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

	FORM 10-K/A
(Amendment No. 1)

[X]	Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 [No Fee Required]
For the year ended December 31, 2006 or

[ ]	Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 [No Fee Required]
For the transition period from ________________to___________________

Commission File Number 0-25603

	MORGAN STANLEY CHARTER GRAHAM L.P.

(Exact name of registrant as specified in its Limited Partnership Agreement)

		DELAWARE		        				13-4018068
(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

Securities registered pursuant to Section 12(b) of the Act:

									  Name of each exchange
    Title of each class 						   on which registered

		None								    None

Securities registered pursuant to Section 12(g) of the Act:

	Units of Limited Partnership Interest

	(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.  Yes          No  X

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.  Yes          No  X

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 if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant?s knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment of
this Form 10-K. [X]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer.  See definitions 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 Act).  Yes       No  X

State the aggregate market value of the Units of Limited Partnership Interest
held by non-affiliates of the registrant.  The aggregate market value shall be
computed by reference to the price at which Units were sold as of the last
business day of the registrant?s most recently completed second fiscal quarter:
$429,720,991 at June 30, 2006.




EXPLANATORY NOTE

This Annual Report on Form 10-K/A (?Form 10-K/A?) is being
filed as Amendment No. 1 to our Annual Report on Form 10-K
for the year ended December 31, 2006, which was filed with
the Securities and Exchange Commission on March 9, 2007 (the
?Original Filing?).  This Form 10-K/A is a technical
amendment to add as Exhibit 13.01 the Annual Report to
Limited Partners for the year ended December 31, 2006.  The
referenced exhibit was inadvertently omitted from the
electronically filed document.

This form 10-K/A only adds the referenced exhibit, and we
have not modified or updated other disclosures presented in
our Original Filing.  Accordingly, this Amendment No. 1 does
not reflect events occurring after the filing of our Original
Filing and does not modify or update those disclosures
affected by subsequent events. Information not affected by
this amendment is unchanged and reflects the disclosures made
at the time of the Original Filing.

































                              SIGNATURES

Pursuant to the requirements of Sections 13 or 15(d) 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 GRAHAM L.P.
					(Registrant)

				BY:	Demeter Management Corporation,
					General Partner

March 23, 2007        BY:   /s/ Lee Horwitz                     ___
                                Lee Horwitz, Chief Financial Officer









































EXHIBIT INDEX
ITEM
13.01	December 31, 2006, Annual Report to Limited Partners is
filed herewith.
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
is filed herewith.
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 is filed herewith.
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 is filed
herewith.
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 is filed herewith.






<PAGE>

                                                                 Morgan Stanley
                                                                 Charter Series

  December 31, 2006
  Annual Report

    [LOGO]

<PAGE>

MORGAN STANLEY CHARTER SERIES

HISTORICAL FUND PERFORMANCE

Presented below is the percentage change in Net Asset Value per Unit from the
start of every calendar year each Fund has traded. Also provided is the
inception-to-date return and the compound annualized return since inception for
each Fund. Past performance is no guarantee of future results.

<TABLE>
<CAPTION>
                                                                                                       INCEPTION-  COMPOUND
                                                                                                        TO-DATE   ANNUALIZED
                   1994    1995 1996 1997 1998   1999    2000  2001    2002   2003  2004   2005  2006    RETURN     RETURN
FUND                %       %    %    %    %      %       %     %       %      %     %      %     %        %          %
----------------------------------------------------------------------------------------------------------------------------
<S>              <C>       <C>  <C>  <C>  <C>  <C>       <C>  <C>    <C>      <C>   <C>   <C>    <C>   <C>        <C>
Charter Campbell    --      --  --    --  --      --      --    --    (4.2)   16.3   3.9   9.7    3.1     30.9       6.5
                                                                     (3 mos.)
----------------------------------------------------------------------------------------------------------------------------
Charter Aspect..   (7.3)   21.9 4.0  26.2 5.1    (9.2)   23.8 (3.3)    29.1   (5.1) (5.6) (19.6) 10.5     73.8       4.4
                 (10 mos.)
----------------------------------------------------------------------------------------------------------------------------
Charter Graham..    --      --  --    --  --      2.9    22.0  9.7     36.8   16.1   1.3  (16.1)  4.6     94.6       8.9
                                               (10 mos.)
----------------------------------------------------------------------------------------------------------------------------
Charter WCM.....    --      --  --    --  --     (7.2)   12.1 (11.3)   21.1   (0.6) (5.3) (0.6)  (2.4)    2.1        0.3
                                               (10 mos.)
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

DEMETER MANAGEMENT CORPORATION

330 Madison Avenue, 8th Floor
New York, NY 10017
Telephone (212) 905-2700

MORGAN STANLEY CHARTER SERIES
ANNUAL REPORT
2006

Dear Limited Partner:
  This marks the fifth annual report for Morgan Stanley Charter Campbell L.P.,
the thirteenth annual report for Morgan Stanley Charter Aspect L.P., and the
eighth annual report for Morgan Stanley Charter Graham L.P. and Morgan Stanley
Charter WCM L.P. The Net Asset Value per Unit for each of the four Charter
Series Funds ("Funds") as of December 31, 2006 was as follows:

<TABLE>
<CAPTION>
                                                % CHANGE
                        FUNDS            N.A.V. FOR YEAR
                        --------------------------------
                        <S>              <C>    <C>
                        Charter Campbell $13.09    3.1%
                        --------------------------------
                        Charter Aspect   $17.38   10.5%
                        --------------------------------
                        Charter Graham   $19.46    4.6%
                        --------------------------------
                        Charter WCM      $10.21  (2.4)%
                        --------------------------------
</TABLE>

  Since its inception in October 2002, Charter Campbell has returned 30.9% (a
compound annualized return of 6.5%). Since its inception in March 1994, Charter
Aspect has returned 73.8% (a compound annualized return of 4.4%). Since their
inception in March 1999, Charter Graham has returned 94.6% (a compound
annualized return of 8.9%) and Charter WCM has returned 2.1% (a compound
annualized return of 0.3%).

  Detailed performance information for each Fund is located in the body of the
financial report. For each Fund, we provide a chart that portrays trading gains
and trading losses for the year in each sector in which the Fund participates.

  The trading results by sector charts indicate the year-to-date composite
percentage returns generated by the specific assets dedicated to trading within
each market sector in which each Fund participates. Please note that there is
not an equal amount of assets in each market sector, and the specific
allocations of assets by a Fund to each sector will vary over time within
a predetermined range. Below each chart is a description of the factors that
influenced trading gains and trading losses within each Fund during the year.

  Effective September 15, 2006, Demeter Management Corporation ("Demeter"), the
general partner of Morgan Stanley Charter MSFCM L.P. ("Charter MSFCM"), decided
to remove VK Capital, Inc. ("VK Capital") as the sole trading advisor to
Charter MSFCM. Consequently, VK Capital ceased all futures interests trading on
behalf of Charter MSFCM as of that date.

<PAGE>

On October 16, 2006, Demeter and Aspect Capital Limited ("Aspect") entered into
a management agreement in which Charter MSFCM was renamed to Morgan Stanley
Charter Aspect L.P. ("Charter Aspect"), also pursuant to the management
agreement, Aspect trades the Net Assets of Charter Aspect pursuant to its
Diversified Program. Charter Aspect pays Aspect a monthly management fee equal
to  1/12 of 2% ( a 2% annual rate) of the Partnership's Net Assets under
management by Charter Aspect as of the first day of each month, as well as, an
incentive fee equal to 20% of the trading profits earned by Charter Aspect as
of the end of each month.

  Effective September 30, 2006, Demeter the general partner of Morgan Stanley
Charter Millburn L.P. ("Charter Millburn"), decided to remove Millburn
Ridgefield Corporation ("Millburn") as the sole trading advisor to Charter
Millburn. Consequently, Millburn ceased all futures interests trading on behalf
of Charter Millburn as of that date. On October 13, 2006, Demeter and Winton
Capital Management Limited ("Winton") entered into a management agreement in
which Charter Millburn was renamed to Morgan Stanley Charter WCM L.P. ("Charter
WCM"), also pursuant to the management agreement, Winton trades the Net Assets
of Charter WCM pursuant to its Diversified Trading Program. Charter WCM pays
Winton a monthly management fee equal to  1/12 of 2% ( a 2% annual rate) of the
Partnership's Net Assets under management by Charter WCM as of the first day of
each month, as well as, an incentive fee equal to 20% of the trading profits
earned by Charter WCM as of the end of each month.

  Should you have any questions concerning this report, please feel free to
contact Demeter Management Corporation, 330 Madison Ave., 8th Floor, New York,
NY 10017, or your Morgan Stanley Financial Advisor.

  I hereby affirm, that to the best of my knowledge and belief, the information
contained in this report is accurate and complete. Past performance is no
guarantee of future results.

Sincerely,
/s/ Walter J. Davis
Walter J. Davis
Chairman of the Board of Directors and President
Demeter Management Corporation,
General Partner of
Morgan Stanley Charter Campbell L.P.
Morgan Stanley Charter Aspect L.P.
Morgan Stanley Charter Graham L.P.
Morgan Stanley Charter WCM L.P.

<PAGE>

                      This page intentionally left blank.




<PAGE>

MORGAN STANLEY CHARTER CAMPBELL L.P.

                         [CHART]

                Year ended December 31, 2006
               ------------------------------
Currencies               2.57%
Interest Rates           2.89%
Stock Indices            6.95%
Energies                -6.65%
Metals                   2.02%


Note:Reflects trading results only and does not include fees or interest income.

FACTORS INFLUENCING ANNUAL TRADING GAINS:
..  The most significant trading gains were recorded in the global stock index
   markets during the first quarter from long positions in European and U.S.
   stock index futures as global equity prices trended higher on strong
   corporate earnings and consistently strong economic data out of the U.S. and
   European Union. Also supporting the move higher in European equity index
   futures prices was news that German business sentiment had risen to its
   highest level since October 1991. During September, additional gains were
   recorded from long positions in European and U.S. equity index futures as
   prices increased amid falling oil prices, merger and acquisition activity,
   and the decision by the European Central Bank to leave interest rates
   unchanged. Finally, in December, long positions in European, Pacific Rim,
   and U.S. equity index futures resulted in gains as prices advanced due to a
   decline in oil prices and speculation that the U.S. Federal Reserve could
   possibly cut interest rates in the near future. Furthermore, Pacific Rim
   stock markets strengthened after consumer spending continued to pick up in
   China and Japan, Asia's two biggest economies.

..  Within the global interest rate sector, gains were recorded from short
   positions in U.S. interest rate futures during the first and second quarter
   as prices trended lower amid strength in the global equity markets and
   general sentiment that the U.S. Federal Reserve would keep lifting interest
   rates in order to stave off inflation. In December, further gains were
   experienced in the global interest rate sector from short positions in U.S.
   fixed-income futures as prices trended lower after data indicating strong
   jobs creation and another survey showed increased confidence in the labor
   market.

<PAGE>

MORGAN STANLEY CHARTER CAMPBELL L.P.

FACTORS INFLUENCING ANNUAL TRADING GAINS: (continued)


..  Within the currency sector, gains were experienced due to long U.S. dollar
   positions relative to the New Zealand dollar in March as the value of the
   U.S. dollar moved higher amid expectations that the U.S. Federal Reserve
   would continue lifting U.S. interest rates to fend off inflation. In
   addition, the value of the New Zealand dollar was pulled lower on negative
   economic data out of that country. During November, short positions in the
   U.S. dollar versus the euro and the Australian dollar experienced gains as
   the value of the U.S. dollar declined against these currencies on news that
   foreign central banks would begin to more aggressively diversify reserves
   away from the U.S. dollar. Finally, the value of the U.S. dollar dropped
   sharply against the euro at the end of the month on expectations that the
   European Central Bank would continue to raise interest rates, rising home
   prices, merger and acquisition activity in the United Kingdom, and a
   marginal decline in unemployment within Germany and France.

..  Within the metals sector, additional gains were recorded, primarily during
   March, April, and May, from long futures positions in copper and zinc as
   prices advanced on a strong U.S. manufacturing survey from the Institute of
   Supply Management, news that China's pace of industrial production remained
   strong, and increasing demand from the U.S., China, and India.

FACTORS INFLUENCING ANNUAL TRADING LOSSES:
..  Trading losses were incurred in the energy markets during February from long
   futures positions in crude oil and its related products as prices declined
   early in the month on reduced fears about a possible supply disruption to
   Iranian oil. Prices continued to decline after Chinese government
   authorities announced that China would place an emphasis on prospecting
   alternative energy sources in the future. Losses were also recorded during
   August and September from long futures positions in crude oil and its
   related products as prices reversed lower after remarks by the U.S.
   Department of Energy Secretary Samuel Bodman suggested there were adequate
   supplies to make up for the loss of output due to British Petroleum's recent
   pipeline shutdown in Alaska. Additionally, prices were pressured lower after
   reports of a terrorist plot to attack U.S.-bound flights from the United
   Kingdom increased concerns that demand for oil would weaken. Prices
   continued to move lower towards the latter half of August and into September
   after news of an official cease-fire between Israel and Hezbollah militants
   in Lebanon and as OPEC reduced its 2006 oil demand growth forecast. Lastly,
   additional losses were incurred in December from long positions in crude oil
   futures as prices declined due to mild weather across the U.S. Northeast.


