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, 2007 or

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from               to__________________

Commission File Number 0-50064

	MORGAN STANLEY CHARTER CAMPBELL L.P.

	(Exact name of registrant as specified in its charter)


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

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

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





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

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

Yes    X       	No___________

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

Large accelerated filer___Accelerated filer____Non-accelerated filer X

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




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

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	March 31, 2007
<caption>


PART I. FINANCIAL INFORMATION

				<c>
Item 1. Financial Statements

		Statements of Financial Condition as of March 31, 2007
 		(Unaudited) and December 31, 2006..........................2

		Statements of Operations for the Quarters Ended
		March 31, 2007 and 2006 (Unaudited)........................3

		Statements of Changes in Partners? Capital for the
Quarters Ended March 31, 2007 and 2006 (Unaudited) ........4

		Statements of Cash Flows for the Quarters Ended
		March 31, 2007 and 2006 (Unaudited)........................5

		Notes to Financial Statements (Unaudited)...............6-13

Item 2.	Management?s Discussion and Analysis of
			Financial Condition and Results of Operations.......14-22

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk.........................................22-35

Item 4.	Controls and Procedures.............................35-36

Item 4T.	Controls and Procedures................................36


PART II. OTHER INFORMATION

Item 1A.Risk Factors...........................................37

Item 6.	Exhibits...............................................38
</table>


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

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

	March 31,	      December 31,
	          2007         	                2006
	$	    $
	(Unaudited)
ASSETS

	<c>	<c>

Equity in futures interests trading accounts:
	Unrestricted cash	349,877,474	355,636,882
	Restricted cash	    12,883,787	    37,612,693

	    Total cash	   362,761,261	  393,249,575

	Net unrealized gain on open contracts (MS&Co.)	3,698,942	  23,915,253
	Net unrealized gain (loss) on open contracts (MSIL)	             21,372	       (205,700)

	     Total net unrealized gain on open contracts	        3,720,314  	    23,709,553

	Net option premiums	          158,889	       125,257

	     Total Trading Equity	366,640,464	417,084,385

Interest receivable (Morgan Stanley DW)	       1,592,971     	      1,680,668

	     Total Assets	   368,233,435 	  418,765,053
LIABILITIES AND PARTNERS? CAPITAL

Liabilities

Redemptions payable	6,564,224	8,950,399
Accrued brokerage fees (Morgan Stanley DW)	1,891,221	1,930,134
Accrued management fees	         835,289	       852,475

	     Total Liabilities	      9,290,734	   11,733,008

Partners? Capital

Limited Partners (29,160,835.136 and
	  30,763,739.696 Units, respectively)	355,029,284	402,578,194
General Partner (321,434.055 and
	  340,349.055 Units, respectively)	       3,913,417	       4,453,851
	     Total Partners? Capital	    358,942,701	  407,032,045
	     Total Liabilities and Partners? Capital	   368,233,435	  418,765,053
NET ASSET VALUE PER UNIT	              12.17	            13.09
<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,


                                                                         		        2007    	       2006
                                                                               	                    $		     $

		<c>			<c>
INVESTMENT INCOME
	Interest income (Morgan Stanley DW)		    4,769,991			   4,167,503

EXPENSES
	Brokerage fees (Morgan Stanley DW)		5,967,175	5,999,547
	Management fees	      	       2,635,502	   2,649,799

		Total Expenses		   8,602,677	   8,649,346

NET INVESTMENT LOSS	                                                       (3,832,686)	   (4,481,843)

TRADING RESULTS
Trading profit (loss):
	Realized		 (3,505,042)		(6,494,492)
	Net change in unrealized	   (19,989,239)		   27,661,643

   	       Total Trading Results		   (23,494,281)	   21,167,151


NET INCOME (LOSS) 	                            (27,326,967)	   16,685,308


NET INCOME (LOSS) ALLOCATION

	Limited Partners                                      		(27,024,862)	16,510,229
	General Partner                                      		  (302,105)	     175,079


NET INCOME (LOSS) PER UNIT

	Limited Partners                                                  		      (0.92)	0.53
	General Partner                                                   		               (0.92)	0.53



<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, 2007 and 2006
	(Unaudited)



<caption>

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


	<c>	<c>		<c>	<c>

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

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

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

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

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



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







<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,

     2007                         2006
	              $	         $


CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>

Net income (loss)	(27,326,967)	16,685,308
Noncash item included in net income (loss):
     Net change in unrealized	19,989,239	(27,661,643)

(Increase) decrease in operating assets:
     Restricted cash	24,728,906	16,905,783
     Net option premiums	(33,632)	82,643
     Interest receivable (Morgan Stanley DW)	87,697	(424,908)

Increase (decrease) in operating liabilities:
     Accrued brokerage fees (Morgan Stanley DW)	(38,913)	29,578
     Accrued management fees	         (17,186)	                13,063

Net cash provided by operating activities	   17,389,144	    5,629,824


CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units	-         	36,744,889
Cash paid for redemptions of Units	   (23,148,552)	   (17,685,283)

Net cash provided by (used for) financing activities	  (23,148,552)	    19,059,606

Net increase (decrease) in cash	(5,759,408)	24,689,430

Unrestricted cash at beginning of period	   355,636,882	   360,451,084

Unrestricted cash at end of period	   349,877,474	   385,140,514



<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, 2007
(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, 2006, 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. The Partnership is one of the Morgan Stanley
Charter Series of funds, comprised of the Partnership,
which effective as of May 1, 2006, no longer accepts any
subscriptions and exchanges of units of limited partnership
interest (?Unit(s)?) from any other Charter Series of Fund for
Units of the Partnership, Morgan Stanley Charter Graham L.P.,


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


Morgan Stanley Charter WCM L.P., and Morgan Stanley Charter Aspect
L.P.

The Partnership?s general partner is Demeter Management Corporation
(?Demeter?). Effective April 1, 2007, Morgan Stanley DW Inc.
(?Morgan Stanley DW?), which previously acted as the non-clearing
broker, was merged into Morgan Stanley & Co. Incorporated
(?MS&Co.?), which has assumed all of the responsibilities of
Morgan Stanley DW.  Upon completion of the merger, MS&Co. has
become the Partnership?s principal commodity broker-dealer and also
acts as the counterparty on all trading of foreign currency forward
contracts.  In addition, Morgan Stanley & Co. Inter-national
Limited (?MSIL?) serves as the commodity broker for trades on the
London Metal Exchange.  Effective April 13, 2007, Morgan Stanley &
Co. International Limited changed its name to Morgan Stanley & Co.
International plc.  Morgan Stanley Capital Group Inc. ("MSCG") acts
as the counterparty on all trading of options on foreign currency
forward contracts.  The commodity brokers prior to April 1, 2007,
were Morgan Stanley DW, MS&Co., and MSIL.  Demeter, MS&Co., MSIL,
and MSCG are wholly-owned subsidiaries of Morgan Stanley. Campbell
& Company, Inc. (?Campbell? or the ?Trading Advisor?) is the
trading advisor to the Partnership.


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


2.  Related Party Transactions
The Partnership?s cash is on deposit with Morgan Stanley DW
(through March 31, 2007), MS&Co., and MSIL in futures, forward, and
options trading accounts to meet margin requirements as needed.
Effective April 1, 2007, MS&Co. pays the Partnership monthly
interest income on 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 monthly
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. (Morgan Stanley DW, prior to April 1,
2007).  Prior to April 1, 2007, Morgan Stanley DW paid the
Partnership monthly interest income on 100% of its average daily
funds held at Morgan Stanley DW at a rate equal to that earned by
Morgan Stanley DW on its U.S. Treasury bill investments. In
addition, Morgan Stanley DW paid the Partnership interest received
from MS&Co. and MSIL with respect to such Partnership?s assets
deposited as margin.



