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, 2009 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
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






(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 has submitted
electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to
Rule 405 of Regulation S-T (?232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was
required to submit and post such files).

Yes            	No___________

Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company.  See the definitions of ?large accelerated filer?,
?accelerated filer? and ?smaller reporting company? in Rule 12b-2 of the
Exchange Act.

Large accelerated filer_______ 		Accelerated filer_______
Non-accelerated filer   X   		Smaller reporting company_______

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, 2009

<caption>

PART I. FINANCIAL INFORMATION

				<c>
Item 1. Financial Statements (Unaudited)

		Statements of Financial Condition as of March 31, 2009
 		and December 31, 2008 (Unaudited)...........................2

		Statements of Operations for the Quarters
		Ended March 31, 2009 and 2008 (Unaudited)...................3

		Statements of Changes in Partners? Capital for the
Quarters Ended March 31, 2009 and 2008 (Unaudited)..........4

		Statements of Cash Flows for the Quarters Ended
		March 31, 2009 and 2008 (Unaudited).........................5

		Condensed Schedules of Investments as of March 31, 2009
		and December 31, 2008 (Unaudited)	........6

		Notes to Financial Statements (Unaudited)................7-24

Item 2.	Management?s Discussion and Analysis of
			Financial Condition and Results of Operations....... 25-32

Item 3.	Quantitative and Qualitative Disclosures About
			Market Risk..........................................32-45

Item 4.	Controls and Procedures.................................45

Item 4T.	Controls and Procedures.................................46


PART II. OTHER INFORMATION

Item 1A.	Risk Factors............................................47

Item 6.		Exhibits................................................47
</table>


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

	MORGAN STANLEY CHARTER CAMPBELL L.P.
	STATEMENTS OF FINANCIAL CONDITION
                                                                            (Unaudited)
<caption>

	March 31,	      December 31,
	          2009         	                2008
	$	    $
ASSETS

	<c>	<c>
Trading Equity:
	Unrestricted cash	126,320,774	155,972,722
	Restricted cash	         8,654,729	      4,511,014

	    Total cash	     134,975,503	    160,483,736

	Net unrealized loss on open contracts (MS&Co.)	(2,562,693)	     (1,388,389)
	Net unrealized loss on open contracts (MSIP)	          (299,673)	        (105,063)

	     Total net unrealized loss on open contracts	        (2,862,366)	      (1,493,452)

	Options purchased (premiums paid $52,300 and
        $60,871, respectively)	            40,081	                         33,971

	     Total Trading Equity	132,153,218	159,024,255

Interest receivable (MS&Co.)	                14,958	               ?

	     Total Assets	   132,168,176	   159,024,255
LIABILITIES AND PARTNERS? CAPITAL

Liabilities

Redemptions payable	6,330,104	11,187,909
Accrued brokerage fees (MS&Co.)	670,342	784,414
Accrued management fees	296,068	346,450
Options written (premiums received $185,146 and
   $219,773, respectively)	226,495	                       194,835
 Interest payable (MS&Co.)	                   ?       	          12,183

	     Total Liabilities	       7,523,009	    12,525,791

Partners? Capital

Limited Partners (11,546,044.506 and
  13,330,566.139 Units, respectively)	123,391,295	145,023,184
General Partner (117,328.055 and
   135,608.055 Units, respectively)	       1,253,872	       1,475,280

	     Total Partners? Capital	   124,645,167	   146,498,464

	     Total Liabilities and Partners? Capital	  132,168,176	   159,024,255
NET ASSET VALUE PER UNIT	             10.69	              10.88
<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,


                                                                         		        2009    	       2008
                                                                               	                      $		     $

		<c>		<c>
INVESTMENT INCOME
	Interest income (MS&Co.)		        50,251			     1,518,437

EXPENSES
	Brokerage fees (MS&Co.)		2,094,603	3,871,091
	Management fees	      	       925,116	     1,709,732

		Total Expenses		    3,019,719	    5,580,823

NET INVESTMENT LOSS	                                                       (2,969,468)	  (4,062,386)

TRADING RESULTS
Trading profit (loss):
	Realized		2,046,816		2,644,207
	Net change in unrealized	   (1,420,520)		   2,397,862

   	       Total Trading Results		        626,296	   5,042,069


NET INCOME (LOSS) 	                         (2,343,172)	       979,683


NET INCOME (LOSS) ALLOCATION

	Limited Partners                                      		(2,319,615)	       969,799
	General Partner                                      		(23,557)		           9,884


NET INCOME (LOSS) PER UNIT

	Limited Partners                   	                      (0.19)                               0.04
	General Partner                        	                      (0.19)                               0.04



