Filer:
Company Data:
Company Name: Campbell Alternative Asset Trust
IRS Number: 52-2238521
State of Incorporation: Delaware
Fiscal Year End: 12/31
Business Address: 210 W. Pennsylvania Avenue
Baltimore, Maryland 21204
Business Phone: 410-296-3301
Filing Values:
Form Type: 424B3
SEC File Number: 333-37548
CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - MARCH 2005
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (23,469.147 units) at February 28, 2005 $ 34,184,493
Additions of 89.986 units on March 31, 2005 131,162
Redemptions of (43.092) units on March 31, 2005 (62,810)
Offering Costs (25,737)
Net Income (Loss) - March 2005 49,724
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Net Asset Value (23,516.041 units) at March 31, 2005 $ 34,276,832
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Net Asset Value per Unit at March 31, 2005 $ 1,457.59
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STATEMENT OF INCOME (LOSS)
--------------------------
Income:
Gains (losses) on futures contracts:
Realized $ 555,637
Change in unrealized (2,435)
Gains (losses) on forward contracts:
Realized (1,579,118)
Change in unrealized 1,098,812
Interest income 73,629
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146,525
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Expenses:
Brokerage fee 92,388
Performance fee 0
Operating expenses 4,413
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96,801
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Net Income (Loss) - March 2005 $ 49,724
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FUND STATISTICS
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Net Asset Value per Unit on March 31, 2005 $ 1,457.59
Net Asset Value per Unit on February 28, 2005 $ 1,456.57
Unit Value Monthly Gain (Loss) % 0.07 %
Fund 2005 calendar YTD Gain (Loss) % (2.92)%
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 Financial Officer
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust
Prepared without audit
Dear Investor,
A Choppy First Quarter...
March ended almost flat as the theme of range-bound, choppy markets continued in
most sectors. Our gains were primarily in Interest Rates, as both short-term and
long-term positions proved profitable, and the Energy sector where crude and
products prices made new highs. The US Dollar closed higher for the month,
reversing the long-term downtrend, and was a negative for our positions. We also
incurred losses in our non-dollar Currency positions, making this the worst
performing sector in Q1. Equity Index markets also reversed and ended the month
lower, with resultant losses to our portfolios. The current interest rate
environment continues to be a very difficult one and has arguably contributed to
the lack of direction in many of the other markets we trade. This condition may
continue for some time. While reporting monthly flat performance is certainly
easier than reporting losses, delivering attractive absolute and risk-adjusted
returns remains our primary goal. Extended periods of flat or poor returns along
the way are inevitable, and we shall not falter in our commitment to maintain
the discipline which we know is so important for success in the longer term.
Sincerely,
Bruce Cleland
President & CEO