|   | MORGAN      STANLEY SMITH BARNEY CHARTER CAMPBELL L.P.      |   |
|--------|-------------------------------------------------------------|--------|
|   | (Exact      name of registrant as specified in its charter) |   |

|                                            | Delaware                                                                                                                        |            | 01-0710311                                    |
|-------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|-----------------|-----------------------------------------------|
|                                            |           (State or other jurisdiction of           incorporation or organization) |            | (I.R.S.      EmployerIdentification      No.) |
|                                            |                                                                                                                            |            |                                          |
| Demeter      Management LLC                     |                                                                                                                            |            |
| 522      Fifth Avenue, 13th Floor               |                                                                                                                            |            |
| New      York, NY      |                                                                                                                            | 10036           |
| (Address      of principal executive offices)   |                                                                                                                            | (Zip      Code) |

| Registrant’s      telephone number, including area code |   | (212)      296-1999 |
|---------------------------------------------------------------|--------|---------------------|

| Large      accelerated filer o | Accelerated      filer o         |
|--------------------------------|----------------------------------|
| Non-accelerated      filer x   | Smaller      reporting company o |

----

|          | PART I. FINANCIAL    INFORMATION                                                                                 |             |
|---------------|------------------------------------------------------------------------------------------------------------------|------------------|
|          |                                                                                                             |             |
| Item      1.  | Financial      Statements (Unaudited)                                                                            |             |
|          |                                                                                                             |             |
|          | Statements      of Financial Condition as of September 30, 2009 and December 31, 2008                            | 2                |
|          |                                                                                                             |             |
|          | Statements      of Operations for the Three and Nine Months Ended September 30, 2009 and      2008               | 3                |
|          |                                                                                                             |             |
|          | Statements      of Changes in Partners’ Capital for the Nine Months Ended September 30,      2009 and 2008 | 4                |
|          |                                                                                                             |             |
|          | Statements      of Cash Flows for the Nine Months Ended September 30, 2009 and 2008                              | 5                |
|          |                                                                                                             |             |
|          | Condensed      Schedules of Investments as of September 30, 2009 and December 31,      2008                      | 6                |
|          |                                                                                                             |             |
|          | Notes      to Financial Statements                                                                               |   7-20 |
|          |                                                                                                             |             |
| Item      2.  | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations            | 21-30            |
|          |                                                                                                             |             |
| Item      3.  | Quantitative      and Qualitative Disclosures About Market Risk                                                  | 31-41            |
|          |                                                                                                             |             |
| Item      4.  | Controls      and Procedures                                                                                     | 42               |
|          |                                                                                                             |             |
| Item      4T. | Controls      and Procedures                                                                                     | 42               |
|          |                                                                                                             |             |
|          | PART II. OTHER INFORMATION                                                                                       |             |
|          |                                                                                                             |             |
| Item      1A. | Risk      Factors                                                                                                | 43               |
|          |                                                                                                             |             |
| Item      6.  | Exhibits                                                                                                         | 43               |

----

|                                                                               | September      30, |   | December      31, |
|------------------------------------------------------------------------------------|--------------------|--------|-------------------|
|                                                                               | 2009               |   | 2008              |
| ASSETS                                                                             | $                  |   | $                 |
|                                                                               |               |   |              |
| Trading      Equity:                                                               |               |   |              |
|                                                                               |               |   |              |
| Unrestricted      cash                                                             | 96,636,436         |   | 155,972,722       |
| Restricted      cash                                                               | 8,600,091          |   | 4,511,014         |
|                                                                               |               |   |              |
| Total      cash                                                                    | 105,236,527        |   | 160,483,736       |
|                                                                               |               |   |              |
| Net      unrealized gain (loss) on open contracts (MS&Co.)                     | 1,921,418          |   | (1,388,389)       |
| Net      unrealized loss on open contracts (MSIP)                                  | (77,776)           |   | (105,063)         |
|                                                                               |               |   |              |
| Total      net unrealized gain (loss) on open contracts                            | 1,843,642          |   | (1,493,452)       |
|                                                                               |               |   |              |
| Options      purchased (premiums paid $130,930 and $60,871,    respectively)       | 91,792             |   | 33,971            |
|                                                                               |               |   |              |
| Total      Trading Equity                                                          | 107,171,961        |   | 159,024,255       |
|                                                                               |               |   |              |
| Interest      receivable (MS&Co.)                                              | 3,883              |   | –           |
|                                                                               |               |   |              |
| Total      Assets                                                                  | 107,175,844        |   | 159,024,255       |
|                                                                               |               |   |              |
| LIABILITIES      AND PARTNERS’ CAPITAL                                       |               |   |              |
|                                                                               |               |   |              |
| Liabilities                                                                        |               |   |              |
|                                                                               |               |   |              |
| Redemptions      payable                                                           | 1,569,766          |   | 11,187,909        |
| Accrued      brokerage fees (MS&Co.)                                           | 512,242            |   | 784,414           |
| Accrued      management fees                                                       | 226,240            |   | 346,450           |
| Options      written (premiums received $82,275 and $219,773,    respectively)     | 73,925             |   | 194,835           |
| Interest      payable (MS&Co.)                                                 | –            |   | 12,183            |
|                                                                               |               |   |              |
| Total      Liabilities                                                             | 2,382,173          |   | 12,525,791        |
|                                                                               |               |   |              |
| Partners’      Capital                                                       |               |   |              |
|                                                                               |               |   |              |
| Limited      Partners (10,333,303.850 and 13,330,566.139 Units,      respectively) | 103,724,416        |   | 145,023,184       |
| General      Partner (106,522.055 and 135,608.055 Units, respectively)             | 1,069,255          |   | 1,475,280         |
|                                                                               |               |   |              |
| Total      Partners’ Capital                                                 | 104,793,671        |   | 146,498,464       |
|                                                                               |               |   |              |
| Total      Liabilities and Partners’ Capital                                 | 107,175,844        |   | 159,024,255       |
|                                                                               |               |   |              |
| NET      ASSET VALUE PER UNIT                                                      | 10.04              |   | 10.88             |

----

|                              |                                         |   |                                              |
|-----------------------------------|----------------------------------------------|--------|---------------------------------------------------|
|                              | For      the Three MonthsEnded September 30, |   | For      the Nine Months Ended September 30, |
|                              |                                         |   |                                              |   |   |   |   |
|                              | 2009                                         |   | 2008                                              |   | 2009 |   | 2008 |
|                              | $                                            |   | $                                                 |   | $ |   | $ |
| INVESTMENT      INCOME            |                                         |   |                                              |   |   |   |   |
| Interest      income (MS&Co.) | 23,511                                       |   | 795,180                                           |   | 92,365 |   | 3,229,723 |
|                              |                                         |   |                                              |   |   |   |   |
| EXPENSES                          |                                         |   |                                              |   |   |   |   |
| Brokerage      fees (MS&Co.)  | 1,573,191                                    |   | 3,060,407                                         |   | 5,423,806 |   | 10,274,111 |
| Management      fees              | 694,826                                      |   | 1,351,680                                         |   | 2,395,514 |   | 4,537,732 |
|                              |                                         |   |                                              |   |   |   |   |
| Total      Expenses               | 2,268,017                                    |   | 4,412,087                                         |   | 7,819,320 |   | 14,811,843 |
|                              |                                         |   |                                              |   |   |   |   |
| NET      INVESTMENT LOSS          | (2,244,506)                                  |   | (3,616,907)                                       |   | (7,726,955) |   | (11,582,120) |
|                              |                                         |   |                                              |   |   |   |   |
| TRADING      RESULTS              |                                         |   |                                              |   |   |   |   |
| Trading      profit (loss):       |                                         |   |                                              |   |   |   |   |
| Realized                          | 514,502                                      |   | 8,099,386                                         |   | (5,580,913) |   | 15,011,020 |
| Net      change in unrealized     | 4,130,247                                    |   | (14,322,798)                                      |   | 3,308,268 |   | (2,788,670) |
|                              |                                         |   |                                              |   |   |   |   |
| Total      Trading Results        | 4,644,749                                    |   | (6,223,412)                                       |   | (2,272,645) |   | 12,222,350 |
|                              |                                         |   |                                              |   |   |   |   |
| NET      INCOME (LOSS)            | 2,400,243                                    |   | (9,840,319)                                       |   | (9,999,600) |   | 640,230 |
|                              |                                         |   |                                              |   |   |   |   |
| NET      INCOME (LOSS) ALLOCATION |                                         |   |                                              |   |   |   |   |
|                              |                                         |   |                                              |   |   |   |   |
| Limited      Partners             | 2,376,331                                    |   | (9,732,603)                                       |   | (9,898,260) |   | 639,412 |
| General      Partner              | 23,912                                       |   | (107,716)                                         |   | (101,340) |   | 818 |
|                              |                                         |   |                                              |   |   |   |   |
| NET      INCOME (LOSS) PER UNIT   |                                         |   |                                              |   |   |   |   |
|                              |                                         |   |                                              |   |   |   |   |
| Limited      Partners             | 0.23                                         |   | (0.55)                                            |   | (0.87) |   | 0.01 |
| General      Partner              | 0.23                                         |   | (0.55)                                            |   | (0.87) |   | 0.01 |
|                              |                                         |   |                                              |   |   |   |   |
|                              | Units                                        |   | Units                                             |   | Units |   | Units |
| WEIGHTED      AVERAGE NUMBER      |                                         |   |                                              |   |   |   |   |
| OF      UNITS OUTSTANDING         | 10,664,854.740                               |   | 17,453,401.888                                    |   | 11,520,339.552 |   | 19,984,618.812 |

----

|                          | Units      of   |   |         |   |        |   |         |
|-------------------------------|-----------------|--------|--------------|--------|-------------|--------|--------------|
|                          | Partnership     |   | Limited      |   | General     |   |         |
|                          | Interest        |   | Partners     |   | Partner     |   | Total        |
|                          |            |   | $            |   | $           |   | $            |
| Partners’      Capital, |            |   |         |   |        |   |         |
| December      31, 2007        | 24,174,180.736  |   | 266,111,229  |   | 2,994,652   |   | 269,105,881  |
|                          |            |   |         |   |        |   |         |
| Net      Income               | –         |   | 639,412      |   | 818         |   | 640,230      |
|                          |            |   |         |   |        |   |         |
| Redemptions                   | (7,463,850.372) |   | (82,643,328) |   | (1,002,926) |   | (83,646,254) |
|                          |            |   |         |   |        |   |         |
| Partners’      Capital, |            |   |         |   |        |   |         |
| September      30, 2008       | 16,710,330.364  |   | 184,107,313  |   | 1,992,544   |   | 186,099,857  |
|                          |            |   |         |   |        |   |         |
|                          |            |   |         |   |        |   |         |
|                          |            |   |         |   |        |   |         |
|                          |            |   |         |   |        |   |         |
| Partners’      Capital, |            |   |         |   |        |   |         |
| December      31, 2008        | 13,466,174.194  |   | 145,023,184  |   | 1,475,280   |   | 146,498,464  |
|                          |            |   |         |   |        |   |         |
| Net      Loss                 | –         |   | (9,898,260)  |   | (101,340)   |   | (9,999,600)  |
|                          |            |   |         |   |        |   |         |
| Redemptions                   | (3,026,348.289) |   | (31,400,508) |   | (304,685)   |   | (31,705,193) |
|                          |            |   |         |   |        |   |         |
| Partners’      Capital, |            |   |         |   |        |   |         |
| September      30, 2009       | 10,439,825.905  |   | 103,724,416  |   | 1,069,255   |   | 104,793,671  |

----

|                                                      | For the Nine Months Ended September      30, |
|-----------------------------------------------------------|----------------------------------------------|
|                                                      |                                         |   |   |
|                                                      | 2009                                         |   | 2008 |
|                                                      | $                                            |   | $ |
| CASH      FLOWS FROM OPERATING ACTIVITIES                 |                                         |   |   |
|                                                      |                                         |   |   |
| Net      income (loss)                                    | (9,999,600)                                  |   | 640,230 |
| Noncash      item included in net income (loss):          |                                         |   |   |
| Net      change in unrealized                             | (3,308,268)                                  |   | 2,788,670 |
|                                                      |                                         |   |   |
| (Increase)      decrease in operating assets:             |                                         |   |   |
| Restricted      cash                                      | (4,089,077)                                  |   | 9,755,900 |
| Net      premiums paid for options purchased              | (70,059)                                     |   | 524,567 |
| Interest      receivable (MS&Co.)                     | (3,883)                                      |   | 680,470 |
|                                                      |                                         |   |   |
| Decrease      in operating liabilities:                   |                                         |   |   |
| Accrued      brokerage fees (MS&Co.)                  | (272,172)                                    |   | (454,719) |
| Accrued      management fees                              | (120,210)                                    |   | (200,834) |
| Net      premiums received from options written           | (137,498)                                    |   | (291,464) |
| Interest      payable                                     | (12,183)                                     |   | – |
|                                                      |                                         |   |   |
| Net      cash provided by (used for) operating activities | (18,012,950)                                 |   | 13,442,820 |
|                                                      |                                         |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES                 |                                         |   |   |
|                                                      |                                         |   |   |
| Cash      paid for redemptions of Units                   | (41,323,336)                                 |   | (88,832,113) |
|                                                      |                                         |   |   |
| Net      cash used for financing activities               | (41,323,336)                                 |   | (88,832,113) |
|                                                      |                                         |   |   |
| Net      decrease in unrestricted cash                    | (59,336,286)                                 |   | (75,389,293) |
|                                                      |                                         |   |   |
| Unrestricted      cash at beginning of period             | 155,972,722                                  |   | 261,151,086 |
|                                                      |                                         |   |   |
| Unrestricted      cash at end of period                   | 96,636,436                                   |   | 185,761,793 |
|                                                      |                                         |   |   |

----

| Futures and Forward    Contracts                              |                 Long      Unrealized                          Gain/(Loss) | Percentage      ofNet Assets                                           | Short  UnrealizedGain/(Loss)                                                        | Percentage      ofNet Assets                 | Net      Unrealized          Gain/(Loss)                          |
|---------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|----------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
|                                                          |                               $                                                                                                       | %                                                                      | $                                                                                             | %                                            |                         $ |
| September      30, 2009, Partnership Net Assets: $104,793,671 |                                                                                                                                                                                                                                                          |                                                                   |                                                                                          |                                         |                                                                                                                |
|                                                          |                                                                                                                                                                                                                                                          |                                                                   |                                                                                          |                                         |                                                                                                                |
| Commodity                                                     | (23,896)                                                                                                                                                                                                                                                      |          (0.02)                               | (239,646)                    |   (0.23)                           |   (263,542)                                                                           |
| Equity                                                        | 62,261                                                                                                                                                                                                                                                        |          0.06                                           | –                 | –                                      |          62,261                                                             |
| Foreign      currency                                         | 3,873,856                                                                                                                                                                                                                                                     |          3.70                                           | (27,012)                     | (0.03)                                       |    3,846,844                                                                |
| Interest      rate                                            |      367,184                                                                                                                                                                                                                         |     0.35                                                |          114,543                                                               |     0.11       |        481,727                                          |
|                                                          |                                                                                                                                                                                                                                                          |                                                                   |                                                                                          |                                         |                                                                                                                |
| Grand      Total:                                             |   4,279,405                                                                                                                                                                                                                                         |     4.09                                                |  (152,115)              | (0.15)                                       |       4,127,290                                         |
|                                                          |                                                                                                                                                                                                                                                          |                                                                   |                                                                                          |                                         |                                                                                                                |
| Unrealized      Currency Loss                                 |                                                                                                                                                                                                                                                          |                                                                   |                                                                                          |  (2.18)                                 |   (2,283,648)                                                                         |
|                                                          |                                                                                                                                                                                                                                                          |                                                                   |                                                                                          |                                         |                                                                                                                |
| Total      Net Unrealized Gain on Open Contracts              |                                                                                                                                                                                                                                                          |                                                                   |                                                                                          |                                         |      1,843,642                                                         |
| Option Contracts                                              | Fair Value                                                                                                                                                                                                                                                    | Percentage      ofNet Assets                                           |                                                                                          |                                         |                                                                                                                |
|                                                          | $                                                                                                                                                                                                                                         | %                                                                      |                                                                                          |                                         |                                                                                                                |
| Options      purchased on Futures Contracts                   | –                                                                                                                                                                                                | –                                                                |                                                                                          |                                         |                                                                                                                |
| Options      purchased on Forward Contracts                   |  91,792                                                                                                                                                                                                     | 0.09                                                                   |                                                                                          |                                         |                                                                                                                |
| Options      written on Futures Contracts                     |          –                                                                                                                                                              | –                                                                |                                                                                          |                                         |                                                                                                                |
| Options      written on Forward Contracts                     | (73,925)                                                                                                                                                                                                                                                      | (0.07)                                                                 |                                                                                          |                                         |                                                                                                                |
|                                                          |                                                                                                                                                                                                                                                          |                                                                   |                                                                                          |                                         |                                                                                                                |
| Futures and Forward    Contracts                              |               Long Unrealized              Gain                                                                                                                               | Percentage      ofNet Assets                                           | Short  UnrealizedLoss                                                               | Percentage      ofNet Assets                 | Net      Unrealized                Gain/(Loss)                    |
|                                                          |             $                                                                                                                                                                                                                   | %                                                                      | $                                                                                             | %                                            |                   $                                     |
| December      31, 2008, Partnership Net Assets: $146,498,464  |                                                                                                                                                                                                                                                          |                                                                   |                                                                                          |                                         |                                                                                                                |
|                                                          |                                                                                                                                                                                                                                                          |                                                                   |                                                                                          |                                         |                                                                                                                |
| 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              |                                                                                                                                                                                                                                                          |                                                                   |                                                                                          |                                         |   (1,493,452)                                                                                   |
| Option Contracts                                              | Fair Value                                                                                                                                                                                                                                                    | Percentage      ofNet Assets                                           |                                                                                          |                                         |                                                                                                                |
|                                                          |  $                                                                                                                                                                                                                                                       | %                                                                      |                                                                                          |                                         |                                                                                                                |
| 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)   | 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. |
|----------------|----------------------------------------------|

|               | Net Unrealized Gains/(Losses) on Open      Contracts | Longest Maturities        |
|--------------------|------------------------------------------------------|---------------------------|
| Date               | Exchange-Traded                                      |  Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded |
|               | $                                                    | $                         | $ |   |   |
| Sep.      30, 2009 | (2,003,127)                                          | 3,846,769                 | 1,843,642 | Dec.      2010 | Dec.      2009 |
| Dec.      31, 2008 | (2,252,566)                                          | 759,114                   | (1,493,452) | Sep.      2009 | Mar.      2009 |

----

----

----

| Futures and Forward    Contracts                 | Long      Unrealized                               Gain  | Long      Unrealized                        Loss |  Short      Unrealized                       Gain             |   | Short Unrealized            Loss                                                                                                  |        Net   Unrealized                   Gain/(Loss) | Total      number of outstandingcontracts      (absolute quantity) |
|--------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|
|                                             |                                    $ |                         $                        |                               $ |   |                   $                                                                                      |                      $                                          |                                                               |
| Commodity                                        | 83,172                                                                                                                                                                                | (107,068)                                                                                                                                  | 42,850                                                                                                                                                  |   | (282,496)                                                                                                                                                            | (263,542)                                                                                                                                  | 301                                                                |
| Equity                                           | 204,373                                                                                                                                                                               | (142,112)                                                                                                                                  | –                                                                                                                                                 |   | –                                                                                                                                                              | 62,261                                                                                                                                     | 822                                                                |
| Foreign      currency                            | 3,933,200                                                                                                                                                                             | (59,344)                                                                                                                                   | 92,670                                                                                                                                                  |   | (119,682)                                                                                                                                                            | 3,846,844                                                                                                                                  | 3,990                                                              |
| Interest      rate                               |    393,908                                                                                                                                                             |     (26,724)                                                                                                           |     114,543                                                                                                                         |   |                           –       |       481,727                                                                                                | 2,142                                                              |
| Total                                            | 4,614,653                                                                                                                                                                             |    (335,248)                                                                                                                |    250,063                                                                                                                               |   | (402,178)                                                                                                                                                            | 4,127,290                                                                                                                                  |                                                               |
|                                             |                                                                                                                                                                                  |                                                                                                                                       |                                                                                                                                                    |   |                                                                                                                                                                 |                                                                                                                                       |                                                               |
| Unrealized      currency loss                    |                                                                                                                                                                                  |                                                                                                                                       |                                                                                                                                                    |   |                                                                                                                                                                 | (2,283,648)                                                                                                                                |                                                               |
| Total      net unrealized gain on open contracts |                                                                                                                                                                                  |                                                                                                                                       |                                                                                                                                                    |   |                                                                                                                                                                 |     1,843,642                                                                                                          |                                                               |

| Option      Contracts at Fair Value |                                              |   |   |   |   |   |   |
|-------------------------------------|---------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Options      purchased              | $91,792        |   |   |   |   |   |   |
| Options      written                | $(73,925)                                         |   |   |   |   |   |   |

----

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

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

----

----

|                                             | Quoted      Prices in Active Markets for Identical Assets(Level 1)      | Significant      Other Observable Inputs(Level 2) | Significant      Unobservable Inputs(Level 3) |   | Total           |
|--------------------------------------------------|-------------------------------------------------------------------------|---------------------------------------------------|-----------------------------------------------|--------|-----------------|
|                                             | $                                    | $                                                 |                                          |   | $               |
| Assets                                           |                                                                    |                                              |                                          |   |            |
| Net      unrealized gain (loss) on opencontracts |  (2,003,127)          |  3,846,769                                   |  n/a                                     |   |  1,843,642 |
| Options      purchased                           | –                                                                 | 91,792                                            | n/a                                           |   | 91,792          |
|                                             |                                                                    |                                              |                                          |   |            |
| Liabilities                                      |                                                                    |                                              |                                          |   |            |
| Options      written                             | –                                                                 | 73,925                                            | n/a                                           |   | 73,925          |

|                                             | Quoted      Prices in Active Markets for Identical Assets(Level 1)                        | Significant      Other Observable Inputs(Level 2) | Significant      Unobservable Inputs(Level 3) |   | Total             |
|--------------------------------------------------|-------------------------------------------------------------------------------------------|---------------------------------------------------|-----------------------------------------------|--------|-------------------|
|                                             | $                                                                                         | $                                                 |                                          |   | $                 |
| Assets                                           |                                                                                      |                                              |                                          |   |              |
| Net      unrealized gain (loss) on opencontracts |  (2,252,566)             |  759,114                                     |  n/a                                     |   |  (1,493,452) |
| Options      purchased                           |                –                       | 33,971                                            | n/a                                           |   | 33,971            |
|                                             |                                                                                      |                                              |                                          |   |              |
| Liabilities                                      |                                                                                      |                                              |                                          |   |              |
| Options      written                             |                –                       | 194,835                                           | n/a                                           |   | 194,835           |

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| -      32 - |
|-------------|

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| Primary      Market          | September      30, 2009 | September      30, 2008 |
|------------------------------|-------------------------|-------------------------|
| Risk Category                | Value at Risk           | Value at Risk           |
|                         |                    |                    |
| Equity                       | (2.40)%                 | (0.18)%                 |
|                         |                    |                    |
| Currency                     | (1.25)                  | (0.47)                  |
|                         |                    |                    |
| Interest      Rate           | (0.82)                  | (0.54)                  |
|                         |                    |                    |
| Commodity                    | (0.54)                  | (0.19)                  |
|                         |                    |                    |
| Aggregate      Value at Risk | (2.82)%                 | (0.53)%                 |

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

| ·   | past      changes in market risk factors will not always result in accurate      predictions of the distributions and correlations of future market      movements; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | changes      in portfolio value caused by market movements may differ from those of the      VaR model; |
|--------------------|---------------------------------------------------------------------------------------------------------|

| ·   | VaR      results reflect past market fluctuations applied to current trading      positions while future risk depends on future  positions; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | VaR      using a one-day time horizon does not fully capture the market risk of      positions that cannot be liquidated or hedged within one day;      and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the      historical market risk factor data used for VaR estimation may provide      only limited insight into losses that could be incurred under certain      unusual market movements. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

| 32.01 | Certification      of President of Demeter Management LLC, the general partner of the      Partnership, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to      Section 906 of the Sarbanes-Oxley Act of2002. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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|                   | Morgan      Stanley Smith Barney Charter Campbell L.P. |                         |
|------------------------|--------------------------------------------------------|------------------------------|
|                   | (Registrant)                                           |                         |
|                   |                                                   |                         |   |
|                   | By:                                                    | Demeter      Management LLC  |   |
|                   |                                                   | (General      Partner)       |   |
|                   |                                                   |                         |   |
| November      12, 2009 | By:                                                    | /s/Christian      Angstadt   |   |
|                   |                                                   | Christian      Angstadt      |   |
|                   |                                                   | Chief      Financial Officer |   |