			                                                                                       Units     	                      Units
WEIGHTED AVERAGE NUMBER
	OF UNITS OUTSTANDING                     	12,533,681.868              22,661,604.202

<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, 2009 and 2008
(Unaudited)

<caption>



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


	<c>	<c>		<c>	<c>
Partners? Capital,
   December 31, 2007	24,174,180.736	266,111,229	2,994,652	269,105,881

Net Income                                                            ?                          969,799		9,884	979,683

Redemptions	 (3,024,097.712)	 (33,385,642)	  (358,166)	   (33,743,808)

Partners? Capital,
March 31, 2008	 21,150,083.024	  233,695,386	 2,646,370	 236,341,756





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




<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,

                                                       2009                           2008
	              $	           $

	<c>	<c>

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss) 	(2,343,172)	979,683
Noncash item included in net income (loss):
     Net change in unrealized	1,420,520	(2,397,862)

(Increase) decrease in operating assets:
     Restricted cash	 (4,143,715)	11,677,191
     Net premiums paid for options purchased	8,571	222,035
     Interest receivable (MS&Co.)	(14,958)	494,143

Decrease in operating liabilities:
     Accrued brokerage fees (MS&Co.)	(114,072)	  (191,542)
     Accrued management fees	(50,382)	          (84,598)
     Net premiums received for options written	(34,627)	        ?
     Interest payable (MS&Co.)	        (12,183)	               ?

Net cash provided by (used for) operating activities	   (5,284,018)	    10,699,050


CASH FLOWS FROM FINANCING ACTIVITIES

Cash paid for redemptions of Units	 (24,367,930)	  (33,897,456)

Net cash used for financing activities	  (24,367,930)	   (33,897,456)

Net decrease in unrestricted cash	(29,651,948)   	(23,198,406)

Unrestricted cash at beginning of period	                                            155,972,722	    261,151,086

Unrestricted cash at end of period	                                                 126,320,774	     237,952,680



<fn>






	The accompanying notes are an integral part
	of these financial statements.


</table>


<page> <table> MORGAN STANLEY CHARTER CAMPBELL L.P.
CONDENSED SCHEDULES OF INVESTMENTS
March 31, 2009 and December 31, 2008 (Unaudited)
<caption>


  Futures and Forward Contracts
Long
Unrealized
Gain/(Loss)

  Percentage of
    Net Assets
        Short
    Unrealized
   Gain/(Loss)

 Percentage of
  Net Assets
            Net
       Unrealized
       Gain/(Loss)

 $
%
  $
        %
   $

March 31, 2009, Partnership Net Assets:  $124,645,167





<c>
<c>
<c>
<c>
<c>
   Commodity
     (36,665)
       (0.03)
     (92,948)
       (0.08)
  (129,613)
   Equity
          (372)
           ?
(1,251,748)
       (1.00)
  (1,252,120)
   Foreign currency
      592,904
        0.47
   (745,249)
       (0.60)
   (152,345)
   Interest rate
    916,215
        0.74
      45,737
        0.04
      961,952






     Grand Total:
   1,472,082
        1.18
 (2,044,208)
       (1.64)
    (572,126)

     Unrealized Currency Loss




          (1.84)

(2,290,240)

     Total Net Unrealized Loss on Open Contracts


   (2,862,366)


  Fair Value
             $
Percentage of
   Net Assets
          %





<c>
  <c>



Options purchased on Futures Contracts
              ?
          ?



Options purchased on Forward Contracts
40,081
0.03



Options written on Futures Contracts
              ?
           ?



Options written on Forward Contracts
(226,495)
(0.18)




December 31, 2008, Partnership Net Assets:  $146,498,464





<c>
<c>
<c>
<c>
<c>
Commodity
        8,130
        0.01
   (157,027)
       (0.11)
  (148,897)
Equity
      56,182
        0.04
   (188,676)
       (0.13)
  (132,494)
Foreign currency
 1,629,758
        1.11
   (868,681)
       (0.59)
    761,077
Interest rate
    511,819
        0.35
   (131,372)
       (0.09)
    380,447






     Grand Total:
 2,205,889
        1.51
(1,345,756)
       (0.92)
   860,133

     Unrealized Currency Loss




       (1.61)

 (2,353,585)

     Total Net Unrealized Loss on Open Contracts


 Fair Value
$
Percentage of
   Net Assets
          %





<c>
<c>



Options purchased on Futures Contracts
?
?



Options purchased on Forward Contracts
 33,971
0.02



Options written on Futures Contracts
?
           ?



Options written on Forward Contracts
(194,835)
(0.13)






    (1,493,452)
	<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, 2009
(Unaudited)
The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the financial condition and results of operations
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, 2008, Annual
Report on Form 10-K.

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 (collectively, "Futures Interests") (refer
to Note 4.).  The Partnership is one of the Morgan Stanley Charter
series of funds, comprised of the Partnership, Morgan Stanley
Charter Graham L.P., Morgan Stanley Charter WCM L.P., and Morgan
Stanley Charter Aspect L.P. (collectively, the "Charter Series").



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



The Partnership may buy or write put and call options through
listed exchanges and the over-the-counter market.  The buyer of an
option has the right to purchase (in the case of a call option) or
sell (in the case of a put option) a specified quantity of a
specific Futures Interest or underlying asset at a specified price
prior to or on a specified expiration date.  The writer of an
option is exposed to the risk of loss if the market price of the
Futures Interest or underlying asset declines (in the case of a
put option) or increases (in the case of a call option).  The
writer of an option can never profit by more than the premium paid
by the buyer but can lose an unlimited amount.

Premiums received/premiums paid from writing/purchasing options
are recorded as liabilities/assets on the Statements of Financial
Condition and are subsequently adjusted to fair values.  The
difference between the fair value of the option and the premiums
received/premiums paid is treated as an unrealized gain or loss.

The Partnership?s general partner is Demeter Management
Corporation ("Demeter"). The commodity brokers are Morgan Stanley
& Co. Incorporated ("MS&Co.") and Morgan Stanley & Co.
International plc ("MSIP").  MS&Co. acts as the counterparty on
all trading of foreign currency forward contracts.  Morgan Stanley


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

Capital Group Inc. ("MSCG") acts as the counterparty on all
trading of options on foreign currency forward contracts.  MSIP
serves as the commodity broker for trades on the London Metal
Exchange (?LME?).  Demeter, MS&Co., MSCG, and MSIP are wholly-
owned subsidiaries of Morgan Stanley. Campbell & Company, Inc.
(the "Trading Advisor") is the trading advisor to the Partnership.


2.  Related Party Transactions
The Partnership?s cash is on deposit with MS&Co. and MSIP in
futures, forward and options trading accounts to meet margin
requirements as needed.  Monthly, MS&Co. credits the Partnership
with interest income on 100% of its average daily funds held at
MS&Co. and MSIP to meet margin requirements at a rate
approximately equivalent to what the commodity brokers pay or
charge other similar customers on margin deposits.  In addition,
MS&Co. credits the Partnership at each month end with interest
income on 100% of the Partnership?s assets not deposited as margin
at a rate equal to the monthly average of the 4-week U.S. Treasury
bill discount rate during the month. The Partnership pays
brokerage fees to MS&Co.




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

3.  Income Taxes
No provision for income taxes has been made in the accompanying
financial statements, as partners are individually responsible
for reporting income or loss based upon their respective share of
the Partnership?s revenues or expenses for income tax purposes.
The Partnership files U.S. federal and state tax returns.

Financial Accounting Standards Board ("the FASB") Interpretation
No. 48 "Accounting for Uncertainty in Income Taxes, an
interpretation of FASB Statement No. 109" ("FIN 48"), clarifies
the accounting for uncertainty in income taxes recognized in a
Partnership's financial statements, and prescribes a recognition
threshold and measurement attribute for financial statement
recognition and measurement of a tax position taken or expected
to be taken.  The adoption of FIN 48 does not have a material
impact on the Partnership's financial statements.  The 2005
through 2008 tax years generally remain subject to examination by
U.S. federal and most state tax authorities.

4.  Financial Instruments
The Partnership trades Futures Interests.  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

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


to perform under the terms of the contracts.  There are numerous
factors which may significantly influence the fair value of these
contracts, including interest rate volatility.

The fair value of exchange-traded contracts is based on the
settlement price quoted by the exchange on the day with respect
to which fair 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
fair value of off-exchange-traded contracts is based on the fair
value quoted by the counterparty.



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 ("SFAS")
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;

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

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, swap 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 ?Trading Equity" on the Statements of Financial
Condition, and their longest contract maturities were as follows:

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

Mar. 31, 2009	(2,710,067)	(152,299)	(2,862,366)	Jun. 2010	Jun. 2009
Dec. 31, 2008	   (2,252,566)	759,114	(1,493,452)	Sep. 2009	Mar. 2009

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.


