| þ | Quarterly      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934  |
|--------|----------------------------------------------------------------------------------------------------|
|   | For      the quarterly period ended September 30,      2008                                        |
|   |                                                                                               |
|   | or                                                                                                 |
|   |                                                                                               |
|  ̈ | Transition      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934 |
|   | For      the transition period from _____________ to  _____________                                |

|   | Commission      File number: 0-33311 |
|--------|--------------------------------------|

|   | CAMPBELL ALTERNATIVE      ASSET TRUST |
|--------|---------------------------------------|

| Delaware                     |   | 52-1823554                                |
|------------------------------|--------|-------------------------------------------|
| (State      of Organization) |   | (IRS      Employer Identification Number) |
|                         |   |                                      |

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|   | ExhibitNumber |   |  Description      of Document                                                                                                        |
|--------|---------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
|   |          |   |                                                                                                                                      |
|   | 31.01         |   | Certification      of Theresa D. Becks, Chief Executive Officer, pursuant to Exchange Act      Rules 13a-14 and 15d-14 (filed herewith).  |
|   |          |   |                                                                                                                                      |
|   | 31.02         |   | Certification      of Gregory T. Donovan, Chief Financial Officer, pursuant to Exchange Act      Rules 13a-14 and 15d-14 (filedherewith). |

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|                         | CAMPBELL      ALTERNATIVE ASSET TRUST                                                                                                                                                                                                    |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |                           (Registrant)                                                                 |
|                         |                                                                                                                                                                                                                                     |
|                         |                                                                                                                                                                                                                                     |
|                         | By:      Campbell & Company,      Inc.                                                                                      |
|                         | Managing      Owner                                                                                                                                                                                                                      |
|                         |                                                                                                                                                                                                                                     |
|                         |                                                                                                                                                                                                                                     |
| Date:      December 17, 2008 | By:      /s/ Theresa D.      Becks                                  |
|                         | Theresa      D. Becks                                                                                                                                                                                                                    |
|                         | Chief      ExecutiveOfficer                                                                                                                                                                                                              |

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| Exhibit      Number |   | Description      of Document                  |   | PageNumber           |
|---------------------|--------|-----------------------------------------------|--------|----------------------|
| 31.01               |   | Certification      by Chief Executive Officer |   | E 2      – E 3 |
|                |   |                                          |   |                 |
| 31.02               |   | Certification      by Chief Financial Officer |   | E 4      – E 5 |

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