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

(Mark One)                          FORM 10-K

                 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

[X]        OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

                   For the Fiscal Year Ended December 31, 2002
                       Commission File Number 0-22260 and
                                     2-84126

                                       OR

[ ]        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE


                SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

         For the transition period from ___________ to __________


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

           DELAWARE                                     52-2238521
-------------------------------            ------------------------------------
(State or other jurisdiction of            (IRS Employer Identification Number)
 incorporation or organization)

   210 W. PENNSYLVANIA AVENUE
      TOWSON, MARYLAND                                     21204
-------------------------------            ------------------------------------

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

        Securities registered pursuant to Section 12(b) of the Act: NONE
                                                                    ----

          Securities registered pursuant to Section 12(g) of the Act:

                          UNITS OF BENEFICIAL INTEREST
                          ----------------------------
                                (Title of Class)

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 (or for such shorter period that the Registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X]       No [ ]

Indicate by check mark if the disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part II of this Form 10-K or any
amendment to this Form 10-K.      [X]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2)
Yes [ ]       No [X]

The Registrant has no voting stock. As of December 31, 2002 there were
29,214.940 Units of Beneficial Interest issued and outstanding.

Total number of pages 33. Consecutive page numbers on which exhibits
commence: 3.
         ---
<PAGE>
                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

                                     PART I

ITEM 1.    BUSINESS.......................................................   1-2

ITEM 2.    PROPERTIES.....................................................     2

ITEM 3.    LEGAL PROCEEDINGS..............................................     3

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS............     3

                                    PART II

ITEM 5.    MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
            STOCKHOLDER MATTERS...........................................     3

ITEM 6.    SELECTED FINANCIAL DATA........................................   3-4

ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
            CONDITION AND RESULTS OF OPERATIONS...........................   4-8

ITEM 7A.   QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT
            MARKET RISK...................................................  8-13

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA....................    13

ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
            ACCOUNTING AND FINANCIAL DISCLOSURE...........................    13

                                    PART III

ITEM 10.   DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT............. 13-14

ITEM 11.   EXECUTIVE COMPENSATION.........................................    14

ITEM 12.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
            AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS................    15

ITEM 13.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.................    15

ITEM 14.   CONTROLS AND PROCEDURES........................................    15

                                    PART IV

ITEM 15.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS
            ON FORM 8-K................................................... 15-16

SIGNATURES

CERTIFICATIONS

DOCUMENTS INCORPORATED BY REFERENCE - Prospectus dated December 31, 2002
included within the Registration Statement on post-effective amendment #1 to
Form S-1 (File No. 333-74014), incorporated by reference into Parts I, II, III
and IV.

                                       i
<PAGE>
                                     PART I

ITEM 1.     BUSINESS
            --------

     Campbell Alternative Asset Trust (the "Registrant" or the "Trust") is a
Trust which was formed on May 3, 2000 under the Delaware Business Trust Act. The
Registrant operates as a commodity investment pool, whose purpose is to trade
speculatively in the U.S. and international futures, forward and swap markets.
Specifically, the Trust trades a portfolio primarily focused on financial
futures, which are instruments designed to hedge or speculate on changes in
interest rates, currency exchange rates or stock index values. A secondary
emphasis is on metals, energy and agricultural values. The trustee of the Trust
is Wachovia Trust Company, National Association (the "Trustee") (formerly known
as First Union Trust Company, National Association), a national banking
association. The managing owner and trading advisor of the Registrant is
Campbell & Company, Inc. ("Campbell & Company"). The Registrant's operations are
regulated by the provisions of the Commodity Exchange Act, the regulations of
the Commodity Futures Trading Commission, and the rules of the National Futures
Association.

     The Registrant originally filed a registration statement with the U.S.
Securities and Exchange Commission for the sale of a minimum of $8,000,000 and a
maximum of $50,000,000 in Units of Beneficial Interest at $1,000 each, which
registration statement was effective on May 15, 2001. The Trust has since filed
additional registration statements with the U.S. Securities and Exchange
Commission to bring the sum of existing and offered Units of Beneficial Interest
to a maximum of approximately $250,000,000 through March 2003. The Unit selling
price during the initial offering period, which lasted for approximately 130
days and ended on September 30, 2001, was $1,000. Since September 30, 2001,
Units of Beneficial Interest of the Trust have been offered on an ongoing basis
during the Trust's continuing offering period. During the continuing offering
period, subscriptions are accepted monthly and proceeds are transferred to bank
and brokerage accounts for trading purposes. The Unit selling price during the
continuing offering period is the net asset value per unit as of the last
business day of the month in which the subscription is accepted.

     Units were offered to the public until Campbell & Company terminated the
continuing offering to the public effective October 29, 2002. The current
offering is only available to the Campbell & Company, Inc. 401(k) Plan.

     A total of $39,151,408 has been raised in the initial and continuing
offering periods through December 31, 2002.

     Under the Amended and Restated Declaration of Trust and Trust Agreement,
the Trustee has delegated to Campbell & Company the exclusive management of all
aspects of the business and administration of the Registrant.

     The Registrant will be terminated and dissolved promptly thereafter upon
the happening of the earlier of: (a) the expiration of the Registrant's stated
term of December 31, 2030; (b) an election to dissolve the Registrant at any
time by Unitholders owning more than 50% of the Units then outstanding; (c) the
withdrawal of Campbell & Company unless one or more new managing owners have
been elected or appointed pursuant to the Amended and Restated Declaration of
Trust and Trust Agreement; (d) a decline in the aggregate net assets of the
Trust to less than $500,000 or (e) any event which shall make unlawful the
continuing existence of the Registrant.

Regulation

     Under the Commodity Exchange Act, as amended (the "Act"), commodity
exchanges and commodity futures trading are subject to regulation by the
Commodity Futures Trading Commission (the "CFTC"). The National Futures
Association (the "NFA"), a registered futures association under the Act, is the
only non-exchange self-regulatory organization for commodity industry
professionals. The CFTC has delegated to the NFA responsibility for the
registration of "commodity trading advisors," "commodity pool operators,"
"futures commission merchants," "introducing brokers" and their respective
associated persons and "floor brokers." The Act requires "commodity pool
operators," and "commodity trading advisors"


                                       1

<PAGE>
such as Campbell & Company and commodity brokers or "futures commission
merchants" such as the Registrant's commodity broker to be registered and to
comply with various reporting and recordkeeping requirements. Campbell & Company
and the Registrant's commodity broker are members of the NFA. The CFTC may
suspend a commodity pool operator's or trading advisor's registration if it
finds that its trading practices tend to disrupt orderly market conditions, or
as the result of violations of the Commodity Exchange Act or rules and
regulations promulgated thereunder. In the event Campbell & Company's
registration as a commodity pool operator or commodity trading advisor were
terminated or suspended, Campbell & Company would be unable to continue to
manage the business of the Registrant. Should Campbell & Company's registration
be suspended, termination of the Registrant might result.

     In addition to such registration requirements, the CFTC and certain
commodity exchanges have established limits on the maximum net long and net
short positions which any person, including the Registrant, may hold or control
in particular commodities. Most exchanges also limit the maximum changes in
futures contract prices that may occur during a single trading day. The
Registrant also trades in dealer markets for forward and swap contracts, which
are not regulated by the CFTC. Federal and state banking authorities also do not
regulate forward trading or forward dealers. In addition, the Registrant trades
on foreign commodity exchanges, which are not subject to regulation by any
United States government agency.

Operations

     A description of the business of the Registrant, including trading
approach, rights and obligations of the Unitholders, and compensation
arrangements is contained in the Prospectus under "Summary," "The Risks You
Face, " "Campbell & Company, Inc.," "Conflicts of Interest," and "Charges to the
Trust" and such description is incorporated herein by reference from the
Prospectus.

     The Registrant conducts its business in one industry segment, the
speculative trading of futures, forward and swap contracts. The Registrant is a
market participant in the "managed futures" industry. The managed futures
industry has grown substantially in the previous ten years. Market participants
include all types of investors, such as corporations, employee benefit plans,
individuals and foreign investors. Service providers of the managed futures
industry include (a) pool operators, which conduct and manage all aspects of
trading funds such as the Registrant (except trading decisions), (b) trading
advisors, which make the specific trading decisions, and (c) commodity brokers,
which execute and clear the trades pursuant to the instructions of the trading
advisor. The Registrant has no employees, and does not engage in the sale of
goods or services.

     The Registrant engages in financial instrument trading in approximately 50
financial instrument contracts on domestic and international markets. At
December 31, 2002, all of the Trust's assets were allocated to the Global
Diversified Large Portfolio which is concentrated in the financial markets such
as interest rates, foreign exchange and stock indices, as well as metals, energy
and agricultural. Beginning in January 2003, Campbell & Company began utilizing
its Financial, Metal and Energy Large Portfolio in trading the Registrant's
assets. The Financial, Metal and Energy Large Portfolio trades the same forward
and futures markets as the Global Diversified Large Portfolio, except it does
not trade the agricultural markets. As of March 2003, the Trust's assets are
allocated to the different market sectors in approximately the following manner:
55% to currencies, 15% to interest rates, 17% to stock indices, 11% to energy
products and 2% to metals. The contracts traded by the Registrant will fluctuate
from time to time.

     The Registrant may, in the future, experience increased competition for the
futures and other contracts in which it trades. Campbell & Company will
recommend similar or identical trades for other accounts under its management.
Such competition may also increase due to the widespread utilization of
computerized methods similar to those used by Campbell & Company.

ITEM 2.     PROPERTIES
            ----------

     The Registrant does not use any physical properties in the conduct of its
business. Its assets currently consist of futures and other contracts, cash and
U.S. Treasury Bills.

                                       2
<PAGE>
ITEM 3.     LEGAL PROCEEDINGS
            -----------------

     Campbell & Company is not aware of any material legal proceedings to which
the Registrant is a party or to which any of their assets are subject.

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
            ---------------------------------------------------
     None.

                                    PART II

ITEM 5.     MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
            -------------------------------------------------------------
            MATTERS
            -------

     Units of Beneficial Interest are not publicly traded. Units may be
transferred or redeemed subject to the conditions imposed by the Amended and
Restated Declaration of Trust and Trust Agreement. As of December 31, 2002,
there were 389 Unitholders in the Registrant and 29,214.940 Units of Beneficial
Interest outstanding.

     Campbell & Company has sole discretion in determining what distributions,
if any, the Registrant will make to its Unit holders. Campbell & Company has not
made any distributions as of the date hereof.

      The Registrant has no securities authorized for issuance under equity
compensation plans.

ITEM 6.     SELECTED FINANCIAL DATA
            -----------------------

     The following summarized financial information is for the years ended
December 31, 2002 and 2001, and for the period May 3, 2000 (inception) through
December 31, 2000.

<TABLE>
<CAPTION>
                                              For the Years          For the Period
                                                  Ended                   Ended
                                               December 31,            December 31
                                          2002            2001             2000
                                      -----------     -----------    --------------

<S>                                   <C>             <C>                <C>
Total Assets                          $34,524,465     $18,595,332        $2,000
Total Partners' Capital                32,854,478      18,515,681         2,000
Total Income (Loss)                     5,499,936        (258,882)            0
Net Income (Loss)                       3,761,201        (422,955)            0
Net Income (Loss) Per Managing
    Owner and Other Unitholder Unit*       161.99          (24.79)         0.00
Increase (Decrease) in Net Asset
    Value per Managing Owner and
    Other Unitholder Unit                  150.94          (26.36)         0.00
</TABLE>

The following summarized quarterly financial information presents the results of
operations for the three-month periods ending March 31, June 30, September 30
and December 31, 2002 and the three-month period from October 1 (inception of
trading) to December 31, 2001. There were no results of operations from the
period May 3, 2000 (formation of the Trust) to September 30, 2001.


                                       3
<PAGE>
<TABLE>
<CAPTION>
                                                                                           Period Ended
                               1st Qtr.      2nd Qtr.       3rd Qtr.        4th Qtr.       December 31,
                                 2002          2002           2002            2002              2001
                              ----------    ----------     ----------      ----------      ------------
<S>                           <C>           <C>               <C>             <C>              <C>
Gain (Loss) from
   Trading                    $(707,441)    $1,819,255     $4,737,557      $(733,302)       $(333,508)
Total Income (Loss)            (629,534)     1,903,968      4,854,136       (628,634)        (258,882)
Net Income (Loss)              (802,423)     1,692,027      3,741,136       (869,539)        (422,955)
Net Income (Loss)
   per Managing Owner
   and Other Unitholder
   Unit *                        (40.04)         75.69         152.82         (33.44)          (24.79)
Increase (Decrease) in
   Net Asset Value per
   Managing Owner and
   Other Unitholder Unit         (41.85)         70.66         151.34         (29.21)          (26.36)
Net Asset Value per
   Managing Owner and
   Other Unitholder Unit
   at the End of the Period      931.79       1,002.45       1,153.79       1,124.58           973.64
</TABLE>

* - Based on weighted average number of units outstanding during the period.


ITEM 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
            ---------------------------------------------------------------
            RESULTS OF OPERATIONS.
            ---------------------

Introduction

     The offering of its Units of Beneficial Interest commenced on May 15, 2001.
The initial offering terminated on September 28, 2001 and the Trust commenced
operations on October 1, 2001. The continuing offering period commenced at the
termination of the initial offering period and is ongoing.

Capital Resources

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

Liquidity

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



                                       4
<PAGE>

Results of Operations

The returns for the year ended December 31, 2002 and for the period October 1
(inception of trading) through December 31, 2001 were 15.50% and (2.64)%,
respectively. For the 2002 increase of 15.50%, approximately 22.09% was due to
trading gains (before commissions) and approximately 1.61% was due to interest
income, offset by approximately 8.20% due to brokerage fees, performance fees,
and operating and offering costs borne by the Trust. An analysis of the 22.09%
trading gain by sector is as follows:



SECTOR                                                  % GAIN (LOSS)
------                                                  -------------

Interest Rates                                             15.12%

Currencies                                                  5.81

Stock Indices                                               3.58

Agricultural                                                (.37)

Metals                                                      (.41)

Energy                                                     (1.64)
                                                           -----
                                                           22.09%
                                                           =====

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
independently of the equity and bond markets demonstrating the volatility
reducing effect of blending assets whose returns are largely uncorrelated.

April was one of the most difficult trading months since the Trust began
trading. The Trust ended the month down over 4.5%. The fixed income sector was
whip-lashed as hopes of imminent economic recovery sputtered causing the
majority of the trading losses for the month. Broad-based selling of the three
leading US equity indices put them at their lowest levels since October 2001 and
contributed to the Trust's losses for the month. The energy sector was battered
by reports of unfolding events in both Venezuela and the Middle East. Many areas
of concern remain including continued instability in the Middle East, weak
corporate earnings, continued revelations of corporate accounting issues, fear
of a collapse in the residential real estate market, high energy costs and a
growing federal budget deficit due to lower tax receipts.

The month of May finally provided some trending opportunities that the Trust was
able to profit from. The currencies and interest rates sectors provided the
gains for the month, but these were offset by losses in the


                                       5
<PAGE>

energy and stock indices sectors. While the equities markets remained nervous,
many alternative investment strategies, including managed futures, were able to
provide positive returns.

Strong performance in the month of June contributed to a positive second quarter
and more than made up for losses during the beginning of the year. All major US
equity indices made new cycle lows as domestic and international investor
confidence was battered by reports of scandalous corporate leadership conduct.
The long awaited US economic recovery looked sluggish at best. In this troubled
environment, the US dollar lost ground against most major trading partners,
while interest rate futures rose and stock indices declined. These three sectors
contributed significantly to the profits in June, while small losses were
recorded in the metals and energy sectors.

The Trust's positive performance continued in July posting similar numbers as
June. This was the third consecutive month of positive performance and was
mainly attributable to profits in short stock indices and long interest rate
positions. These gains were reduced by small negative performances in metals,
currencies and cross rates as the dollar strengthened against other major
currencies, again rising above parity with the Euro.

In August, the Trust recorded another month of positive performance with profits
in the interest rates, currencies, stock indices and energy sectors. Global
markets continued to respond to weak US economic data and concerns over
geopolitical developments. The much-anticipated US economic recovery continues
to be elusive, while economies in Europe and Japan appear to be stagnant. The
quickening pace of US plans to invade Iraq has aroused much international
criticism and concern, which impacted energy prices and investor confidence.

September was the fifth consecutive month of positive returns for the Trust as
traditional investment strategies continued to struggle. Profits were earned in
the stock indices, interest rates and energy sectors offset by losses in the
currencies sector. Further reports of corporate governance and accounting
failures, the possibility of an unpopular war in the Middle East, rising jobless
claims, disappointing earnings and a gloomy retail outlook were compounded by
high energy prices and systemic instability in Japan and Brazil. In this time of
global economic weakness and uncertainty, the Trust's ability to trade both the
long and short side of a diverse portfolio of international markets proved to be
a beneficial tool.

Many of the trends that had been so profitable for the Trust over the preceding
five months reversed during October, resulting in losses in interest rates,
equity indices and precious metals. The US dollar weakened on unfavorable Gross
Domestic Product news and caused losses in the currencies sector. US equities
surprised the market by turning their second best month since 1997. As the US
struggled with the United Nations over Iraq, energy prices sold off sharply
making this the Trust's worst performing sector in October.

In October and November, US equity prices rose at a faster pace than any time
since 1997. Over this same period, the Trust was defensively positioned against
a reversal of the major trends that were profitable this year, leaving
year-to-date gains in the double digits. Performance for November was marginally
negative, with gains in currencies offset by losses in interest rates, stock
indices and energy.

The Trust recorded a strong positive performance in December and for the year.
The Trust's core strategy of systematic, diversified trend-following again
demonstrated the ability to outperform most other strategies in times of
economic weakness and uncertainty. The ability to short markets enabled the
Trust to profit as global markets suffered their third consecutive negative
year. Profits were generated in interest rates, currencies and equities, while
losses occurred in energy, industrial metals and agricultural sectors.

2001


The return for the period October 1 (inception of trading) through December 31,
2001 was (2.64%). For the 2001 decrease of (2.64%), approximately (1.90%) was
due to trading losses (before commissions) and

                                       6
<PAGE>

approximately .43% was due to interest income, offset by approximately 1.17% due
to brokerage fees, performance fees, and operating and offering costs borne by
the Trust. An analysis of the (1.90%) trading loss by sector is as follows:



SECTOR                                                  % GAIN (LOSS)
------                                                  -------------

Currencies                                                   4.04%

Interest Rates                                              (4.20)

Stock Indices                                               (2.03)

Metals                                                       (.51)

Energy                                                       1.02

Agricultural                                                 (.22)
                                                            -----
                                                            (1.90%)
                                                            =====



As the United States began to recover from the September 11th disaster, the
country demonstrated unity and fortitude in the most challenging of
circumstances. The Trust was positive during the month of October. The positive
performance was led by interest rates, which were strong throughout the month
and helped by the U.S. Treasury's announcement of the ending of the issuance of
30-year bonds. The energy and industrial metals sectors were also positive.
These gains were partly offset by losses in the currency and stock indices
sectors. In November, a sharp and totally unexpected increase in global interest
rates resulted in a large decline for the Trust. While statistically losses of
this magnitude can occur, the speed of this loss caught the Trust's trading
advisor by surprise. The continuing decline in U.S. interest rates initially
accelerated after the U.S. Treasury announced it would stop issuing 30-year
Treasury Bonds. However, with good news from Afghanistan, a sharp decline in
energy prices, and a totally unexpected increase in retail sales for October,
market sentiment changed abruptly. Equity prices rallied and interest rate
instruments declined across the entire yield curve, all over the world. The
Trust rebounded with a positive return in December. The majority of the gain for
the month was made in currencies, primarily in the Japanese Yen. These gains
were offset by losses in the interest rate sectors. 2001 will unfortunately be
remembered as a year that brought pain and devastation to so many.


Off-Balance Sheet Risk

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

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


                                       7
<PAGE>

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 7A. 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 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



                                       8
<PAGE>

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

     The following tables indicate the trading Value at Risk associated with the
Trust's open positions by market category as of December 31, 2002 and 2001 and
the trading gains/losses by market category for the year ended December 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 December 31, 2002 and 2001, the
Trust's total capitalization was approximately $32.9 million and $18.5 million.
As of December 31, 2000, the Trust had not begun trading; therefore, there were
no open positions or Value at Risk.



                                       9
<PAGE>

                                DECEMBER 31, 2002
                                -----------------

                                               % OF TOTAL             TRADING
MARKET SECTOR           VALUE AT RISK        CAPITALIZATION*       GAIN/(LOSS)**
-------------           -------------        ---------------       -------------

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%
                         ==========              ====                 =====

* - 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 by approximately 8.20% due to brokerage fees,
performance fees and operating and offering costs borne by the Trust.

