|   | MORGAN STANLEY SMITH BARNEY CHARTER WNT L.P.           |   |
|--------|--------------------------------------------------------|--------|
|   | (Exact name of registrant as specified in its charter) |   |

|                                     | Delaware                                                                                                              |       | 13-4018065                          |
|------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------|
|                                     |      (State or other jurisdiction of      incorporation or organization) |       | (I.R.S. EmployerIdentification No.) |
|                                     |                                                                                                                  |       |                                |
| Demeter Management LLC                   |                                                                                                                  |       |
| 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 |
|----------------------------------------------------------|--------|----------------|

| Large accelerated filer o | Accelerated filer o         |
|---------------------------|-----------------------------|
| Non-accelerated filer x   | Smaller reporting company o |

----

|     | PART I. FINANCIAL INFORMATION                                                                   |             |
|----------|-------------------------------------------------------------------------------------------------|------------------|
|     |                                                                                            |             |
| Item 1.  | Financial Statements (Unaudited)                                                                |             |
|     |                                                                                            |             |
|     | Statements of Financial Condition as of March 31, 2010 and December 31, 2009                    | 2                |
|     |                                                                                            |             |
|     | Statements of Operations for the Quarters Ended March 31, 2010 and 2009                         | 3                |
|     |                                                                                            |             |
|     | Statements of Changes in Partners’ Capital for the Quarters Ended March 31, 2010 and 2009 | 4                |
|     |                                                                                            |             |
|     | Statements of Cash Flows for the Quarters Ended March 31, 2010 and 2009                         | 5                |
|     |                                                                                            |             |
|     | Condensed Schedules of Investments as of  March 31, 2010 and December 31, 2009        | 6                |
|     |                                                                                            |             |
|     | Notes to Financial Statements                                                                   |   7-22 |
|     |                                                                                            |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations     | 23-29            |
|     |                                                                                            |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                      | 29-40            |
|     |                                                                                            |             |
| Item 4.  | Controls and Procedures                                                                         | 40-41            |
|     |                                                                                            |             |
| Item 4T. | Controls and Procedures                                                                         | 41-42            |
|     |                                                                                            |             |
|     | PART II. OTHER INFORMATION                                                                      |             |
|     |                                                                                            |             |
| Item 1A. | Risk Factors                                                                                    | 43               |
|     |                                                                                            |             |
| Item 6.  | Exhibits                                                                                        | 43               |

----

|                                                                   |     March 31, |   | December 31, |
|------------------------------------------------------------------------|-----------------------------------|--------|--------------|
|                                                                   | 2010                              |   | 2009         |
| ASSETS                                                                 | $                                 |   | $            |
|                                                                   |                              |   |         |
| Trading Equity:                                                        |                              |   |         |
| Unrestricted cash                                                      | 85,045,247                        |   | 86,689,859   |
| Restricted cash                                                        | 5,221,541                         |   | 6,125,936    |
|                                                                   |                              |   |         |
| Total cash                                                             | 90,266,788                        |   | 92,815,795   |
|                                                                   |                              |   |         |
| Net unrealized gain on open contracts (MS&Co.)                     | 3,021,223                         |   | 180,236      |
| Net unrealized gain on open contracts (MSIP)                           | 595,410                           |   | 290,005      |
|                                                                   |                              |   |         |
| Total net unrealized gain on open contracts                            | 3,616,633                         |   | 470,241      |
|                                                                   |                              |   |         |
| Options purchased (premiums paid $5,415 and $4,263, respectively)      | 3,825                             |   | 2,053        |
|                                                                   |                              |   |         |
| Total Trading Equity                                                   | 93,887,246                        |   | 93,288,089   |
|                                                                   |                              |   |         |
| Interest receivable (MS&Co.)                                       | 7,993                             |   | 1,324        |
|                                                                   |                              |   |         |
| Total Assets                                                           | 93,895,239                        |   | 93,289,413   |
|                                                                   |                              |   |         |
| LIABILITIES AND PARTNERS’ CAPITAL                                |                              |   |         |
|                                                                   |                              |   |         |
| Liabilities                                                            |                              |   |         |
|                                                                   |                              |   |         |
| Redemptions payable                                                    | 1,480,631                         |   | 558,871      |
| Accrued brokerage fees (MS&Co.)                                    | 448,563                           |   | 479,005      |
| Accrued management fees                                                | 149,521                           |   | 159,668      |
| Options written (premiums received $10,695 and $9,400, respectively)   | 7,313                             |   | 4,693        |
|                                                                   |                              |   |         |
| Total Liabilities                                                      | 2,086,028                         |   | 1,202,237    |
|                                                                   |                              |   |         |
| Partners’ Capital                                                |                              |   |         |
|                                                                   |                              |   |         |
| Limited Partners (7,727,026.021 and 7,969,131.800 Units, respectively) | 90,872,070                        |   | 91,155,811   |
| General Partner (79,686.857 and 81,422.857 Units, respectively)        | 937,141                           |   | 931,365      |
|                                                                   |                              |   |         |
| Total Partners’ Capital                                          | 91,809,211                        |   | 92,087,176   |
|                                                                   |                              |   |         |
| Total Liabilities and Partners’ Capital                          | 93,895,239                        |   | 93,289,413   |
|                                                                   |                              |   |         |
| NET ASSET VALUE PER UNIT                                               | 11.76                             |   | 11.44        |

----

|                         | For the Quarters Ended March 31, |
|------------------------------|----------------------------------|
|                         |                             |   |   |
|                         | 2010                             |   | 2009 |
|                         | $                                |   | $ |
| INVESTMENT INCOME            |                             |   |   |
| Interest income (MS&Co.) | 11,982                           |   | 53,098 |
|                         |                             |   |   |
| EXPENSES                     |                             |   |   |
| Brokerage fees (MS&Co.)  | 1,353,672                        |   | 1,927,068 |
| Management fees              | 451,224                          |   | 642,356 |
| Incentive fee                | —                          |   | 117,189 |
|                         |                             |   |   |
| Total Expenses               | 1,804,896                        |   | 2,686,613 |
|                         |                             |   |   |
| NET INVESTMENT LOSS          | (1,792,914)                      |   | (2,633,515) |
|                         |                             |   |   |
| TRADING RESULTS              |                             |   |   |
| Trading profit (loss):       |                             |   |   |
| Realized                     | 1,174,713                        |   | 1,653,328 |
| Net change in unrealized     | 3,145,687                        |   | (2,610,631) |
|                         |                             |   |   |
| Total Trading Results        | 4,320,400                        |   | (957,303) |
|                         |                             |   |   |
| NET INCOME (LOSS)            | 2,527,486                        |   | (3,590,818) |
|                         |                             |   |   |
| NET INCOME (LOSS) ALLOCATION |                             |   |   |
|                         |                             |   |   |
| Limited Partners             | 2,502,076                        |   | (3,554,690) |
| General Partner              | 25,410                           |   | (36,128) |
|                         |                             |   |   |
| NET INCOME (LOSS) PER UNIT * |                             |   |   |
|                         |                             |   |   |
| Limited Partners             | 0.32                             |   | (0.37) |
| General Partner              | 0.32                             |   | (0.37) |
|                         |                             |   |   |
|                         | Units                            |   | Units |
| WEIGHTED AVERAGE NUMBER      |                             |   |   |
| OF UNITS OUTSTANDING         | 7,995,843.340                    |   | 9,620,653.202 |

----

|                     | Units of        |   |         |   |      |   |         |
|--------------------------|-----------------|--------|--------------|--------|-----------|--------|--------------|
|                     | Partnership     |   | Limited      |   | General   |   |         |
|                     | Interest        |   | Partners     |   | Partner   |   | Total        |
|                     |            |   | $            |   | $         |   | $            |
| Partners’ Capital, |            |   |         |   |      |   |         |
| December 31, 2008        | 10,331,687.713  |   | 133,141,833  |   | 1,352,349 |   | 134,494,182  |
|                     |            |   |         |   |      |   |         |
| Net Loss                 | –         |   | (3,554,690)  |   | (36,128)  |   | (3,590,818)  |
|                     |            |   |         |   |      |   |         |
| Redemptions              | (1,484,899.923) |   | (18,907,450) |   | (189,947) |   | (19,097,397) |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| March 31, 2009           | 8,846,787.790   |   | 110,679,693  |   | 1,126,274 |   | 111,805,967  |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| December 31, 2009        | 8,050,554.657   |   | 91,155,811   |   | 931,365   |   | 92,087,176   |
|                     |            |   |         |   |      |   |         |
| Net Income               | –         |   | 2,502,076    |   | 25,410    |   | 2,527,486    |
|                     |            |   |         |   |      |   |         |
| Redemptions              | (243,841.779)   |   | (2,785,817)  |   | (19,634)  |   | (2,805,451)  |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| March 31, 2010           | 7,806,712.878   |   | 90,872,070   |   | 937,141   |   | 91,809,211   |

----

|                                                 | For the Quarters Ended March 31, |
|------------------------------------------------------|----------------------------------|
|                                                 |                             |   |   |
|                                                 | 2010                             |   | 2009 |
|                                                 | $                                |   | $ |
| CASH FLOWS FROM OPERATING ACTIVITIES                 |                             |   |   |
|                                                 |                             |   |   |
| Net income (loss)                                    | 2,527,486                        |   | (3,590,818) |
| Noncash item included in net income (loss):          |                             |   |   |
| Net change in unrealized                             | (3,145,687)                      |   | 2,610,631 |
|                                                 |                             |   |   |
| (Increase) decrease in operating assets:             |                             |   |   |
| Restricted cash                                      | 904,395                          |   | (1,429,082) |
| Net premium paid for options purchased               | (1,152)                          |   |   |
| Interest receivable (MS&Co.)                     | (6,669)                          |   | 4,100 |
|                                                 |                             |   |   |
| Increase (decrease) in operating liabilities:        |                             |   |   |
| Accrued brokerage fees (MS&Co.)                  | (30,442)                         |   | (80,389) |
| Accrued management fees                              | (10,147)                         |   | (26,797) |
| New premiums received from options written           | 1,295                            |   | — |
| Accrued incentive fee                                | —                          |   | (242,980) |
|                                                 |                             |   |   |
| Net cash provided by (used for) operating activities | 239,079                          |   | (2,755,335) |
|                                                 |                             |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                 |                             |   |   |
|                                                 |                             |   |   |
| Cash paid for redemptions of Units                   | (1,883,691)                      |   | (17,536,698) |
|                                                 |                             |   |   |
| Net cash used for financing activities               | (1,883,691)                      |   | (17,536,698) |
|                                                 |                             |   |   |
| Net decrease in unrestricted cash                    | (1,644,612)                      |   | (20,292,033) |
|                                                 |                             |   |   |
| Unrestricted cash at beginning of period             | 86,689,859                       |   | 134,831,012 |
|                                                 |                             |   |   |
| Unrestricted cash at end of period                   | 85,045,247                       |   | 114,538,979 |

----

| Futures and Forward Contracts                                                                |         Long        Unrealized         Gain | Percentage ofNet Assets                              | Short  UnrealizedGain/(Loss)                                                                                                 | Percentage of   Net Assets                                                                                       |      Net      Unrealized  Gain/(Loss) |
|----------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|
|                                                                                         |            $                                                                                       |     %                                 | $                                                                                                                                      | %                                                                                                                          |         $                                                      |
| March 31, 2010, Partnership Partners’ Capital: $91,809,211                             |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
|                                                                                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
|      Commodity                                                           | 975,405                                                                                                                                              | 1.06                             |                       555,133 | 0.60                                                                                                                       | 1,530,538                                                                                         |
|      Equity                                                         | 786,581                                                                                                                                              | 0.86                                  |                  (3,382)                               | –                                                                                                                    |  783,199                                                                                     |
|      Foreign currency                                                    | 319,353                                                                                                                                              |   0.35                                     |                 197,381                                     | 0.21                                                                                                                       |  516,734                                                                                     |
|      Interest rate                                                       |          818,879                                                                                        |      0.89    |              (18,420)                                                      |           (0.02)                                                         |           800,459                                    |
|                                                                                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Grand Total:                                                                                 |      2,900,218                                                                                                              |      3.16    |     730,712                                                                                                        |      0.79                                                                                              |             3,630,930                      |
|                                                                                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Unrealized Currency Loss                                                                     |                                                                                                                                                 |                                                 |                                                                                                                                   |  (0.02)                                                                                                               |             (14,297)                       |
|                                                                                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
|      Total Net Unrealized Gain on Open Contracts                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |        3,616,633                                                    |
|                                                                                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Option Contracts                                                                             | Fair Value                                                                                                                                           | % ofNAV                                              |                                                                                                                                   |                                                                                                                       |                                                                                              |
|                                                                                         | $                                                                                                                                                    | %                                                    |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Options purchased on Futures Contracts                                                       | 3,825                                                                                                                                                | –                                              |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Options purchased on Forward Contracts                                                       | –                                                                                                                                              | –                                              |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Options written on Futures Contracts                                                         | (7,313)                                                                                                                                              | (0.01)                                               |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Options written on Forward Contracts                                                         | –                                                                                                                                              | –                                              |                                                                                                                                   |                                                                                                                       |                                                                                              |
|                                                                                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
|                                                                                         | Long UnrealizedGain/(Loss)                                                                                                                           | Percentage ofNet Assets                              | Short  UnrealizedGain/(Loss)                                                                                                 | Percentage ofNet Assets                                                                                               |      Net   Unrealized   Gain/(Loss)                  |
|                                                                                         | $                                                                                                                                                    | %                                                    | $                                                                                                                                      | %                                                                                                                          | $                                                                                                 |
|      December 31, 2009, Partnership Partners’ Capital: $92,087,176 |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
|                                                                                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Commodity                                                                                    | 445,303                                                                                                                                              | 0.48                                                 |                      (110,774)     | (0.12)                                                                                                                     | 334,529                                                             |
| Equity                                                                                       | 472,905                                                                                                                                              | 0.51                                                 | (6,447)                                                                                                                                | (0.01)                                                                                                                     | 466,458                                                             |
| Foreign currency                                                                             | (307,207)                                                                                                                                            |        (0.33)          | (21,956)                                                                                                                               | (0.02)                                                                                                                     | (329,163)                                                                                         |
| Interest rate                                                                                |          12,612                                                                                         |   0.02                                     |                   318                             |                  –    |       12,930                                                        |
|                                                                                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
|      Grand Total:                                                   |        623,613                                                                                                    |      0.68                   |       (138,859)                                                                                          | (0.15)                                                                                                                     |    484,754                                                                              |
|                                                                                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
|      Unrealized Currency Loss                                       |                                                                                                                                                 |                                                 |                                                                                                                                   |  (0.02)                                                                                                               |    (14,513)                                                                             |
|                                                                                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Total Net Unrealized Gain on Open Contracts                                                  |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |        470,241                                                      |
|                                                                                         |                                                                                                                                                 |                                                 |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Option Contracts                                                                             | Fair Value                                                                                                                                           | % ofNAV                                              |                                                                                                                                   |                                                                                                                       |                                                                                              |
|                                                                                         | $                                                                                                                                                    | %                                                    |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Options purchased on Futures Contracts                                                       | 2,053                                                                                                                                                | –                                              |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Options purchased on Forward Contracts                                                       | –                                                                                                                               | –                                              |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Options written on Futures Contracts                                                         | (4,693)                                                                                                                                              | (0.01)                                               |                                                                                                                                   |                                                                                                                       |                                                                                              |
| Options written on Forward Contracts                                                         | –                                                                                                                     | –                                              |                                                                                                                                   |                                                                                                                       |                                                                                              |

----

----

----

----

----

----

| 2)      |   Requires no initial net investment or a smaller initial net investment than would be required relative to changes in market factors; and |
|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|          | Net Unrealized Gains on Open Contracts | Longest Maturities  |
|---------------|----------------------------------------|---------------------|
| Date          | Exchange-Traded                        | Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded |
|          | $                                      | $                   | $ |   |   |
| Mar. 31, 2010 | 3,616,633                              | -                   | 3,616,633 | Jun. 2012 | - |
| Dec. 31, 2009 |   470,241                    | -                   | 470,241 | Dec. 2011 | - |

----

----

----

----

| Futures and Forward Contracts               | Long UnrealizedGain       | Long UnrealizedLoss        |  ShortUnrealizedGain      |   Short UnrealizedLoss | Net   Unrealized Gain/(Loss) | Average number of contracts outstanding(absolute quantity) |
|---------------------------------------------|---------------------------|----------------------------|--------------------------------|----------------------------------|--------------------------------------------------|-----------------------------------------------------------------|
|                                        | $                         | $                          | $                              | $                                | $                                                |                                                            |
|                                        |                      |                       |                           |                             |                                             |                                                            |
| Commodity                                   | 1,044,718                 | (69,313)                   | 598,480                        | (43,347)                         | 1,530,538                                        | 541                                                             |
| Equity                                      | 789,503                   | (2,922)                    | –                        | (3,382)                          | 783,199                                          | 654                                                             |
| Foreign currency                            | 556,690                   | (237,337)                  | 323,756                        | (126,375)                        | 516,734                                          | 692                                                             |
| Interest rate                               |    838,637 |    (19,758) |     20,814 |   (39,234)             |    800,459                        | 1,549                                                           |
| Total                                       |   3,229,548     |   (329,330)      |   943,050            |    (212,338)      |    3,630,930                      |                                                            |
|                                        |                      |                       |                           |                             |                                             |                                                            |
| Unrealized currency loss                    |                      |                       |                           |                             |     (14,297)                 |                                                            |
| Total net unrealized gain on open contracts |                      |                       |                           |                             |    3,616,633                      |                                                            |

| Option Contracts at Fair Value | $                                                        |   |   |   |   |   |
|--------------------------------|----------------------------------------------------------|--------|--------|--------|--------|--------|
| Options purchased              | 3,825                                                    |   |   |   |   |   |
| Options written                |          (7,313) |   |   |   |   |   |

| Futures and Forward Contracts               | Long UnrealizedGain             | Long UnrealizedLoss         |  ShortUnrealizedGain      |   Short UnrealizedLoss | Net   Unrealized Gain/(Loss) | Average number of contracts outstanding(absolute quantity) |
|---------------------------------------------|---------------------------------|-----------------------------|--------------------------------|----------------------------------|--------------------------------------------------|-----------------------------------------------------------------|
|                                        | $                               | $                           | $                              | $                                | $                                                |                                                            |
|                                        |                            |                        |                           |                             |                                             |                                                            |
| Commodity                                   | 574,468                         | (129,165)                   | 44,484                         | (155,258)                        | 334,529                                          | 436                                                             |
| Equity                                      | 479,575                         | (6,670)                     | –                        | (6,447)                          | 466,458                                          | 336                                                             |
| Foreign currency                            | 50,370                          | (357,577)                   | 3,450                          | (25,406)                         | (329,163)                                        | 476                                                             |
| Interest rate                               |     303,800 |    (291,188) |     13,114 |   (12,796)             |      12,930             | 1,613                                                           |
| Total                                       |   1,408,213           |   (784,600)       |     61,048 |    (199,907)      |    484,754                        |                                                            |
|                                        |                            |                        |                           |                             |                                             |                                                            |
| Unrealized currency loss                    |                            |                        |                           |                             |     (14,513)                 |                                                            |
| Total net unrealized gain on open contracts |                            |                        |                           |                             |      470,241            |                                                            |

| Option Contracts at Fair Value | $                                                  |   |   |   |   |   |
|--------------------------------|----------------------------------------------------|--------|--------|--------|--------|--------|
| Options purchased              | 2,053                                              |   |   |   |   |   |
| Options written                |         (4,693) |   |   |   |   |   |

----

| Type of Instrument       |                                                                       $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Commodity                | 965,058                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Equity                   | 638,543                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Foreign currency         | 1,378,371                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Interest rate            | 1,338,212                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Unrealized currency gain |             216                                                                                                                                                                                                                                                                                                                                                      |
| Total                    |   4,320,400                                                                                                                                                                                                                                                                                                                                                                                                            |

| Trading Results          |                                                                          $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Realized                 | 1,174,713                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Net change in unrealized |    3,145,687                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Total Trading Results    |    4,320,400                                                                                                                                                                                                                                                                                                                                                                                                                        |

| Type of Instrument       |                                                                        $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Commodity                | 528,810                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Equity                   | 584,175                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Foreign currency         | (1,434,069)                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Interest rate            | (574,562)                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Unrealized currency loss |     (61,657)                                                                                                                                                                                                                                                                                                                                                                                                       |
| Total                    |   (957,303)                                                                                                                                                                                                                                                                                                                                                                                                                  |

| Trading Results          |                                                                        $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Realized                 | 1,653,328                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Net change in unrealized |    (2,610,631)                                                                                                                                                                                                                                                                                                                                                                                                          |
| Total Trading Results    |      (957,303)                                                                                                                                                                                                                                                                                                                                                                                                |

----

----

|                                     | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1) | Significant Other Observable Inputs(Level 2) | Significant Unobservable Inputs(Level 3) |   |                          Total |
|------------------------------------------|-------------------------------------------------------------------------|----------------------------------------------|------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                     | $                                                                       | $                                            | $                                        |   |                          $     |
| Assets                                   |                                                                    |                                         |                                     |   |                                                                                                                                                   |
| Net unrealized gain on futures contracts | 3,616,633                                                               | –                            | n/a                                      |   | 3,616,633                                                                                                                                              |
| Options purchased                        | 3,825                                                                   | –                            | n/a                                      |   | 3,825                                                                                                                                                  |
|                                     |                                                                    |                                         |                                     |   |                                                                                                                                                   |
| Liabilities                              |                                                                    |                                         |                                     |   |                                                                                                                                                   |
| Options written                          | 7,313                                                                   | –                            | n/a                                      |   | 7,313                                                                                                                                                  |

|                                     | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)   | Significant Other Observable Inputs(Level 2)      | Significant Unobservable Inputs(Level 3)     |   | Total   |
|------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------|----------------------------------------------|--------|---------|
|                                     | $                                                                         | $                                                 |         $ |   | $       |
| Assets                                   |                                                                      |                                              |                                         |   |    |
| Net unrealized gain on futures contracts | 470,241            | –        | n/a                                          |   | 470,241 |
| Options purchased                        | 2,053              | –                  | n/a                                          |   | 2,053   |
|                                     |                                                                      |                                              |                                         |   |    |
| Liabilities                              |                                                                      |                                              |                                         |   |    |
| Options written                          | 4,693              | –                  | n/a                                          |   | 4,693   |

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|   | Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|--------|-------------------------------------------------------------------------------|

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| Primary Market          | March 31, 2010 | March 31, 2009 |
|-------------------------|----------------|----------------|
| Risk Category           | Value at Risk  | Value at Risk  |
|                    |           |           |
| Equity                  | (2.23)%        | (0.11)%        |
|                    |           |           |
| Currency                | (0.73)         | (0.40)         |
|                    |           |           |
| Interest Rate           | (0.45)         | (0.52)         |
|                    |           |           |
| Commodity               | (1.19)         | (0.23)         |
|                    |           |           |
| Aggregate Value at Risk | (2.95)%        | (0.82)%        |

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| March 31, 2010               |    |    |    |
|------------------------------|---------|---------|---------|
| Primary Market Risk Category | High    | Low     | Average |
| Equity                       | (2.23)% | (0.49)% | (1.38)% |
| Currency                     | (0.88)  | (0.54)  | (0.75)  |
| Interest Rate                | (0.83)  | (0.36)  | (0.50)  |
| Commodity                    | (1.19)  | (0.20)  | (0.64)  |
| Aggregate Value at Risk      | (2.95)% | (0.65)% | (1.89)% |

| March 31, 2009               |                      |                      |                            |
|------------------------------|---------------------------|---------------------------|---------------------------------|
| Primary Market Risk Category | High                      | Low                       | Average                         |
| Interest Rate                | (0.52)%                   | (0.20)%                   | (0.37)%                         |
| Currency                     | (0.40)                    | (0.15)                    | (0.27)                          |
| Equity                       | (0.47)                    | (0.05)                    | (0.24)                          |
| Commodity                    | (0.79)                    | (0.15)                    | (0.36)                          |
| Aggregate Value at Risk      | (0.93)%    | (0.61)%    | (0.75)%     |

| ·   | past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | 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; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Item 4.   CONTROLS AND PROCEDURES |
|--------|--------------------------------------------------|

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|   | Item 1A. | RISK FACTORS |
|--------|----------|--------------|

| Item 6. | EXHIBITS |
|---------|----------|

| 31.01 | Certification of President of Demeter Management LLC, 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 LLC, 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 LLC, 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 LLC, 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. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|         | Morgan Stanley Smith Barney Charter WNT L.P. |                    |
|--------------|----------------------------------------------|-------------------------|
|         | (Registrant)                                 |                    |
|         |                                         |                    |   |
|         | By:                                          | Demeter Management LLC  |   |
|         |                                         | (General Partner)       |   |
|         |                                         |                    |   |
| May 13, 2010 | By:                                          | /s/Christian Angstadt   |   |
|         |                                         | Christian Angstadt      |   |
|         |                                         | Chief Financial Officer |   |