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




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

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


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


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


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


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





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




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



	  Net Unrealized Gains
	on Open Contracts 	Longest Maturities
	  Exchange-	Off-Exchange-		  Exchange-	  Off-
Exchange-
Date	 Traded  	   Traded   	  Total	  Traded 	   Traded
	 $	$	  $

Mar. 31, 2007	1,394,054	2,326,260	3,720,314	Dec. 2007	Jun. 2007
Dec. 31, 2006	9,796,471	13,913,082	23,709,553	Sep. 2007	Mar. 2007

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

The Partnership also has credit risk because Morgan Stanley DW
(through March 31, 2007), MS&Co., MSIL, and/or MSCG act as the
futures commission merchants or the counterparties, with respect to
most of the Partnership?s assets. Exchange-traded futures,
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.  Morgan Stanley DW (through March
31, 2007), MS&Co., and MSIL, each as a futures commission merchant
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

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

their own assets, and for the sole benefit of their commodity
customers, all funds held by them with respect to exchange-traded
futures, exchange-traded forward, and exchange-traded futures-
styled options contracts, including an amount equal to the net
unrealized gains (losses) on all open exchange-traded futures,
exchange-traded forward, and exchange-traded futures-styled options
contracts, which funds, in the aggregate, totaled $364,155,315 and
$403,046,046 at March 31, 2007 and December 31, 2006, 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 Morgan Stanley DW
for the benefit of MS&Co.  With respect to those off-exchange-
traded forward currency contracts, the Partnership is at risk to
the ability of MS&Co., the sole counterparty on all such contracts,
to perform.  With respect to those off-exchange-traded forward
currency option contracts, the Partnership is at risk to the
ability of MSCG, the


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

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, should materially decrease the Partnership?s credit risk
in the event of MS&Co.?s or MSCG?s bankruptcy or insolvency.

4.  New Accounting Developments
In July 2006, the Financial Accounting Standards Board (?FASB?)
issued interpretation No. 48, ?Accounting for Uncertainty in
Income Taxes ? an interpretation of FASB Statement 109? (?FIN
48?).  FIN 48 clarifies the accounting for income taxes by
prescribing the minimum recognition threshold a tax position must
meet before being recognized in the financial statements.  FIN 48
is effective for the Partnership as of January 1, 2007.  Based on
its analysis, management believes that the adoption of FIN 48
will not impact the Partnership?s Financial Statements.

In September 2006, the FASB issued SFAS No. 157, ?Fair Value
Measurements? (?SFAS No. 157?).  SFAS No. 157 defines fair
value, establishes a framework for measuring fair value, and
expands disclosures about fair value measurements.  SFAS No. 157 is
effective for the Partnership as of January 1, 2008.  The impact to
the Partnership?s Financial Statements, if any, is currently being
assessed.
<page>
Item 2.  MANAGEMENT?S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS

Liquidity.  The Partnership deposits its assets with Morgan Stanley
DW (through March 31, 2007), MS&Co., and MSIL 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 <page>
trading.  These market conditions could prevent the Partnership
from promptly liquidating its futures or options contracts and
result in restrictions on redemptions.

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

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

Capital Resources.  The Partnership does not have, nor 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, 2007, and
2006, 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 13 of this report are
prepared in accordance with accounting principles generally
accepted in the United States of America, which require the use
of certain accounting policies that affect the amounts reported
in these Financial Statements, including the following:  The
contracts the Partnership trades are accounted for on a trade-
date basis and marked to market on a daily basis.  The difference
between their cost and market value is recorded on the Statements
of Operations as ?Net change in unrealized trading profit (loss)?
for open (unrealized) contracts, and recorded as ?Realized
trading profit (loss)? when open positions are closed out.  The
sum of these amounts constitutes the Partnership?s trading
results.  The market value of a futures contract is the
settlement price on the exchange on which that futures contract
is traded on a particular day.  The value of 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, 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.
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
<page> 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
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
<page> 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,
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.


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

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

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

<page> The futures, forwards, and options on such contracts
traded by the Partnership involve varying degrees of related
market risk.  Market risk is often dependent upon changes in the
level or volatility of interest rates, exchange rates, and prices
of financial instruments and commodities, factors that result in
frequent changes in the fair value of the Partnership?s open
positions, and consequently in its earnings, whether realized or
unrealized, and cash flow.  Gains and losses on open positions of
exchange-traded futures, exchange-traded forward, and exchange-
traded futures-styled options contracts are settled daily through
variation margin.  Gains and losses on off-exchange-traded
forward currency contracts and forward currency options contracts
are settled upon termination of the contract.  However, the
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 Morgan Stanley DW for the benefit of MS&Co.

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

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

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

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

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

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

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

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

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

The Partnership?s Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership?s open positions as a percentage of total Net Assets
<page> by primary market risk category at March 31, 2007 and
2006. At March 31, 2007, and 2006, the Partnership?s total
capitalization was approximately $359 million and $432 million,
respectively.



Primary Market             March 31, 2007      March 31, 2006
Risk Category	  	       Value at Risk        Value at Risk

Currency					(1.08)%	  	    	(1.84)%

Equity					(0.68)			(0.95)

Interest Rate				(0.34) 			(0.63)

Commodity		  			(0.12)   	      	(0.59)

Aggregate Value at Risk		(1.24)%  		    	(2.55)%

The VaR for a market category represents the one-day downside risk
for the aggregate exposures associated with this market category.
The Aggregate Value at Risk listed above represents the VaR of the
Partnership?s open positions across all the market categories, and
is less than the sum of the VaRs for all such market categories due
to the diversification benefit across asset classes.

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

<page> The table below supplements the quarter-end VaR set forth
above by presenting the Partnership?s high, low, and average VaR,
as a percentage of total Net Assets for the four quarter-end
reporting periods from April 1, 2006, through March 31, 2007.


Primary Market Risk Category	High	Low	Average
Currency	(1.30)%	(0.86)%	(1.08)%
Equity	(1.95)	(0.14)	(1.04)
Interest Rate	(1.76)	(0.28)	(0.78)
Commodity`	(0.73)	(0.12)	(0.47)
Aggregate Value at Risk	(3.04)%	(1.24)%	(1.99)%

Limitations on Value at Risk as an Assessment of Market Risk
VaR models permit estimation of a portfolio?s aggregate market risk
exposure, incorporating a range of varied market risks, reflect
risk reduction due to portfolio diversification or hedging
activities, and can cover a wide range of portfolio assets.
However, VaR risk measures should be viewed in light of the
methodology?s limitations, which include, but may not be limited to
the following:
*	past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
*	changes in portfolio value caused by market movements may
differ from those of the VaR model;

<page>
*	VaR results reflect past market fluctuations applied to
current trading positions while future risk depends on future
positions;
*	VaR using a one-day time horizon does not fully capture the
market risk of positions that cannot be liquidated or hedged
within one day; and
*	the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.

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

The VaR tables provided present the results of the Partnership?s
VaR for each of the Partnership?s market risk exposures and on an
aggregate basis at March 31, 2006, and for the four quarter-end
reporting periods from April 1, 2006, through March 31, 2007.  VaR
is not necessarily representative of the Partnership?s historic
risk, nor should it be used to predict the Partnership?s future
financial performance or its ability to manage or monitor risk.
There can be no assurance that the Partnership?s actual losses on a
particular day will not exceed the VaR amounts indicated above or
that such losses will not occur more than once in 100 trading days.
<page>
Non-Trading Risk
The Partnership has non-trading market risk on its foreign cash
balances.  These balances and any market risk they may represent
are immaterial.

The Partnership also maintains a substantial portion of its
available assets in cash at MS&Co. (Morgan Stanley DW, prior to
April 1, 2007); as of March 31, 2007, such amount is 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
<page> forward-looking statements within the meaning of Section
27A of the Securities Act and Section 21E of the Securities
Exchange Act. The Partnership?s primary market risk exposures, as
well as the strategies used and to be used by Demeter and the
Trading Advisor for managing such exposures, are subject to
numerous uncertainties, contingencies and risks, any one of which
could cause the actual results of the Partnership?s risk controls
to differ materially from the objectives of such strategies.
Government interventions, defaults and expropriations, illiquid
markets, the emergence of dominant fundamental factors, political
upheavals, changes in historical price relationships, an influx
of new market participants, increased regulation, and many other
factors could result in material losses, as well as in material
changes to the risk exposures and the risk management strategies
of the Partnership. Investors must be prepared to lose all or
substantially all of their investment in the Partnership.

The following were the primary trading risk exposures of the
Partnership at March 31, 2007, 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, 2007, 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, <page> as well as political and general economic
conditions influence these fluctuations.  At March 31, 2007, the
Partnership?s major exposure was to outright U.S. dollar
positions.  Outright positions consist of the U.S. dollar vs.
other currencies.  These other currencies include major and minor
currencies.  Demeter does not anticipate that the risk associated
with the Partnership?s currency trades will change significantly
in the future.


Equity.  The second largest market exposure of the Partnership at
March 31, 2007, 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, 2007, the Partnership?s primary exposures
were to the DAX (Germany), Euro Stoxx 50 (Europe), Nikkei 225
(Japan), CAC 40 (France), FTSE 100 (United Kingdom), S&P 500
(U.S.), IBEX 35 (Spain), Hang Seng (China), SPI 200 (Australia),
NASDAQ 100 (U.S.), and Taiwan (Taiwan) stock indices.  The
Partnership is exposed to the risk of adverse price trends or
static markets in the European, U.S., Chinese, Australian, and
Japanese stock indices. Static markets would not cause major
market changes, but would make it difficult for the Partnership
to avoid trendless price movements, resulting in numerous small
losses.
<page>
Interest Rate.  The third largest market exposure of the
Partnership at March 31, 2007, was to the global interest rate
sector.  Exposure was primarily spread across the U.S., Japanese,
European, Australian, and Canadian interest rate sectors.
Interest rate movements directly affect the price of the
sovereign bond futures positions held by the Partnership and
indirectly affect the value of its stock index and currency
positions.  Interest rate movements in one country, as well as
relative interest rate movements between countries, materially
impact the Partnership?s profitability. The Partnership?s primary
interest rate exposure is generally to interest rate fluctuations
in the U.S. and the other G-7 countries.  However, the
Partnership also takes futures positions in the government debt
of smaller countries ? e.g., Australia.  Demeter anticipates that
the G-7 countries? interest rates will remain the primary
interest rate exposure of the Partnership for the foreseeable
future.  The speculative futures positions held by the
Partnership may range from short to long-term instruments.
Consequently, changes in short, medium, or long-term interest
rates may have an effect on the Partnership.

Commodity.
Metals.	At March 31, 2007, the Partnership had market
exposure in the metals sector.  The Partnership's metals
exposure was to fluctuations in the price of base metals,
such as copper and zinc and precious metals, such as gold.
<page> Economic forces, supply and demand inequalities,
geopolitical factors, and market expectations influence
price movements in these markets.  The Trading Advisor
utilizes its trading system(s) to take positions when market
opportunities develop, and Demeter anticipates that the
Partnership will continue to do so.

Energy.  At March 31, 2007, the Partnership had market
exposure to the energy sector.  The Partnership?s energy
exposure was primarily to futures contracts in crude oil and
its related products, and natural gas.  Price movements in
these markets result from geopolitical developments,
particularly in the Middle East, as well as weather patterns
and other economic fundamentals. Significant profits and
losses, which have been experienced in the past, are
expected to continue to be experienced in the future.
Natural gas has exhibited volatility in prices resulting
from weather pattern and supply and demand factors and will
likely continue in this choppy pattern.

   Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at March 31, 2007:

Foreign Currency Balances. The Partnership?s primary foreign
currency balances at March 31, 2007, were in euros, Japanese
yen, British pounds, Hong Kong dollars, Australian dollars,
<page> Canadian dollars, and Swiss francs.  The Partnership
controls the non-trading risk of foreign currency balances
by regularly converting them back into U.S. dollars upon
liquidation of their respective positions.


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

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

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

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

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.  There have been
no other material changes from the risk factors previously
referenced in the Partnership?s Report on Form 10-K for the fiscal
year ended December 31, 2006.














<page>
Item 6.  EXHIBITS
31.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
32.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
32.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.







<page>



SIGNATURE



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




                     Morgan Stanley Charter Campbell L.P.
                     (Registrant)

                     By: Demeter Management Corporation
                         (General Partner)

May 15, 2007         By:/s/ Lee Horwitz
  	    Lee Horwitz
                            Chief Financial Officer





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



















? 50 ?


? 6 ?


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