                                DECEMBER 31, 2001
                                -----------------

                                             % OF TOTAL               TRADING
MARKET SECTOR           VALUE AT RISK      CAPITALIZATION           GAIN/(LOSS)*
-------------           -------------      ---------------        -------------

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%)
                          ==========           ====                   =====


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


Material Limitations on Value at Risk as an Assessment of Market Risk

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



                                       10
<PAGE>

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
December 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
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 limited to futures on broadly based
indices. As of December 31, 2002, the Trust's primary exposures were in the FTSE
(U.K.), Nikkei (Japan), Hang Seng (Hong Kong), IBEX (Spain), Euro



                                       11

<PAGE>

STOXX 50, and DAX (Germany) 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 December 31, 2002, natural gas, crude oil and unleaded
gas are the dominant energy market exposures of the Trust. Oil and gas prices
can be volatile and substantial profits and losses have been and are expected to
continue to be experienced in this market.

Metals
------

     The Trust's metals market exposure is to fluctuations in the price of
aluminum, copper, gold, nickel and zinc. The risk allocation to the metal sector
has not exceeded 5% of the Trust's portfolio during 2002.

Agricultural
------------

     During 2002, the Trust's agricultural exposure was to wheat, corn, coffee
and cotton. The risk allocation to the agricultural sector was approximately 6%
of the Trust's portfolio. Beginning in January 2003, the Trust will no longer
trade agricultural contracts.


QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

     The following were the only non-trading risk exposures of the Trust as of
December 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.


                                       12
<PAGE>

     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 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
            -------------------------------------------

     Financial statements meeting the requirements of Regulation S-X appear
beginning on Page 20 of this report. The supplementary financial information
specified by Item 302 of Regulation S-K is included in Item 6. Selected
Financial Data.

ITEM 9.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
            ---------------------------------------------------------------
            FINANCIAL DISCLOSURE
            --------------------

     None.

                                     PART III

ITEM 10.    DIRECTORS AND OFFICERS OF THE REGISTRANT
            ----------------------------------------

     The Registrant has no directors or executive officers. The Registrant has
no employees. It is managed by Campbell & Company in its capacity as managing
owner. Campbell & Company has been registered as a commodity pool operator (CPO)
since September 1982. Its main business address is 210 West Pennsylvania Avenue,
Towson, Maryland 21204, (410) 296-3301. Campbell & Company's directors and
executive officers are as follows:

THERESA D. BECKS, born in 1963, joined Campbell & Company in 1991 and serves as
the CHIEF FINANCIAL OFFICER, SECRETARY, TREASURER, and a DIRECTOR. In addition
to her role as CFO, Ms. Becks also oversees administration and compliance. Ms.
Becks is currently a member of the Board of Directors of the Managed Funds
Association. From December 1987 to June 1991, she was employed by Bank of
Maryland Corporation, a publicly held company, as a Vice President and Chief
Financial Officer. Prior to that time, she worked with Ernst & Young. Ms. Becks
is a C.P.A. and has a B.S. in Accounting from the University of Delaware. Ms.
Becks is an Associated Person of Campbell & Company.

RICHARD M. BELL, born in 1952, began his employment with Campbell & Company in
May 1990 and serves as a SENIOR VICE PRESIDENT - TRADING. His duties include
managing daily trade execution for the assets under Campbell's management. From
September 1986 through May 1990, Mr. Bell was the managing general partner of
several partnerships registered as broker-dealers involved in market making on
the floor of the Philadelphia Stock Exchange ("PHLX") and Philadelphia Board of
Trade ("PBOT"). From July 1975 through September 1986, Mr. Bell was a
stockholder and Executive Vice-President of Tague Securities, Inc., a registered
broker-dealer. Mr. Bell graduated from Lehigh University with a B.S. in Finance.
Mr. Bell is an Associated Person of Campbell & Company.

D. KEITH CAMPBELL, born in 1942, has served as the CHAIRMAN OF THE BOARD OF
DIRECTORS of Campbell & Company since it began operations, was President until
January 1, 1994, and Chief Executive Officer until January 1, 1998. Mr. Campbell
is the majority stockholder. From 1971 through June 1978, he was a registered
representative of a futures commission merchant. Mr. Campbell has acted as a
commodity


                                       13
<PAGE>

trading advisor since January 1972 when, as general partner of the
Campbell Fund, a limited partnership engaged in commodity futures trading, he
assumed sole responsibility for trading decisions made on behalf of the Fund.
Since then, he has applied various technical trading models to numerous
discretionary futures trading accounts. Mr. Campbell is registered with the CFTC
and NFA as a commodity pool operator. Mr. Campbell is an Associated Person of
Campbell & Company.

WILLIAM C. CLARKE, III, born in 1951, joined Campbell & Company in June 1977 and
serves as an EXECUTIVE VICE PRESIDENT and DIRECTOR. Mr. Clarke holds a B.S. in
Finance from Lehigh University where he graduated in 1973. Mr. Clarke currently
oversees all aspects of research, which involves the development of proprietary
trading models and portfolio management methods. Mr. Clarke is an Associated
Person of Campbell & Company.

BRUCE L. CLELAND, born in 1947, joined Campbell & Company in January 1993 and
presently serves as PRESIDENT, CHIEF EXECUTIVE OFFICER and a DIRECTOR. Mr.
Cleland has worked in the international derivatives industry since 1973, and has
owned and managed firms engaged in global clearing, floor brokerage, trading,
and portfolio management. Mr. Cleland previously served as a member of the Board
of Directors of the Managed Funds Association, and has previously served as a
member of the Board of Governors of the COMEX, in New York. Mr. Cleland is a
graduate of Victoria University in Wellington, New Zealand where he earned a
Bachelor of Commerce and Administration degree. Mr. Cleland is an Associated
Person of Campbell & Company.

PHIL LINDNER, born in 1954, serves as VICE PRESIDENT - INFORMATION TECHNOLOGY.
He has been employed by Campbell & Company since October 1994 and was appointed
the IT Director in March 1996 and Vice President in January 1998. Prior to
joining Campbell & Company, Mr. Lindner worked as a programmer and manager for
Amtote, a provider of race track computer systems.

JAMES M. LITTLE, born in 1946, joined Campbell & Company in April 1990 and
serves as EXECUTIVE VICE PRESIDENT - BUSINESS DEVELOPMENT and a DIRECTOR. Mr.
Little holds a B.S. in Economics and Psychology from Purdue University. From
March 1989 through April 1990, Mr. Little was a registered representative of
A.G. Edwards & Sons, Inc. From January 1984 through March 1989, he was the Chief
Executive Officer of James Little & Associates, Inc., a registered commodity
pool operator and registered broker-dealer. Mr. Little is the co-author of THE
HANDBOOK OF FINANCIAL FUTURES, and is a frequent contributor to investment
industry publications. Mr. Little is an Associated Person of Campbell & Company.

C. DOUGLAS YORK, born in 1958, has been employed by Campbell & Company since
November 1992 and serves as a SENIOR VICE PRESIDENT - TRADING. His duties
include managing daily trade execution for the assets under Campbell & Company's
management. From January 1991 to November 1992, Mr. York was the Global Foreign
Exchange Manager for Black & Decker. He holds a B.A. in Government from Franklin
and Marshall College. Mr. York is an Associated Person of Campbell & Company.

There has never been a material administrative, civil or criminal action brought
against Campbell & Company or any of its directors, executive officers,
promoters or control persons.

     No Forms 3, 4, or 5 have been furnished to the Registrant since inception.
To the best of the Registrant's knowledge, no such forms have been or are
required to be filed.

ITEM 11.    EXECUTIVE COMPENSATION
            ----------------------

     The Registrant is managed by its managing owner, Campbell & Company.
Campbell & Company receives from the Registrant a Brokerage Fee equal to up to
3.5% of the Registrant's month-end Net Assets per year. From such 3.5% Brokerage
Fee, Campbell & Company remits up to .65% to the futures broker for execution
and clearing costs, and .35% to the broker-dealers which engaged in the
distribution of the Units in return for ongoing services to the Unitholders.
Campbell & Company retains the remaining 2.5% as management fees (2% for
providing advisory fees and .5% for acting as managing owner). Campbell &
Company also receives a performance fee of 20% of the aggregate cumulative
appreciation (if any) in Net Asset Value per unit at the end of each calendar
quarter, exclusive of the appreciation attributable to interest income.



                                       14
<PAGE>

ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
            --------------------------------------------------------------
            AND RELATED STOCKHOLDER MATTERS
            -------------------------------


       (a)  Security Ownership of Certain Beneficial Owners. As of December
            31, 2002, no Units of Beneficial Interest are owned or held by an
            officer of Campbell & Company. As of December 31, 2002, the
            following beneficial owners owned more than five percent of the
            Units:


<TABLE>
<CAPTION>
                     Name of Beneficial             Number of Units       Percentage of
                            Owner                        Owned                Trust
                     ------------------             ---------------       -------------
<S>                                                 <C>                   <C>

            Campbell & Company, Inc. 401(k) Plan       7,946.392             27.20%
            Campbell & Company, Inc.                   6,000.000             20.54%
</TABLE>

       (b)  Security Ownership of Management. As of December 31, 2002,
            Campbell & Company owned 6,000.000 Units of Managing Owner
            Interest having a value of $6,747,480. Units of Managing Owner
            Interest will always be owned by Campbell & Company in its
            capacity as managing owner.

ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
            ----------------------------------------------

     See Item 11, Executive Compensation and Item 12, Security Ownership of
Certain Beneficial Owners and Management.

ITEM 14.    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 annual 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.


                                     PART IV

ITEM 15.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
            ----------------------------------------------------------------

       (a)  The Following documents are filed as part of this report:


               (1)  See Financial Statements beginning on page 20 hereof.

               (2)  Schedules:

                    Financial statement schedules have been omitted because they
                    are not included in the financial statements or notes hereto
                    applicable or because equivalent information has been
                    included in the financial statements or notes thereto.

               (3)  Exhibits


                                       15

<PAGE>

Exhibit Number                      Description of Document
--------------                      -----------------------

     1.01         Selling Agreement among the Registrant, Campbell & Company,
                  PaineWebber Incorporated and the Selling Agent.
                  (Incorporated by reference to the respective exhibit to the
                  Pre-Effective Amendment No. 2 to the Registrant's
                  Registration Statement on Form S-1 (No. 333-37548) filed on
                  February 26, 2001).

     1.02         Additional Selling Agreement among the Registrant, Campbell
                  & Company and the Additional Selling Agent. (Incorporated by
                  reference to the respective exhibit to the Pre-Effective
                  Amendment No. 2 to the Registrant's Registration Statement
                  on Form S-1 (No. 333-37548) filed on February 26, 2001).

     3.01         Declaration of Trust and Trust Agreement of the Registrant
                  dated May 1, 2000. (Incorporated by reference to the
                  respective exhibit to the Registrant's Registration
                  Statement on Form S-1 (No. 333-37548) filed on May 22,
                  2000).

     3.02         Certificate of Trust of the Registrant. (Incorporated by
                  reference to the respective exhibit to the Pre-Effective
                  Amendment No. 1 to the Registrant's Registration Statement
                  on Form S-1 (No. 333-37548) filed on November 9, 2000).

     3.03         Amended and Restated Declaration of Trust and Trust
                  Agreement of the Registrant. (Incorporated by reference to
                  the respective exhibit to the Registrant's Registration
                  Statement on Post-Effective Amendment No. 1 to Form S-1 (No.
                  333-74014) filed on December 12, 2002).

    10.01         Customer Agreement between the Registrant and Paine Webber
                  Incorporated. (Incorporated by reference to the respective
                  exhibit to the Pre-Effective Amendment No. 2 to the
                  Registrant's Registration Statement on Form S-1 (No.
                  333-37548) filed on February 26, 2001).

    10.02         Subscription Agreement and Power of Attorney. (Incorporated
                  by reference to the respective exhibit to the Registrant's
                  Registration Statement on Post-Effective Amendment No. 1 to
                  Form S-1 (No. 333-74014) filed on December 12, 2002).

    10.03         Escrow Agreement between the Registrant and Mercantile Safe
                  Deposit & Trust Company. (Incorporated by reference to the
                  respective exhibit to the Pre-Effective Amendment No. 2 to
                  the Registrant's Registration Statement on Form S-1 (No.
                  333-37548) filed on February 26, 2001).

    10.04         International Swap Dealers Association, Inc. Master
                  Agreement between the Registrant and ABN AMRO Bank, N.V.,
                  Chicago Branch. (Incorporated by reference to the respective
                  exhibit to the Registrant's Registration Statement on
                  Post-Effective Amendment No. 1 to Form S-1 (No. 333-74014)
                  filed on December 12, 2002).

    10.05         International Swap Dealers Association, Inc. Master
                  Agreement between the Registrant and Deutsche Bank AG.
                  (Incorporated by reference to the respective exhibit to the
                  Pre-Effective Amendment No. 2 to the Registrant's
                  Registration Statement on Form S-1 (No. 333-37548) filed on
                  February 26, 2001.)

    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.


(b) Reports on Form 8-K

    None.




                                  16

<PAGE>
                                   SIGNATURES



     Pursuant to the requirements of Section 13 or 15(d) 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 on March 28, 2003.



                                 CAMPBELL ALTERNATIVE ASSET TRUST

                                 By: CAMPBELL & COMPANY, INC.
                                     Managing Owner



                                 By: /s/ Theresa D. Becks
                                     -----------------------------------------
                                     Theresa D. Becks
                                     Chief Financial Officer, Secretary,
                                     Treasurer and Director



     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant in the capacities indicated on March 28, 2003.



            Signature                 Capacity
            ---------                 --------


/s/ D. Keith Campbell                 Chairman of the Board
--------------------------------
 D.Keith Campbell


/s/ William C. Clarke, III            Executive Vice President and Director
--------------------------------
William C. Clarke, III


/s/ Bruce L. Cleland                  President, Chief Executive Officer
--------------------------------      and Director
Bruce L. Cleland


/s/ Theresa D. Becks                  Chief Financial Officer,  Secretary,
--------------------------------
Theresa D. Becks
Treasurer and Director


/s/ James M. Little                   Executive Vice President and Director
--------------------------------
James M. Little



                                       17
<PAGE>

                                  CERTIFICATION

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

1.   I have reviewed this annual report on Form 10-K of the Trust;

2.   Based on my knowledge, this annual 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 annual report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this annual 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 annual report;

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

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

     (iii) presented in this annual 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 annual
     report whether there were significant changes in internal controls or in
     other factors that could significantly affect internal controls subsequent
     to the date of our most recent evaluation, including any corrective actions
     with regard to significant deficiencies and material weaknesses.


