CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - MAY 2010
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (18,539.107 units) at April 30, 2010 $ 28,322,061
Additions of 82.749 units on May 31, 2010 123,084
Redemptions of (798.990) units on May 31, 2010 (1,188,450)
Offering Costs 0
Net Income - May 2010 (746,313)
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Net Asset Value (17,822.866 units) at May 31, 2010 $ 26,510,382
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Net Asset Value per Unit at May 31, 2010 $ 1,487.44
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ (500,954)
Change in unrealized (352,074)
Gains (losses) on forward and options on forward contracts:
Realized (53,178)
Change in unrealized 241,334
Net Investment Income (Loss) (1,788)
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(666,660)
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Expenses:
Brokerage fee 72,424
Performance fee 0
Operating expenses 7,229
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79,653
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Net Income (Loss) - May 2010 $ (746,313)
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FUND STATISTICS
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Net Asset Value per Unit on May 31, 2010 $ 1,487.44
Net Asset Value per Unit on April 30, 2010 $ 1,527.69
Unit Value Monthly Gain (Loss) % (2.63)%
Fund 2010 calendar YTD Gain (Loss) % (3.26)%
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,
Diversification Helps Reduce Losses in May...
As European sovereign debt concerns persist and China tightened credit in an
attempt to cool overheating in its property sector, the decline in equity
markets by month-end was wide-spread across the U.S., Europe, and Asia.
Certainly the "flash crash" on May 6th only added to the unsettling nature of
equity market price behavior throughout the month. While the Trust experienced
losses in equity indices, gains in fixed income help offset the flight from
risky assets in favor of government debt.
Commodity trading was difficult for the Trust, particularly in the Energy
sector, as the complex fell in tandem with the equity markets until a late month
bounce. While BP's spill in the Gulf continued to flow uncontrollably, the
disaster has not significantly affected the supply of oil into the U.S. to date.
Along with the scare in Greece, the Euro came under pressure against the U.S.
Dollar as comments from Federal Reserve Chairman Bernanke raised concerns over
the Euro zone's bank funding. The U.S. Dollar was, once again, viewed as a safe
position trade as risk aversion, volatility and liquidity dominated currency
markets contributing to gains in the Foreign Exchange sector for the Trust.
As we confront the emotional state of the markets, we take comfort in our
systematic discipline and ability to manage through market volatility with
diversity in our portfolio exposures.
We look forward to answering any questions you may have.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust