<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q



[X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
       THE SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended   June 30, 2002
                               -----------------

                                       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:    0-22260
                        --------------



                        CAMPBELL ALTERNATIVE ASSET TRUST
          -------------------------------------------------------------
               (Exact name of registrant as specified in charter)


             DELAWARE                                   52-2238521
---------------------------------           ------------------------------------
     (State of Organization)                (IRS Employer Identification Number)


COURT TOWERS BUILDING,
210 WEST PENNSYLVANIA AVENUE,
BALTIMORE, MARYLAND                                        21204
---------------------------------           ------------------------------------
     (Address of principal                               (Zip Code)
       executive offices)

(410) 296-3301
----------------------------------------------------
(Registrant's telephone number, including area code)



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days.

                               Yes [X]      No [ ]


                            Total number of Pages:  24
                                                   ----
<PAGE>
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

The following financial statements of Campbell Alternative Asset Trust are
included in Item 1:


     Statements of Financial Condition as of June 30, 2002 (Unaudited) and
         December 31, 2001 (Audited)

     Condensed Schedule of Investments as of June 30, 2002 (Unaudited)

     Statements of Operations for the Three Months and Six Months Ended
         June 30, 2002 and 2001 (Unaudited)

     Statements of Cash Flows for the Six Months Ended June 30, 2002 and
         2001 (Unaudited)

     Statements of Changes in Unitholders' Capital (Net Asset Value) for the
         Six Months Ended June 30, 2002 and 2001 (Unaudited)



                                      -2-
<PAGE>


                        CAMPBELL ALTERNATIVE ASSET TRUST
                     STATEMENTS OF FINANCIAL CONDITION June
              30, 2002 (Unaudited) and December 31, 2001 (Audited)
<TABLE>
<CAPTION>
                                                             June 30,      December 31,
                                                               2002           2001
                                                           ------------    ------------
<S>                                                        <C>             <C>
ASSETS
  Equity in broker trading accounts
     Cash                                                $  1,685,566    $    712,721
     United States government securities                    9,982,013       8,484,712
     Unrealized gain (loss) on open futures contracts         800,968         (54,659)
                                                         ------------    ------------
         Deposits with broker                              12,468,547       9,142,774

  Cash                                                     10,827,574       8,076,399
  Unrealized gain on open forward contracts                   649,133         862,088
  Subscriptions receivable                                          0         514,071
                                                         ------------    ------------
         Total assets                                    $ 23,945,254    $ 18,595,332
                                                         ============    ============
LIABILITIES
  Accounts payable                                       $     11,246    $     17,678
  Brokerage fee                                                75,983          48,556
  Offering costs payable                                       17,425          13,417
  Redemptions payable                                          30,347               0
                                                         ------------    ------------
         Total liabilities                                    135,001          79,651
                                                         ------------    ------------

UNITHOLDERS' CAPITAL (NET ASSET VALUE)
  Managing Owner - 6,000.000 units outstanding
     at June 30, 2002 and December 31, 2001                 6,014,719       5,841,866
  Other Unitholders - 17,751.983 and 13,016.882
     units outstanding at June 30, 2002 and
     December 31, 2001                                     17,795,534      12,673,815
                                                         ------------    ------------
         Total unitholders' capital
            (Net Asset Value)                              23,810,253      18,515,681
                                                         ------------    ------------
                                                         $ 23,945,254    $ 18,595,332
                                                         ============    ============
</TABLE>


                             See accompanying notes.

                                      -3-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                                  June 30, 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
UNITED STATES GOVERNMENT SECURITIES
                                                                                                     % of Net
       Face Value       Description                                                 Value           Asset Value
       ----------       -----------                                              -----------        -----------
<S>                     <C>                                                      <C>                <C>
       $10,000,000      U.S. Treasury Bill, 08/08/02
                          (COST, INCLUDING ACCRUED INTEREST, - $9,982,013)       $ 9,982,013            41.92%
                                                                                 ===========          =======

LONG FUTURES CONTRACTS
                                                                                                     % of Net
                        Description                                                 Value           Asset Value
                        -----------                                              -----------        -----------
                        Agriculture                                             $     51,838            0.22%
                        Energy                                                        32,150            0.13%
                        Metals                                                         5,116            0.02%
                        Stock index                                                   (9,820)          (0.04)%
                        Short-term interest rates                                    354,536            1.49%
                        Long-term interest rates                                     404,896            1.70%
                                                                                ------------           -----
                        TOTAL LONG FUTURES CONTRACTS                            $    838,716            3.52%
                                                                                ============           =====


LONG FORWARD CURRENCY CONTRACTS

                                                                                                     % of Net
         Amount         Description                                                 Value           Asset Value
       ----------       -----------                                              -----------        -----------
       32,900,000       Euro, 9/18/02                                           $  1,472,772            6.19%
                        Other forward currency contracts                           1,128,852            4.74%
                                                                                ------------           -----
                        TOTAL FORWARD CURRENCY CONTRACTS                        $  2,601,624           10.93%
                                                                                ============           =====


SHORT FUTURES CONTRACTS
                                                                                                     % of Net
                        Description                                                  Value          Asset Value
                        -----------                                              -----------        -----------
                        Agricultural                                            $     13,556            0.06%
                        Energy                                                         6,160            0.03%
                        Metals                                                       (39,471)          (0.17)%
                        Stock index                                                  (17,993)          (0.08)%
                                                                                ------------           -----
                        TOTAL SHORT FUTURES CONTRACTS                           $    (37,748)          (0.16)%
                                                                                ============           =====


SHORT FORWARD CURRENCY CONTRACTS
                                                                                                     % of Net
                        Description                                                  Value          Asset Value
                        -----------                                              -----------        -----------

                        Various forward currency contracts                       $(1,952,491)          (8.20)%
                                                                                ============           =====
</Table>



                             See accompanying notes.


                                      -4-
<PAGE>


                        CAMPBELL ALTERNATIVE ASSET TRUST
                            STATEMENTS OF OPERATIONS
             For the Three Months Ended June 30, 2002 and 2001 and
                For the Six Months Ended June 30, 2002 and 2001
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                  Three Months                   Six Months
                                                     Ended                         Ended
                                                    June 30,                      June 30,
                                           ---------------------------  --------------------------
                                               2002            2001         2002          2001
                                           -----------     -----------  -----------    -----------
<S>                                        <C>             <C>            <C>             <C>
INCOME
  Futures trading gains (losses)
     Realized                              $  (271,188)   $         0   $  (955,979)   $         0
     Change in unrealized                       44,611              0       855,627              0
                                           -----------    -----------   -----------    -----------
        (Loss) from futures trading           (226,577)             0      (100,352)             0
                                           -----------    -----------   -----------    -----------
  Forward trading gains (losses)
     Realized                                1,543,821              0     1,425,121              0
     Change in unrealized                      502,011              0      (212,955)             0
                                           -----------    -----------   -----------    -----------
        Gain from forward trading            2,045,832              0     1,212,166              0
                                           -----------    -----------   -----------    -----------
  Interest income                               84,713              0       162,620              0
                                           -----------    -----------   -----------    -----------
        Total income                         1,903,968              0     1,274,434              0
                                           -----------    -----------   -----------    -----------
EXPENSES
  Brokerage fee                                193,381                      356,738              0
  Operating expenses                            18,560              0        28,092              0
                                           -----------    -----------   -----------    -----------
        Total expenses                         211,941              0       384,830              0
                                           -----------    -----------   -----------    -----------
        NET INCOME                         $ 1,692,027    $         0   $   889,604    $         0
                                           ===========    ===========   ===========    ===========
NET INCOME PER MANAGING OWNER
AND OTHER UNITHOLDER UNIT
    (based on weighted average number of
    units outstanding during the period)   $     75.69    $      0.00   $     41.97    $      0.00
                                           ===========    ===========   ===========    ===========
INCREASE IN NET ASSET VALUE PER MANAGING
    OWNER AND OTHER UNITHOLDER UNIT        $     70.66    $      0.00   $     28.81    $      0.00
                                           ===========    ===========   ===========    ===========
</TABLE>



                             See accompanying notes.


                                      -5-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                        STATEMENTS OF CASH FLOWS
                For the Six Months Ended June 30, 2002 and 2001
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                      2002            2001
                                                                                  ------------    ------------
<S>                                                                               <C>             <C>
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
  Net income                                                                      $    889,604    $          0
     Adjustments to reconcile net income to net cash
       (for) operating activities
          Net change in unrealized                                                    (642,672)              0
          Increase in accounts payable and accrued expenses                             20,995               0
          Net (purchases) of investments in United States
             government securities                                                  (1,497,301)              0
                                                                                  ------------    ------------
             Net cash (for) operating activities                                    (1,229,374)              0
                                                                                  ------------    ------------
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
  Addition of units                                                                  4,638,184               0
  Decrease in subscriptions receivable                                                 514,071               0
  Redemption of units                                                                 (142,848)              0
  Increase in redemptions payable                                                       30,347               0
  Offering costs charged                                                               (90,368)              0
  Increase in offering costs payable                                                     4,008               0
                                                                                  ------------    ------------
             Net cash from financing activities                                      4,953,394               0
                                                                                  ------------    ------------
Net increase in cash                                                                 3,724,020               0

CASH
  Beginning of period                                                                8,789,120           2,000
                                                                                  ------------    ------------
  End of period                                                                   $ 12,513,140    $      2,000
                                                                                  ============    ============
End of period cash consists of:
  Cash in broker trading accounts                                                 $  1,685,566    $          0
  Cash                                                                              10,827,574           2,000
                                                                                  ------------    ------------
             Total end of period cash                                             $ 12,513,140    $      2,000
                                                                                  ============    ============
</TABLE>


                             See accompanying notes.


                                      -6-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
         STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)
                 For the Six Months Ended June 30, 2002 and 2001
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                             Unitholders' Capital
                                             ------------------------------------------------------------------------------------
                                                   Managing Owner            Other Unitholders                  Total
                                             -----------------------     -------------------------     --------------------------
                                               Units        Amount          Units        Amount           Units           Amount
                                             ---------    ----------     ----------    -----------     ----------     -----------
<S>                                          <C>          <C>            <C>           <C>             <C>            <C>
SIX MONTHS ENDED JUNE 30, 2002

Balances at December 31, 2001                6,000.000    $5,841,866     13,016.882    $12,673,815     19,016.882     $18,515,681
Net income for the six months ended
  June 30, 2002                                              198,430                       691,174                        889,604
Additions                                        0.000             0      4,889.177      4,638,184      4,889.177       4,638,184
Redemptions                                      0.000             0       (154.076)      (142,848)     (154.076)        (142,848)
Offering costs                                               (25,577)                      (64,791)                       (90,368)
                                             ---------    ----------     ----------    -----------     ----------     -----------
Balances at June 30, 2002                    6,000.000    $6,014,719     17,751.983    $17,795,534     23,751.983     $23,810,253
                                             =========    ==========     ==========    ===========     ==========     ===========

SIX MONTHS ENDED JUNE 30, 2001

Balances at December 31, 2000                    2.000    $    2,000          0.000    $         0          2.000     $     2,000
Net income for the six months ended
  June 30, 2001                                                    0                             0                              0
Additions                                        0.000             0          0.000              0          0.000               0
Redemptions                                      0.000             0          0.000              0          0.000               0
                                             ---------    ----------     ----------    -----------     ----------     -----------
Balances at June 30, 2001                        2.000    $    2,000          0.000    $         0          2.000     $     2,000
                                             =========    ==========     ==========    ===========     ==========     ===========
</TABLE>

<TABLE>
<CAPTION>
                                    Net Asset Value Per Managing Owner and Other Unitholder Unit
                                 ----------------------------------------------------------------
                                  June 30,        December 31,        June 30,       December 31,
                                    2002              2001              2001             2000
                                 ---------        ------------       ---------       ------------
<S>                               <C>                <C>              <C>              <C>
                                 $1,002.45          $973.64          $1,000.00         $1,000.00
                                 =========          =======          =========         =========
</TABLE>


                             See accompanying notes.


                                      -7-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     A.   General Description of the Trust

          Campbell Alternative Asset Trust (the Trust) is a Delaware business
          trust which operates as a commodity investment pool. The Trust was
          formed on May 3, 2000 and commenced trading on October 1, 2001. The
          Trust engages in the speculative trading of futures contracts and
          forward contracts.

     B.   Regulation

          As a registrant with the Securities and Exchange Commission, the Trust
          is subject to the regulatory requirements under the Securities Act of
          1933 and the Securities Exchange Act of 1934. As a commodity
          investment pool, the Trust is subject to the regulations of the
          Commodity Futures Trading Commission, an agency of the United States
          (U.S.) government which regulates most aspects of the commodity
          futures industry; rules of the National Futures Association, an
          industry self-regulatory organization; and the requirements of the
          various commodity exchanges where the Trust executes transactions.
          Additionally, the Trust is subject to the requirements of futures
          commission merchants (brokers) and interbank market makers through
          which the Trust trades.

     C.   Method of Reporting

          The Trust's financial statements are presented in accordance with
          accounting principles generally accepted in the United States of
          America, which require the use of certain estimates made by the
          Trust's management. Transactions are accounted for on the trade date.
          Gains or losses are realized when contracts are liquidated. Unrealized
          gains and losses on open contracts (the difference between contract
          trade price and market price) are reported in the statement of
          financial condition as a net gain or loss, as there exists a right of
          offset of unrealized gains or losses in accordance with Financial
          Accounting Standards Board Interpretation No. 39 - "Offsetting of
          Amounts Related to Certain Contracts." Any change in net unrealized
          gain or loss from the preceding period is reported in the statement of
          operations. Brokerage commissions and other trading fees paid directly
          to the broker are included in "brokerage fee" and are charged to
          expense when contracts are opened. United States government securities
          are stated at cost plus accrued interest, which approximates market
          value.

          For purposes of both financial reporting and calculation of redemption
          value, Net Asset Value per unit is calculated by dividing Net Asset
          Value by the number of units outstanding.

     D.   Income Taxes

          The Trust prepares calendar year U.S. and applicable state information
          tax returns and reports to the unitholders their allocable shares of
          the Trust's income, expenses and trading gains or losses.


                                      -8-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

     E.   Offering Costs

          Campbell & Company, Inc. (Campbell & Company) has incurred total costs
          in connection with the initial and continuous offering of units of the
          Trust (offering costs) of $1,275,169 through June 30, 2002, $110,973
          of which has already been reimbursed to Campbell & Company by the
          Trust. At June 30, 2002, the Trust reflects a liability in the
          statement of financial condition for offering costs payable to
          Campbell & Company of $17,425. Offering costs are charged to the Trust
          at a monthly rate of 1/12 of 0.9% (0.9% annualized) of the Trust's
          month-end net asset value (as defined in the Amended and Restated
          Declaration of Trust and Trust Agreement) until such amounts are fully
          reimbursed. The Trust is only liable for payment of offering costs on
          a monthly basis. If the Trust terminates prior to completion of
          payment to Campbell & Company for the unreimbursed offering costs
          incurred through the date of such termination, Campbell & Company will
          not be entitled to any additional payments, and the Trust will have no
          further obligation to Campbell & Company.

          The amount of monthly reimbursement due to Campbell & Company is
          charged directly to unitholders' capital.

     F.   Foreign Currency Transactions

          The Trust's functional currency is the U.S. dollar; however, it
          transacts business in currencies other than the U.S. dollar. Assets
          and liabilities denominated in currencies other than the U.S. dollar
          are translated into U.S. dollars at the rates in effect at the date of
          the statement of financial condition. Income and expense items
          denominated in currencies other than the U.S. dollar are translated
          into U.S. dollars at the rates in effect during the period. Gains and
          losses resulting from the translation to U.S. dollars are reported in
          income currently.

Note 2. MANAGING OWNER AND COMMODITY TRADING ADVISOR

     The managing owner of the Trust is Campbell & Company, which conducts and
     manages the business of the Trust. Campbell & Company is also the commodity
     trading advisor of the Trust. The Amended and Restated Declaration of Trust
     and Trust Agreement requires Campbell & Company to maintain a capital
     account equal to 1% of the total capital accounts of the Trust.
     Additionally, Campbell & Company is required by the Amended and Restated
     Declaration of Trust and Trust Agreement to maintain a net worth of not
     less than $1,000,000.

     The Trust pays a monthly brokerage fee of 1/12 of 2.85% (2.85% annualized)
     of month-end net assets to Campbell & Company and $10 per round turn to the
     broker for execution and clearing costs. Such costs are limited to 3.5% of
     average month-end net assets per year. From the 2.85% fee, a portion
     (0.35%) is used to compensate selling agents for administrative services
     and a portion (2.5%) is retained by Campbell & Company for trading and
     management services rendered.


                                      -9-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 2. MANAGING OWNER AND COMMODITY TRADING ADVISOR (CONTINUED)

     During the three months and six months ended June 30, 2002, the amounts
     paid directly to the broker and interbank market maker were $42,908 and
     $70,574, respectively.

     Campbell & Company is also paid a performance fee equal to 20% of New
     Appreciation (as defined) calculated as of the end of each calendar quarter
     and upon redemption of Units. No performance fee was earned by Campbell &
     Company during the three months and six months ended June 30, 2002.


Note 3. TRUSTEE

     The trustee of the Trust is First Union Trust Company, National
     Association, a national banking association. The trustee has delegated to
     the managing owner the duty and authority to manage the business and
     affairs of the Trust and has only nominal duties and liabilities with
     respect to the Trust.

Note 4. DEPOSITS WITH BROKER

     The Trust deposits assets with a broker subject to Commodity Futures
     Trading Commission regulations and various exchange and broker
     requirements. Margin requirements are satisfied by the deposit of U.S.
     Treasury bills and cash with such broker. The Trust earns interest income
     on its assets deposited with the broker.