<PAGE>

MORGAN STANLEY CHARTER ASPECT L.P.

                         [CHART]

                    Year ended December 31, 2006
                    ----------------------------
Currencies                    -0.41%
Interest Rates                 3.74%
Stock Indices                  0.39%
Energies                      -0.36%
Metals                         9.15%
Agriculturals                  0.73%

Note:Reflects trading results only and does not include fees or interest income.

FACTORS INFLUENCING ANNUAL TRADING GAINS:
..  The most significant trading gains were recorded in the metals sector,
   primarily during the first and second quarters, from long positions in
   copper, nickel, aluminum, gold, and silver futures. During the first
   quarter, copper, aluminum, and nickel futures prices strengthened amid weak
   supplies, forecasts for continued buying by China, and acceleration in
   demand from Japan, Europe, and the U.S. Elsewhere in the metals markets,
   gains were recorded from long positions in silver and gold futures as prices
   moved higher on persistent demand from foreign central banks and worries
   regarding global inflation. In addition, silver prices were also boosted
   after news that a silver-backed Exchange Traded Fund would launch. During
   the second quarter, copper, nickel, and aluminum futures prices continued to
   move higher on strong global industrial demand from the U.S., China, and
   India, while gold and silver futures prices both rallied to 25-year highs in
   April, benefiting from strong demand and lagging supply.

..  Additional trading gains were recorded in the global interest rate futures
   markets, primarily during the first half of the year, from short positions
   in U.S. and European interest rate futures as prices moved lower during
   March and April amid strength in regional equity markets and investor
   sentiment that interest rates in the United States and the European Union
   would rise in order to combat inflation. Smaller gains were experienced in
   August from long positions in Japanese and U.S. fixed-income futures as
   prices increased on higher demand amid concerns of a possible slowing of the
   global economy and news that Iran would continue its nuclear research
   program. In addition, Japanese fixed-income futures prices were pressured
   higher after lower than expected inflation data dampened expectations for
   another interest rate hike by the Bank of Japan.

<PAGE>

MORGAN STANLEY CHARTER ASPECT L.P.

FACTORS INFLUENCING ANNUAL TRADING GAINS: (continued)


..  Within the agricultural complex, gains were recorded primarily during
   January from long positions in sugar futures as prices trended higher,
   moving to their highest level since 1981, in response to a decline in
   inventories, as well as from increased ethanol demand. Additional gains were
   experienced in July and August from short positions in sugar futures as
   prices were pressured lower following the U.S. Department of Agriculture
   data showing that ethanol-production using sugarcane was more costly than
   previously expected, as well as from low physical demand and high
   inventories.

..  Smaller gains were recorded in the global stock index sector from long
   positions in European and Asian stock index futures in January as global
   equity prices trended higher after a weaker than expected December U.S. jobs
   report raised hopes that the U.S. Federal Reserve would end its cycle of
   interest rate hikes sooner rather than later. In December, long positions in
   European and Asian equity index futures resulted in gains as prices moved
   higher, lifted by a decline in oil prices and speculation that the U.S.
   Federal Reserve could possibly cut interest rates in the near future.
   Additionally, European stocks gained on speculation of increased merger and
   acquisition activity in the region, while Pacific Rim stock markets ended
   higher as consumer spending continued to pick up in China and Japan.

FACTORS INFLUENCING ANNUAL TRADING LOSSES:
..  Trading losses were recorded in the currency sector from long U.S. dollar
   positions versus the euro and Australian dollar as the U.S. dollar's value
   reversed lower in January on expectations that a string of increases in
   interest rates by the U.S. Federal Reserve would end. Also pushing the value
   of the U.S. dollar lower against its rivals was speculation that China, with
   a massive U.S. dollar reserve, might diversify some of its assets into other
   currencies. In February, further losses were recorded from short U.S. dollar
   positions relative to the Australian dollar as the value of the U.S. dollar
   reversed higher due to predictions that U.S. interest rates would continue
   to increase. The value of the Australian dollar also moved lower in the wake
   of a temporary decline in gold prices. Further losses in the currency
   markets were recorded during May and June from long positions in the
   Australian dollar versus the U.S. dollar as the value of the U.S. dollar
   reversed higher after hawkish comments from several U.S. Federal Reserve
   officials implied another interest rate hike was necessary to help contain
   rising inflation. Losses were incurred during early July from short
   positions in the U.S. dollar against the euro and Swiss franc as the U.S.
   dollar strengthened against most of its major rivals following narrower than
   expected May U.S. trade deficit data. Meanwhile, the value of the euro was
   pressured lower after the European Central Bank decided to keep interest
   rates unchanged. Further losses were also recorded from short positions in
   the British pound versus the euro and the U.S. dollar as the British pound
   strengthened amid strong economic growth in the United Kingdom. Finally,
   during August, losses were incurred from short positions in the U.S. dollar
   versus the Swiss franc, euro, and Australian dollar as the U.S. dollar
   reversed higher in late August and early September after revisions to U.S.
   quarterly productivity data showed that unit labor costs had risen in 2006
   at the fastest pace since 1990.

..  Within the energy sector, further losses were recorded primarily during May
   from long futures positions in crude oil as prices fell on renewed optimism
   that the standoff between Iran and the West would be resolved
   diplomatically. During June, smaller losses were incurred from short futures
   positions in crude oil and its related products as prices reversed higher
   amid reports from the U.S. Department of Energy showing lower than expected
   levels of domestic gasoline inventories and fears of supply disruptions in
   the Gulf of Mexico.

<PAGE>

MORGAN STANLEY CHARTER GRAHAM L.P.

                          [CHART]

                           Year ended December 31, 2006
                           ----------------------------
Currencies                          -5.40%
Interest Rates                      -1.27%
Stock Indices                       12.76%
Energies                            -0.25%
Metals                               2.88%
Agriculturals                       -2.14%


Note:Reflects trading results only and does not include fees or interest income.

FACTORS INFLUENCING ANNUAL TRADING GAINS:
..  The most significant trading gains were recorded in the global stock index
   futures markets from long positions in European and Hong Kong stock index
   futures as prices trended higher during the first quarter on strong
   corporate earnings and solid economic data out of the European Union,
   Australia, Japan, and the United States. Further gains in the global stock
   index futures market were recorded during September from long positions in
   European and Pacific Rim equity index futures as prices climbed higher amid
   falling oil prices. Furthermore, prices increased on merger and acquisition
   activity and consistently strong economic data out of the Euro-Zone. In
   addition, Hong Kong equity index futures prices increased on an optimistic
   economic outlook for the region. Further gains were experienced in the
   global stock index futures markets during October from long positions in
   European and Hong Kong equity index futures after news of the world's
   largest initial public offering in China. Finally, in December, long
   positions in European and Pacific Rim equity index futures resulted in
   further gains as prices moved higher on weak energy prices and investor
   optimism about the future of the global economy.

..  Additional gains were experienced in the metals sector throughout the first
   half of the year from long zinc, copper, nickel, aluminum, and gold futures
   positions. Base metals prices rallied sharply to record highs amid an
   increase in industrial demand from strong global economic growth and limited
   production ability, while gold prices rose to 26-year highs due to continued
   geopolitical concerns regarding Iran's nuclear program and inflation
   concerns due to high oil prices. Additional gains were recorded from long
   positions in zinc and aluminum futures during October as prices rose amid
   labor protests in producer countries and news that inventories had declined
   more than expected.

<PAGE>

MORGAN STANLEY CHARTER GRAHAM L.P.



FACTORS INFLUENCING ANNUAL TRADING LOSSES:
..  Trading losses were recorded in the currency sector from long U.S. dollar
   positions versus the euro, Swiss franc, and Australian dollar as the U.S.
   dollar's value reversed lower against these currencies on news that foreign
   central banks would diversify their currency reserves away from the U.S.
   dollar. The U.S. dollar also weakened on worries regarding the U.S. trade
   deficit and speculation that the U.S. Federal Reserve was near the end of
   its cycle in interest rate increases. During June, long positions in the
   euro versus the U.S. dollar recorded losses as the U.S. dollar reversed
   higher against most of its rivals due to diplomatic developments made
   between the U.S. and Iran regarding Iran's nuclear research program, as well
   as news confirming the death of insurgent leader Abu Musab al-Zarqawi in
   Iraq. Furthermore, the value of the U.S. dollar continued to move higher in
   the days leading up to the U.S. Federal Reserve's 17th consecutive interest
   rate hike on June 29. Additional losses were incurred during the first and
   second quarters from both short and long positions in the Mexican peso
   relative to the U.S. dollar as the value of the peso moved without
   consistent direction amid political uncertainty in Mexico. Finally, in
   October, losses were experienced from long positions in the U.S. dollar
   versus the Swiss franc and the euro as the value of the U.S. dollar declined
   towards the latter half of the month after the U.S. Department of Commerce
   reported slower than expected growth in the third quarter U.S. Gross
   Domestic Product, as well as a faster than expected decline in consumer core
   inflation.

..  Additional losses were incurred in the agricultural complex from long
   positions in wheat futures as prices fell during March on forecasts for
   above average rainfall in U.S. growing regions. Additional losses were
   recorded during June from long positions in wheat as prices moved lower on
   favorable weather forecasts across the U.S. growing regions and reports from
   the U.S. Department of Agriculture showing improved crop conditions.
   Elsewhere in the agricultural complex, losses were incurred from short
   positions in coffee futures as prices reversed higher amid large U.S. export
   sales and news of a smaller than expected crop from Brazil.

..  Within the global interest rate sector, losses were incurred largely from
   short positions in U.S. and Japanese fixed-income futures in August as
   prices increased on higher demand amid concerns of a slowing global economy
   and news that Iran would continue its nuclear research program. U.S.
   interest rate futures prices were also pressured higher by government
   reports showing a slow-down in the U.S. economy and soft inflation data,
   which boosted expectations that the U.S. Federal Reserve would hold interest
   rates steady. Further losses were incurred from long positions in Japanese
   fixed income futures during December as prices fell after the Tankan survey
   showed business confidence unexpectedly improved to a two year high.

..  Smaller losses were incurred in the energy sector primarily during March
   from short positions in crude oil and unleaded gas futures as prices
   increased early in the month on supply fears fueled by news of geopolitical
   tensions in Nigeria and Iran. Prices then continued to move higher towards
   the end of March on concerns regarding the possibility of economic sanctions
   by the United Nations against Iran, one of the world's largest oil
   producers. Further losses were recorded during November from short positions
   in crude oil futures and its related products as prices rose on supply
   concerns after a major Nigerian facility ceased production following a
   hostage situation.

<PAGE>

MORGAN STANLEY CHARTER WCM L.P.

                         [CHART]

                 Year ended December 31, 2006
                 ----------------------------
Currencies                 -7.08%
Interest Rates             -4.18%
Stock Indices               4.69%
Energies                    1.40%
Metals                      6.21%
Agriculturals              -1.32%


Note:Reflects trading results only and does not include fees or interest income.

FACTORS INFLUENCING ANNUAL TRADING LOSSES:
..  The most significant trading losses were recorded in the currency markets
   during the first quarter from long U.S. dollar positions versus the Czech
   koruna, Norwegian krone, Swiss franc, Swedish krona, and Singapore dollar as
   the U.S. dollar's value reversed lower against these currencies during
   January on speculation that China, with a massive U.S. dollar reserve, would
   diversify some of its assets into other currencies. Additional losses in the
   currency markets were experienced during March from long positions in the
   Mexican peso versus the U.S. dollar as the value of the peso weakened on
   political uncertainty in Mexico, as well as during May from long positions
   in the Turkish lira and Mexican peso relative to the U.S. dollar as the
   value of these currencies declined sharply amid political uncertainty.
   During July, long positions in the euro versus the Mexican peso and the
   Turkish lira incurred losses as the value of the euro moved lower after the
   European Central Bank decided to keep its interest rate unchanged despite
   concerns about the rising core rate of inflation.

<PAGE>

MORGAN STANLEY CHARTER WCM L.P.

FACTORS INFLUENCING ANNUAL TRADING LOSSES: (continued)


..  Within the global interest rate sector, losses were experienced from short
   positions in U.S., European, and Canadian fixed-income futures in July as
   prices reversed higher on significant geopolitical concerns after North
   Korean long-range missile tests, terrorist bombings aboard commuter trains
   in Bombay, India and fears of an escalating conflict in the Middle East. In
   addition, prices were boosted by U.S. Federal Reserve Chairman Ben
   Bernanke's testimony before Congress, which eased fears of accelerating
   inflation and suggested that interest rate increases might come to a pause.
   Additional losses in the global interest rate sector were recorded in
   December from long positions in U.S., German, and Australian fixed income
   futures as prices declined due to strength from the equity markets. In
   addition, U.S. interest rate futures prices declined after data indicated
   strong jobs creation and another survey showed increased confidence in the
   labor market. Furthermore, German fixed-income futures prices moved lower
   after the European Central Bank lifted the benchmark interest rate to 3.5%,
   while Australian interest rate futures decreased amid consistently strong
   economic data leading investors to conclude that the Reserve Bank of
   Australia would potentially raise rates.

..  Additional losses were experienced from long positions in wheat and corn
   futures during the second quarter as prices moved lower on favorable weather
   forecasts across the U.S. corn and wheat belts and reports from the U.S.
   Department of Agriculture showing improved crop conditions. Elsewhere in the
   agricultural complex, short positions in soybean meal futures recorded
   losses, also during the second quarter, as prices benefited from large
   volumes of speculative buying. Further losses were incurred from short
   positions in live cattle futures as prices reversed higher, during the
   second quarter, after news that South Korea would resume the U.S. beef
   imports. In December, losses were recorded from short positions in cocoa
   futures as prices rose on speculation that production from the Ivory Coast
   was lower than expected.

FACTORS INFLUENCING ANNUAL TRADING GAINS:
..  Trading gains were experienced during the first half of the year, in the
   metals sector from long copper, zinc, and nickel futures positions as base
   metals prices rallied sharply to record highs amid strong global industrial
   demand from the U.S., China, and India. Elsewhere in the metals markets,
   gains were achieved from long futures positions in silver and gold as
   precious metals prices reached 26-year highs in May on persistent demand
   from foreign central banks. Additional gains were experienced from long
   positions in nickel futures during July and August as prices trended higher
   on reports of weak global stockpiles, consistently strong global demand and
   lower than forecasted production.

..  Within the global stock index sector gains were recorded during January and
   March from long positions in European, Hong Kong, South African, and
   Australian stock index futures as global equity prices trended higher during
   the first quarter on strong corporate earnings, and solid economic data.
   During September, additional gains were recorded from long positions in
   European equity index futures as prices increased amid falling oil prices,
   increased merger and acquisition activity, and the decision by the European
   Central Bank to leave interest rates unchanged. Elsewhere in the global
   stock index sector, gains were experienced throughout the third quarter from
   long positions in Hong Kong equity index futures as prices increased on an
   optimistic economic outlook for the region after Gross Domestic Product in
   China surged to 10.9% in the first six months of the year. Finally, in
   December, long positions in European and Pacific Rim equity index futures
   resulted in further gains as prices continued to move higher on lower energy
   prices, consistently strong economic data out of the Euro-Zone, and news
   that consumer spending continued to pick up in China and Japan. Smaller
   gains were incurred in the energy sector from short futures positions in
   natural gas and crude oil and its related products in December as prices
   decreased due to mild winter weather across the Northeastern United States.
   Furthermore, natural gas prices were pressured lower by news from the U.S.
   Department of Energy that domestic supplies were up 12% from a year earlier.

<PAGE>

MORGAN STANLEY CHARTER SERIES

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

  Demeter Management Corporation ("Demeter"), the general partner of Morgan
Stanley Charter Campbell L.P., Morgan Stanley Charter Aspect L.P. (formerly
Morgan Stanley Charter MSFCM L.P.), Morgan Stanley Charter Graham L.P., and
Morgan Stanley Charter WCM L.P. (formerly Morgan Stanley Charter Millburn L.P.)
(collectively, the "Partnerships"), is responsible for the management of the
Partnerships.

  Management of Demeter ("Management") is responsible for establishing and
maintaining adequate internal control over financial reporting. The internal
control over financial reporting is designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles.

  The Partnerships' internal control over financial reporting includes those
policies and procedures that:

..  Pertain to the maintenance of records that, in reasonable detail, accurately
   and fairly reflect the transactions and dispositions of the assets of the
   Partnerships;

..  Provide reasonable assurance that transactions are recorded as necessary to
   permit preparation of financial statements in accordance with generally
   accepted accounting principles, and that the Partnerships' transactions are
   being made only in accordance with authorizations of Management and
   directors; and

..  Provide reasonable assurance regarding prevention or timely detection of
   unauthorized acquisition, use or disposition of the Partnerships' assets
   that could have a material effect on the financial statements.

  Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.

<PAGE>

  Management assessed the effectiveness of each Partnership's internal control
over financial reporting as of December 31, 2006. In making this assessment,
Management used the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission in Internal Control--Integrated
Framework. Based on our assessment and those criteria, Management believes that
each Partnership maintained effective internal control over financial reporting
as of December 31, 2006.

  Deloitte & Touche LLP, the Partnerships' independent registered public
accounting firm, has issued an audit report on Management's assessment of the
Partnerships' internal control over financial reporting and on the
effectiveness of the Partnerships' internal control over financial reporting.
This report, which expresses unqualified opinions on Management's assessment
and on the effectiveness of the Partnerships' internal control over financial
reporting, appears under "Report of Independent Registered Public Accounting
Firm" on the following page.

/s/ Walter J. Davis

Walter J. Davis
President
Demeter Management Corporation

/s/ Lee Horwitz

Lee Horwitz
Chief Financial Officer
Demeter Management Corporation

New York, New York
February 28, 2007

<PAGE>

MORGAN STANLEY CHARTER SERIES

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Limited Partners and the General Partner of Morgan Stanley Charter
Campbell L.P., Morgan Stanley Charter Aspect L.P. (formerly Morgan Stanley
Charter MSFCM L.P.), Morgan Stanley Charter Graham L.P., and Morgan Stanley
Charter WCM L.P. (formerly Morgan Stanley Charter Millburn L.P.):

  We have audited management's assessment, included in the accompanying
Management's Report on Internal Control Over Financial Reporting, that Morgan
Stanley Charter Campbell L.P., Morgan Stanley Charter Aspect L.P., (formerly
Morgan Stanley Charter MSFCM L.P.), Morgan Stanley Charter Graham L.P., and
Morgan Stanley Charter WCM L.P. (formerly Morgan Stanley Charter Millburn L.P.)
(collectively, the "Partnerships") maintained effective internal control over
financial reporting as of December 31, 2006, based on criteria established in
Internal Control--Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission. The Partnerships' management is
responsible for maintaining effective internal control over financial reporting
and for its assessment of the effectiveness of internal control over financial
reporting. Our responsibility is to express an opinion on management's
assessment and an opinion on the effectiveness of the Partnerships' internal
control over financial reporting based on our audit.

  We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether
effective internal control over financial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal
control over financial reporting, evaluating management's assessment, testing
and evaluating the design and operating effectiveness of internal control, and
performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our
opinions.

  A company's internal control over financial reporting is a process designed
by, or under the supervision of, the company's principal executive and
principal financial officers, or persons performing similar functions, and
effected by the company's board of directors, management, and other personnel
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company's

<PAGE>

internal control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a
material effect on the financial statements.

  Because of the inherent limitations of internal control over financial
reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may not be
prevented or detected on a timely basis. Also, projections of any evaluation of
the effectiveness of the internal control over financial reporting to future
periods are subject to the risk that the controls may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.

  In our opinion, management's assessment that the Partnerships maintained
effective internal control over financial reporting as of December 31, 2006, is
fairly stated, in all material respects, based on the criteria established in
Internal Control--Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Also in our opinion, the Partnerships
maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2006, based on the criteria established in
Internal Control--Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission.

  We have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the financial statements as of and
for the year ended December 31, 2006 of the Partnerships and our report dated
February 28, 2007 expressed an unqualified opinion on those financial
statements.

/s/ Deloitte & Touche LLP

New York, New York
February 28, 2007

<PAGE>

MORGAN STANLEY CHARTER SERIES

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Limited Partners and the General Partner of Morgan Stanley Charter
Campbell L.P., Morgan Stanley Charter Aspect L.P. (formerly Morgan Stanley
Charter MSFCM L.P.), Morgan Stanley Charter Graham L.P., and Morgan Stanley
Charter WCM L.P. (formerly Morgan Stanley Charter Millburn L.P.):

  We have audited the accompanying statements of financial condition of Morgan
Stanley Charter Campbell L.P., Morgan Stanley Charter Aspect L.P. (formerly
Morgan Stanley Charter MSFCM L.P.), Morgan Stanley Charter Graham L.P., and
Morgan Stanley Charter WCM L.P. (formerly Morgan Stanley Charter Millburn L.P.)
(collectively, the "Partnerships"), including the schedules of investments, as
of December 31, 2006 and 2005, and the related statements of operations,
changes in partners' capital, and cash flows for each of the three years in the
period ended December 31, 2006. These financial statements are the
responsibility of the Partnerships' management. Our responsibility is to
express an opinion on these financial statements based on our audits.

  We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

<PAGE>

  In our opinion, such financial statements present fairly, in all material
respects, the financial position of Morgan Stanley Charter Campbell L.P.,
Morgan Stanley Charter Aspect L.P. (formerly Morgan Stanley Charter MSFCM
L.P.), Morgan Stanley Charter Graham L.P., and Morgan Stanley Charter WCM L.P.
(formerly Morgan Stanley Charter Millburn L.P.) at December 31, 2006 and 2005,
and the results of their operations and their cash flows for each of the three
years in the period ended December 31, 2006 in conformity with accounting
principles generally accepted in the United States of America.

  As discussed in Note 1, in 2006 and 2005, the Partnerships modified their
classification of cash within the statements of cash flows.

  We have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the effectiveness of the
Partnerships' internal control over financial reporting as of December 31,
2006, based on the criteria established in Internal Control--Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission and our report dated February 28, 2007 expressed an unqualified
opinion on management's assessment of the effectiveness of the Partnerships'
internal control over financial reporting and an unqualified opinion on the
effectiveness of the Partnerships' internal control over financial reporting.

/s/ Deloitte & Touche LLP

New York, New York
February 28, 2007

<PAGE>

MORGAN STANLEY CHARTER CAMPBELL L.P.

STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                              DECEMBER 31,
                                                        ------------------------
                                                            2006         2005
                                                        -----------  -----------
                                                             $            $
<S>                                                     <C>          <C>
                                     ASSETS
Equity in futures interests trading accounts:
 Unrestricted cash                                      355,636,882  360,451,084
 Restricted cash                                         37,612,693   38,241,731
                                                        -----------  -----------
   Total Cash                                           393,249,575  398,692,815
                                                        -----------  -----------

 Net unrealized gain (loss) on open contracts (MS&Co.)   23,915,253  (13,123,062)
 Net unrealized gain (loss) on open contracts (MSIL)       (205,700)     172,596
                                                        -----------  -----------
   Total net unrealized gain (loss) on open contracts    23,709,553  (12,950,466)
                                                        -----------  -----------

Net option premiums                                         125,257       --
                                                        -----------  -----------
   Total Trading Equity                                 417,084,385  385,742,349
Subscriptions receivable                                     --       13,754,739
Interest receivable (Morgan Stanley DW)                   1,680,668    1,136,822
                                                        -----------  -----------
   Total Assets                                         418,765,053  400,633,910
                                                        ===========  ===========

                       LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable                                       8,950,399    4,715,179
Accrued brokerage fees (Morgan Stanley DW)                1,930,134    1,979,943
Accrued management fees                                     852,475      874,475
                                                        -----------  -----------
   Total Liabilities                                     11,733,008    7,569,597
                                                        -----------  -----------
PARTNERS' CAPITAL
Limited Partners (30,763,739.696 and
 30,609,700.729 Units, respectively)                    402,578,194  388,854,021
General Partner (340,349.055 and
 331,424.599 Units, respectively)                         4,453,851    4,210,292
                                                        -----------  -----------
   Total Partners' Capital                              407,032,045  393,064,313
                                                        -----------  -----------
   Total Liabilities and Partners' Capital              418,765,053  400,633,910
                                                        ===========  ===========
NET ASSET VALUE PER UNIT                                      13.09        12.70
                                                        ===========  ===========
</TABLE>

STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                          FOR THE YEARS ENDED DECEMBER 31,
                                       -------------------------------------
                                           2006         2005         2004
                                       -----------  -----------  -----------
                                            $            $            $
  <S>                                  <C>          <C>          <C>
  INVESTMENT INCOME
   Interest income (Morgan Stanley DW)  19,614,906    9,391,904    2,467,486
                                       -----------  -----------  -----------

  EXPENSES
   Brokerage fees (Morgan Stanley DW)   24,753,539   20,072,049   12,094,851
   Management fees                      10,932,810    8,702,588    5,128,216
   Incentive fee                            --           --        4,265,659
                                       -----------  -----------  -----------
     Total Expenses                     35,686,349   28,774,637   21,488,726
                                       -----------  -----------  -----------

  NET INVESTMENT LOSS                  (16,071,443) (19,382,733) (19,021,240)
                                       -----------  -----------  -----------

  TRADING RESULTS
  Trading profit (loss):
   Realized                            (11,170,042)  63,703,297   28,264,123
   Net change in unrealized             36,660,019  (11,953,244)  (6,209,755)
                                       -----------  -----------  -----------
     Total Trading Results              25,489,977   51,750,053   22,054,368
                                       -----------  -----------  -----------

  NET INCOME                             9,418,534   32,367,320    3,033,128
                                       ===========  ===========  ===========

  NET INCOME ALLOCATION:
  Limited Partners                       9,310,154   32,018,766    3,001,427
  General Partner                          108,380      348,554       31,701

  NET INCOME PER UNIT:
  Limited Partners                            0.39         1.12         0.44
  General Partner                             0.39         1.12         0.44
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER ASPECT L.P.

STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                            DECEMBER 31,
                                                      ------------------------
                                                          2006        2005
                                                      -----------  -----------
                                                           $           $
 <S>                                                  <C>          <C>
                                    ASSETS
 Equity in futures interests trading accounts:
  Unrestricted cash                                   109,366,402  132,225,920
  Restricted cash                                      13,269,522    9,763,163
                                                      -----------  -----------
    Total Cash                                        122,635,924  141,989,083
                                                      -----------  -----------

  Net unrealized gain on open contracts (MS&Co.)        5,039,041    2,962,664
  Net unrealized gain (loss) on open contracts (MSIL)    (240,275)   4,458,024
                                                      -----------  -----------
    Total net unrealized gain on open contracts         4,798,766    7,420,688
                                                      -----------  -----------
    Total Trading Equity                              127,434,690  149,409,771
 Subscriptions receivable                               2,103,254    1,025,580
 Interest receivable (Morgan Stanley DW)                  484,328      486,775
                                                      -----------  -----------
    Total Assets                                      130,022,272  150,922,126
                                                      ===========  ===========

                       LIABILITIES AND PARTNERS' CAPITAL
 LIABILITIES
 Redemptions payable                                    4,093,636    5,017,050
 Incentive fee payable                                  1,017,989      --
 Accrued brokerage fees (Morgan Stanley DW)               607,673      764,078
 Accrued management fees                                  202,558      254,693
                                                      -----------  -----------
    Total Liabilities                                   5,921,856    6,035,821
                                                      -----------  -----------
 PARTNERS' CAPITAL
 Limited Partners (7,064,097.616 and
  9,108,599.482 Units, respectively)                  122,749,550  143,289,197
 General Partner (77,740.841 and
  101,524.841 Units, respectively)                      1,350,866    1,597,108
                                                      -----------  -----------
    Total Partners' Capital                           124,100,416  144,886,305
                                                      -----------  -----------
    Total Liabilities and Partners' Capital           130,022,272  150,922,126
                                                      ===========  ===========
 NET ASSET VALUE PER UNIT                                   17.38        15.73
                                                      ===========  ===========
</TABLE>

STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                          FOR THE YEARS ENDED DECEMBER 31,
                                        ------------------------------------
                                           2006         2005         2004
                                        ----------  -----------  -----------
                                            $            $            $
   <S>                                  <C>         <C>          <C>
   INVESTMENT INCOME
    Interest income (Morgan Stanley DW)  6,351,353    5,375,673    2,427,231
                                        ----------  -----------  -----------

   EXPENSES
    Brokerage fees (Morgan Stanley DW)   6,530,451   11,086,249   12,088,626
    Management fees                      2,176,817    3,612,872    3,868,362
    Incentive fee                        1,017,989       --           --
                                        ----------  -----------  -----------
      Total Expenses                     9,725,257   14,699,121   15,956,988
                                        ----------  -----------  -----------

   NET INVESTMENT LOSS                  (3,373,904)  (9,323,448) (13,529,757)
                                        ----------  -----------  -----------

   TRADING RESULTS
   Trading profit (loss):
    Realized                            20,452,188  (29,379,015)  (2,374,993)
    Net change in unrealized            (2,621,922)  (5,603,030)   6,112,856
                                        ----------  -----------  -----------
                                        17,830,266  (34,982,045)   3,737,863
    Proceeds from Litigation Settlement     --            3,661        2,880
                                        ----------  -----------  -----------
      Total Trading Results             17,830,266  (34,978,384)   3,740,743
                                        ----------  -----------  -----------

   NET INCOME (LOSS)                    14,456,362  (44,301,832)  (9,789,014)
                                        ==========  ===========  ===========

   NET INCOME (LOSS) ALLOCATION:
   Limited Partners                     14,299,103  (43,833,268)  (9,674,111)
   General Partner                         157,259     (468,564)    (114,903)

   NET INCOME (LOSS) PER UNIT:
   Limited Partners                           1.65        (3.83)       (1.16)
   General Partner                            1.65        (3.83)       (1.16)
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER GRAHAM L.P.

STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                             DECEMBER 31,
                                                       ------------------------
                                                           2006         2005
                                                       -----------  -----------
                                                            $            $
<S>                                                    <C>          <C>
                              ASSETS
Equity in futures interests trading accounts:
 Unrestricted cash                                     362,441,363  396,726,923
 Restricted cash                                        54,560,197   29,685,072
                                                       -----------  -----------
   Total Cash                                          417,001,560  426,411,995
                                                       -----------  -----------

 Net unrealized gain (loss) on open contracts (MS&Co.)  12,852,858   (1,496,739)
 Net unrealized gain (loss) on open contracts (MSIL)      (314,794)   4,355,496
                                                       -----------  -----------
   Total net unrealized gain on open contracts          12,538,064    2,858,757
                                                       -----------  -----------
   Total Trading Equity                                429,539,624  429,270,752
Subscriptions receivable                                 3,317,475    8,958,985
Interest receivable (Morgan Stanley DW)                  1,824,393    1,331,130
                                                       -----------  -----------
   Total Assets                                        434,681,492  439,560,867
                                                       ===========  ===========

                 LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable                                     11,873,932   15,313,368
Accrued brokerage fees (Morgan Stanley DW)               2,123,827    2,194,515
Accrued management fees                                    707,942      731,505
                                                       -----------  -----------
   Total Liabilities                                    14,705,701   18,239,388
                                                       -----------  -----------
PARTNERS' CAPITAL
Limited Partners (21,346,676.377 and
 22,414,234.236 Units, respectively)                   415,478,418  416,811,790
General Partner (231,068.501 and
 242,510.501 Units, respectively)                        4,497,373    4,509,689
                                                       -----------  -----------
   Total Partners' Capital                             419,975,791  421,321,479
                                                       -----------  -----------
   Total Liabilities and Partners' Capital             434,681,492  439,560,867
                                                       ===========  ===========
NET ASSET VALUE PER UNIT                                     19.46        18.60
                                                       ===========  ===========
</TABLE>

STATEMENTS OF OPERATION


<TABLE>
<CAPTION>
                                          FOR THE YEARS ENDED DECEMBER 31,
                                       -------------------------------------
                                           2006         2005         2004
                                       -----------  -----------  -----------
                                            $            $            $
  <S>                                  <C>          <C>          <C>
  INVESTMENT INCOME
   Interest income (Morgan Stanley DW)  19,833,324   12,691,490    4,414,059
                                       -----------  -----------  -----------

  EXPENSES
   Brokerage fees (Morgan Stanley DW)   25,529,062   26,821,717   22,233,723
   Management fees                       8,509,689    8,756,858    7,114,792
   Incentive fee                            --           --        5,135,381
                                       -----------  -----------  -----------
     Total Expenses                     34,038,751   35,578,575   34,483,896
                                       -----------  -----------  -----------

  NET INVESTMENT LOSS                  (14,205,427) (22,887,085) (30,069,837)
                                       -----------  -----------  -----------

  TRADING RESULTS
  Trading profit (loss):
   Realized                             23,818,303  (57,942,853)  58,748,074
   Net change in unrealized              9,679,307    2,618,843  (16,226,752)
                                       -----------  -----------  -----------
     Total Trading Results              33,497,610  (55,324,010)  42,521,322
                                       -----------  -----------  -----------

  NET INCOME (LOSS)                     19,292,183  (78,211,095)  12,451,485
                                       ===========  ===========  ===========

  NET INCOME (LOSS) ALLOCATION:
  Limited Partners                      19,081,838  (77,357,066)  12,333,083
  General Partner                          210,345     (854,029)     118,402

  NET INCOME (LOSS) PER UNIT:
  Limited Partners                            0.86        (3.56)        0.28
  General Partner                             0.86        (3.56)        0.28
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER WCM L.P.

STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>
                                                            DECEMBER 31,
                                                       ----------------------
                                                          2006        2005
                                                       ----------  ----------
                                                           $           $
  <S>                                                  <C>         <C>
                               ASSETS
  Equity in futures interests trading accounts:
   Unrestricted cash                                   35,032,684  40,758,493
   Restricted cash                                      6,797,768   6,129,461
                                                       ----------  ----------
     Total Cash                                        41,830,452  46,887,954
                                                       ----------  ----------
   Net unrealized gain on open contracts (MS&Co.)       1,298,984     326,059
   Net unrealized gain (loss) on open contracts (MSIL)   (204,195)     59,761
                                                       ----------  ----------
     Total net unrealized gain on open contracts        1,094,789     385,820
                                                       ----------  ----------
     Total Trading Equity                              42,925,241  47,273,774
  Subscriptions receivable                              3,743,732     268,850
  Interest receivable (Morgan Stanley DW)                 171,558     137,932
                                                       ----------  ----------
     Total Assets                                      46,840,531  47,680,556
                                                       ==========  ==========
                 LIABILITIES AND PARTNERS' CAPITAL
  LIABILITIES
  Redemptions payable                                   2,204,674   1,234,240
  Accrued brokerage fees (Morgan Stanley DW)              212,164     236,081
  Accrued management fees                                  70,721      78,694
  Accrued incentive fee payable                            41,912      --
                                                       ----------  ----------
     Total Liabilities                                  2,529,471   1,549,015
                                                       ----------  ----------
  PARTNERS' CAPITAL
  Limited Partners (4,294,874.399 and
   4,363,058.843 Units, respectively)                  43,835,717  45,625,125
  General Partner (46,572.535 and
   48,427.701 Units, respectively)                        475,343     506,416
                                                       ----------  ----------
     Total Partners' Capital                           44,311,060  46,131,541
                                                       ----------  ----------
     Total Liabilities and Partners' Capital           46,840,531  47,680,556
                                                       ==========  ==========
  NET ASSET VALUE PER UNIT                                  10.21       10.46
                                                       ==========  ==========
</TABLE>

STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                          FOR THE YEARS ENDED DECEMBER 31,
                                         ---------------------------------
                                            2006       2005        2004
                                         ---------  ----------  ----------
                                             $          $           $
    <S>                                  <C>        <C>         <C>
    INVESTMENT INCOME
     Interest income (Morgan Stanley DW) 2,148,805   1,376,905     727,529
                                         ---------  ----------  ----------

    EXPENSES
     Brokerage fees (Morgan Stanley DW)  2,296,027   3,215,858   3,804,604
     Management fees                       765,342   1,048,673   1,217,473
     Incentive fee                          41,912      --          --
                                         ---------  ----------  ----------
       Total Expenses                    3,103,281   4,264,531   5,022,077
                                         ---------  ----------  ----------

    NET INVESTMENT LOSS                   (954,476) (2,887,626) (4,294,548)
                                         ---------  ----------  ----------

    TRADING RESULTS
    Trading profit (loss):
     Realized                             (731,319)  4,735,942     913,379
     Net change in unrealized              708,969  (2,911,685) (1,078,871)
                                         ---------  ----------  ----------
       Total Trading Results               (22,350)  1,824,257    (165,492)
                                         ---------  ----------  ----------

    NET LOSS                              (976,826) (1,063,369) (4,460,040)
                                         =========  ==========  ==========

    NET LOSS ALLOCATION:
    Limited Partners                      (966,683) (1,059,720) (4,419,596)
    General Partner                        (10,143)     (3,649)    (40,444)

    NET LOSS PER UNIT:
    Limited Partners                         (0.25)      (0.06)      (0.59)
    General Partner                          (0.25)      (0.06)      (0.59)
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER CAMPBELL L.P.

