UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	Washington, D.C. 20549

	FORM 10-Q


[X]	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 2006 or

[ ]	Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from               to__________________

Commission File Number 0-50064

	MORGAN STANLEY CHARTER CAMPBELL L.P.

	(Exact name of registrant as specified in its charter)


		Delaware						     01-0710311
(State or other jurisdiction of		   		   (I.R.S. Employer
incorporation or organization)			        Identification No.)

Demeter Management Corporation
330 Madison Avenue, 8th Floor
New York, NY		    					 	   10017
(Address of principal executive offices)	  	      (Zip Code)

Registrant?s telephone number, including area code  (212) 905-2700





(Former name, former address, and former fiscal year, if changed since last
report)

Indicate by check-mark whether the registrant
 (1) has filed all reports required
to be filed by Section 13 or 15(d) of the
 Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes    X       	No___________

Indicate by check-mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer.  See definition of ?accelerated
filer and large accelerated filer? in Rule 12b-2 of the Exchange Act.  (Check
one):

Large accelerated filer___Accelerated filer____Non-accelerated filer X

Indicate by check-mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).  Yes___  No X




	<page> <table> MORGAN STANLEY CHARTER CAMPBELL L.P.

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	March 31, 2006

<caption>

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

				<c>
		Statements of Financial Condition as of March 31, 2006
 		(Unaudited) and December 31, 2005..........................2

		Statements of Operations for the Quarters
		Ended March 31, 2006 and 2005 (Unaudited)..................3

		Statements of Changes in Partners? Capital for the
Quarters Ended March 31, 2006 and 2005 (Unaudited) ........4

		Statements of Cash Flows for the Quarters
		Ended March 31, 2006 and 2005 (Unaudited)..................5

		Notes to Financial Statements (Unaudited)...............6-12

Item 2.	Management?s Discussion and Analysis of
			Financial Condition and Results of Operations.......13-21

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk.........................................21-34

Item 4.	Controls and Procedures................................35


PART II. OTHER INFORMATION

Item 1A.Risk Factors...........................................36

Item 2.	Unregistered Sales of Equity Securities and Use of
			Proceeds...............................................37

Item 5.	Other Information......................................38

Item 6.	Exhibits...............................................38

</table>


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

	MORGAN STANLEY CHARTER CAMPBELL L.P.
	STATEMENTS OF FINANCIAL CONDITION

<caption>
	March 31,	      December 31,
	          2006         	                2005
	$	    $
	(Unaudited)
ASSETS

	<c>	<c>
Equity in futures interests trading accounts:
	Unrestricted cash	385,140,514	360,451,084
	Restricted cash	    21,335,948	    38,241,731

	    Total cash	   406,476,462	  398,692,815

	Net unrealized gain (loss) on open contracts (MS&Co.)	12,415,566	  (13,123,062)
	Net unrealized gain on open contracts (MSIL)	     2,295,611	        172,596

	     Total net unrealized gain (loss) on open contracts	    14,711,177   	  (12,950,466)

	     Total Trading Equity	421,187,639	385,742,349

Subscriptions receivable	18,600,693	13,754,739
Interest receivable (Morgan Stanley DW)	     1,561,730	      1,136,822
Net option premiums	        (82,643)                         ?

	     Total Assets	   441,267,419	  400,633,910
LIABILITIES AND PARTNERS? CAPITAL

Liabilities

Redemptions payable	6,305,438	4,715,179
Accrued brokerage fees (Morgan Stanley DW)	2,009,521	1,979,943
Accrued management fees	        887,538	       874,475

	     Total Liabilities	     9,202,497	    7,569,597

Partners? Capital

Limited Partners (32,303,253.637 and
	  30,609,700.729 Units, respectively)	427,429,551	388,854,021
General Partner (350,321.046 and
	  331,424.599 Units, respectively)	     4,635,371	      4,210,292

	     Total Partners? Capital	   432,064,922	  393,064,313

	     Total Liabilities and Partners? Capital	   441,267,419	  400,633,910
NET ASSET VALUE PER UNIT	            13.23	            12.70
<fn>
	The accompanying notes are an integral part
	of these financial statements.
</table>
<page> <table> 	MORGAN STANLEY CHARTER CAMPBELL L.P.
	STATEMENTS OF OPERATIONS
(Unaudited)


<caption>

  	   	    For the Quarters Ended March 31,


                                                                         		        2006    	       2005
                                                                               	                    $		     $

		<c>		<c>
INVESTMENT INCOME
	Interest income (Morgan Stanley DW)		   4,167,503			    1,535,061

EXPENSES
	Brokerage fees (Morgan Stanley DW)		5,999,547	4,384,418
	Management fees	      	      2,649,799	   1,858,994

		Total Expenses		   8,649,346	   6,243,412

NET INVESTMENT LOSS	                                                       (4,481,843) 	   (4,708,351)

TRADING RESULTS
Trading profit (loss):
	Realized		(6,494,492) 	    	(9,018,613)
	Net change in unrealized		   27,661,643	    3,389,924

   	       Total Trading Results		   21,167,151	   (5,628,689)


NET INCOME (LOSS) 	                             16,685,308 	     (10,337,040)


NET INCOME (LOSS) ALLOCATION

	Limited Partners                                      		16,510,229	(10,226,156)
	General Partner                                      		175,079	     (110,884)

NET INCOME (LOSS) PER UNIT

	Limited Partners                                                  		      0.53  	 (0.43)
	General Partner                                                   		               0.53	 (0.43)


<fn>



	The accompanying notes are an integral part
	of these financial statements.
</table>
<page> <table> MORGAN STANLEY CHARTER CAMPBELL L.P.
	STATEMENTS OF CHANGES IN PARTNERS? CAPITAL
	For the Quarters Ended March 31, 2006 and 2005
	(Unaudited)

<caption>



	Units of
	Partnership	Limited	General
	    Interest    	Partners	Partner	Total
                                   	 	$	$	$


	<c>	<c>		<c>	<c>
Partners? Capital,
   December 31, 2004	23,787,288.049	272,588,976	2,911,738	275,500,714

Offering of Units	3,638,471.598	    40,273,095	490,000	40,763,095

Net Loss 	                                                                 ?                   (10,226,156)	(110,884)	(10,337,040)

Redemptions	  (624,407.178)	  (7,006,401)	         ?    	  (7,006,401)

Partners? Capital,
March 31, 2005	 26,801,352.469	  295,629,514	 3,290,854	 298,920,368





Partners? Capital,
   December 31, 2005	30,941,125.328	388,854,021	4,210,292	393,064,313

Offering of Units	3,204,303.097	    41,340,843	250,000	41,590,843

Net Income                                                              ?                    16,510,229	175,079	16,685,308

Redemptions	 (1,491,853.742)	  (19,275,542)	         ?    	   (19,275,542)

Partners? Capital,
March 31, 2006	 32,653,574.683	  427,429,551	 4,635,371	 432,064,922








<fn>

The accompanying notes are an integral part
	of these financial statements.
</table>
<page> <table> 	MORGAN STANLEY CHARTER CAMPBELL L.P.
	STATEMENTS OF CASH FLOWS
(Unaudited)

<caption>

	               For the Quarters Ended March 31,

                         2006                         2005
	              $	         $


CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
Net income (loss)	16,685,308	(10,337,040)
Noncash item included in net income (loss):
     Net change in unrealized	(27,661,643)	(3,389,924)

(Increase) decrease in operating assets:
     Restricted cash	16,905,783	5,622,513
     Interest receivable (Morgan Stanley DW)	(424,908)	(183,771)
     Net option premiums	82,643	?

Increase in operating liabilities:
     Accrued brokerage fees (Morgan Stanley DW)	29,578	125,369
     Accrued management fees	        13,063	                53,158

Net cash provided by (used for) operating activities	    5,629,824	  (8,109,695)


CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units	36,744,889	41,346,919
Cash paid for redemptions of Units	   (17,685,283)	   (8,049,216)

Net cash provided by financing activities	    19,059,606	   33,297,703

Net increase in unrestricted cash	24,689,430    	25,188,008

Unrestricted cash at beginning of period	   360,451,084	    239,516,085

Unrestricted cash at end of period	   385,140,514	   264,704,093



<fn>




	The accompanying notes are an integral part
	of these financial statements.
</table>





<page>  MORGAN STANLEY CHARTER CAMPBELL L.P.
NOTES TO FINANCIAL STATEMENTS
March 31, 2006
(Unaudited)
The unaudited financial statements contained herein include, in the
opinion of management, all adjustments necessary for a fair
presentation of the results of operations and financial condition
of Morgan Stanley Charter Campbell L.P. (the ?Partnership?).  The
financial statements and condensed notes herein should be read in
conjunction with the Partnership?s December 31, 2005 Annual Report
on Form 10-K.  Certain prior year amounts relating to cash balances
were reclassified on the Statements of Financial Condition and the
related Statements of Cash Flows to conform to 2006 presentation.
Such reclassifications have no impact on the Partnership?s reported
net income (loss).

1.  Organization
Morgan Stanley Charter Campbell L.P. is a Delaware limited
partnership organized in 2002 to engage primarily in the
speculative trading of futures contracts, options on futures and
forward contracts, and forward contracts on physical commodities
and other commodity interests, including, but not limited to,
foreign currencies, financial instruments, metals, energy, and
agricultural products. The Partnership is one of the Morgan Stanley
Charter Series of funds, comprised of the Partnership,

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

which effective as of May 1, 2006 is a closed-end limited
partnership, and three continuously-offered limited partnerships
Morgan Stanley Charter Graham L.P., Morgan Stanley Charter Millburn
L.P., and Morgan Stanley Charter MSFCM L.P.


The Partnership?s general partner is Demeter Management Corporation
(?Demeter?).  The non-clearing commodity broker is Morgan Stanley
DW Inc. (?Morgan Stanley DW?).  The clearing commodity brokers
are Morgan Stanley & Co. Incorporated (?MS & Co.?) and Morgan
Stanley & Co. International Limited (?MSIL?).  Morgan Stanley
Capital Group Inc. (?MSCG?) acts as the counterparty on all
options on foreign currency forward contracts for the Partnership.
Demeter, Morgan Stanley DW, MS & Co., MSIL, and MSCG are wholly-
owned subsidiaries of Morgan Stanley. Campbell & Company, Inc.
(?Campbell? or the ?Trading Advisor?) is the trading advisor to
the Partnership.

Campbell has notified Demeter that effective May 1, 2006, it will
no longer accept any additional funds for management from the
Partnership.  As a result, effective May 1, 2006, Demeter will no
longer accept any subscriptions for units of limited partnership
interest (?Unit(s)?) in the Partnership nor any exchanges from
other Morgan Stanley Charter Series of funds for Units of the
Partnership.
<page> MORGAN STANLEY CHARTER CAMPBELL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)


While no subscriptions or exchanges for Units of the Partnership
will be accepted after the April 30 month-end closing, Demeter will
continue to operate the Partnership and Campbell will
continue to trade the Partnership?s assets in accordance with the
terms of the Management Agreement by and among the Partnership,
Demeter, and Campbell.  Limited partners of the Partnership
will continue to be able to redeem their Units of the Partnership
and exchange their Units of the Partnership for Units in other
Morgan Stanley Charter Series of funds at any month-end closing.

2.  Related Party Transactions
The Partnership?s cash is on deposit with Morgan Stanley DW, MS &
Co., and MSIL in futures, forwards, and options trading accounts to
meet margin requirements as needed.  Monthly, Morgan Stanley DW
pays the Partnership interest income equal to 100% of its average
daily funds held at Morgan Stanley DW at a rate equal to that
earned by Morgan Stanley DW on its U.S. Treasury bill investments.
In addition, Morgan Stanley DW pays interest received from MS & Co.
and MSIL with respect to such Partnership?s assets deposited as
margin.  The Partnership pays brokerage fees to Morgan Stanley DW.



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

3.  Financial Instruments
The Partnership trades futures contracts, options on futures and
forward contracts, and forward contracts on physical commodities
and other commodity interests, including, but not limited to,
foreign currencies, financial instruments, metals, energy, and
agricultural products.  Futures and forwards represent contracts
for delayed delivery of an instrument at a specified date and
price.  Risk arises from changes in the value of these contracts
and the potential inability of counterparties to perform under the
terms of the contracts.  There are numerous factors which may
significantly influence the market value of these contracts,
including interest rate volatility.

The market value of exchange-traded contracts is based on the
settlement price quoted by the exchange on the day with respect
to which market value is being determined.  If an exchange-traded
contract could not have been liquidated on such day due to the
operation of daily limits or other rules of the exchange, the
settlement price shall be the settlement price on the first
subsequent day on which the contract could be liquidated.  The
market value of off-exchange-traded contracts is based on the
fair market value quoted by the counterparty.


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

The Partnership?s contracts are accounted for on a trade-date basis
and marked to market on a daily basis.  The Partnership accounts
for its derivative investments in accordance with the
provisions of Statement of Financial Accounting Standards No. 133,
?Accounting for Derivative Instruments and Hedging Activities?
 (?SFAS No. 133?).  SFAS No. 133 defines a derivative as a
  financial instrument or other contract that has all three of the
following characteristics:

1)	One or more underlying notional amounts or payment
provisions;
2)	Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in
market factors;
3)	Terms require or permit net settlement.


Generally, derivatives include futures, forward, swaps or options
contracts, and other financial instruments with similar
characteristics such as caps, floors, and collars.

The net unrealized gains (losses) on open contracts, reported as a
component of ?Equity in futures interests trading accounts? on
the Statements of Financial Condition, and their longest contract
maturities were as follows:

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

	Net Unrealized Gains/(Losses)
	on Open Contracts 	Longest Maturities
	  Exchange-	Off-Exchange-		  Exchange-	  Off-
Exchange-
Date	 Traded  	   Traded   	  Total	  Traded 	   Traded
	$	$	  $

Mar. 31, 2006	  10,459,490	4,251,687	14,711,177	Dec. 2006	Jun. 2006
Dec. 31, 2005	(2,025,735)	(10,924,731)	(12,950,466)	Sep. 2006	Mar. 2006

The Partnership has credit risk associated with counterparty non-
performance.  As of the date of the financial statements, the
credit risk associated with the instruments in which the
Partnership trades is limited to the amounts reflected in the
Partnership?s Statements of Financial Condition.

The Partnership also has credit risk because Morgan Stanley DW, MS
& Co., MSIL, and/or MSCG act as the futures commission merchants or
the counterparties, with respect to most of the Partnership?s
assets. Exchange-traded futures, forward, and futures-styled
options contracts are marked to market on a daily basis, with
variations in value settled on a daily basis.  Morgan Stanley DW,
MS & Co., and MSIL, each as a futures commission merchant for the
Partnership?s exchange-traded futures, forward, and futures-styled
options contracts, are required, pursuant to regulations of the
Commodity Futures Trading Commission (?CFTC?), to segregate from
their own assets, and for the sole benefit of their commodity
customers, all funds held by them with respect to

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

exchange-traded futures, forward, and futures-styled options
contracts, including an amount equal to the net unrealized gains
(losses) on all open futures, forward, and futures-styled options
contracts, which funds, in the aggregate, totaled $416,935,952 and
$396,667,080 at March 31, 2006 and December 31, 2005, respectively.
With respect to the Partnership?s off-exchange-traded forward
currency contracts, there are no daily exchange-required
settlements of variation in value, nor is there any requirement
that an amount equal to the net unrealized gains (losses) on open
forward contracts be segregated.  However, the Partnership is
required to meet margin requirements equal to the net unrealized
loss on open contracts in the Partnership accounts with the
counterparty, which is accomplished by daily maintenance of the
cash balance in a custody account held at Morgan Stanley DW for the
benefit of MS & Co.  With respect to those off-exchange-traded
forward currency contracts, the Partnership is at risk to the
ability of MS & Co., the sole counterparty on all such contracts,
to perform.  The Partnership has a netting agreement with MS & Co.
 This agreement, which seeks to reduce both the Partnership?s and
MS & Co.?s exposure on off-exchange-traded forward currency
contracts, should materially decrease the Partnership?s credit risk
in the event of MS & Co.?s bankruptcy or insolvency.


<page>
Item 2.  MANAGEMENT?S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS

Liquidity.  The Partnership deposits its assets with Morgan Stanley
DW as non-clearing broker, and MS & Co. and MSIL as clearing
brokers in separate futures, forwards, and options trading accounts
established for the Trading Advisor.  Such assets are used as
margin to engage in trading and may be used as margin solely for
the Partnership?s trading. The assets are held in either non-
interest bearing bank accounts or in securities and instruments
permitted by the CFTC for investment of customer segregated or
secured funds.  Since the Partnership?s sole purpose is to trade in
futures, forwards, and options, it is expected that the Partnership
will continue to own such liquid assets for margin purposes.

The Partnership?s investment in futures, forwards, and options may,
from time to time, be illiquid.  Most U.S. futures exchanges limit
fluctuations in prices during a single day by regulations referred
to as ?daily price fluctuations limits? or ?daily limits?.
Trades may not be executed at prices beyond the daily limit.  If
the price for a particular futures or options contract has
increased or decreased by an amount equal to the daily limit,
positions in that futures or options contract can neither be taken
nor liquidated unless traders are willing to effect trades at or
within the limit.  Futures prices have occasionally moved the daily
limit for several consecutive days with little or no   <page>
trading.  These market conditions could prevent the Partnership
from promptly liquidating its futures or options contracts and
result in restrictions on redemptions.

There is no limitation on daily price moves in trading forward
contracts on foreign currencies.  The markets for some world
currencies have low trading volume and are illiquid, which may
prevent the Partnership from trading in potentially profitable
markets or prevent the Partnership from promptly liquidating
unfavorable positions in such markets, subjecting it to substantial
losses.  Either of these market conditions could result in
restrictions on redemptions.  For the periods covered by this
report, illiquidity has not materially affected the Partnership?s
assets.

There are no known material trends, demands, commitments, events,
or uncertainties at the present time that are reasonably likely to
result in the Partnership?s liquidity increasing or decreasing in
any material way.

Capital Resources.  The Partnership does not have, nor expects to
have, any capital assets.  Redemptions, exchanges, and sales of
Units in the future will affect the amount of funds available for
investments in futures, forwards, and options in subsequent
periods.  It is not possible to estimate the amount, and therefore
the impact, of future inflows and outflows of Units.  Effective May
1, 2006, Demeter will no longer accept any subscriptions for <page>
Units in the Partnership or any exchanges from other Morgan Stanley
Charter Series of funds for Units of the Partnership.

There are no known material trends, favorable or unfavorable, that
would affect, nor any expected material changes to, the
Partnership?s capital resource arrangements at the present time.

Off-Balance Sheet Arrangements and Contractual Obligations.  The
Partnership does not have any off-balance sheet arrangements, nor
does it have contractual obligations or commercial commitments to
make future payments that would affect its liquidity or capital
resources.

Results of Operations
General.  The Partnership?s results depend on the Trading Advisor
and the ability of the Trading Advisor?s trading program to take
advantage of price movements in the futures, forwards, and options
markets.  The following presents a summary of the Partnership?s
operations for the three month periods ended March 31, 2006 and
2005, and a general discussion of its trading activities during
each period.  It is important to note, however, that the Trading
Advisor trades in various markets at different times and that prior
activity in a particular market does not mean that such market will
be actively traded by the Trading Advisor or will be profitable in
the future. Consequently, the results of operations of the
Partnership are difficult to discuss other than in the context of
the Trading Advisor?s trading activities on behalf of <page> the
Partnership during the period in question.  Past performance is no
guarantee of future results.

The Partnership?s results of operations set forth in the
Financial Statements on pages 2 through 12 of this report are
prepared in accordance with accounting principles generally
accepted in the United States of America, which require the use
of certain accounting policies that affect the amounts reported
in these Financial Statements, including the following:  The
contracts the Partnership trades are accounted for on a trade-
date basis and marked to market on a daily basis.  The difference
between their cost and market value is recorded on the Statements
of Operations as ?Net change in unrealized trading profit (loss)?
for open (unrealized) contracts, and recorded as ?Realized
trading profit (loss)? when open positions are closed out.  The
sum of these amounts constitutes the Partnership?s trading
results.  The market value of a futures contract is the
settlement price on the exchange on which that futures contract
is traded on a particular day.  The value of foreign currency
forward contracts is based on the spot rate as of the close of
business.  Interest income, as well as management fees, incentive
fees, and brokerage fees expenses of the Partnership are recorded
on an accrual basis.

Demeter believes that, based on the nature of the operations of the
Partnership, no assumptions relating to the application of <page>
critical accounting policies other than those presently used could
reasonably affect reported amounts.

For the Quarter Ended March 31, 2006
The Partnership recorded total trading results including interest
income totaling $25,334,654 and expenses totaling $8,649,346,
resulting in net income of $16,685,308 for the quarter ended
March 31, 2006. The Partnership?s net asset value per Unit
increased from $12.70 at December 31, 2005 to $13.23 at March 31,
2006.

The most significant trading gains of approximately 2.8% were
recorded in the global stock index futures markets from long
positions in European stock index futures as global equity
markets trended higher during the quarter on strong corporate
earnings, and solid economic data.  Additional gains of
approximately 1.0% were experienced in the metals markets during
January and March from long futures positions in copper and zinc
as prices strengthened weak supplies, forecasts for continued
buying by China, and acceleration in demand from Japan, Europe,
and the U.S.  Within the global interest rate futures markets,
gains of approximately 0.7% were recorded, from short positions
in short-term U.S. interest rate futures as prices trended lower
during February after the U.S. Federal Reserve increased U.S.
interest rates with its fourteenth consecutive quarter-point hike
and general sentiment that the U.S. Federal Reserve would have to
keep lifting U.S. rates to stave off inflation.  Additional gains
<page> were recorded during March short positions in U.S.
interest rate futures as prices trended lower amid strength in
regional equity markets and investor sentiment that interest
rates in the U.S. will rise.  In the currency markets, gains of
approximately 0.5% were experienced, primarily during March, from
long U.S. dollar positions relative to the Japanese yen, New
Zealand dollar, and the Canadian dollar as the value of the U.S.
dollar moved higher against these currencies amid expectations
that the U.S. Federal Reserve would continue lifting U.S.
interest rates to fend off inflation.  In addition, the value of
the New Zealand dollar was pulled lower on negative economic data
out of that country, while the Canadian dollar decreased on
sentiment that the Bank of Canada has reached the end of its rate
increases.  Smaller gains of approximately 0.3% were recorded in
the energy markets during January from long futures positions in
crude oil as prices increased during the month as political
tensions surrounding Iran and Nigeria raised concerns that
exports could be disrupted.   Further gains were recorded during
March from long positions in crude oil as prices strengthened on
concerns regarding the possibility of economic sanctions by the
United Nations against Iran, one of the world's largest oil
producers.

For the Quarter Ended March 31, 2005
The Partnership recorded total trading results including interest
income totaling $(4,093,628) and expenses totaling $6,243,412,
resulting in a net loss of $10,337,040 for the quarter ended
<page> March 31, 2005. The Partnership?s net asset value per Unit
decreased from $11.58 at December 31, 2004 to $11.15 at March 31,
2005.

The most significant trading losses of approximately 3.5% were
recorded in the currency markets, primarily during January from
short U.S. dollar positions against the Swiss franc and South
African rand as the value of the U.S. dollar reversed higher in
what many analysts described as a ?corrective? move after its
decline during the fourth quarter of 2004.  This strengthening in
the value of the U.S. dollar during January was attributed to
conflicting economic data out of the European Union, Japan, and
those released by the U.S. Treasury Department.  It showed
November's investment inflows to the U.S. were ample to cover
that month?s record trade deficit.  Speculation that U.S.
interest rates were likely to continue to rise and fears that the
re-evaluation of the Chinese yuan was further away than expected
also strengthened the value of the U.S. dollar.  During February,
losses were recorded from short positions in the euro and Swiss
franc against the U.S. dollar as the value of the U.S. dollar
weakened versus most currencies due to negative comments by U.S.
Federal Reserve Chairman Alan Greenspan about the bulky U.S.
Current-Account deficit and U.S. dependence on foreign
investment.  The value of the U.S. dollar was further weakened
during the remainder of the month by a larger-than-expected drop
in January leading economic indicators and news that South
Korea?s Central Bank would be reducing its U.S. dollar currency
<page> reserves.  Within the global stock index futures markets,
losses of approximately 1.1% were recorded primarily in January
from long positions in U.S. equity index futures as prices
finished the month lower amid weak consumer confidence data,
concerns regarding U.S. interest rate policy, and the potential
for corporate profit growth to slow down.  Further losses were
experienced during March from long positions in U.S. equity index
futures after prices moved lower early in the month amid concerns
about the growing U.S. trade deficit, a weaker U.S. dollar,
inflation fears, and a surge in crude oil prices.  Smaller losses
in the global stock equity index futures markets were experienced
primarily during January and March from long positions in Hang
Seng stock index futures as equity prices in Hong Kong moved
lower due to weakness in the technology sector and fears that
higher energy prices will restrict the economic growth of the
region.  A portion of the Partnership?s overall losses for the
quarter was offset by gains of approximately 1.8% in the energy
markets during January, February, and March from long futures
positions in crude oil and its related products as prices trended
higher amid news of increased demand from China, fears of terror
attacks against production facilities in the Middle East, cold
weather in the Northeastern U.S., and predictions from analysts
at Goldman Sachs that oil prices could reach $105 a barrel.
Additional gains of approximately 0.5% were recorded in the
global interest rate futures markets from short positions in
short-term U.S. interest rate futures as prices trended lower
during January and February on expectations that the U.S. Federal
<page> Reserve would continue to increase interest rates at a
measured pace.  Further gains were achieved in March from short
positions as prices continued to move lower after the expected
hike in U.S. interest rates by the U.S. Federal Reserve.  Smaller
gains of approximately 0.2% were recorded in the metals markets
during February from long positions in copper as prices moved
higher due to the weaker U.S. dollar and news of strong demand
from China.  Long positions in copper futures experienced
additional gains during March as prices continued to trend higher
on news of consistent demand from the developing economies of
Asia.


Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Introduction
The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards, and options.  The
market-sensitive instruments held by the Partnership are acquired
for speculative trading purposes only and, as a result, all or
substantially all of the Partnership?s assets are at risk of
trading loss.  Unlike an operating company, the risk of market-
sensitive instruments is inherent to the primary business
activity of the Partnership.

The futures, forwards, and options traded by the Partnership
involve varying degrees of related market risk.  Market risk is
often dependent upon changes in the level or volatility of <page>
interest rates, exchange rates, and prices of financial
instruments and commodities, factors that result in frequent
changes in the fair value of the Partnership?s open positions,
and consequently in its earnings, whether realized or unrealized,
and cash flow.  Gains and losses on open positions of exchange-
traded futures, forwards, and options are settled daily through
variation margin.  Gains and losses on off-exchange-traded
forward currency contracts are settled upon termination of the
contract, however, the Partnership is required to meet margin
requirements equal to the net unrealized loss on open contracts
in the Partnership accounts with the counterparty, which is
accomplished by daily maintenance of the cash balance in a
custody account held at Morgan Stanley DW for the benefit of MS &
Co.

The Partnership?s total market risk may increase or decrease as
it is influenced by a wide variety of factors, including, but not
limited to, the diversification among the Partnership?s open
positions, the volatility present within the markets, and the
liquidity of the markets.

The face value of the market sector instruments held by the
Partnership is typically many times the applicable margin
requirements.  Margin requirements generally range between 2% and
15% of contract face value.  Additionally, the use of leverage
causes the face value of the market sector instruments held by
<page> the Partnership to typically be many times the total
capitalization of the Partnership.

The Partnership?s past performance is no guarantee of its future
results.  Any attempt to numerically quantify the Partnership?s
market risk is limited by the uncertainty of its speculative
trading.  The Partnership?s speculative trading and use of
leverage may cause future losses and volatility (i.e., ?risk of
ruin?) that far exceed the Partnership?s experience to date
under the ?Partnership?s Value at Risk in Different Market
Sectors? section and significantly exceed the Value at Risk
(?VaR?) tables disclosed.

Limited partners will not be liable for losses exceeding the
current net asset value of their investment.

Quantifying the Partnership?s Trading Value at Risk
The following quantitative disclosures regarding the Partnership?s
market risk exposures contain ?forward-looking statements? within
the meaning of the safe harbor from civil liability provided for
such statements by the Private Securities Litigation Reform Act of
1995 (set forth in Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934).  All
quantitative disclosures in this section are deemed to be forward-
looking statements for purposes of the safe harbor, except for
statements of historical fact.

<page> The Partnership accounts for open positions on the basis of
mark to market accounting principles.  Any loss in the market value
of the Partnership?s open positions is directly reflected in the
Partnership?s earnings and cash flow.

The Partnership?s risk exposure in the market sectors traded by
the Trading Advisor is estimated below in terms of VaR. The
Partnership estimates VaR using a model based upon historical
simulation (with a confidence level of 99%) which involves
constructing a distribution of hypothetical daily changes in the
value of a trading portfolio.  The VaR model takes into account
linear exposures to risks including equity and commodity prices,
interest rates, foreign exchange rates, and correlation among
these variables. The hypothetical changes in portfolio value are
based on daily percentage changes observed in key market indices
or other market factors (?market risk factors?) to which the
portfolio is sensitive.  The one-day 99% confidence level of the
Partnership?s VaR corresponds to the negative change in portfolio
value that, based on observed market risk factors, would have
been exceeded once in 100 trading days, or one day in 100.  VaR
typically does not represent the worst case outcome.  Demeter
uses approximately four years of daily market data (1,000
observations) and re-values its portfolio (using delta-gamma
approximations) for each of the historical market moves that
occurred over this time period.  This generates a probability
distribution of daily ?simulated profit and loss? outcomes.  The
<page> VaR is the appropriate percentile of this distribution.
For example, the 99% one-day VaR would represent the 10th worst
outcome from Demeter?s simulated profit and loss series.

The Partnership?s VaR computations are based on the risk
representation of the underlying benchmark for each instrument or
contract and do not distinguish between exchange and non-exchange
dealer-based instruments.  They are also not based on exchange
and/or dealer-based maintenance margin requirements.

VaR models, including the Partnership?s, are continually evolving
as trading portfolios become more diverse and modeling techniques
and systems capabilities improve.  Please note that the VaR model
is used to numerically quantify market risk for historic
reporting purposes only and is not utilized by either Demeter or
the Trading Advisor in their daily risk management activities.
Please further note that VaR as described above may not be
comparable to similarly-titled measures used by other entities.

The Partnership?s Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership?s open positions as a percentage of total Net Assets
by primary market risk category at March 31, 2006 and 2005. At
March 31, 2006 and 2005, the Partnership?s total capitalization
was approximately $432 million and $299 million, respectively.


<page>

Primary Market            March 31, 2006       March 31, 2005
Risk Category	  	       Value at Risk        Value at Risk

Currency					(1.84)%   	    	(1.68)%

Equity					(0.95) 			(1.38)

Interest Rate				(0.63)			(1.07)

Commodity		  			(0.59)   	      	(0.78)

Aggregate Value at Risk		(2.55)%  		    	(2.55)%

The VaR for a market category represents the one-day downside risk
for the aggregate exposures associated with this market category.
In the quarter-end reporting periods prior to September 30, 2005,
the VaR for the primary market risk category of currency listed
above did not include the one-day downside risk for the exposure
associated with options on foreign currency forward trades.
Demeter did not believe the omission of such market risk exposure
materially misrepresented the VaR for the primary risk category of
currency and the Aggregate Value at Risk listed above.  Aggregate
Value at Risk listed above represents the VaR of the Partnership?s
open positions across all the market categories, and is less than
the sum of the VaRs for all such market categories due to the
diversification benefit across asset classes.

Because the business of the Partnership is the speculative
trading of futures, forwards, and options, the composition of its
trading portfolio can change significantly over any given time
period, or even within a single trading day, which could
<page> positively or negatively materially impact market risk as
measured by VaR.

The table below supplements the quarter-end VaR set forth above
by presenting the Partnership?s high, low, and average VaR, as a
percentage of total Net Assets for the four quarter-end reporting
periods from April 1, 2005 through March 31, 2006.

Primary Market Risk Category	High	Low	Average
Currency	(2.18)%	(1.51)%	(1.86)%
Equity	(1.55)	(0.84)	(1.17)
Interest Rate	(2.86)	(0.56)	(1.31)
Commodity	(1.52)	(0.29)	(0.88)
Aggregate Value at Risk	(3.43)%	(2.55)%	(3.15)%

In the quarter-end reporting periods prior to September 30, 2005,
the VaR for the primary market risk category of currency listed
above did not include the one-day downside risk for the exposure
associated with options on foreign currency forward trades.
Demeter did not believe the omission of such market risk exposure
materially misrepresented the VaR for the primary risk category of
currency and the Aggregate Value at Risk listed above.

Limitations on Value at Risk as an Assessment of Market Risk
VaR models permit estimation of a portfolio?s aggregate market risk
exposure, incorporating a range of varied market risks; reflect
risk reduction due to portfolio diversification or hedging <page>
activities; and can cover a wide range of portfolio assets.
However, VaR risk measures should be viewed in light of the
methodology?s limitations, which include, but may not be limited to
the following:
*	past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
*	changes in portfolio value caused by market movements may differ
from those of the VaR model;
*	VaR results reflect past market fluctuations applied to current
trading positions while future risk depends on future positions;
*	VaR using a one-day time horizon does not fully capture the
market risk of positions that cannot be liquidated or hedged
within one day; and
*	the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.

In addition, the VaR tables above, as well as the past performance
of the Partnership, give no indication of the Partnership?s
potential ?risk of ruin?.

The VaR tables provided present the results of the Partnership?s
VaR for each of the Partnership?s market risk exposures and on an
aggregate basis at March 31, 2005, and for the four quarter-end
<page> reporting periods from April 1, 2005 through March 31, 2006.
 VaR is not necessarily representative of the Partnership?s
historic risk, nor should it be used to predict the Partnership?s
future financial performance or its ability to manage or monitor
risk.  There can be no assurance that the Partnership?s actual
losses on a particular day will not exceed the VaR amounts
indicated above or that such losses will not occur more than once
in 100 trading days.

Non-Trading Risk
The Partnership has non-trading market risk on its foreign cash
balances.  These balances and any market risk they may represent
are immaterial.

The Partnership also maintains a substantial portion of its
available assets in cash at Morgan Stanley DW; as of March 31,
2006, such amount is equal to approximately 89% of the
Partnership?s net asset value.  A decline in short-term interest
rates would result in a decline in the Partnership?s cash
management income. This cash flow risk is not considered to be
material.

Materiality, as used throughout this section, is based on an
assessment of reasonably possible market movements and any
associated potential losses, taking into account the leverage,
optionality and multiplier features of the Partnership?s market-
<page> sensitive instruments, in relation to the Partnership?s Net
Assets.

Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Partnership?s
market risk exposures - except for (A) those disclosures that are
statements of historical fact and (B) the descriptions of how the
Partnership manages its primary market risk exposures -
constitute
forward-looking statements within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange
Act. The Partnership?s primary market risk exposures, as well as
the strategies used and to be used by Demeter and the Trading
Advisor for managing such exposures, are subject to numerous
uncertainties, contingencies and risks, any one of which could
cause the actual results of the Partnership?s risk controls to
differ materially from the objectives of such strategies.
Government interventions, defaults and expropriations, illiquid
markets, the emergence of dominant fundamental factors, political
upheavals, changes in historical price relationships, an influx
of new market participants, increased regulation, and many other
factors could result in material losses, as well as in material
changes to the risk exposures and the risk management strategies
of the Partnership. Investors must be prepared to lose all or
substantially all of their investment in the Partnership.

The following were the primary trading risk exposures of the
Partnership at March 31, 2006, by market sector.  It may be
<page> anticipated, however, that these market exposures will
vary materially over time.

Currency.  The largest market exposure of the Partnership at
March 31, 2006 was to the currency sector.  The Partnership?s
currency exposure is to exchange rate fluctuations, primarily
fluctuations which disrupt the historical pricing relationships
between different currencies and currency pairs.  Interest rate
changes, as well as political and general economic conditions
influence these fluctuations.  At March 31, 2006, the
Partnership?s major exposure was to outright U.S. dollar
positions.  Outright positions consist of the U.S. dollar vs.
other currencies.  These other currencies include major and minor
currencies.  Demeter does not anticipate that the risk associated
with the Partnership?s currency trades will change significantly
in the future.

Equity.  At March 31, 2006, the Partnership had market exposure
to the global stock index sector.  Exposure was to equity price
risk in the G-7 countries.  The G-7 countries consist of France,
the U.S., Britain, Germany, Japan, Italy, and Canada.  The stock
index futures traded by the Partnership are by law limited to
futures on broadly-based indices.  At March 31, 2006, the
Partnership?s primary exposures were to the DAX (Germany), Euro
Stoxx 50 (Europe), CAC 40 (France), S&P 500 (U.S.), Nikkei 225
(Japan), IBEX 35 (Spain), Hang Seng (China), FTSE 100 (United
Kingdom), TAIWAN (Taiwan), and NASDAQ 100 (U.S.) stock indices.
<page> The Partnership is exposed to the risk of adverse price
trends or static markets in the European, U.S., Chinese, and
Japanese stock indices. Static markets would not cause major
market changes, but would make it difficult for the Partnership
to avoid trendless price movements, resulting in numerous small
losses.

Interest Rate.  The third largest market exposure of the
Partnership at March 31, 2006 was to the global interest rate
sector.  Exposure was primarily spread across the European, U.S.,
Japanese, Australian, and Canadian interest rate sectors.
Interest rate movements directly affect the price of the
sovereign bond futures positions held by the Partnership and
indirectly affect the value of its stock index and currency
positions.  Interest rate movements in one country, as well as
relative interest rate movements between countries, materially
impact the Partnership?s profitability. The Partnership?s primary
interest rate exposure is generally to interest rate fluctuations
in the U.S. and the other G-7 countries.  However, the
Partnership also takes futures positions in the government debt
of smaller countries ? e.g., Australia.  Demeter anticipates that
the G-7 countries interest rates will remain the primary interest
rate exposure of the Partnership for the foreseeable future.  The
speculative futures positions held by the Partnership may range
from short to long-term instruments. Consequently, changes in
short, medium, or long-term interest rates may have an effect on
the Partnership.
<page>
Commodity.
Energy.  At March 31, 2006, the Partnership had market
exposure to the energy sector.  The Partnership?s energy
exposure was primarily to futures contracts in crude oil and
its related products, and natural gas.  Price movements in
these markets result from geopolitical developments,
particularly in the Middle East, as well as weather patterns
and other economic fundamentals. Significant profits and
losses, which have been experienced in the past, are
expected to continue to be experienced in the future.
Natural gas has exhibited volatility in prices resulting
from weather pattern and supply and demand factors and will
likely continue in this choppy pattern.

Metals.	At March 31, 2006, the Partnership had market
exposure in the metals sector.  The Partnership's metals
exposure was to fluctuations in the price of base metals,
such as copper and zinc and precious metals, such as gold.
Economic forces, supply and demand inequalities,
geopolitical factors, and market expectations influence
price movements in these markets.  The Trading Advisor
utilizes the trading system(s) to take positions when market
opportunities develop, and Demeter anticipates that the
Partnership will continue to do so.


<page>
Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at March 31, 2006:

Foreign Currency Balances.  The Partnership?s primary
foreign currency balances at March 31, 2006 were in Hong
Kong dollars, British pounds, euros, Japanese yen,
Australian dollars, Canadian dollars, and Swiss francs.  The
Partnership controls the non-trading risk of foreign
currency balances by regularly converting them back into
U.S. dollars upon liquidation of their respective positions.


Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Partnership and the Trading Advisor, separately, attempt to
manage the risk of the Partnership?s open positions in essentially
the same manner in all market categories traded.  Demeter attempts
to manage market exposure by diversifying the Partnership?s assets
among different market sectors and trading approaches, and by
monitoring the performance of the Trading Advisor daily.  In
addition, the Trading Advisor establishes diversification
guidelines, often set in terms of the maximum margin to be
committed to positions in any one market sector or market-sensitive
instrument.


<page> Demeter monitors and controls the risk of the
Partnership?s non-trading instrument, cash.  Cash is the only
Partnership investment directed by Demeter, rather than the
Trading Advisor.

Item 4.   CONTROLS AND PROCEDURES
  (a)	As of the end of the period covered by this quarterly
report, the President and Chief Financial Officer of
Demeter, the general partner of the Partnership, have
evaluated the effectiveness of the Partnership?s disclosure
controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) of the Exchange Act), and have judged such
controls and procedures to be effective.

     (b)	There have been no material changes during the period
covered by this quarterly report in the Partnership?s
internal control over financial reporting (as defined in
Rules 13a-15(f) and 15d-15(f) of the Exchange Act) or in
other factors that could significantly affect these controls
subsequent to the date of their evaluation.


<page> PART II.  OTHER INFORMATION

Item 1A. RISK FACTORS
New investors and current limited partners of a Morgan Stanley
Charter Series of funds are advised that effective May 1, 2006,
Demeter will no longer accept any subscriptions for investments in
the Partnership or any exchanges from other Morgan Stanley Charter
Series of funds for Units of the Partnership.  Current limited
partners of the Partnership will continue to be able to redeem
Units of the Partnership and exchange Units of the Partnership for
Units in other Morgan Stanley Charter Series of funds at any month-
end closing.

Information regarding risk factors appears in Item 2.
?Management?s Discussion and Analysis of Financial Condition and
Results of Operations? and Item 3. ?Quantitative and Qualitative
Disclosures about Market Risk? of this Form 10-Q.  There have been
no other material changes from the risk factors previously
referenced in the Partnership?s Report on Form 10-K for the fiscal
year ended December 31, 2005.














<page>
Item 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
	    PROCEEDS

											    SEC
Registration Statement on Form S-1  Units Registered   Effective Date
File Number

Initial Registration	3,000,000.000		July 29, 2002	    333-85078
Additional Registration	18,000,000.000		February 26, 2003	333-103171
Additional Registration	 34,000,000.000 	  April 28, 2004	      333-113878
   Total Units Registered       55,000,000.000

Units sold through 3/31/06      41,016,892.039
Units unsold through 3/31/06    13,983,107.961

The managing underwriter for the Partnership is Morgan Stanley
DW.

Units are continuously sold at monthly closings at a purchase
price equal to 100% of the net asset value per Unit as of the
close of business on the last day of each month.

The aggregate price of the Units sold through March 31, 2006 was
$475,901,075.

Since no expenses are chargeable against the proceeds, 100% of the
proceeds of the offering have been applied to the working capital
of the Partnership for use in accordance with the ?Use of
Proceeds? section of the prospectus included as part of the above
referenced Registration Statements.




<page>
Item 5.  OTHER INFORMATION

Management.  In connection with the election of new directors to
the Board of Directors of Demeter, the following information
updates the disclosures in the Partnership?s Form 8-K filed on
March 27, 2006 and Form 8-K filed on April 5, 2006:

On April 11, 2006, the National Futures Association approved Mr.
Richard Gueren as a director of Demeter.

Item 6.  EXHIBITS
31.01	Certification of President of Demeter Management
Corporation, 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 Corporation, 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
Corporation, 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 Corporation, the general partner of the
Partnership, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.








<page>








SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.




                     Morgan Stanley Charter Campbell L.P.
                     (Registrant)

                     By: Demeter Management Corporation
                         (General Partner)

May 15, 2006         By:/s/ Kevin Perry
  	    Kevin Perry
                            Chief Financial Officer





The General Partner which signed the above is the only party
authorized to act for the Registrant.  The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.


The General Partner which signed the above is the only party
authorized to act for the Registrant.  The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.








? 6 ?


MORGAN STANLEY CHARTER CAMPBELL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)







1318: