CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - MARCH 2009
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (22,342.842 units) at February 28, 2009 $ 36,934,615
Additions of 48.053 units on March 31, 2009 77,804
Redemptions of (357.142) units on March 31, 2009 (578,266)
Offering Costs (27,717)
Net Income - March 2009 (731,082)
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Net Asset Value (22,033.753 units) at March 31, 2009 $ 35,675,854
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Net Asset Value per Unit at March 31, 2009 $ 1,619.15
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ (85,268)
Change in unrealized (646,321)
Gains (losses) on forward and options on forward contracts:
Realized 412,005
Change in unrealized (307,088)
Interest income 1,014
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(625,658)
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Expenses:
Brokerage fee 93,289
Performance fee 0
Operating expenses 12,135
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105,424
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Net Income (Loss) - March 2009 $ (731,082)
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FUND STATISTICS
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Net Asset Value per Unit on March 31, 2009 $ 1,619.15
Net Asset Value per Unit on February 28, 2009 $ 1,653.08
Unit Value Monthly Gain (Loss) % (2.05)%
Fund 2009 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,
Global Equity Rebound Produces Losses in March...
Stock markets rallied in March as the 2008 fourth quarter earnings announcements
subsided and large U.S. banks announced they would be profitable for the first
two months of 2009. The majority of the Trust's losses this month resulted from
equity indices trading, as the equity rally adversely impacted our net short
positions globally.
Commodities recorded minimal losses as energy price swings have become
correlated with equities and metals surged on news of China's economic stimulus
plan.
Gains from fixed income markets were recorded from our long global bond
positions as prices moved significantly higher on announcements from the Swiss,
British and American Central Banks on their intentions of adding liquidity by
purchasing medium to long-term bonds in the market.
Foreign exchange trading resulted in minimal gains as investors sought
currencies whose home central banks were not keen on engaging in quantitative
easing.
Have world equity markets found their bottom? The answer is far from clear,
which is why we believe a diversified investment profile is the most prudent
approach to take in these unusual economic times. We are proud to provide a
systematic approach to a diversified market set on behalf of our investors.
As always, please do not hesitate to contact me should you have any questions or
concerns.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust