at December 31, 2008 $ 35,835,483
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Net Asset Value per Unit at December 31, 2008 $ 1,631.99
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ 354,403
Change in unrealized (172,015)
Gains (losses) on forward and options on forward contracts:
Realized (998,084)
Change in unrealized 1,227,902
Interest income 589
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412,795
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Expenses:
Brokerage fee 90,809
Performance fee 0
Operating expenses 7,009
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97,818
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Net Income (Loss) - December 2008 $ 314,977
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FUND STATISTICS
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Net Asset Value per Unit on December 31, 2008 $ 1,631.99
Net Asset Value per Unit on November 30, 2008 $ 1,619.11
Unit Value Monthly Gain (Loss) % 0.80 %
Fund 2008 calendar YTD Gain (Loss) % 1.77 %
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,
Positive Return for December Brings 2008 to a Close...
Gains in Foreign Exchange and Fixed Income trading drove December's positive
results, with relatively flat performance in Commodities and Stock Indices
trading. The Trust made money in Foreign Exchange, primarily in the UK as the
British Pound was down roughly 3% while the Euro/Pound was up close to 16%. Both
technical and fundamental models recorded gains in Fixed Income for December as
central banks continued to lower rates on persistent negative economic data.
The volatility of 2008 financial markets was unprecedented and downright
unnerving, and more economic gloom and doom appears to be on the horizon.
Campbell did not shoot the lights out in terms of performance in 2008, but we
stuck to our knitting and held fast to the notion that diversification by market
sector and model style will remain in our clients' best interests, both now and
going forward. While other managers contemplate heading "back to the basics," we
are already there. Our consistent dedication to trading systematically in liquid
markets, our safeguarding of client assets in segregated accounts wherever
possible, and our accountability via the ongoing process of independent review
of controls and procedures poise us strategically to continue to offer an
investment vehicle of choice. We welcome the gathering storm; it presents us
with the opportunity to demonstrate our ability to succeed in difficult
environments.
Best wishes to you for a Healthy and Stable New Year.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust