|   | 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.) |
|                                     |                                                                                                            |       |                                |
| Demeter Management 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 September 30, 2010 and December 31, 2009                       | 2                |
|     |                                                                                                   |             |
|     | Statements of Operations for the Three and Nine Months Ended September 30, 2010 and 2009               | 3                |
|     |                                                                                                   |             |
|     | Statements of Changes in Partners’ Capital for the Nine Months Ended September 30, 2010 and 2009 | 4                |
|     |                                                                                                   |             |
|     | Condensed Schedules of Investments as of September 30, 2010 and December 31, 2009                      | 5                |
|     |                                                                                                   |             |
|     | Notes to Financial Statements                                                                          |   6-23 |
|     |                                                                                                   |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations            | 24-34            |
|     |                                                                                                   |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                             | 35-46            |
|     |                                                                                                   |             |
| Item 4.  | Controls and Procedures                                                                                |  46-47      |
|     |                                                                                                   |             |
|     | PART II. OTHER INFORMATION                                                                             |             |
|     |                                                                                                   |             |
| Item 1A. | Risk Factors                                                                                           | 48               |
|     |                                                                                                   |             |
| Item 6.  | Exhibits                                                                                               | 48               |

----

|                                                                   | September 30, |   | December 31, |
|------------------------------------------------------------------------|---------------|--------|--------------|
|                                                                   | 2010          |   | 2009         |
| ASSETS                                                                 | $             |   | $            |
|                                                                   |          |   |         |
| Trading Equity:                                                        |          |   |         |
| Unrestricted cash                                                      | 75,729,464    |   | 95,664,676   |
| Restricted cash                                                        | 4,951,150     |   | 7,153,792    |
|                                                                   |          |   |         |
| Total cash                                                             | 80,680,614    |   | 102,818,468  |
|                                                                   |          |   |         |
| Net unrealized gain (loss) on open contracts (MS&Co.)              | 1,990,252     |   | (3,687,328)  |
| Net unrealized gain on open contracts (MSIP)                           | 435,050       |   | 237,468      |
|                                                                   |          |   |         |
| Total net unrealized gain (loss) on open contracts                     | 2,425,302     |   | (3,449,860)  |
|                                                                   |          |   |         |
| Options purchased (premiums paid $59,591 and $230,419, respectively)   | 65,449        |   | 224,032      |
|                                                                   |          |   |         |
| Total Trading Equity                                                   | 83,171,365    |   | 99,592,640   |
|                                                                   |          |   |         |
| Interest receivable (MSSB)                                             | 7,111         |   | 805          |
|                                                                   |          |   |         |
| Total Assets                                                           | 83,178,476    |   | 99,593,445   |
|                                                                   |          |   |         |
| LIABILITIES AND PARTNERS’ CAPITAL                                |          |   |         |
|                                                                   |          |   |         |
| Liabilities                                                            |          |   |         |
|                                                                   |          |   |         |
| Redemptions payable                                                    | 785,213       |   | 4,061,758    |
| Accrued brokerage fees (MS&Co.)                                    | 394,513       |   | 513,615      |
| Accrued management fees                                                | 174,243       |   | 226,847      |
| Options written (premiums received $85,664 and $71,821, respectively)  | 71,928        |   | 61,722       |
|                                                                   |          |   |         |
| Total Liabilities                                                      | 1,425,897     |   | 4,863,942    |
|                                                                   |          |   |         |
| Partners’ Capital                                                |          |   |         |
|                                                                   |          |   |         |
| Limited Partners (8,163,751.988 and 9,577,179.414 Units, respectively) | 80,930,746    |   | 93,776,897   |
| General Partner (82,901.055 and 97,287.055 Units, respectively)        | 821,833       |   | 952,606      |
|                                                                   |          |   |         |
| Total Partners’ Capital                                          | 81,752,579    |   | 94,729,503   |
|                                                                   |          |   |         |
| Total Liabilities and Partners’ Capital                          | 83,178,476    |   | 99,593,445   |
|                                                                   |          |   |         |
| NET ASSET VALUE PER UNIT                                               | 9.91          |   | 9.79         |

----

|                                |                                    |   |                                         |
|-------------------------------------|-----------------------------------------|--------|----------------------------------------------|
|                                | For the Three MonthsEnded September 30, |   | For the Nine Months Ended September 30, |
|                                |                                    |   |                                         |   |   |   |   |
|                                | 2010                                    |   | 2009                                         |   | 2010 |   | 2009 |
|                                | $                                       |   | $                                            |   | $ |   | $ |
| INVESTMENT INCOME                   |                                    |   |                                         |   |   |   |   |
| Interest income (MSSB)              | 24,915                                  |   | 23,511                                       |   | 55,303 |   | 92,365 |
|                                |                                    |   |                                         |   |   |   |   |
| EXPENSES                            |                                    |   |                                         |   |   |   |   |
| Brokerage fees (MS&Co.)         | 1,172,062                               |   | 1,573,191                                    |   | 3,751,875 |   | 5,423,806 |
| Management fees                     | 517,660                                 |   | 694,826                                      |   | 1,657,078 |   | 2,395,514 |
|                                |                                    |   |                                         |   |   |   |   |
| Total Expenses                      | 1,689,722                               |   | 2,268,017                                    |   | 5,408,953 |   | 7,819,320 |
|                                |                                    |   |                                         |   |   |   |   |
| NET INVESTMENT LOSS                 | (1,664,807)                             |   | (2,244,506)                                  |   | (5,353,650) |   | (7,726,955) |
|                                |                                    |   |                                         |   |   |   |   |
| TRADING RESULTS                     |                                    |   |                                         |   |   |   |   |
| Trading profit (loss):              |                                    |   |                                         |   |   |   |   |
| Realized                            | 2,944,152                               |   | 514,502                                      |   | (228,212) |   |                      (5,580,913) |
| Net change in unrealized            | 4,680,104                               |   | 4,130,247                                    |   | 5,891,044 |   |                      3,308,268 |
|                                | 7,624,256                               |   | 4,644,749                                    |   | 5,662,832 |   |                      (2,272,645) |
|                                |                                    |   |                                         |   |   |   |   |
| Proceeds from Litigation Settlement | 6,177                                   |   | –                                      |   | 6,177 |   | – |
|                                |                                    |   |                                         |   |   |   |   |
| Total Trading Results               | 7,630,433                               |   | 4,644,749                                    |   | 5,669,009 |   | (2,272,645) |
|                                |                                    |   |                                         |   |   |   |   |
| NET INCOME (LOSS)                   | 5,965,626                               |   | 2,400,243                                    |   | 315,359 |   | (9,999,600) |
|                                |                                    |   |                                         |   |   |   |   |
| NET INCOME (LOSS) ALLOCATION        |                                    |   |                                         |   |   |   |   |
|                                |                                    |   |                                         |   |   |   |   |
| Limited Partners                    | 5,905,235                               |   | 2,376,331                                    |   | 311,663 |   | (9,898,260) |
| General Partner                     | 60,391                                  |   | 23,912                                       |   | 3,696 |   | (101,340) |
|                                |                                    |   |                                         |   |   |   |   |
| NET INCOME (LOSS) PER UNIT *        |                                    |   |                                         |   |   |   |   |
|                                |                                    |   |                                         |   |   |   |   |
| Limited Partners                    | 0.71                                    |   | 0.23                                         |   | 0.12 |   | (0.87) |
| General Partner                     | 0.71                                    |   | 0.23                                         |   | 0.12 |   | (0.87) |
|                                |                                    |   |                                         |   |   |   |   |
|                                | Units                                   |   | Units                                        |   | Units |   | Units |
| WEIGHTED AVERAGE NUMBER             |                                    |   |                                         |   |   |   |   |
| OF UNITS OUTSTANDING                | 8,460,942.512                           |   | 10,664,854.740                               |   | 8,939,929.374 |   | 11,520,339.552 |

----

|                     | Units of        |   |         |   |      |   |         |
|--------------------------|-----------------|--------|--------------|--------|-----------|--------|--------------|
|                     | Partnership     |   | Limited      |   | General   |   |         |
|                     | Interest        |   | Partners     |   | Partner   |   | Total        |
|                     |            |   | $            |   | $         |   | $            |
| Partners’ Capital, |            |   |         |   |      |   |         |
| December 31, 2009        | 9,674,466.469   |   | 93,776,897   |   | 952,606   |   | 94,729,503   |
|                     |            |   |         |   |      |   |         |
| Net Income               | –         |   | 311,663      |   | 3,696     |   | 315,359      |
|                     |            |   |         |   |      |   |         |
| Redemptions              | (1,427,813.426) |   | (13,157,814) |   | (134,469) |   | (13,292,283) |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| September 30, 2010       | 8,246,653.043   |   | 80,930,746   |   | 821,833   |   | 81,752,579   |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| December 31, 2008        | 13,466,174.194  |   | 145,023,184  |   | 1,475,280 |   | 146,498,464  |
|                     |            |   |         |   |      |   |         |
| Net Loss                 | –         |   | (9,898,260)  |   | (101,340) |   | (9,999,600)  |
|                     |            |   |         |   |      |   |         |
| Redemptions              | (3,026,348.289) |   | (31,400,508) |   | (304,685) |   | (31,705,193) |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| September 30, 2009       | 10,439,825.905  |   | 103,724,416  |   | 1,069,255 |   | 104,793,671  |

----

| Futures and Forward Contracts                                        | Long UnrealizedGain         | Percentage ofNet Assets | Short  UnrealizedGain/(Loss)                                                                                                  | Percentage ofNet Assets               | Net Unrealized              Gain/(Loss) |
|----------------------------------------------------------------------|-----------------------------|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|----------------------------------------------------------------------------------------------------------|
|                                                                 | $                           | %                       | $                                                                                                                                       | %                                     |          $                                                  |
| September 30, 2010, Partnership Partners’ Capital: $81,752,579 |                        |                    |                                                                                                                                    |                                  |                                                                                                     |
|                                                                 |                        |                    |                                                                                                                                    |                                  |                                                                                                     |
| Commodity                                                            | 2,431,723                   | 2.97                    |                      (174,460) | (0.21)                                |  2,257,263                                                                                          |
| Equity                                                               | 163,073                     | 0.20                    |            120                                                                   | –                               |     163,193                                                                               |
| Foreign currency                                                     | 1,841,311                   | 2.25                    |    (563,398)                                                                                                             | (0.69)                                |   1,277,913                                                                                    |
| Interest rate                                                        |   1,092,527       | 1.34                    |        (6,086)                                                                                       |    (0.01)    |   1,086,441                                                                                         |
|  Grand Total:                                                   |    5,528,634 |   6.76        |    (743,824)                                                 | (0.91)                                |     4,784,810                                                                        |
|                                                                 |                        |                    |                                                                                                                                    |                                  |                                                                                                     |
| Unrealized Currency Loss                                             |                        |                    |                                                                                                                                    |  (2.89)                          |     (2,359,508)                         |
|                                                                 |                        |                    |                                                                                                                                    |                                  |                                                                                                     |
| Total Net Unrealized Gain on Open Contracts                          |                        |                    |                                                                                                                                    |                                  |    2,425,302                                 |
| Option Contracts                                                     | Fair Value                  | Percentage ofNet Assets |                                                                                                                                    |                                  |                                                                                                     |
|                                                                 | $                           | %                       |                                                                                                                                    |                                  |                                                                                                     |
| Options purchased on Futures Contracts                               | –                     | –                 |                                                                                                                                    |                                  |                                                                                                     |
| Options purchased on Forward Contracts                               | 65,449                      | 0.08                    |                                                                                                                                    |                                  |                                                                                                     |
| Options written on Futures Contracts                                 | –                     | –                 |                                                                                                                                    |                                  |                                                                                                     |
| Options written on Forward Contracts                                 | (71,928)                    | (0.09)                  |                                                                                                                                    |                                  |                                                                                                     |
|                                                                 |                        |                    |                                                                                                                                    |                                  |                                                                                                     |
| Futures and Forward Contracts                                        | Long UnrealizedGain/(Loss)  | Percentage ofNet Assets | Short  UnrealizedGain/(Loss)                                                                                                  | Percentage ofNet Assets               | Net Unrealized              Gain/(Loss) |
|                                                                 | $                           | %                       | $                                                                                                                                       | %                                     |        $                                                              |
| December 31, 2009, Partnership Partners’ Capital: $94,729,503  |                        |                    |                                                                                                                                    |                                  |                                                                                                     |
|                                                                 |                        |                    |                                                                                                                                    |                                  |                                                                                                     |
| Commodity                                                            | 142,612                     | 0.15                    |                   3,200                            | –                               | 145,812                                                                                                  |
| Equity                                                               | 708,608                     | 0.75                    | –                                                                                                                                 | –                               | 708,608                                                                                                  |
| Foreign currency                                                     | (804,417)                   | (0.85)                  |  (50,706)                                                                                                                          | (0.05)                                | (855,123)                                                                                                |
| Interest rate                                                        | (1,195,602)                 | (1.26)                  |         40,617                                                                             |    0.04      | (1,154,985)                                                                                              |
|   Grand Total:                                             |  (1,148,799)           |   (1.21)      |         (6,889)                     |  (0.01)                          |     (1,155,688)               |
|                                                                 |                        |                    |                                                                                                                                    |                                  |                                                                                                     |
|      Unrealized Currency Loss               |                        |                    |                                                                                                                                    |  (2.42)                          |     (2,294,172)                    |
|                                                                 |                        |                    |                                                                                                                                    |                                  |                                                                                                     |
| Total Net Unrealized Loss on Open Contracts                          |                        |                    |                                                                                                                                    |                                  |   (3,449,860)                                     |
| Option Contracts                                                     | Fair Value                  | Percentage ofNet Assets |                                                                                                                                    |                                  |                                                                                                     |
|                                                                 |  $                     | %                       |                                                                                                                                    |                                  |                                                                                                     |
| Options purchased on Futures Contracts                               | –                     | –                 |                                                                                                                                    |                                  |                                                                                                     |
| Options purchased on Forward Contracts                               | 224,032                     | 0.24                    |                                                                                                                                    |                                  |                                                                                                     |
| Options written on Futures Contracts                                 | –                     | –                 |                                                                                                                                    |                                  |                                                                                                     |
| Options written on Forward Contracts                                 | (61,722)                    | (0.07)                  |                                                                                                                                    |                                  |                                                                                                     |

----

----

----

----

----

----

| 1)   | a) One or more underlyings and b) 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 |
|          | $                                               | $                         | $ |   |   |
| Sep. 30, 2010 | 1,147,367                                       | 1,277,935                 | 2,425,302 | Dec. 2011 | Dec. 2010 |
| Dec. 31, 2009 | (2,594,770)                                     | (855,090)                 | (3,449,860) | Mar. 2011 | Mar. 2010 |

----

----

----

| Futures and Forward Contracts               | Long UnrealizedGain               | Long UnrealizedLoss                     |  Short UnrealizedGain                                                                               |   | Short  Unrealized         Loss                                                                         | Net   Unrealized Gain/(Loss) | Average number of contractsoutstandingfor nine months (absolute quantity) |
|---------------------------------------------|-----------------------------------|-----------------------------------------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|---------------------------------------------------------------------------|
|                                        | $                                 | $                                       | $                                                                                                        |   | $                                                                                                                                                        | $                                                |                                                                      |
| Commodity                                   | 2,662,254                         | (230,531)                               | 1,380                                                                                                    |   | (175,840)                                                                                                                                           | 2,257,263                                        | 594                                                                       |
| Equity                                      | 310,245                           | (147,172)                               | 120                                                                                                      |   | –                                                                                                                                                  | 163,193                                          | 556                                                                       |
| Foreign currency                            | 2,531,373                         | (690,062)                               | 82,023                                                                                                   |   | (645,421)                                                                                                                                           | 1,277,913                                        | 6,460                                                                     |
| Interest rate                               |     1,297,833 |      (205,306) |            –       |   |                          (6,086) |     1,086,441                | 2,913                                                                     |
| Total                                       |     6,801,705 |   (1,273,071)                 |   83,523                                                                                       |   |   (827,347)                                                                                                                                    | 4,784,810                                        |                                                                      |
|                                        |                              |                                    |                                                                                                     |   |                                                                                                                                                     |                                             |                                                                      |
| Unrealized currency loss                    |                              |                                    |                                                                                                     |   |                                                                                                                                                     |   (2,359,508)                          |                                                                      |
|                                        |                              |                                    |                                                                                                     |   |                                                                                                                                                     |                                             |                                                                      |
| Total net unrealized gain on open contracts |                              |                                    |                                                                                                     |   |                                                                                                                                                     |      2,425,302          |                                                                      |

