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 - August 2005
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (23,480.135 units) at July 31, 2005 $ 39,015,778
Additions of 95.683 units on August 31, 2005 150,549
Redemptions of (268.564) units on August 31, 2005 (422,561)
Offering Costs (27,795)
Net Income (Loss) - August 2005 (2,043,990)
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Net Asset Value (23,307.254 units) at August 31, 2005 $ 36,671,981
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Net Asset Value per Unit at August 31, 2005 $ 1,573.41
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STATEMENT OF INCOME (LOSS)
--------------------------
Income:
Gains (losses) on futures contracts:
Realized $ 263,743
Change in unrealized (594,513)
Gains (losses) on forward contracts:
Realized 0
Change in unrealized (1,802,665)
Interest income 104,726
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(2,028,709)
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Expenses:
Brokerage fee 98,505
Performance fee (89,191)
Operating expenses 5,967
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15,281
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Net Income (Loss) - August 2005 $ (2,043,990)
============
FUND STATISTICS
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Net Asset Value per Unit on August 31, 2005 $ 1,573.41
Net Asset Value per Unit on July 31, 2005 $ 1,661.65
Unit Value Monthly Gain (Loss) % (5.31)%
Fund 2005 calendar YTD Gain (Loss) % 4.80%
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,
Sharp reversals in extraordinary times...
August was a disappointing month in which sharp trend reversals occurred in each
of the major financial sectors, resulting in significant losses in all of our
portfolios. The tragedy that struck the US Gulf Coast at the end of the month
was stunning in scope, and its impact will be felt in the coming months, but it
was a series of major trend reversals that generated the losses in August.
Currencies were our worst performing sector. The US Dollar peaked at the end of
July, then reversed sharply and traded close to its recent lows at the end of
August. A similar reversal occurred in the Interest Rates sector, resulting in
losses at both ends of the yield curve. Equities trended higher in July, but
record energy prices caused a sharp sell-off and resulted in losses in this
sector. Energy was the only profitable sector in our portfolios this month, but
the size of positions was not sufficient to offset the losses incurred in the
financial sectors. While these losses certainly hurt and there is no room for
sanguinity, to "give back" some of our recent gains is not in itself unusual and
we continue to be profitable on a year-to-date basis. We appreciate your
continuing confidence and will continue to work hard, maintain our discipline,
and look for better days ahead. Please do not hesitate to call for assistance.
Sincerely,
Bruce Cleland
President & CEO