STATEMENT OF CHANGES IN PARTNERS' CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2006, 2005, AND 2004

<TABLE>
<CAPTION>
                          UNITS OF
                         PARTNERSHIP     LIMITED     GENERAL
                          INTEREST       PARTNERS    PARTNER      TOTAL
                       --------------  -----------  ---------  -----------
                                            $           $           $
    <S>                <C>             <C>          <C>        <C>
    Partners' Capital,
    December 31, 2003   9,989,868.793  110,098,161  1,230,037  111,328,198
    Offering of Units  15,066,314.126  173,974,554  1,650,000  175,624,554
    Net income               --          3,001,427     31,701    3,033,128
    Redemptions        (1,268,894.870) (14,485,166)     --     (14,485,166)
                       --------------  -----------  ---------  -----------
    Partners' Capital,
    December 31, 2004  23,787,288.049  272,588,976  2,911,738  275,500,714
    Offering of Units  12,577,705.709  150,307,643    950,000  151,257,643
    Net income               --         32,018,766    348,554   32,367,320
    Redemptions        (5,423,868.430) (66,061,364)     --     (66,061,364)
                       --------------  -----------  ---------  -----------
    Partners' Capital,
    December 31, 2005  30,941,125.328  388,854,021  4,210,292  393,064,313
    Offering of Units   6,727,952.165   86,512,830    360,000   86,872,830
    Net income               --          9,310,154    108,380    9,418,534
    Redemptions        (6,564,988.742) (82,098,811)  (224,821) (82,323,632)
                       --------------  -----------  ---------  -----------
    Partners' Capital,
    December 31, 2006  31,104,088.751  402,578,194  4,453,851  407,032,045
                       ==============  ===========  =========  ===========
</TABLE>

MORGAN STANLEY CHARTER ASPECT L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2006, 2005, AND 2004

<TABLE>
<CAPTION>
                          UNITS OF
                         PARTNERSHIP     LIMITED     GENERAL
                          INTEREST       PARTNERS    PARTNER      TOTAL
                       --------------  -----------  ---------  -----------
                                            $           $           $
    <S>                <C>             <C>          <C>        <C>
    Partners' Capital,
    December 31, 2003   8,374,102.250  171,628,106  1,846,434  173,474,540
    Offering of Units   4,820,781.793   91,495,743    710,000   92,205,743
    Net loss                 --         (9,674,111)  (114,903)  (9,789,014)
    Redemptions        (1,659,259.354) (30,209,585)     --     (30,209,585)
                       --------------  -----------  ---------  -----------
    Partners' Capital,
    December 31, 2004  11,535,624.689  223,240,153  2,441,531  225,681,684
    Offering of Units   1,372,452.207   22,743,972      --      22,743,972
    Net loss                 --        (43,833,268)  (468,564) (44,301,832)
    Redemptions        (3,697,952.573) (58,861,660)  (375,859) (59,237,519)
                       --------------  -----------  ---------  -----------
    Partners' Capital,
    December 31, 2005   9,210,124.323  143,289,197  1,597,108  144,886,305
    Offering of Units     863,480.025   14,587,304      --      14,587,304
    Net income               --         14,299,103    157,259   14,456,362
    Redemptions        (2,931,765.891) (49,426,054)  (403,501) (49,829,555)
                       --------------  -----------  ---------  -----------
    Partners' Capital,
    December 31, 2006   7,141,838.457  122,749,550  1,350,866  124,100,416
                       ==============  ===========  =========  ===========
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER GRAHAM L.P.

STATEMENT OF CHANGES IN PARTNERS' CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2006, 2005, AND 2004

<TABLE>
<CAPTION>
                         UNITS OF
                        PARTNERSHIP     LIMITED      GENERAL
                         INTEREST       PARTNERS     PARTNER       TOTAL
                      --------------  ------------  ---------  ------------
                                           $            $            $
   <S>                <C>             <C>           <C>        <C>
   Partners' Capital,
   December 31, 2003  12,370,561.267   267,851,230  2,858,562   270,709,792
   Offering of Units  10,495,671.792   219,363,280  2,170,000   221,533,280
   Net income               --          12,333,083    118,402    12,451,485
   Redemptions        (1,368,456.859)  (28,256,679)     --      (28,256,679)
                      --------------  ------------  ---------  ------------
   Partners' Capital,
   December 31, 2004  21,497,776.200   471,290,914  5,146,964   476,437,878
   Offering of Units   6,774,055.862   126,736,962    480,000   127,216,962
   Net loss                 --         (77,357,066)  (854,029)  (78,211,095)
   Redemptions        (5,615,087.325) (103,859,020)  (263,246) (104,122,266)
                      --------------  ------------  ---------  ------------
   Partners' Capital,
   December 31, 2005  22,656,744.737   416,811,790  4,509,689   421,321,479
   Offering of Units   4,357,310.697    84,188,382      --       84,188,382
   Net income               --          19,081,838    210,345    19,292,183
   Redemptions        (5,436,310.556) (104,603,592)  (222,661) (104,826,253)
                      --------------  ------------  ---------  ------------
   Partners' Capital,
   December 31, 2006  21,577,744.878   415,478,418  4,497,373   419,975,791
                      ==============  ============  =========  ============
</TABLE>

MORGAN STANLEY CHARTER WCM L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2006, 2005, AND 2004

<TABLE>
<CAPTION>
                           UNITS OF
                          PARTNERSHIP     LIMITED     GENERAL
                           INTEREST       PARTNERS    PARTNER     TOTAL
                        --------------  -----------  --------  -----------
                                             $           $          $
     <S>                <C>             <C>          <C>       <C>
     Partners' Capital,
     December 31, 2003   5,840,215.439   64,188,800   687,198   64,875,998
     Offering of Units   2,031,792.936   21,322,002    60,000   21,382,002
     Net loss                 --         (4,419,596)  (40,444)  (4,460,040)
     Redemptions        (2,111,461.350) (21,209,420)    --     (21,209,420)
                        --------------  -----------  --------  -----------
     Partners' Capital,
     December 31, 2004   5,760,547.025   59,881,786   706,754   60,588,540
     Offering of Units     589,614.840    5,806,303     --       5,806,303
     Net loss                 --         (1,059,720)   (3,649)  (1,063,369)
     Redemptions        (1,938,675.321) (19,003,244) (196,689) (19,199,933)
                        --------------  -----------  --------  -----------
     Partners' Capital,
     December 31, 2005   4,411,486.544   45,625,125   506,416   46,131,541
     Offering of Units   1,273,546.608   13,270,384    50,000   13,320,384
     Net loss                 --           (966,683)  (10,143)    (976,826)
     Redemptions        (1,343,586.218) (14,093,109)  (70,930) (14,164,039)
                        --------------  -----------  --------  -----------
     Partners' Capital,
     December 31, 2006   4,341,446.934   43,835,717   475,343   44,311,060
                        ==============  ===========  ========  ===========
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER CAMPBELL L.P.

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                          FOR THE YEARS ENDED DECEMBER 31,
                                       -------------------------------------
                                           2006         2005         2004
                                       -----------  -----------  -----------
                                            $            $            $
  <S>                                  <C>          <C>          <C>
  CASH FLOWS FROM
   OPERATING ACTIVITIES
  Net income                             9,418,534   32,367,320    3,033,128
  Noncash item included in net
   income:
    Net change in unrealized           (36,660,019)  11,953,244    6,209,755
  (Increase) decrease in operating
   assets:
    Restricted cash                        629,038  (10,755,484) (18,927,514)
    Net option premiums                   (125,257)      --           --
    Interest receivable
     (Morgan Stanley DW)                  (543,846)    (699,562)    (366,414)
  Increase (decrease) in operating
   liabilities:
    Accrued brokerage fees
     (Morgan Stanley DW)                   (49,809)     607,474      864,031
    Accrued management fees                (22,000)     292,549      366,349
    Accrued incentive fee                   --           --           (9,503)
                                       -----------  -----------  -----------
  Net cash provided by (used for)
   operating activities                (27,353,359)  33,765,541   (8,830,168)
                                       -----------  -----------  -----------

  CASH FLOWS FROM
   FINANCING ACTIVITIES
  Cash received from offering of Units 100,627,569  151,835,689  171,067,686
  Cash paid for redemptions of Units   (78,088,412) (64,666,231) (11,991,071)
                                       -----------  -----------  -----------
  Net cash provided by
   financing activities                 22,539,157   87,169,458  159,076,615
                                       -----------  -----------  -----------

  Net increase (decrease) in
   unrestricted cash                    (4,814,202) 120,934,999  150,246,447
  Unrestricted cash at beginning of
   period                              360,451,084  239,516,085   89,269,638
                                       -----------  -----------  -----------

  Unrestricted cash at end of period   355,636,882  360,451,084  239,516,085
                                       ===========  ===========  ===========
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER ASPECT L.P.

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                          FOR THE YEARS ENDED DECEMBER 31,
                                       -------------------------------------
                                           2006         2005         2004
                                       -----------  -----------  -----------
                                            $            $            $
  <S>                                  <C>          <C>          <C>
  CASH FLOWS FROM
   OPERATING ACTIVITIES
  Net income (loss)                     14,456,362  (44,301,832)  (9,789,014)
  Noncash item included in net
   income (loss):
    Net change in unrealized             2,621,922    5,603,030   (6,112,856)
  (Increase) decrease in operating
   assets:
    Restricted cash                     (3,506,359)  12,412,773   (5,457,466)
    Interest receivable
     (Morgan Stanley DW)                     2,447     (142,089)    (222,227)
  Increase (decrease) in operating
   liabilities:
    Accrued incentive fee                1,017,989       --           --
    Accrued brokerage fees
     (Morgan Stanley DW)                  (156,405)    (365,305)     288,773
    Accrued management fees                (52,135)    (106,710)      92,407
                                       -----------  -----------  -----------
  Net cash provided by (used for)
   operating activities                 14,383,821  (26,900,133) (21,200,383)
                                       -----------  -----------  -----------

  CASH FLOWS FROM
   FINANCING ACTIVITIES
  Cash received from offering of Units  13,509,630   26,817,698   95,673,242
  Cash paid for redemptions of Units   (50,752,969) (58,958,439) (28,296,818)
                                       -----------  -----------  -----------
  Net cash provided by (used for)
   financing activities                (37,243,339) (32,140,741)  67,376,424
                                       -----------  -----------  -----------

  Net increase (decrease) in
   unrestricted cash                   (22,859,518) (59,040,874)  46,176,041
  Unrestricted cash at beginning of
   period                              132,225,920  191,266,794  145,090,753
                                       -----------  -----------  -----------

  Unrestricted cash at end of period   109,366,402  132,225,920  191,266,794
                                       ===========  ===========  ===========
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER GRAHAM L.P.

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                           FOR THE YEARS ENDED DECEMBER 31,
                                        --------------------------------------
                                            2006          2005         2004
                                        ------------  -----------  -----------
                                             $             $            $
 <S>                                    <C>           <C>          <C>
 CASH FLOWS FROM
  OPERATING ACTIVITIES
 Net income (loss)                        19,292,183  (78,211,095)  12,451,485
 Noncash item included in net
  income (loss):
   Net change in unrealized               (9,679,307)  (2,618,843)  16,226,752
 (Increase) decrease in operating
  assets:
   Restricted cash                       (24,875,125)  58,163,783  (44,045,645)
   Interest receivable
    (Morgan Stanley DW)                     (493,263)    (552,167)    (582,869)
 Increase (decrease) in operating
  liabilities:
   Accrued brokerage fees
    (Morgan Stanley DW)                      (70,688)    (141,612)   1,065,884
   Accrued management fees                   (23,563)     (16,055)     341,082
                                        ------------  -----------  -----------
 Net cash used for operating activities  (15,849,763) (23,375,989) (14,543,311)
                                        ------------  -----------  -----------

 CASH FLOWS FROM
  FINANCING ACTIVITIES
 Cash received from offering of Units     89,829,892  133,523,099  220,274,157
 Cash paid for redemptions of Units     (108,265,689) (94,800,218) (25,636,027)
                                        ------------  -----------  -----------
 Net cash provided by (used for)
  financing activities                   (18,435,797)  38,722,881  194,638,130
                                        ------------  -----------  -----------

 Net increase (decrease) in
  unrestricted cash                      (34,285,560)  15,346,892  180,094,819
 Unrestricted cash at beginning of
  period                                 396,726,923  381,380,031  201,285,212
                                        ------------  -----------  -----------

 Unrestricted cash at end of period      362,441,363  396,726,923  381,380,031
                                        ============  ===========  ===========
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER WCM L.P.

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                          FOR THE YEARS ENDED DECEMBER 31,
                                       -------------------------------------
                                           2006         2005         2004
                                       -----------  -----------  -----------
                                            $            $            $
  <S>                                  <C>          <C>          <C>
  CASH FLOWS FROM
   OPERATING ACTIVITIES
  Net loss                                (976,826)  (1,063,369)  (4,460,040)
  Noncash item included in net loss:
    Net change in unrealized              (708,969)   2,911,685    1,078,871
  (Increase) decrease in operating
   assets:
    Restricted cash                       (668,307)  (1,016,681)   1,879,904
    Interest receivable
     (Morgan Stanley DW)                   (33,626)     (45,889)     (46,444)
  Increase (decrease) in operating
   liabilities:
    Accrued brokerage fees
     (Morgan Stanley DW)                   (23,917)     (79,350)      (3,746)
    Accrued management fees                 (7,973)     (22,244)      (1,199)
    Accrued incentive fee                   41,912       --           --
                                       -----------  -----------  -----------
  Net cash provided by (used for)
   operating activities                 (2,377,706)     684,152   (1,552,654)
                                       -----------  -----------  -----------

  CASH FLOWS FROM
   FINANCING ACTIVITIES
  Cash received from offering of Units   9,845,502    6,637,841   23,001,426
  Cash paid for redemptions of Units   (13,193,605) (19,655,621) (21,120,813)
                                       -----------  -----------  -----------
  Net cash provided by (used for)
   financing activities                 (3,348,103) (13,017,780)   1,880,613
                                       -----------  -----------  -----------

  Net increase (decrease) in
   unrestricted cash                    (5,725,809) (12,333,628)     327,959
  Unrestricted cash at beginning of
   period                               40,758,493   53,092,121   52,764,162
                                       -----------  -----------  -----------

  Unrestricted cash at end of period    35,032,684   40,758,493   53,092,121
                                       ===========  ===========  ===========
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER CAMPBELL L.P.

SCHEDULES OF INVESTMENTS

DECEMBER 31, 2006 AND 2005

<TABLE>
<CAPTION>
                                                                  LONG UNREALIZED  PERCENTAGE   SHORT UNREALIZED  PERCENTAGE
FUTURES AND FORWARD CONTRACTS:                                      GAIN/(LOSS)   OF NET ASSETS   GAIN/(LOSS)    OF NET ASSETS
------------------------------                                    --------------- ------------- ---------------- -------------
2006 PARTNERSHIP NET ASSETS: $407,032,045                                $              %              $               %
<S>                                                               <C>             <C>           <C>              <C>
Commodity                                                           (3,998,724)       (0.98)         (154,300)       (0.04)
Equity                                                               4,657,094         1.14            --              --
Foreign currency                                                    (2,899,408)       (0.71)       16,812,492         4.13
Interest rate                                                         (429,351)       (0.11)       10,622,441         2.61
                                                                    ----------        -----        ----------        -----
  Grand Total:                                                      (2,670,389)       (0.66)       27,280,633         6.70
                                                                    ==========        =====        ==========        =====
  Unrealized Currency Loss

  Total Net Unrealized Gain per Statement of Financial Condition


2005 PARTNERSHIP NET ASSETS: $393,064,313
Commodity                                                           (3,105,740)       (0.79)           --              --
Equity                                                                (222,463)       (0.06)          (84,893)       (0.02)
Foreign currency                                                    (6,119,861)       (1.56)       (4,804,870)       (1.22)
Interest rate                                                          106,175         0.03         2,415,862         0.61
                                                                    ----------        -----        ----------        -----
  Grand Total:                                                      (9,341,889)       (2.38)       (2,473,901)       (0.63)
                                                                    ==========        =====        ==========        =====
  Unrealized Currency Loss

  Total Net Unrealized Loss per Statement of Financial Condition

</TABLE>
<TABLE>
<CAPTION>
                                                                  NET UNREALIZED
FUTURES AND FORWARD CONTRACTS:                                     GAIN/(LOSS)
------------------------------                                    --------------
2006 PARTNERSHIP NET ASSETS: $407,032,045                               $
<S>                                                               <C>
Commodity                                                           (4,153,024)
Equity                                                               4,657,094
Foreign currency                                                    13,913,084
Interest rate                                                       10,193,090
                                                                   -----------
  Grand Total:                                                      24,610,244

  Unrealized Currency Loss                                            (900,691)
                                                                   -----------
  Total Net Unrealized Gain per Statement of Financial Condition    23,709,553
                                                                   ===========

2005 PARTNERSHIP NET ASSETS: $393,064,313
Commodity                                                           (3,105,740)
Equity                                                                (307,356)
Foreign currency                                                   (10,924,731)
Interest rate                                                        2,522,037
                                                                   -----------
  Grand Total:                                                     (11,815,790)

  Unrealized Currency Loss                                          (1,134,676)
                                                                   -----------
  Total Net Unrealized Loss per Statement of Financial Condition   (12,950,466)
                                                                   ===========
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER ASPECT L.P.

SCHEDULES OF INVESTMENTS

DECEMBER 31, 2006 AND 2005

<TABLE>
<CAPTION>
                                                                  LONG UNREALIZED  PERCENTAGE   SHORT UNREALIZED  PERCENTAGE
FUTURES AND FORWARD CONTRACTS:                                      GAIN/(LOSS)   OF NET ASSETS   GAIN/(LOSS)    OF NET ASSETS
------------------------------                                    --------------- ------------- ---------------- -------------
2006 PARTNERSHIP NET ASSETS: $124,100,416                                $              %              $               %
<S>                                                               <C>             <C>           <C>              <C>
Commodity                                                             (387,481)       (0.31)       1,895,345          1.53
Equity                                                                 695,962         0.56            --              --
Foreign currency                                                     1,204,942         0.97          597,818          0.48
Interest rate                                                         (137,111)       (0.11)         922,709          0.74
                                                                     ---------        -----        ---------         -----
  Grand Total:                                                       1,376,312         1.11        3,415,872          2.75
                                                                     =========        =====        =========         =====
  Unrealized Currency Gain

  Total Net Unrealized Gain per Statement of Financial Condition


2005 PARTNERSHIP NET ASSETS: $144,886,305
Commodity                                                            4,260,768         2.94         (292,043)        (0.20)
Equity                                                               1,100,792         0.76            --              --
Foreign currency                                                     2,914,320         2.01          332,578          0.23
Interest rate                                                         (147,334)       (0.10)          (7,256)        (0.01)
                                                                     ---------        -----        ---------         -----
  Grand Total:                                                       8,128,546         5.61           33,279          0.02
                                                                     =========        =====        =========         =====
  Unrealized Currency Loss

  Total Net Unrealized Gain per Statement of Financial Condition

</TABLE>
<TABLE>
<CAPTION>
                                                                  NET UNREALIZED
FUTURES AND FORWARD CONTRACTS:                                     GAIN/(LOSS)
------------------------------                                    --------------
2006 PARTNERSHIP NET ASSETS: $124,100,416                               $
<S>                                                               <C>
Commodity                                                           1,507,864
Equity                                                                695,962
Foreign currency                                                    1,802,760
Interest rate                                                         785,598
                                                                    ---------
  Grand Total:                                                      4,792,184

  Unrealized Currency Gain                                              6,582
                                                                    ---------
  Total Net Unrealized Gain per Statement of Financial Condition    4,798,766
                                                                    =========

2005 PARTNERSHIP NET ASSETS: $144,886,305
Commodity                                                           3,968,725
Equity                                                              1,100,792
Foreign currency                                                    3,246,898
Interest rate                                                        (154,590)
                                                                    ---------
  Grand Total:                                                      8,161,825

  Unrealized Currency Loss                                           (741,137)
                                                                    ---------
  Total Net Unrealized Gain per Statement of Financial Condition    7,420,688
                                                                    =========
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER GRAHAM L.P.

SCHEDULES OF INVESTMENTS

DECEMBER 31, 2006 AND 2005

<TABLE>
<CAPTION>
                                                                  LONG UNREALIZED  PERCENTAGE   SHORT UNREALIZED  PERCENTAGE
FUTURES AND FORWARD CONTRACTS:                                      GAIN/(LOSS)   OF NET ASSETS   GAIN/(LOSS)    OF NET ASSETS
------------------------------                                    --------------- ------------- ---------------- -------------
2006 PARTNERSHIP NET ASSETS: $419,975,791                                $              %              $               %
<S>                                                               <C>             <C>           <C>              <C>
Commodity                                                               79,650         0.02           680,903         0.16
Equity                                                               3,642,736         0.87            --              --
Foreign currency                                                     5,610,658         1.34           642,240         0.15
Interest rate                                                       (3,101,026)       (0.75)        4,738,934         1.13
                                                                    ----------        -----        ----------        -----
  Grand Total:                                                       6,232,018         1.48         6,062,077         1.44
                                                                    ==========        =====        ==========        =====
  Unrealized Currency Gain

  Total Net Unrealized Gain per Statement of Financial Condition


2005 PARTNERSHIP NET ASSETS: $421,321,479
Commodity                                                            5,608,515         1.33        (1,541,659)       (0.37)
Equity                                                               1,298,208         0.31            63,750         0.02
Foreign currency                                                    (1,529,914)       (0.36)        3,258,728         0.77
Interest rate                                                          292,861         0.07          (715,950)       (0.17)
                                                                    ----------        -----        ----------        -----
  Grand Total:                                                       5,669,670         1.35         1,064,869         0.25
                                                                    ==========        =====        ==========        =====
  Unrealized Currency Loss

  Total Net Unrealized Gain per Statement of Financial Condition

</TABLE>
<TABLE>
<CAPTION>
                                                                  NET UNREALIZED
FUTURES AND FORWARD CONTRACTS:                                     GAIN/(LOSS)
------------------------------                                    --------------
2006 PARTNERSHIP NET ASSETS: $419,975,791                               $
<S>                                                               <C>
Commodity                                                              760,553
Equity                                                               3,642,736
Foreign currency                                                     6,252,898
Interest rate                                                        1,637,908
                                                                    ----------
  Grand Total:                                                      12,294,095

  Unrealized Currency Gain                                             243,969
                                                                    ----------
  Total Net Unrealized Gain per Statement of Financial Condition    12,538,064
                                                                    ==========

2005 PARTNERSHIP NET ASSETS: $421,321,479
Commodity                                                            4,066,856
Equity                                                               1,361,958
Foreign currency                                                     1,728,814
Interest rate                                                         (423,089)
                                                                    ----------
  Grand Total:                                                       6,734,539

  Unrealized Currency Loss                                          (3,875,782)
                                                                    ----------
  Total Net Unrealized Gain per Statement of Financial Condition     2,858,757
                                                                    ==========
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER WCM L.P.

SCHEDULES OF INVESTMENTS

DECEMBER 31, 2006 AND 2005

<TABLE>
<CAPTION>
                                                                  LONG UNREALIZED  PERCENTAGE   SHORT UNREALIZED  PERCENTAGE
FUTURES AND FORWARD CONTRACTS:                                      GAIN/(LOSS)   OF NET ASSETS   GAIN/(LOSS)    OF NET ASSETS
------------------------------                                    --------------- ------------- ---------------- -------------
2006 PARTNERSHIP NET ASSETS: $44,311,060                                 $              %              $               %
<S>                                                               <C>             <C>           <C>              <C>
Commodity                                                             (296,275)       (0.67)         410,666          0.93
Equity                                                                 737,505         1.66            --              --
Foreign currency                                                        65,403         0.15          531,873          1.20
Interest rate                                                         (583,619)       (1.31)         227,255          0.51
                                                                    ----------        -----        ---------         -----
  Grand Total:                                                         (76,986)       (0.17)       1,169,794          2.64
                                                                    ==========        =====        =========         =====
  Unrealized Currency Gain

  Total Net Unrealized Gain per Statement of Financial Condition


2005 PARTNERSHIP NET ASSETS: $46,131,541
Commodity                                                              971,789         2.11         (217,221)        (0.47)
Equity                                                                 272,504         0.59            --              --
Foreign currency                                                    (1,330,719)       (2.88)        (267,908)        (0.58)
Interest rate                                                          102,950         0.22          202,282          0.44
                                                                    ----------        -----        ---------         -----
  Grand Total:                                                          16,524         0.04         (282,847)        (0.61)
                                                                    ==========        =====        =========         =====
  Unrealized Currency Gain

  Total Net Unrealized Gain per Statement of Financial Condition

</TABLE>
<TABLE>
<CAPTION>
                                                                  NET UNREALIZED
FUTURES AND FORWARD CONTRACTS:                                     GAIN/(LOSS)
------------------------------                                    --------------
2006 PARTNERSHIP NET ASSETS: $44,311,060                                $
<S>                                                               <C>
Commodity                                                              114,391
Equity                                                                 737,505
Foreign currency                                                       597,276
Interest rate                                                         (356,364)
                                                                    ----------
  Grand Total:                                                       1,092,808

  Unrealized Currency Gain                                               1,981
                                                                    ----------
  Total Net Unrealized Gain per Statement of Financial Condition     1,094,789
                                                                    ==========

2005 PARTNERSHIP NET ASSETS: $46,131,541
Commodity                                                              754,568
Equity                                                                 272,504
Foreign currency                                                    (1,598,627)
Interest rate                                                          305,232
                                                                    ----------
  Grand Total:                                                        (266,323)

  Unrealized Currency Gain                                             652,143
                                                                    ----------
  Total Net Unrealized Gain per Statement of Financial Condition       385,820
                                                                    ==========
</TABLE>

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

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS

--------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION.  Morgan Stanley Charter Campbell L.P. ("Charter Campbell"),
Morgan Stanley Charter Aspect L.P. ("Charter Aspect") (formerly Morgan Stanley
Charter MSFCM L.P.), Morgan Stanley Charter Graham L.P. ("Charter Graham"), and
Morgan Stanley Charter WCM L.P. ("Charter WCM") (formerly Morgan Stanley
Charter Millburn L.P.) (individually, a "Partnership", or collectively, the
"Partnerships") are limited partnerships organized 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 general partner of each Partnership is Demeter Management Corporation
("Demeter"). The non-clearing commodity broker is Morgan Stanley DW Inc.
("Morgan Stanley DW"). The clearing commodity brokers are Morgan Stanley & Co.
Incorporated ("MS&Co.") and Morgan Stanley & Co. International Limited
("MSIL"). MS&Co. acts as the counterparty on all of the foreign currency
forward contracts for each Partnership. In 2007, Morgan Stanley intends to
merge Morgan Stanley DW into MS&Co. Upon completion of the merger, the
surviving entity, MS&Co., will be the Partnerships' principal U.S. commodity
broker-dealer. Effective January 2006, for Charter Campbell, Morgan Stanley
Capital Group Inc. ("MSCG") acts as the counterparty on all of the options on
foreign currency forward contracts.
  Prior to September 15, 2006, the trading advisor for Charter MSFCM L.P. was
VK Capital Inc. ("VK Capital"). Demeter, Morgan Stanley DW, MS&Co., MSIL, MSCG,
and VK Capital are wholly-owned subsidiaries of Morgan Stanley.
  Effective September 15, 2006, Demeter terminated the management agreement
between Charter MSFCM and VK Capital. Consequently, VK Capital has ceased all
futures interests trading on behalf of Charter MSFCM as of September 15, 2006.

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)

  Also, effective September 30, 2006, Demeter terminated the management
agreement between Charter Millburn and Millburn Ridgefield Corporation
("Millburn"). Consequently, Millburn ceased all futures interests trading on
behalf of Charter Millburn as of September 30, 2006.
  Effective October 16, 2006, Demeter entered into a management agreement with
Aspect Capital Limited ("Aspect") to serve as the sole trading advisor to
Charter Aspect effective December 1, 2006.
  Effective October 13, 2006, Demeter entered into a management agreement with
Winton Capital Management Limited ("Winton") to serve as the sole trading
advisor to Charter WCM effective December 1, 2006.
  For the period from September 15, 2006 to December 1, 2006 for Charter Aspect
and the period from September 30, 2006 to December 1, 2006 for Charter WCM, all
of Charter Aspect's assets and Charter WCM's assets were paid interest at the
rate specified in the then-current Charter Series prospectus, with a limited
partner's share of interest credited to its Units. No management, brokerage, or
incentive fees were charged during this interim period, given the absence of
futures interests trading by Charter Aspect and Charter WCM.
  Demeter is required to maintain a 1% minimum interest in the equity of each
Partnership and income (losses) are shared by Demeter and the limited partners
based on their proportional ownership interests.

USE OF ESTIMATES.  The financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America, which
require management to make estimates and assumptions that affect the reported
amounts in the financial statements and related disclosures. Management
believes that the estimates utilized in the preparation of the financial
statements are prudent and reasonable. Actual results could differ from those
estimates.

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)


REVENUE RECOGNITION.  Futures Interests are open commitments until settlement
date, at which time they are realized. They are valued at market on a daily
basis and the resulting net change in unrealized gains and losses is reflected
in the change in unrealized trading profit (loss) on open contracts from one
period to the next on the Statements of Operations. Monthly, Morgan Stanley DW
credits each Partnership with interest income on 100% of its average daily
funds held at Morgan Stanley DW. In addition, Morgan Stanley DW credits each
Partnership with 100% of the interest income Morgan Stanley DW receives from
MS&Co. and MSIL with respect to such Partnership's assets deposited as margin.
The interest rates used are equal to that earned by Morgan Stanley DW on its
U.S. Treasury bill investments. For purposes of such interest payments, Net
Assets do not include monies owed to the Partnerships on forward contracts and
other Futures Interests.
  The Partnerships' functional currency is the U.S. dollar; however, they
transact business in currencies other than the U.S. dollar. Assets and
liabilities denominated in currencies other than the U.S. dollar are translated
into U.S. dollars at the rates in effect at the date of the Statements of
Financial Condition. Income and expense items denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect
during the period. Gains and losses resulting from the translation to U.S.
dollars are reported in income currently.

NET INCOME (LOSS) PER UNIT.  Net income (loss) per unit of limited partnership
interest ("Unit(s)") is computed using the weighted average number of Units
outstanding during the period.

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)


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 fiscal years beginning after
December 15, 2006. The impact to the Partnerships' Financial Statements, if
any, is currently being assessed.
  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 Partnerships as of January 1, 2008. The
impact to the Partnerships' Financial Statements, if any, is currently being
assessed.
  In September 2006, the Securities and Exchange Commission issued Staff
Accounting Bulletin No. 108, "Considering the Effects of Prior Year
Misstatements when Quantifying Misstatements in Current Year Financial
Statements" ("SAB No. 108") to provide guidance on how the effects of the
carryover or reversal of prior year unrecorded misstatements should be
considered in quantifying a current year misstatement. SAB No. 108 requires a
company to apply an approach that considers the amount by which the current
year income statement is misstated ("rollover approach") and an approach that
considers the cumulative amount by which the current year balance sheet is
misstated ("iron-curtain approach"). Prior to the issuance of SAB No. 108, many
companies applied either the rollover or iron-curtain approach for purposes of
assessing materiality of misstatements. SAB No. 108 is effective for the
Partnerships as of January 1, 2007. Upon adoption, SAB No. 108 allows a
one-time cumulative effect adjustment against Partners' Capital for those prior
year misstatements that were not material under the Partnership's prior
approach, but that are deemed material under the SAB No. 108 approach. Demeter
does not expect the adoption of SAB No. 108 to have a material impact on the
Partnerships' Financial Statements.

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)


EQUITY IN FUTURES INTERESTS TRADING ACCOUNTS.  The Partnerships' asset "Equity
in futures interests trading accounts", reflected on the Statements of
Financial Condition, consists of (A) cash on deposit with Morgan Stanley DW,
MS&Co., and MSIL to be used as margin for trading (B) net unrealized gains or
losses on open contracts, which are valued at market and calculated as the
difference between original contract value and market value; and (C) net option
premiums, which represent the net of all monies paid and/or received for such
option premiums.
  The Partnerships, in their normal course of business, enter into various
contracts with MS&Co. and MSIL acting as their commodity brokers. Pursuant to
brokerage agreements with MS&Co. and MSIL, to the extent that such trading
results in unrealized gains or losses, these amounts are offset and reported on
a net basis on the Partnerships' Statements of Financial Condition.
  The Partnerships have offset the fair value amounts recognized for forward
contracts executed with the same counterparty as allowable under the terms of
their master netting agreements with MS&Co., the sole counterparty on such
contracts. The Partnerships have consistently applied their right to offset.

BROKERAGE AND RELATED TRANSACTION FEES AND COSTS.  Each Partnership currently
pays a flat-rate monthly brokerage fee of  1/12 of 6.00% of the Partnership's
Net Assets as of the first day of each month (a 6.00% annual rate). Such fees
currently cover all brokerage fees, transaction fees and costs, and ordinary
administrative and offering expenses.
  Subsequent to September 15, 2006 for Charter Aspect and subsequent to
September 30, 2006 for Charter WCM, no brokerage fees were paid until December
1, 2006, given the absence of futures interests trading.
  From August 1, 2002 to June 30, 2005, each Partnership paid a flat-rate
monthly brokerage fee of  1/12 of 6.25% of the Partnership's Net Assets as of
the first day of each month (a 6.25% annual rate).

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)


OPERATING EXPENSES.  The Partnerships incur monthly management fees and may
incur an incentive fee. All common administrative and continuing offering
expenses including legal, auditing, accounting, filing fees, and other related
expenses are borne by Morgan Stanley DW through the brokerage fees paid by the
Partnerships.

CONTINUING OFFERING.  Units of each Partnership except Charter Campbell are
offered at a price equal to 100% of the Net Asset Value per Unit at monthly
closings held as of the last day of each month. Effective September 30, 2006,
Subscriptions for Units of Charter Aspect and Charter WCM were not accepted
until November 30, 2006 month-end closing when Aspect and Winton commenced
trading. No selling commissions or charges related to the continuing offering
of Units are paid by the limited partners or the Partnerships. Morgan Stanley
DW pays all such costs.
  Effective May 1, 2006, Charter Campbell no longer accepts any subscriptions
for Units in the Partnership.

REDEMPTIONS.  Limited partners may redeem some or all of their Units at 100% of
the Net Asset Value per Unit as of the end of the last day of any month that is
at least six months after the closing at which a person first becomes a limited
partner. The Request for Redemption must be delivered to a limited partner's
local Morgan Stanley Branch Office in time for it to be forwarded and received
by Demeter no later than 3:00 p.m., New York City time, on the last day of the
month in which the redemption is to be effective. Redemptions must be made in
whole Units, with a minimum of 100 Units required for each redemption, unless a
limited partner is redeeming his entire interest in a particular Partnership.

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)

  Units redeemed on or prior to the last day of the twelfth month from the date
of purchase will be subject to a redemption charge equal to 2% of the Net Asset
Value of a Unit on the Redemption Date. Units redeemed after the last day of
the twelfth month and on or prior to the last day of the twenty-fourth month
from the date of purchase will be subject to a redemption charge equal to 1% of
the Net Asset Value of a Unit on the Redemption Date. Units redeemed after the
last day of the twenty-fourth month from the date of purchase will not be
subject to a redemption charge. The foregoing redemption charges are paid to
Morgan Stanley DW.

EXCHANGES.  On the last day of the first month which occurs more than six
months after a person first becomes a limited partner in each Partnership, and
at the end of each month thereafter, limited partners may exchange their Units
among Charter Aspect, Charter Graham, and Charter WCM (subject to certain
restrictions outlined in the Limited Partnership Agreements) without paying
additional charges.
  Effective September 30, 2006, Charter Aspect and Charter WCM did not accept
any exchanges of Units from any other Charter Series of Funds until the
November 30, 2006 month-end closing when Aspect and Winton commenced trading.
  Effective May 1, 2006, Charter Campbell no longer accepts any exchanges of
Units from any other Charter Series Fund for Units of Charter Campbell.

DISTRIBUTIONS.  Distributions, other than redemptions of Units, are made on a
pro-rata basis at the sole discretion of Demeter. No distributions have been
made to date. Demeter does not intend to make any distributions of the
Partnerships' profits.

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 each Partnership's revenues
and expenses for income tax purposes.

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)


DISSOLUTION OF THE PARTNERSHIPS.  Charter Aspect will terminate on December 31,
2025 and Charter Campbell, Charter Graham, and Charter WCM will terminate on
December 31, 2035 or at an earlier date if certain conditions occur as defined
in each Partnership's Limited Partnership Agreement.

LITIGATION SETTLEMENT.  Charter Aspect received notification of a preliminary
entitlement to payment from the Sumitomo Copper Litigation Settlement
Administrator, and Charter Aspect received settlement award payments in the
amount of $2,880 during July 2004 and $3,661 during November 2005. Any amounts
received are accounted for in the period received, for the benefit of the
limited partners at the date of receipt.

RECLASSIFICATIONS.  Certain prior year amounts relating to cash balances were
reclassified on the Statements of Cash Flows to conform to 2006 and 2005
presentation. Such reclassifications have no impact on the Partnerships'
reported net income (loss).

--------------------------------------------------------------------------------
2. RELATED PARTY TRANSACTIONS
Each Partnership pays brokerage fees to Morgan Stanley DW as described in Note
1. Each Partnership's cash is on deposit with Morgan Stanley DW, MS&Co., and
MSIL in futures interests trading accounts to meet margin requirements as
needed. Morgan Stanley DW pays interest on these funds as described in Note 1.

--------------------------------------------------------------------------------
3. TRADING ADVISORS
Demeter, on behalf of each Partnership, retains certain commodity trading
advisors to make all trading decisions for the Partnerships. The trading
advisors for each Partnership at December 31, 2006 were as follows:
Morgan Stanley Charter Campbell L.P.
  Campbell & Company, Inc.

Morgan Stanley Charter Aspect L.P.
  Aspect Capital Limited,
   effective December 1, 2006

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)


Morgan Stanley Charter Graham L.P.
  Graham Capital Management, L.P.

Morgan Stanley Charter WCM L.P.
  Winton Capital Management Limited,
   effective December 1, 2006
Compensation to the trading advisors by the Partnerships consists of a
management fee and an incentive fee as follows:

MANAGEMENT FEE.  Charter Aspect, Charter Graham, and Charter WCM each pay its
trading advisor a flat-rate monthly fee equal to  1/12 of 2% (a 2% annual rate)
of the Partnership's Net Assets under management by each trading advisor as of
the first day of each month.
  Effective as of September 15, 2006 for Charter Aspect and September 30, 2006
for Charter WCM, no management fees were paid until December 1, 2006 when
Aspect and Winton commenced trading.
  Charter Campbell pays its trading advisor a flat-rate monthly fee equal to
1/12 of 2.65% (a 2.65% annual rate) of the Partnership's Net Assets under
management as of the first day of each month.