|              |                 | Average number of     |   |
|-------------------|----------------------|-----------------------|--------|
|              |                 | contracts outstanding |   |
|              | Fair                 | for nine months       |   |
|              | Value                | (absolute quantity)   |   |
| Option Contracts  | $                    |                  |   |
| Options purchased | 65,449               | 3                     |   |
| Options written   |   (71,928) | 3                     |   |

| Futures and Forward Contracts               | Long UnrealizedGain                  | Long UnrealizedLoss     |  Short UnrealizedGain |   | Short Unrealized          Loss                                            | Net   Unrealized Gain/(Loss) | Average number of contractsoutstanding for the year (absolute quantity) |
|---------------------------------------------|--------------------------------------|-------------------------|----------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|------------------------------------------------------------------------------|
|                                        | $                                    | $                       | $                          |   | $                                                                                                                           | $                                                |                                                                         |
|                                        |                                 |                    |                       |   |                                                                                                                        |                                             |                                                                         |
| Commodity                                   | 441,146                              | (298,534)               | 3,200                      |   | –                                                                                                                     | 145,812                                          | 229                                                                          |
| Equity                                      | 708,608                              | –                 | –                    |   | –                                                                                                                     | 708,608                                          | 656                                                                          |
| Foreign currency                            | 94,380                               | (898,797)               | 392,651                    |   | (443,357)                                                                                                                   | (855,123)                                        |   2,843                                                            |
| Interest rate                               |      10,415 | (1,206,017)             |    81,287   |   |                     (40,670) |   (1,154,985)                          |   1,941                                                            |
| Total                                       | 1,254,549                            |   (2,403,348) |   477,138        |   |   (484,027)                                                                                                       |  (1,155,688)                                |                                                                         |
|                                        |                                 |                    |                       |   |                                                                                                                        |                                             |                                                                         |
| Unrealized currency loss                    |                                 |                    |                       |   |                                                                                                                        |   (2,294,172)                          |                                                                         |
| Total net unrealized loss on open contracts |                                 |                    |                       |   |                                                                                                                        |    (3,449,860)                    |                                                                         |

----

|              |                | Average number of     |
|-------------------|---------------------|-----------------------|
|              |                | contracts outstanding |
|              | Fair                | for the year          |
|              | Value               | (absolute quantity)   |
| Option Contracts  | $                   |                  |
| Options purchased |   224,032 | 2                     |
| Options written   | (61,722)            | 2                     |

|                                | For the Three Months                                                    | For the Nine Months                                                     |
|-------------------------------------|-------------------------------------------------------------------------|-------------------------------------------------------------------------|
|                                | Ended September 30, 2010                                                | Ended September 30, 2010                                                |
| Type of Instrument                  | $                                                                       | $                                                                       |
|                                |                                                                    |                                                                    |
| Commodity                           | 2,354,664                                                               | (2,313,520)                                                             |
| Equity                              | 610,738                                                                 | (4,898,825)                                                             |
| Foreign currency                    | 1,445,679                                                               | 616,686                                                                 |
| Interest rate                       | 3,245,716                                                               | 12,323,827                                                              |
| Unrealized currency loss            | (32,541)                                                                | (65,336)                                                                |
| Proceeds from Litigation Settlement |            6,177 |            6,177 |
|                                |                                                                    |                                                                    |
| Total                               |     7,630,433                                       |     5,669,009                                       |

|                                | For the Three Months                                                          | For the Nine Months                                               |
|-------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------|
|                                | Ended September 30, 2010                                                      | Ended September 30, 2010                                          |
| Trading Results                     | $                                                                             | $                                                                 |
|                                |                                                                          |                                                              |
| Realized                            | 2,944,152                                                                     | (228,212)                                                         |
| Net change in unrealized            | 4,680,104                                                                     | 5,891,044                                                         |
| Proceeds from Litigation Settlement |             6,177 |           6,177 |
| Total Trading Results               |      7,630,433                                       |    5,669,009                                       |

----

|                     | For the Three Months                                                                                                                                                                                                                                               | For the Nine Months                                                                                                                                                                                                                  |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     | Ended September 30, 2009                                                                                                                                                                                                                                           | Ended September 30, 2009                                                                                                                                                                                                             |
| Type of Instrument       | $                                                                                                                                                                                                                                                                  | $                                                                                                                                                                                                                                    |
|                     |                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                 |
| Commodity                | (219,554)                                                                                                                                                                                                                                                          | (1,021,164)                                                                                                                                                                                                                          |
| Equity                   | 2,200,441                                                                                                                                                                                                                                                          | (1,329,034)                                                                                                                                                                                                                          |
| Foreign currency         | 3,428,772                                                                                                                                                                                                                                                          | 2,527,648                                                                      |
| Interest rate            | (800,486)                                                                                                                                                                                         | (2,520,032)                                                                                                                                                                                                                          |
| Unrealized currency gain |      35,576                                      |        69,937                               |
| Total                    | 4,644,749                                                                      | (2,272,645)                                                                                                                                                                                                                          |

|                     | For the Three Months     | For the Nine Months                                                                                                                                                                                       |
|--------------------------|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     | Ended September 30, 2009 | Ended September 30, 2009                                                                                                                                                                                  |
| Trading Results          | $                        | $                                                                                                                                                                                                         |
|                     |                     |                                                                                                                                                                                                      |
| Realized                 | 514,502                  | (5,580,913)                                                                                                                                                                                               |
| Net change in unrealized | 4,130,247                |   3,308,268                               |
| Total Trading Results    | 4,644,749                | (2,272,645)                                                                                                                                                                                               |

----

|                                                 | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                             | Significant Other Observable Inputs(Level 2)                                                                                       | Significant Unobservable Inputs(Level 3) |   | Total                                                                                                                    |
|------------------------------------------------------|-----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------|
|                                                 | $                                                                                                   | $                                                                                                                                  |                                     |   | $                                                                                                                        |
| Assets                                               |                                                                                                |                                                                                                                               |                                     |   |                                                                                                                     |
|   Net unrealized gain on futures contracts | 1,147,367                |                   –                     | n/a                                      |   | 1,147,367                                                                                                                |
| Net unrealized gain on forward contracts             |             –                          |                      1,277,935 | n/a                                      |   |                    1,277,935   |
| Options purchased                                    |             –                          |    65,449                                                                        | n/a                                      |   | 65,449                    |
|                                                 |                                                                                                |                                                                                                                               |                                     |   |                                                                                                                     |
| Liabilities                                          |                                                                                                |                                                                                                                               |                                     |   |                                                                                                                     |
| Options written                                      |             –                          | (71,928)                                                                                             | n/a                                      |   | (71,928)                       |

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|                                     | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                                           | Significant Other Observable Inputs(Level 2)                                                                                                   | Significant Unobservable Inputs(Level 3)                  |   | Total                                                                                                            |
|------------------------------------------|-------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|
|                                     | $                                                                                                                 | $                                                                                                                                              |                                                      |   | $                                                                                                                |
| Assets                                   |                                                                                                              |                                                                                                                                           |                                                      |   |                                                                                                             |
| Net unrealized loss on futures contracts | (2,594,770)                  |                   –                                 | n/a          |   | (2,594,770)                                                                                                      |
| Net unrealized loss on forward contracts |             –                                        |                        (855,090) | n/a          |   |                   (855,090) |
| Options purchased                        |             –                                        | 224,032                                                                                                          | n/a          |   | 224,032                          |
|                                     |                                                                                                              |                                                                                                                                           |                                                      |   |                                                                                                             |
| Liabilities                              |                                                                                                              |                                                                                                                                           |                                                      |   |                                                                                                             |
| Options written                          |              –                                  | (61,722)                                                                                                              | n/a          |   | (61,722)                              |

