Escrow Agreement

EXHIBIT 10.03


CAMPBELL ALTERNATIVE ASSET TRUST
ESCROW AGREEMENT


This Escrow Agreement is made and entered into as of January 2, 2001 by and among Mercantile-Safe Deposit & Trust Company, a Maryland bank & trust company, as escrow agent (the "Escrow Agent"), Campbell Alternative Asset Trust, a Delaware business trust (the "Trust") and Campbell & Company, Inc., a Maryland corporation, the managing owner of the Trust ("Campbell" or the "Managing Owner").


Commencing upon the execution of this Agreement, the Escrow Agent shall act as escrow agent and agrees to receive, hold, deal with and disburse the proceeds from the sale of Units (the "Proceeds") and any other property at any time held by the Escrow Agent hereunder in accordance with this Agreement.


All Proceeds of subscriptions for Units of the Trust shall be deposited in an escrow account established by the Escrow Agent on behalf of the Trust. All Proceeds shall be denominated in dollars and deposited in the escrow account by check or wire transfer, duly made out to Campbell Alternative Asset Trust, Escrow Account." The Escrow Agent shall promptly notify Campbell of any discrepancy between the amounts set forth on any statement delivered by Campbell or the Selling Agents and the sum or sums delivered therewith to the Escrow Agent. In the event that any checks or other instruments deposited in the escrow account prove uncollectible, the Escrow Agent shall promptly notify Campbell and the appropriate Selling Agent and forward such checks or other instruments to the appropriate Selling Agent.


Campbell shall deliver to all prospective subscribers interim receipts for the amount of the Proceeds deposited in this escrow account, reciting the substance of this Agreement.


The Escrow Agent, is hereby directed to hold, deal with and dispose of the aforesaid property and any other property at any time held by the Escrow Agent hereunder in the following manner subject, however, to the terms and conditions hereinafter set forth.


1. If acceptable subscriptions (as determined by the Managing Owner in its
discretion) of at least 8,000 Units (constituting cleared funds in the
aggregate value of at least $8,000,000) have been received at any time
prior to 270 days from the beginning of the offering period for the
Units (as described in the Trust's Prospectus, as contained in the
Trust's Registration Statement on Form S-1 (Registration No. 333-37548)
(the "Prospectus")) as evidenced by (i) written instructions by the
Managing Owner, (ii) an affidavit of the Managing Owner and (iii)
possession in the escrow account of at least $8,000,000 in collected
funds in payment of such subscriptions, all sums accumulated in this
escrow account shall be paid over pursuant to the Managing Owner's
written request. Such affidavit shall set forth the day for such
payment (the "Closing Date"), which shall not be more than ten business
days after the close of the initial offering period for the Units.


The offering will continue after the Closing Date. Subscriptions will be
deposited in the escrow account until each month-end at which time the
sums accumulated in this escrow account shall be paid over pursuant to
the Managing Owner's written request setting forth the date for such
payment.


2. If acceptable subscriptions (as determined by the Managing Owner in its
discretion) of at least 8,000 Units have not been received prior to 270
days from the beginning of the offering period, as evidenced by an
affidavit of the Managing Owner as described above, remittance of all
funds accumulated in this escrow account shall be made within two
business days of the termination of the initial offering period, by the
Escrow Agent directly to the persons on whose behalf such funds were
deposited, pursuant to the written direction of the Managing Owner, and
without deductions of any kind or character.


3. For the purposes of Paragraphs 1 and 2 above, (i) the offering period
for the Units shall be deemed to begin on the date that appears on the
cover page of the Prospectus and (ii) in 2


computing the aggregate number of Unit subscriptions, the Managing
Owner shall not include the initial unit holder's investment for the
purpose of permitting the formation of the Trust.


4. Prior to the delivery, if any, of the escrowed funds to the Trust upon
sale of the Units, as described above, the Trust shall have no title to
nor interest in the funds on deposit, and such funds shall under no
circumstances be subject to the liabilities or indebtedness of the
Trust.


5. The Escrow Agent shall cause all funds deposited with the Escrow Agent
pursuant to this Agreement to be maintained and invested as the
Managing Owner may from time to time direct in bank (including
Mercantile-Safe Deposit & Trust Company) certificates of deposit,
savings or money market accounts, short-term securities issued or
guaranteed by the United States Government in compliance with the Rule
15c2-4 under the Securities Exchange Act of 1934 (the "Exchange Act"),
as elaborated upon by the Securities and Exchange Commission in the
National Association of Securities Dealers, Inc. Notice to Members
84-7, so that such funds can be readily liquidated so that 100% of the
funds so deposited ...