|   | 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 March 31, 2010 and December 31, 2009                    | 2                                                           |
|     |                                                                                            |                                                        |
|     | Statements of Operations for the Quarters Ended March 31, 2010 and 2009                         | 3                                                           |
|     |                                                                                            |                                                        |
|     | Statements of Changes in Partners’ Capital for the Quarters Ended March 31, 2010 and 2009 | 4                                                           |
|     |                                                                                            |                                                        |
|     | Statements of Cash Flows for the Quarters Ended March 31, 2010 and 2009                         | 5                                                           |
|     |                                                                                            |                                                        |
|     | Condensed Schedules of Investments as of March 31, 2010 and December 31, 2009                   | 6                                                           |
|     |                                                                                            |                                                        |
|     | Notes to Financial Statements                                                                   |   7-22                                            |
|     |                                                                                            |                                                        |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations     | 23-28                                                       |
|     |                                                                                            |                                                        |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                      | 28-39                                                       |
|     |                                                                                            |                                                        |
| Item 4.  | Controls and Procedures                                                                         |  40                                                    |
|     |                                                                                            |                                                        |
| Item 4T. | Controls and Procedures                                                                         |          40-41 |
|     |                                                                                            |                                                        |
|     | PART II. OTHER INFORMATION                                                                      |                                                        |
|     |                                                                                            |                                                        |
| Item 1A. | Risk Factors                                                                                    | 42                                                          |
|     |                                                                                            |                                                        |
| Item 6.  | Exhibits                                                                                        | 42                                                          |

----

|                                                                   | March 31,  |   | December 31, |
|------------------------------------------------------------------------|------------|--------|--------------|
|                                                                   | 2010       |   | 2009         |
| ASSETS                                                                 | $          |   | $            |
|                                                                   |       |   |         |
| Trading Equity:                                                        |       |   |         |
|                                                                   |       |   |         |
| Unrestricted cash                                                      | 79,478,569 |   | 95,664,676   |
| Restricted cash                                                        | 8,080,965  |   | 7,153,792    |
|                                                                   |       |   |         |
| Total cash                                                             | 87,559,534 |   | 102,818,468  |
|                                                                   |       |   |         |
| Net unrealized gain on open contracts (MSIP)                           | 409,841    |   | 237,468      |
| Net unrealized loss on open contracts (MS&Co.)                     | (686,656)  |   | (3,687,328)  |
|                                                                   |       |   |         |
| Total net unrealized loss on open contracts                            | (276,815)  |   | (3,449,860)  |
|                                                                   |       |   |         |
| Options purchased (premiums paid $179,965 and $230,419, respectively)  | 154,855    |   | 224,032      |
|                                                                   |       |   |         |
| Total Trading Equity                                                   | 87,437,574 |   | 99,592,640   |
|                                                                   |       |   |         |
| Interest receivable (MS&Co.)                                       | 4,683      |   | 805          |
|                                                                   |       |   |         |
| Total Assets                                                           | 87,442,257 |   | 99,593,445   |
|                                                                   |       |   |         |
| LIABILITIES AND PARTNERS’ CAPITAL                                |       |   |         |
|                                                                   |       |   |         |
| Liabilities                                                            |       |   |         |
|                                                                   |       |   |         |
| Redemptions payable                                                    | 1,889,427  |   | 4,061,758    |
| Accrued brokerage fees (MS&Co.)                                    | 425,529    |   | 513,615      |
| Accrued management fees                                                | 187,942    |   | 226,847      |
| Options written (premiums received $67,010 and $71,821, respectively)  | 49,893     |   | 61,722       |
|                                                                   |       |   |         |
| Total Liabilities                                                      | 2,552,791  |   | 4,863,942    |
|                                                                   |       |   |         |
| Partners’ Capital                                                |       |   |         |
|                                                                   |       |   |         |
| Limited Partners (8,997,407.549 and 9,577,179.414 Units, respectively) | 84,036,076 |   | 93,776,897   |
| General Partner (91,369.055 and 97,287.055 Units, respectively)        | 853,390    |   | 952,606      |
|                                                                   |       |   |         |
| Total Partners’ Capital                                          | 84,889,466 |   | 94,729,503   |
|                                                                   |       |   |         |
| Total Liabilities and Partners’ Capital                          | 87,442,257 |   | 99,593,445   |
|                                                                   |       |   |         |
| NET ASSET VALUE PER UNIT                                               | 9.34       |   | 9.79         |

----

|                         | For the Quarters Ended March 31, |
|------------------------------|----------------------------------|
|                         |                             |   |   |
|                         | 2010                             |   | 2009 |
|                         | $                                |   | $ |
| INVESTMENT INCOME            |                             |   |   |
| Interest income (MS&Co.) | 5,934                            |   | 50,251 |
|                         |                             |   |   |
| EXPENSES                     |                             |   |   |
| Brokerage fees (MS&Co.)  | 1,329,231                        |   | 2,094,603 |
| Management fees              | 587,077                          |   | 925,116 |
|                         |                             |   |   |
| Total Expenses               | 1,916,308                        |   | 3,019,719 |
|                         |                             |   |   |
| NET INVESTMENT LOSS          | (1,910,374)                      |   | (2,969,468) |
|                         |                             |   |   |
| TRADING RESULTS              |                             |   |   |
| Trading profit (loss):       |                             |   |   |
| Realized                     | (5,707,586)                      |   | 2,046,816 |
| Net change in unrealized     | 3,161,340                        |   | (1,420,520) |
|                         |                             |   |   |
| Total Trading Results        | (2,546,246)                      |   | 626,296 |
|                         |                             |   |   |
| NET LOSS                     | (4,456,620)                      |   | (2,343,172) |
|                         |                             |   |   |
| NET LOSS ALLOCATION          |                             |   |   |
|                         |                             |   |   |
| Limited Partners             | (4,411,974)                      |   | (2,319,615) |
| General Partner              | (44,646 )                        |   | (23,557) |
|                         |                             |   |   |
| NET LOSS PER UNIT *          |                             |   |   |
|                         |                             |   |   |
| Limited Partners             | (0.45)                           |   | (0.19) |
| General Partner              | (0.45)                           |   | (0.19) |
|                         |                             |   |   |
|                         | Units                            |   | Units |
| WEIGHTED AVERAGE NUMBER      |                             |   |   |
| OF UNITS OUTSTANDING         | 9,486,671.007                    |   | 12,533,681.868 |

----

|                     | Units of        |   |         |   |      |   |         |
|--------------------------|-----------------|--------|--------------|--------|-----------|--------|--------------|
|                     | Partnership     |   | Limited      |   | General   |   |         |
|                     | Interest        |   | Partners     |   | Partner   |   | Total        |
|                     |            |   | $            |   | $         |   | $            |
| Partners’ Capital, |            |   |         |   |      |   |         |
| December 31, 2008        | 13,466,174.194  |   | 145,023,184  |   | 1,475,280 |   | 146,498,464  |
|                     |            |   |         |   |      |   |         |
| Net Loss                 | –         |   | (2,319,615)  |   | (23,557)  |   | (2,343,172)  |
|                     |            |   |         |   |      |   |         |
| Redemptions              | (1,802,801.633) |   | (19,312,274) |   | (197,851) |   | (19,510,125) |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| March 31, 2009           | 11,663,372.561  |   | 123,391,295  |   | 1,253,872 |   | 124,645,167  |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| December 31, 2009        | 9,674,466.469   |   | 93,776,897   |   | 952,606   |   | 94,729,503   |
|                     |            |   |         |   |      |   |         |
| Net Loss                 | –         |   | (4,411,974)  |   | (44,646)  |   | (4,456,620)  |
|                     |            |   |         |   |      |   |         |
| Redemptions              | (585,689.865)   |   | (5,328,847)  |   | (54,570)  |   | (5,383,417)  |
|                     |            |   |         |   |      |   |         |
| Partners’ Capital, |            |   |         |   |      |   |         |
| March 31, 2010           | 9,088,776.604   |   | 84,036,076   |   | 853,390   |   | 84,889,466   |

----

|                                       | For the Quarters Ended March 31, |
|--------------------------------------------|----------------------------------|
|                                       |                             |   |   |
|                                       | 2010                             |   | 2009 |
|                                       | $                                |   | $ |
| CASH FLOWS FROM OPERATING ACTIVITIES       |                             |   |   |
|                                       |                             |   |   |
| Net loss                                   | (4,456,620)                      |   | (2,343,172) |
| Noncash item included in net loss:         |                             |   |   |
| Net change in unrealized                   | (3,161,340)                      |   | 1,420,520 |
|                                       |                             |   |   |
| (Increase) decrease in operating assets:   |                             |   |   |
| Restricted cash                            | (927,173)                        |   | (4,143,715) |
| Net premiums paid for options purchased    | 50,454                           |   | 8,571 |
| Interest receivable (MS&Co.)           | (3,878)                          |   | (14,958) |
|                                       |                             |   |   |
| Decrease in operating liabilities:         |                             |   |   |
| Accrued brokerage fees (MS&Co.)        | (88,086)                         |   | (114,072) |
| Accrued management fees                    | (38,905)                         |   | (50,382) |
| Net premiums received from options written | (4,811)                          |   | (34,627) |
| Interest payable                           | —                          |   | (12,183) |
|                                       |                             |   |   |
| Net cash used for operating activities     | (8,630,359)                      |   | (5,284,018) |
|                                       |                             |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES       |                             |   |   |
|                                       |                             |   |   |
| Cash paid for redemptions of Units         | (7,555,748)                      |   | (24,367,930) |
|                                       |                             |   |   |
| Net cash used for financing activities     | (7,555,748)                      |   | (24,367,930) |
|                                       |                             |   |   |
| Net decrease in unrestricted cash          | (16,186,107)                     |   | (29,651,948) |
|                                       |                             |   |   |
| Unrestricted cash at beginning of period   | 95,664,676                       |   | 155,972,722 |
|                                       |                             |   |   |
| Unrestricted cash at end of period         | 79,478,569                       |   | 126,320,774 |
|                                       |                             |   |   |

----

| Futures and Forward Contracts                                       | Long UnrealizedGain/(Loss)                          | Percentage ofNet Assets | Short  UnrealizedGain/(Loss)                                                                        | Percentage ofNet Assets             | Net UnrealizedGain/(Loss)                                     |
|---------------------------------------------------------------------|-----------------------------------------------------|-------------------------|---------------------------------------------------------------------------------------------------------------|-------------------------------------|---------------------------------------------------------------|
|                                                                | $                                                   | %                       | $                                                                                                             | %                                   | $                                                             |
| March 31, 2010, Partnership Partners’ Capital: $84,889,466    |                                                |                    |                                                                                                          |                                |                                                          |
|                                                                |                                                |                    |                                                                                                          |                                |                                                          |
| Commodity                                                           | 790,091                                             | 0.93                    |         219,001                                                       | 0.26                                | 1,009,092                                                     |
| Equity                                                              | 695,526                                             | 0.82                    |         (11,843)                                                      | (0.01)                              | 683,683                                                       |
| Foreign currency                                                    | 445,183                                             | 0.52                    | (359,466)                                                        | (0.42)                              |    85,717                                      |
| Interest rate                                                       |      (25,347)              |  (0.03)            |      250,378                                                                         |    0.29    |          225,031 |
|                                                                |                                                |                    |                                                                                                          |                                |                                                          |
| Grand Total:                                                        |   1,905,453                               |    2.24  |         98,070                                                        | 0.12                                |     2,003,523                             |
|                                                                |                                                |                    |                                                                                                          |                                |                                                          |
| Unrealized Currency Loss                                            |                                                |                    |                                                                                                          | (2.69)                              |   (2,280,338)                                       |
|                                                                |                                                |                    |                                                                                                          |                                |                                                          |
| Total Net Unrealized Loss on Open Contracts                         |                                                |                    |                                                                                                          |                                |     (276,815)                             |
| Option Contracts                                                    | Fair Value                                          | Percentage ofNet Assets |                                                                                                          |                                |                                                          |
|                                                                | $                                                   | %                       |                                                                                                          |                                |                                                          |
| Options purchased on Futures Contracts                              | –                                             | –                 |                                                                                                          |                                |                                                          |
| Options purchased on Forward Contracts                              | 154,855                                             | 0.18                    |                                                                                                          |                                |                                                          |
| Options written on Futures Contracts                                | –                                             | –                 |                                                                                                          |                                |                                                          |
| Options written on Forward Contracts                                |         (49,893) | (0.06)                  |                                                                                                          |                                |                                                          |
|                                                                |                                                |                    |                                                                                                          |                                |                                                          |
| Futures and Forward Contracts                                       | Long UnrealizedGain/(Loss)                          | Percentage ofNet Assets | Short  UnrealizedGain/(Loss)                                                                        | Percentage ofNet Assets             | Net UnrealizedGain/(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)   | One or more underlying notional amounts or payment provisions; |
|----------------|----------------------------------------------------------------|