                                               By: /s/ Bruce L. Cleland
                                                   -----------------------------
                                                   Bruce L. Cleland
                                                   Chief Executive Officer
                                                   March 28, 2003



                                       18
<PAGE>

                                  CERTIFICATION


I, Theresa D. Becks, Chief Financial Officer of Campbell & Company, Inc., the
managing owner of Campbell Alternative Asset Trust (the "Trust"), certify that:

1.   I have reviewed this annual report on Form 10-K of the Trust;

2.   Based on my knowledge, this annual 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 annual report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this annual 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 annual report;

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

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

     (iii) presented in this annual 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 annual
     report whether there were significant changes in internal controls or in
     other factors that could significantly affect internal controls subsequent
     to the date of our most recent evaluation, including any corrective actions
     with regard to significant deficiencies and material weaknesses.


                                              By: /s/ Theresa D. Becks
                                                  ------------------------------
                                                  Theresa D. Becks
                                                  Chief Financial Officer
                                                  March 28, 2003


                                       19
<PAGE>

















                        CAMPBELL ALTERNATIVE ASSET TRUST

                                  ANNUAL REPORT

                                December 31, 2002























                                       20
<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST


                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                         PAGES
                                                                         -----
<S>                                                                       <C>
Independent Auditor's Report                                              22

Financial Statements

    Statements of Financial Condition
       December 31, 2002 and 2001                                         23

    Condensed Schedule of Investments
       December 31, 2002                                                  24

    Statements of Operations For the Years Ended
       December 31, 2002 and 2001 and For the
       Period May 3, 2000 (inception) to December 31, 2000                25

    Statements of Cash Flows For the Years Ended
       December 31, 2002 and 2001 and For the
       Period May 3, 2000 (inception) to December 31, 2000                26

    Statements of Changes in Unitholders' Capital (Net Asset Value)
       For the Years Ended December 31, 2002 and 2001 and For the
       Period May 3, 2000 (inception) to December 31, 2000                27

    Notes to Financial Statements                                         28 - 33

</TABLE>





                                       21
<PAGE>

                    ARTHUR F. BELL, JR. & ASSOCIATES, L.L.C.
                          CERTIFIED PUBLIC ACCOUNTANTS
                                 (410) 771-0001
                               FAX (410) 785-9784
                                  www.afb-a.com


<TABLE>
<S>                                                                                           <C>
Member:

American Institute of Certified Public Accountants                                                                Suite 200

    SEC Practice Section                                                                           201 International Circle

Maryland Association of Certified Public Accountants                                           Hunt Valley, Maryland  21030

</TABLE>


                          INDEPENDENT AUDITOR'S REPORT


To the Unitholders
Campbell Alternative Asset Trust


We have audited the accompanying statements of financial condition of Campbell
Alternative Asset Trust as of December 31, 2002 and 2001, including the December
31, 2002 condensed schedule of investments, and the related statements of
operations, cash flows and changes in unitholders' capital (net asset value) for
the years ended December 31, 2002 and 2001 and for the period May 3, 2000
(inception) to December 31, 2000. These financial statements are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Campbell Alternative Asset
Trust as of December 31, 2002 and 2001, and the results of its operations and
the changes in its net asset values for the years ended December 31, 2002 and
2001 and for the period May 3, 2000 (inception) to December 31, 2000, in
conformity with accounting principles generally accepted in the United States of
America.






/s/ Arthur F. Bell, Jr. & Associates, L.L.C.



Hunt Valley, Maryland
January 20, 2003



                                       22
<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                        STATEMENTS OF FINANCIAL CONDITION
                           December 31, 2002 and 2001



<TABLE>
<CAPTION>
                                                                              2002                     2001

                                                                              ----                     ----
<S>                                                                       <C>                      <C>
ASSETS
    Equity in broker trading accounts
       Cash                                                               $  1,776,218             $    712,721
       United States government securities                                  15,979,020                8,484,712
       Unrealized gain (loss) on open futures contracts                        396,978                  (54,659)
                                                                          ------------             ------------

              Deposits with broker                                          18,152,216                9,142,774

    Cash                                                                     8,288,433                8,076,399
    Unrealized gain on open forward contracts                                  371,462                  862,088
    Subscriptions receivable                                                 7,712,354                  514,071
                                                                          ------------             ------------

              Total assets                                                $ 34,524,465             $ 18,595,332
                                                                          ============             ============

LIABILITIES
    Accounts payable                                                      $     22,026             $     17,678
    Brokerage fee                                                               66,966                   48,556
    Offering costs payable                                                      19,170                   13,417
    Redemptions payable                                                      1,561,825                        0
                                                                          ------------             ------------

              Total liabilities                                              1,669,987                   79,651
                                                                          ------------             ------------

UNITHOLDERS' CAPITAL (NET ASSET VALUE)
    Managing Owner -- 6,000.000 units
       outstanding at December 31, 2002 and 2001                             6,747,480                5,841,866
    Other Unitholders -- 23,214.940 and 13,016.882 units
       outstanding at December 31, 2002 and 2001                            26,106,998               12,673,815
                                                                          ------------             ------------

              Total unitholders' capital
                  (Net Asset Value)                                         32,854,478               18,515,681
                                                                          ------------             ------------

                                                                          $ 34,524,465             $ 18,595,332
                                                                          ============             ============
</TABLE>



                             See accompanying notes.

                                       23
<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                                December 31, 2002



<TABLE>
<CAPTION>

UNITED STATES GOVERNMENT SECURITIES
-----------------------------------
                                                                                                               % of Net
            FACE VALUE       DESCRIPTION                                                        Value         Asset Value
            ----------       -----------                                                     -----------      -----------
<S>                          <C>                                                             <C>               <C>
           $14,000,000       U.S. Treasury Bills, 2/6/03                                     $13,983,252         42.56 %
           $ 2,000,000       U.S. Treasury Bills, 3/6/03                                       1,995,768          6.08 %
                                                                                             -----------       ---------
                             TOTAL UNITED STATES GOVERNMENT SECURITIES
                                 (COST, INCLUDING ACCRUED INTEREST, - $15,979,020)           $15,979,020         48.64 %
                                                                                             ===========       =========


LONG FUTURES CONTRACTS
----------------------
                                                                                                               % of Net
                             DESCRIPTION                                                        Value         Asset Value
                             -----------                                                     ----------       ------------
                             Agricultural                                                    $      965           0.00 %
                             Energy                                                             (60,404)         (0.18)%
                             Metals                                                              70,879           0.21 %
                             Stock index                                                        (10,598)         (0.03)%
                             Short-term interest rates                                          118,147           0.36 %
                             Long-term interest rates                                           184,074           0.56 %
                                                                                            -----------       ---------
                             TOTAL LONG FUTURES CONTRACTS                                      $303,063           0.92 %
                                                                                            -----------       ---------