Note 5. OPERATING EXPENSES

     Operating expenses of the Trust are restricted by the Amended and Restated
     Declaration of Trust and Trust Agreement to .40% per annum of the average
     month-end Net Asset Value of the Trust. Actual operating expenses were less
     than .40% (annualized) of average month-end Net Asset Value for the three
     months and six months ended June 30, 2002.

Note 6. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

     Investments in the Trust are made by subscription agreement, subject to
     acceptance by Campbell & Company. The subscriptions receivable at December
     31, 2001 were received by the Trust on or before January 17, 2002.

     The Trust is not required to make distributions, but may do so at the sole
     discretion of Campbell & Company. A unitholder may request and receive
     redemption of units owned, subject to restrictions in the Amended and
     Restated Declaration of Trust and Trust Agreement.


                                      -10-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 7. TRADING ACTIVITIES AND RELATED RISKS

     The Trust engages in the speculative trading of U.S. and foreign futures
     contracts and forward contracts (collectively, "derivatives"). The Trust is
     exposed to both market risk, the risk arising from changes in the market
     value of the contracts, and credit risk, the risk of failure by another
     party to perform according to the terms of a contract.

     Purchase and sale of futures contracts requires margin deposits with the
     broker. Additional deposits may be necessary for any loss on contract
     value. The Commodity Exchange Act requires a broker to segregate all
     customer transactions and assets from such broker's proprietary activities.
     A customer's cash and other property (for example, U.S. Treasury bills)
     deposited with a broker are considered commingled with all other customer
     funds subject to the broker's segregation requirements. In the event of a
     broker's insolvency, recovery may be limited to a pro rata share of
     segregated funds available. It is possible that the recovered amount could
     be less than total cash and other property deposited.

     The amount of required margin and good faith deposits with the broker and
     interbank market makers usually range from 10% to 30% of Net Asset Value.
     The market value of securities held by the broker to satisfy such
     requirements at June 30, 2002 and December 31, 2001 were $9,982,013 and
     $8,484,712, respectively, which equals 42% and 46% of Net Asset Value,
     respectively. The cash deposited with interbank market makers to satisfy
     such requirements at June 30, 2002 and December 31, 2001 was $10,146,888
     and $6,996,592, respectively, which equals 43% and 38% of Net Asset Value,
     respectively. These amounts are included in cash and cash equivalents.

     The Trust trades forward contracts in unregulated markets between
     principals and assumes the risk of loss from counterparty nonperformance.
     Accordingly, the risks associated with forward contracts are generally
     greater than those associated with exchange traded contracts because of the
     greater risk of counterparty default. Additionally, the trading of forward
     contracts typically involves delayed cash settlement.

     The Trust has a substantial portion of its assets on deposit with financial
     institutions. In the event of a financial institution's insolvency,
     recovery of Trust assets on deposit may be limited to account insurance or
     other protection afforded such deposits.

     For derivatives, risks arise from changes in the market value of the
     contracts. Theoretically, the Trust is exposed to a market risk equal to
     the notional contract value of futures and forward contracts purchased and
     unlimited liability on such contracts sold short.



                                      -11-

<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 7. TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)

     The unrealized gain (loss) on open futures and forward contracts is
     comprised of the following:

<TABLE>
<CAPTION>
                                        Futures Contracts             Forward Contracts
                                        (exchange traded)           (non-exchange traded)
                                  ---------------------------   ---------------------------
                                    June 30,     December 31,     June 30,     December 31,
                                      2002           2001           2002          2001
                                  -----------    ------------    -----------    ------------
<S>                               <C>            <C>            <C>            <C>
     Gross unrealized gains       $   975,122    $   151,022    $ 2,846,706    $ 1,016,908
     Gross unrealized losses         (174,154)      (205,681)    (2,197,573)      (154,820)
                                  -----------    -----------    -----------    -----------
     Net unrealized gain (loss)   $   800,968    $   (54,659)   $   649,133    $   862,088
                                  ===========    ===========    ===========    ===========
</TABLE>


     Open contracts generally mature within three months; as of June 30, 2002,
     the latest maturity date for open futures contracts is March 2003, and the
     latest maturity date for open forward contracts is September 2002. However,
     the Trust intends to close all contracts prior to maturity.

     Campbell & Company has established procedures to actively monitor market
     risk and minimize credit risk, although there can be no assurance that it
     will, in fact, succeed in doing so. Campbell & Company's basic market risk
     control procedures consist of continuously monitoring open positions,
     diversification of the portfolio and maintenance of a margin-to-equity
     ratio that rarely exceeds 30%. Campbell & Company seeks to minimize credit
     risk primarily by depositing and maintaining the Trust's assets at
     financial institutions and brokers which Campbell & Company believes to be
     creditworthy. The unitholders bear the risk of loss only to the extent of
     the market value of their respective investments and, in certain specific
     circumstances, distributions and redemptions received.


Note 8. INTERIM FINANCIAL STATEMENTS

     The statement of financial condition as of June 30, 2002, including the
     June 30, 2002 condensed schedule of investments, the statements of
     operations for the three months and six months ended June 30, 2002 and
     2001, and the statements of cash flows and changes in unitholders' capital
     (Net Asset Value) for the six months ended June 30, 2002 and 2001 are
     unaudited. In the opinion of management, such financial statements reflect
     all adjustments, which were of a normal and recurring nature, necessary for
     a fair presentation of financial position as of June 30, 2002, the results
     of operations for the three months and six months ended June 30, 2002 and
     2001, and cash flows for the six months ended June 30, 2002 and 2001.


                                      -12-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 9. FINANCIAL HIGHLIGHTS

     The following information presents per unit operating performance data and
     other supplemental financial data for the entire three months and six
     months ended June 30, 2002 and 2001. This information has been derived from
     information presented in the financial statements.

<TABLE>
<CAPTION>
                                                                    Three months ended                  Six months ended
                                                              ------------------------------     -------------------------------
                                                              June 30, 2002    June 30, 2001     June 30, 2002     June 30, 2001
                                                               (Unaudited)      (Unaudited)       (Unaudited)       (Unaudited)
                                                              -------------    -------------     -------------     -------------
<S>                                                              <C>               <C>              <C>               <C>
PER UNIT PERFORMANCE
     (for a unit outstanding throughout the entire period)
     Net asset value per unit at beginning of period             $  931.79         $1,000.00        $  973.64         $1,000.00
                                                                 ---------         ---------        ---------         ---------
     Income (loss) from operations:
       Net investment (loss) (1), (3)                                (3.77)             0.00            (7.15)             0.00
       Net realized and change in unrealized gain
         from trading (2), (3)                                       76.56              0.00            40.22              0.00
                                                                 ---------         ---------        ---------         ---------
           Total income from operations                              72.79              0.00            33.07              0.00
                                                                 ---------         ---------        ---------         ---------
     Offering costs (3)                                              (2.13)             0.00            (4.26)             0.00
                                                                 ---------         ---------        ---------         ---------
     Net asset value per unit at end of period                   $1,002.45         $1,000.00        $1,002.45         $1,000.00
                                                                 =========         =========        =========         =========
     TOTAL RETURN (4)                                                 7.58%             0.00%            2.96%             0.00%
                                                                 =========         =========        =========         =========
     SUPPLEMENTAL DATA
     Ratios to average net asset value:
       Expenses (1), (5)                                              3.19%             0.00%            3.09%             0.00%
                                                                 =========         =========        =========         =========
       Net investment (loss) (1), (5)                                (1.59)%            0.00%           (1.49)%            0.00%
                                                                 =========         =========        =========         =========
</TABLE>

     Total returns are calculated based on the change in value of a unit during
     the period. An individual unitholder's total returns and ratios may vary
     from the above total returns and ratios based on the timing of additions
     and redemptions.


     -----------------------

     (1)  Excludes brokerage commissions and other trading fees paid directly to
          the broker.

     (2)  Includes brokerage commissions and other trading fees paid directly to
          the broker.

     (3)  The net investment (loss) per unit and offering costs per unit are
          calculated by dividing the net investment (loss) and offering costs by
          the average number of units outstanding during the period. The net
          realized and change in unrealized gain from trading is a balancing
          amount necessary to reconcile the change in net asset value per unit
          with the other per unit information.

     (4)  Not annualized

     (5)  Annualized


                                      -13-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations


Introduction

The offering of Campbell Alternative Asset Trust's (the "Trust") Units of
Beneficial Interest commenced on May 15, 2001, and the initial offering
terminated on September 30, 2001 with proceeds of $15,821,743. The continuing
offering period commenced immediately after the termination of the initial
offering period; additional subscriptions totaling $7,812,929 have been accepted
during the continuing offering period as of June 30, 2002. Redemptions over the
same time period total $162,670. The Trust commenced operations on October 1,
2001.

Capital Resources

The Trust will raise additional capital only through the sale of Units offered
pursuant to the continuing offering, and does not intend to raise any capital
through borrowing. Due to the nature of the Trust's business, it will make no
capital expenditures and will have no capital assets, which are not operating
capital or assets.

Liquidity

Most United States commodity exchanges limit fluctuations in futures contracts
prices during a single day by regulations referred to as "daily price
fluctuation limits" or "daily limits". During a single trading day, no trades
may be executed at prices beyond the daily limit. Once the price of a futures
contract has reached the daily limit for that day, positions in that contract
can neither be taken nor liquidated. Futures prices have occasionally moved to
the daily limit for several consecutive days with little or no trading. Similar
occurrences could prevent the Trust from promptly liquidating unfavorable
positions and subject the Trust to substantial losses, which could exceed the
margin initially committed to such trades. In addition, even if futures prices
have not moved the daily limit, the Trust may not be able to execute futures
trades at favorable prices, if little trading in such contracts is taking place.
Other than these limitations on liquidity, which are inherent in the Trust's
commodity futures trading operations, the Trust's assets are expected to be
highly liquid.

RESULTS OF OPERATIONS

The return for the six months ended June 30, 2002 was 2.96%. Of the increase,
approximately 4.49% was due to trading gains (before commissions) and
approximately .80% was due to interest income, offset by approximately 2.33% due
to brokerage fees, performance fees, and operating and offering costs borne by
the Trust. An analysis of the 4.49% trading gain by sector is as follows:

<TABLE>
<CAPTION>
SECTOR                                                  % GAIN (LOSS)
------                                                  -------------
<S>                                                          <C>
Currencies                                                   5.42%
Interest Rates                                               1.29
Agricultural                                                 (.12)
Metals                                                       (.18)
Energy                                                       (.28)
Stock Indices                                               (1.64)
                                                           ------
                                                             4.49%
                                                           ======
</TABLE>




                                      -14-
<PAGE>

During January, the Enron and Global Crossing bankruptcies took a toll on the
U.S. equities markets that were already under pressure and resulted in a
stumbling start to the New Year, as layoffs, earnings restatements and revenue
declines continued to dominate the business news. Internationally, the Japanese
economy continued to deteriorate, while the full extent of any Argentinean
contagion is yet to be acknowledged in Brazil or other parts of South America.
On the positive side, U.S. consumer spending continued to be robust. The Trust
posted a small loss for January, largely as a result of volatility in the global
currency markets. Energy and short stock index positions contributed small
gains.

The high market volatility in January continued into February. Further Enron
revelations radiated concern about the accounting practices of other large
companies and caused the equity markets to decline early in the month. Sentiment
reversed abruptly on positive economic news on home sales, manufacturing and
consumer spending. The Trust's performance was negative in February with losses
in energy, stock indices and long-term interest rates partially offset by gains
in short-term interest rates.


March was a mixed month in which positive performance in the energy and interest
rate sectors were more than offset by losses in stock indices and currencies,
which make up a substantial part of the Trust's portfolio. The Japanese Yen
produced the largest loss when it rallied in reaction to Bank of Japan
intervention in preparation for their March 31st fiscal year-end as the Trust
was maintaining a short position. Energy was the strongest performing sector
profiting from long positions in crude oil and unleaded gas. The loss in the
stock indices sector came from short positions in the Nikkei and Hang Seng
indices as Asian equities rallied. The overall loss for the month occurred quite
independently of the equity and bond markets demonstrating the volatility
reducing effect of blending assets whose returns are largely uncorrelated.

April was one of the most difficult trading months since the Trust began
trading. The Trust ended the month down over 4%. The fixed income sector was
whip-lashed as hopes of imminent economic recovery sputtered causing the
majority of the trading losses for the month. Broad-based selling of the three
leading US equity indices put them at their lowest levels since October 2001 and
contributed to the Trust's losses for the month. The energy sector was battered
by reports of unfolding events in both Venezuela and the Middle East. Many areas
of concern remain including continued instability in the Middle East, weak
corporate earnings, continued revelations of corporate accounting issues, fear
of a collapse in the residential real estate market, high energy costs and a
growing federal budget deficit due to lower tax receipts.

The month of May finally provided some trending opportunities that the Trust was
able to profit from. The currencies and interest rates sectors provided the
gains for the month, but these were offset by losses in the energy and stock
indices sectors. While the equities markets remained nervous, many alternative
investment strategies, including managed futures, were able to provide positive
returns.

Strong performance in the month of June contributed to a positive second quarter
and more than made up for losses during the beginning of the year. All major US
equity indices made new cycle


                                      -15-
<PAGE>
lows as domestic and international investor confidence was battered by reports
of scandalous corporate leadership conduct. The long awaited US economic
recovery looked sluggish at best. In this troubled environment, the US dollar
lost ground against most major trading partners, while interest rate futures
rose and stock indices declined. These three sectors contributed significantly
to the profits in June, while small losses were recorded in the metals and
energy sectors.


OFF-BALANCE SHEET RISK

The term "off-balance sheet risk" refers to an unrecorded potential liability
that, even though it does not appear on the balance sheet, may result in future
obligation or loss. The Trust trades in futures, forward and swap contracts and
is therefore a party to financial instruments with elements of off-balance sheet
market and credit risk. In entering into these contracts there exists a risk to
the Trust, market risk, that such contracts may be significantly influenced by
market conditions, such as interest rate volatility, resulting in such contracts
being less valuable. If the markets should move against all of the futures
interests positions of the Trust at the same time, and if the Trust's trading
advisor was unable to offset futures interests positions of the Trust, the Trust
could lose all of its assets and the Unitholders would realize a 100% loss.
Campbell & Company, Inc., the managing owner (who also acts as trading advisor),
minimizes market risk through real-time monitoring of open positions,
diversification of the portfolio and maintenance of a margin-to-equity ratio
that rarely exceeds 30%.

In addition to market risk, in entering into futures, forward and swap contracts
there is a credit risk that a counterparty will not be able to meet its
obligations to the Trust. The counterparty for futures contracts traded in the
United States and on most foreign exchanges is the clearinghouse associated with
such exchange. In general, clearinghouses are backed by the corporate members of
the clearinghouse who are required to share any financial burden resulting from
the non-performance by one of their members and, as such, should significantly
reduce this credit risk. In cases where the clearinghouse is not backed by the
clearing members, like some foreign exchanges, it is normally backed by a
consortium of banks or other financial institutions.

In the case of forward and swap contracts, which are traded on the interbank
market rather than on exchanges, the counterparty is generally a single bank or
other financial institution, rather than a group of financial institutions; thus
there may be a greater counterparty credit risk. Campbell & Company trades for
the Trust only with those counterparties which it believes to be creditworthy.
All positions of the Trust are valued each day on a mark-to-market basis. There
can be no assurance that any clearing member, clearinghouse or other
counterparty will be able to meet its obligations to the Trust.


QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTRODUCTION

Past Results Not Necessarily Indicative of Future Performance

         The Trust is a speculative commodity pool. The market sensitive
instruments held by it are acquired for speculative trading purposes, and all or
a substantial amount of the Trust's assets


                                      -16-
<PAGE>
are subject to the risk of trading loss. Unlike an operating company, the risk
of market sensitive instruments is integral, not incidental, to the Trust's main
line of business.

     Market movements result in frequent changes in the fair market value of the
Trust's open positions and, consequently, in its earnings and cash flow. The
Trust's market risk is influenced by a wide variety of factors, including the
level and volatility of exchange rates, interest rates, equity price levels, the
market value of financial instruments and contracts, the diversification effects
among the Trust's open positions and the liquidity of the markets in which it
trades.

     The Trust rapidly acquires and liquidates both long and short positions in
a wide range of different markets. Consequently, it is not possible to predict
how a particular future market scenario will affect performance, and the Trust's
past performance is not necessarily indicative of its future results.

         Value at Risk is a measure of the maximum amount which the Trust could
reasonably be expected to lose in a given market sector. However, the inherent
uncertainty of the Trust's speculative trading and the recurrence in the markets
traded by the Trust of market movements far exceeding expectations could result
in actual trading or non-trading losses far beyond the indicated Value at Risk
or the Trust's experience to date (i.e., "risk of ruin"). In light of the
foregoing as well as the risks and uncertainties intrinsic to all future
projections, the inclusion of the quantification included in this section should
not be considered to constitute any assurance or representation that the Trust's
losses in any market sector will be limited to Value at Risk or by the Trust's
attempts to manage its market risk.

Standard of Materiality

     Materiality as used in this section, "Qualitative and Quantitative
Disclosures About Market Risk," is based on an assessment of reasonably possible
market movements and the potential losses caused by such movements, taking into
account the leverage, and multiplier features of the Trust's market sensitive
instruments.

QUANTIFYING THE TRUST'S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

     The following quantitative disclosures regarding the Trust's market risk
exposures contain "forward-looking statements" within the meaning of the safe
harbor from civil liability provided for such statements by the Private
Securities Litigation Reform Act of 1995 (set forth in Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934).
All quantitative disclosures in this section are deemed to be forward-looking
statements for purposes of the safe harbor, except for statements of historical
fact (such as the dollar amount of maintenance margin required for market risk
sensitive instruments held at the end of the reporting period).