| 2)   | Requires no initial net investment or a smaller initial net investment than would be required relative to changes in market factors; and |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------|

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

|          | Net Unrealized Gains/(Losses) on Open Contracts | Longest Maturities        |
|---------------|-------------------------------------------------|---------------------------|
| Date          | Exchange-Traded                                 |  Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded |
|          | $                                               | $                         | $ |   |   |
| Mar. 31, 2010 | (362,559)                                       | 85,744                    | (276,815) | Jun. 2011 | Jun. 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 contractsoutstanding (absolute quantity) |
|---------------------------------------------|---------------------------|-----------------------|----------------------------|--------|---------------------------------|-----------------------------------------------------|------------------------------------------------------------|
|                                        | $                         | $                     | $                          |   | $                               | $                                                   |                                                       |
|                                        |                      |                  |                       |   |                            |                                                |                                                       |
| Commodity                                   | 843,267                   | (53,176)              | 234,091                    |   | (15,090)                        | 1,009,092                                           | 377                                                        |
| Equity                                      | 721,839                   | (26,313)              | –                    |   | (11,843)                        | 683,683                                             | 586                                                        |
| Foreign currency                            | 687,833                   | (242,650)             | 43,206                     |   | (402,672)                       | 85,717                                              | 6,866                                                      |
| Interest rate                               |    391,685 | (417,032)             |    251,383  |   |    (1,005)       |   225,031                                 |   2,757                                          |
| Total                                       | 2,644,624                 |   (739,171) |   528,680        |   |   (430,610)           |   2,003,523                               |                                                       |
|                                        |                      |                  |                       |   |                            |                                                |                                                       |
| Unrealized currency loss                    |                      |                  |                       |   |                            |   (2,280,338)                             |                                                       |
| Total net unrealized loss on open contracts |                      |                  |                       |   |                            |        (276,815) |                                                       |

| Option Contracts at Fair Value | $                                                         |                                                                                                          |   |   |   |   |   |
|--------------------------------|-----------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|
| Options purchased              | 154,855                                                   |                     |   |   |   |   |   |
| Options written                |          (49,893) |                                                                                                          |   |   |   |   |   |

| Futures and Forward Contracts               | Long UnrealizedGain                  | Long UnrealizedLoss     |  Short UnrealizedGain |   | Short UnrealizedLoss | Net   Unrealized Gain/(Loss) | Average number of contractsoutstanding (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)                                        |   2,847                                          |
| 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)                    |                                                       |

| Option Contracts at Fair Value | $                                                   |                                                                |   |   |   |   |   |
|--------------------------------|-----------------------------------------------------|---------------------------------------------------------------------|--------|--------|--------|--------|--------|
| Options purchased              | 224,032                                             |              |   |   |   |   |   |
| Options written                |         (61,722) |                                                                |   |   |   |   |   |

----

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

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

| Type of Instrument       |                                                        $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                   |
| Commodity                | (729,485)                                                                                                                                                                                                                                                                                                                              |
| Equity                   | (868,310)                                                                                                                                                                                                                                                                                                                              |
| Foreign currency         |   650,498                                                                                                                                                                                                                                                                                                                    |
| Interest rate            | 1,510,248                                                                                                                                                                                                                                                                                                                              |
| Unrealized currency gain |         63,345                                                                                                                                                                                                                                                                                 |
|                     |                                                                                                                                                                                                                                                                                                                                   |
| Total                    |        626,296                                                                                                                                                                                                                                                                                      |

| Trading Results          |                                                                $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                   |
| Realized                 | 2,046,816                                                                                                                                                                                                                                                                                                                                                                              |
| Net change in unrealized |  (1,420,520)                                                                                                                                                                                                                                                                                                                                                                      |
| Total Trading Results    |        626,296                                                                                                                                                                                                                                                                                                                                      |

----

----

|                                                 | 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 | 362,559                    |             –                               | n/a                                      |   | 362,559 |
| Net unrealized gain on forward contracts             | –                                                                 | 85,744                                                                                                   | n/a                                      |   | 85,744  |
| Options purchased                                    | –                                                                 | 154,855                                                                                                  | n/a                                      |   | 154,855 |
|                                                 |                                                                    |                                                                                                     |                                     |   |    |
| Liabilities                                          |                                                                    |                                                                                                     |                                     |   |    |
| Options written                                      | –                                                                 | 49,893                                                                                                   | n/a                                      |   | 49,893  |

|                                     | 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          | March 31, 2010 | March 31, 2009 |
|-------------------------|----------------|----------------|
| Risk Category           | Value at Risk  | Value at Risk  |
|                    |           |           |
| Equity                  | (3.58)%        | (0.87)%        |
|                    |           |           |
| Currency                | (1.61)         | (0.54)         |
|                    |           |           |
| Interest Rate           | (1.18)         | (0.56)         |
|                    |           |           |
| Commodity               | (1.52)         | (0.31)         |
|                    |           |           |
| Aggregate Value at Risk | (5.61)%        | (1.12)%        |

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| March 31, 2010               |                                  |                            |                            |
|------------------------------|---------------------------------------|---------------------------------|---------------------------------|
| Primary Market Risk Category | High                                  | Low                             | Average                         |
| Equity                       | (3.58)%      | (0.27)%     | (2.15)%     |
| Currency                     | (1.61)                                | (0.74)                          | (1.18)                          |
| Interest Rate                | (1.18)                                | (0.58)                          | (0.79)                          |
| Commodity                    | (1.52)                                | (0.54)                          | (0.88)                          |
| Aggregate Value at Risk      | (5.61)%                | (1.77)%          | (3.33)%          |

| March 31, 2009               |                                  |                            |                      |
|------------------------------|---------------------------------------|---------------------------------|---------------------------|
| Primary Market Risk Category | High                                  | Low                             | Average                   |
| Equity                       | (1.06)%      | (0.07)%          | (0.55)%    |
| Interest Rate                | (0.56)                                | (0.35)                          | (0.46)                    |
| Currency                     | (0.93)                                | (0.31)                          | (0.56)                    |
| Commodity                    | (0.33)                                | (0.08)                          | (0.23)                    |
| Aggregate Value at Risk      | (1.12)%           | (0.53)%     | (0.80)%    |

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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)       |   |
|         |                                              |                    |   |
| May 13, 2010 | By:                                               | /s/Christian Angstadt   |   |
|         |                                              | Christian Angstadt      |   |
|         |                                              | Chief Financial Officer |   |