UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	Washington, D.C. 20549

	FORM 10-Q


[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2008 or

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from               to

Commission File Number 0-25605

MORGAN STANLEY CHARTER WCM L.P.
	(Exact name of registrant as specified in its charter)

		Delaware						       13-4018065
(State or other jurisdiction of		   	 	   (I.R.S. Employer
incorporation or organization)			        Identification No.)


Demeter Management Corporation
522 Fifth Avenue, 13th Floor
New York, NY						 	 	    10036
(Address of principal executive offices)	  	       (Zip Code)

Registrant's telephone number, including area code    (212) 296-1999




(Former name, former address, and former fiscal year, if changed since
last report)


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 whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company.  See the definitions of ?large accelerated filer?,
?accelerated filer? and ?smaller reporting company? in Rule 12b-2 of the
Exchange Act.

Large accelerated filer_______ 		Accelerated filer_______
Non-accelerated filer   X   		Smaller reporting company_______

Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).  Yes___  No X






	<page> <table> MORGAN STANLEY CHARTER WCM L.P.

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	March 31, 2008
<caption>

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

				<c>
		Statements of Financial Condition as of March 31, 2008
		(Unaudited) and December 31, 2007...........................2

		Statements of Operations for the Quarters
		Ended March 31, 2008 and 2007 (Unaudited)...................3

		Statements of Changes in Partners? Capital for the
	  Quarters Ended March 31, 2008 and 2007 (Unaudited)..........4

		Statements of Cash Flows for the Quarters Ended
		March 31, 2008 and 2007 (Unaudited).........................5

		Condensed Schedules of Investments as of March 31, 2008
		(Unaudited) and December 31, 2007	6

		Notes to Financial Statements (Unaudited)................7-15

Item 2. Management's Discussion and Analysis of
		   Financial Condition and Results of Operations........16-25

Item 3. Quantitative and Qualitative Disclosures About
		   Market Risk.........................................25-39

Item 4. Controls and Procedures................................39

Item 4T.Controls and Procedures................................39


PART II. OTHER INFORMATION

Item 1A.Risk Factors............................................40

Item 2. Unregistered Sales of Equity Securities and
		   Use of Proceeds......................................40-41

Item 5. Other Information....................................41-42

Item 6. Exhibits................................................43

</table>


<page> <table> PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements
	MORGAN STANLEY CHARTER WCM L.P.
	STATEMENTS OF FINANCIAL CONDITION
<caption>
				March 31,	December 31,
				         2008       	       2007
				  $	$
				(Unaudited)
ASSETS

			<c>	<c>

Trading Equity:
	Unrestricted cash	96,105,941	72,376,602
	Restricted cash	       6,021,149	       6,848,850

	     Total cash	   102,127,090	     79,225,452

	Net unrealized gain (loss) on open contracts (MS&Co.)	(621,327)      	    1,340,211
	Net unrealized loss on open contracts (MSIP)	        (74,813)	        (242,371)

		Total net unrealized gain (loss) on open contracts              	       (696,140)	      1,097,840

		Total Trading Equity	101,430,950	80,323,292

Subscriptions receivable	6,694,465	4,554,302
Interest receivable (MS&Co.)	          125,180	         205,192

		Total Assets	   108,250,595	   85,082,786

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

Redemptions payable	603,467	745,064
Accrued brokerage fees (MS&Co.)	514,201	401,840
Accrued management fees	        171,401	       133,946

		Total Liabilities	     1,289,069	     1,280,850

Partners' Capital

Limited Partners (8,607,413.156 and
	7,355,246.125 Units, respectively)	105,783,243	82,918,267
General Partner (95,874.995 and
      78,385.637 Units, respectively)	      1,178,283 	         883,669

		Total Partners' Capital	   106,961,526	    83,801,936

		Total Liabilities and Partners' Capital	   108,250,595	    85,082,786
NET ASSET VALUE PER UNIT	              12.29	             11.27
<fn>

	The accompanying notes are an integral part
	of these financial statements.
</table>
<page> <table> 	MORGAN STANLEY CHARTER WCM L.P.
	STATEMENTS OF OPERATIONS
(Unaudited)
<caption>
  	   	      For the Quarters Ended March 31,

                                                                         		          2008    	      2007
                                                                               	                            $		          $

		<c>			<c>
INVESTMENT INCOME
	Interest income (MS&Co.)		                             485,311		 	       562,438

EXPENSES
	Incentive fees		  2,168,138	         372,615
	Brokerage fees (MS&Co.)		1,386,310	756,733
	Management fees	            	       462,104 	      252,245

		Total Expenses			    4,016,552	   1,381,593

NET INVESTMENT LOSS	   (3,531,241) 	     (819,155)

TRADING RESULTS
Trading profit (loss):
	Realized			12,996,197	(3,799,273)
	Net change in unrealized		    (1,793,980)	     (159,619)

    		Total Trading Results		   11,202,217	  (3,958,892)

NET INCOME (LOSS) 	      7,670,976	   (4,778,047)


NET INCOME (LOSS) ALLOCATION

	Limited Partners                                                  		7,586,362	(4,724,062)
	General Partner                                                   		    84,614	 (53,985)


NET INCOME (LOSS) PER UNIT

	Limited Partners                                                  		 1.02	 (0.87)
	General Partner                                                   		          1.02	 (0.87)


	                                                                            Units     	                             Units
WEIGHTED AVERAGE NUMBER
	OF UNITS OUTSTANDING                          	8,030,136.499		5,212,353.680

<fn>



The accompanying notes are an integral part
	of these financial statements.
</table>
<page> <table> MORGAN STANLEY CHARTER WCM L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Quarters Ended March 31, 2008 and 2007
(Unaudited)

<caption>


				Units of
				Partnership	   Limited	     General
				       Interest       	       Partners    	          Partner     	      Total
					   $	     $	$

			<c>	<c>	<c>	<c>

Partners? Capital,
	December 31, 2006	4,341,446.934	43,835,717	475,343	44,311,060

Offering of Units	1,866,381.896	18,412,530	200,000  	18,612,530

Net Loss		?	(4,724,062)	(53,985)	(4,778,047)

Redemptions                                                 (231,316.356)	   (2,305,885)                 -  	     	(2,305,885)

Partners? Capital,
	March 31, 2007                                      5,976,512.474	  55,218,300	      621,358	 55,839,658





Partners? Capital,
	December 31, 2007	7,433,631.762	82,918,267	883,669	83,801,936

Offering of Units	1,458,533.839	17,570,450	210,000  	17,780,450

Net Income	?	7,586,362	84,614	7,670,976

Redemptions                                                 (188,877.450)	   (2,291,836)                 -  	     	   (2,291,836)

Partners? Capital,
	March 31, 2008                                      8,703,288.151	 105,783,243	  1,178,283	 106,961,526


<fn>







The accompanying notes are an integral part
of these financial statements.

</table>


<page> <table> MORGAN STANLEY CHARTER WCM L.P.
	STATEMENTS OF CASH FLOWS
(Unaudited)


<caption>



				      For the Quarters Ended March 31,

				               2008      	                              2007
				         $	                     $

CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
Net income (loss) 	7,670,976	(4,778,047)
Noncash item included in net income (loss):
	Net change in unrealized	1,793,980	159,619

(Increase) decrease in operating assets:
	Restricted cash	   827,701	 1,821,098
	Interest receivable (MS&Co.)	80,012	(30,956)

Increase (decrease) in operating liabilities:
	Accrued brokerage fees (MS&Co.)	112,361	62,347
	Accrued management fees 	37,455	20,783
	Accrued incentive fee payable          -    		             (41,912)

Net cash provided by (used for) operating activities	  10,522,485	   (2,787,068)


CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units	15,640,287	18,285,875
Cash paid for redemptions of Units	    (2,433,433)	    (3,870,777)

Net cash provided by financing activities	   13,206,854	   14,415,098

Net increase in unrestricted cash	23,729,339	   11,628,030

Unrestricted cash at beginning of period	   72,376,602	    35,032,684

Unrestricted cash at end of period	   96,105,941	    46,660,714





<fn>


The accompanying notes are an integral part
	of these financial statements.
</table>


<page> <table> MORGAN STANLEY CHARTER WCM L.P.
CONDENSED SCHEDULES OF INVESTMENTS
March 31, 2008 (Unaudited) and December 31, 2007
<caption>


Futures and Forward Contracts
Long
Unrealized
Gain/(Loss)

Percentage of
   Net Assets
      Short
  Unrealized
 Gain/(Loss)

Percentage of
  Net Assets
      Net
Unrealized
Gain/(Loss)

$
         %
 $
%
$


March 31, 2008, Partnership Net Assets:   $106,961,526





<c>
<c>
<c>
<c>
<c>
Commodity
(1,840,111)
       (1.72)
       85,734
       0.08
(1,754,377)
Equity
     (1,910)
           ?
    (86,374)
      (0.08)
     (88,284)
Foreign currency
    679,348
        0.64
       50,097
       0.05
    729,445
Interest rate
    314,406
        0.29
       36,938
       0.03
    351,344






     Grand Total:
  (848,267)
       (0.79)
      86,395
       0.08
  (761,872)

     Unrealized Currency Gain





     65,732

     Total Net Unrealized Loss



    (696,140)


 December 31, 2007, Partnership Net Assets: $83,801,936









Commodity
 1,260,450
        1.50
    (115,496)
      (0.14)
1,144,954
Equity
    41,882
        0.05
      15,947
       0.02
     57,829
Foreign currency
   (232,623)
       (0.27)
      (19,555)
      (0.02)
  (252,178)
Interest rate
    126,895
        0.15
      (30,995)
      (0.04)
     95,900






     Grand Total:
 1,196,604
        1.43
    (150,099)
      (0.18)
1,046,505

     Unrealized Currency Gain





     51,335

     Total Net Unrealized Gain



  1,097,840


<fn>




The accompanying notes are an integral part
of these financial statements.

</table>


<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS

March 31, 2008

(Unaudited)


The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the results of operations and financial condition
of Morgan Stanley Charter WCM L.P. (the ?Partnership?).  The
financial statements and condensed notes herein should be read in
conjunction with the Partnership's December 31, 2007, Annual
Report on Form 10-K.



1.  Organization
Morgan Stanley Charter WCM L.P. is a Delaware limited partnership
organized in 1998 to engage primarily in the speculative trading
of futures contracts, options on futures contracts, and forward
contracts on physical commodities and other commodity interests,
including, but not limited to, foreign currencies, financial
instruments, metals, energy, and agricultural products
(collectively, ?Futures Interests?).  The Partnership is one of
the Morgan Stanley Charter series of funds, comprised of the
Partnership, Morgan Stanley Charter Graham L.P., Morgan Stanley
Charter Aspect L.P., and Morgan Stanley Charter Campbell L.P.
(collectively, the ?Charter Series?), which, effective as of May
1, 2006, no longer accepts subscriptions and exchanges of units of
limited partnership interest ("Unit(s)") from any other Charter


<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Series for Units of Morgan Stanley Charter Campbell L.P.

The Partnership?s general partner is Demeter Management
Corporation (?Demeter?). The commodity brokers are Morgan Stanley
& Co. Incorporated (?MS&Co.?) and Morgan Stanley & Co.
International plc ("MSIP").  MS&Co. also acts as the counterparty
on all trading of foreign currency forward contracts. MSIP serves
as the commodity broker for trades on the London Metal Exchange.
Demeter, MS&Co., and MSIP are wholly-owned subsidiaries of Morgan
Stanley. Winton Capital Management Limited (the ?Trading
Advisor?) is the trading advisor to the Partnership.

2.  Related Party Transactions
The Partnership's cash is on deposit with MS&Co. and MSIP in
futures, forward, and options trading accounts to meet margin
requirements as needed.  MS&Co. pays the Partnership at each
month end interest income on an amount equal to the commodity
brokers? margin requirements on the Partnership?s current futures,
forward, and options contracts at a rate approximately equivalent
to the rate the commodity brokers pay other similar customers on
margin deposits.  In addition, MS&Co. pays the Partnership at each
month end interest income on the Partnership?s funds in excess


<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

of such current margin requirements but available to satisfy
margin requirements at a rate equal to the monthly average of the
4-week U.S. Treasury bill discount rate during the month.  The
Partnership pays brokerage fees to MS&Co.

3.  Income Taxes
No provision for income taxes has been made in the accompanying
financial statements, as partners are individually responsible
for reporting income or loss based upon their respective share of
the Partnership?s revenues or expenses for income tax purposes.
The Partnership files U.S. federal and state tax returns.  The
2004 through 2007 tax years generally remain subject to
examination by U.S. federal and most state tax authorities.


4.  Financial Instruments
The Partnership trades Futures Interests.  Futures and forwards
represent contracts for delayed delivery of an instrument at a
specified date and price.  Risk arises from changes in the value
of these contracts and the potential inability of counterparties
to perform under the terms of the contracts.  There are numerous
factors which may significantly influence the market value of
these contracts, including interest rate volatility.


<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The market value of exchange-traded contracts is based on the
settlement price quoted by the exchange on the day with respect
to which market value is being determined.  If an exchange-traded
contract could not have been liquidated on such day due to the
operation of daily limits or other rules of the exchange, the
settlement price shall be the settlement price on the first
subsequent day on which the contract could be liquidated.  The
market value of off-exchange-traded contracts is based on the
fair market value quoted by the counterparty.

The Partnership?s contracts are accounted for on a trade-date
basis and marked to market on a daily basis.  The Partnership
accounts for its derivative investments in accordance with the
provisions of Statement of Financial Standards No. 133,
?Accounting for Derivative Instruments and Hedging Activities?
(?SFAS No. 133?).  SFAS No. 133 defines a derivative as a
financial instrument or other contract that has all three of the
following characteristics:

1)	One or more underlying notional amounts or payment
provisions;
2)	Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in
market factors;
3)	Terms require or permit net settlement.
<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)



Generally, derivatives include futures, forward, swap or options
contracts, and other financial instruments with similar
characteristics such as caps, floors, and collars.

The net unrealized gains (losses) on open contracts, reported as a
component of "Trading Equity? on the Statements of Financial
Condition, and their longest contract maturities were as follows:

	   Net Unrealized Gains/(Losses)
 	      on Open Contracts	    Longest Maturities

	Exchange-	  Off-Exchange-		 Exchange- 	 Off-Exchange-
Date	  Traded  	    Traded   	  Total  	  Traded  	  Traded
	$	  $	  $

Mar. 31, 2008	(696,140)	-    	(696,140)	Nov. 2009	     -
Dec. 31, 2007	1,097,840	-    	1,097,840	Jun. 2009	     -

The Partnership has credit risk associated with counterparty non-
performance.  As of the date of the financial statements, the


credit risk associated with the instruments in which the
Partnership trades is limited to the amounts reflected in the
Partnership's Statements of Financial Condition.

The Partnership also has credit risk because MS&Co. and MSIP act
as the futures commission merchants or the counterparties, with
respect to most of the Partnership?s assets. Exchange-traded
futures, exchange-traded forward, and exchange-traded futures-
styled options contracts are marked to market on a daily basis,


<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

with variations in value settled on a daily basis.  MS&Co. and
MSIP, each acting as a commodity broker for the Partnership?s
exchange-traded futures, exchange-traded forward, and exchange-
traded futures-styled options contracts, are required, pursuant to
regulations of the Commodity Futures Trading Commission (?CFTC?),
to segregate from their own assets, and for the sole benefit of
their commodity customers, all funds held by them with respect to
exchange-traded futures, exchange-traded forward, and exchange-
traded futures-styled options contracts, including an amount equal
to the net unrealized gains (losses) on all open exchange-traded
futures, exchange-traded forward, and exchange-traded futures-
styled options contracts, which funds, in the aggregate, totaled
$101,430,950 and $80,323,292 at March 31, 2008, and December 31,
2007, respectively. With respect to the Partnership?s off-
exchange-traded forward currency contracts, there are no daily
settlements of variation in value, nor is there any requirement
that an amount equal to the net unrealized gains (losses) on such
contracts be segregated.  However, the Partnership is required to
meet margin requirements equal to the net unrealized loss on open
forward currency contracts in the Partnership accounts with the
counterparty, which is accomplished by daily maintenance of the
cash balance in a custody account held at MS&Co.  With respect to
those off-exchange-traded forward currency contracts, the

- 12 -


<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Partnership is at risk to the ability of MS&Co., the sole
counterparty on all such contracts, to perform.  The Partnership
has a netting agreement with MS&Co. This agreement, which seeks to
reduce both the Partnership?s and MS&Co.?s exposure on off-
exchange-traded forward currency contracts, should materially
decrease the Partnership?s credit risk in the event of MS&Co.?s
bankruptcy or insolvency.



5.  New Accounting Developments

In September 2006, the Financial Accounting Standards Board
(?FASB?) issued Statement of Financial Accounting Standards No.
157 (?SFAS? 157?), ?Fair Value Measurements?.  SFAS 157 requires
use of a fair value hierarchy that prioritizes the inputs to
valuation techniques used to measure fair value into three
levels: Level 1 ? quoted market prices in active markets for
identical assets and liabilities; Level 2 ? inputs other than
quoted market prices that are observable for the asset or
liability, either directly or indirectly (including quoted prices
for similar investments, interest rates, credit risk); and Level
3 ? unobservable inputs for the asset or liability (including the
Partnership?s own assumptions used in determining the fair value
of investments).


- 13 -
<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)


Demeter evaluated the impact of adopting SFAS 157 on the
Partnership?s financial statements.  The Partnership adopted SFAS
157 as of January 1, 2008.  Based on its analysis, the effect of
applying SFAS 157 to the investments included in the financial
statements does not have a material impact on the Partnership?s
financial statements.

The following table summarizes the valuation of the Partnership?s
investments by the above SFAS 157 fair value hierarchy as of
March 31, 2008: <table> <caption>



Assets
   Quoted Prices in
  Active Markets for
    Identical Assets
          (Level 1)
Significant Other
     Observable
         Inputs
       (Level 2)
Significant
  Unobservable
   Inputs
 (Level 3)




            Total


<c>
<c>
 <c>

<c>
Unrealized loss on open contracts
   $      (696,140)
      n/a
 n/a

 $  (696,140)
</table>
In March 2008, the FASB issued SFAS No. 161, Disclosures about
Derivative Instruments and Hedging Activities (?SFAS 161?).  SFAS
161 is intended to improve financial reporting about derivative
instruments and hedging activities by requiring enhanced
disclosures to enable investors to better understand how those
instruments and activities are accounted for; how and why they are
used; and their effects on a Partnership?s financial position,
financial performance, and cash flows.  SFAS 161 is effective for
financial statements issued for fiscal years beginning after

<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

November 15, 2008, and interim periods within those fiscal years.
The Partnership is currently evaluating the impact that the
adoption of SFAS No. 161 will have on its financial statement
disclosures.

6.  Restricted and Unrestricted Cash
As reflected on the Partnership?s Statements of Financial
Condition, restricted cash equals the cash portion of assets on
deposit to meet margin requirements plus the cash required to
offset unrealized losses on foreign currency forwards and options
and offset losses on offset London Metal Exchange positions.  All
of these amounts are maintained separately.  Cash that is not
classified as restricted cash is therefore classified as
unrestricted cash.

7.  Reclassification
Certain prior year amounts relating to cash balances were
reclassified on the Statements of Cash Flows to conform to 2008
presentation.  Such reclassification has no impact on the
Partnership's reported net income (loss).




<page>
Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS


Liquidity.  The Partnership deposits its assets with MS&Co. and
MSIP as commodity brokers in separate futures, forward, and
options trading accounts established for the Trading Advisor.
Such assets are used as margin to engage in trading and may be
used as margin solely for the Partnership?s trading. The assets
are held in either non-interest bearing bank accounts or in
securities and instruments permitted by the CFTC for investment of
customer segregated or secured funds.  Since the Partnership?s
sole purpose is to trade in futures, forwards, and options, it is
expected that the Partnership will continue to own such liquid
assets for margin purposes.

The Partnership?s investment in futures, forwards, and options
may, from time to time, be illiquid.  Most U.S. futures exchanges
limit fluctuations in prices during a single day by regulations
referred to as ?daily price fluctuations limits? or ?daily
limits?.  Trades may not be executed at prices beyond the daily
limit.  If the price for a particular futures or options contract
has increased or decreased by an amount equal to the daily limit,
positions in that futures or options contract can neither be taken
nor liquidated unless traders are willing to effect trades at or
within the limit.  Futures prices have occasionally moved the
daily limit for several consecutive days with little or no
trading.  These market conditions could prevent the Partnership
<page> from promptly liquidating its futures or options contracts
and result in restrictions on redemptions.

There is no limitation on daily price moves in trading forward
contracts on foreign currencies.  The markets for some world
currencies have low trading volume and are illiquid, which may
prevent the Partnership from trading in potentially profitable
markets or prevent the Partnership from promptly liquidating
unfavorable positions in such markets, subjecting it to
substantial losses.  Either of these market conditions could
result in restrictions on redemptions.  For the periods covered by
this report, illiquidity has not materially affected the
Partnership?s assets.

There are no known material trends, demands, commitments, events,
or uncertainties at the present time that are reasonably likely to
result in the Partnership?s liquidity increasing or decreasing in
any material way.

Capital Resources.  The Partnership does not have, nor does it
expect to have, any capital assets.  Redemptions, exchanges, and
sales of Units in the future will affect the amount of funds
available for investments in futures, forwards, and options in
subsequent periods. It is not possible to estimate the amount, and
therefore the impact, of future inflows and outflows of Units.

<page> There are no known material trends, favorable or
unfavorable, that would affect, nor any expected material changes
to, the Partnership?s capital resource arrangements at the present
time.

Off-Balance Sheet Arrangements and Contractual Obligations. The
Partnership does not have any off-balance sheet arrangements, nor
does it have contractual obligations or commercial commitments to
make future payments that would affect its liquidity or capital
resources.

Results of Operations
General.  The Partnership?s results depend on the Trading Advisor
and the ability of the Trading Advisor?s trading program to take
advantage of price movements in the futures, forward, and options
markets.  The following presents a summary of the Partnership's
operations for the three month periods ended March 31, 2008, and
2007, and a general discussion of its trading activities during
each period.  It is important to note, however, that the Trading
Advisor trades in various markets at different times and that
prior activity in a particular market does not mean that such
market will be actively traded by the Trading Advisor or will be
profitable in the future. Consequently, the results of operations
of the Partnership are difficult to discuss other than in the
context of the Trading Advisor's trading activities on behalf of
<page> the Partnership during the period in question. Past
performance is no guarantee of future results.

The Partnership?s results of operations set forth in the Financial
Statements on pages 2 through 15 of this report are prepared in
accordance with accounting principles generally accepted in the
United States of America, which require the use of certain
accounting policies that affect the amounts reported in these
Financial Statements, including the following:  The contracts the
Partnership trades are accounted for on a trade-date basis and
marked to market on a daily basis.  The difference between their
cost and market value is recorded on the Statements of Operations
as "Net change in unrealized trading gain (loss)" for open
(unrealized) contracts, and recorded as "Realized trading gain
(loss)" when open positions are closed out.  The sum of these
amounts constitutes the Partnership?s trading results.  The market
value of a futures contract is the settlement price on the
exchange on which that futures contract is traded on a particular
day.  The value of a foreign currency forward contract is based on
the spot rate as of the close of business. Interest income, as
well as management fees, incentive fees, and brokerage fees
expenses of the Partnership are recorded on an accrual basis.

Demeter believes that, based on the nature of the operations of
the Partnership, no assumptions relating to the application of
<page> critical accounting policies other than those presently
used could reasonably affect reported amounts.

For the Quarter Ended March 31, 2008
The Partnership recorded total trading results including interest
income totaling $11,687,528 and expenses totaling $4,016,552,
resulting in net income of $7,670,976 for the quarter ended March
31, 2008.  The Partnership?s net asset value per Unit increased
from $11.27 at December 31, 2007, to $12.29 at March 31, 2008.

The most significant trading gains of approximately of 4.4% were
experienced in the global interest rate sector, primarily during
January and February, from long positions in U.S. and Japanese
fixed-income futures as prices increased in a "flight-to-quality"
following a sharp decline in the global equity markets and
concerns that a possible economic recession in the United States
may weaken the global economy.  Furthermore, U.S. fixed-income
futures prices moved higher as the U.S. Federal Reserve cut
interest rates by 200 basis points throughout the quarter and
U.S. government reports showed a rise in unemployment and slower-
than-expected fourth quarter Gross Domestic Product growth.
Within the currency sector, gains of approximately 3.6% were
recorded throughout the quarter from long positions in the euro,
Swiss franc, and Japanese yen versus the U.S. dollar as the value
of the U.S. dollar moved lower against these currencies due to
the aforementioned disappointing economic data in the U.S. and
<page> fears of a possible U.S. recession, which fueled
speculation of continued interest rate cuts by the U.S. Federal
Reserve.  Additional gains of approximately 2.5% were experienced
within the agricultural markets, primarily during January and
February, from long futures positions in the soybean complex and
corn as prices rose following news that global production may
drop, while rising energy prices may boost demand for alternative
biofuels made from crops.  Meanwhile, long positions in wheat
futures resulted in gains as prices increased amid speculation
that U.S. stockpiles may fall to a 30-year low.  Further gains of
approximately 1.8% were experienced within the energy sector,
primarily during February and March, from long futures positions
in crude oil and its related products as prices moved higher due
to speculation that OPEC may cut production, ongoing geopolitical
concerns in the Middle East, and strong demand for physical
commodities as an inflation hedge.  Smaller gains of
approximately 1.7% were recorded in the metals markets, primarily
during January and February, from long positions in gold and
silver futures as prices rose due to a drop in the value of the
U.S. dollar, which spurred demand for "safe haven" investments.
A portion of the Partnership?s gains for the quarter was offset
by losses of approximately 1.4% within the global stock index
sector, primarily during January, from long positions in European
and U.S. equity index futures as prices reversed lower on
concerns that a persistent U.S. housing slump, mounting losses
linked to U.S. sub-prime mortgage investments, and a weakening
<page> job market may restrain consumer spending and curb global
economic growth.

For the Quarter Ended March 31, 2007
The Partnership recorded total trading results including interest
income totaling $(3,396,454) and expenses totaling $1,381,593,
resulting in a net loss of $4,778,047 for the quarter ended March
31, 2007.  The Partnership?s net asset value per Unit decreased
from $10.21 at December 31, 2006, to $9.34 at March 31, 2007.

The most significant trading losses of approximately of 4.3% were
experienced in the global interest rate futures markets from
short positions in U.S., European, and Australian fixed-income
futures as prices reversed sharply higher primarily during late
February and early March in a worldwide "flight-to-quality" after
a massive sell-off in the global equity markets that began on
February 27, 2007, following comments from former U.S. Federal
Reserve Chairman Alan Greenspan that the U.S. economy could be
due for a recession.  In addition, concerns that tighter credit
conditions in China and Japan might dampen global growth first
sent Chinese stock markets plunging before the sell-off spread to
other equity markets.  Smaller losses were experienced later in
March from newly established long positions in the U.S. and
German interest rate futures as prices moved lower on reduced
demand for the ?safe haven? of fixed-income investments amid the
stabilization of the global equity markets after the <page>
aforementioned sell-off.  Within the global stock index sector,
losses of approximately 1.3% were experienced during February and
March from long positions in European, U.S., and Pacific Rim
equity index futures as prices fell suddenly and sharply due to
the aforementioned factors that affected the global interest rate
futures markets.  Losses of approximately 0.8% were experienced
within the agricultural sector from short positions in soybean
meal and soybean futures as prices increased during January on
speculative buying and news of persistent global demand.
Additional losses were recorded during March from long positions
in corn and newly established long positions in soybean meal and
soybean futures as prices declined sharply after the U.S.
Department of Agriculture?s Prospective Plantings report released
in March showed corn acreage might be up this year to its highest
since 1944.  Elsewhere in the agricultural complex, long
positions in wheat futures resulted in losses as prices reversed
lower during March as rain in the U.S. Great Plains boosted soil
moisture and warm temperatures increased growth potential for the
spring growing season. Lastly, both, long and short positions in
feeder cattle futures experienced losses as prices moved in a
trendless pattern throughout the majority of the quarter.  Within
the currency sector, losses of approximately 0.8% were recorded
in February and March from short positions in the Japanese yen
versus the U.S. dollar and euro as the value of the Japanese yen
reversed sharply higher amid an almost 10% drop in the Shanghai
stock market and a warning from Rodrigo Rato, Managing Director
<page> of the International Monetary Fund, that a weak Japanese
yen ?could lead to more entrenched exchange rate misalignments
that worsen global imbalances?, which encouraged traders to unwind
short positions in the Japanese yen against most of its major
rivals.  As a result, the Japanese yen saw its biggest daily gain
against the U.S. dollar since December 2005.  Furthermore,
investor speculation that consistently strong economic data out
of Japan might force the Bank of Japan to continue raising
interest rates in order to combat possible inflation pushed the
value of the Japanese yen higher.  Additional losses in the
currency markets were incurred from long positions in the British
pound versus the U.S. dollar as the value of the British pound
decreased early in February after weaker-than-expected economic
data bolstered sentiment that the Bank of England might not
continue to increase interest rates.  Further losses were
incurred in the currency markets during February and March from
short positions in the Canadian dollar versus the U.S. dollar as
the value of the Canadian dollar increased in tandem with rising
energy prices.  Elsewhere, short positions in the Mexican peso
versus the U.S. dollar resulted in losses after the Mexican peso
strengthened in mid-March as consistent economic growth and
rising inflation led to increased speculation of an interest rate
hike from the Bank of Mexico.  Smaller losses were recorded from
long positions in the South African rand versus the U.S. dollar
as the value of the South African rand dropped in late February
on worries regarding the stability of emerging market currencies.
<page> Newly established short positions in the South African
rand relative to the U.S. dollar incurred additional losses as
the value of the South African rand moved higher on strong
economic data out of South Africa in late March.  A portion of
the Partnership?s losses for the quarter was offset by gains of
approximately 0.2% in the metals sector from long positions in
nickel futures as price rose amid speculation that low stockpiles
and supply disruptions might create a supply shortage in the
future.

Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Introduction
The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards, and options. The market-
sensitive instruments held by the Partnership are acquired for
speculative trading purposes only and, as a result, all or
substantially all of the Partnership?s assets are at risk of
trading loss.  Unlike an operating company, the risk of market-
sensitive instruments is inherent to the primary business activity
of the Partnership.

The futures, forwards, and options traded by the Partnership
involve varying degrees of related market risk.  Market risk is
often dependent upon changes in the level or volatility of
interest rates, exchange rates, and prices of financial
instruments and commodities, factors that result in frequent
changes in the fair value of the Partnership?s open positions,
<page> and consequently in its earnings, whether realized or
unrealized, and cash flow.  Gains and losses on open positions of
exchange-traded futures, exchange-traded forward, and exchange-
traded futures-styled options contracts are settled daily through
variation margin.  Gains and losses on off-exchange-traded
forward currency contracts are settled upon termination of the
contract.  However, the Partnership is required to meet margin
requirements equal to the net unrealized loss on open forward
currency contracts in the Partnership accounts with the
counterparty, which is accomplished by daily maintenance of the
cash balance in a custody account held at MS&Co.

The Partnership?s total market risk may increase or decrease as it
is influenced by a wide variety of factors, including, but not
limited to, the diversification among the Partnership?s open
positions, the volatility present within the markets, and the
liquidity of the markets.

The face value of the market sector instruments held by the
Partnership is typically many times the applicable margin
requirements.  Margin requirements generally range between 2% and
15% of contract face value.  Additionally, the use of leverage
causes the face value of the market sector instruments held
by the Partnership typically to be many times the total
capitalization of the Partnership.

<page> The Partnership?s past performance is no guarantee of its
future results.  Any attempt to numerically quantify the
Partnership?s market risk is limited by the uncertainty of its
speculative trading.  The Partnership?s speculative trading and
use of leverage may cause future losses and volatility (i.e.,
?risk of ruin?) that far exceed the Partnership?s experience to
date under the ?Partnership?s Value at Risk in Different Market
Sectors? section and significantly exceed the Value at Risk
(?VaR?)  tables disclosed.

Limited partners will not be liable for losses exceeding the
current net asset value of their investment.

Quantifying the Partnership?s Trading Value at Risk
The following quantitative disclosures regarding the Partnership?s
market risk exposures contain "forward-looking statements" within
the meaning of the safe harbor from civil liability provided for
such statements by the Private Securities Litigation Reform Act of
1995 (set forth in Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934).  All
quantitative disclosures in this section are deemed to be forward-
looking statements for purposes of the safe harbor, except for
statements of historical fact.

The Partnership accounts for open positions on the basis of mark
to market accounting principles.  Any loss in the market value of
<page> the Partnership?s open positions is directly reflected in
the Partnership?s earnings and cash flow.

The Partnership?s risk exposure in the market sectors traded by
the Trading Advisor is estimated below in terms of VaR. The
Partnership estimates VaR using a model based upon historical
simulation (with a confidence level of 99%) which involves
constructing a distribution of hypothetical daily changes in the
value of a trading portfolio.  The VaR model takes into account
linear exposures to risks including equity and commodity prices,
interest rates, foreign exchange rates, and correlation among
these variables.  The hypothetical changes in portfolio value are
based on daily percentage changes observed in key market indices
or other market factors (?market risk factors?) to which the
portfolio is sensitive.  The one-day 99% confidence level of the
Partnership?s VaR corresponds to the negative change in portfolio
value that, based on observed market risk factors, would have
been exceeded once in 100 trading days, or one day in 100. VaR
typically does not represent the worst case outcome.  Demeter
uses approximately four years of daily market data (1,000
observations) and re-values its portfolio (using delta-gamma
approximations) for each of the historical market moves that
occurred over this time period.  This generates a probability
distribution of daily ?simulated profit and loss? outcomes.  The
VaR is the appropriate percentile of this distribution.  For
<page> example, the 99% one-day VaR would represent the 10th
worst outcome from Demeter?s simulated profit and loss series.

The Partnership?s VaR computations are based on the risk
representation of the underlying benchmark for each instrument or
contract and do not distinguish between exchange and non-exchange
dealer-based instruments.  They are also not based on exchange
and/or dealer-based maintenance margin requirements.

VaR models, including the Partnership?s, are continually evolving
as trading portfolios become more diverse and modeling techniques
and systems capabilities improve.  Please note that the VaR model
is used to numerically quantify market risk for historic
reporting purposes only and is not utilized by either Demeter or
the Trading Advisor in their daily risk management activities.
Please further note that VaR as described above may not be
comparable to similarly-titled measures used by other entities.

The Partnership?s Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership?s open positions as a percentage of total Net Assets
by primary market risk category at March 31, 2008, and 2007.  At
March 31, 2008, and 2007, the Partnership?s total capitalization
was approximately $107 million and $56 million, respectively.



<page>

Primary Market           March 31, 2008           March 31, 2007
Risk Category	  	     Value at Risk   	     Value at Risk

Currency	(0.47)%                  (0.74)%
Interest Rate                 (0.34)                   (0.55)
Equity  	(0.10)	                   (1.06)
Commodity	                     (0.81)             	      (0.66)
Aggregate Value at Risk	(1.20)%                  (1.53)%


The VaR for a market category represents the one-day downside
risk for the aggregate exposures associated with this market
category.  The Aggregate Value at Risk listed above represents
the VaR of the Partnership?s open positions across all the market
categories, and is less than the sum of the VaRs for all such
market categories due to the diversification benefit across asset
classes.

Because the business of the Partnership is the speculative
trading of futures, forwards, and options, the composition of its
trading portfolio can change significantly over any given time
period, or even within a single trading day.  Such changes could
positively or negatively materially impact market risk as
measured by VaR.

The table below supplements the quarter-end VaR set forth above
by presenting the Partnership?s high, low, and average VaR, as a
<page> percentage of total Net Assets for the four quarter-end
reporting periods from April 1, 2007, through March 31, 2008.

Primary Market Risk Category        High        Low      Average
Currency	(1.08)%	 (0.47)%	  (0.79)%

Interest Rate	(1.04)	(0.34)	(0.65)

Equity 	(0.82)	(0.10)	(0.45)

Commodity	(0.86)	(0.55)	(0.76)

Aggregate Value at Risk	(2.32)%	  (1.20)%	(1.70)%

Limitations on Value at Risk as an Assessment of Market Risk
VaR models permit estimation of a portfolio?s aggregate market
risk exposure, incorporating a range of varied market risks,
reflect risk reduction due to portfolio diversification or hedging
activities, and can cover a wide range of portfolio assets.
However, VaR risk measures should be viewed in light of the
methodology?s limitations, which include, but may not be limited
to the following:
*	past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
*	changes in portfolio value caused by market movements may
differ from those of the VaR model;
*	VaR results reflect past market fluctuations applied to
current trading positions while future risk depends on future
positions;
<page>
*	VaR using a one-day time horizon does not fully capture the
market risk of positions that cannot be liquidated or hedged
within one day; and
*	the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.