     The Trust's risk exposure in the various market sectors traded by Campbell
& Company is quantified below in terms of Value at Risk. Due to the Trust's
mark-to-market accounting, any loss in the fair value of the Trust's open
positions is directly reflected in the Trust's earnings (realized or
unrealized).


                                      -17-
<PAGE>
     Exchange maintenance margin requirements have been used by the Trust as the
measure of its Value at Risk. Maintenance margin requirements are set by
exchanges to equal or exceed the maximum losses reasonably expected to be
incurred in the fair value of any given contract in 95%-99% of any one-day
intervals. The maintenance margin levels are established by dealers and
exchanges using historical price studies as well as an assessment of current
market volatility and economic fundamentals to provide a probabilistic estimate
of the maximum expected near-term one-day price fluctuation. Maintenance margin
has been used rather than the more generally available initial margin, because
initial margin includes a credit risk component which is not relevant to Value
at Risk.

     In the case of market sensitive instruments which are not exchange-traded
(which includes currencies in the case of the Trust), the margin requirements
for the equivalent futures positions have been used as Value at Risk. In those
cases in which a futures-equivalent margin is not available, dealers' margins
have been used.

     In the case of contracts denominated in foreign currencies, the Value at
Risk figures include foreign margin amounts converted into U.S. Dollars with an
incremental adjustment to reflect the exchange rate risk inherent to the
Dollar-based Trust in expressing Value at Risk in a functional currency other
than Dollars.

     In quantifying the Trust's Value at Risk, 100% positive correlation in the
different positions held in each market risk category has been assumed.
Consequently, the margin requirements applicable to the open contracts have
simply been aggregated to determine each trading category's aggregate Value at
Risk. The diversification effects resulting from the fact that the Trust's
positions are rarely, if ever, 100% positively correlated have not been
reflected.

THE TRUST'S TRADING VALUE AT RISK IN DIFFERENT MARKET SECTORS

     The following tables indicate the trading Value at Risk associated with the
Trust's open positions by market category as of June 30, 2002 and December 31,
2001 and the trading gains/losses by market category for the six months ended
June 30, 2002 and the period October 1, 2001 (inception of trading) through
December 31, 2001. All open position trading risk exposures of the Trust have
been included in calculating the figures set forth below. As of June 30, 2002
and December 31, 2001, the Trust's total capitalization was approximately $23.8
million and $18.5 million, respectively.


                                 JUNE 30, 2002
<TABLE>
<CAPTION>
                                                  % OF TOTAL            TRADING
MARKET SECTOR               VALUE AT RISK       CAPITALIZATION        GAIN/(LOSS)*
-------------               -------------       --------------        ------------
<S>                         <C>                      <C>                 <C>
Currencies                  $ 1,101,000               4.63%               5.42%
Interest Rates              $   984,000               4.13%               1.29%
Stock Indices               $   794,000               3.33%              (1.64)%
Metals                      $   160,000                .67%               (.18)%
Energy                      $    99,000                .42%               (.28)%
Agricultural                $    50,000                .21%               (.12)%
                            -----------             ------               ------
   Total                    $ 3,188,000              13.39%                4.49%
                            ===========             ======               ======
</TABLE>


                                      -18-
<PAGE>
--------------------

* - Of the 2.96% return for the six months ended June 30, 2002, approximately
4.49% was due to trading gains (before commissions) and approximately .80% was
due to interest income, offset by approximately 2.33% due to brokerage fees,
performance fees and operating and offering costs borne by the Trust.

                                DECEMBER 31, 2001
<TABLE>
<CAPTION>
                                                  % OF TOTAL            TRADING
MARKET SECTOR               VALUE AT RISK       CAPITALIZATION        GAIN/(LOSS)*
-------------               -------------       --------------        ------------
<S>                         <C>                      <C>                 <C>
Currencies                    $  862,000             4.66%                4.04%
Stock Indices                 $  266,000             1.44%               (2.03%)
Interest Rates                $  246,000             1.33%               (4.20%)
Energy                        $  235,000             1.27%                1.02%
Agricultural                  $   19,000              .10%                (.22%)
Metals                        $   13,000              .07%                (.51%)
                              ----------           ------                ------
   Total                      $1,641,000             8.87%               (1.90%)
                              ==========           ======                ======
</TABLE>

---------------------

* - Of the (2.64%) return for the period October 1 (inception of trading)
through December 31, 2001, approximately (1.90%) was due to trading losses
(before commissions) and approximately .43% was due to interest income, offset
by approximately 1.17% due to brokerage fees, performance fees and operating and
offering costs borne by the Trust.


MATERIAL LIMITATIONS ON VALUE AT RISK AS AN ASSESSMENT OF MARKET RISK

     The face value of the market sector instruments held by the Trust is
typically many times the applicable maintenance margin requirement (maintenance
margin requirements generally ranging between approximately 1% and 10% of
contract face value) as well as many times the capitalization of the Trust. The
magnitude of the Trust's open positions creates a "risk of ruin" not typically
found in most other investment vehicles. Because of the size of its positions,
certain market conditions - unusual, but historically recurring from time to
time - could cause the Trust to incur severe losses over a short period of time.
The foregoing Value at Risk tables - as well as the past performance of the
Trust - give no indication of this "risk of ruin."

NON-TRADING RISK

     The Trust has non-trading market risk on its foreign cash balances not
needed for margin. However, these balances (as well as the market risk they
represent) are immaterial. The Trust also has non-trading market risk as a
result of investing a substantial portion of its available assets in U.S.
Treasury Bills. The market risk represented by these investments is immaterial.

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES


                                      -19-
<PAGE>


     The following qualitative disclosures regarding the Trust's market risk
exposures - except for (i) those disclosures that are statements of historical
fact and (ii) the descriptions of how the Trust manages its primary market risk
exposures - constitute forward-looking statements within the meaning of Section
27A of the Securities Act and Section 21E of the Securities Exchange Act. The
Trust's primary market risk exposures as well as the strategies used and to be
used by Campbell & Company for managing such exposures are subject to numerous
uncertainties, contingencies and risks, any one of which could cause the actual
results of the Trust's risk controls to differ materially from the objectives of
such strategies. Government interventions, defaults and expropriations, illiquid
markets, the emergence of dominant fundamental factors, political upheavals,
changes in historical price relationships, an influx of new market participants,
increased regulation and many other factors could result in material losses as
well as in material changes to the risk exposures and the risk management
strategies of the Trust. There can be no assurance that the Trust's current
market exposure and/or risk management strategies will not change materially or
that any such strategies will be effective in either the short- or long-term.
Investors must be prepared to lose all or substantially all of their investment
in the Trust.

