|   | 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, 13th 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 June 30, 2010 and December 31, 2009                                 | 2                |
|     |                                                                                                        |             |
|     | Statements of Operations for the Three and Six Months Ended June 30, 2010 and 2009                          | 3                |
|     |                                                                                                        |             |
|     | Statements of Changes in Partners’ Capital for the Six  Months Ended June 30, 2010 and 2009 | 4                |
|     |                                                                                                        |             |
|     | Statements of Cash Flows for the Six Months Ended June 30, 2010 and 2009                                    | 5                |
|     |                                                                                                        |             |
|     | Condensed Schedules of Investments as of June 30, 2010 and December 31, 2009                                | 6                |
|     |                                                                                                        |             |
|     | Notes to Financial Statements                                                                               |   7-23 |
|     |                                                                                                        |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                 | 24-33            |
|     |                                                                                                        |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                                  | 33-44            |
|     |                                                                                                        |             |
| Item 4.  | Controls and Procedures                                                                                     |  44-45      |
|     |                                                                                                        |             |
|     | PART II. OTHER INFORMATION                                                                                  |             |
|     |                                                                                                        |             |
| Item 1A. | Risk Factors                                                                                                | 46               |
|     |                                                                                                        |             |
| Item 6.  | Exhibits                                                                                                    | 46               |

----

|                                                                   | June 30,    |   | December 31, |
|------------------------------------------------------------------------|-------------|--------|--------------|
|                                                                   | 2010        |   | 2009         |
| ASSETS                                                                 | $           |   | $            |
|                                                                   |        |   |         |
| Trading Equity:                                                        |        |   |         |
|                                                                   |        |   |         |
| Unrestricted cash                                                      | 74,013,953  |   | 95,664,676   |
| Restricted cash                                                        | 8,868,815   |   | 7,153,792    |
|                                                                   |        |   |         |
| Total cash                                                             | 82,882,768  |   | 102,818,468  |
|                                                                   |        |   |         |
| Net unrealized loss on open contracts (MS&Co.)                     | (2,198,803) |   | (3,687,328)  |
| Net unrealized gain (loss) on open contracts (MSIP)                    | (43,319)    |   | 237,468      |
|                                                                   |        |   |         |
| Total net unrealized loss on open contracts                            | (2,242,122) |   | (3,449,860)  |
|                                                                   |        |   |         |
| Options purchased (premiums paid $42,461 and $230,419, respectively)   | 43,034      |   | 224,032      |
|                                                                   |        |   |         |
| Total Trading Equity                                                   | 80,683,680  |   | 99,592,640   |
|                                                                   |        |   |         |
| Interest receivable (MSSB)                                             | 4,275       |   | 805          |
|                                                                   |        |   |         |
| Total Assets                                                           | 80,687,955  |   | 99,593,445   |
|                                                                   |        |   |         |
| LIABILITIES AND PARTNERS’ CAPITAL                                |        |   |         |
|                                                                   |        |   |         |
| Liabilities                                                            |        |   |         |
|                                                                   |        |   |         |
| Redemptions payable                                                    | 971,130     |   | 4,061,758    |
| Accrued brokerage fees (MS&Co.)                                    | 402,528     |   | 513,615      |
| Accrued management fees                                                | 177,784     |   | 226,847      |
| Options written (premiums received $89,537 and $71,821, respectively)  | 83,196      |   | 61,722       |
|                                                                   |        |   |         |
| Total Liabilities                                                      | 1,634,638   |   | 4,863,942    |
|                                                                   |        |   |         |
| Partners’ Capital                                                |        |   |         |
|                                                                   |        |   |         |
| Limited Partners (8,506,429.831 and 9,577,179.414 Units, respectively) | 78,248,818  |   | 93,776,897   |
| General Partner (87,457.055 and 97,287.055 Units, respectively)        | 804,499     |   | 952,606      |
|                                                                   |        |   |         |
| Total Partners’ Capital                                          | 79,053,317  |   | 94,729,503   |
|                                                                   |        |   |         |
| Total Liabilities and Partners’ Capital                          | 80,687,955  |   | 99,593,445   |
|                                                                   |        |   |         |
| NET ASSET VALUE PER UNIT                                               | 9.20        |   | 9.79         |

----

|                        |                                          |   |                                   |
|-----------------------------|-----------------------------------------------|--------|----------------------------------------|
|                        | For the Three MonthsEnded June  30, |   | For the Six Months Ended June 30, |
|                        |                                          |   |                                   |   |   |   |   |
|                        | 2010                                          |   | 2009                                   |   | 2010 |   | 2009 |
|                        | $                                             |   | $                                      |   | $ |   | $ |
| INVESTMENT INCOME           |                                          |   |                                   |   |   |   |   |
| Interest income (MSSB)      | 24,454                                        |   | 18,603                                 |   | 30,388 |   | 68,854 |
|                        |                                          |   |                                   |   |   |   |   |
| EXPENSES                    |                                          |   |                                   |   |   |   |   |
| Brokerage fees (MS&Co.) | 1,250,582                                     |   | 1,756,012                              |   | 2,579,813 |   | 3,850,615 |
| Management fees             | 552,341                                       |   | 775,572                                |   | 1,139,418 |   | 1,700,688 |
|                        |                                          |   |                                   |   |   |   |   |
| Total Expenses              | 1,802,923                                     |   | 2,531,584                              |   | 3,719,231 |   | 5,551,303 |
|                        |                                          |   |                                   |   |   |   |   |
| NET INVESTMENT LOSS         | (1,778,469)                                   |   | (2,512,981)                            |   | (3,688,843) |   | (5,482,449) |
|                        |                                          |   |                                   |   |   |   |   |
| TRADING RESULTS             |                                          |   |                                   |   |   |   |   |
| Trading profit (loss):      |                                          |   |                                   |   |   |   |   |
| Realized                    | 2,535,222                                     |   | (8,142,231)                            |   | (3,172,364) |   | (6,095,415) |
| Net change in unrealized    | (1,950,400)                                   |   | 598,541                                |   | 1,210,940 |   | (821,979) |
|                        |                                          |   |                                   |   |   |   |   |
| Total Trading Results       | 584,822                                       |   | (7,543,690)                            |   | (1,961,424) |   | (6,917,394) |
|                        |                                          |   |                                   |   |   |   |   |
| NET LOSS                    | (1,193,647)                                   |   | (10,056,671)                           |   | (5,650,267) |   | (12,399,843) |
|                        |                                          |   |                                   |   |   |   |   |
| NET LOSS ALLOCATION         |                                          |   |                                   |   |   |   |   |
|                        |                                          |   |                                   |   |   |   |   |
| Limited Partners            | (1,181,598)                                   |   | (9,954,976)                            |   | (5,593,572) |   | (12,274,591) |
| General Partner             | (12,049)                                      |   | (101,695)                              |   | (56,695) |   | (125,252) |
|                        |                                          |   |                                   |   |   |   |   |
| NET LOSS PER UNIT *         |                                          |   |                                   |   |   |   |   |
|                        |                                          |   |                                   |   |   |   |   |
| Limited Partners            | (0.14)                                        |   | (0.89)                                 |   | (0.59) |   | (1.04) |
| General Partner             | (0.14)                                        |   | (0.89)                                 |   | (0.59) |   | (1.04) |
|                        |                                          |   |                                   |   |   |   |   |
|                        | Units                                         |   | Units                                  |   | Units |   | Units |
| WEIGHTED AVERAGE NUMBER     |                                          |   |                                   |   |   |   |   |
| OF UNITS OUTSTANDING        | 8,883,446.345                                 |   | 11,238,714.349                         |   | 9,183,392.310 |   | 11,918,030.329 |

----

|                     | 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 Loss                 | –         |   | (5,593,572)  |   | (56,695)  |   | (5,650,267)  |
|                     |            |   |         |   |      |   |         |
| Redemptions              | (1,080,579.583) |   | (9,934,507)  |   | (91,412)  |   | (10,025,919) |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| June 30, 2010            | 8,593,886.886   |   | 78,248,818   |   | 804,499   |   | 79,053,317   |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| December 31, 2008        | 13,466,174.194  |   | 145,023,184  |   | 1,475,280 |   | 146,498,464  |
|                     |            |   |         |   |      |   |         |
| Net Loss                 | –         |   | (12,274,591) |   | (125,252) |   | (12,399,843) |
|                     |            |   |         |   |      |   |         |
| Redemptions              | (2,583,938.447) |   | (27,071,324) |   | (276,758) |   | (27,348,082) |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| June 30, 2009            | 10,882,235.747  |   | 105,677,269  |   | 1,073,270 |   | 106,750,539  |

----

|                                          | For the Six Months Ended June 30, |
|-----------------------------------------------|-----------------------------------|
|                                          |                              |   |   |
|                                          | 2010                              |   | 2009 |
|                                          | $                                 |   | $ |
| CASH FLOWS FROM OPERATING ACTIVITIES          |                              |   |   |
|                                          |                              |   |   |
| Net loss                                      | (5,650,267)                       |   | (12,399,843) |
| Noncash item included in net loss:            |                              |   |   |
| Net change in unrealized                      | (1,210,940)                       |   | 821,979 |
|                                          |                              |   |   |
| (Increase) decrease in operating assets:      |                              |   |   |
| Restricted cash                               | (1,715,023)                       |   | (1,353,813) |
| Net premiums paid for options purchased       | 187,958                           |   | 7,397 |
| Interest receivable (MSSB)                    | (3,470)                           |   | (2,951) |
|                                          |                              |   |   |
| Increase (decrease) in operating liabilities: |                              |   |   |
| Accrued brokerage fees (MS&Co.)           | (111,087)                         |   | (225,726) |
| Accrued management fees                       | (49,063)                          |   | (99,696) |
| Net premiums received from options written    | 17,716                            |   | (52,970) |
| Interest payable                              | –                           |   | (12,183) |
|                                          |                              |   |   |
| Net cash used for operating activities        | (8,534,176)                       |   | (13,317,806) |
|                                          |                              |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES          |                              |   |   |
|                                          |                              |   |   |
| Cash paid for redemptions of Units            | (13,116,547)                      |   | (36,410,489) |
|                                          |                              |   |   |
| Net cash used for financing activities        | (13,116,547)                      |   | (36,410,489) |
|                                          |                              |   |   |
| Net decrease in unrestricted cash             | (21,650,723)                      |   | (49,728,295) |
|                                          |                              |   |   |
| Unrestricted cash at beginning of period      | 95,664,676                        |   | 155,972,722 |
|                                          |                              |   |   |
| Unrestricted cash at end of period            | 74,013,953                        |   | 106,244,427 |
|                                          |                              |   |   |

----

| Futures and Forward Contracts                                       | Long UnrealizedGain/(Loss)                                                                                                | Percentage ofNet Assets                                            | Short  UnrealizedGain/(Loss)                                                                        | Percentage ofNet Assets               | Net Unrealized               Gain/(Loss) |
|---------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|---------------------------------------|----------------------------------------------------------------------------------------------------------------|
|                                                                | $                                                                                                                         | %                                                                  | $                                                                                                             | %                                     |          $                                                        |
| June 30, 2010, Partnership Partners’ Capital: $79,053,317     |                                                                                                                      |                                                               |                                                                                                          |                                  |                                                                                                           |
|                                                                |                                                                                                                      |                                                               |                                                                                                          |                                  |                                                                                                           |
| Commodity                                                           | (209,616)                                                                                                                 | (0.26)           |             (47,194)                                   | (0.06)                                |       (256,810)                                                                       |
| Equity                                                              | (1,028,633)                                                                                                               | (1.30)           |   105,149                                                                                           |    0.13      |       (923,484)                                                                       |
| Foreign currency                                                    | (251,998)                                                                                                                 | (0.32)           | (642,840)                                                                                                     | (0.81)                                |       (894,838)                                                                       |
| Interest rate                                                       |   2,214,931                                    |      2.80                                 |       (54,954)                                                                  |    (0.07)    |       2,159,977                                                                       |
|                                                                |                                                                                                                      |                                                               |                                                                                                          |                                  |                                                                                                           |
|  Grand Total:                                                  |       724,684              |     0.92                                       |    (639,839)                                      | (0.81)                                |     84,845                                                             |
|                                                                |                                                                                                                      |                                                               |                                                                                                          |                                  |                                                                                                           |
| Unrealized Currency Loss                                            |                                                                                                                      |                                                               |                                                                                                          |  (2.94)                          |     (2,326,967)                                                                            |
|                                                                |                                                                                                                      |                                                               |                                                                                                          |                                  |                                                                                                           |
| Total Net Unrealized Loss on Open Contracts                         |                                                                                                                      |                                                               |                                                                                                          |                                  |   (2,242,122)                                                                                        |
| Option Contracts                                                    | Fair Value                                                                                                                | Percentage ofNet Assets                                            |                                                                                                          |                                  |                                                                                                           |
|                                                                | $                                                                                                                         | %                                                                  |                                                                                                          |                                  |                                                                                                           |
| Options purchased on Futures Contracts                              | –                                                                                                                   | –                                                            |                                                                                                          |                                  |                                                                                                           |
| Options purchased on Forward Contracts                              | 43,034                                                                            | 0.05                                                               |                                                                                                          |                                  |                                                                                                           |
| Options written on Futures Contracts                                | –                                                                                                                   | –                                                            |                                                                                                          |                                  |                                                                                                           |
| Options written on Forward Contracts                                | (83,196)                                                                                                                  | (0.11)                                                             |                                                                                                          |                                  |                                                                                                           |
|                                                                |                                                                                                                      |                                                               |                                                                                                          |                                  |                                                                                                           |
| 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 Losses on Open Contracts | Longest Maturities        |
|---------------|-----------------------------------------|---------------------------|
| Date          | Exchange-Traded                         |  Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded |
|          | $                                       | $                         | $ |   |   |
| Jun. 30, 2010 | (1,347,391)                             | (894,731)                 | (2,242,122) | Sep. 2011 | Sep. 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  UnrealizedLoss                                                                                       | Net   Unrealized Gain/(Loss) | Average number of contractsoutstandingfor six months (absolute quantity) |
|---------------------------------------------|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|--------------------------------------------------------------------------|
|                                        | $                           | $                                                                                                                                                                           | $                                                                                                                                                                                                                          |   | $                                                                                                                     | $                                                |                                                                     |
| Commodity                                   | 95,732                      | (305,348)                                                                                                                                                                   | 107,695                                                                                                                                                                                                                    |   | (154,889)                                                                                                             | (256,810)                                        | 514                                                                      |
| Equity                                      | 458                         | (1,029,091)                                                                                                                                                                 | 105,149                                                                                                                                                                                                                    |   | –                                                                                                               | (923,484)                                        | 558                                                                      |
| Foreign currency                            | 114,583                     | (366,581)                                                                                                                                                                   | 183,388                                                                                                                                                                                                                    |   | (826,228)                                                                                                             | (894,838)                                        |  6,580                                                              |
| Interest rate                               |    2,295,976 |                             (81,045) |                              –        |   |                    (54,954) |    2,159,977                      | 3,052                                                                    |
| Total                                       |   2,506,749       |  (1,782,065)                                                                                                                                                           |    396,232                                                                                                                                                                                                  |   | (1,036,071)                                                                                                           |     84,845                   |                                                                     |
|                                        |                        |                                                                                                                                                                        |                                                                                                                                                                                                                       |   |                                                                                                                  |                                             |                                                                     |
| Unrealized currency loss                    |                        |                                                                                                                                                                        |                                                                                                                                                                                                                       |   |                                                                                                                  | (2,326,967)                                      |                                                                     |
| Total net unrealized loss on open contracts |                        |                                                                                                                                                                        |                                                                                                                                                                                                                       |   |                                                                                                                  |     (2,242,122)                   |                                                                     |

