<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 March 31, 2003

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

                              Court Towers Building
                          210 West Pennsylvania Avenue,
                            Baltimore, Maryland 21204
          (Address of principal executive offices, including zip code)

                                 (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 | |

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2)

Yes | | No |X|

                            Total number of Pages: 27
<PAGE>
<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
PART I - FINANCIAL INFORMATION

      Item 1.     Financial Statements

                  Statements of Financial Condition as of March 31, 2003
                  (Unaudited) and December 31, 2002 (Audited)                  3

                  Condensed Schedule of Investments as of March 31, 2003
                  (Unaudited)                                                  4

                  Statements of Operations for the Three Months Ended
                  March 31, 2003 and 2002 (Unaudited)                          5

                  Statements of Cash Flows for the Three Months Ended
                  March 31, 2003 and 2002 (Unaudited)                          6

                  Statements of Changes in Partners' Capital (Net Asset
                  Value) for the Three Months Ended March 31, 2003 and
                  2002 (Unaudited)                                             7

                  Notes to Financial Statements (Unaudited)                    8

      Item 2.     Management's Discussion and Analysis of Financial
                  Condition and Results of Operations                         14

      Item 3.     Quantitative and Qualitative Disclosure About Market
                  Risk                                                        16

      Item 4.     Controls and Procedures                                     21

PART II - OTHER INFORMATION                                                   22

SIGNATURES                                                                    23

CERTIFICATIONS                                                                24

EXHIBIT INDEX                                                                E-1

EXHIBIT 99.01 Certification by Chief Executive Officer                       E-2

EXHIBIT 99.02 Certification by Chief Financial Officer                       E-3
</TABLE>


                                      -2-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                        STATEMENTS OF FINANCIAL CONDITION
           March 31, 2003 (Unaudited) and December 31, 2002 (Audited)

<TABLE>
<CAPTION>
                                                         March 31,     December 31,
                                                           2003            2002
                                                       ------------    ------------
<S>                                                    <C>             <C>
ASSETS
    Equity in broker trading accounts
       Cash                                            $  4,128,055    $  1,776,218
       United States government securities               17,477,810      15,979,020
       Unrealized gain on open futures contracts             51,488         396,978
                                                       ------------    ------------
              Deposits with broker                       21,657,353      18,152,216
    Cash                                                  9,650,660       8,288,433
    Unrealized gain (loss) on open forward contracts        (91,350)        371,462
    Subscriptions receivable                                      0       7,712,354
                                                       ------------    ------------
              Total assets                             $ 31,216,663    $ 34,524,465
                                                       ============    ============
LIABILITIES
    Accounts payable                                   $      8,733    $     22,026
    Brokerage fee                                            57,647          66,966
    Performance fee                                         335,758               0
    Offering costs payable                                   15,698          19,170
    Redemptions payable                                      36,113       1,561,825
                                                       ------------    ------------
              Total liabilities                             453,949       1,669,987
                                                       ------------    ------------
UNITHOLDERS' CAPITAL (NET ASSET VALUE)
    Managing Owner - 1,413.580 and 6,000.000
       units outstanding at March 31, 2003 and
       December 31, 2002                                  1,771,442       6,747,480
    Other Unitholders - 23,134.536 and 23,214.940
       units outstanding at March 31, 2003 and
       December 31, 2002                                 28,991,272      26,106,998
                                                       ------------    ------------
              Total unitholders' capital
                 (Net Asset Value)                       30,762,714      32,854,478
                                                       ------------    ------------
                                                       $ 31,216,663    $ 34,524,465
                                                       ============    ============
</TABLE>

                             See accompanying notes.


                                      -3-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                                 March 31, 2003
                                   (Unaudited)

<TABLE>
<CAPTION>
UNITED STATES GOVERNMENT SECURITIES
-----------------------------------
                                                                                    % of Net
Face Value    Description                                            Value        Asset Value
-----------   -----------                                         ------------    ------------
<S>                                                               <C>             <C>
$15,500,000   U.S. Treasury Bill, 5/8/03                          $ 15,481,972           50.32%
$ 2,000,000   U.S. Treasury Bill, 6/5/03                             1,995,838            6.49%
                                                                  ------------    ------------
              TOTAL UNITED STATES GOVERNMENT SECURITIES
              (COST, INCLUDING ACCRUED INTEREST, - $17,477,810)   $ 17,477,810           56.81%
                                                                  ============    ============
</TABLE>

<TABLE>
<CAPTION>
LONG FUTURES CONTRACTS
----------------------
                                                                                    % of Net
              Description                                            Value        Asset Value
              -----------                                         ------------    ------------
<S>                                                               <C>             <C>
              Energy                                              $    (23,149)          (0.08)%
              Metals                                                   (24,568)          (0.08)%
              Stock index                                              (10,500)          (0.03)%
              Short-term interest rate                                  23,457            0.08%
              Long-term interest rate                                   (1,909)          (0.01)%
                                                                  ------------    ------------
              TOTAL LONG FUTURES CONTRACTS                        $    (36,669)          (0.12)%
                                                                  ============    ============
</TABLE>

<TABLE>
<CAPTION>
SHORT FUTURES CONTRACTS
-----------------------
                                                                                    % of Net
              Description                                            Value        Asset Value
              -----------                                         ------------    ------------
<S>                                                               <C>             <C>
              Energy                                              $    (12,577)          (0.04)%
              Metals                                                     3,325            0.01 %
              Stock index                                               96,388            0.32 %
              Short-term interest rate                                   1,021            0.00 %
                                                                  ------------    ------------
              TOTAL SHORT FUTURES CONTRACTS                       $     88,157            0.29 %
                                                                  ------------    ------------
              TOTAL FUTURES CONTRACTS                             $     51,488            0.17 %
                                                                  ============    ============
</TABLE>

<TABLE>
<CAPTION>
FORWARD CURRENCY CONTRACTS
--------------------------
                                                                                    % of Net
              Description                                            Value        Asset Value
              -----------                                         ------------    ------------
<S>                                                               <C>             <C>
              Various long forward currency contracts             $    454,244            1.47 %
              Various short forward currency contracts                (545,594)          (1.77)%
                                                                  ------------    ------------
              TOTAL FORWARD CURRENCY CONTRACTS                    $    (91,350)          (0.30)%
                                                                  ============    ============
</TABLE>

                             See accompanying notes.


                                      -4-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                            STATEMENTS OF OPERATIONS
               For the Three Months Ended March 31, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                          2003          2002
                                                       ----------    ----------
<S>                                                    <C>           <C>
INCOME
    Futures trading gains (losses)
       Realized                                        $2,873,789    $ (684,791)
       Change in unrealized                              (345,490)      811,016
                                                       ----------    ----------
              Gain from futures trading                 2,528,299       126,225
                                                       ----------    ----------
    Forward trading gains (losses)
       Realized                                         2,855,100      (118,700)
       Change in unrealized                              (462,812)     (714,966)
                                                       ----------    ----------
              Gain (loss) from forward trading          2,392,288      (833,666)
                                                       ----------    ----------
    Interest income                                        98,420        77,907
                                                       ----------    ----------
              Total income (loss)                       5,019,007      (629,534)
                                                       ----------    ----------
EXPENSES
    Brokerage fee                                         272,162       163,357
    Performance fee                                       662,083             0
    Operating expenses                                     12,089         9,532
                                                       ----------    ----------
              Total expenses                              946,334       172,889
                                                       ----------    ----------
              NET INCOME (LOSS)                        $4,072,673    $ (802,423)
                                                       ==========    ==========
NET INCOME (LOSS) PER MANAGING OWNER AND
    OTHER UNITHOLDER UNIT
    (based on weighted average number of
    units outstanding during the period)               $   147.44    $   (40.04)
                                                       ==========    ==========
INCREASE (DECREASE) IN NET ASSET VALUE PER
    MANAGING OWNER AND OTHER UNITHOLDER UNIT           $   128.58    $   (41.85)
                                                       ==========    ==========
</TABLE>

                             See accompanying notes.


                                      -5-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                            STATEMENTS OF CASH FLOWS
               For the Three Months Ended March 31, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                      2003            2002
                                                                  ------------    ------------
<S>                                                               <C>             <C>
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
    Net income (loss)                                             $  4,072,673    $   (802,423)
       Adjustments to reconcile net income (loss) to net cash
          from (for) operating activities
              Net change in unrealized                                 808,302         (96,050)
              Increase in accounts payable and accrued expenses        313,146           3,882
              Net (purchases) of investments in United States
                 government securities                              (1,498,790)       (499,099)
                                                                  ------------    ------------
                    Net cash from (for) operating activities         3,695,331      (1,393,690)
                                                                  ------------    ------------
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
    Addition of units                                                  961,800       2,743,101
    Decrease in subscriptions receivable                             7,712,354         386,480
    Redemption of units                                             (7,046,615)        (17,371)
    Decrease in redemptions payable                                 (1,525,712)              0
    Offering costs charged                                             (79,622)        (42,850)
    Increase (decrease) in offering costs payable                       (3,472)          1,382
                                                                  ------------    ------------
                    Net cash from financing activities                  18,733       3,070,742
                                                                  ------------    ------------
Net increase in cash                                                 3,714,064       1,677,052