SHORT FUTURES CONTRACTS
-----------------------
                                                                                                               % of Net
                             DESCRIPTION                                                        Value         Asset Value
                             -----------                                                     ----------       ------------
                             Agricultural                                                    $   58,013           0.18 %
                             Metals                                                               1,727           0.01 %
                             Stock index                                                         34,175           0.10 %
                                                                                             ----------        ---------
                             TOTAL SHORT FUTURES CONTRACTS                                   $   93,915           0.29 %
                                                                                             ----------        ---------
                             TOTAL FUTURES CONTRACTS                                         $  396,978           1.21 %
                                                                                             ==========        =========


LONG FORWARD CURRENCY CONTRACTS
-------------------------------

                                                                                                               % of Net
                             DESCRIPTION                                                        Value         Asset Value
                             -----------                                                     ----------       ------------
                             Various long forward currency contracts                         $2,179,219          6.63 %
                                                                                             ----------        --------



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

                             Various short forward currency contracts                        $(1,807,757)       (5.50)%
                                                                                             -----------       --------
                             TOTAL FORWARD CONTRACTS                                         $   371,462         1.13 %
                                                                                             ===========       ========
</TABLE>


                             See accompanying notes.

                                      24
<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                            STATEMENTS OF OPERATIONS
               For the Years Ended December 31, 2002 and 2001 and
           For the Period May 3, 2000 (inception) to December 31, 2000


<TABLE>
<CAPTION>
                                                                                 Year Ended
                                                                                December 31,              Period Ended
                                                                       ------------------------------     December 31,
                                                                           2002              2001             2000
                                                                       -----------        -----------     -------------
<S>                                                                    <C>                <C>              <C>
INCOME
    Futures trading gains (losses)
       Realized                                                        $ 3,372,098        $  (957,880)     $      0
       Change in unrealized                                                451,637            (54,659)            0
                                                                       -----------        -----------      --------

              Gain (loss) from futures trading                           3,823,735         (1,012,539)            0
                                                                       -----------        -----------      --------

    Forward trading gains (losses)
       Realized                                                          1,782,960           (183,057)            0
       Change in unrealized                                               (490,626)           862,088             0
                                                                       -----------        -----------      --------

              Gain from forward trading                                  1,292,334            679,031             0
                                                                       -----------        -----------      --------

    Interest income                                                        383,867             74,626             0
                                                                       -----------        -----------      --------

              Total income (loss)                                        5,499,936           (258,882)            0
                                                                       -----------        -----------      --------

EXPENSES
    Brokerage fee                                                          810,812            144,115             0
    Performance fee                                                        870,160                198             0
    Operating expenses                                                      57,763             19,760             0
                                                                       -----------        -----------      --------

              Total expenses                                             1,738,735            164,073             0
                                                                       -----------        -----------      --------

              NET INCOME (LOSS)                                        $ 3,761,201        $  (422,955)     $      0
                                                                       ===========        ===========      ========

NET INCOME (LOSS) PER MANAGING OWNER
    AND OTHER UNITHOLDER UNIT
       (based on weighted average number
       of units outstanding during the period)                         $    161.99        $    (24.79)     $   0.00
                                                                       ===========        ===========      ========

INCREASE (DECREASE) IN NET ASSET VALUE
    PER MANAGING OWNER AND
    OTHER UNITHOLDER UNIT                                              $    150.94        $    (26.36)     $   0.00
                                                                       ===========        ===========      ========
</TABLE>





                             See accompanying notes.

                                       25
<PAGE>
                        CAMPBELL ALTERNATIVE ASSET TRUST
                            STATEMENTS OF CASH FLOWS
               For the Years Ended December 31, 2002 and 2001 and
           For the Period May 3, 2000 (inception) to December 31, 2000


<TABLE>
<CAPTION>
                                                                            Year Ended                  Period Ended
                                                                            December 31,                 December 31,
                                                                        2002              2001               2000
                                                                   ------------      -------------     ---------------
<S>                                                                <C>               <C>               <C>
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
   Net income (loss)                                               $  3,761,201      $   (422,955)     $          0
      Adjustments to reconcile net income (loss)
         to net cash (for) operating activities
             Net change in unrealized                                    38,989          (807,429)                0
             Increase in accounts payable and
                accrued expenses                                         22,758            66,234                 0
             Net (purchases) of investments
                in United States government securities               (7,494,308)       (8,484,712)                0
                                                                   ------------      ------------      ------------
                   Net cash (for) operating activities               (3,671,360)       (9,648,862)                0
                                                                   ------------      ------------      ------------
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
   Addition of units                                                 20,154,920        18,994,488             2,000
   Increase in subscriptions receivable                              (7,198,283)         (514,071)                0
   Redemption of units                                               (9,359,119)          (19,822)                0
   Increase in redemptions payable                                    1,561,825                 0                 0
   Offering costs charged                                              (218,205)          (38,030)                0
   Increase in offering costs payable                                     5,753            13,417                 0
                                                                   ------------      ------------      ------------

                   Net cash from financing activities                 4,946,891        18,435,982             2,000
                                                                   ------------      ------------      ------------

Net increase in cash                                                  1,275,531         8,787,120             2,000

CASH
   Beginning of period                                                8,789,120             2,000                 0
                                                                   ------------      ------------      ------------

   End of period                                                   $ 10,064,651      $  8,789,120      $      2,000
                                                                   ============      ============      ============

End of period cash consists of:
   Cash in broker trading accounts                                 $  1,776,218      $    712,721      $          0
   Cash                                                               8,288,433         8,076,399             2,000
                                                                   ------------      ------------      ------------

                   Total end of period cash                        $ 10,064,651      $  8,789,120      $      2,000
                                                                   ============      ============      ============

</TABLE>


                             See accompanying notes.

                                       26
<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
         STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)
               For the Years Ended December 31, 2002 and 2001 and
           For the Period May 3, 2000 (inception) to December 31, 2000




<TABLE>
<CAPTION>
                                                                  UNITHOLDERS' CAPITAL
                                 ------------------------------------------------------------------------------------------
                                     MANAGING OWNER                OTHER UNITHOLDERS                       TOTAL
                                 ------------------------      --------------------------       ---------------------------
                                   UNITS           AMOUNT          UNITS          AMOUNT           UNITS            AMOUNT
                                 ---------    -----------      ----------      ----------       ----------       ----------
<S>                                  <C>         <C>           <C>            <C>               <C>             <C>
Balances at
    May 3, 2000 (inception)          0.000       $      0           0.000     $         0            0.000      $         0

Additions                            2.000          2,000           0.000               0            2.000            2,000
                                 ---------    -----------      ----------      ----------       ----------       ----------
Balances at
    December 31, 2000                2.000          2,000           0.000               0            2.000            2,000

Additions                        5,998.000      5,998,000      13,035.882      12,996,488       19,033.882       18,994,488

Net (loss) for the year
    ended December 31, 2001                      (144,735)                       (278,220)                         (422,955)

Redemptions                          0.000              0         (19.000)        (19,822)         (19.000)         (19,822)

Offering costs                                    (13,399)                        (24,631)                          (38,030)
                                 ---------      ---------      ----------      ----------       ----------       ----------

