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 June 30, 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 LLC
522 Fifth Avenue, 13th Floor
New York, NY						 	 	    10036
(Address of principal executive offices)	  	       (Zip Code)

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




(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

	June 30, 2009
<caption>

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

				<c>
		Statements of Financial Condition as of June 30, 2009
		and December 31, 2008 ........................... ..........2

		Statements of Operations for the Three and Six Months
		Ended June 30, 2009 and 2008 ...............................3

		Statements of Changes in Partners? Capital for the
	  Six Months Ended June 30, 2009 and 2008 ....................4

		Statements of Cash Flows for the Six Months Ended
		June 30, 2009 and 2008 .....................................5

		Condensed Schedules of Investments as of June 30, 2009
		and December 31, 2008 	6

		Notes to Financial Statements ...........................7-23

Item 2. Management's Discussion and Analysis of
		   Financial Condition and Results of Operations........24-37

Item 3. Quantitative and Qualitative Disclosures About
		   Market Risk.........................................37-51

Item 4. Controls and Procedures.............................51-52

Item 4T.Controls and Procedures................................52


PART II. OTHER INFORMATION

Item 1A.Risk Factors............................................53

Item 6. Exhibits................................................53

</table>


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

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

				  June 30,	December 31,
				         2009       	       2008
				  $	$

			<c>	<c>
ASSETS

Trading Equity:
	Unrestricted cash	94,896,012	134,831,012
	Restricted cash	      5,405,978	       3,635,855

	     Total cash	  100,301,990	   138,466,867

	Net unrealized gain on open contracts (MS&Co.)	564,293      	       1,871,358
	Net unrealized gain (loss) on open contracts (MSIP)	               (418,030)	         532,724

		Total net unrealized gain on open contracts              	        146,263	      2,404,082

		Total Trading Equity	100,448,253   	140,870,949

Interest receivable (MS&Co.)	             5,418	           17,334

		Total Assets	   100,453,671	  140,888,283

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

Redemptions payable	942,112	5,235,101
Accrued brokerage fees (MS&Co.)	508,452	          687,015
Accrued management fees				              169,484		       229,005
Accrued incentive fee payable				                         ?         		       242,980

		Total Liabilities	      1,620,048 	     6,394,101

Partners' Capital

Limited Partners (8,419,014.965 and
  10,227,801.856 Units, respectively)	97,840,002	133,141,833
General Partner (85,499.857 and
   103,885.857 Units, respectively)	         993,621	      1,352,349

		Total Partners' Capital	    98,833,623	   134,494,182

		Total Liabilities and Partners' Capital	   100,453,671	   140,888,283

NET ASSET VALUE PER UNIT	              11.62	              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 Three Months	                              For the Six Months
                                         Ended June 30,      	                         Ended June 30,


                             2009  	     	       2008    	      2009   	    2008
                                                                                    $	                $		          $	 	   $

	<c>	<c>			<c>			<c>
INVESTMENT INCOME
	Interest income (MS&Co.)	      26,211	           441,475		        79,309	            926,786

EXPENSES
	Brokerage fees (MS&Co.)	1,596,941	1,675,609	3,524,009		3,061,919
	Management fees	532,312	                     558,537              1,174,668	 	   1,020,641
	Incentive fees	               ?       	       666,942	      117,189	   	   2,835,080

	  	Total Expenses 	   2,129,253	    2,901,088	    4,815,866		    6,917,640

NET INVESTMENT LOSS 	   (2,103,042)	  (2,459,613)	   (4,736,557)		  (5,990,854)

TRADING RESULTS
Trading profit (loss):
	Realized	(7,134,317)	2,580,639	(5,480,989)		15,576,836
	Net change in unrealized	      352,812	   5,541,378	   (2,257,819)	    3,747,398

		Total Trading Results	    (6,781,505)	    8,122,017	    (7,738,808)		   19,324,234

NET INCOME (LOSS)                                      (8,884,547)		    5,662,404	  (12,475,365)	  	   13,333,380

NET INCOME (LOSS) ALLOCATION

	Limited Partners	(8,794,920)	5,600,411	(12,349,610)        	13,186,812
	General Partner 	(89,627)	61,993	(125,755)	146,568

NET INCOME (LOSS) PER UNIT

	Limited Partners                                            	(1.03)	  0.58		 (1.36) 	 1.60
	General Partner                                            	(1.03)	  0.58		 (1.36) 	 1.60

	                                           Units     	                      Units                     Units	        Units
WEIGHTED AVERAGE NUMBER
	OF UNITS OUTSTANDING                   8,656,860.380		9,332,227.717     9,180,466.648   	8,678,024.102



<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 Six Months Ended June 30, 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	2,826,507.052	34,367,523	340,000  	34,707,523

Net Income	?	13,186,812	146,568	13,333,380

Redemptions                                                (347,873.201)	   (4,264,499)                 -  	     	   (4,264,499)

Partners? Capital,
	June 30, 2008                                        9,912,265.613	 126,208,103	  1,370,237	 127,578,340





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

Net Loss		?	(12,349,610)	(125,755)	(12,475,365)

Redemptions                                             (1,827,172.891)	   (22,952,221)          (232,973)	  (23,185,194)

Partners? Capital,
	June 30, 2009                                        8,504,514.822	 97,840,002	  993,621	 98,833,623







<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 Six Months Ended June 30,

				               2009      	                              2008
				         $	                     $

CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
Net income (loss) 	(12,475,365)	13,333,380
Noncash item included in net income (loss):
	Net change in unrealized	2,257,819	(3,747,398)

(Increase) decrease in operating assets:
	Restricted cash	(1,770,123)	3,277,599
	Interest receivable (MS&Co.)	11,916	26,316

Increase (decrease) in operating liabilities:
	Accrued brokerage fees (MS&Co.)	(178,563)	187,766
	Accrued management fees 	         (59,521)	               62,589
	Accrued incentive fees payable          	                                          (242,980)	       666,942

Net cash provided by (used for) operating activities	   (12,456,817)	  13,807,194


CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units	                                                                ?           	34,635,626
Cash paid for redemptions of Units	    (27,478,183)	    (4,331,358)

Net cash provided by (used for) financing activities	   (27,478,183)	   30,304,268

Net increase (decrease) in unrestricted cash	(39,935,000)	   44,111,462

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

Unrestricted cash at end of period	     94,896,012	   116,488,064



<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
June 30, 2009 and December 31, 2008 (Unaudited)
<caption>


Futures and Forward Contracts
Long
Unrealized
Gain/(Loss)

Percentage of
   Net Assets
      Short
  Unrealized
Gain/(Loss)

Percentage of
  Net Assets
      Net
Unrealized
Gain/(Loss)

$
         %
 $
%
$


June 30, 2009, Partnership Net Assets:   $98,833,623




<c>
<c>
<c>
<c>
<c>
Commodity
   (494,489)
       (0.50)
      271,361
       0.27
  (223,128)
Equity
      9,271
        0.01
     (1,704)
         ?
       7,567
Foreign currency
    472,165
        0.48
         4,909
         ?
   477,074
Interest rate
      83,951
        0.08
    (193,538)
      (0.19)
  (109,587)






     Grand Total:
      70,898
        0.07
       81,028
       0.08
   151,926

     Unrealized Currency Loss




      (0.01)

     (5,663)

     Total Net Unrealized Gain on Open Contracts



  146,263


 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

June 30, 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. Financial
Instruments).  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 LLC
(?Demeter?). On April 30, 2009, Demeter Management Corporation was
converted from a Delaware corporation to a Delaware limited
liability company and changed its name to Demeter Management LLC.
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 is a
wholly-owned subsidiary of Morgan Stanley Smith Barney Holding
LLC, which in turn is majority owned by Morgan Stanley and
minority owned by Citigroup Inc. (?Citigroup?).  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.

Demeter does not believe that the change in ownership of Demeter
had a material impact on the Partnership?s limited partners.  At
all times Demeter served as the general partner of the Partnership
and it continues to do so.  The change in ownership occurred
pursuant to the transaction in which Morgan Stanley and Citigroup
agreed to combine the Global Wealth Management Group of Morgan


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

Stanley and the Smith Barney division of Citigroup Global Markets
Inc. into a new joint venture.  The transaction closed on June 1,
2009.

On May 28, 2009, the Board of Directors of Demeter, in accordance
with the provisions of Section 5 of the limited partnership
agreement for the Partnership, resolved to modify the net worth
requirement of Demeter.  Demeter?s net worth requirement going
forward is 5% of the total partners? contributions, with a minimum
net worth of $50,000 and a maximum of $1,000,000 (cumulative for
all the limited partnerships for which Demeter acts as a general
partner, collectively the ?Funds?).  Prior to the amendment,
Demeter?s net worth requirement was generally at least 10% of
total partners? contributions (cumulative for all the limited
partnerships for which Demeter acted as general partner), with a
minimum net worth of $50,0000, but with no maximum.  This change
in Demeter?s net worth requirement for the Funds does not affect
the limited partners? interests in the Funds, status as a limited
partner in the Funds, or the status of the Funds as partnerships
for tax purposes.

2.  Related Party Transactions
The Partnership's cash is on deposit with MS&Co. and MSIP in

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

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.

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 ("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

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

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
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
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


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

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 Accounting 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:

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, swaps or options
contracts, and other financial instruments with similar
characteristics such as caps, floors, and collars.


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

The net unrealized gains on open contracts, reported as a
component of "Trading Equity? on the Statements of Financial
Condition, and their longest contract maturities were as follows:
<table> <caption>
	   Net Unrealized Gains
 	    on Open Contracts	    Longest Maturities

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

		<c>     <c>            <c>	   <c>			<c>
Jun. 30, 2009	  146,263	-    	  146,263	Jun. 2011	     -
Dec. 31, 2008	2,404,082	-    	2,404,082	Jun. 2010	     -

</table>

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-

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

traded futures-styled options contracts, are required, pursuant
to regulations of the Commodity Futures Trading Commission
("CFTC"), to segregate from their own assets, and for the sole
benefit of their commodity customers, all funds held by them with
respect to exchange-traded futures, exchange-traded forward, and
exchange-traded futures-styled options contracts, including an
amount equal to the net unrealized gains (losses) on all open
exchange-traded futures, exchange-traded forward, and exchange-
traded futures-styled options contracts, which funds, in the
aggregate, totaled $100,448,253 and $140,870,949 at June 30, 2009
and December 31, 2008, respectively. With respect to the
Partnership?s off-exchange-traded forward currency contracts,
there are no daily settlements of variation in value, nor is
there any requirement that an amount equal to the net unrealized
gains (losses) on such contracts be segregated.  However, the
Partnership is required to meet margin requirements equal to the
net unrealized loss on open forward currency contracts in the
Partnership accounts with the counterparty, which is accomplished
by daily maintenance of the cash balance in a custody account
held at MS&Co.  With respect to those off-exchange-traded forward
currency contracts, the Partnership is at risk to the ability of
MS&Co., the sole counterparty on all such contracts, to perform.


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

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,
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

                            - 15 -
<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

counterparty, which is accomplished by daily maintenance of the
cash balance in a custody account held at MS&Co.

5.  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
was effective as of January 1, 2009, for the Partnership.

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 it feels the best profit opportunities exist for its
trading strategy.  As such, the absolute quantity (the total of
the open long and open short positions) has been presented as a
part of the volume disclosure, as position direction is not an
indicative factor in such volume disclosures.  In regards to

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

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 June 30,
2009 and reflects the contracts outstanding at such time.
     <table> <caption>
The Effect of Trading Activities on the Statements of Financial Condition as of June 30, 2009:



Futures and Forward Contracts

     Long
        Unrealized
        Gain

     Long
      Unrealized
     Loss

          Short
         Unrealized
          Gain

  Short
         Unrealized
         Loss

       Net
 Unrealized
 Gain/(Loss)

Total number
of outstanding
  contracts

$
 $
   $
     $
    $

June 30, 2009








          <c>
<c>
 <c>
 <c>
<c>
<c>
 Commodity
           95,740
         (590,229)
         440,499
         (169,138)
        (223,128)
           442
  Equity
              9,291
                  (20)
            50,311
            (52,015)
              7,567
           232
  Foreign currency
         476,821
             (4,656)
            72,140
            (67,231)
          477,074
           618
  Interest rate
         233,309
        (149,358)
              5,155
          (198,693)
  (109,587)
        1,662
       Total
         815,161
        (744,263)
          568,105
          (487,077)
          151,926

       Unrealized currency loss




      (5,663)

K        Total net unrealized gain
            on open contracts





     146,263

</table>
The following tables summarize the net trading results of the
Partnership during the three and six month periods as required by
SFAS No. 161.
<table> <caption>

The Effect of Trading Activities on the Statements of Operations for the Three and Six Months Ended June 30, 2009 included in
Total Trading Results:


     For the Three Months
       For the Six Months

     Ended June 30, 2009
     Ended June 30, 2009
Type of Instrument
  $
  $


              <c>
            <c>
     Commodity
            (1,537,239)
            (1,008,429)
   Equity
             (1,492,118)
                (907,943)
   Foreign currency
             (1,319,606)
             (2,753,675)
   Interest rate
             (2,396,400)
             (2,970,962)
   Unrealized currency loss
                (36,142)
                 (97,799)
        Total
            (6,781,505)
            (7,738,808)
</table>
<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
<table> <caption>

Lines Items on the Statements of Operations for the Three and Six Months Ended June 30, 2009:

     For the Three Months
      For the Six Months
Trading Results
     Ended June 30, 2009
    Ended June 30, 2009

  $
  $


<c>
<c>
    Realized
             (7,134,317)
           (5,480,989)
   Net change in unrealized
                 352,812
           (2,257,819)
      Total Trading Results
     (6,781,505)
    (7,738,808)

</table>
6.  Fair Value Measurements

As defined by SFAS No. 157, ?Fair Value Measurements?, 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
prices in active markets for identical assets and liabilities;

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

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
June 30, 2009 and December 31, 2008:


















<page> MORGAN STANLEY CHARTER WCM L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
<table> <caption>
June 30, 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 gain on open contracts
$146,263
      -

 n/a

$146,263
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
Net unrealized gain on open contracts
  $2,404,082

    ?
 n/a

                 $2,404,082


</table>
7.  Recent Accounting Pronouncements
(a) 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


In April 2009, the FASB issued FASB Staff Position (?FSP?) SFAS
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 SFAS No.
157-4?).  FSP SFAS 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 SFAS No. 157-4 is effective for the quarter ended June 30,
2009.  The adoption of FSP SFAS No. 157-4 did not have a material

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

impact on the Partnership?s financial statements.

(b) Interim Disclosures about Fair Value of Financial Instruments
In April 2009, the FASB issued FSP SFAS No. 107-1 and Accounting
Principals Board (?APB?) No. 28-1, Interim Disclosures About Fair
Value of Financial Instruments (?FSP SFAS 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
SFAS No. 107-1 and APB No. 28-1 are effective for the quarter
ended June 30, 2009.  The adoption of FSP SFAS No. 107-1 and APB
No. 28-1 did not have a material impact on the Partnership?s
financial statements.

(c)  Subsequent Events

In May 2009, the FASB issued SFAS No. 165, Subsequent Events
(?SFAS No. 165?).  SFAS No. 165 establishes general standards of
accounting for and disclosure of events that occur after the
balance sheet date but before financial statements are issued or



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

are available to be issued.  It requires the disclosure of the
date through which an entity has evaluated subsequent events and
the basis for that date; that is, whether that date represents
the date the financial statements were issued or were available
to be issued.  SFAS No. 165 is effective for the quarter ended
June 30, 2009. Management has performed its evaluation of
subsequent events through August 12, 2009, the date these
financial statements were issued.


(d)  Accounting Standards Codification

On June 29, 2009, the FASB issued Statement No. 168, ?FASB
Accounting Standards Codification? and the Hierarchy of Generally
Accepted Accounting Principles ? a replacement of FASB Statement
No. 162.  The FASB has stated that ?the FASB Accounting Standards
Codification? (?Codification?) will become the source of
authoritative U.S. Generally Accepted Accounting Principles
(?GAAP?) recognized by the FASB to be applied by nongovernmental
entities.  Once effective, the Codification?s content will carry
the same level of authority, effectively superseding Statement No.
162.  In other words, the GAAP hierarchy will be modified to
include only two levels of GAAP: authoritative and
nonauthoritative. Statement No. 168 is effective for financial


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

statements issued for interim and annual periods ending after
September 15, 2009.

8.  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>
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 and six month periods ended June 30, 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 23 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 Three and Six Months Ended June 30, 2009
The Partnership recorded total trading results including interest
income totaling $(6,755,294) and expenses totaling $2,129,253,
resulting in a net loss of $8,884,547 for the three months ended
June 30, 2009.  The Partnership?s net asset value per Unit
decreased from $12.64 at March 31, 2009, to $11.62 at June 30,
2009.

The most significant trading losses of approximately 2.3% were
recorded within the global interest rate sector, primarily during
April and June.  Losses in April were recorded from long
positions in U.S., European, and Australian fixed income futures
as prices reversed lower after a pledge from G-20 leaders to
support the global economy sapped demand for the ?safe haven? of
government bonds.  Additional losses were experienced in June
from long positions in short-term U.S. and European fixed-income
futures as prices declined amid rising investor confidence.
Meanwhile, short positions in Japanese fixed-income futures
resulted in losses as prices increased during June after the Bank
of Japan indicated that it remained cautious about the Japanese
economy.  Within the global stock index sector, losses of
approximately 1.4% were incurred primarily during April and May
<page> from short positions in U.S., European, and Pacific Rim
equity index futures as prices rose amid better-than-expected
corporate earnings reports and news that G-20 leaders pledged
more than $1 trillion in emergency aid to cushion the global
economy from further financial turmoil.  Within the currency
sector, losses of approximately 1.2% were recorded primarily
during April and May from short positions in the Canadian dollar
and British pound versus the U.S. dollar as the value of the U.S.
dollar moved lower against most of its rivals after a government
report showed U.S. employers cut fewer jobs than forecasted,
which reduced demand for the U.S. dollar as a ?safe haven?
currency.  Within the metals markets, losses of approximately
0.9% were experienced throughout a majority of the quarter from
short futures positions in copper, nickel, aluminum, and zinc as
prices increased on sentiment that efforts by the Chinese
government to revive that nation?s economy might boost demand for
base metals.  Additional losses were incurred from long positions
in gold and silver futures as prices dropped in June due to a
rise in the value of the U.S. dollar, which eroded demand for
precious metals as an alternative investment.  Smaller losses of
approximately 0.8% were recorded within the energy sector,
primarily during May and June, from short futures positions in
crude oil and its related products as prices reversed higher on
optimism that a possible rebound in global economic growth might
boost energy demand following news of better-than-expected <page>
economic data in the U.S. and China, the world?s largest
consumers of energy.  A portion of the Partnership?s losses for
the quarter was offset by gains of approximately 0.3% recorded
within the agricultural markets from long positions in soybean
meal futures as prices increased during May on news of record
imports in China, the world?s largest purchaser.  Smaller gains
were experienced from short futures positions in corn as prices
dropped during June after a government report showed U.S. farmers
planted more crops than estimated in March.

The Partnership recorded total trading results including interest
income totaling $(7,659,499) and expenses totaling $4,815,866,
resulting in a net loss of $12,475,365 for the six months ended
June 30, 2009. The Partnership?s net asset value per Unit
decreased from $13.02 at December 31, 2008, to $11.62 at June 30,
2009.

