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 - APRIL 2005
----------
<Table>
STATEMENT OF CHANGES IN NET ASSET VALUE
---------------------------------------
Net Asset Value (23,516.041 units) at March 31, 2005 $ 34,276,832
Additions of 35.164 units on April 30, 2005 51,510
Redemptions of (31.565) units on April 30, 2005 (46,238)
Offering Costs (25,917)
Net Income (Loss) - April 2005 196,602
------------
Net Asset Value (23,519.640 units) at April 30, 2005 $ 34,452,789
============
Net Asset Value per Unit at April 30, 2005 $ 1,464.85
============
STATEMENT OF INCOME (LOSS)
--------------------------
Income:
Gains (losses) on futures contracts:
Realized $ (726,373)
Change in unrealized 334,385
Gains (losses) on forward contracts:
Realized 0
Change in unrealized 612,009
Interest income 72,445
------------
292,466
------------
</Table>
<Table>
Expenses:
Brokerage fee 90,868
Performance fee 0
Operating expenses 4,996
------------
95,864
------------
Net Income (Loss) - April 2005 $ 196,602
============
FUND STATISTICS
---------------
Net Asset Value per Unit on April 30, 2005 $ 1,464.85
Net Asset Value per Unit on March 31, 2005 $ 1,457.59
Unit Value Monthly Gain (Loss) % 0.50%
Fund 2005 calendar YTD Gain (Loss) % (2.43)%
</Table>
To the best of my knowledge and belief, the information contained herein is
accurate and complete.
/s/ Theresa D. Becks
-----------------------------------------
Theresa D. Becks, Chief Financial Officer
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust
Prepared without audit
Dear Investor,
Making the most of limited opportunities...
We are pleased to report modest gains for our investors in April, despite most
financial markets remaining range-bound. The US Dollar ended the month only
slightly higher, but currencies were our best performing sector. Fixed Income
instruments continued the rally which began in late March and were also
profitable. The Energy sector, one of our best performers in March, was our
worst performer in April. Crude Oil prices fell by almost $8 a barrel, which
combined with the related sell-off in other energy products, left us with losses
in this sector. Equity Indices were also negative with stock prices ending lower
following sharp declines mid-month. It is too soon to tell whether significant
trends are beginning to emerge or whether we should expect more directionless
trading. While we are always pleased to report positive returns, performance
could remain flat for some time to come. However, for more than three decades
Campbell & Company has consistently delivered returns which, in the end, have
more than justified waiting out the periods of flat performance. That is why we
remain committed to the discipline that has been the cornerstone of our success.
If you have any questions, please do not hesitate to call.
Sincerely,
Bruce Cleland
President & CEO