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EXHIBIT 31.01

                                  CERTIFICATION

I, Bruce L. Cleland, Chief Executive Officer of Campbell & Company, Inc., the
managing owner partner of Campbell Alternative Asset Trust (the "Trust"), do
hereby certify that:

1.       I have reviewed this quarterly report on Form 10-Q of the Trust;

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the Trust as of, and for, the periods presented in this
         quarterly report;

4.       The Trust's other certifying officer and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the Trust and we
         have:

         (i)      designed such disclosure controls and procedures to ensure
                  that material information relating to the Trust, including its
                  consolidated subsidiaries, is made known to us by others
                  within those entities, particularly during the period in which
                  this quarterly report is being prepared;

         (ii)     evaluated the effectiveness of the Trust's disclosure controls
                  and procedures as of a date within 90 days prior to the filing
                  date of this quarterly report (the "Evaluation Date"); and

         (iii)    presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

5.       The Trust's other certifying officer and I have disclosed, based on our
         most recent evaluation, to the Trust's auditors and the audit committee
         of the Trust's board of directors (or persons performing the equivalent
         functions):

         (i)      all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the Trust's
                  ability to record, process, summarize and report financial
                  data and have identified for the Trust's auditors any material
                  weaknesses in internal controls; and

         (ii)     any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the Trust's
                  internal controls; and


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6.       The Trust's other certifying officer and I have indicated in this
         quarterly report whether or not there were significant changes in
         internal controls or in other factors that could significantly affect
         internal controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.


                                               By:  /s/ Bruce L. Cleland


                                               -----------------------
                                               Bruce L. Cleland
                                               Chief Executive Officer
                                               November 13, 2003


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