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| Primary Market          | September 30, 2010  | September 30, 2009        |
|-------------------------|---------------------|---------------------------|
| Risk Category           | Value at Risk       | Value at Risk             |
|                    |                |                      |
| Equity                  |   (2.02)% |    (2.40)% |
|                    |                |                      |
| Interest Rate           | (1.18)              | (0.82)                    |
|                    |                |                      |
| Currency                | (1.16)              | (1.25)                    |
|                    |                |                      |
| Commodity               | (2.14)              | (0.54)                    |
|                    |                |                      |
| Aggregate Value at Risk | (4.15)%             | (2.82)%                   |

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| September 30, 2010           |          |                                                                                                          |     |
|------------------------------|---------------|---------------------------------------------------------------------------------------------------------------|----------|
| Primary Market Risk Category | High          | Low                                                                                                           | Average  |
| Equity                       | (3.58)%       | (1.21)%                                                                                                       | (2.29)%  |
| Interest Rate                | (2.07)        |                   (0.59) | (1.26)   |
| Currency                     | (1.61)        | (0.55)                                                                                                        | (1.01)   |
| Commodity                    | (2.14)        | (0.65)                                                                                                        | (1.29)   |
| Aggregate Value at Risk      |  (5.61)% |  (2.13)%                                                                                                 | (3.75 )% |

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| September 30, 2009                                    |                                                                                                                                                                                              |                                                   |                |
|-------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|---------------------|
| Primary Market Risk Category                          | High                                                                                                                                                                                              | Low                                                    | Average             |
| Equity                                                | (2.40)%                                                                                                                                                                                           | (0.07)%                                                | (0.90)%             |
| Interest Rate                                         |      (0.82)                                                                                                                                                              |         (0.38) | (0.58)              |
| Currency                                              | (1.25)                                                                                                                                                                                       | (0.31)                   | (0.81)              |
| Commodity                                             | (0.63)                                                                                                                                                                                            |   (0.08)                                          | (0.39)              |
| Aggregate Value at Risk      |                                (2.82)% |  (0.59)%                                |   (1.57)% |

| ·   | 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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|   | Metals. The largest market exposure of the Partnership at September 30, 2010, was to the metals sector. The Partnership's metals exposure was to fluctuations in the price of precious metals, such as silver and gold, as well as base metals, such as copper, nickel, aluminum, and zinc. Economic forces, supply and demand inequalities, geopolitical factors, and market expectations influence price movements in these markets. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|     |   Soft Commodities and Agriculturals.  The third largest market exposure of the Partnership at September 30, 2010, was to the soft commodities and agricultural sectors. Most of the exposure was to the soybeans, sugar, corn, cotton, wheat, coffee, live cattle, and lean hogs markets. Supply and demand inequalities, severe weather disruptions, and market expectations affect price movements in these markets. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Energy.  At September 30, 2010, the Partnership had market exposure to the energy sector. The Partnership’s energy exposure was primarily to futures contracts in crude oil and its related products, as well as in natural gas. Price movements in these markets result from geopolitical developments, particularly in the Middle East, as well as weather patterns and other economic fundamentals. Oil and gas prices can be volatile and significant profits and losses, which have been experienced in the past, are expected to continue to be experienced in these markets in the future. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

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|              | Morgan Stanley Smith Barney Charter Campbell L.P. |
|-------------------|---------------------------------------------------|
|              | (Registrant)                                      |
|              |                                              |   |
|              | By:                                               | Demeter Management LLC |
|              |                                              | (General Partner) |
|              |                                              |   |
| November 10, 2010 | By:                                               |   |
|              |                                              | Christian Angstadt |
|              |                                              | Chief Financial Officer |