The most significant trading losses of approximately 2.7% were
incurred within the global interest rate sector, primarily during
January, April, and June.  During January, losses were recorded
from long positions in U.S. and European fixed-income futures as
prices declined following news that debt sales might increase as
governments around the world boosted spending in an effort to
ease the deepening economic slump.  Additionally, prices moved
lower in April and June after a pledge from G-20 leaders to
<page> support the global economy and better-than-expected
economic data reduced demand for the relative ?safety? of
government bonds.  Further losses were experienced from short
positions in Japanese fixed-income futures as prices increased
during June after the Bank of Japan indicated that it remained
cautious about the Japanese economy.  Within the currency sector,
losses of approximately 2.4% were recorded primarily during
February 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 would
intervene to weaken the currency, as well as news that Japan?s
trade deficit substantially increased in January.  Additional
losses were experienced during March, April, and May from short
positions in the Canadian dollar and British pound versus the
U.S. dollar as the value of the U.S. dollar moved lower against
most of its rivals after a government report showed U.S.
employers cut fewer jobs than forecasted, which reduced demand
for the U.S. dollar as a ?safe haven? currency.  Within the
metals markets, losses of approximately 1.2% were incurred
throughout a majority of the first six months of the year from
short futures positions in copper, nickel, and zinc as prices
rose amid speculation that economic stimulus plans in the U.S.
and China might help boost demand for base metals.  Elsewhere,
short positions in silver futures resulted in losses as prices
increased during February after uncertainty regarding the future
<page> direction of the global economy spurred demand for
precious metals as a ?safe haven?.  Further losses were recorded
during June from long futures positions in gold and silver as
prices reversed lower due to a sharp rise in the value of the
U.S. dollar.  Within the global stock index sector, losses of
approximately 1.0% were experienced primarily during March,
April, and May from short positions in U.S., European, and
Pacific Rim equity index futures as prices reversed higher after
G-20 officials indicated that participating governments and
central banks would ?take whatever further actions are necessary
to stabilize the financial system?.  Prices were also supported
higher amid an expansion of the U.S. Federal Reserve?s financial-
rescue strategy, which boosted speculation that government
programs might revive economic growth in the near term.  Smaller
losses of approximately 0.6% were incurred within the energy
markets, primarily during May and June, from short futures
positions in crude oil and its related products as prices
increased on optimism that a possible rebound in global economic
growth might boost energy demand.  A portion of the Partnership?s
losses for the first six months of the year was offset by gains
of approximately 0.7% recorded within the agricultural markets
from short futures positions in the soybean complex, wheat, and
corn as prices declined during the first quarter amid speculation
that a global economic recession would further erode demand for
food and biofuels.  Additional gains were recorded during May
<page> from newly established long positions in soybean meal
futures as prices increased on news of record imports in China,
the world?s largest purchaser.  Further gains were experienced
during June from short positions in wheat futures as prices fell
amid larger-than-expected supplies.  Smaller gains were recorded
from short futures positions in corn as prices dropped during
June after a government report showed U.S. farmers planted more
crops than estimated in March.

For the Three and Six Months Ended June 30, 2008
The Partnership recorded total trading results including interest
income totaling $8,563,492 and expenses totaling $2,901,088,
resulting in net income of $5,662,404 for the three months ended
June 30, 2008.  The Partnership?s net asset value per Unit
increased from $12.29 at March 31, 2008, to $12.87 at June 30,
2008.

The most significant trading gains of approximately 4.8% were
experienced in the energy markets throughout most of the quarter
from long futures positions in crude oil and its related products
as prices moved sharply higher due to a drop in OPEC output,
supply threats in Nigeria an Iraq, growing Asian fuel
consumption, and an unexpected decline in domestic inventories.
Meanwhile, long positions in natural gas futures resulted in
gains as prices increased throughout the quarter amid declining
production in Western Canada, falling U.S. inventories, and
<page> forecasts for an active hurricane season in the Atlantic.
 Furthermore, futures prices of crude oil and its related
products, as well as natural gas, were pressured higher due to
continued weakness in the value of the U.S. dollar, which spurred
demand for physical commodities as an alternative investment.
Within the agricultural sector, gains of approximately 2.0% were
recorded, primarily during April and June, from long futures
positions in the soybean complex and corn as prices increased due
to supply concerns after severe floods in the U.S. Midwest
damaged crops.  Elsewhere, long positions in cocoa futures
resulted in gains as prices rose amid speculation that crops in
the Ivory Coast, the world?s largest producer, were developing
more slowly than anticipated.  Additional gains of approximately
1.4% were experienced in the global stock index sector, primarily
during June, from short positions in European and U.S. equity
index futures as prices moved sharply lower throughout the month
on concerns that surging commodity prices and additional subprime
related writedowns might erode corporate earnings and continue to
slow global economic growth.  In addition, prices of European
stock index futures were pressured lower after government reports
revealed an unexpected drop in Germany?s consumer confidence and
a continued housing slump in the United Kingdom.  Further gains
of approximately 0.4% were recorded within the currency sector,
primarily during May and June, from long positions in the
Australian dollar, Mexican peso, and Brazilian real versus the
U.S. dollar as the value of the U.S. dollar moved lower against
<page> these currencies on concerns of a  slowing U.S. economy.
Smaller gains were experienced from short positions in the
Japanese yen versus the euro as the value of the Japanese yen
decreased relative to the euro after the Bank of Japan downgraded
its assessment of the Japanese economy in June and decided to
leave interest rates at 0.5%.  A portion of the Partnership?s
gains for the quarter was offset by losses of approximately 1.6%
within the global interest rate sector, primarily during April,
from long positions in U.S. and Japanese fixed-income futures as
prices declined amid speculation that the U.S. Federal Reserve
and Bank of Japan would not reduce borrowing costs as much as
previously expected this year due to accelerating global
inflation.

The Partnership recorded total trading results including interest
income totaling $20,251,020 and expenses totaling $6,917,640,
resulting in net income of $13,333,380 for the six months ended
June 30, 2008.  The Partnership?s net asset value per Unit
increased from $11.27 at December 31, 2007, to $12.87 at June 30,
2008.

The most significant trading gains of approximately 6.7% were
experienced within the energy markets from long futures positions
in crude oil and its related products as prices moved
consistently higher due to speculation that OPEC might cut
production, ongoing geopolitical concerns in the Middle East,
<page> growing Asian fuel consumption, and strong demand for
physical commodities as an inflation hedge.  Elsewhere, long
positions in natural gas futures also experienced gains during
the second quarter as prices rose amid declining production in
Western Canada, a continued decline in U.S. inventories, and
forecasts for an active hurricane season in the Atlantic. In
addition, futures prices of crude oil, its related products, and
natural gas increased due to persistent decline in the value of
the U.S. dollar.  Within the agricultural markets, gains of
approximately 4.6% were recorded, primarily during January,
February, April, and June from long futures positions in the
soybean complex and corn as prices increased following news that
global production might drop, rising energy prices might boost
demand for alternative biofuels, and severe floods in the U.S.
Midwest had damaged crops.  Meanwhile, long futures positions in
cocoa resulted in gains as prices rose in June amid speculation
that crops in the Ivory Coast, the world?s largest producer, were
developing more slowly than anticipated.  Within the currency
sector, gains of approximately 4.0% were experienced, primarily
during January, February, March, and June, from long position in
the euro, Swiss franc, and Australian dollar versus the U.S.
dollar as the value of the U.S. dollar moved lower against most
of its rivals amid the aforementioned weak economic data out of
the U.S., which fueled persistent concerns of a possible economic
recession in the U.S.  Additional gains of approximately 2.8%
were recorded in the global interest rate sector, primarily
<page> during January and February, from long positions in U.S.
fixed income futures as prices moved higher in a ?flight-to-
quality? following a sharp decline in the global equity markets
and the aforementioned concerns regarding 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 first quarter and U.S. government reports showed a
rise in unemployment and slower-than-expected fourth quarter
Gross Domestic Product growth.  Further gains were experienced
during June from short positions in European fixed-income futures
as prices declined after government reports revealed accelerating
inflation in the Euro-Zone.  Smaller gains of approximately 1.7%
were recorded within the metals markets, primarily during
January, February, and June, from long futures positions in gold
and silver as prices rose due to a sharp drop in the value of the
U.S. dollar.

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-
<page> 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
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.
<page>
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
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
<page> 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.

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
<page> 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.

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.
<page>
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 June 30, 2009 and 2008.  At
June 30, 2009 and 2008, the Partnership?s total capitalization was
approximately $99 million and $128 million, respectively.

Primary Market           June 30, 2009            June 30, 2008
Risk Category	  	     Value at Risk   	     Value at Risk


Currency	(0.88)%	                 (0.34)%
Equity	(0.49)	(0.47)
Interest Rate     	(0.38)	                 (0.20)
Commodity	                 (0.20)           	      (0.79)
Aggregate Value at Risk	(0.65)%                 (0.93)%


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
<page> 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
percentage of total Net Assets for the four quarter-end reporting
periods from July 1, 2008, through June 30, 2009.

