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

|                                     | Delaware                                                                                                              |       | 01-0710311                          |
|------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------|
|                                     |      (State or other jurisdiction of      incorporation or organization) |       | (I.R.S. EmployerIdentification No.) |
|                                     |                                                                                                                  |       |                                |
|   Ceres Managed Futures LLC         |                                                                                                                  |       |
|   522 Fifth Avenue, 14th Floor      |                                                                                                                  |       |
| New York, NY                             |                                                                                                                  | 10036      |
| (Address of principal executive offices) |                                                                                                                  | (Zip Code) |

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

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

----

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

----

|                                                                   | March 31,   |   | December 31,        |
|------------------------------------------------------------------------|-------------|--------|---------------------|
|                                                                   | 2011        |   | 2010                |
| ASSETS                                                                 | $           |   | $                   |
|                                                                   |        |   |                |
| Trading Equity:                                                        |        |   |                |
|                                                                   |        |   |                |
| Unrestricted cash                                                      | 71,993,094  |   | 79,053,213          |
| Restricted cash                                                        | 6,421,992   |   | 5,052,970           |
|                                                                   |        |   |                |
| Total cash                                                             | 78,415,086  |   | 84,106,183          |
|                                                                   |        |   |                |
| Net unrealized gain (loss) on open contracts (MSIP)                    | (201,537)   |   |   356,301 |
| Net unrealized loss on open contracts (MS&Co.)                     | (2,496,154) |   | (216,405)           |
|                                                                   |        |   |                |
| Total net unrealized gain (loss) on open contracts                     | (2,697,691) |   | 139,896             |
|                                                                   |        |   |                |
| Options purchased (premiums paid $167,869 and $267,400, respectively)  | 300,073     |   | 366,896             |
|                                                                   |        |   |                |
| Total Trading Equity                                                   | 76,017,468  |   | 84,612,975          |
|                                                                   |        |   |                |
| Interest receivable (MSSB)                                             | 4,707       |   | 5,799               |
|                                                                   |        |   |                |
| Total Assets                                                           | 76,022,175  |   | 84,618,774          |
|                                                                   |        |   |                |
| LIABILITIES AND PARTNERS’ CAPITAL                                |        |   |                |
|                                                                   |        |   |                |
| Liabilities:                                                           |        |   |                |
|                                                                   |        |   |                |
| Redemptions payable                                                    | 1,284,113   |   | 2,189,794           |
| Accrued brokerage fees (MS&Co.)                                    | 403,606     |   | 400,033             |
| Options written (premiums received $95,583 and $58,237, respectively)  | 152,895     |   | 166,225             |
| Accrued management fees                                                | 134,535     |   | 176,681             |
|                                                                   |        |   |                |
| Total Liabilities                                                      | 1,975,149   |   | 2,932,733           |
|                                                                   |        |   |                |
| Partners’ Capital:                                               |        |   |                |
|                                                                   |        |   |                |
| Limited Partners (7,332,015.628 and 7,633,482.867 Units, respectively) | 73,219,158  |   | 80,808,446          |
| General Partner (82,901.055 and 82,901.055 Units, respectively)        | 827,868     |   | 877,595             |
|                                                                   |        |   |                |
| Total Partners’ Capital                                          | 74,047,026  |   | 81,686,041          |
|                                                                   |        |   |                |
| Total Liabilities and Partners’ Capital                          | 76,022,175  |   | 84,618,774          |
|                                                                   |        |   |                |
| NET ASSET VALUE PER UNIT                                               | 9.99        |   | 10.59               |

----

|  Futures and Forward Contracts Purchased       | Net unrealized gain/(loss) on open contracts                                                                                                                                                               | % ofPartners’ Capital                                                                                                                            |
|-----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                | $                                                                                                                                                                                                          |                                                                                                                                                   |
|  Commodity                                     |    372,009                                                                                                                                                                                  | 0.50                                                                                                                                                   |
|  Equity                                        |    341,709                                                                                                                                                                                  |          0.46                                                                                                  |
|  Foreign currency                              | (409,338)                                                                                                                                                                                                  | (0.55)                                                                                |
|  Interest rate                                 |                                  (569,217) |   (0.77)                                                                    |
|                                                |                                                                                                                                                                                                       |                                                                                                                                                   |
|  Total Futures and Forward Contracts Purchased |   (264,837)                                                                                                                                                                                      |    (0.36)                                                              |
|                                                |                                                                                                                                                                                                       |                                                                                                                                                   |
|                                                |                                                                                                                                                                                                       |                                                                                                                                                   |
|  Futures and Forward Contracts Sold            |                                                                                                                                                                                                       |                                                                                                                                                   |
|                                                |                                                                                                                                                                                                       |                                                                                                                                                   |
|  Commodity                                     | (36,402)                                                                                                                                                                                                   |   (0.05)                                                                                                                                     |
|  Equity                                        | (21,782)                                                                                                                                                                                                   |   (0.03)                                                                                                                                     |
|  Foreign currency                              | (166,161)                                                                                                                                                                                                  |    (0.22)                                                                                                                                    |
|  Interest rate                                 |       163,993                                                                                                                                                                |            0.22                                                                                      |
|                                                |                                                                                                                                                                                                       |                                                                                                                                                   |
|  Total Futures and Forward Contracts Sold      |      (60,352)                                                                                                                                                                     |        (0.08)                                                                                                       |
|                                                |                                                                                                                                                                                                       |                                                                                                                                                   |
| Unrealized Currency Loss                            |                            (2,372,502)                                   |                         (3.20)      |
|                                                |                                                                                                                                                                                                       |                                                                                                                                                   |
|  Net fair value                                |         (2,697,691)                                                                                                                                                     |                         (3.64) |
|                                                |                                                                                                                                                                                                       |                                                                                                                                                   |
|                                                |                                                                                                                                                                                                       |                                                                                                                                                   |
|   Option Contracts                        | Fair Value                                                                                                                                     | % of           Partners’ Capital             |
|                                                |                                                                                                                                                                                                       |                                                                                                                                              |
| Options purchased on Forward Contracts              | 300,073                                                                                                                                                                                                    | 0.41                                                                                                                                                   |
| Options written on Forward Contracts                | (152,895)                                                                                                                                                                                                  | (0.21)                                                                                                                                                 |
|                                                |                                                                                                                                                                                                       |                                                                                                                                                   |
|                                                |                                                                                                                                                                                                       |                                                                                                                                                   |

----

| Futures and Forward Contracts Purchased             | Net unrealized gain/(loss) on open contracts                                                                                                                                                                               | % ofPartners’ Capital                                                                                                                                                                                                                                                                                                              |
|-----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                |       $                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                     |
|  Commodity                                     |     1,279,093                                                                                                                                                                                          |  1.57                                                                                                                                                                                                                                                                             |
|  Equity                                        |    17,386                                                                                                                                                                                                   |                                      0.02                  |
|  Foreign currency                              | 1,831,284                                                                                                                                                                                                                  |      2.24                                                                                                                                                                                                                                                          |
|  Interest rate                                 |                                     106,248 |    0.13                                                                                                                                                                                                                                                                      |
|                                                |                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                     |
|  Total Futures and Forward Contracts Purchased |   3,234,011                                                                                                                                                                                                      |            3.96                                                                                                                                                                                                                           |
|                                                |                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                     |

|  Futures and Forward Contracts Sold       |                                                                                                                                                                           |                                                                                                                                                             |
|------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                           |                                                                                                                                                                           |                                                                                                                                                             |
|  Commodity                                | (79,630)                                                                                                                                                                       |      (0.10)                                                                                                                                  |
|  Equity                                   | 10,264                                                                                                                                                                         |       0.01                                                                                                                              |
|  Foreign currency                         | (496,506)                                                                                                                                                                      |       (0.61)                                                                                                                            |
|  Interest rate                            |     (159,688)                                                                                                                                              |               (0.19)                                                                                 |
|                                           |                                                                                                                                                                           |                                                                                                                                                             |
|  Total Futures and Forward Contracts Sold |     (725,560)                                                                                                                                              |           (0.89)                                                                                                    |
|                                           |                                                                                                                                                                           |                                                                                                                                                             |
| Unrealized Currency Loss                       |                             (2,368,555) |                          (2.90)          |
|                                           |                                                                                                                                                                           |                                                                                                                                                             |
| Net fair value                                 |              139,896                                                                                          |                           0.17 |
|                                           |                                                                                                                                                                           |                                                                                                                                                             |
|                                           |                                                                                                                                                                           |                                                                                                                                                             |
|  Option Contracts                         | Fair Value                                                                                                                        | % of          Partners’ Capital                                       |
|                                           |                                                                                                                                                                           |                                                                                                                                                             |
| Options purchased on Forward Contracts         | 366,896                                                                                                                                                                        | 0.45                                                                                                                                                             |
| Options written on Forward Contracts           | (166,225)                                                                                                                                                                      | (0.20)                                                                                                                                                           |

----

|                                    | For the Quarters Ended March 31, |
|-----------------------------------------|----------------------------------|
|                                    |                             |   |   |
|                                    | 2011                             |   | 2010 |
|                                    | $                                |   | $ |
| INVESTMENT INCOME                       |                             |   |   |
| Interest income (MSSB & MS&Co.) | 20,722                           |   | 5,934 |
|                                    |                             |   |   |
| EXPENSES                                |                             |   |   |
| Brokerage fees (MS&Co.)             | 1,210,258                        |   | 1,329,231 |
| Management fees                         | 403,419                          |   | 587,077 |
|                                    |                             |   |   |
| Total Expenses                          | 1,613,677                        |   | 1,916,308 |
|                                    |                             |   |   |
| NET INVESTMENT LOSS                     | (1,592,955)                      |   | (1,910,374) |
|                                    |                             |   |   |
| TRADING RESULTS                         |                             |   |   |
| Trading profit (loss):                  |                             |   |   |
| Realized                                | (180,530)                        |   | (5,707,586) |
| Net change in unrealized                | (2,754,203)                      |   | 3,161,340 |
|                                    |                             |   |   |
| Total Trading Results                   | (2,934,733)                      |   | (2,546,246) |
|                                    |                             |   |   |
| NET LOSS                                | (4,527,688)                      |   | (4,456,620) |
|                                    |                             |   |   |
| NET LOSS ALLOCATION                     |                             |   |   |
|                                    |                             |   |   |
| Limited Partners                        | (4,477,961)                      |   | (4,411,974) |
| General Partner                         | (49,727)                         |   | (44,646) |
|                                    |                             |   |   |
| NET LOSS PER UNIT *                     |                             |   |   |
|                                    |                             |   |   |
| Limited Partners                        | (0.60)                           |   | (0.45) |
| General Partner                         | (0.60)                           |   | (0.45) |
|                                    |                             |   |   |
|                                    | Units                            |   | Units |
| WEIGHTED AVERAGE NUMBER                 |                             |   |   |
| OF UNITS OUTSTANDING                    | 7,629,167.454                    |   | 9,486,671.007 |

----

|                     | Units of      |   |        |   |     |   |        |
|--------------------------|---------------|--------|-------------|--------|----------|--------|-------------|
|                     | Partnership   |   | Limited     |   | General  |   |        |
|                     | Interest      |   | Partners    |   | Partner  |   | Total       |
|                     |          |   | $           |   | $        |   | $           |
| Partners’ Capital, |          |   |        |   |     |   |        |
| December 31, 2010        | 7,716,383.922 |   | 80,808,446  |   | 877,595  |   | 81,686,041  |
|                     |          |   |        |   |     |   |        |
| Net Loss                 | –       |   | (4,477,961) |   | (49,727) |   | (4,527,688) |
|                     |          |   |        |   |     |   |        |
| Redemptions              | (301,467.239) |   | (3,111,327) |   | –  |   | (3,111,327) |
|                     |          |   |        |   |     |   |        |
| Partners’ Capital, |          |   |        |   |     |   |        |
| March 31, 2011           | 7,414,916.683 |   | 73,219,158  |   | 827,868  |   | 74,047,026  |
|                     |          |   |        |   |     |   |        |
|                     |          |   |        |   |     |   |        |
|                     |          |   |        |   |     |   |        |
|                     |          |   |        |   |     |   |        |
| Partners’ Capital, |          |   |        |   |     |   |        |
| December 31, 2009        | 9,674,466.469 |   | 93,776,897  |   | 952,606  |   | 94,729,503  |
|                     |          |   |        |   |     |   |        |
| Net Loss                 | –       |   | (4,411,974) |   | (44,646) |   | (4,456,620) |
|                     |          |   |        |   |     |   |        |
| Redemptions              | (585,689.865) |   | (5,328,847) |   | (54,570) |   | (5,383,417) |
|                     |          |   |        |   |     |   |        |
| Partners’ Capital, |          |   |        |   |     |   |        |
| March 31, 2010           | 9,088,776.604 |   | 84,036,076  |   | 853,390  |   | 84,889,466  |

----

----

----

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

|                                                                                                                                                                        | 2011                                                                                                                                      | 2010                                                                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|
|          Per Unit operating performance:                                                                                       |                                                                                                                                      |                                                                                                        |
|          Net asset value, January 1:                                                                                           |        $    10.59                                                                       |    $       9.79                                                |
|                                                                                                                                                                        |                                                                                                                                      |                                                                                                        |
|                      Interest Income                               |                  –     (3) |             –     (3) |
|                      Expenses                                      |               (0.21)                                                     |           (0.20)                                               |
|                      Realized Loss (1 )                            |               (0.03)                                                     |           (0.59)                                               |
|                      Unrealized Loss                               |               (0.36)                                                     |            0.34                                           |
|                      Net Loss                                      |               (0.60)                                                     |           (0.45)                                               |
|                                                                                                                                                                        |                                                                                                                                      |                                                                                                        |
|          Net asset value, March 31:                                                                                            |         $      9.99                                                      |    $      9.34                                                      |
|                                                                                                                                                                        |                                                                                                                                      |                                                                                                        |
|          Ratios to average net assets:                                                                                         |                                                                                                                                      |                                                                                                        |
|                      Net investment loss (2)                       |                 (8.3)%                                         |          (9.1)%                                                     |
|                      Expenses before  incentive fees (2) |                  8.4 %                                    |           9.1 %                                                |
|                      Expenses after incentive fees (2)             |                  8.4 %                                    |           9.1 %                                                |
|                      Net Loss (2)                                  |               (23.5) %                                                   |        (21.2) %                                                               |
|          Total return before incentive fees                                                                                    |                 (5.7)%                                         |          (4.6)%                                                     |
|          Total return after incentive fees                                                                                     |                 (5.7)%                                    |          (4.6)%                                                     |
|                                                                                                                                                                        |                                                                                                                                      |                                                                                                        |

----

----

----

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

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

| 3)   | Terms that require or permit net settlement. |
|----------------|----------------------------------------------|

----

|          | Net Unrealized Gains/(Losses) on Open Contracts | Longest Maturities          |
|---------------|-------------------------------------------------|-----------------------------|
| Date          | Exchange-Traded                                 |  Off-Exchange-Traded   | Total | Exchange-Traded | Off-Exchange-Traded |
|          | $                                               | $                           | $ |   |   |
| Mar. 31, 2011 |   (2,122,204)                         |    (575,487) | (2,697,691) | Sep. 2012 | Jun. 2011 |
| Dec. 31, 2010 | (1,194,883)                                     | 1,334,779                   | 139,896 | Mar. 2012 |  Mar. 2011 |

----

----

----

| Futures and Forward Contracts               | Long UnrealizedGain                                                                                                                                       | Long UnrealizedLoss                                                          |  Short UnrealizedGain |   | Short  Unrealized     Loss                         | Net  Unrealized Gain/(Loss) | Average number of contractsoutstandingfor the quarter  (absolute quantity) |
|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------|---------------------------------|--------|----------------------------------------------------------------------------------|--------------------------------------------|--------------------------------------------------------------------------------------|
|                                        | $                                                                                                                                                         | $                                                                            | $                               |   | $                                                                                | $                                          |                                                                                 |
| Commodity                                   | 695,661                                                                                                                                                   | (323,652)                                                                    | 11,150                          |   | (47,552)                                                                         | 335,607                               | 546                                                                                  |
| Equity                                      | 357,261                                                                                                                                                   | (15,552)                                                                     | –                         |   | (21,782)                                                                         | 319,927                               | 675                                                                                  |
| Foreign currency                            | 401,027                                                                                                                                                   | (810,365)                                                                    | 163,361                         |   | (329,522)                                                                        | (575,499)                             |  8,083                                                                          |
| Interest rate                               |                   –         |            (569,217)  |    166,868       |   |              (2,875) |    (405,224)           |  1,242                                                                          |
| Total                                       |   1,453,949                                                                                                                                     |    (1,718,786)                                                     |   341,379             |   |   (401,731)                                                            |  (325,189)                       |                                                                                 |
|                                        |                                                                                                                                                      |                                                                         |                            |   |                                                                             |                                       |                                                                                 |
| Unrealized currency loss                    |                                                                                                                                                      |                                                                         |                            |   |                                                                             |   (2,372,502)                    |                                                                                 |
| Total net unrealized loss on open contracts |                                                                                                                                                      |                                                                         |                            |   |                                                                             |   (2,697,691)                    |                                                                                 |
|                                        |                                                                                                                                                      |                                                                         |                            |   |                                                                             |                                       |                                                                                 |

|                           |                                                                              | Average number of     |   |
|--------------------------------|-----------------------------------------------------------------------------------|-----------------------|--------|
|                           |                                                                              | contracts outstanding |   |
|                           |                                                                              | for the quarter       |   |
|                           |                                                                              | (absolute quantity)   |   |
| Option Contracts at Fair Value | $                                                                                 |                  |   |
| Options purchased              | 300,073                                                                           | 2                     |   |
| Options written                |             (152,895) | 1                     |   |

| Futures and Forward Contracts               | Long UnrealizedGain                   | Long UnrealizedLoss                                                                                                                                       |  Short UnrealizedGain     |   | Short UnrealizedLoss                      | Net Unrealized Gain/(Loss)                          | Average number of contractsoutstanding for the year (absolute quantity) |
|---------------------------------------------|---------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------|------------------------------------------------|---------------------------------------------------------------|------------------------------------------------------------------------------|
|                                        | $                                     | $                                                                                                                                                         | $                              |   | $                                              | $                                                             |                                                                         |
|                                        |                                  |                                                                                                                                                      |                           |   |                                           |                                                          |                                                                         |
| Commodity                                   | 1,337,918                             | (58,825)                                                                                                                                                  | –                        |   | (79,630)                                       | 1,199,463                                                | 562                                                                          |
| Equity                                      | 188,291                               | (170,905)                                                                                                                                                 | 10,264                         |   | –                                        | 27,650                                                   | 579                                                                          |
| Foreign currency                            | 2,099,244                             | (267,960)                                                                                                                                                 | 148,803                        |   | (645,309)                                      | 1,334,778                                                |   6,666                                                            |
| Interest rate                               |      106,248 |                   –         |     13,334 |   |        (173,022) |      (53,440)                   |   2,512                                                            |
| Total                                       |   3,731,701                 |    (497,690)                                                                                                                               |   172,401            |   |   (897,961)                          |  2,508,451                                          |                                                                         |
|                                        |                                  |                                                                                                                                                      |                           |   |                                           |                                                          |                                                                         |
| Unrealized currency loss                    |                                  |                                                                                                                                                      |                           |   |                                           |   (2,368,555)                                       |                                                                         |
| Total net unrealized gain on open contracts |                                  |                                                                                                                                                      |                           |   |                                           |         139,896  |                                                                         |

----

|                           |                                                                                                | Average number of     |
|--------------------------------|-----------------------------------------------------------------------------------------------------|-----------------------|
|                           |                                                                                                | contracts outstanding |
|                           |                                                                                                | for the year          |
|                           |                                                                                                | (absolute quantity)   |
| Option Contracts at Fair Value | $                                                                                                   |                  |
| Options purchased              |   366,896                                                                                 | 3                     |
| Options written                |                (166,225) | 3                     |

| Type of Instrument             |                                                 $ |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                           |                                                                                                                                                                                                                                                                                         |
|  Commodity                | 1,340,935                                                                                                                                                                                                                                                                                    |
|  Equity                   | (1,485,251)                                                                                                                                                                                                                                                                                  |
|  Foreign currency         | (1,457,071)                                                                                                                                                                                                                                                                                  |
|  Interest rate            | (1,329,399)                                                                                                                                                                                                                                                                                  |
|  Unrealized currency loss |          (3,947)                                                                                                                                                                                                                                |
|                           |                                                                                                                                                                                                                                                                                         |
| Total                          |   (2,934,733)                                                                                                                                                                                                                                                                      |

| Trading Results                |                                                $ |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                           |                                                                                                                                                                                                                                                                                   |
|  Realized                 | (180,530)                                                                                                                                                                                                                                                                              |
|  Net change in unrealized |    (2,754,203)                                                                                                                                                                                                                                                          |
| Total Trading Results          |    (2,934,733)                                                                                                                                                                                                                                                          |

----

| Type of Instrument       |                                                    $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                           |
| Commodity                | (1,576,209)                                                                                                                                                                                                                                                                                                    |
| Equity                   |  (1,803,725)                                                                                                                                                                                                                                                                                              |
| Foreign currency         | (785,035)                                                                                                                                                                                                                                                                                                      |
| Interest rate            | 1,604,890                                                                                                                                                                                                                                                                                                      |
| Unrealized currency gain |           13,833                                                                                                                                                                                                                                             |
|                     |                                                                                                                                                                                                                                                                                                           |
| Total                    |    (2,546,246)                                                                                                                                                                                                                                                                                  |

| Trading Results          |                                                     $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                 |
| Realized                 | (5,707,586)                                                                                                                                                                                                                                                                                                          |
| Net change in unrealized |      3,161,340                                                                                                                                                                                                                                                                              |
| Total Trading Results    |     (2,546,246)                                                                                                                                                                                                                                                                                  |

----

| March 31, 2011                                       | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                                                                                   | Significant Other Observable Inputs(Level 2)                                                                                                              | Significant Unobservable Inputs(Level 3) |   | Total                                                                                                    |
|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
|                                                 | $                                                                                                                                                         | $                                                                                                                                                         | $                                        |   | $                                                                                                        |
|  Assets                                         |                                                                                                                                                      |                                                                                                                                                      |                                     |   |                                                                                                     |
|  Futures                                        |  1,230,928                                                                                                        |             –                                                  | n/a                                      |   |     1,230,928                                                                        |
|  Forwards                                       |                     –       |            564,400                                                                       | n/a                                      |   |   564,400                                                                                      |
|      Options Purchased           |                 –                               |        300,073                                                                                                    | n/a                                      |   |                  300,073 |
|                                                 |                                                                                                                                                      |                                                                                                                                                      |                                     |   |                                                                                                     |
|   Total Assets                             |  1,230,928                                                                                                                                           |            864,473                                                        | n/a                                      |   |        2,095,401                                                           |
|                                                 |                                                                                                                                                      |                                                                                                                                                      |                                     |   |                                                                                                     |
|       Liabilities           |                                                                                                                                                      |                                                                                                                                                      |                                     |   |                                                                                                     |
|    Futures                                 |      980,630                                                                                                 |                     –       | n/a                                      |   |       980,630                                                              |
|        Forwards        |                   –                   | 1,139,887                                                                                                    | n/a                                      |   |               1,139,887                 |
|        Options Written |                   –                   |          152,895                                                                                             | n/a                                      |   |                  152,895 |
|                                                 |                                                                                                                                                      |                                                                                                                                                      |                                     |   |                                                                                                     |
|   Total Liabilities                        |     980,630                                                                                                                           |           1,292,782                                                                 | n/a                                      |   |      2,273,412                                                                       |
|                                                 |                                                                                                                                                      |                                                                                                                                                      |                                     |   |                                                                                                     |
|   Unrealized currency loss                      |                                                                                                                                                      |                                                                                                                                                      |                                     |   |      (2,372,502)                                                                     |
|                                                 |                                                                                                                                                      |                                                                                                                                                      |                                     |   |                                                                                                     |
|   * Net fair value                         |     250,298                                                                                                                           |           (428,309)                                                                                          | n/a                                      |   |          (2,550,513)                                             |

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| December 31, 2010                              | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                                                                                                                 | Significant Other Observable Inputs(Level 2)                                                                   | Significant Unobservable Inputs(Level 3)                         |   | Total                                                                                                    |
|------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
|                                           | $                                                                                                                                                                                       | $                                                                                                              | $                                                                |   | $                                                                                                        |
| Assets                                         |                                                                                                                                                                                    |                                                                                                           |                                                             |   |                                                                                                     |
| Futures                                        |  1,656,055                                                                                                                                                                         |             –       |    n/a                        |   |      1,656,055                                                                  |
|  Forwards                                 |                          –       |         2,248,048                                            |        n/a     |   | 2,248,048                                                                                                |
|      Options Purchased          |                      –                               |        366,896                                                         | n/a                                               |   |                  366,896 |
|                                           |                                                                                                                                                                                    |                                                                                                           |                                                             |   |                                                                                                     |
|   Total Assets                       |  1,656,055                                                                                                                                                                         |         2,614,944                             |    n/a                             |   |            4,270,999                                   |
|                                           |                                                                                                                                                                                    |                                                                                                           |                                                             |   |                                                                                                     |
|      Liabilities           |                                                                                                                                                                                    |                                                                                                           |                                                             |   |                                                                                                     |
|   Futures                                 |       482,383                                                                                                                                             |             –       |   n/a                                   |   |       482,383                                                              |
|       Forwards        |                     –                                     |   913,269                           |    n/a                                                 |   |                 913,269       |
|       Options Written |                     –                                     |        166,225                                                         |    n/a                                  |   |                 166,225       |
|                                           |                                                                                                                                                                                    |                                                                                                           |                                                             |   |                                                                                                     |
|   Total Liabilities                  |    482,383                                                                                                                                                               |         1,079,494                                  |  n/a                                    |   |        1,561,877                                                           |
|                                           |                                                                                                                                                                                    |                                                                                                           |                                                             |   |                                                                                                     |
| Unrealized currency loss                       |                                                                                                                                                                                    |                                                                                                           |                                                             |   |       (2,368,555)                                                               |
|                                           |                                                                                                                                                                                    |                                                                                                           |                                                             |   |                                                                                                     |
|   *Net fair value                    |  1,173,672                                                                                                                                                                         |         1,535,450                                                           | n/a                                          |   |              340,567                         |

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| Primary Market          | March 31, 2011            | December 31, 2010   |
|-------------------------|---------------------------|---------------------|
| Risk Category           | Value at Risk             | Value at Risk       |
|                    |                      |                |
| Currency                | (1.94)%    | (0.80)%   |
|                    |                      |                |
| Equity                  |     (1.32) | (2.52)              |
|                    |                      |                |
| Interest Rate           | (0.72)                    | (0.21)              |
|                    |                      |                |
| Commodity               | (2.10)                    | (2.12)              |
|                    |                      |                |
| Aggregate Value at Risk |  (4.19)%             | (5.08)%   |

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| March 31, 2011               |                      |                                         |                            |
|------------------------------|---------------------------|----------------------------------------------|---------------------------------|
| Primary Market Risk Category | High                      | Low                                          | Average                         |
| Currency                     | (1.94)%    |        (0.55)% | (1.11)%                    |
| Equity                       | (2.52)                    | (1.21)                                       | (1.77)                          |
| Interest Rate                | (2.07)                    | (0.21)                                       | (1.05)                          |
| Commodity                    | (2.14)                    | (0.65)                                       | (1.75)                          |
| Aggregate Value at Risk      |  (5.08)%        |  (2.13)%                                | (3.89)%     |

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| December 31, 2010            |          |                            |                            |
|------------------------------|---------------|---------------------------------|---------------------------------|
| Primary Market Risk Category | High          | Low                             | Average                         |
| Currency                     | (1.61)%       | (0.55)%                         | (1.03)%               |
| Equity                       | (3.58)        | (1.21)                          | (2.33)                |
| Interest Rate                | (2.07)        | (0.21)                          | (1.16)                          |
| Commodity                    | (2.14)        | (0.65)                          | (1.61)                          |
| Aggregate Value at Risk      |  (5.61)% | (2.13)%     | (4.24)%     |

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

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

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

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

| 31.02 | Certification of Chief Financial Officer of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.01 | Certification of President of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.02 | Certification of Chief Financial Officer of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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