|   | 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.) |
|                                            |                                                                                                                  |       |                                |
|     Ceres Managed Futures LLC    |                                                                                                                  |       |
|     522 Fifth Avenue, 14th 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, 2011 and December 31, 2010                    | 2                |
|     |                                                                                            |             |
|     | Condensed Schedule of Investments as of March 31, 2011                                          | 3                |
|     |                                                                                            |             |
|     | Condensed Schedule of Investments as of December 31, 2010                                       | 4                |
|     |                                                                                            |             |
|     | Statements of Income and Expenses for the Quarters Ended March 31, 2011 and 2010                | 5                |
|     |                                                                                            |             |
|     | Statements of Changes in Partners’ Capital for the Quarters Ended March 31, 2011 and 2010 | 6                |
|     |                                                                                            |             |
|     | Notes to Financial Statements                                                                   |   7-21 |
|     |                                                                                            |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations     | 22-27            |
|     |                                                                                            |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                      | 28-36            |
|     |                                                                                            |             |
| Item 4.  | Controls and Procedures                                                                         | 36-37            |
|     |                                                                                            |             |
|     | PART II. OTHER INFORMATION                                                                      |             |
|     |                                                                                            |             |
| Item 1A. | Risk Factors                                                                                    | 38               |
|     |                                                                                            |             |
| Item 6.  | Exhibits                                                                                        | 38               |

----

|                                                                   |     March 31, |   | December 31, |
|------------------------------------------------------------------------|-----------------------------------|--------|--------------|
|                                                                   | 2011                              |   | 2010         |
| ASSETS                                                                 | $                                 |   | $            |
|                                                                   |                              |   |         |
| Trading Equity:                                                        |                              |   |         |
| Unrestricted cash                                                      | 75,398,910                        |   | 78,094,582   |
| Restricted cash                                                        | 3,909,122                         |   | 2,865,033    |
|                                                                   |                              |   |         |
| Total cash                                                             | 79,308,032                        |   | 80,959,615   |
|                                                                   |                              |   |         |
| Net unrealized gain on open contracts (MS&Co.)                     | 1,316,166                         |   | 2,156,329    |
| Net unrealized gain (loss) on open contracts (MSIP)                    | (112,056)                         |   | 288,889      |
|                                                                   |                              |   |         |
| Total net unrealized gain on open contracts                            | 1,204,110                         |   | 2,445,218    |
|                                                                   |                              |   |         |
| Options purchased (premiums paid $5,030 and $4,000, respectively)      | 852                               |   | 2,775        |
|                                                                   |                              |   |         |
| Total Trading Equity                                                   | 80,512,994                        |   | 83,407,608   |
|                                                                   |                              |   |         |
| Interest receivable (MSSB)                                             | 4,957                             |   | 6,527        |
|                                                                   |                              |   |         |
| Total Assets                                                           | 80,517,951                        |   | 83,414,135   |
|                                                                   |                              |   |         |
| LIABILITIES AND PARTNERS’ CAPITAL                                |                              |   |         |
|                                                                   |                              |   |         |
| Liabilities:                                                           |                              |   |         |
|                                                                   |                              |   |         |
| Redemptions payable                                                    | 1,276,357                         |   | 2,102,069    |
| Accrued brokerage fees (MS&Co.)                                    | 402,160                           |   | 399,170      |
| Accrued management fees                                                | 134,053                           |   | 133,056      |
| Options written (premiums received $9,680 and $7,425, respectively)    | 1,920                             |   | 5,500        |
|                                                                   |                              |   |         |
| Total Liabilities                                                      | 1,814,490                         |   | 2,639,795    |
|                                                                   |                              |   |         |
| Partners’ Capital:                                               |                              |   |         |
|                                                                   |                              |   |         |
| Limited Partners (6,235,985.644 and 6,431,165.896 Units, respectively) | 77,806,910                        |   | 79,881,815   |
| General Partner (71,855.857 and 71,855.857 Units, respectively)        | 896,551                           |   | 892,525      |
|                                                                   |                              |   |         |
| Total Partners’ Capital                                          | 78,703,461                        |   | 80,774,340   |
|                                                                   |                              |   |         |
| Total Liabilities and Partners’ Capital                          | 80,517,951                        |   | 83,414,135   |
|                                                                   |                              |   |         |
| NET ASSET VALUE PER UNIT                                               | 12.48                             |   | 12.42        |

----

|  Futures and Forward Contracts Purchased       | Net unrealized gain/(loss) on open contracts                                                                                                                                                                                         | % ofPartners’ Capital                                                                                                                                                                                   |
|-----------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                |       $                                                                                                                                                                                                |                                                                                                                                                                                                          |
|  Commodity                                     |    298,616                                                                                                                                                                                                            | 0.38                                                                                                                          |
|  Equity                                        | 405,275                                                                                                                                                                                                                              | 0.51                                                                                                                          |
|  Foreign currency                              | 374,122                                                                                                                                                                                                                              |    0.47                                                                                                                                      |
|  Interest rate                                 |         (33,534)                                                                                                                                                                             |  (0.04)                                                                                                                       |
|                                                |                                                                                                                                                                                                                                 |                                                                                                                                                                                                          |
|  Total Futures and Forward Contracts Purchased |      1,044,479                                                                                                                                                                                              |      1.32                                                                                            |
|                                                |                                                                                                                                                                                                                                 |                                                                                                                                                                                                          |
|                                                |                                                                                                                                                                                                                                 |                                                                                                                                                                                                          |
|  Futures and Forward Contracts Sold            |                                                                                                                                                                                                                                 |                                                                                                                                                                                                          |
|                                                |                                                                                                                                                                                                                                 |                                                                                                                                                                                                          |
|  Commodity                                     |                                      21,020 | 0.03                                                                                                                                                                                                          |
|  Equity                                        | (7,207)                                                                                                                                                                                                                              | (0.01)                                                                                                                                                                                                        |
|  Foreign currency                              |                              (6,290)                                                     | (0.01)                                                                                                                                                                                                        |
|  Interest rate                                 |                         162,534                                                                                   |                     0.21                                                                                       |
|                                                |                                                                                                                                                                                                                                 |                                                                                                                                                                                                          |
|  Total Futures and Forward Contracts Sold      |                               170,057                                               |    0.22                                                                                                                                                                                        |
|                                                |                                                                                                                                                                                                                                 |                                                                                                                                                                                                          |
| Unrealized Currency Loss                            |                               (10,426)                                              |                                   (0.01) |
|                                                |                                                                                                                                                                                                                                 |                                                                                                                                                                                                          |
|  Net fair value                                |                            1,204,110                                                               |   1.53                                                                                                                                                                                    |
|                                                |                                                                                                                                                                                                                                 |                                                                                                                                                                                                          |
|  Option Contracts                              | Fair Value                                                                                                                                                                                                                           | % of          Partners’ Capital                                                                                    |
|                                                |                                                                                                                                                                                                                                 |                                                                                                                                                                                                          |
|  Options purchased on Futures Contracts        |   852                                                                                                                                                                                                                      | –                                                                                                                                                                                                       |
|  Options written on Futures Contracts          | (1,920)                                                                                                                                                                                                                              | –                                                                                                                                                                                                       |
|                                                |                                                                                                                                                                                                                                 |                                                                                                                                                                                                          |

----

|  Futures and Forward Contracts Purchased       | Net unrealized gain/(loss) on open contracts                 | % ofPartners’ Capital                                                                          |
|-----------------------------------------------------|--------------------------------------------------------------|------------------------------------------------------------------------------------------------------|
|                                                |       $                        |                                                                                                 |
|  Commodity                                     |  1,720,245                                              | 2.13                                          |
|  Equity                                        | 76,029                                                       | 0.09                                          |
|  Foreign currency                              | 933,417                                                      |    1.16                                                                               |
|  Interest rate                                 |          23,658 |   0.03                              |
|                                                |                                                         |                                                                                                 |
|  Total Futures and Forward Contracts Purchased |      2,753,349                      |      3.41            |
|                                                |                                                         |                                                                                                 |

|  Futures and Forward Contracts Sold       |                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |
|------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                           |                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |
|                                           |                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |
|  Commodity                                |                                     (53,370)             | (0.07)                                                                                                                                                                                                        |
|  Equity                                   |  4,335                                                                                                                                                                                                                             | –                                                                                                                                                                                                       |
|  Foreign currency                         | (99,086)                                                                                                                                                                                                                           | (0.12)                                                                                                                                                                                                        |
|  Interest rate                            |                            (147,254)                                                                  |                    (0.18)                                                                                      |
|                                           |                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |
|  Total Futures and Forward Contracts Sold |       (295,375)                                                                                                                                                                                      |    (0.37)                                                                                                                                                                                      |
|                                           |                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |
| Unrealized Currency Loss                       |                                       (12,756) |                                   (0.01) |
|                                           |                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |
| Net fair value                                 |       2,445,218                                                                                                                                                                                 |   3.03                                                                                                                                                                                    |
|                                           |                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |
|   Option Contracts                   | Fair Value                                                                                                                                                                                                                              | % of           Partners’ Capital                                                                              |
|                                           |                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |
|  Options purchased on Futures Contracts   | 2,775                                                                                                                                                                                                                         | –                                                                                                                                                                                                       |
|  Options written on Futures Contracts     | (5,500)                                                                                                                                                                                                                       | (0.01)                                                                                                                                                      |

----

|                                    | For the Quarters Ended March 31,                                               |
|-----------------------------------------|--------------------------------------------------------------------------------|
|                                    |                                                                           |   |   |
|                                    | 2011                                                                           |   | 2010 |
|                                    | $                                                                              |   | $ |
| INVESTMENT INCOME                       |                                                                           |   |   |
| Interest income (MSSB & MS&Co.) | 21,993                                                               |   | 11,982   |
|                                    |                                                                           |   |   |
| EXPENSES                                |                                                                           |   |   |
| Brokerage fees (MS&Co.)             | 1,204,804                                                            |   | 1,353,672   |
| Management fees                         | 401,601                                                              |   | 451,224   |
|                                    |                                                                           |   |   |
| Total Expenses                          | 1,606,405                                                            |   | 1,804,896   |
|                                    |                                                                           |   |   |
| NET INVESTMENT LOSS                     |          (1,584,412)                   |   | (1,792,914)  |
|                                    |                                                                           |   |   |
| TRADING RESULTS                         |                                                                           |   |   |
| Trading profit (loss):                  |                                                                           |   |   |
| Realized                                | 3,184,680                                                            |   | 1,174,713   |
| Net change in unrealized                |             (1,238,226) |   | 3,145,687   |
|                                    |                                                                           |   |   |
| Total Trading Results                   | 1,946,454                                                            |   | 4,320,400   |
|                                    |                                                                           |   |   |
| NET INCOME                              | 362,042                                                              |   | 2,527,486   |
|                                    |                                                                           |   |   |
| NET INCOME ALLOCATION                   |                                                                           |   |   |
|                                    |                                                                           |   |   |
| Limited Partners                        | 358,016                                                              |   | 2,502,076   |
| General Partner                         | 4,026                                                                |   | 25,410   |
|                                    |                                                                           |   |   |
| NET INCOME PER UNIT *                   |                                                                           |   |   |
|                                    |                                                                           |   |   |
| Limited Partners                        | 0.06                                                                 |   | 0.32   |
| General Partner                         | 0.06                                                                 |   | 0.32   |
|                                    |                                                                           |   |   |
|                                    | Units                                                                          |   | Units |
| WEIGHTED AVERAGE NUMBER                 |                                                                           |   |   |
| OF UNITS OUTSTANDING                    | 6,455,576.297                                                        |   | 7,995,843.340   |

----

|                           | Units of            |   |              |   |               |   |                                                                                         |
|--------------------------------|---------------------|--------|-------------------|--------|--------------------|--------|----------------------------------------------------------------------------------------------|
|                           | Partnership         |   | Limited           |   | General            |   |                                                                                         |
|                           | Interest            |   | Partners          |   | Partner            |   | Total                                                                                        |
|                           |                |   | $                 |   | $                  |   |                 $ |
|  Partners’ Capital, |                |   |              |   |               |   |                                                                                         |
| December 31, 2010              | 6,503,021.753  |   | 79,881,815   |   | 892,525       |   | 80,774,340                                                                              |
|                           |                |   |              |   |               |   |                                                                                         |
|  Net Income               | –             |   | 358,016      |   | 4,026         |   | 362,042                                                                                 |
|                           |                |   |              |   |               |   |                                                                                         |
|  Redemptions              | (195,180.252)  |   | (2,432,921)  |   | –            |   | (2,432,921)                                                                             |
|                           |                |   |              |   |               |   |                                                                                         |
|  Partners’ Capital, |                |   |              |   |               |   |                                                                                         |
| March 31, 2011                 | 6,307,841.501  |   | 77,806,910   |   | 896,551       |   | 78,703,461                                                                              |
|                           |                |   |              |   |               |   |                                                                                         |
|                           |                |   |              |   |               |   |                                                                                         |
|                           |                |   |              |   |               |   |                                                                                         |
|                           |                |   |              |   |               |   |                                                                                         |
|  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                                                                              |

----

----

----

| 2.   | Financial Highlights |
|----------------|----------------------|

|                                                                                                                                                                        | 2011                                                                                                        |  2010                                                                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|
|          Per Unit operating performance:                                                                                       |                                                                                                        |                                                                                                              |
|          Net asset value, January 1:                                                                                           |   $      12.42                                                                |    $     11.44                                                                      |
|                                                                                                                                                                        |                                                                                                        |                                                                                                              |
|                      Interest Income                               |             –     (3) |              –     (3) |
|                      Expenses                                      |           (0.25)                                               |           (0.23)                                                |
|                      Realized Gain (1)                             |            0.50                                           |         0.15                                                                   |
|                      Unrealized Gain (Loss)                        |           (0.19)                                               |         0.40                                                                   |
|                      Net Income                                    |            0.06                                           |         0.32                                                              |
|                                                                                                                                                                        |                                                                                                        |                                                                                                              |
|          Net asset value, March 31:                                                                                            |    $    12.48                                                                      |    $     11.76                                                                      |
|                                                                                                                                                                        |                                                                                                        |                                                                                                              |
|          Ratios to average net assets:                                                                                         |                                                                                                        |                                                                                                              |
|                      Net investment loss (2)                       |            (8.1)%                                         |          (8.1)%                                                           |
|                      Expenses before  incentive fees (2) |             8.2 %                                    |           8.1%                                                       |
|                      Expenses after incentive fees (2)             |             8.2 %                                    |           8.1%                                                       |
|                      Net Income (2)                                |             1.8 %                                    |         11.4%                                                                  |
|          Total return before incentive fees                                                                                    |             0.5%                                     |           2.8%                                                       |
|          Total return after incentive fees                                                                                     |             0.5%                                     |           2.8%                                                       |
|                                                                                                                                                                        |                                                                                                        |                                                                                                              |

| 3.  Related Party Transactions |
|------------------------------------------|

----

----

----

|   | 1) | a) One or more “underlyings” and b) one or more “notional amounts” or payment provisions or both; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------|

| 2)   | Requires no initial net investment or a smaller initial net investment than would be required for other types of contracts that would be expected to have a similar response relative to changes in market factors; and |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|          | Net Unrealized Gains (Losses) on Open Contracts | Longest Maturities  |
|---------------|-------------------------------------------------|---------------------|
| Date          | Exchange-Traded                                 | Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded |
|          | $                                               | $                   | $ |   |   |
| Mar. 31, 2011 |    1,206,852                     | (2,742)             |   1,204,110 | Jun. 2013 | Jun. 2011 |
| Dec. 31, 2010 |   2,407,546                           | 37,672              | 2,445,218 | Mar. 2013 | Mar. 2011 |

----

----

----

| Futures and Forward Contracts               |  Long  UnrealizedGain                  | LongUnrealizedLoss                           |    Short    Unrealized Gain |   Short UnrealizedLoss       | Net Unrealized Gain/(Loss) | Average number of contracts outstanding for the quarter(absolute quantity) |
|---------------------------------------------|-------------------------------------------------------|----------------------------------------------|---------------------------------------------------------------------|----------------------------------------|--------------------------------------|--------------------------------------------------------------------------------------|
|                                        | $                                                     | $                                            | $                                                                   | $                                      | $                                    |                                                                                 |
| Commodity                                   | 558,425                                               | (259,809)                               |     65,959                                           | (44,939)                     | 319,636                         | 386                                                                                  |
| Equity                                      | 414,204                                               | (8,929)                                 |           554          | (7,761)                      | 398,068                         | 309                                                                                  |
| Foreign currency                            | 415,053                                               | (40,931)                                | 5,388                                                     | (11,678)                     | 367,832                         | 387                                                                                  |
| Interest rate                               |         7,774 |      (41,308)  |   179,235                                       |    (16,701)   |    129,000       | 663                                                                                  |
| Total                                       |   1,395,456                                 |   (350,977)                   |   251,136                                       |   (81,079)         |    1,214,536     |                                                                                 |
|                                        |                                                  |                                         |                                                                |                                   |                                 |                                                                                 |
| Unrealized currency loss                    |                                                  |                                         |                                                                |                                   |     (10,426)     |                                                                                 |
| Total net unrealized gain on open contracts |                                                  |                                         |                                                                |                                   |    1,204,110     |                                                                                 |

|                           |                                                                                               | Average number of                    |
|--------------------------------|----------------------------------------------------------------------------------------------------|--------------------------------------|
|                           |                                                                                               | contracts outstandingfor the quarter |
|                           |                                                                                               | (absolute quantity)                  |
| Option Contracts at Fair Value | $                                                                                                  |                                 |
| Options purchased              |    852                                                                              | 7                                    |
| Options written                |                 (1,920) | 7                                    |

| Futures and Forward Contracts               | Long UnrealizedGain            | Long UnrealizedLoss                         |     Short    Unrealized   Gain   |   Short UnrealizedLoss   | Net Unrealized         Gain/(Loss) | Average number of contracts outstandingfor the year(absolute quantity) |
|---------------------------------------------|--------------------------------|---------------------------------------------|-----------------------------------------------------------------------------------------|-----------------------------------------|---------------------------------------------------------------------------------|-----------------------------------------------------------------------------|
|                                        | $                              | $                                           |   $                                                                           | $                                       | $                                                                               |                                                                        |
| Commodity                                   | 1,764,214                      | (43,969)                               | –                                                                                 | (53,370)                      | 1,666,875                                                             | 537                                                                         |
| Equity                                      | 160,028                        | (83,999)                               | 6,260                                                                                   | (1,925)                       | 80,364                                                                | 381                                                                         |
| Foreign currency                            | 944,666                        | (11,249)                               | 10,887                                                         | (109,973)                     | 834,331                                                               | 620                                                                         |
| Interest rate                               |     31,487 |      (7,829)  |          369      |  (147,623)               |    (123,596)                                                | 1,604                                                                       |
| Total                                       |   2,900,395          |   (147,046)                       |     17,516                                 |    (312,891)   |    2,457,974                                           |                                                                        |
|                                        |                           |                                        |                                                                                    |                                    |                                                                            |                                                                        |
| Unrealized currency loss                    |                           |                                        |                                                                                    |                                    |     (12,756)                                           |                                                                        |
| Total net unrealized gain on open contracts |                           |                                        |                                                                                    |                                    |    2,445,218                                                |                                                                        |

|                           |                                                                                         | Average number of                     |
|--------------------------------|----------------------------------------------------------------------------------------------|---------------------------------------|
|                           |                                                                                         | contracts outstanding                 |
|                           |                                                                                         | for the year (absolute quantity) |
| Option Contracts at Fair Value | $                                                                                            |                                  |
| Options purchased              | 2,775                                                                                        | 8                                     |
| Options written                |                (5,500) | 8                                     |