     The following were the primary trading risk exposures of the Trust as of
June 30, 2002, by market sector.

Currencies

     Exchange rate risk is the principal market exposure of the Trust. The
Trust's currency exposure is to exchange rate fluctuations, primarily
fluctuations which disrupt the historical pricing relationships between
different currencies and currency pairs. These fluctuations are influenced by
interest rate changes as well as political and general economic conditions. The
Trust trades in a large number of currencies, including cross-rates - i.e.,
positions between two currencies other than the U.S. Dollar. Campbell & Company
does not anticipate that the risk profile of the Trust's currency sector will
change significantly in the future.

Interest Rates

     Interest rate risk is a significant market exposure of the Trust. Interest
rate movements directly affect the price of the sovereign bond positions held by
the Trust and indirectly the value of its stock index and currency positions.
Interest rate movements in one country as well as relative interest rate
movements between countries materially impact the Trust's profitability. The
Trust's primary interest rate exposure is to interest rate fluctuations in the
United States and the other G-7 countries. However, the Trust also takes
positions in the government debt of Switzerland. Campbell & Company anticipates
that G-7 interest rates will remain one of the primary market exposure of the
Trust for the foreseeable future.

Stock Indices

     The Trust's primary equity exposure is to equity price risk in the G-7
countries and several other countries (Hong Kong, Spain and Taiwan). The stock
index futures traded by the Trust are by law limited to futures on broadly based
indices. As of June 30, 2002, the Trust's primary exposures were in the DAX
(Germany), Nikkei (Japan), NASDAQ (USA), S&P 500 (USA), FTSE (U.K.), and Euro
STOXX 50 stock indices. The Trust is primarily exposed to the risk of adverse
price trends or static markets in the major U.S., European and Japanese indices.
(Static


                                      -20-
<PAGE>
markets would not cause major market changes but would make it difficult for the
Trust to avoid being "whipsawed" into numerous small losses.)

Energy

     The Trust's primary energy market exposure is to gas and oil price
movements, often resulting from political developments in the Middle East. As of
June 30, 2002, crude oil and natural gas are the dominant energy market
exposures of the Trust. Oil and gas prices can be volatile and substantial
profits and losses have been and are expected to continue to be experienced in
this market.

Metals

     The Trust's metals market exposure is to fluctuations in the price of
aluminum, copper, gold, nickel and zinc. The risk allocation to the metal sector
has not exceeded 4% of the Trust's portfolio during the six months ended June
30, 2002.

Agricultural

     The Trust's agricultural exposure is to wheat, corn, coffee and cotton. The
risk allocation to the agricultural sector has been approximately 2% of the
Trust's portfolio during the six months ended June 30, 2002.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

     The following were the only non-trading risk exposures of the Trust as of
June 30, 2002.

Foreign Currency Balances

     The Trust's primary foreign currency balances are in Japanese Yen, British
Pounds and Euros. The Trust controls the non-trading risk of these balances by
regularly converting these balances back into dollars (no less frequently than
twice a month, and more frequently if a particular foreign currency balance
becomes unusually large).

Treasury Bill Positions

     The Trust's only market exposure in instruments held other than for trading
is in its Treasury Bill portfolio. The Trust holds Treasury Bills (interest
bearing and credit risk-free) with durations no longer than six months. Violent
fluctuations in prevailing interest rates could cause immaterial mark-to-market
losses on the Trust's Treasury Bills, although substantially all of these
short-term investments are held to maturity.

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

     The means by which the Trust and Campbell & Company, severally, attempt to
manage the risk of the Trust's open positions is essentially the same in all
market categories traded. Campbell & Company applies risk management policies to
its trading which generally limit the total exposure that may be taken per "risk
unit" of assets under management. In addition, Campbell & Company follows
diversification guidelines (often formulated in terms of the


                                      -21-
<PAGE>
balanced volatility between markets and correlated groups), as well as imposing
"stop-loss" points at which open positions must be closed out.

     Campbell & Company controls the risk of the Trust's non-trading instruments
(Treasury Bills held for cash management purposes) by limiting the duration of
such instruments to no more than six months.

GENERAL

The Trust is unaware of any (i) anticipated known demands, commitments or
capital expenditures; (ii) material trends, favorable or unfavorable, in its
capital resources; or (iii) trends or uncertainties that will have a material
effect on operations. From time to time, certain regulatory agencies have
proposed increased margin requirements on futures contracts. Because the Trust
generally will use a small percentage of assets as margin, the Trust does not
believe that any increase in margin requirements, as proposed, will have a
material effect on the Trust's operations.



                                      -22-
<PAGE>
                            PART II-OTHER INFORMATION


Item 1. Legal Proceedings.

     None

Item 2. Changes in Securities

     None

Item 3. Defaults Upon Senior Securities

     Not applicable.

Item 4. Submissions of Matters to a vote of Security Holders.

     None

Item 5. Other Information

     None

Item 6. Exhibits and Reports on Form 8-K.

     None



                                      -23-
<PAGE>
                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                  CAMPBELL ALTERNATIVE ASSET TRUST.
                                  (Registrant)


                                  By: Campbell & Company, Inc.
                                      Managing Owner



Date: August 8, 2002              By: /s/Theresa D. Becks
                                      --------------------------------
                                      Theresa D. Becks
                                      Chief Financial Officer/Treasurer/Director



                                      -24-
<PAGE>
EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit Number     Description of Document                          Page Number
--------------     -----------------------                          -----------
<S>                <C>                                                 <C>
99.01              Certification by Chief Executive Officer            E 2
99.02              Certification by Chief Financial Officer            E 3
</TABLE>



                                      -E1-