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

	FORM 10-Q


[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2009 or

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

Commission File Number 0-25605

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

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

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

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




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

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

Yes    X       	No

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to
Rule 405 of Regulation S-T (?232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was
required to submit and post such files).

Yes            	No

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

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

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


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

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	March 31, 2009
<caption>

PART I. FINANCIAL INFORMATION

			                                         <c>
Item 1. Financial Statements (Unaudited)

		Statements of Financial Condition as of March 31, 2009
		and December 31, 2008 (Unaudited)...........................2

		Statements of Operations for the Quarters
		Ended March 31, 2009 and 2008 (Unaudited)...................3

		Statements of Changes in Partners? Capital for the
	  	Quarters Ended March 31, 2009 and 2008 (Unaudited)..........4

		Statements of Cash Flows for the Quarters Ended
		March 31, 2009 and 2008 (Unaudited).........................5

		Condensed Schedules of Investments as of March 31, 2009
		and December 31, 2008 (Unaudited)	6

		Notes to Financial Statements (Unaudited)................7-22

Item 2. Management's Discussion and Analysis of
		   Financial Condition and Results of Operations........23-31

Item 3. Quantitative and Qualitative Disclosures About
		   Market Risk.........................................31-44

Item 4. Controls and Procedures.............................44-45

Item 4T.Controls and Procedures................................45


PART II. OTHER INFORMATION

Item 1A.Risk Factors............................................46

Item 6. Exhibits................................................46
</table>


<page> <table>  PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements

	MORGAN STANLEY CHARTER WCM L.P.
	STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<caption>

				March 31,	December 31,
				         2009       	       2008
				  $	$

			<c>	<c>
ASSETS

Trading Equity:
	Unrestricted cash	114,538,979	134,831,012
	Restricted cash	     5,064,937	       3,635,855

	     Total cash	   119,603,916	   138,466,867

	Net unrealized gain (loss) on open contracts (MS&Co.)	  (93,777)    	       1,871,358
	Net unrealized gain (loss) on open contracts (MSIP)	       (112,772)        	         532,724

		Total net unrealized gain (loss) on open contracts              	       (206,549) 	      2,404,082

		Total Trading Equity	   119,397,367	140,870,949

Interest receivable (MS&Co.)	           13,234	           17,334

		Total Assets	   119,410,601	  140,888,283

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

Redemptions payable	6,795,800	5,235,101
Accrued brokerage fees (MS&Co.)	606,626	          687,015
Accrued management fees				             202,208		       229,005
Accrued incentive fees payable				                          ?       		       242,980


		Total Liabilities	       7,604,634 	     6,394,101

Partners' Capital

Limited Partners (8,757,669.933 and
  10,227,801.856 Units, respectively)	110,679,693	133,141,833
General Partner (89,117.857 and
   103,885.857 Units, respectively)	      1,126,274 	      1,352,349

		Total Partners' Capital	  111,805,967	   134,494,182

		Total Liabilities and Partners' Capital	   119,410,601	   140,888,283
NET ASSET VALUE PER UNIT	              12.64	              13.02
<fn>
	The accompanying notes are an integral part
	of these financial statements. </table>
<page> <table> 	MORGAN STANLEY CHARTER WCM L.P.
	STATEMENTS OF OPERATIONS
(Unaudited)
<caption>
  	   	      For the Quarters Ended March 31,

                                                                         		          2009    	      2008
                                                                               	                            $		          $

		<c>		<c>
INVESTMENT INCOME
	Interest income (MS&Co.)	                      	     53,098			         485,311

EXPENSES
	Brokerage fees (MS&Co.)		1,927,068	1,386,310
	Management fees	            	642,356	       462,104
	Incentive fees		       117,189	     2,168,138

		Total Expenses			    2,686,613	    4,016,552

NET INVESTMENT LOSS	   (2,633,515)	   (3,531,241)

TRADING RESULTS
Trading profit (loss):
	Realized			1,653,328	12,996,197
	Net change in unrealized		    (2,610,631)	    (1,793,980)

    		Total Trading Results		       (957,303)	   11,202,217

NET INCOME (LOSS) 	   (3,590,818) 	     7,670,976


NET INCOME (LOSS) ALLOCATION

	Limited Partners                                                  		(3,554,690)	7,586,362
	General Partner   	                                                	(36,128)	    84,614


NET INCOME (LOSS) PER UNIT

	Limited Partners     	                                             	     (0.37)  	 1.02
	General Partner         		(0.37)  	 1.02


	                                                                           Units     	                             Units
WEIGHTED AVERAGE NUMBER
	OF UNITS OUTSTANDING                          	9,620,653.202               8,030,136.499



<fn>


The accompanying notes are an integral part
of these financial statements. </table>
<page> <table> MORGAN STANLEY CHARTER WCM L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Quarters Ended March 31, 2009 and 2008
(Unaudited)

<caption>


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

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

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

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

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

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





Partners? Capital,
	December 31, 2008	10,331,687.713	133,141,833	1,352,349 	  134,494,182

Net Loss		?	(3,554,690)	(36,128)	(3,590,818)

Redemptions                                              (1,484,899.923)	   (18,907,450)          (189,947)	  (19,097,397)

Partners? Capital,
	March 31, 2009                                      8,846,787.790	 110,679,693	  1,126,274	 111,805,967






<fn>







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


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




				      For the Quarters Ended March 31,

				               2009      	                              2008
				         $	                     $

			<c>	<c>
CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss) 	(3,590,818)	7,670,976
Noncash item included in net income (loss):
	Net change in unrealized	2,610,631	1,793,980

(Increase) decrease in operating assets:
	Restricted cash	  (1,429,082)	 827,701
	Interest receivable (MS&Co.)	4,100	80,012

Increase (decrease) in operating liabilities:
	Accrued brokerage fees (MS&Co.)	(80,389)	112,361
	Accrued management fees 	(26,797)	               37,455
	Accrued incentive fee payable          	                                                   (242,980)		              ?

Net cash provided by (used for) operating activities	      (2,755,335)	  10,522,485


CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units	?    	15,640,287
Cash paid for redemptions of Units	    (17,536,698)	    (2,433,433)

Net cash provided by (used for) financing activities	    (17,536,698)	   13,206,854

Net increase (decrease) in unrestricted cash	(20,292,033)	   23,729,339

Unrestricted cash at beginning of period	    134,831,012	    72,376,602

Unrestricted cash at end of period	     114,538,979	    96,105,941


<fn>





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


<page> <table> MORGAN STANLEY CHARTER WCM L.P.
CONDENSED SCHEDULES OF INVESTMENTS
March 31, 2009 and December 31, 2008 (Unaudited)
<caption>


Futures and Forward Contracts
Long
Unrealized
Gain/(Loss)

Percentage of
   Net Assets
      Short
  Unrealized
       Loss

Percentage of
  Net Assets
      Net
Unrealized
Gain/(Loss)

$
         %
 $
%
$


March 31, 2009, Partnership Net Assets:   $111,805,967





<c>
<c>
<c>
<c>
<c>
Commodity
       (5,792)
       (0.01)
    (191,482)
      (0.17)
  (197,274)
Equity
          ?
          ?
     (65,663)
      (0.05)
    (65,663)
Foreign currency
     (52,529)
       (0.05)
    (840,428)
      (0.75)
  (892,957)
Interest rate
    921,064
        0.82
        (2,198)
         ?
   918,866






     Grand Total:
    862,743
        0.76
 (1,099,771)
      (0.97)
  (237,028)

     Unrealized Currency Gain




       0.03

     30,479

     Total Net Unrealized Loss on Open Contracts



   (206,549)


 December 31, 2008, Partnership Net Assets: $134,494,182





<c>
<c>
<c>
<c>
<c>
Commodity
    384,008
        0.28
    (477,406)
      (0.35)
    (93,398)
Equity
         960
          ?
     (52,288)
      (0.04)
    (51,328)
Foreign currency
    230,423
        0.17
    (713,189)
      (0.53)
  (482,766)
Interest rate
 2,943,278
        2.19
        (3,840)
         ?
2,939,438






     Grand Total:
 3,558,669
        2.64
 (1,246,723)
      (0.92)
2,311,946

     Unrealized Currency Gain




       0.07

     92,136

     Total Net Unrealized Gain on Open Contracts



  2,404,082



<fn>







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


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

March 31, 2009

(Unaudited)


The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the financial condition and results of operations
of Morgan Stanley Charter WCM L.P. (the ?Partnership?).  The
financial statements and condensed notes herein should be read in
conjunction with the Partnership's December 31, 2008, Annual
Report on Form 10-K.



1.  Organization
Morgan Stanley Charter WCM L.P. is a Delaware limited partnership
organized in 1998 to engage primarily in the speculative trading
of futures contracts, options on futures contracts, and forward
contracts on physical commodities and other commodity interests,
including, but not limited to, foreign currencies, financial
instruments, metals, energy, and agricultural products
(collectively, "Futures Interests") (refer to Note 4.).  The
Partnership is one of the Morgan Stanley Charter series of funds,
comprised of the Partnership, Morgan Stanley Charter Graham L.P.,
Morgan Stanley Charter Aspect L.P., and Morgan Stanley Charter
Campbell L.P. (collectively, the "Charter Series").


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

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

2.  Related Party Transactions
The Partnership's cash is on deposit with MS&Co. and MSIP in
futures, forward and options trading accounts to meet margin
requirements as needed.  Monthly, MS&Co. credits the Partnership
with interest income on 100% of its average daily funds held at
MS&Co. and MSIP to meet margin requirements at a rate
approximately equivalent to what the commodity brokers pay other
similar customers on margin deposits.  In addition, MS&Co. credits
the Partnership at each month end with interest income on 100% of
the Partnership?s assets not deposited as margin at a rate equal
to the monthly average of the 4-week U.S. Treasury bill discount
rate during the month. The Partnership pays brokerage fees to
MS&Co.