----

| Type of Instrument       |                                                           $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                     |
| Commodity                | 1,874,704                                                                                                                                                                                                                                                                                                                                                |
| Equity                   | 526,090                                                                                                                                                                                                                                                                                                                                                  |
| Foreign currency         | (119,276)                                                                                                                                                                                                                                                                                                                                                |
| Interest rate            | (337,395)                                                                                                                                                                                                                                                                                                                                                |
| Unrealized currency gain |           2,331                                                                                                                                                                                                                                                                                        |
| Total                    |   1,946,454                                                                                                                                                                                                                                                                                                                                    |

| Trading Results          |                                                                      $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Realized                 | 3,184,680                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Net change in unrealized |   (1,238,226)                                                                                                                                                                                                                                                                                                                                                                                                    |
| Total Trading Results    |    1,946,454                                                                                                                                                                                                                                                                                                                                                                                                |

| 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                                   |

----

----

|   March 31, 2011                                | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                                                                                                                                   | Significant Other Observable Inputs(Level 2)                                                                                      | Significant Unobservable Inputs(Level 3) |   | Total                                                                                                                                          |
|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                 | $                                                                                                                                                                                                         | $                                                                                                                                 | $                                        |   | $                                                                                                                                              |
|   Assets                                        |                                                                                                                                                                                                      |                                                                                                                              |                                     |   |                                                                                                                                           |
|   Futures                                       | 1,624,771                                                                                                                                                                                                 |               –              | n/a                                      |   |    1,624,771                                                                                                                    |
|   Forwards                                      |                             –       |           21,822                                            | n/a                                      |   |      21,822                                                                                                           |
|       Options Purchased     |            852                                                                                                                                     |             –                          | n/a                                      |   |                         852 |
|                                                 |                                                                                                                                                                                                      |                                                                                                                              |                                     |   |                                                                                                                                           |
|   Total Assets                             |        1,625,623                                                                                                                                                            |           21,822                                                                | n/a                                      |   |          1,647,445                                                                                     |
|                                                 |                                                                                                                                                                                                      |                                                                                                                              |                                     |   |                                                                                                                                           |
|      Liabilities                 |                                                                                                                                                                                                      |                                                                                                                              |                                     |   |                                                                                                                                           |
|    Futures                                 |       407,493                                                                                                                                                               |                 –       | n/a                                      |   |       407,493                                                                                                    |
|        Forwards             |                         –                               |    24,564                                    | n/a                                      |   |                    24,564                            |
|        Options Written |        1,920                                                                                                                                                           |             –                          | n/a                                      |   |                      1,920                 |
|                                                 |                                                                                                                                                                                                      |                                                                                                                              |                                     |   |                                                                                                                                           |
|   Total Liabilities                        |           409,413                                                                                                                                            |             24,564                                                         | n/a                                      |   |               433,977                                                         |
|                                                 |                                                                                                                                                                                                      |                                                                                                                              |                                     |   |                                                                                                                                           |
|   Unrealized currency loss                      |                                                                                                                                                                                                      |                                                                                                                              |                                     |   |            (10,426)                                                                          |
|                                                 |                                                                                                                                                                                                      |                                                                                                                              |                                     |   |                                                                                                                                           |
|   *  Net fair value                   |      1,216,210                                                                                                                                                                        |              (2,742)                                                  | n/a                                      |   |     1,203,042                                                                                                                   |

| December 31, 2010                                | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                                                                                                                 | Significant Other Observable Inputs(Level 2)                                                                                      | Significant Unobservable Inputs(Level 3)                  |   | Total                                                                                                                          |
|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------|
|                                             | $                                                                                                                                                                                       | $                                                                                                                                 | $                                                         |   | $                                                                                                                              |
|   Assets                                    |                                                                                                                                                                                    |                                                                                                                              |                                                      |   |                                                                                                                           |
|   Futures                                   | 2,868,141                                                                                                                                                                               |                 –       |    n/a       |   |    2,868,141                                                                                                    |
|   Forwards                                  |                          –       |           49,770                                            | n/a                                                       |   |       49,770                                                                                     |
|       Options Purchased |         2,775                                                                                                                                   |             –                          | n/a                              |   |                      2,775 |
|                                             |                                                                                                                                                                                    |                                                                                                                              |                                                      |   |                                                                                                                           |
|   Total Assets                         |        2,870,916                                                                                                                                          |           49,770                                                                | n/a                                   |   |           2,920,686                                                               |
|                                             |                                                                                                                                                                                    |                                                                                                                              |                                                      |   |                                                                                                                           |
|       Liabilities       |                                                                                                                                                                                    |                                                                                                                              |                                                      |   |                                                                                                                           |
|   Futures                                   |       447,839                                                                                                                                             |             –                          |   n/a                                 |   |        447,839                                                                              |
|       Forwards          |                          –       |    12,098                               |     n/a                                    |   |                   12,098                  |
|       Options Written   |        5,500                                                                                                                                         |             –                          | n/a                                        |   |                     5,500       |
|                                             |                                                                                                                                                                                    |                                                                                                                              |                                                      |   |                                                                                                                           |
|   Total Liabilities                    |           453,339                                                                                                                          |             12,098                                                    | n/a                                        |   |           465,437                                                                 |
|                                             |                                                                                                                                                                                    |                                                                                                                              |                                                      |   |                                                                                                                           |
|   Unrealized currency loss                  |                                                                                                                                                                                    |                                                                                                                              |                                                      |   |            (12,756)                                                          |
|                                             |                                                                                                                                                                                    |                                                                                                                              |                                                      |   |                                                                                                                           |
|   *  Net fair value               |      2,417,577                                                                                                                                                      |              37,672                                                   | n/a                                        |   |       2,442,493                                                                                       |

----

|   | 7.  Restricted and Unrestricted Cash |
|--------|------------------------------------------------|

----

----

----

----

----

----

----

----

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

----

----

----

| Primary Market          | March 31, 2011 | December 31, 2010 |
|-------------------------|----------------|-------------------|
| Risk Category           | Value at Risk  | Value at Risk     |
|                    |           |              |
| Equity                  | (0.97)%        | (1.33)%           |
|                    |           |              |
| Currency                | (0.79)         | (0.42)            |
|                    |           |              |
| Interest Rate           | (0.26)         | (0.26)            |
|                    |           |              |
| Commodity               | (1.30)         | (1.52)            |
|                    |           |              |
| Aggregate Value at Risk | (2.99)%        | (2.97)%           |

----

| March 31, 2011               |                                  |                            |                            |
|------------------------------|---------------------------------------|---------------------------------|---------------------------------|
| Primary Market Risk Category | High                                  | Low                             | Average                         |
| Equity                       | (1.33)%                | (0.14)%                         | (0.83)%     |
| Currency                     | (0.79)                                | (0.42)                          | (0.61)                          |
| Interest Rate                | (1.18)                                | (0.26)                          | (0.68)                          |
| Commodity                    | (1.52)                                | (0.59)                          | (1.09)                          |
| Aggregate Value at Risk      | (2.99)%      | (1.49)%     | (2.31)%     |

----

| December 31, 2010            |                      |                           |                            |
|------------------------------|---------------------------|--------------------------------|---------------------------------|
| Primary Market Risk Category | High                      | Low                            | Average                         |
| Equity                       | (2.23)%         | (0.14)%                        | (1.15)%                         |
| Currency                     | (0.73)                    | (0.42)                         | (0.60)                          |
| Interest Rate                | (1.18)                    | (0.26)     | (0.73)           |
| Commodity                    | (1.52)                    | (0.59)                         | (1.07)                          |
| Aggregate Value at Risk      | (2.97)%    | (1.49)%         | (2.30)%     |

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

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

----

----

----

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

----

----

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

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

| 31.01 | Certification of President of Ceres Managed Futures 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 Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.01 | Certification of President of Ceres Managed Futures 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 Ceres Managed Futures 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. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|         | Morgan Stanley Smith Barney Charter WNT L.P. |
|--------------|----------------------------------------------|
|         | (Registrant)                                 |
|         |                                         |   |
|         | By:                                          | Ceres Managed Futures LLC |
|         |                                         | (General Partner) |
|         |                                         |   |
| May 13, 2011 | By:                                          | /s/Jennifer Magro |
|         |                                         | Jennifer Magro |
|         |                                         | Chief Financial Officer |