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


The Partnership also has credit risk because MS&Co., MSIP,
and/or MSCG act as the futures commission merchants or the
counterparties, with respect to most of the Partnership?s assets.
Exchange-traded futures, exchange-traded forward, and exchange-
traded futures-styled options contracts are marked to market on a
daily basis, with variations in value settled on a daily basis.
MS&Co. and MSIP, each acting as a commodity broker for the
Partnership?s exchange-traded futures, exchange-traded forward,
and exchange-traded 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 exchange-traded futures, exchange-
traded forward, and exchange-traded futures-styled options
contracts, including an amount equal to the net unrealized gains
(losses) on all open exchange-traded futures, exchange-traded
forward, and exchange-traded futures-styled options contracts,
which funds, in the aggregate, totaled $132,265,436 and
$158,231,170 at March 31, 2009, and December 31, 2008,
respectively. With respect to the Partnership?s off-exchange-
traded forward currency contracts, and forward currency options
contracts, there are no daily settlements of variation in value,

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

nor is there any requirement that an amount equal to the net
unrealized gains (losses) on such contracts be segregated.
However, the Partnership is required to meet margin requirements
equal to the net unrealized loss on open forward currency
contracts in the Partnership accounts with the counterparty,
which is accomplished by daily maintenance of the cash balance in
a custody account held at 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. With respect to those off-exchange-traded
forward currency options contracts, the Partnership is at risk to
the ability of MSCG, the sole counterparty on all such contracts,
to perform.  The Partnership has a netting agreement with each
counterparty. These agreements, which seek to reduce both the
Partnership?s and the counterparties? exposure on off-exchange-
traded forward currency contracts, including options on such
contracts, should materially decrease the Partnership?s credit
risk in the event of MS&Co.?s or MSCG?s bankruptcy or insolvency.



The futures, forward and options on such contracts traded by the
Partnership involve varying degrees of related market risk.
Market risk is often dependent upon changes in the level or
volatility of interest rates, exchange rates, and prices of

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



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, exchange-traded forward, and exchange-
traded futures-styled options contracts are settled daily through
variation margin. Gains and losses on off-exchange-traded forward
currency contracts and forward currency options contracts are
settled upon termination of the contract.  However, the Partner-
ship is required to meet margin requirements equal to the net
unrealized loss on open forward currency contracts in the
Partnership accounts with the counterparty, which is accomplished
by daily maintenance of the cash balance in a custody account
held at MS&Co.

Derivative Instruments and Hedging Activities
In March 2008, the FASB issued SFAS No. 161, ?Disclosures about
Derivative Instruments and Hedging Activities, an amendment of
FASB Statement No. 133? ("SFAS No. 161").  SFAS No. 161 is
intended to improve financial reporting about derivative
instruments and hedging activities by requiring enhanced
disclosures to enable investors to better understand how those
instruments and activities are accounted for; how and why they are


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



used; and their effects on a Partnership?s financial position,
financial performance, and cash flows.  SFAS No. 161 is effective
for financial statements issued for fiscal years beginning after
November 15, 2008, and interim periods within those fiscal years.

The Partnership?s objective is to profit from speculative trading
in Futures Interests.  Therefore, the Trading Advisor for the
Partnership will take speculative positions in Futures Interests
where they feel the best profit opportunities exist for their
trading strategy.  As such, the absolute quantity (the total of
the open long and open short positions) which has been presented
as position direction, is not an indicative factor in such volume
disclosures.  In regards to foreign currency forward trades, each
notional quantity amount has been converted to an equivalent
contract based upon an industry convention.

The following table summarizes the valuation of the Partnership?s
investments by the above SFAS No. 161 disclosure as of March 31,
2009 and reflects the information outstanding at such time.






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

The Effect of Trading Activities on the Statement of Financial Condition for the Three Months Ended March 31, 2009:



Futures and Forward Contracts

      Long
          Unrealized
         Gain

       Long
L        Unrealized
       Loss

             Short
            Unrealized
             Gain

  Short
          Unrealized
          Loss

       Net
 Unrealized
 Gain/(Loss)

 Total number
of outstanding
  contracts

$
    $
        $
      $
       $



         <c>
<c>
 <c>
 <c>
<c>
<c>
March 31, 2009













Tr  Commodity
                   ?
        (36,665)
        297,700
       (390,648)
            (129,613)
               193
K   Equity
                   ?
             (372)
          76,294
    (1,328,042)
         (1,252,120)
               636
K   Foreign currency
             871,333
      (278,429)
          484,867
    (1,230,116)
            (152,345)
            3,550
K   Interest rate
          1,045,071
           (128,856)
               126,906
       (81,169)
             961,952
            2,380
K        Total
   1,916,404

    (444,322)

          985,767
  (3,029,975)
           (572,126)

K        Unrealized currency loss




         (2,290,240)

K        Total net unrealized loss
               on open contracts





    (2,862,366)

Tr  Options purchased
              26,582
              13,499
                ?
                  ?


K   Options written
                  ?
                   ?
          (21,952)
           (204,543)



</table>

Based upon the Trading Advisor?s historical trading, it can
generally be expected that the Partnership will trade
approximately 850 round turn contracts per million under
management over the course of a year or approximately 215
contracts in a quarter.  Such quarterly amount is based upon such
contracts being evenly traded throughout the year, but may be
higher or lower for any individual quarter.  The Trading
Advisor?s volume will vary over time based upon a multitude of
factors, including but not limited to, individual market price
movement, individual market volatility and individual market
liquidity.

The following table summarizes the net trading results of the
Partnership during the quarter as required by SFAS No. 161.

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

The Effect of Trading Activities on the Statements of Operations for the Three Months Ended March 31, 2009, included in Total
Trading Results:



Type of Instrument
  $


          <c>
Tr  Commodity
            (729,485)
K   Equity
            (868,310)
K   Foreign currency
             650,498
K   Interest rate
          1,510,248
K   Unrealized currency gain
               63,345
K        Total
        626,296
</table>

<table> <caption>
Line Item on the Statements of Operations for the :
Three Months Ended March 31, 2009:

Trading Results
$


          <c>
Tr  Realized
          2,046,816
K   Net change in unrealized
         (1,420,520)
K      Total Trading Results
      626,296
</table>
As discussed in Note 1, the Partnership?s objective for investing
in these derivatives is for speculative trading.

5.  Fair Value Measurements
Management has continued to evaluate the application of SFAS No.
157 ("SFAS No. 157"), "Fair Value Measurements" to the
Partnership, and has determined that SFAS No. 157 does not have a
material impact on the financial statements.  Fair value is the
amount that would be recovered when an asset is sold or an amount
paid to transfer a liability, in an ordinary transaction between
market participants at the measurement date (exit price).  Market
price observability is impacted by a number of factors, including
the types of investments, the characteristics specific to the
investment, and the state of the market (including the existence
and the transparency of transactions between market

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


participants).  Investments with readily available actively
quoted prices in an ordinary market will generally have a higher
degree of market price observability and a lesser degree of
judgment used in measuring fair value.

SFAS No. 157 requires use of a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure
fair value into three levels: Level 1 ? unadjusted quoted market
prices in active markets for identical assets and liabilities;
Level 2 - inputs other than unadjusted quoted market prices that
are observable for the asset or liability, either directly or
indirectly (including quoted prices for similar investments,
interest rates, credit risk); and Level 3 - unobservable inputs
for the asset or liability (including the Partnership?s own
assumptions used in determining the fair value of investments).

In certain cases, the inputs used to measure fair value may fall
into different levels of the fair value hierarchy.  In such cases,
an investment?s level within the fair value hierarchy is based on
the lowest level of input that is significant to the fair value
measurement.  The Partnership?s assessment of the significance of
a particular input to the fair value measurement in its entirety
requires judgment, and considers factors specific to the
investment.




<page> MORGAN STANLEY CHARTER CAMPBELL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The following tables summarize the valuation of the Partnership?s
investments by the above SFAS No. 157 fair value hierarchy as of
March 31, 2009 and December 31, 2008:  <table> <caption>
March 31, 2009



Assets
 Quoted Prices in
Active Markets for
  Identical Assets
       (Level 1)
Significant Other
     Observable
         Inputs
       (Level 2)
 Significant
   Unobservable
    Inputs
  (Level 3)




     Total


 <c>
<c>
 <c>

<c>
Net unrealized loss on open contracts
 $(2,710,067)
$(           $ (152,299)
 n/a

$(2,862,366)
Options purchased
            ?
$(           $    40,081
 n/a

                    $     40,081






Liabilities





Options written
          ?
 $  226,495
 n/a

                $  226,495







</table>

<table> <caption>
December 31, 2008



Assets
 Quoted Prices in
Active Markets for
  Identical Assets
       (Level 1)
Significant Other
     Observable
         Inputs
       (Level 2)
 Significant
   Unobservable
    Inputs
  (Level 3)




     Total


 <c>
<c>
 <c>

<c>
Net unrealized gain (loss) on open
     contracts
 $(2,252,566)
$(4            $  759,114
 n/a

$(1,493,452)
Options purchased
$      ?
                 $    33,971
 n/a

                    $     33,971






Liabilities





Options written
      $      ?                 )

    $  194,835
 n/a

                $  194,835
</table>
     6.  New Accounting Developments
In April 2009, the FASB issued FASB Staff Position (?FSP?) FAS
No. 157-4, Determining Fair Value When the Volume and Level of
Activity for the Asset or Liability Have Significantly Decreased
and Identifying Transactions That Are Not Orderly (?FSP FAS No.
157-4?).  FSP FAS No. 157-4 provides additional guidance for

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


determining fair value and requires new disclosures regarding the
categories of fair value instruments, as well as the inputs and
valuation techniques utilized to determine fair value and any
changes to the inputs and valuation techniques during the period.

FSP FAS No. 157-4 is effective for interim and annual periods
ending after June 15, 2009.  The Partnership is currently
evaluating the impact of the adoption of FSP FAS No. 157-4.

In April 2009, the FASB issued FSP FAS No. 107-1 and Accounting
Principals Board (?APB?) No. 28-1, Interim Disclosures About Fair
Value of Financial Instruments (?FSP FAS No. 107-1? and ?APB No.
28-1?).  The staff position requires fair value disclosures of
financial instruments on a quarterly basis, as well as new
disclosures regarding the methodology and significant assumptions
underlying the fair value measures and any changes to the
methodology and assumptions during the reporting period.  FSP FAS
No. 107-1 and APB No. 28-1 are effective for interim and annual
periods ending after June 15, 2009.  The Partnership is currently
evaluating the impact of the adoption of FSP FAS No. 107-1 and
APB No. 28-1.




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

7.  Restricted and Unrestricted Cash
As reflected on the Partnership?s Statements of Financial
Condition, restricted cash equals the cash portion of assets on
deposit to meet margin requirements plus the cash required to
offset unrealized losses on foreign currency forwards and options
and offset losses on offset LME positions. All of these amounts
are maintained separately.  Cash that is not classified as
restricted cash is therefore classified as unrestricted cash.

8.  Subsequent Event.

On January 13, 2009, Morgan Stanley and Citigroup announced that
they had agreed to combine the Global Wealth Management Group of
Morgan Stanley and the Smith Barney division of Citigroup Global
Markets Inc. into a new joint venture (the ?Transaction?).  The
joint venture will own Morgan Stanley Smith Barney LLC, a newly
formed investment advisor and broker dealer that will be
registered with the U.S. Securities and Exchange Commission and
as a non-clearing futures commission merchant with the
Commodities Futures Trading Commission.  Upon the closing of the
Transaction, subsidiaries of Morgan Stanley collectively will
have a 51 percent ownership interest in the joint venture and


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

Citigroup Inc. (?Citi?) will have 49 percent ownership interest
in the joint venture.  The Transaction is expected to close by
the end of the third quarter of 2009.

As part of the Transaction, the Board of Directors of Demeter
resolved that Demeter should be converted from a Delaware
corporation to a Delaware limited liability company (the
?Conversion?).  The Conversion became effective on April 30, 2009
and Demeter?s name changed to Demeter Management LLC.

In addition, in the near future Morgan Stanley, the sole member
of Demeter, intends to contribute all of the membership interests
in Demeter (along with other Morgan Stanley subsidiaries being
contributed to the joint venture as part of the Transaction) to
Morgan Stanley Commercial Financial Services, Inc.  It is
anticipated that on or about the time of the consummation of the
Transaction, Morgan Stanley Commercial Financial Services, Inc.
will contribute to Morgan Stanley JV Holdings LLC all of its in-
scope assets and liabilities (including all of the membership
interests of Demeter) (collectively, the ?Contribution?).  Upon
the completion of both the Conversion and the Contribution,
Demeter will be a Delaware limited liability company that is a


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

wholly owned subsidiary of Morgan Stanley Smith Barney Holdings
LLC, which in turn will be owned 51 percent by Morgan Stanley and
49 percent by Citi.


At all times Demeter shall remain the General Partner of the
Partnership and at no time will it cease to exist.  In addition,
neither the Conversion nor the Contribution will materially impact
the daily trading activities of the Partnership?s respective
commodity Trading Advisor.  The Board of Directors of Demeter
believes that the Conversion and the Contribution shall not have a
material impact on the Partnership?s Limited Partners.













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

Liquidity.  The Partnership deposits its assets with MS&Co. and
MSIP as commodity brokers in separate futures, forward 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
trading.  These market conditions could prevent the Partnership
<page> 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 does it
expect to have, any capital assets.  Redemptions of units of
limited partnership interest (?Unit(s)?) 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 outflows of Units.


<page> 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, forward, and options
markets.  The following presents a summary of the Partnership?s
operations for the three month periods ended March 31, 2009 and
2008, 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
the Partnership during the period in question.  Past performance
is no guarantee of future results.
<page>
The Partnership?s results of operations set forth in the
Financial Statements on pages 2 through 24 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 original contract value 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 a foreign currency forward contract is based on the spot
rate as of the close of business.  Interest income, as well as
management 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
critical accounting policies other than those presently used could
reasonably affect reported amounts.
<page>
For the Quarter Ended March 31, 2009
The Partnership recorded total trading results including interest
income totaling $676,547 and expenses totaling $3,019,719,
resulting in a net loss of $2,343,172 for the quarter ended March
31, 2009. The Partnership?s net asset value per Unit decreased
from $10.88 at December 31, 2008, to $10.69 at March 31, 2009.

The most significant trading losses of approximately 0.8% were
incurred within the global stock index sector, primarily during
March, from short positions in European and Pacific Rim equity
index futures as prices reversed higher after G-20 officials
indicated that participating governments and central banks would
?take whatever further actions are necessary to stabilize the
financial system?.  Prices were also pressured higher after the
U.S. Treasury Department announced plans to rid U.S. banks of
?toxic assets?, thereby reducing risk aversion.  Additional
losses of approximately 0.5% were recorded within the metals
markets throughout the majority of the quarter from short futures
positions in copper and zinc as prices reversed higher on
speculation that economic stimulus plans in the U.S. and China
would help boost demand for base metals.  Smaller losses were
experienced from short positions in gold futures, primarily
during January, as prices increased amid uncertainty regarding
the future direction of the global economy, which spurred demand
for precious metals as a ?safe haven?.  A portion of the
<page> Partnership?s losses for the quarter was offset by gains
of approximately 1.1% recorded within the global interest rate
sector, primarily during March, from long positions in European
fixed-income futures as prices moved higher after the European
Central Bank cut its benchmark interest rate to a record 1.5% in
an effort to further stimulate the European economy.  Continued
speculation that the European Central Bank might further reduce
rates in the future also pushed prices higher.  Additional gains
of approximately 0.5% were experienced within the currency
sector, primarily during February and March, from long positions
in the Australian dollar versus the U.S. dollar as the value of
the U.S. dollar decreased relative to most of its rivals
following the U.S. Federal Reserve?s surprise plans to begin a
more aggressive phase of quantitative easing and economic
stimulus spending, which would include the purchase of $300
billion in longer-term Treasury bonds and buying significant
quantities of ?toxic assets? from bank balance sheets.  Smaller
gains were recorded from short positions in the Canadian dollar
versus the U.S. dollar as the value of the Canadian dollar moved
lower against the U.S. dollar during February after a government
report showed Canada unexpectedly recorded its first monthly
trade deficit in more than three decades.



<page>
For the Quarter Ended March 31, 2008
The Partnership recorded total trading results including interest
income totaling $6,560,506 and expenses totaling $5,580,823,
resulting in net income of $979,683 for the quarter ended March
31, 2008. The Partnership?s net asset value per Unit increased
from $11.13 at December 31, 2007, to $11.17 at March 31, 2008.

The most significant trading gains of approximately 2.9% were
recorded within the global stock index sector throughout the
quarter from short positions in Pacific Rim and U.S. equity index
futures as prices decreased on concerns that a persistent U.S.
housing slump, mounting losses linked to U.S. sub-prime mortgage
investments, and a weakening job market would restrain consumer
spending, erode corporate earnings, and curb global economic
growth.  Additional gains of approximately 0.2% were experienced
within the currency sector, primarily during February and March,
from long positions in the euro, Australian dollar, and Mexican
peso versus the U.S. dollar as the value of the U.S. dollar moved
lower against these currencies due to the aforementioned
disappointing economic data in the U.S. and fears of a possible
U.S. recession, which fueled speculation of continued interest
rate cuts by the U.S. Federal Reserve.  A portion of the
Partnership?s gains for the quarter was offset by losses of
approximately 1.1% within the global interest rate sector
throughout the quarter from short positions in European,
<page> Japanese, and Australian fixed-income futures as prices
rose in January amid a sharp decline in the global equity markets
and subsequent ?flight-to-quality? into government bonds.
Further losses were incurred during March from newly established
long positions in European fixed-income futures as prices
reversed lower following the U.S. Federal Reserve?s aggressive
actions to boost liquidity within the U.S. financial system,
which renewed investor optimism about the future direction of the
global equity markets.  Smaller losses of approximately 0.1% were
recorded within the energy sector, primarily during March, from
long futures positions in crude oil and gasoline as prices moved
lower amid concerns that an economic slowdown in the U.S. would
reduce energy consumption.

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.


<page> The futures, forwards and options on such contracts traded
by the Partnership involve varying degrees of related market
risk.  Market risk is often dependent upon changes in the level
or volatility of 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, exchange-traded forward, and exchange-
traded futures-styled options contracts are settled daily through
variation margin. Gains and losses on off-exchange-traded forward
currency contracts and forward currency options contracts are
settled upon termination of the contract.  However, the Partner-
ship is required to meet margin requirements equal to the net
unrealized loss on open forward currency contracts in the
Partnership accounts with the counterparty, which is accomplished
by daily maintenance of the cash balance in a custody account
held at 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 <page>
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 the Partnership typically to 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
<page> quantitative disclosures in this section are deemed to be
forward-looking statements for purposes of the safe harbor, except
for statements of historical fact.

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 <page>
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
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
<page> by primary market risk category at March 31, 2009 and
2008. At March 31, 2009 and 2008, the Partnership?s total
capitalization was approximately $125 million and $236 million,
respectively.
<table> <caption>
Primary Market            March 31, 2009        March 31, 2008
Risk Category	  	       Value at Risk        Value at Risk

						<c>				<c>
Equity					(0.87)% 			 (0.52)%

Interest Rate				(0.56) 	 	    	 (0.47)

Currency					(0.54)			 (0.82)

Commodity		  			(0.31)   	      	 (0.15)

Aggregate Value at Risk		(1.12)% 		    	 (0.88)%
</table>


The VaR for a market category represents the one-day downside risk
for the aggregate exposures associated with this market category.
The 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. Such changes could
positively or negatively materially impact market risk as
measured by VaR.

<page> 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, 2008, through 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)%

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
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;


<page>
*	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, 2009 and 2008, and for the four
quarter-end reporting periods from April 1, 2008, through March
31, 2009.  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.
<page>
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 MS&Co.; as of March 31, 2009, such
amount was equal to approximately 99% 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-
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
<page> 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, 2009, by market sector.  It may be
anticipated, however, that these market exposures will vary
materially over time.

Equity.  The largest market exposure of the Partnership at March
31, 2009, was to the global stock index sector.  Exposure was
primarily 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, 2009, the Partnership?s primary exposures
were to the S&P 500 (U.S.), IBEX 35 (Spain), SPI 200 (Australia),
<page> Euro Stox 50 (Europe), FTSE 100 (United Kingdom), Hang Seng
(Hong Kong), Nikkei 225 (Japan), DAX (Germany), NASDAQ 100 (U.S.),
AEX (The Netherlands), Taiwan (Taiwan), and CAC 40 (France) stock
indices.  The Partnership is exposed to the risk of adverse price
trends or static markets in the U.S., European, and Pacific Rim
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 second largest market exposure of the
Partnership at March 31, 2009, was to the global interest rate
sector.  Exposure was primarily spread across the Japanese,
European, U.S., Australian, Japanese, 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
<page> short, medium, or long-term interest rates may have an
effect on the Partnership.

Currency.  The third largest market exposure of the Partnership at
March 31, 2009, 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, 2009, the
Partnership?s major exposures were to euro and Japanese yen
currency crosses, as well as 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.

Commodity.
Energy.  At March 31, 2009, the Partnership had market
exposure to the energy sector.  The Partnership?s energy
exposure was primarily to futures contracts in crude oil and
its related products, as well as 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
<page> 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, 2009, the Partnership had market
exposure to the metals sector.  The Partnership's metals
exposure was to fluctuations in the price of base metals,
such as copper, zinc, and nickel.  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 Trading Advisor will continue to do so.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at March 31, 2009:

Foreign Currency Balances. The Partnership?s primary foreign
currency balances at March 31, 2009, were in Hong Kong
dollars, Japanese yen, Australian dollars, British pounds,
euros, and Canadian dollars.  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.

<page>
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 through the selection of a
Commodity Trading Advisor and by daily monitoring its performance.
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.

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
		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.



		<page> Changes in Internal Control over Financial Reporting
     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.


Item 4T.   CONTROLS AND PROCEDURES
Not applicable.

















<page> PART II.  OTHER INFORMATION

Item 1A. RISK FACTORS
There have been no material changes from the risk factors
previously referenced in these Items of the Partnership?s Report
on Form 10-K for the fiscal year ended December 31, 2008.

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 LLC
                         (General Partner)

May 15, 2009         By: /s/ Christian Angstadt
                             Christian Angstadt
                             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.
















? 50 ?


? 6 ?

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



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