----

|                  |                                                                                                                        | Average number of     |   |
|-----------------------|-----------------------------------------------------------------------------------------------------------------------------|-----------------------|--------|
|                  |                                                                                                                        | contracts outstanding |   |
|                  | Fair                                                                                                                        | for six months        |   |
|                  | Value                                                                                                                       | (absolute quantity)   |   |
| Option Contracts      | $                                                                                                                           |                  |   |
| Options purchased     |   43,034                                                                                                          | 3                     |   |
| Options written  |                     (83,196) | 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 Six Months                                             |
|--------------------------|---------------------------------------------------------|----------------------------------------------------------------|
|                     | Ended June 30, 2010                                     | Ended June 30, 2010                                            |
| Type of Instrument       | $                                                       | $                                                              |
|                     |                                                    |                                                           |
| Commodity                | (3,091,975)                                             | (4,668,184)                                                    |
| Equity                   | (3,705,838)                                             | (5,509,563)                                                    |
| Foreign currency         | (43,958)                                                | (828,993)                                                      |
| Interest rate            | 7,473,221                                               | 9,078,111                                                      |
| Unrealized currency loss |        (46,628)      |          (32,795) |
|                     |                                                    |                                                           |
| Total                    |         584,822 |     (1,961,424)                            |

|                     |                           For the Three Months                                                                  | For the Six Months                      |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|
|                     |                            Ended June 30, 2010                                                             | Ended June 30, 2010                     |
| Trading Results          |                                         $ | $                                       |
|                     |                                                                                                                                                                                                                                         |                                    |
| Realized                 | 2,535,222                                                                                                                                                                                                                                    | (3,172,364)                             |
| Net change in unrealized |    (1,950,400)                                                                                                                                                                                                                |      1,210,940 |
| Total Trading Results    |          584,822                                                                                                                                                                                |    (1,961,424)           |

|                            |                             For the Three Months                                                                                                            | For the Six Months                                                       |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|
|                            |                                Ended June 30, 2009                                                                                           | Ended June 30, 2009                                                      |
| Type of Instrument              |                                                  $ | $                                                                        |
|                            |                                                                                                                                                                                                                                                                                               |                                                                     |
| Commodity                       | (72,125)                                                                                                                                                                                                                                                                                           | (801,610)                                                                |
| Equity                          | (2,661,165)                                                                                                                                                                                                                                                                                        | (3,529,475)                                                              |
| Foreign currency                |   (1,551,622)                                                                                                                                                                                                                                                                            |   (901,124)                                                    |
| Interest rate                   | (3,229,794)                                                                                                                                                                                                                                                                                        | (1,719,546)                                                              |
| Unrealized currency gain/(loss) |         (28,984)                                                                                                                                                                                                                                           |            34,361 |
| Total                           |    (7,543,690)                                                                                                                                                                                                                                                                      |    (6,917,394)                                            |

|                     |                                  For the Three Months                                                                  |                            For the Six Months                                                                                                                    |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                    Ended June 30, 2009                                                       |                              Ended June 30, 2009                                                                                                       |
| Trading Results          |                                                $ |                                                  $ |
|                     |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                               |
| Realized                 | (8,142,231)                                                                                                                                                                                                                                                                            | (6,095,415)                                                                                                                                                                                                                                                                                        |
| Net change in unrealized |        598,541                                                                                                                                                                                                                                      |       (821,979)                                                                                                                                                                                                                                                      |
| Total Trading Results    |   (7,543,690)                                                                                                                                                                                                                                                                |   (6,917,394)                                                                                                                                                                                                                                                                            |

----

----

|                                                 | 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 | (1,347,391)                   |                      — | n/a                                      |   | (1,347,391) |
| Net unrealized loss on forward contracts             | —                                                                                                                 | (894,731)                                                                                                                        | n/a                                      |   | (894,731)   |
| Options purchased                                    | —                                                                                                                 | 43,034                                                                                                                           | n/a                                      |   | 43,034      |
|                                                 |                                                                                                                    |                                                                                                                             |                                     |   |        |
| Liabilities                                          |                                                                                                                    |                                                                                                                             |                                     |   |        |
| Options written                                      | —                                                                                                                 | (83,196)                                                                                                                         | n/a                                      |   | (83,196)    |

|                                     | 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          | June 30, 2010        | June 30, 2009       |
|-------------------------|----------------------|---------------------|
| Risk Category           | Value at Risk        | Value at Risk       |
|                    |                 |                |
| Interest Rate           |   (2.07)%  |   (0.58)% |
|                    |                 |                |
| Equity                  |   (1.21)        |    (0.27) |
|                    |                 |                |
| Currency                |    (0.55)  | (1.12)              |
|                    |                 |                |
| Commodity               |    (0.65)  | (0.63)              |
|                    |                 |                |
| Aggregate Value at Risk |    (2.13)% | (1.77)%             |

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| June 30, 2010                |    |                                                                                                                |                      |
|------------------------------|---------|---------------------------------------------------------------------------------------------------------------------|---------------------------|
| Primary Market Risk Category | High    | Low                                                                                                                 | Average                   |
| Interest Rate                | (2.07)% | (0.59)%                                                                                                             | (1.16)%                   |
| Equity                       | (3.58)  |                    (1.21) | (2.38)                    |
| Currency                     | (1.61)  | (0.55)                                                                                                              | (1.04)                    |
| Commodity                    | (1.52)  | (0.54)                                                                                                              | (0.89)                    |
| Aggregate Value at Risk      | (5.61)% | (2.13)%                                                                                              | (3.42)%    |

| June 30, 2009                |                                                                                                                                                           |                                                               |                      |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|---------------------------|
| Primary Market Risk Category | High                                                                                                                                                           | Low                                                                | Average                   |
| Interest Rate                |        (0.58)%                                                                                                                   |        (0.35)%                  | (0.47)%    |
| Equity                       | (1.06)                                                                                                                                                         | (0.07)                                                             | (0.57)                    |
| Currency                     | (1.12)                                                                                                                                                    | (0.31)           | (0.73)                    |
| Commodity                    | (0.63)                                                                                                                                                         | (0.08)                                                        | (0.34)                    |
| Aggregate Value at Risk      |                           (1.77)% | (0.59)%                                   | (1.11)%    |

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| ·   | 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 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) |
|            |                                              |   |
| August 12, 2010 | By:                                               | /s/Christian Angstadt |
|            |                                              | Christian Angstadt |
|            |                                              | Chief Financial Officer |