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

3.  Income Taxes
No provision for income taxes has been made in the accompanying
financial statements, as partners are individually responsible
for reporting income or loss based upon their respective share of
the Partnership?s revenues or expenses for income tax purposes.
The Partnership files U.S. federal and state tax returns.

Financial Accounting Standards Board ("the FASB") Interpretation
No. 48 "Accounting for Uncertainty in Income Taxes, an
interpretation of FASB Statement No. 109" ("FIN 48"), clarifies
the accounting for uncertainty in income taxes recognized in a
Partnership's financial statements, and prescribes a recognition
threshold and measurement attribute for financial statement
recognition and measurement of a tax position taken or expected
to be taken.  The adoption of FIN 48 does not have a material
impact on the Partnership's financial statements.  The 2005
through 2008 tax years generally remain subject to examination by
U.S. federal and most state tax authorities.


4.  Financial Instruments
The Partnership trades Futures Interests.  Futures and forwards
represent contracts for delayed delivery of an instrument at a
specified date and price.  Risk arises from changes in the value

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

of these contracts and the potential inability of counterparties
to perform under the terms of the contracts.  There are numerous
factors which may significantly influence the fair value of these
contracts, including interest rate volatility.

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

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


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


1)	One or more underlying notional amounts or payment
provisions;
2)	Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in
market factors;
3)	Terms require or permit net settlement.



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

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

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

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

Mar. 31, 2009	(206,549)	-    	(206,549)	Mar. 2011		-
Dec. 31, 2008	2,404,082	-    	2,404,082	Jun. 2010	     -





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

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


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

The Partnership also has credit risk because MS&Co. and MSIP act
as the futures commission merchants or the counterparties, with
respect to most of the Partnership?s assets. Exchange-traded
futures, exchange-traded forward, and exchange-traded futures-
styled options contracts are marked to market on a daily basis,
with variations in value settled on a daily basis.  MS&Co. and
MSIP, each acting as a commodity broker for the Partnership?s
exchange-traded futures, exchange-traded forward, and exchange-
traded futures-styled options contracts, are required, pursuant
to regulations of the Commodity Futures Trading Commission
("CFTC"),  to segregate from their own assets, and for the sole
benefit of their commodity customers, all funds held by them with
respect to exchange-traded futures, exchange-traded forward, and
exchange-traded futures-styled options contracts, including an
amount equal $119,397,367 and $140,870,949 at March 31, 2009 and
December 31, 2008, respectively. With respect to the



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

Partnership?s off-exchange-traded forward currency contracts,
there are no daily settlements of variation in value, nor is there
any requirement that an amount equal to the net unrealized gains
(losses) on such contracts be segregated.  However, the
Partnership is required to meet margin requirements equal to the
net unrealized loss on open forward currency contracts in the
Partnership accounts with the counterparty, which is accomplished
by daily maintenance of the cash balance in a custody account held
at MS&Co.  With respect   to those off-exchange-traded forward
currency contracts, the Partnership is at risk to the ability of
MS&Co., the sole counterparty on all such contracts, to perform.
The Partnership has a netting agreement with MS&Co. This
agreement, which seeks to reduce both the Partnership?s and
MS&Co.?s exposure on off-exchange-traded forward currency
contracts, should materially decrease the Partnership?s credit
risk in the event of MS&Co.?s bankruptcy or insolvency.



The futures, forwards and options traded by the Partnership
involve varying degrees of related market risk.  Market risk is
often dependent upon changes in the level or volatility of
interest rates, exchange rates, and prices of financial
instruments and commodities, factors that result in frequent
changes in the fair value of the Partnership?s open positions,
and consequently in its earnings, whether realized or unrealized,
                            - 13 -
<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

and cash flow.  Gains and losses on open positions of exchange-
traded futures, exchange-traded forward, and exchange-traded
futures-styled options contracts are settled daily through
variation margin.  Gains and losses on off-exchange-traded
forward currency contracts are settled upon termination of the
contract.  However, the Partnership is required to meet margin
requirements equal to the net unrealized loss on open forward
currency contracts in the Partnership accounts with the
counterparty, which is accomplished by daily maintenance of the
cash balance in a custody account held at MS&Co.

Derivative Instruments and Hedging Activities
In March 2008, the FASB issued SFAS No. 161, "Disclosures about
Derivative Instruments and Hedging Activities, an amendment of
FASB Statement No. 133" ("SFAS No. 161").  SFAS No. 161 is
intended to improve financial reporting about derivative
instruments and hedging activities by requiring enhanced
disclosures to enable investors to better understand how those
instruments and activities are accounted for; how and why they are
used; and their effects on a Partnership?s financial position,
financial performance, and cash flows.  SFAS No. 161 is effective
for financial statements issued for fiscal years beginning after
November 15, 2008, and interim periods within those fiscal years.



