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, 2008 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 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, 2008
<caption>


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

				<c>
		Statements of Financial Condition as of March 31, 2008
 		(Unaudited) and December 31, 2007...........................2

		Statements of Operations for the Quarters
		Ended March 31, 2008 and 2007 (Unaudited)...................3

		Statements of Changes in Partners? Capital for the
Quarters Ended March 31, 2008 and 2007 (Unaudited)..........4

		Statements of Cash Flows for the Quarters Ended
		March 31, 2008 and 2007 (Unaudited).........................5

		Condensed Schedules of Investments as of March 31, 2008
		(Unaudited) and December 31, 2007...........................6

		Notes to Financial Statements (Unaudited)................7-16

Item 2.	Management?s Discussion and Analysis of
			Financial Condition and Results of Operations....... 17-25

Item 3.	Quantitative and Qualitative Disclosures About
			Market Risk..........................................25-38

Item 4.	Controls and Procedures.................................38

Item 4T.	Controls and Procedures.................................39


PART II. OTHER INFORMATION

Item 1A.Risk Factors............................................40

Item 5.	Other Information....................................41-42

Item 6.	Exhibits.............................................42-43

</table>


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

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

	March 31,	      December 31,
	          2008         	                2007
	$	    $
	(Unaudited)
ASSETS

	<c>	<c>

Trading Equity:
	Unrestricted cash	237,952,680	261,151,086
	Restricted cash	    12,462,520	    24,139,711

	    Total cash	   250,415,200	    285,290,797

	Net unrealized loss on open contracts (MS&Co.)	(2,153,870)	     (4,690,428)
	Net unrealized gain (loss) on open contracts (MSIP)	       (139,133)	          42,048

	     Total net unrealized loss on open contracts	    (2,293,003)	     (4,648,380)

	Options purchased (proceeds paid $97,869 and
        $566,281, respectively)	       100,919	                       425,159

	     Total Trading Equity	248,223,116	281,067,576

Interest receivable (MS&Co.)	            348,140	          842,283

	     Total Assets	   248,571,256	   281,909,859
LIABILITIES AND PARTNERS? CAPITAL
Liabilities

Redemptions payable	10,402,153	10,555,801
Accrued brokerage fees (MS&Co.)	1,238,881	1,430,423
Accrued management fees	547,172	631,770
Options written (premiums received $64,983 and
   $317,779, respectively)	          41,294	                       185,984

	     Total Liabilities	    12,229,500	   12,803,978

Partners? Capital

Limited Partners (20,913,260.969 and
	23,905,166.681 Units, respectively)	233,695,386	266,111,229
General Partner (236,822.055 and
	 269,014.055 Units, respectively)	      2,646,370	     2,994,652

	     Total Partners? Capital	   236,341,756	   269,105,881
	     Total Liabilities and Partners? Capital	   248,571,256	   281,909,859

NET ASSET VALUE PER UNIT	              11.17	              11.13
<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,


                                                                         		        2008    	       2007
                                                                               	                    $		     $

		<c>		<c>.
INVESTMENT INCOME
	Interest income (MS&Co.)		    1,518,437			    4,769,991

EXPENSES
	Brokerage fees (MS&Co.)		3,871,091	5,967,175
	Management fees	      	     1,709,732	      2,635,502

		Total Expenses		    5,580,823	   8,602,677

NET INVESTMENT LOSS	                                                       (4,062,386)	     (3,832,686)

TRADING RESULTS
Trading profit (loss):
	Realized		2,644,207		 (3,505,042)
	Net change in unrealized	   2,397,862		   (19,989,239)

   	       Total Trading Results		   5,042,069	   (23,494,281)


NET INCOME (LOSS) 	                             979,683	     (27,326,967)


NET INCOME (LOSS) ALLOCATION

	Limited Partners                                      		969,799	(27,024,862)
	General Partner                                      		9,884	     (302,105)


NET INCOME (LOSS) PER UNIT

	Limited Partners                                                  		    0.04	 (0.92)
	General Partner                                                   		            0.04	 (0.92)

	                                                                            Units     	                             Units
WEIGHTED AVERAGE NUMBER
	OF UNITS OUTSTANDING                          	   22,661,604.202	              30,257,479.726


<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, 2008 and 2007
	(Unaudited)

<caption>



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

	<c>	<c>		<c>	<c>
Partners? Capital,
   December 31, 2006	31,104,088.751	402,578,194	4,453,851	407,032,045

Net Loss                                                                ?                    (27,024,862)	(302,105)	(27,326,967)

Redemptions	 (1,621,819.560)	 (20,524,048)	  (238,329)	   (20,762,377)

Partners? Capital,
March 31, 2007	 29,482,269.191	  355,029,284	 3,913,417	 358,942,701





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







<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,

                                                2008                         2007
	              $	         $


	<c>	<c>
CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)	979,683	(27,326,967)
Noncash item included in net income (loss):
     Net change in unrealized	(2,397,862)	 19,989,239

(Increase) decrease in operating assets:
     Restricted cash	 11,677,191	25,662,906
     Net option proceeds	222,035	(33,632)
     Interest receivable (MS&Co.)	494,143	 87,697

Decrease in operating liabilities:
     Accrued brokerage fees (MS&Co.)	(191,542)	 (38,913)
     Accrued management fees	         (84,598)	               (17,186)

Net cash provided by operating activities	    10,699,050	  18,323,144


CASH FLOWS FROM FINANCING ACTIVITIES

Cash paid for redemptions of Units	   (33,897,456)	   (23,148,552)

Net cash used for financing activities	   (33,897,456)	   (23,148,552)

Net decrease in unrestricted cash	(23,198,406)	(4,825,408)

Unrestricted cash at beginning of period	                                            261,151,086	    354,629,882

Unrestricted cash at end of period	                                                 237,952,680  	     349,804,474




<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, 2008 (Unaudited) and December 31, 2007
<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, 2008, Partnership Net Assets:  $236,341,756





<c>
<c>
<c>
<c>
<c>
Commodity
   (445,330)
       (0.19)
    (153,494)
      (0.07)
   (598,824)
Equity
      91,198
        0.04
 (1,599,102)
      (0.68)
 (1,507,904)
Foreign currency
 2,057,717
        0.87
    (571,867)
      (0.24)
 1,485,850
Interest rate
   (767,772)
       (0.32)
     157,223
       0.07
    (610,549)






     Grand Total:
    935,813
        0.40
  (2,167,240)
      (0.92)
  (1,231,427)

     Unrealized Currency Loss





  (1,028,418)

     Total Net Unrealized Loss



   (2,259,845)







December 31, 2007, Partnership Net Assets:  $269,105,881









Commodity
    935,918
        0.35
    (478,491)
       (0.18)
    457,427
Equity
    815,999
        0.30
       12,433
        0.01
    828,432
Foreign currency
(6,222,055)
       (2.31)
     904,438
        0.34
 (5,317,617)
Interest rate
    687,429
        0.25
   (260,170)
       (0.10)
    427,259






     Grand Total:
(3,782,709)
       (1.41)
    178,210
        0.07
  (3,604,499)

     Unrealized Currency Loss





 (1,053,208)

     Total Net Unrealized Loss



  (4,657,707)


<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, 2008
(Unaudited)
The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the results of operations and financial condition
of Morgan Stanley Charter Campbell L.P. (the ?Partnership?).  The
financial statements and condensed notes herein should be read in
conjunction with the Partnership?s December 31, 2007, 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"). 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?).  Effective as of May 1,
2006, the Partnership no longer accepts any subscriptions and
exchanges of units of limited partnership interest ("Unit(s)")
from any other Charter Series for Units of the Partnership.
<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 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 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/paid from writing/purchasing options are
recorded as liabilities/assets on the Statements of Financial
Condition and are subsequently adjusted to current values.  The
difference between the current value of an option and the premium
received/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.  Demeter, MS&Co., MSIP, and MSCG 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.  MS&Co. pays the Partnership at each month
end interest income on an amount equal to the commodity brokers?
margin requirements on the Partnership?s current futures, forward,
and options contracts at a rate approximately equivalent to the
rate the commodity brokers pay other similar customers on margin
deposits.  In addition, MS&Co. pays the Partnership at each month
end interest income on the Partnership?s funds in excess of such
current margin requirements but available to satisfy margin
requirements 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.  The
2004 through 2007 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 and the potential inability of counterparties
to perform under the terms of the contracts.  There are numerous
factors which may significantly influence the market value of
these contracts, including interest rate volatility.

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


<page> MORGAN STANLEY CHARTER CAMPBELL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
market value of off-exchange-traded contracts is based on the
fair market 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 No. 133,
"Accounting for Derivative Instruments and Hedging Activities"
("SFAS No. 133").  SFAS No. 133 defines a derivative as a
financial instrument or other contract that has all three of the
following characteristics:


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


Generally, derivatives include futures, forward, 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:

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


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

Mar. 31, 2008	(3,745,687)	1,485,842	(2,259,845)	Dec. 2008	Jun. 2008
Dec. 31, 2007	660,093	(5,317,800)	(4,657,707)	Sep. 2008	Mar. 2008

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

The Partnership also has credit risk because 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,

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


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 $246,669,513 and
$285,950,890 at March 31, 2008, and December 31, 2007,
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,
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

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

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.



5.  New Accounting Developments
In September 2006, the Financial Accounting Standards Board
(?FASB?) issued Statement of Financial Accounting Standards No.
157 (?SFAS? 157?), ?Fair Value Measurements?.  SFAS 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 ? quoted market prices in active markets for
identical assets and liabilities; Level 2 ? inputs other than
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).


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



Demeter evaluated the impact of adopting SFAS 157 on the
Partnership?s financial statements.  The Partnership adopted SFAS
157 as of January 1, 2008.  Based on its analysis, the effect of
applying SFAS 157 to the investments included in the financial
statements does not have a material impact on the Partnership?s
financial statements.

The following table summarizes the valuation of the Partnership?s
investments by the above SFAS 157 fair value hierarchy as of
March 31, 2008:
<table> <caption>



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>
Unrealized gain(loss) on open contracts
$      (3,745,687)
 $     1,426,217
 n/a

 $   (2,319,470)
Options purchased
            ?
        100,919
 n/a

         100,919
    Total Assets
$      (3,745,687)
  $    1,527,136
 n/a

    $   (2,218,551)






Liabilities





Options written
         ?
$         41,294
 n/a

    $         41,294






Net unrealized gain(loss) on open





  Contracts
$      (3,745,687)
$    1,485,842
 n/a

$   (2,259,845)
</table>
In March 2008, the FASB issued SFAS No. 161, Disclosures about
Derivative Instruments and Hedging Activities (?SFAS 161?).  SFAS
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 (CONCLUDED)



used; and their effects on a Partnership?s financial position,
financial performance, and cash flows.  SFAS 161 is effective for
financial statements issued for fiscal years beginning after
November 15, 2008, and interim periods within those fiscal years.
The Partnership is currently evaluating the impact that the
adoption of SFAS No. 161 will have on its financial statement
disclosures.

6.  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 London Metal Exchange positions.  All
of these amounts are maintained separately.  Cash that is not
classified as restricted cash is therefore classified as
unrestricted cash.

7.  Reclassification
Certain prior year amounts relating to cash balances were
reclassified on the Statements of Cash Flows to conform to 2008
presentation.  Such reclassification has no impact on the
Partnership?s reported net income (loss).

<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 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.  Effective May 1, 2006, Demeter no
longer accepts any subscriptions for Units in the Partnership or
<page> any exchanges from other Morgan Stanley Charter Series of
funds for Units of the Partnership.

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

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

Results of Operations
General.  The Partnership?s results depend on the Trading Advisor
and the ability of the Trading Advisor?s trading program to take
advantage of price movements in the futures, forward, and options
markets.  The following presents a summary of the Partnership?s
operations for the three month periods ended March 31, 2008 and
2007, and a general discussion of its trading activities during
each period.  It is important to note, however, that the Trading
Advisor trades in various markets at different times and that
prior activity in a particular market does not mean that such
market will be actively traded by the Trading Advisor or will be
profitable in the future. Consequently, the results of operations
of the Partnership are difficult to discuss other than in the
context of the Trading Advisor?s trading activities on behalf of
<page> the Partnership during the period in question.  Past
performance is no guarantee of future results.

The Partnership?s results of operations set forth in the
Financial Statements on pages 2 through 16 of this report are
prepared in accordance with accounting principles generally
accepted in the United States of America, which require the use
of certain accounting policies that affect the amounts reported
in these Financial Statements, including the following:  The
contracts the Partnership trades are accounted for on a trade-
date basis and marked to market on a daily basis.  The difference
between their cost and market value is recorded on the Statements
of Operations as ?Net change in unrealized trading gain (loss)?
for open (unrealized) contracts, and recorded as ?Realized
trading gain (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, incentive fees, and brokerage
fees expenses of the Partnership are recorded on an accrual
basis.

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

For the Quarter Ended March 31, 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 may 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
<page> approximately 1.1% within the global interest rate sector
throughout the quarter from short positions in European,
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. may reduce
energy consumption.

For the Quarter Ended March 31, 2007
The Partnership recorded total trading results including interest
income totaling $(18,724,290) and expenses totaling $8,602,677,
resulting in a net loss of $27,326,967 for the quarter ended
March 31, 2007. The Partnership?s net asset value per Unit
decreased from $13.09 at December 31, 2006, to $12.17 at March
31, 2007.

The most significant trading losses of approximately 3.4% in the
currency sector were from long positions in euro versus the U.S.
<page> dollar as the value of the U.S. dollar strengthened
against these currencies during January after a government report
showed stronger-than-expected U.S. job growth, cooling
speculation that the U.S. Federal Reserve would cut interest
rates in the near- term. Additionally, the value of the U.S.
dollar continued to move higher against most of its major rivals
after a report showed the U.S. index of leading economic
indicators rose in December and news that the U.S. trade gap
contracted for a third consecutive month in November, reaching
its narrowest point since July 2005. Additional losses were
experienced in February and March from short positions in the
Japanese yen versus the U.S. dollar as the value of the yen
reversed sharply higher amid an almost 10% drop in the Shanghai
stock market and a warning from Rodrigo Rato, Managing Director
of the International Monetary Fund, that a weak Japanese yen
"could lead to more entrenched exchange rate misalignments that
worsen global imbalances", encouraging traders to unwind short
positions in the Japanese yen against most of its major rivals.
As a result, the yen saw its biggest daily gain against the U.S.
dollar since December 2005.  Furthermore, investor speculation
that consistently strong economic data out of Japan might force
the Bank of Japan to continue raising interest rates in order to
combat possible inflation pushed the value of the yen higher.
Further losses in the currency market were incurred during
February and March from short positions in the Canadian dollar
versus the U.S. dollar as the value of the Canadian dollar
increased in tandem with rising energy prices.  Within the global
<page> interest rate sector, losses of approximately 2.1% were
recorded from short positions in the U.S. and European interest
rate futures as prices reversed sharply higher primarily during
late February and early March from a worldwide ?flight-to-
quality? after a sell-off in the global equity markets that began
on February 27, 2007, following comments from former U.S. Federal
Reserve Chairman Alan Greenspan that the U.S. economy could be
due for a recession.  In addition, concerns that tighter credit
conditions in China and Japan might dampen global growth first
sent Chinese stock markets plunging before the sell-off spread to
other equity markets.  Losses of approximately 1.0% were
experienced in the energy sector primarily during January from
long positions in crude oil and its related products as prices
moved lower on skepticism that OPEC might cut production as much
as originally pledged.  Prices were pressured lower after U.S.
government data showed a larger-than- expected increase in
domestic inventories and a report which showed a decrease in U.S.
fuel consumption.  Losses of approximately 0.2% were recorded in
the metals sector from short positions in copper and zinc futures
as prices moved higher on continued speculation that low
stockpiles and supply disruptions would create a supply shortage.
Further losses were recorded in March from short positions in
copper futures as prices rose after the release of stronger-than-
expected Chinese industrial data increased speculation that
demand would remain consistent in the near-term. A portion of the
Partnership?s losses for the quarter was offset by gains of
approximately 0.6% in the global stock index futures markets,
<page> primarily during January from long positions in German
equity index futures as stock prices climbed higher after news
that German business confidence rose to a record high.  Lastly,
short positions in U.S. stock index futures resulted in gains
during February as prices fell suddenly and sharply due to the
aforementioned factors that affected the currency and global
interest rate markets.


Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Introduction
The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards, and options.  The
market-sensitive instruments held by the Partnership are acquired
for speculative trading purposes only and, as a result, all or
substantially all of the Partnership?s assets are at risk of
trading loss.  Unlike an operating company, the risk of market-
sensitive instruments is inherent to the primary business
activity of the Partnership.

The futures, forwards, and options 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
<page> 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
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
<page> market risk is limited by the uncertainty of its
speculative trading.  The Partnership?s speculative trading and
use of leverage may cause future losses and volatility (i.e.,
?risk of ruin?) that far exceed the Partnership?s experience to
date under the ?Partnership?s Value at Risk in Different Market
Sectors? section and significantly exceed the Value at Risk
(?VaR?) tables disclosed.

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

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

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.

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

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

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

The Partnership?s Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership?s open positions as a percentage of total Net Assets
by primary market risk category at March 31, 2008 and 2007. At
March 31, 2008 and 2007, the Partnership?s total capitalization
was approximately $236 million and $359 million, respectively.









<page>
Primary Market            March 31, 2008       March 31, 2007
Risk Category	  	       Value at Risk        Value at Risk

Currency					(0.82)%			 (1.08)%

Equity					(0.52) 			 (0.68)

Interest Rate				(0.47) 	 	    	 (0.34)

Commodity		  			(0.15)   	      	 (0.12)

Aggregate Value at Risk		(0.88)%  		    	 (1.24)%



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 on such contracts, 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.

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, 2007, through March 31, 2008.
<page>
Primary Market Risk Category	High	Low	Average
Currency	(1.86)%	(0.62)%	(1.21)%
Equity	(0.84)	(0.38)	(0.54)
Interest Rate	(2.06)	(0.23)	(0.82)
Commodity	(0.31)	(0.10)	(0.21)
Aggregate Value at Risk	(2.43)%	(0.88)%	(1.58)%

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


<page>
*	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, 2007, and for the four quarter-end
reporting periods from April 1, 2007, through March 31, 2008.  VaR
is not necessarily representative of the Partnership?s historic
risk, nor should it be used to predict the Partnership?s future
financial performance or its ability to manage or monitor risk.
There can be no assurance that the Partnership?s actual losses on
a particular day will not exceed the VaR amounts indicated above
or that such losses will not occur more than once in 100 trading
days.

Non-Trading Risk
<page> 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, 2008, such
amount was equal to approximately 98% 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
strategies used and to be used by Demeter and the Trading   <page>
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, 2008, by market sector.  It may be
anticipated, however, that these market exposures will vary
materially over time.

Currency.  The largest market exposure of the Partnership at March
31, 2008, 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, 2008, the Partnership?s major
exposures were to euro and British pound currency crosses, as well
as to outright U.S. dollar positions.  Outright positions consist
<page> of the U.S. dollar vs. other currencies.  These other
currencies include major and minor currencies.  Demeter does not
anticipate that the risk associated with the Partnership?s
currency trades will change significantly in the future.


Equity.  The second largest market exposure of the Partnership at
March 31, 2008, 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, 2008, the Partnership?s primary exposures
were to the Nikkei 225 (Japan), FTSE 100 (United Kingdom), IBEX 35
(Spain), DAX (Germany), NASDAQ 100 (U.S.), Hang Seng (Hong Kong),
Euro Stox 50 (Europe), S&P 500 (U.S.), SPI 200 (Australia), and
Taiwan (Taiwan) stock indices.  The Partnership is exposed to the
risk of adverse price trends or static markets in the Japanese,
European, U.S., Hong Kong, Australian, and Taiwanese stock
indices. Static markets would not cause major market changes, but
would make it difficult for the Partnership to avoid trendless
price movements, resulting in numerous small losses.

Interest Rate.  The third largest market exposure of the
Partnership at March 31, 2008, was to the global interest rate
sector.  Exposure was primarily spread across the U.S., European,
Japanese, Australian, and Canadian interest rate sectors.  <page>
Interest rate movements directly affect the price of the sovereign
bond futures positions held by the Partnership and indirectly
affect the value of its stock index and currency positions.
Interest rate movements in one country, as well as relative
interest rate movements between countries, materially impact the
Partnership?s profitability. The Partnership?s primary interest
rate exposure is generally to interest rate fluctuations in the
U.S. and the other G-7 countries.  However, the Partnership also
takes futures positions in the government debt of smaller
countries ? e.g., Australia.  Demeter anticipates that the G-7
countries? interest rates will remain the primary interest rate
exposure of the Partnership for the foreseeable future.  The
speculative futures positions held by the Partnership may range
from short to long-term instruments. Consequently, changes in
short, medium, or long-term interest rates may have an effect on
the Partnership.

Commodity.
Energy.   At March 31, 2008, the Partnership had market
exposure to the energy sector.  The Partnership?s energy
exposure was primarily to futures contracts in crude oil and
its related products, and natural gas.  Price movements in
these markets result from geopolitical developments,
particularly in the Middle East, as well as weather patterns
and other economic fundamentals. Significant profits and
losses, which have been experienced in the past, are expected
to continue to be experienced in the future.  Natural gas has
<page> 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, 2008, the Partnership had market
exposure in the metals sector.  The Partnership's metals
exposure was to fluctuations in the price of base metals,
such as copper and zinc.  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, 2008:

Foreign Currency Balances. The Partnership?s primary foreign
currency balances at March 31, 2008, were in euros,
Australian dollars, British pounds, Japanese yen, Hong Kong
dollars, Swiss francs, 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 and trading approaches, and by
monitoring the performance of the Trading Advisor daily.  In
addition, the Trading Advisor establishes diversification
guidelines, often set in terms of the maximum margin to be
committed to positions in any one market sector or market-
sensitive instrument.

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

Information regarding risk factors appears in Item 2.
?Management?s Discussion and Analysis of Financial Condition and
Results of Operations? and Item 3. ?Quantitative and Qualitative
Disclosures about Market Risk? of this Form 10-Q, the
Partnership?s Report on Form 10-K for the fiscal year ended
December 31, 2007, There have been no other 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, 2007.




<page>
Item 5.  OTHER INFORMATION
Management.  Effective March 20, 2008, Mr. Michael Durbin, age
40, was named a Director of Demeter, subject to approval by the
National Futures Association.  Mr. Durbin is a Managing Director
of Morgan Stanley and has been Chief Operating Officer of
National Sales since February 2008.  Mr. Durbin joined Morgan
Stanley in 1990 and has served in a succession of leadership
positions in both its institutional and wealth management
businesses, most recently as head of Global Wealth Management
Group Capital Markets from October 2007 to February 2008.  Mr.
Durbin also served as Head of Equity Products and Services from
March 2006 to October 2007, Head of International Private Wealth
Management from May 2005 to March 2006, Chief Strategic and Risk
Officer of Global Wealth Management Group from September 2004 to
May 2005, and Chief Administrative Officer of each of Private
Wealth Management and Global Wealth Management Group from January
2002 to September 2004.  Mr. Durbin received his B.B.A. from the
University of Notre Dame in 1990 and an M.B.A. from the New York
University in 1998.

Effective March 20, 2008, Mr. Jose Morales, age 31, was named a
Director of Demeter, subject to approval by the National Futures
Association.  Mr. Morales is a Vice President at Morgan Stanley
and has headed the Product Development Group for the firm?s
<page> Global Wealth Management business since August 2007.  Mr.
Morales joined the firm in September 1998 as an analyst in the
investment management division, and subsequently held positions
in the Morgan Stanley Investment Management Global Product
Development Group from May 2000 to December 2003, in the Global
Wealth Management Product Development Group from December 2003 to
June 2006, and in Global Wealth Management Alternative
Investments Product Development & Management from June 2006 to
August 2007.  Mr. Morales is a member of the Global Wealth
Management New Products Committee and the Consulting Services Due
Diligence Committee.  Prior to his appointment as a Director of
Demeter, Mr. Morales served as a member of the Managed Futures
Investment Management Committee from March 2005 to March 2008.
Mr. Morales received an M.B.A. with a concentration in Finance
from the NYU Stern School of Business in June 2007 and a B.S. in
International Business Administration with a concentration in
Economics from Fordham University in 1998.

Effective April 1, 2008, Mr. Andrew Saperstein no longer serves
as a Director of Demeter.

Item 6.  EXHIBITS
31.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.

<page>
31.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002.
32.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002.
32.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.







<page>

SIGNATURE



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




                     Morgan Stanley Charter Campbell L.P.
                     (Registrant)

                     By: Demeter Management Corporation
                         (General Partner)

May 15, 2008         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.



















? 6 ?


? 6 ?

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



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