Balances at
    December 31, 2001            6,000.000      5,841,866      13,016.882      12,673,815       19,016.882       18,515,681

Net income for the year
    ended December 31, 2002                       961,603                       2,799,598                         3,761,201

Additions                            0.000              0      18,767.321      20,154,920       18,767.321       20,154,920

Redemptions                          0.000              0      (8,569.263)     (9,359,119)      (8,569.263)      (9,359,119)

Offering costs                                    (55,989)                       (162,216)                         (218,205)
                                 ---------      ---------      ----------      ----------       ----------       ----------
Balances at
    December 31, 2002            6,000.000     $6,747,480      23,214.940     $26,106,998       29,214.940      $32,854,478
                                 =========    ===========      ==========     ===========       ==========      ===========


<CAPTION>

                                             NET ASSET VALUE PER MANAGING OWNER AND OTHER UNITHOLDER UNIT

                                                                     December 31,
                                                          2002           2001           2000
                                                        ---------      -------       ---------
<S>                                                    <C>             <C>           <C>
                                                        $1,124.58      $973.64       $1,000.00
                                                        =========      =======       =========
</TABLE>
                            See accompanying notes.

                                       27

<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                          NOTES TO FINANCIAL STATEMENTS


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.

               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.

          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.



                                       28


<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)


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

          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.

          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. The Trust is only liable
               for payment of offering costs on a monthly basis. At December 31,
               2002, the Trust reflects a liability in the statement of
               financial condition for offering costs payable to Campbell &
               Company of $19,170. The amount of monthly reimbursement due to
               Campbell & Company is charged directly to unitholders' capital.

               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 December 31,
               2002, the amount of unreimbursed offering costs incurred by
               Campbell & Company is $1,170,797.

          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.



                                       29
<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)


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

          The Trust pays a monthly brokerage fee of 1/12 of 2.85% (2.85%
          annualized) of month-end net assets to Campbell & Company and $10 per
          round turn to the broker for execution and clearing costs. Such costs
          are limited to 3.5% of average month-end net assets per year. From the
          2.85% fee, a portion (0.35%) is used to compensate selling agents for
          administrative services and a portion (2.5%) is retained by Campbell &
          Company for trading and management services rendered. During 2002 and
          2001, the amounts paid directly to the broker were $119,832 and
          $23,691 respectively.

          Campbell & Company is also paid a performance fee equal to 20% of New
          Appreciation (as defined) calculated as of the end of each calendar
          quarter and upon redemption of Units.

Note 3.   TRUSTEE
          -------

          The trustee of the Trust is Wachovia Trust Company, National
          Association (formerly known as 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
          December 31, 2002 represent subscriptions from the Campbell & Company,
          Inc. 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.



                                       30

<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)


Note 7.   TRADING ACTIVITIES AND RELATED RISKS
          ------------------------------------

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

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

          The amount of required margin and good faith deposits with the broker
          and interbank market makers usually range from 10% to 30% of Net Asset
          Value. The market value of securities held by the broker at December
          31, 2002 and 2001 was $15,979,020 and $8,484,712, respectively, which
          equals 49% and 46% of Net Asset Value, respectively. The cash
          deposited with interbank market makers at December 31, 2002 and 2001
          was $8,287,188 and $6,996,592, respectively, which equals 25% and 38%
          of Net Asset Value, respectively. These amounts are included in cash.

          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.


                                       31

<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)


Note 7.   TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)
          ------------------------------------------------

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

<TABLE>
<CAPTION>
                                                         Futures Contracts                  Forward Contracts
                                                         (exchange traded)                (non-exchange traded)
                                                           December 31,                       December 31,
                                                      2002              2001              2002             2001
                                                      ----              ----              ----             ----
<S>                                                <C>               <C>              <C>                <C>
                Gross unrealized gains             $   573,482       $   151,022      $ 2,292,568        $1,016,908
                Gross unrealized losses               (176,504)         (205,681)      (1,921,106)         (154,820)
                                                   -----------       -----------      -----------        ----------

                Net unrealized gain (loss)         $   396,978       $   (54,659)     $   371,462        $  862,088
                                                   ===========       ===========      ===========        ==========
</TABLE>


          Open contracts generally mature within three months; as of December
          31, 2002, the latest maturity date for open futures contracts is
          September 2003, and the latest maturity date for open forward
          contracts is March 2003. 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.








                                       32
<PAGE>

                        CAMPBELL ALTERNATIVE ASSET TRUST
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)


Note 8.   FINANCIAL HIGHLIGHTS
          --------------------

          The following information presents per unit operating performance data
          and other supplemental financial data for the year ended December 31,
          2002 and for the period October 1, 2001 (commencement of trading) to
          December 31, 2001. This information has been derived from information
          presented in the financial statements.

<TABLE>
<CAPTION>
                                                                                           Year Ended       Period Ended
                                                                                          December 31,      December 31,
                                                                                              2002              2001
                                                                                           ---------        ----------
<S>                                                                                        <C>              <C>
           PER UNIT PERFORMANCE
           (for a unit outstanding throughout the entire period)
           -----------------------------------------------------

           Net asset value per unit at beginning of period                                 $  973.64        $ 1,000.00
                                                                                           ---------        ----------
           Income (loss) from operations:

                  Net realized and change in unrealized gain (loss) from trading (2), (3)     213.53            (20.28)
                  Expenses net of interest income (1), (3)                                    (53.19)            (3.85)
                                                                                           ---------        ----------
                         Total gain (loss) from operations                                    160.34            (24.13)
                                                                                           ---------        ----------
           Offering costs (3)                                                                  (9.40)            (2.23)
                                                                                           ---------        ----------
           Net asset value per unit at end of period                                       $1,124.58        $   973.64
                                                                                           =========        ==========
           TOTAL RETURN                                                                        15.50 %           (2.64)%(4)
                                                                                           =========        ==========

           SUPPLEMENTAL DATA

           Ratios to average net asset value:

                  Expenses prior to performance fee (1)                                        (3.14)%           (3.31)%(5)
                  Performance fee                                                              (3.65)%           (0.00)%(5)
                                                                                           ---------        ----------
                         Total expenses (1)                                                    (6.79)%           (3.31)%(5)
                                                                                           =========        ==========
                  Expenses net of interest income (1), (6)                                     (1.53)%           (1.55)%(5)
                                                                                           =========        ==========
</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)  Expenses net of interest income per unit and offering costs per
               unit are calculated by dividing 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.


                                       33
<PAGE>

EXHIBIT INDEX

<TABLE>
<CAPTION>
EXHIBIT NUMBER           DESCRIPTION OF DOCUMENT                                                        PAGE NUMBER
--------------           -----------------------                                                        -----------
<S>                      <C>                                                                            <C>
    99.01                Certification by Bruce L. Cleland, Chief Executive Officer,                         E 2
                         pursuant to 18 U.S.C. Section 1350, as enacted by
                         Section 906 of The Sarbanes-Oxley Act of 2002

    99.02                Certification by Theresa D. Becks, Chief Financial Officer,                         E 3
                         pursuant to 18 U.S.C. Section 1350, as enacted by
                         Section 906 of The Sarbanes-Oxley Act of 2002

</TABLE>

























                                       E1