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 - December 2005
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (23,418.846 units) at November 30, 2005 $ 40,569,217
Additions of 229.905 units on December 31, 2005 388,987
Redemptions of (92.053) units on December 31, 2005 (155,748)
Offering Costs (29,907)
Net Income (Loss) - December 2005 (916,082)
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Net Asset Value (23,556.698 units) at December 31, 2005 $ 39,856,467
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Net Asset Value per Unit at December 31, 2005 $ 1,691.94
============
STATEMENT OF INCOME (LOSS)
--------------------------
Income:
Gains (losses) on futures contracts:
Realized $ 1,249,778
Change in unrealized (1,310,535)
Gains (losses) on forward contracts:
Realized 3,777,230
Change in unrealized (4,896,765)
Interest income 125,994
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(1,054,298)
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Expenses:
Brokerage fee 106,902
Performance fee (266,550)
Operating expenses 21,432
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(138,216)
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Net Income (Loss) - December 2005 $ (916,082)
============
FUND STATISTICS
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Net Asset Value per Unit on December 31, 2005 $ 1,691.94
Net Asset Value per Unit on November 31, 2005 $ 1,732.33
Unit Value Monthly Gain (Loss) % (2.33)%
Fund 2005 calendar YTD Gain (Loss) % 12.69%
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,
A turbulent end to a strong year...
Sharp reversals in the Currencies and Interest Rates sectors resulted in losses
in December, but we are pleased to report solid positive results for 2005, a
year in which many other investment strategies struggled.
Currencies was one of the most profitable sectors for the year, but was the
major source of losses in December. The Japanese Yen was in decline against most
other currencies all year, but reversed sharply in December as new economic data
finally turned positive. The Euro also rallied and the US Dollar lost ground on
a perception of change in relative short-term interest rates policy, increasing
the losses on our currency positions.
The same factors contributed to reversals in the fixed income markets in
December which also resulted in losses, but this sector was also the most
profitable for us in 2005. Our largest negative performance in 2005 was the
Equities sector, but conversely it was profitable in December as the rally in US
stocks fizzled, while European and Asian stock indices continued to trade
higher, ending a year of strong gains for those markets. Energy prices also
finished higher in December as markets characterized by tight supply and
increasing demand continued to be sensitive to weather and geopolitical change.
This resulted in good profits in the Energy sector for both the month and the
year.
In the face of dull or negative performance from many investment strategies in
2005, sound diversification has again proven its merit. We take this opportunity
to thank you for your confidence throughout 2005, and assure you of our
continuing best efforts in 2006 and beyond. We extend our best wishes for a
healthy and successful New Year.
Sincerely,
Bruce Cleland
President & CEO