In addition, the VaR tables above, as well as the past performance
of the Partnership, give no indication of the Partnership?s
potential "risk of ruin".

The VaR tables provided present the results of the Partnership?s
VaR for each of the Partnership?s market risk exposures and on an
aggregate basis at March 31, 2007, and for the four quarter-end
reporting periods from April 1, 2007, through March 31, 2008. VaR
is not necessarily representative of the Partnership?s historic
risk, nor should it be used to predict the Partnership?s future
financial performance or its ability to manage or monitor risk.
There can be no assurance that the Partnership?s actual losses on
a particular day will not exceed the VaR amounts indicated above
or that such losses will not occur more than once in 100 trading
days.



<page> Non-Trading Risk
The Partnership has non-trading market risk on its foreign cash
balances.  These balances and any market risk they may represent
are immaterial.

The Partnership also maintains a substantial portion of its
available assets in cash at MS&Co.; as of March 31, 2008, such
amount was equal to approximately 90% of the Partnership?s net
asset value.  A decline in short-term interest rates would result
in a decline in the Partnership?s cash management income. This
cash flow risk is not considered to be material.

Materiality, as used throughout this section, is based on an
assessment of reasonably possible market movements and any
associated potential losses, taking into account the leverage,
optionality and multiplier features of the Partnership?s market-
sensitive instruments, in relation to the Partnership?s Net
Assets.

Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Partnership?s
market risk exposures - except for (A) those disclosures that are
statements of historical fact and (B) the descriptions of how the
Partnership 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.
<page> The Partnership?s primary market risk exposures, as well as
the strategies used and to be used by Demeter and the Trading
Advisor for managing such exposures, are subject to numerous
uncertainties, contingencies and risks, any one of which could
cause the actual results of the Partnership?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 Partnership.  Investors must be prepared to lose all or
substantially all of their investment in the Partnership.

The following were the primary trading risk exposures of the
Partnership at March 31, 2008, by market sector.  It may be
anticipated, however, that these market exposures will vary
materially over time.

Currency.  The third largest market exposure of the Partnership
at March 31, 2008, was to the currency sector.  The Partnership?s
currency exposure is to exchange rate fluctuations, primarily
fluctuations which disrupt the historical pricing relationships
between different currencies and currency pairs.  Interest rate
changes, as well as political and general economic conditions
<page> influence these fluctuations.  The Partnership trades a
large number of currencies, including cross-rates - i.e.,
positions between two currencies other than the U.S. dollar.  At
March 31, 2008, the Partnership?s major exposures were to the
euro, Japanese yen, and British pound currency crosses, as well
as to outright U.S. dollar positions.  Outright positions consist
of the U.S. dollar vs. other currencies.  These other currencies
include major and minor currencies.  Demeter does not anticipate
that the risk associated with the Partnership?s currency trades
will change significantly in the future.

Interest Rate.  At March 31, 2008, the Partnership had market
exposure to the global interest rate sector.  Exposure was
primarily spread across the Japanese, U.S., European, Australian,
and Canadian interest rate sectors.  Interest rate movements
directly affect the price of the sovereign bond futures positions
held by the Partnership and indirectly affect 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 Partnership?s profitability. The
Partnership?s interest rate exposure is generally to interest
rate fluctuations in the U.S. and the other G-7 countries.  The
G-7 countries consist of France, the U.S., Britain, Germany,
Japan, Italy, and Canada.  However, the Partnership also takes
futures positions in the government debt of smaller nations -
e.g., Australia.  Demeter anticipates that the G-7 countries? and
<page> Australian interest rates will remain the primary interest
rates exposure of the Partnership for the foreseeable future.
The speculative futures positions held by the Partnership may
range from short to long-term instruments.  Consequently, changes
in short, medium, or long-term interest rates may have an effect
on the Partnership.

Equity.  At March 31, 2008, the Partnership had market exposure
to the global stock index sector, primarily to equity price risk
in the G-7 countries.  The stock index futures traded by the
Partnership are by law limited to futures on broadly-based
indices.  At March 31, 2008, the Partnership?s primary market
exposures were to the S&P 500 (U.S.), Euro Stox 50 (Europe),
NIKKEI 225 (Japan), FTSE 100 (United Kingdom), SPI 200
(Australia), NASDAQ 100 (U.S.), CAC 40 (France), and S&P MIDCAP
(U.S.) stock indices.  The Partnership is typically exposed to
the risk of adverse price trends or static markets in the U.S.,
European, Japanese, and Australian stock indices. Static markets
would not cause major market changes, but would make it difficult
for the Partnership to avoid trendless price movements, resulting
in numerous small losses.

Commodity.
Soft Commodities and Agriculturals. The largest market expo-
sure of the Partnership at March 31, 2008, was to the markets
that comprise these sectors.  Most of the exposure was to the
<page> soybeans, corn, wheat, live cattle, soybean meal,
sugar, coffee, soybean oil, cocoa, cotton, lean hogs, and
feeder cattle markets.  Supply and demand inequalities, severe
weather disruptions, and market expectations affect price
movements in these markets.

Energy.  The second largest market exposure of the Partnership
at March 31, 2008, was to the energy sector.  The
Partnership?s energy exposure was shared primarily by futures
contracts in crude oil and its related products, as well as
natural gas.  Price movements in these markets result from
geopolitical developments, particularly in the Middle East, as
well as weather patterns and other economic fundamentals.
Significant profits and losses, which have been experienced in
the past, are expected to continue to be experienced in the
future.  Natural gas has exhibited volatility in prices
resulting from weather patterns and supply and demand factors
and will likely continue in this choppy pattern.

Metals.  At March 31, 2008, the Partnership had market
exposure to the metals sector.  The Partnership's metals
exposure was to fluctuations in the price of precious metals,
such as gold and silver, as well as base metals, such as
copper, aluminum, and zinc.  Economic forces, supply and
demand inequalities, geopolitical factors, and market
expectations influence price movements in these markets.  The
<page> Trading Advisor utilizes the trading system(s) to take
positions when market opportunities develop, and Demeter
anticipates that the Trading Advisor will continue to do so.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at March 31, 2008:

Foreign Currency Balances. The Partnership?s primary foreign
currency balances at March 31, 2008, were in Japanese yen,
euros, British pounds, Czech koruny, Canadian dollars,
Hungarian forint, New Zealand dollars, Australian dollars,
and Swiss francs.  The Partnership controls the non-trading
risk of foreign currency balances by regularly converting
them back into U.S. dollars upon liquidation of their
respective positions.

Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Partnership and the Trading Advisor, separately, attempt to
manage the risk of the Partnership?s open positions in essentially
the same manner in all market categories traded.  Demeter attempts
to manage market exposure by diversifying the Partnership?s assets
among different market sectors and trading approaches, and by
monitoring the performance of the Trading Advisor daily.  In
addition, the Trading Advisor establishes diversification
guidelines, often set in terms of the maximum margin to be <page>
committed to positions in any one market sector or market-
sensitive instrument.

Demeter monitors and controls the risk of the Partnership?s non-
trading instrument, cash.  Cash is the only Partnership investment
directed by Demeter, rather than the Trading Advisor.

Item 4.	CONTROLS AND PROCEDURES
   As of the end of the period covered by this quarterly report,
the President and Chief Financial Officer of Demeter, the general
partner of the Partnership, have evaluated the effectiveness of
the Partnership?s disclosure controls and procedures (as defined
in Rules 13a-15(e) and 15d-15(e) of the Exchange Act), and have
judged such controls and procedures to be effective.

Changes in Internal Control over Financial Reporting
There have been no material changes during the period covered by
this quarterly report in the Partnership?s internal control over
financial reporting (as defined in Rules 13a-15(f) and 15d-15(f)
of the Exchange Act) or in other factors that could significantly
affect these controls subsequent to the date of their evaluation.

Item 4T.	CONTROLS AND PROCEDURES
Not applicable.

<page> PART II.  OTHER INFORMATION
Item 1A. RISK FACTORS
There have been no material changes from the risk factors
previously referenced in the Partnership?s Report on Form 10-K for
the fiscal year ended December 31, 2007.
<table> <caption>
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
	   PROCEEDS
					 SEC
Registration Statement on Form S-1  Units Registered   Effective Date        File Number

		<c>	    <c>			<c>

Initial Registration	3,000,000.000		November 6, 1998	333-60103
Additional Registration	6,000,000.000		March 27, 2000	333-91569
Additional Registration	10,000,000.000		February 26, 2003	  333-103170
Additional Registration	  2,000,000.000		April 28, 2004	333-113893
Total Units Registered          21,000,000.000

Units sold through 3/31/08      17,726,030.898
Units unsold through 3/31/08     3,273,969.102
</table>
The managing underwriter for the Partnership is MS&Co.

Units are continuously sold at monthly closings at a purchase
price equal to 100% of the net asset value per Unit as of the
close of business on the last day of each month.

The aggregate price of the Units sold through March 31, 2008, was
$186,874,089.



<page> Since no expenses are chargeable against proceeds, 100% of
the proceeds of the offering have been applied to the working
capital of the Partnership for use in accordance with the ?Use of
Proceeds? section of the prospectus included as part of the above
referenced Registration Statements.

Item 5.  OTHER INFORMATION
Management.  Effective March 20, 2008, Mr. Michael Durbin, age
40, was named a Director of Demeter, subject to approval by the
National Futures Association.  Mr. Durbin is a Managing Director
of Morgan Stanley and has been Chief Operating Officer of
National Sales since February 2008.  Mr. Durbin joined Morgan
Stanley in 1990 and has served in a succession of leadership
positions in both its institutional and wealth management
businesses, most recently as head of Global Wealth Management
Group Capital Markets from October 2007 to February 2008.  Mr.
Durbin also served as Head of Equity Products and Services from
March 2006 to October 2007, Head of International Private Wealth
Management from May 2005 to March 2006, Chief Strategic and Risk
Officer of Global Wealth Management Group from September 2004 to
May 2005, and Chief Administrative Officer of each of Private
Wealth Management and Global Wealth Management Group from January
2002 to September 2004.  Mr. Durbin received his B.B.A. from the
University of Notre Dame in 1990 and an M.B.A. from the New York
University in 1998.
<page> Effective March 20, 2008, Mr. Jose Morales, age 31, was
named a Director of Demeter, subject to approval by the National
Futures Association.  Mr. Morales is a Vice President at Morgan
Stanley and has headed the Product Development Group for the
firm?s Global Wealth Management business since August 2007.  Mr.
Morales joined the firm in September 1998 as an analyst in the
investment management division, and subsequently held positions
in the Morgan Stanley Investment Management Global Product
Development Group from May 2000 to December 2003, in the Global
Wealth Management Product Development Group from December 2003 to
June 2006, and in Global Wealth Management Alternative
Investments Product Development & Management from June 2006 to
August 2007.  Mr. Morales is a member of the Global Wealth
Management New Products Committee and the Consulting Services Due
Diligence Committee.  Prior to his appointment as a Director of
Demeter, Mr. Morales served as a member of the Managed Futures
Investment Management Committee from March 2005 to March of 2008.
 Mr. Morales received an M.B.A. with a concentration in Finance
from the NYU Stern School of Business in June 2007 and a B.S. in
International Business Administration with a concentration in
Economics from Fordham University in 1998.

Effective April 1, 2008, Mr. Andrew Saperstein no longer serves
as a Director of Demeter.

<page>
Item 6.  EXHIBITS

31.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
31.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002.
32.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002.
32.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.




















<page>









SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.




                     Morgan Stanley Charter WCM L.P.
                     (Registrant)

                     By: Demeter Management Corporation
                         (General Partner)

May 15, 2008         By:/s/Christian Angstadt
                           Christian Angstadt
                           Chief Financial Officer





The General Partner which signed the above is the only party
authorized to act for the Registrant.  The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.




- 4 -
- 5 -

1609:

1611:

1613:

- 44 -