CASH
    Beginning of period                                             10,064,651       8,789,120
                                                                  ------------    ------------
    End of period                                                 $ 13,778,715    $ 10,466,172
                                                                  ============    ============
End of period cash consists of:
    Cash in broker trading accounts                               $  4,128,055    $  1,901,396
    Cash                                                             9,650,660       8,564,776
                                                                  ------------    ------------
                    Total end of period cash                      $ 13,778,715    $ 10,466,172
                                                                  ============    ============
</TABLE>

                             See accompanying notes.


                                      -6-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
         STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)
               For the Three Months Ended March 31, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                        Unitholders' Capital
                                    --------------------------------------------------------------------------------------------
                                           Managing Owner                 Other Unitholders                    Total
                                    ----------------------------    ----------------------------    ----------------------------
                                       Units           Amount          Units           Amount          Units           Amount
                                    ------------    ------------    ------------    ------------    ------------    ------------
<S>                                 <C>             <C>             <C>             <C>             <C>             <C>
THREE MONTHS ENDED MARCH 31, 2003

Balances at
    December 31, 2002                  6,000.000    $  6,747,480      23,214.940    $ 26,106,998      29,214.940    $ 32,854,478
Net income for the three months
    ended March 31, 2003                               1,036,894                       3,035,779                       4,072,673
Additions                                  0.000               0         775.265         961,800         775.265         961,800
Redemptions                           (4,586.420)     (6,000,000)       (855.669)     (1,046,615)     (5,442.089)     (7,046,615)
Offering costs                                           (12,932)                        (66,690)                        (79,622)
                                    ------------    ------------    ------------    ------------    ------------    ------------
Balances at
    March 31, 2003                     1,413.580    $  1,771,442      23,134.536    $ 28,991,272      24,548.116    $ 30,762,714
                                    ============    ============    ============    ============    ============    ============

THREE MONTHS ENDED MARCH 31, 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 (loss) for the three months
    ended March 31, 2002                                (238,289)                       (564,134)                       (802,423)
Additions                                  0.000               0       2,890.208       2,743,101       2,890.208       2,743,101
Redemptions                                0.000               0         (18.000)        (17,371)        (18.000)        (17,371)
Offering costs                                           (12,837)                        (30,013)                        (42,850)
                                    ------------    ------------    ------------    ------------    ------------    ------------
Balances at
    March 31, 2002                     6,000.000    $  5,590,740      15,889.090    $ 14,805,398      21,889.090    $ 20,396,138
                                    ============    ============    ============    ============    ============    ============
</TABLE>

<TABLE>
<CAPTION>
                                           Net Asset Value Per Managing Owner and Other Unitholder Unit
                                        ------------------------------------------------------------------
                                          March 31,       December 31,        March 31,       December 31,
                                            2003              2002              2002              2001
                                        ------------      ------------      ------------      ------------
 <S>                                                      <C>               <C>               <C>
                                           $1,253.16         $1,124.58           $931.79           $973.64
                                        ============      ============      ============      ============
</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 statutory
            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.

            As of December 31, 2002, units are no longer offered to the public,
            but are offered exclusively for sale to the Campbell & Company, Inc.
            401(K) Plan (the 401(K) Plan).

      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 all costs
            in connection with the initial and continuous offering of units of
            the Trust (offering costs). 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. Such amounts are charged directly to
            unitholders' capital. The Trust is only liable for payment of
            offering costs on a monthly basis. At March 31, 2003, the Trust
            reflects a liability in the statement of financial condition for
            offering costs payable to Campbell & Company of $15,698.

            The offering costs for which Campbell & Company are being reimbursed
            relate to the offering of units of the Trust to all unitholders
            except the 401(K) Plan. Therefore, Campbell & Company rebates to the
            401(K) plan the offering costs charged to the 401(K) Plan. All such
            rebates are made by issuing additional units to the 401(K) Plan.

            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. At March 31, 2003, the amount of
            unreimbursed offering costs incurred by Campbell & Company is
            $1,110,645.

      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 approximately $6 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. During the three
      months ended March 31, 2003 and 2002, the amounts paid directly to the
      broker were $20,028 and $27,666, respectively.


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

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

      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.

      Effective January 1, 2003, Campbell & Company rebates to the 401(K) Plan
      the brokerage fee and the performance fee applicable to the 401(K) Plan.
      All such rebates are made by issuing additional units to the 401(K) Plan.

Note 3. TRUSTEE

      The trustee of the Trust is Wachovia 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.

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, 2002 represent subscriptions from the 401(K) Plan and were received by
      the Trust on or before January 9, 2003.

      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.

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.


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

Note 7. TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)

      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 at March 31, 2003 and
      December 31, 2002 were $17,477,810 and $15,979,020, respectively, which
      equals 57% and 49% of Net Asset Value, respectively. The cash deposited
      with interbank market makers at March 31, 2003 and December 31, 2002 were
      $9,608,228 and $8,287,188, respectively, which equals 31% and 25% of Net
      Asset Value, respectively.

      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.

      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)
                                     March 31,     December 31,      March 31,     December 31,
                                       2003            2002            2003            2002
                                   ------------    ------------    ------------    ------------
<S>                                <C>             <C>             <C>             <C>
      Gross unrealized gains       $    193,267    $    573,482    $    778,809    $  2,292,568
      Gross unrealized losses          (141,779)       (176,504)       (870,159)     (1,921,106)
                                   ------------    ------------    ------------    ------------
      Net unrealized gain (loss)   $     51,488    $    396,978    $    (91,350)   $    371,462
                                   ============    ============    ============    ============
</TABLE>

      Open contracts generally mature within three months; as of March 31, 2003,
      the latest maturity date for open futures contracts is December 2003, and
      the latest maturity date for open forward contracts is June 2003. However,
      the Trust intends to close all contracts prior to maturity.


                                      -11-
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)

Note 7. TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)

      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 March 31, 2003, including the
      March 31, 2003 condensed schedule of investments, and the statements of
      operations, cash flows and changes in unitholders' capital (Net Asset
      Value) for the three months ended March 31, 2003 and 2002 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 March 31, 2003, and the
      results of operations and cash flows for the three months ended March 31,
      2003 and 2002.


                                      -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 three months ended March 31,
      2003 and 2002. This information has been derived from information
      presented in the financial statements.

<TABLE>
<CAPTION>
                                                                      Three months ended
                                                                           March 31,
                                                                     2003             2002
                                                                 (Unaudited)      (Unaudited)
                                                                 ------------     ------------
<S>                                                              <C>              <C>
      PER UNIT PERFORMANCE
      (for a unit outstanding throughout the entire period)

      Net asset value per unit at beginning of period            $   1,124.58     $     973.64
                                                                 ------------     ------------
      Income (loss) from operations:
             Net realized and change in unrealized gain (loss)
                 from trading (2), (3)                                 161.43           (36.35)
             Expenses net of interest income (1), (3)                  (29.97)           (3.36)
                                                                 ------------     ------------
                    Total gain (loss) from operations                  131.46           (39.71)
                                                                 ------------     ------------
      Offering costs (3)                                                (2.88)           (2.14)
                                                                 ------------     ------------
      Net asset value per unit at end of period                  $   1,253.16     $     931.79
                                                                 ============     ============
      TOTAL RETURN (4)                                                  11.43%           (4.30)%
                                                                 ============     ============
      SUPPLEMENTAL DATA

      Ratios to average net asset value:
             Expenses prior to performance fee (1), (5)                 (3.22)%          (3.02)%
             Performance fee (5)                                        (8.08)%           0.00 %
                                                                 ------------     ------------
                    Total expenses (1), (5)                            (11.30)%          (3.02)%
                                                                 ============     ============
             Expenses net of interest income (1), (5),(6)               (2.02)%          (1.40)%
                                                                 ============     ============
</TABLE>

      Total returns are calculated based on the change in value of a unit during
      the period. An individual partner'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)   Expenses net of interest income per unit and offering costs per unit
            are calculated by dividing the expenses net of interest income and
            offering costs by the average number of units outstanding during the
            period. The net realized and change in unrealized gain (loss) 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

      (6)   Excludes performance fee


                                      -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 $24,291,464 have been
accepted during the continuing offering period as of March 31, 2003. Redemptions
over the same time period total $16,425,556. The Trust commenced operations on
October 1, 2001.

As of December 31, 2002, units are no longer offered to the public, but are
offered exclusively for sale to the Campbell & Company, Inc. 401(K) Plan.

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 commodity 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. Commodity 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
commodity 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 three months ended March 31, 2003 was 11.43%. Of the
increase, approximately 14.26% was due to trading gains (before commissions),
approximately .30% was due interest income offset by approximately 3.13% due to
brokerage fees, performance fees, and operating and offering costs borne by the
Trust. An analysis of the 14.26% trading loss by sector is as follows:


                                      -14-
<PAGE>
<TABLE>
<CAPTION>
SECTOR           % GAIN (LOSS)
------           -------------
<S>              <C>
Currencies                7.24%
Energy                    4.88
Interest Rates            1.87
Stock Indices              .25
Agricultural               .02
Metals                     .00
                         -----
                         14.26%
                         =====
</TABLE>

The long-term trends that created so much opportunity for the Trust in 2002
continued in January 2003. Profits were earned in every sector other than stock
indices. However, the environment was one where a single event, the prospect of
war with Iraq, was driving the Trust's whole portfolio. While the Trust's
systematic and disciplined trading strategies continued to keep it engaged,
leverage was subsequently decreased to protect against significant losses which
could result from potential sharp and extended reversals in core positions.

The Trust was positive again in February with metals being the only negative
sector. Strong momentum in energy, fixed income, currencies and stock indices
continued, largely as a result of the troubled global geopolitical outlook. In
order to mitigate the risk of potential sharp reversals in trends, the Trust
maintained a lower-than-normal level of leverage during the month.

The long awaited market reversal occurred in March. Initially energy, precious
metals and fixed income markets all sold off sharply, while equities and the
U.S. Dollar rallied. Several days into this correction, these markets all sold
off suddenly, as hopes of a quick victory in Iraq subsided. With significantly
reduced leverage, the losses the Trust sustained were relatively modest, giving
the Trust a positive first quarter.

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


                                      -15-
<PAGE>
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.

ITEM 3. 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 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


                                      -16-
<PAGE>
      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).

      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.


                                      -17-
<PAGE>
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 March 31, 2003 and December
31, 2002 and the trading gains/losses by market category for the three months
ended March 31, 2003 and the year ended December 31, 2002. All open position
trading risk exposures of the Trust have been included in calculating the
figures set forth below. As of March 31, 2003 and December 31, 2002, the Trust's
total capitalization was approximately $30.8 million and $32.9 million,
respectively.

                                 MARCH 31, 2003

<TABLE>
<CAPTION>
                                                   % OF TOTAL        TRADING
MARKET SECTOR                    VALUE AT RISK   CAPITALIZATION    GAIN/(LOSS)*
------------------------------   -------------   --------------    ------------
<S>                              <C>             <C>               <C>
Currencies                       $     792,000             2.58%           7.24%
Stock Indices                    $     327,000             1.06%            .25%
Interest Rates                   $     244,000              .79%           1.87%
Energy                           $      52,000              .17%           4.88%
Metals                           $      33,000              .11%            .00%
Agricultural                     $           0              .00%            .02%
                                 -------------   --------------    ------------
   Total                         $   1,448,000             4.71%          14.26%
                                 =============   ==============    ============
</TABLE>

* - Of the 11.43% return for the three months ended March 31, 2003,
approximately 14.26% was due to trading gains (before commissions),
approximately .30% was due interest income offset by approximately 3.13% due to
brokerage fees, performance fees, and operating and offering costs borne by the
Trust.

                                DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                   % OF TOTAL        TRADING
MARKET SECTOR                    VALUE AT RISK   CAPITALIZATION*   GAIN/(LOSS)**
------------------------------   -------------   --------------    ------------
<S>                              <C>             <C>               <C>
Currencies                       $     878,000             3.44%           5.81%
Energy                           $     622,000             2.44%          (1.64%)
Interest Rates                   $     382,000             1.50%          15.12%
Stock Indices                    $     221,000              .87%           3.58%
Metals                           $      68,000              .27%           (.41%)
Agricultural                     $      62,000              .24%           (.37%)
                                 -------------   --------------    ------------
   Total                         $   2,233,000             8.76%          22.09%
                                 =============   ==============    ============
</TABLE>

* - For the purposes of the above "% of Total Capitalization", additions and
redemptions as of December 31, 2002 were not included in the total
capitalization.

** - Of the 15.50% return for the year ended December 31, 2002, approximately
22.09% was due to trading gains (before commissions) and approximately 1.61% was
due to interest income, offset


                                      -18-
<PAGE>
by approximately 8.20% 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

      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
March 31, 2003, 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


                                      -19-
<PAGE>
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. Additionally, the Trust takes
positions in the government debt of Switzerland. Campbell & Company anticipates
that G-7 interest rates will remain the primary market exposure of the Trust for
the foreseeable future. The changes in interest rates which have the most effect
on the Trust are changes in long-term, as opposed to short-term rates. Most of
the speculative positions held by the Trust are in medium- to long-term
instruments. Consequently, even a material change in short-term rates would have
little effect on the Trust were the medium- to long-term rates to remain steady.

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 March 31, 2003, the Trust's primary exposures were in the Nikkei
(Japan), FTSE (U.K.), DAX (Germany), Euro STOXX 50, Hang Seng (Hong Kong), and
S&P 500 (USA) 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 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 and ongoing conflicts in
the Middle East. As of March 31, 2003, crude oil and heating oil 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 2% of the Trust's portfolio during the three months ended March
31, 2003.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

      The following were the only non-trading risk exposures of the Trust as of
March 31, 2003.


                                      -20-
<PAGE>
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 Campbell & Company attempts 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 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.

Item 4. Controls and Procedures

      Campbell & Company, Inc., the managing owner of the Trust, with the
participation of the managing owner's Chief Executive Officer and Chief
Financial Officer, has evaluated the effectiveness of the design and operation
of its disclosure controls and procedures with respect to the Trust within 90
days of the filing date of this quarterly report, and, based on their
evaluation, have concluded that these disclosure controls and procedures are
effective. There were no significant changes in the managing owner's internal
controls with respect to the Trust or in other factors applicable to the Trust
that could significantly affect these controls subsequent to the date of their
evaluation.


                                      -21-
<PAGE>
                            PART II-OTHER INFORMATION

Item 1.     Legal Proceedings.

            None

Item 2.     Changes in Securities and Use of Proceeds

            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.

            (a) Exhibits

<TABLE>
<CAPTION>
            Exhibit Number    Description of Document
            --------------    -----------------------
<S>                           <C>
                  99.01       Certification of Bruce L. Cleland, Chief Executive
                              Officer, pursuant to 18 U.S.C. Section 1350, as
                              enacted by Section 906 of The Sarbanes-Oxley Act
                              of 2002.

                  99.02       Certification of Theresa D. Becks, Chief Financial
                              Officer, pursuant to 18 U.S.C. Section 1350, as
                              enacted by Section 906 of The Sarbanes-Oxley Act
                              of 2002.
</TABLE>

            (b) Reports of Form 8-K

                  None


                                      -22-
<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: May 15, 2003                 By: /s/Theresa D. Becks
                                      ------------------------------------------
                                      Theresa D. Becks
                                      Chief Financial Officer/Treasurer/Director


                                      -23-
<PAGE>
                                  CERTIFICATION

I, Bruce L. Cleland, Chief Executive Officer of Campbell & Company, Inc., the
managing owner 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 such
      term is defined in paragraph (c) of Exchange Act Rule 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

6.    The Trust's other certifying officer and I have indicated in this
      quarterly report whether 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,


                                      -24-
<PAGE>
      including any corrective actions with regard to significant deficiencies
      and material weaknesses.


                                        By:  /s/ Bruce L. Cleland
                                        -----------------------
                                        Bruce L. Cleland
                                        Chief Executive Officer
                                        May 15, 2003


                                      -25-
<PAGE>
                                  CERTIFICATION

I, Theresa D. Becks, Chief Financial Officer of Campbell & Company, Inc., the
managing owner 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 such
      term is defined in paragraph (c) of Exchange Act Rule 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

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


                                      -26-
<PAGE>
      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/ Theresa D. Becks
                                        ----------------------------------------
                                        Theresa D. Becks
                                        Chief Financial Officer
                                        May 15, 2003


                                      -27-
<PAGE>
                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit Number    Description of Document                            Page Number
--------------    -----------------------                            -----------
<S>               <C>                                                <C>
99.01             Certification by Chief Executive Officer           E2
99.02             Certification by Chief Financial Officer           E3
</TABLE>


                                       E1