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 - November 2005
-----------
STATEMENT OF CHANGES IN NET ASSET VALUE
---------------------------------------
Net Asset Value (23,345.977 units) at October 31, 2005 $ 39,631,562
Additions of 83.235 units on November 30, 2005 144,190
Redemptions of (10.366) units on November 30, 2005 (17,957)
Offering Costs (30,725)
Net Income (Loss) - November 2005 842,147
------------
Net Asset Value (23,418.846 units) at November 30, 2005 $ 40,569,217
============
Net Asset Value per Unit at November 30, 2005 $ 1,723.33
============
STATEMENT OF INCOME (LOSS)
--------------------------
Income:
Gains (losses) on futures contracts:
Realized $ 89,504
Change in unrealized (608,968)
Gains (losses) on forward contracts:
Realized 0
Change in unrealized 1,546,884
Interest income 111,005
------------
1,138,425
------------
Expenses:
Brokerage fee 107,974
Performance fee 175,385
Operating expenses 12,919
------------
296,278
------------
Net Income (Loss) - November 2005 $ 842,147
============
FUND STATISTICS
---------------
Net Asset Value per Unit on November 30, 2005 $ 1,732.33
Net Asset Value per Unit on October 31, 2005 $ 1,697.58
Unit Value Monthly Gain (Loss) % 2.05%
Fund 2005 calendar YTD Gain (Loss) % 15.38%
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,
More new highs ...
We are pleased to report solid positive returns in November, continuing the
strong performance of the past three months, and which resulted in new highs in
all portfolios. Currencies were the most profitable sector as the US Dollar
continued to strengthen against the Euro and the Yen. The major theme continued
to be the rising US interest rate differentials and the persistent weakness of
the Yen. The fixed-income sector was profitable overall, but gains in short-term
interest rate instruments were partially offset by losses on the long end of the
curve as mid-month economic data eased the markets' fears of inflation. The same
data pushed equity indices higher across the globe which was a welcome result
for many investors, but it went against our positions. Energy prices continued
their slide in November with warmer than normal weather in many regions of the
country. This was good news for energy consumers, but caused losses for our
positions. Metals, although only a small part of our portfolios, saw significant
gains this month with Copper rising to new all-time highs and Gold closing over
$500 per ounce. As December begins we look forward to a strong finish to 2005.
We also want to take this opportunity to wish you a safe and healthy holiday
season and a prosperous New Year.
Sincerely,
Bruce Cleland
President & CEO