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

The Partnership?s objective is to profit from speculative trading
in Futures Interests.  Therefore, the Trading Advisor for the
Partnership will take speculative positions in Futures Interests
where they feel the best profit opportunities exist for their
trading strategy.  As such, the absolute quantity (the total of
the open long and open short positions) which has been presented
as position direction, is not an indicative factor in such volume
disclosures.  In regards to foreign currency forward trades, each
notional quantity amount has been converted to an equivalent
contract based upon an industry convention.

The following table summarizes the valuation of the Partnership?s
investments by the above SFAS No. 161 disclosure as of March 31,
2009 and reflects the information outstanding at such time.
<table> <caption>
The Effect of Trading Activities on the Statements of Financial Condition for the Three Months Ended March 31, 2009:



Futures and Forward Contracts

      Long
          Unrealized
         Gain

       Long
L        Unrealized
       Loss

          Short
         Unrealized
          Gain

  Short
         Unrealized
        Loss

       Net
 Unrealized
 Gain/(Loss)

Total number
of outstanding
  contracts

$
   $
   $
    $
    $

March 31, 2009








        <c>
<c>
 <c>
 <c>
<c>
<c>
Tr  Commodity
               35,038
       (40,830)
      154,283
       (345,765)
            (197,274)
               402
K   Equity
                 ?
            ?
          9,304
         (74,967)
              (65,663)
               102
K   Foreign currency
                 ?
       (52,529)
              ?
       (840,428)
            (892,957)
               365
K   Interest rate
          1,073,059
   (151,995)

                1,625
        (3,823)
             918,866
            1,910
K        Total
   1,108,097

   (245,354)

       165,212
 (1,264,983)
            (237,028)

K        Unrealized currency gain




               30,479

K        Total net unrealized loss
            on open contracts





       (206,549)


</table>




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

Based upon the Trading Advisor?s historical trading, it can
generally be expected that the Partnership will trade
approximately 2,000 round turn contracts per million under
management over the course of a year or approximately 500
contracts in a quarter. Such quarterly amount is based upon such
contracts being evenly traded throughout the year, but may be
higher or lower for any individual quarter. The Trading Advisor?s
volume will vary over time based upon a multitude of factors,
including but not limited to, individual market price movement,
individual market volatility and individual market liquidity.

The following table summarizes the net trading results of the
Partnership during the quarter as required by SFAS No. 161.

The Effect of Trading Activities on the Statements of Operations for the
Three Months Ended March 31, 2009 included in Total Trading Results:  <table> <caption>



Type of Instrument
  $


          <c>
Tr  Commodity
             528,810
K   Equity
             584,175
K   Foreign currency
         (1,434,069)
K   Interest rate
            (574,562)
K   Unrealized currency loss
              (61,657)
K        Total
     (957,303)
</table>
<table> <caption>
Line Item on the Statements of Operations for the
Three Months Ended March 31, 2009:

Trading Results
  $


          <c>
Tr  Realized
          1,653,328
K   Net change in unrealized
         (2,610,631)
K      Total Trading Results
    (957,303)
</table>

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

As discussed in Note 1, the Partnership?s objective for investing
in these derivatives is for speculative trading.

5.  Fair Value Measurements

Management has continued to evaluate the application of SFAS No.
157 ("SFAS No. 157"), "Fair Value Measurements" to the
Partnership, and has determined that SFAS No. 157 does not have a
material impact on the financial statements.  Fair value is the
amount that would be recovered when an asset is sold or an amount
paid to transfer a liability, in an ordinary transaction between
market participants at the measurement date (exit price).  Market
price observability is impacted by a number of factors, including
the types of investments, the characteristics specific to the
investment, and the state of the market (including the existence
and the transparency of transactions between market
participants).  Investments with readily available actively
quoted prices in an ordinary market will generally have a higher
degree of market price observability and a lesser degree of
judgment used in measuring fair value.


SFAS No. 157 requires use of a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure
fair value into three levels: Level 1 ? unadjusted quoted market

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

prices in active markets for identical assets and liabilities;
Level 2 - inputs other than unadjusted quoted market prices that
are observable for the asset or liability, either directly or
indirectly (including quoted prices for similar investments,
interest rates, credit risk); and Level 3 - unobservable inputs
for the asset or liability (including the Partnership?s own
assumptions used in determining the fair value of investments).


In certain cases, the inputs used to measure fair value may fall
into different levels of the fair value hierarchy.  In such cases,
an investment?s level within the fair value hierarchy is based on
the lowest level of input that is significant to the fair value
measurement.  The Partnership?s assessment of the significance of
a particular input to the fair value measurement in its entirety
requires judgment, and considers factors specific to the
investment.


The following tables summarize the valuation of the Partnership?s
investments by the above SFAS No. 157 fair value hierarchy as of
March 31, 2009 and December 31, 2008:


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

March 31, 2009



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




     Total


<c>
<c>
 <c>

<c>
Net unrealized loss on open contracts
  $(206,549)

      -

 n/a

         $(206,549)

</table>
<table> <caption> December 31, 2008



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




     Total


<c>
<c>
 <c>

                  <c>
Net unrealized gain on open contracts
  $2,404,082

    ?
 n/a

                 $2,404,082


     </table>
     6.  New Accounting Developments
In April 2009, the FASB issued FASB Staff Position (?FSP?) FAS
No. 157-4, Determining Fair Value When the Volume and Level of
Activity for the Asset or Liability Have Significantly Decreased
and Identifying Transactions That Are Not Orderly (?FSP FAS No.
157-4?).  FSP FAS No. 157-4 provides additional guidance for
determining fair value and requires new disclosures regarding the
categories of fair value instruments, as well as the inputs and
valuation techniques utilized to determine fair value and any
changes to the inputs and valuation techniques during the period.
FSP FAS No. 157-4 is effective for interim and annual periods
ending after June 15, 2009.  The Partnership is currently
evaluating the impact of the adoption of FSP FAS No. 157-4.
- 19 -
<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In April 2009, the FASB issued FSP FAS No. 107-1 and Accounting
Principals Board (?APB?) No. 28-1, Interim Disclosures About Fair
Value of Financial Instruments (?FSP FAS No. 107-1? and ?APB No.
28-1?).  The staff position requires fair value disclosures of
financial instruments on a quarterly basis, as well as new
disclosures regarding the methodology and significant assumptions
underlying the fair value measures and any changes to the
methodology and assumptions during the reporting period.  FSP FAS
No. 107-1 and APB No. 28-1 are effective for interim and annual
periods ending after June 15, 2009.  The Partnership is currently
evaluating the impact of the adoption of FSP FAS No. 107-1 and
APB No. 28-1.

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






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


8.  Subsequent Event.

On January 13, 2009, Morgan Stanley and Citigroup announced that
they had agreed to combine the Global Wealth Management Group of
Morgan Stanley and the Smith Barney division of Citigroup Global
Markets Inc. into a new joint venture (the ?Transaction?).  The
joint venture will own Morgan Stanley Smith Barney LLC, a newly
formed investment advisor and broker dealer that will be
registered with the U.S. Securities and Exchange Commission and
as a non-clearing futures commission merchant with the
Commodities Futures Trading Commission.  Upon the closing of the
Transaction, subsidiaries of Morgan Stanley collectively will
have a 51 percent ownership interest in the joint venture and
Citigroup Inc. (?Citi?) will have 49 percent ownership interest
in the joint venture.  The Transaction is expected to close by
the end of the third quarter of 2009.

As part of the Transaction, the Board of Directors of Demeter
resolved that Demeter should be converted from a Delaware
corporation to a Delaware limited liability company (the
?Conversion?).  The Conversion became effective on April 30, 2009
and Demeter?s name changed to Demeter Management LLC.


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

In addition, in the near future Morgan Stanley, the sole member
of Demeter, intends to contribute all of the membership interests
in Demeter (along with other Morgan Stanley subsidiaries being
contributed to the joint venture as part of the Transaction) to
Morgan Stanley Commercial Financial Services, Inc.  It is
anticipated that on or about the time of the consummation of the
Transaction, Morgan Stanley Commercial Financial Services, Inc.
will contribute to Morgan Stanley JV Holdings LLC all of its in-
scope assets and liabilities (including all of the membership
interests of Demeter) (collectively, the ?Contribution?).  Upon
the completion of both the Conversion and the Contribution,
Demeter will be a Delaware limited liability company that is a
wholly owned subsidiary of Morgan Stanley Smith Barney Holdings
LLC, which in turn will be owned 51 percent by Morgan Stanley and
49 percent by Citi.

At all times Demeter shall remain the General Partner of the
Partnership and at no time will it cease to exist.  In addition,
neither the Conversion nor the Contribution will materially impact
the daily trading activities of the Partnership?s respective
commodity Trading Advisor.  The Board of Directors of Demeter
believes that the Conversion and the Contribution shall not have a
material impact on the Partnership?s Limited Partners.
<page>
Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS


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

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

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

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

Capital Resources.  The Partnership does not have, nor does it
expect to have, any capital assets.  Redemption of units of
limited partnership interest, (?Unit(s)?) in the future will
affect the amount of funds available for investments in futures,
forwards and options in subsequent periods. It is not possible to
estimate the amount, and therefore the impact, of future outflows
of Units.
<page> There are no known material trends, favorable or
unfavorable, that would affect, nor any expected material changes
to, the Partnership?s capital resource arrangements at the present
time.

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

Results of Operations
General.  The Partnership?s results depend on the Trading Advisor
and the ability of the Trading Advisor?s trading program to take
advantage of price movements in the futures, forward and options
markets.  The following presents a summary of the Partnership's
operations for the three month periods ended March 31, 2009 and
2008, and a general discussion of its trading activities during
each period.  It is important to note, however, that the Trading
Advisor trades in various markets at different times and that
prior activity in a particular market does not mean that such
market will be actively traded by the Trading Advisor or will be
profitable in the future. Consequently, the results of operations
of the Partnership are difficult to discuss other than in the
context of the Trading Advisor's trading activities on behalf of

<page> the Partnership during the period in question. Past
performance is no guarantee of future results.

The Partnership?s results of operations set forth in the Financial
Statements on pages 2 through 22 of this report are prepared in
accordance with accounting principles generally accepted in the
United States of America, which require the use of certain
accounting policies that affect the amounts reported in these
Financial Statements, including the following:  the contracts the
Partnership trades are accounted for on a trade-date basis and
marked to market on a daily basis.  The difference between their
original contract value and market value is recorded on the
Statements of Operations as "Net change in unrealized trading
profit (loss)" for open (unrealized) contracts, and recorded as
"Realized trading profit (loss)" when open positions are closed
out. The sum of these amounts constitutes the Partnership?s
trading results.  The market value of a futures contract is the
settlement price on the exchange on which that futures contract is
traded on a particular day.  The value of a foreign currency
forward contract is based on the spot rate as of the close of
business. Interest income, as well as management fees, incentive
fees, and brokerage fees expenses of the Partnership are recorded
on an accrual basis.

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

For the Quarter Ended March 31, 2009
The Partnership recorded total trading results including interest
income totaling $(904,205) and expenses totaling $2,686,613,
resulting in a net loss of $3,590,818 for the quarter ended March
31, 2009.  The Partnership?s net asset value per Unit decreased
from $13.02 at December 31, 2008, to $12.64 at March 31, 2009.

The most significant trading losses of approximately 1.2% were
recorded within the currency sector, primarily during February
and March, from long positions in the Japanese yen versus the
U.S. dollar as the value of the Japanese yen reversed lower
against most of its rivals amid speculation that the Bank of
Japan might intervene to weaken the currency, as well as on news
that Japan?s trade deficit substantially increased.  Meanwhile,
smaller currency losses were incurred from short positions in the
New Zealand dollar, Swiss franc, euro, and Australian dollar
versus the U.S. dollar as the value of the U.S. dollar decreased
relative to most of its rivals during March following the U.S.
Federal Reserve?s surprise plans to begin a more aggressive phase
of quantitative easing and economic stimulus spending.  Within
the global interest rate sector, losses of approximately 0.4%
were experienced primarily during January from long positions in
U.S. and German fixed-income futures as prices dropped following
<page> news that debt sales might increase as governments around
the world boost spending in an effort to ease the deepening
economic slump. Newly established short positions in U.S. and
European fixed-income futures resulted in losses as prices
increased during the first half of February on speculation that
the U.S. bank-rescue plan might not be sufficient to restore
confidence in the financial system.  Additional losses of
approximately 0.3% were incurred within the metals markets,
primarily during February and March, from short futures positions
in copper as prices reversed higher on speculation that economic
stimulus plans in the U.S. and China might help boost demand for
base metals.  Smaller losses were recorded during January from
short positions in silver and gold futures as prices increased
amid uncertainty regarding the future direction of the global
economy, which spurred demand for precious metals as a ?safe
haven?.  A portion of the Partnership?s losses for the quarter
was offset by gains of approximately 0.4% experienced within the
global stock index sector, primarily during January and February,
from short positions in U.S. and European equity index futures as
prices moved lower on concerns that financial firms would need to
raise additional capital and a continued slowdown in global
economic growth would further erode corporate earnings.  Within
the agricultural markets, gains of approximately 0.4% were
recorded primarily during January and February from short futures
positions in wheat and soybeans as prices declined after rains
improved prospects for crops in the U.S. and China.  Smaller
<page> gains of approximately 0.3% were experienced within the
energy sector from short futures positions in crude oil and its
related products, as well as in natural gas, as prices moved
lower amid speculation that the ongoing global economic recession
might continue to erode energy demand.

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

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

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

The futures, forwards and options traded by the Partnership
involve varying degrees of related market risk.  Market risk is
often dependent upon changes in the level or volatility of
interest rates, exchange rates and prices of financial
instruments and commodities, factors that result in frequent
changes in the fair value of the Partnership?s open positions,
and consequently in its earnings, whether realized or unrealized,
and cash flow.  Gains and losses on open positions of exchange-
traded futures, exchange-traded forward, and exchange-traded

<page> futures-styled options contracts are settled daily through
variation margin.  Gains and losses on off-exchange-traded
forward currency contracts are settled upon termination of the
contract.  However, the Partnership is required to meet margin
requirements equal to the net unrealized loss on open forward
currency contracts in the Partnership accounts with the
counterparty, which is accomplished by daily maintenance of the
cash balance in a custody account held at MS&Co.

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

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

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

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

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

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

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

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

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

The Partnership?s Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership?s open positions as a percentage of total Net Assets
by primary market risk category at March 31, 2009 and 2008.  At
March 31, 2009 and 2008, the Partnership?s total capitalization
was approximately $112 million and $107 million, respectively.











<page> <table>
<caption>
Primary Market           March 31, 2009          March 31, 2008
Risk Category	  	     Value at Risk   	     Value at Risk


	<c>		<c>
Interest Rate             	   (0.52)%	                 (0.34)%
Currency	(0.40)	                  (0.47)
Equity	(0.11)	(0.10)
Commodity	                     (0.23)            	      (0.81)
Aggregate Value at Risk	       (0.82)%                 (1.20)%
</table>

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

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

The table below supplements the quarter-end VaR set forth above
by presenting the Partnership?s high, low, and average VaR, as a
<page> percentage of total Net Assets for the four quarter-end
reporting periods from April 1, 2008, through March 31, 2009.
<table> <caption>
Primary Market Risk Category        High        Low      Average

							<c>			<c>		<c>
Interest Rate	(0.52)%	(0.20)%	(0.37)%

Currency	(0.40)	(0.15)	(0.27)

Equity 	(0.47)	(0.05)	(0.24)

Commodity	(0.79)	(0.15)	(0.36)

Aggregate Value at Risk	(0.93)%	(0.61)%	(0.75)%
</table>
Limitations on Value at Risk as an Assessment of Market Risk
VaR models permit estimation of a portfolio?s aggregate market
risk exposure, incorporating a range of varied market risks,
reflect risk reduction due to portfolio diversification or hedging
activities, and can cover a wide range of portfolio assets.
However, VaR risk measures should be viewed in light of the
methodology?s limitations, which include, but may not be limited
to the following:
*	past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
*	changes in portfolio value caused by market movements may
differ from those of the VaR model;



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

The VaR tables provided present the results of the Partnership?s
VaR for each of the Partnership?s market risk exposures and on an
aggregate basis at March 31, 2009 and 2008, and for the four
quarter-end reporting periods from April 1, 2008, through March
31, 2009. VaR is not necessarily representative of the
Partnership?s historic risk, nor should it be used to predict the
Partnership?s future financial performance or its ability to
manage or monitor risk.  There can be no assurance that the
Partnership?s actual losses on a particular day will not exceed
the VaR amounts indicated above or that such losses will not occur
more than once in 100 trading days.


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

The Partnership also maintains a substantial portion of its
available assets in cash at MS&Co.; as of March 31, 2009, such
amount was equal to approximately 102% of the Partnership?s net
asset value.  A decline in short-term interest rates would result
in a decline in the Partnership?s cash management income. This
cash flow risk is not considered to be material.

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

Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Partnership?s
market risk exposures - except for (A) those disclosures that are
statements of historical fact and (B) the descriptions of how the
Partnership manages its primary market risk exposures - constitute
forward-looking statements within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act.
<page> The Partnership?s primary market risk exposures, as well as
the strategies used and to be used by Demeter and the Trading
Advisor for managing such exposures, are subject to numerous
uncertainties, contingencies and risks, any one of which could
cause the actual results of the Partnership?s risk controls to
differ materially from the objectives of such strategies.
Government interventions, defaults and expropriations, illiquid
markets, the emergence of dominant fundamental factors, political
upheavals, changes in historical price relationships, an influx of
new market participants, increased regulation and many other
factors could result in material losses, as well as in material
changes to the risk exposures and the risk management strategies
of the Partnership.  Investors must be prepared to lose all or
substantially all of their investment in the Partnership.

The following were the primary trading risk exposures of the
Partnership at March 31, 2009, by market sector.  It may be
anticipated, however, that these market exposures will vary
materially over time.

Interest Rate.  The largest market exposure of the Partnership at
March 31, 2009, was to the global interest rate sector.  Exposure
was primarily spread across the U.S., European, Japanese,
Australian, and Canadian interest rate sectors.  Interest rate
movements directly affect the price of the sovereign bond futures
positions held by the Partnership and indirectly affect the value
<page> of its stock index and currency positions.  Interest rate
movements in one country, as well as relative interest rate
movements between countries, materially impact the Partnership?s
profitability. The Partnership?s interest rate exposure is
generally to interest rate fluctuations in the U.S. and the other
G-7 countries.  The G-7 countries consist of France, the U.S.,
Britain, Germany, Japan, Italy, and Canada.  However, the
Partnership also takes futures positions in the government debt
of smaller nations - e.g., Australia.  Demeter anticipates that
the G-7 countries? and Australian interest rates will remain the
primary interest rate exposure of the Partnership for the
foreseeable future.  The speculative futures positions held by
the Partnership may range from short to long-term instruments.
Consequently, changes in short, medium, or long-term interest
rates may have an effect on the Partnership.

Currency.  The second largest market exposure of the Partnership
at March 31, 2009, was to the currency sector.  The Partnership?s
currency exposure is to exchange rate fluctuations, primarily
fluctuations which disrupt the historical pricing relationships
between different currencies and currency pairs.  Interest rate
changes, as well as political and general economic conditions
influence these fluctuations.  The Partnership trades a large
number of currencies, including cross-rates - i.e., positions
between two currencies other than the U.S. dollar.  At March 31,
2009, the Partnership?s major exposures were to outright U.S.
<page> dollar positions.  Outright positions consist of the U.S.
dollar vs. other currencies.  These other currencies include
major and minor currencies.  Demeter does not anticipate that the
risk associated with the Partnership?s currency trades will
change significantly in the future.

Equity.  At March 31, 2009, the Partnership had market exposure
to the global stock index sector, primarily to equity price risk
in the G-7 countries.  The stock index futures traded by the
Partnership are by law limited to futures on broadly-based
indices.  At March 31, 2009, the Partnership?s primary market
exposures were to the H-Shares (Hong Kong), FTSE 100 (United
Kingdom), Euro Stox 50 (Europe), NASDAQ 100 (U.S.), S&P 500
(U.S.), DAX (Germany), Hang Seng (Hong Kong), Canadian S&P 60
(Canada), and All Share (South Africa) stock indices.  The
Partnership is typically exposed to the risk of adverse price
trends or static markets in the U.S., European, and Pacific Rim
stock indices. Static markets would not cause major market
changes, but would make it difficult for the Partnership to avoid
trendless price movements, resulting in numerous small losses.

Commodity.
Soft Commodities and Agriculturals.  The third largest
market exposure of the Partnership at March 31, 2009, was to
the markets that comprise these sectors.  Most of the
exposure was to the wheat, corn, coffee, cotton, live
<page> cattle, cocoa, lean hogs, soybean meal, sugar,
soybeans, soybean oil, and feeder cattle markets.  Supply
and demand inequalities, severe weather disruptions, and
market expectations affect price movements in these markets.

Metals.  At March 31, 2009, the Partnership had market
exposure to the metals sector.  The Partnership's metals
exposure was to fluctuations in the price of base metals,
such as copper, nickel, zinc, aluminum, and lead, as well as
precious metals, such as gold.  Economic forces, supply and
demand inequalities, geopolitical factors, and market
expectations influence price movements in these markets.
The Trading Advisor utilizes the trading system(s) to take
positions when market opportunities develop, and Demeter
anticipates that the Trading Advisor will continue to do so.

Energy.  At March 31, 2009, the Partnership had market
exposure to the energy sector.  The Partnership?s energy
exposure was shared primarily by futures contracts in crude
oil and its related products, as well as natural gas.  Price
movements in these markets result from geopolitical
developments, particularly in the Middle East, as well as
weather patterns, and other economic fundamentals.
Significant profits and losses, which have been experienced
in the past, are expected to continue to be experienced in
the future.  Natural gas has exhibited volatility in prices
<page> resulting from weather patterns and supply and demand
factors and will likely continue in this choppy pattern.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at March 31, 2009:

Foreign Currency Balances. The Partnership?s primary foreign
currency balances at March 31, 2009, were in British pounds,
Hong Kong dollars, Japanese yen, euros, Australian dollars,
Canadian dollars, Swiss francs, New Zealand dollars, and
South African rand.  The Partnership controls the non-
trading risk of foreign currency balances by regularly
converting them back into U.S. dollars upon liquidation of
their respective positions.

Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Partnership and the Trading Advisor, separately, attempt to
manage the risk of the Partnership?s open positions in essentially
the same manner in all market categories traded.  Demeter attempts
to manage market exposure by diversifying the Partnership?s assets
among different market sectors through the selection of a
Commodity Trading Advisor and by daily monitoring its performance.
In addition, the Trading Advisor establishes diversification
guidelines, often set in terms of the maximum margin to be

<page> committed to positions in any one market sector or market-
sensitive instrument.

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

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

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

Item 4T.	CONTROLS AND PROCEDURES
Not applicable.


<page> PART II.  OTHER INFORMATION
Item 1A. RISK FACTORS
There have been no material changes from the risk factors
previously referenced in the Partnership?s Report on Form 10-K for
the fiscal year ended December 31, 2008.

Item 6.  EXHIBITS

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












<page>




SIGNATURE



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




                     Morgan Stanley Charter WCM L.P.
                     (Registrant)

                     By: Demeter Management LLC
                         (General Partner)

May 15, 2009         By:/s/Christian Angstadt
                           Christian Angstadt
                           Chief Financial Officer





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



















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