Primary Market Risk Category        High        Low      Average
Currency	(0.88)%	(0.19)%	(0.45)%

Equity 	(0.49)	(0.05)	(0.28)

Interest Rate	(0.52)	(0.20)	(0.37)

Commodity	(0.79)	(0.20)	(0.38)

Aggregate Value at Risk	(0.93)%	(0.61)%	(0.75)%

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:


<page>
*	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.

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 June 30, 2009 and 2008, and for the four
quarter-end reporting periods from July 1, 2008, through June 30,
2009. VaR is not necessarily representative of the Partnership?s
historic risk, nor should it be used to predict the Partnership?s
<page> 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.

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 June 30, 2009, such
amount was equal to approximately 96% 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.

<page> 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.
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.

The Trading Advisor, in general, tends to utilize its trading
system(s) to take positions when market opportunities develop, and
Demeter anticipates that the Trading Advisor will continue to do
so.
<page>
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 June 30, 2009, by market sector.  It may be
anticipated, however, that these market exposures will vary
materially over time.

Currency.  The largest market exposure of the Partnership at June
30, 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 June 30, 2009, the
Partnership?s major exposures were to outright U.S. dollar
positions.  Outright positions consist of the U.S. dollar vs.
other currencies.  These other currencies include major and minor
currencies.  Demeter does not anticipate that the risk associated
with the Partnership?s currency trades will change significantly
in the future.


<page>
Equity.  The third largest market exposure of the Partnership at
June 30, 2009, was to the global stock index sector, primarily to
equity price risk in the G-7 countries.  The G-7 countries
consist of France, the U.S., the United Kingdom, Germany, Japan,
Italy, and Canada. The stock index futures traded by the
Partnership are by law limited to futures on broadly-based
indices.  At June 30, 2009, the Partnership?s primary market
exposures were to the Euro Stox 50 (Europe), S&P 500 (U.S.), DAX
(Germany), FTSE 100 (United Kingdom), Nikkei 225 (Japan), CAC 40
(France), TOPIX (Japan), SPI 200 (Australia), Dow Jones (U.S.),
H-Shares (Hong Kong), S&P 500 Midcap (U.S.), Russell 2000 (U.S.),
IBEX 35 (Spain), 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.

Interest Rate.  At June 30, 2009, the Partnership had market
exposure 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 of its
<page> 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.  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.

Commodity.
Soft Commodities and Agriculturals.  The second largest
market exposure of the Partnership at June 30, 2009, was to
the markets that comprise these sectors.  Most of the
exposure was to the wheat, soybean meal, soybeans, sugar,
corn, lean hogs, soybean oil, live cattle, coffee, and
cotton markets.  Supply and demand inequalities, severe
weather disruptions, and market expectations affect price
movements in these markets.


<page>
Metals.  At June 30, 2009, the Partnership had market
exposure to the metals sector.  The Partnership's metals
exposure was to fluctuations in the price of precious
metals, such as gold and silver, as well as base metals,
such as aluminum, nickel, copper, and zinc.  Economic
forces, supply and demand inequalities, geopolitical
factors, and market expectations influence price movements
in these markets.

Energy.  At June 30, 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
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 June 30, 2009:
<page>
Foreign Currency Balances. The Partnership?s primary foreign
currency balances at June 30, 2009, were in euros, Japanese
yen, British pounds, Hong Kong dollars, Australian dollars,
Swiss francs, Canadian dollars, New Zealand dollars,
Singapore dollars, Swedish kronor, 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
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.

<page>
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.

Limitations on the Effectiveness of Controls

Any control system, no matter how well designed and operated, can
provide reasonable (not absolute) assurance that its objectives
will be met.  Furthermore, no evaluation of controls can provide
absolute assurance that all control issues and instances of
fraud, if any, have been detected.

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, and the Partnership?s
Report on Form 10Q for the quarter ended March 31, 2009.

Item 6.  EXHIBITS

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











<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)

August 12, 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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