<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, 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 executive offices)                (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 [ ]

                            Total number of Pages: 23



<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 March 31, 2002 (Unaudited) and
            December 31, 2001 (Audited)

        Condensed Schedule of Investments as of March 31, 2002 (Unaudited)

        Statements of Operations for the Three Months Ended
            March 31, 2002 and 2001 (Unaudited)

        Statements of Cash Flows for the Three Months Ended
            March 31, 2002 and 2001 (Unaudited)

        Statements of Changes in Unitholders' Capital (Net Asset Value)
          for the Three Months Ended March 31, 2002 and 2001 (Unaudited)



                                       -2-
<PAGE>

                          CAMPBELL ALTERNATIVE ASSET TRUST
                          STATEMENTS OF FINANCIAL CONDITION
             March 31, 2002 (Unaudited) and December 31, 2001 (Audited)


<TABLE>
<CAPTION>
                                                                     March 31,       December 31,
                                                                        2002              2001
                                                                        ----              ----
<S>                                                                 <C>              <C>
ASSETS
   Equity in broker trading accounts
      Cash                                                           $ 1,901,396       $   712,721
      United States government securities                              8,983,811         8,484,712
      Unrealized gain (loss) on open futures contracts                   756,357           (54,659)
                                                                     -----------       -----------

           Deposits with broker                                       11,641,564         9,142,774

   Cash                                                                8,564,776         8,076,399
   Unrealized gain on open forward contracts                             147,122           862,088
   Subscriptions receivable                                              127,591           514,071
                                                                     -----------       -----------

           Total assets                                              $20,481,053       $18,595,332
                                                                     ===========       ===========

LIABILITIES
   Accounts payable                                                  $     7,463       $    17,678
   Brokerage fee                                                          62,653            48,556
   Offering costs payable                                                 14,799            13,417
                                                                     -----------       -----------

           Total liabilities                                              84,915            79,651
                                                                     -----------       -----------

UNITHOLDERS' CAPITAL (NET ASSET VALUE)
   Managing Owner - 6,000.000 units outstanding
      at March 31, 2002 and December 31, 2001                          5,590,740         5,841,866
   Other Unitholders - 15,889.090 and 13,016.882
      units outstanding at March 31, 2002 and
      December 31, 2001                                               14,805,398        12,673,815
                                                                     -----------       -----------

           Total unitholders' capital
              (Net Asset Value)                                       20,396,138        18,515,681
                                                                     -----------       -----------

                                                                     $20,481,053       $18,595,332
                                                                     ===========       ===========
</TABLE>


                             See accompanying notes.



                                       -3-
<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                                 March 31, 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
UNITED STATES GOVERNMENT SECURITIES
-----------------------------------
                                                                                        % of Net
         Face Value     Description                                      Value         Asset Value
         ----------     -----------                                      -----         -----------
<S>                                                                  <C>                <C>
        $9,000,000      U.S. Treasury Bill, 5/09/02
                            (COST, INCLUDING ACCRUED INTEREST,
                            - $8,983,811)                            $ 8,983,811         44.05%
                                                                     ===========         =====


LONG FUTURES CONTRACTS
----------------------
                                                                                        % of Net
                        Description                                      Value         Asset Value
                        -----------                                      -----         -----------

                        Agriculture                                  $     6,244          0.03%
                        Energy                                           534,381          2.62%
                        Metals                                            14,497          0.07%
                        Stock index                                     (129,523)        (0.63)%
                        Long-term interest rate                           43,460          0.21%
                                                                     -----------         -----

                        TOTAL LONG FUTURES CONTRACTS                 $   469,059          2.30%
                                                                     ===========         =====


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

                        Various forward currency contracts           $  (142,002)        (0.70)%
                                                                     ===========         =====


SHORT FUTURES CONTRACTS
-----------------------
                                                                                        % of Net
                        Description                                      Value         Asset Value
                        -----------                                      -----         -----------

                        Agricultural                                 $     6,550          0.03%
                        Metals                                            (4,067)        (0.02)%
                        Stock index                                           33          0.00%
                        Short-term interest rate                         104,776          0.52%
                        Long-term interest rate                          180,006          0.88%
                                                                     -----------         -----

                        TOTAL SHORT FUTURES CONTRACTS                $   287,298          1.41%
                                                                     ===========         =====


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

                        Various forward currency contracts           $   289,124          1.42%
                                                                     ===========         =====
</TABLE>


                             See accompanying notes.



                                       -4-
<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                            STATEMENTS OF OPERATIONS
               For the Three Months Ended March 31, 2002 and 2001
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                         2002              2001
                                                                         ----              ----
<S>                                                                   <C>            <C>
INCOME
   Futures trading gains (losses)
      Realized                                                       $  (684,791)     $          0
      Change in unrealized                                               811,016                 0
                                                                     -----------      ------------

           Gain from futures trading                                     126,225                 0
                                                                     -----------      ------------

   Forward trading (losses)
      Realized                                                          (118,700)                0
      Change in unrealized                                              (714,966)                0
                                                                     -----------      ------------

           (Loss) from forward trading                                  (833,666)                0
                                                                     -----------      ------------

   Interest income                                                        77,907                 0
                                                                     -----------      ------------

           Total (loss)                                                 (629,534)                0
                                                                     -----------      ------------

EXPENSES
   Brokerage fee                                                         163,357                 0
   Operating expenses                                                      9,532                 0
                                                                     -----------      ------------

           Total expenses                                                172,889                 0
                                                                     -----------      ------------

           NET (LOSS)                                                $  (802,423)     $          0
                                                                     ===========      ============

NET (LOSS) PER MANAGING OWNER AND
   OTHER UNITHOLDER UNIT
   (based on weighted average number of
   units outstanding during the period)                              $    (40.04)     $       0.00
                                                                     ===========      ============

(DECREASE) IN NET ASSET VALUE PER MANAGING
   OWNER AND OTHER UNITHOLDER UNIT                                   $    (41.85)     $       0.00
                                                                     ===========      ============
</TABLE>





                             See accompanying notes.



                                       -5-
<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                            STATEMENTS OF CASH FLOWS
               For the Three Months Ended March 31, 2002 and 2001
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                        2002              2001
                                                                        ----              ----
<S>                                                                  <C>              <C>
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
   Net (loss)                                                        $  (802,423)     $          0
      Adjustments to reconcile net (loss) to net cash
         (for) operating activities
           Net change in unrealized                                      (96,050)                0
           Increase in accounts payable and accrued expenses               3,882                 0
           Net (purchases) of investments in United States
              government securities                                     (499,099)                0
                                                                     -----------      ------------

                 Net cash (for) operating activities                  (1,393,690)                0
                                                                     -----------      ------------

CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
   Addition of units                                                   2,743,101                 0
   (Decrease) in subscriptions receivable                                386,480                 0
   Redemption of units                                                   (17,371)                0
   Offering costs charged                                                (42,850)                0
   Increase in offering costs payable                                      1,382                 0
                                                                     -----------      ------------

                 Net cash from financing activities                    3,070,742                 0
                                                                     -----------      ------------

Net increase in cash                                                   1,677,052                 0

CASH
   Beginning of period                                                 8,789,120             2,000
                                                                     -----------      ------------

   End of period                                                     $10,466,172      $      2,000
                                                                     ===========      ============

End of period cash consists of:
   Cash in broker trading accounts                                  $  1,901,396      $          0
   Cash                                                                8,564,776             2,000
                                                                     -----------      ------------

                 Total end of period cash                            $10,466,172      $      2,000
                                                                     ===========      ============
</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, 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>
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
                                        =========     ==========     ==========   ===========     ==========   ===========


THREE MONTHS ENDED MARCH 31, 2001

Balances at
   December 31, 2000                        2.000    $     2,000          0.000   $         0          2.000  $      2,000
Net income for the three months
   ended March 31, 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
   March 31, 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
                 ------------------------------------------------------------
                    March 31,    December 31,    March 31,    December 31,
                      2002           2001          2001           2000
                      ----           ----          ----           ----
<S>                  <C>            <C>          <C>            <C>
                     $931.79        $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 $1,176,662 through March 31,
            2002, $66,081 of which has already been reimbursed to Campbell &
            Company by the Trust. At March 31, 2002, the Trust reflects a
            liability in the statement of financial condition for offering costs
            payable to Campbell & Company of $14,799. 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.

        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


                                       -9-
<PAGE>

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


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

        rendered. During the three months ended March 31, 2002, the amount paid
        directly to the broker was $27,666.

        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 ended March 31, 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.

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 March
        31, 2002 were received by the Trust on or before April 16, 2002, and the
        subscriptions receivable at December 31, 2001 were received by the Trust
        on or before January 17, 2001.

        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


                                      -10-
<PAGE>

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


Note 7. TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)

        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 March 31, 2002 and December 31, 2001 were $8,983,811 and
        $8,484,712, respectively, which equals 44% and 46% of Net Asset Value,
        respectively. The cash deposited with interbank market makers to satisfy
        such requirements at March 31, 2002 and December 31, 2001 were
        $7,966,079 and $6,996,592, respectively, which equals 39% and 38% 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,
                                        2002            2001          2002            2001
                                        ----            ----          ----            ----
<S>                                 <C>             <C>           <C>             <C>
        Gross unrealized gains      $   989,242     $  151,022    $   558,400     $1,016,908
        Gross unrealized losses        (232,885)      (205,681)      (411,278)      (154,820)
                                    -----------     ----------    -----------     ----------

        Net unrealized gain (loss)  $   756,357     $  (54,659)   $   147,122     $  862,088
                                    ===========     ==========    ===========     ==========
</TABLE>


                                      -11-
<PAGE>

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


Note 7. TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)

        Open contracts generally mature within three months; as of March 31,
        2002, the latest maturity date for open futures contracts is December
        2002, and the latest maturity date for open forward contracts is June
        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 March 31, 2002, including the
        March 31, 2002 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, 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 March 31, 2002, and the
        results of operations and cash flows for the three months ended March
        31, 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 three months ended March
        31, 2002 and 2001. This information has been derived from information
        presented in the financial statements.

<TABLE>
<CAPTION>
                                                                Three months ended  Three months ended
                                                                  March 31, 2002      March 31, 2001
                                                                    (Unaudited)         (Unaudited)
                                                                    -----------         -----------
        PER UNIT PERFORMANCE
        (for a unit outstanding throughout the entire period)
        -----------------------------------------------------

<S>                                                                <C>                  <C>
        Net asset value per unit at December 31, 2001 and 2000      $   973.64           $1,000.00
                                                                    ----------           ---------
        (Loss) from operations:
              Net investment (loss) (1), (3)                             (3.36)               0.00
              Net realized and change in unrealized (loss)
                  from trading (2), (3)                                 (36.35)               0.00
                                                                    ----------           ---------
                   Total (loss) from operations                         (39.71)               0.00
                                                                    ----------           ---------
        Offering costs (3)                                               (2.14)               0.00
                                                                    ----------           ---------
        Net asset value per unit at March 31, 2002 and 2001         $   931.79           $1,000.00
                                                                    ==========           =========
        TOTAL RETURN *                                                   (4.30)%              0.00%
                                                                    ==========           =========

        SUPPLEMENTAL DATA
        Ratios to average net asset value:
              Expenses (1), +                                            (3.02)%              0.00%
                                                                    ==========           =========
              Net investment income (1), +                               (1.40)%              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 (loss) from trading is a
            balancing amount necessary to reconcile the change in net asset
            value per unit with the other per unit information.
        *   Not annualized
        +   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 $5,917,846 have been accepted
during the continuing offering period as of March 31, 2002. Redemptions over the
same time period total $37,193. 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 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, 2002 was (4.30)%. Of the
decrease, approximately (3.58)% was due to trading losses (before commissions),
approximately 1.12% due to brokerage fees, performance fees, and operating and
offering costs borne by the Trust which were partially offset by approximately
..40% in interest income. An analysis of the (3.58)% trading loss by sector is as
follows:


<TABLE>
<CAPTION>
SECTOR                                       % GAIN (LOSS)
------                                       -------------
<S>                                             <C>
Energy                                            1.91%

Metals                                             .10

Agricultural                                      (.12)

Interest Rates                                    (.13)
</TABLE>



                                      -14-
<PAGE>

<TABLE>
<S>                                              <C>
Stock Indices                                    (1.08)

Currencies                                       (4.26)
                                                ------
                                                 (3.58)%
                                                ======
</TABLE>


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.


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



                                      -15-
<PAGE>

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 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



                                      -16-
<PAGE>

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.

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


                                      -17-
<PAGE>

        The following tables indicate the trading Value at Risk associated with
the Trust's open positions by market category as of March 31, 2002 and December
31, 2001 and the trading gains/losses by market category for the three months
ended March 31, 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 March 31,
2002 and December 31, 2001, the Trust's total capitalization was approximately
$20.4 million and $18.5 million, respectively.

<TABLE>
<CAPTION>
                                 MARCH 31, 2002
                                 --------------

                                                   % OF TOTAL           TRADING
MARKET SECTOR              VALUE AT RISK         CAPITALIZATION       GAIN/(LOSS)*
-------------              -------------         --------------       ------------
<S>                          <C>                     <C>                 <C>
Interest Rates               $   736,000             3.61%               (.13)%
Currencies                   $   718,000             3.52%              (4.26)%
Energy                       $   630,000             3.09%                1.91%
Stock Indices                $   562,000             2.75%              (1.08)%
Metals                       $    93,000              .46%                 .10%
Agricultural                 $    18,000              .09%               (.12)%
                             -----------            ------              -------

   Total                     $ 2,757,000            13.52%              (3.58)%
                             ===========            ======              =======
</TABLE>


* - Of the (4.30)% return for the three months ended March 31, 2002,
approximately (3.58)% was due to trading losses (before commissions),
approximately 1.12% due to brokerage fees, performance fees and operating and
offering costs borne by the Trust which were partially offset by approximately
..40% in interest income.

<TABLE>
<CAPTION>
                                DECEMBER 31, 2001
                                -----------------

                                                   % 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



                                      -18-
<PAGE>

..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

        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, 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


                                      -19-
<PAGE>

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 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, 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 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
March 31, 2002, natural gas and crude 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 3% of the Trust's portfolio during the three months ended March
31, 2002.

Agricultural

        The Trust's agricultural exposure is to wheat, corn, coffee and
cotton.  The risk allocation to the agricultural sector has been approximately
1% of the Trust's portfolio during the three months ended March 31, 2002.


                                      -20-
<PAGE>

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

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



                                      -21-
<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

               There are no exhibits to this Form 10-Q.


                                      -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 13, 2002                          By: /s/Theresa D. Becks
                                                ---------------------
                                                Theresa D. Becks
                                                Chief Financial Officer/
                                                Treasurer/Director


                                      -23-