INCENTIVE FEE.  Each Partnership's incentive fee is equal to 20% of trading
profits paid on a monthly basis.
  Effective as of September 15, 2006 for Charter Aspect and September 30, 2006
for Charter WCM, no incentive fees were paid until December 1, 2006 when Aspect
and Winton commenced trading.
  Trading profits represent the amount by which profits from futures, forwards,
and options trading exceed losses after brokerage and management fees are
deducted. When a trading advisor experiences losses with respect to Net Assets
as of the end of a calendar month, the trading advisor must recover such losses
before that trading advisor is eligible for an incentive fee in the future.

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)

  Charter Aspect and Charter WCM will pay incentive fees to Aspect and Winton,
respectively, based upon the performance of each trading advisor beginning
December 1, 2006 without regard to any losses incurred by the prior trading
advisor(s).

--------------------------------------------------------------------------------
4. FINANCIAL INSTRUMENTS
The Partnerships trade Futures Interests. Futures and forwards represent
contracts for delayed delivery of an instrument at a specified date and price.
Risk arises from changes in the value of these contracts and the potential
inability of counterparties 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.
  The Partnerships' contracts are accounted for on a trade-date basis and
marked to market on a daily basis. Each 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 smaller initial net investment than
   would be required relative to changes in market factors;

(3)Terms require or permit net settlement.

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)


  Generally, derivatives include futures, forward, swaps or options contracts,
and other financial instruments with similar characteristics such as caps,
floors, and collars.
  The net unrealized gains (losses) on open contracts at December 31, 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:

CHARTER CAMPBELL

<TABLE>
<CAPTION>
                      NET UNREALIZED GAINS/
                   (LOSSES) ON OPEN CONTRACTS       LONGEST MATURITIES
              ------------------------------------  -------------------
                             OFF-                               OFF-
               EXCHANGE-   EXCHANGE-                EXCHANGE- EXCHANGE-
         YEAR   TRADED      TRADED        TOTAL      TRADED    TRADED
         ---- ----------  -----------  -----------  --------- ---------
                   $           $            $
         <S>  <C>         <C>          <C>          <C>       <C>
         2006  9,796,471   13,913,082   23,709,553  Sep. 2007 Mar. 2007
         2005 (2,025,735) (10,924,731) (12,950,466) Sep. 2006 Mar. 2006
</TABLE>

CHARTER ASPECT

<TABLE>
<CAPTION>
                      NET UNREALIZED GAINS
                        ON OPEN CONTRACTS       LONGEST MATURITIES
                  ----------------------------- -------------------
                              OFF-                          OFF-
                  EXCHANGE- EXCHANGE-           EXCHANGE- EXCHANGE-
             YEAR  TRADED    TRADED     TOTAL    TRADED    TRADED
             ---- --------- --------- --------- --------- ---------
                      $         $         $
             <S>  <C>       <C>       <C>       <C>       <C>
             2006 2,996,006 1,802,760 4,798,766 Mar. 2008 Jan. 2007
             2005 4,575,616 2,845,072 7,420,688 Sep. 2006 Mar. 2006
</TABLE>

CHARTER GRAHAM

<TABLE>
<CAPTION>
                      NET UNREALIZED GAINS
                       ON OPEN CONTRACTS        LONGEST MATURITIES
                 ------------------------------ -------------------
                             OFF-                           OFF-
                 EXCHANGE- EXCHANGE-            EXCHANGE- EXCHANGE-
            YEAR  TRADED    TRADED     TOTAL     TRADED    TRADED
            ---- --------- --------- ---------- --------- ---------
                     $         $         $
            <S>  <C>       <C>       <C>        <C>       <C>
            2006 5,466,119 7,071,945 12,538,064 Jun. 2008 Mar. 2007
            2005   786,903 2,071,854  2,858,757 Jun. 2007 Mar. 2006
</TABLE>

CHARTER WCM

<TABLE>
<CAPTION>
                      NET UNREALIZED GAINS/
                   (LOSSES) ON OPEN CONTRACTS    LONGEST MATURITIES
                 ------------------------------- -------------------
                              OFF-                           OFF-
                 EXCHANGE-  EXCHANGE-            EXCHANGE- EXCHANGE-
            YEAR  TRADED     TRADED      TOTAL    TRADED    TRADED
            ---- --------- ----------  --------- --------- ---------
                     $          $          $
            <S>  <C>       <C>         <C>       <C>       <C>
            2006 1,094,789     --      1,094,789 Jun. 2008    --
            2005 1,984,446 (1,598,626)   385,820 Oct. 2006 Mar. 2006
</TABLE>

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)


  The Partnerships have credit risk associated with counterparty
nonperformance. As of the date of the financial statements, the credit risk
associated with the instruments in which the Partnerships trade is limited to
the amounts reflected in the Partnerships' Statements of Financial Condition.

  The Partnerships also have credit risk because Morgan Stanley DW, MS&Co.,
MSIL, and/or MSCG act as the futures commission merchants or the
counterparties, with respect to most of the Partnerships' 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, MS&Co., and
MSIL, each as a futures commission merchant for each 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, to segregate from their own assets, and
for the sole benefit of their commodity customers, all funds held by them with
respect to exchange-traded futures, exchange-traded forward, and
exchange-traded futures-styled options contracts, including an amount equal to
the net unrealized gains (losses) on all open exchange-traded futures,
exchange-traded forward, and exchange-traded futures-styled options contracts,
which funds, in the aggregate, totaled $403,046,046 and $396,667,080 for
Charter Campbell, $125,631,930 and $146,564,699 for Charter Aspect,
$422,467,679 and $427,198,898 for Charter Graham, and $42,925,241 and
$48,872,400 for Charter WCM at December 31, 2006 and 2005, respectively. With
respect to each 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, each
Partnership is required to meet margin requirements equal to the net unrealized
loss on open forward currency contracts in the Partnership accounts with the

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)

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
Partnerships are 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 Partnerships are at risk to the ability of
MSCG, the sole counterparty on all such contracts, to perform. Each Partnership
has a netting agreement with the counterparties. These agreements, which seek
to reduce both the Partnerships' and the counterparties' exposure on off-
exchange-traded forward currency contracts, should materially decrease the
Partnerships' credit risk in the event of MS&Co.'s or MSCG's bankruptcy or
insolvency.

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)


--------------------------------------------------------------------------------
5. FINANCIAL HIGHLIGHTS

CHARTER CAMPBELL

<TABLE>
<CAPTION>
                                               2006     2005     2004
                                             -------  -------  -------
         <S>                                 <C>      <C>      <C>
         PER UNIT OPERATING
          PERFORMANCE:
         NET ASSET VALUE, JANUARY 1:         $ 12.70  $ 11.58  $ 11.14
                                             -------  -------  -------
         NET OPERATING RESULTS:
            Interest Income                     0.60     0.34     0.14
            Expenses                           (1.09)   (1.04)   (1.24)
            Realized Profit (Loss)             (0.24)    2.25     1.90
            Unrealized Profit (Loss)            1.12    (0.43)   (0.36)
                                             -------  -------  -------
            Net Income                          0.39     1.12     0.44
                                             -------  -------  -------
         NET ASSET VALUE,
          DECEMBER 31:                       $ 13.09  $ 12.70  $ 11.58
                                             =======  =======  =======
         FOR THE CALENDAR YEAR:
         RATIOS TO AVERAGE NET
          ASSETS:
            Net Investment Loss               (3.9)%   (5.7)%   (9.2)%
            Expenses before Incentive Fees     8.6 %    8.5 %    8.3 %
            Expenses after Incentive Fees      8.6 %    8.5 %   10.4 %
            Net Income                         2.3 %    9.6 %    1.5 %
         TOTAL RETURN BEFORE
          INCENTIVE FEES                       3.1 %    9.7 %    6.2 %
         TOTAL RETURN AFTER
          INCENTIVE FEES                       3.1 %    9.7 %    3.9 %

         INCEPTION-TO-DATE RETURN             30.9 %
         COMPOUND ANNUALIZED
          RETURN                               6.5 %
</TABLE>

<TABLE>
        <S>                                 <C>      <C>       <C>
        CHARTER ASPECT
                                              2006     2005      2004
                                            -------  --------  -------
        PER UNIT OPERATING
         PERFORMANCE:
        NET ASSET VALUE, JANUARY 1:         $ 15.73  $  19.56  $ 20.72
                                            -------  --------  -------
        NET OPERATING RESULTS:
           Interest Income                     0.79      0.50     0.23
           Expenses                           (1.21)    (1.36)   (1.52)
           ........Realized Profit (Loss)..    2.40     (2.45)   (0.45)
           Unrealized Profit (Loss)           (0.33)    (0.52)    0.58
           Proceeds from Litigation
            Settlement                           --      0.00     0.00
                                            -------  --------  -------
           Net Income (Loss)                   1.65     (3.83)   (1.16)
                                            -------  --------  -------
        NET ASSET VALUE,
         DECEMBER 31:                       $ 17.38  $  15.73  $ 19.56
                                            =======  ========  =======
        FOR THE CALENDAR YEAR:
        RATIOS TO AVERAGE NET
         ASSETS:
           Net Investment Loss               (2.5)%    (5.4)%   (6.8)%
           Expenses before Incentive Fees     6.5 %     8.5 %    8.1 %
           Expenses after Incentive Fees      7.3 %     8.5 %    8.1 %
           Net Income (Loss)                 10.9 %   (25.5)%   (4.9)%
        TOTAL RETURN BEFORE
         INCENTIVE FEES                      11.3 %   (19.6)%   (5.6)%
        TOTAL RETURN AFTER
         INCENTIVE FEES                      10.5 %   (19.6)%   (5.6)%

        INCEPTION-TO-DATE RETURN             73.8 %
        COMPOUND ANNUALIZED
         RETURN                               4.4 %
</TABLE>

<PAGE>

MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(concluded)


CHARTER GRAHAM

<TABLE>
<CAPTION>
                                              2006     2005      2004
                                            -------  --------  -------
        <S>                                 <C>      <C>       <C>
        PER UNIT OPERATING
         PERFORMANCE:
        NET ASSET VALUE, JANUARY 1:         $ 18.60  $  22.16  $ 21.88
                                            -------  --------  -------
        NET OPERATING RESULTS:
           Interest Income                     0.90      0.55     0.25
           Expenses                           (1.54)    (1.54)   (1.96)
           Realized Profit (Loss)              1.06     (2.68)    2.91
           Unrealized Profit (Loss)            0.44      0.11    (0.92)
                                            -------  --------  -------
           Net Income (Loss)                   0.86     (3.56)    0.28
                                            -------  --------  -------
        NET ASSET VALUE,
         DECEMBER 31:                       $ 19.46  $  18.60  $ 22.16
                                            =======  ========  =======
        FOR THE CALENDAR YEAR:
        RATIOS TO AVERAGE NET
         ASSETS:
           Net Investment Loss               (3.3)%    (5.3)%   (8.1)%
           Expenses before Incentive Fees     8.0 %     8.2 %    7.9 %
           Expenses after Incentive Fees      8.0 %     8.2 %    9.2 %
           Net Income (Loss)                  4.5 %   (18.1)%    3.3 %
        TOTAL RETURN BEFORE
         INCENTIVE FEES                       4.6 %   (16.1)%    2.6 %
        TOTAL RETURN AFTER
         INCENTIVE FEES                       4.6 %   (16.1)%    1.3 %

        INCEPTION-TO-DATE RETURN             94.6 %
        COMPOUND ANNUALIZED
         RETURN                               8.9 %
</TABLE>

<TABLE>
         <S>                                 <C>      <C>      <C>
         CHARTER WCM
                                               2006     2005     2004
                                             -------  -------  -------
         PER UNIT OPERATING
          PERFORMANCE:
         NET ASSET VALUE, JANUARY 1:         $ 10.46  $ 10.52  $ 11.11
                                             -------  -------  -------
         NET OPERATING RESULTS:
            Interest Income                     0.51     0.26     0.12
            Expenses                           (0.73)   (0.81)   (0.84)
            Realized Profit (Loss)             (0.20)    1.04     0.31
            Unrealized Profit (Loss)            0.17    (0.55)   (0.18)
                                             -------  -------  -------
            Net Loss                           (0.25)   (0.06)   (0.59)
                                             -------  -------  -------
         NET ASSET VALUE,
          DECEMBER 31:...................... $ 10.21  $ 10.46  $(10.52)
                                             =======  =======  =======
         FOR THE CALENDAR YEAR:
         RATIOS TO AVERAGE NET
          ASSETS:
            Net Investment Loss               (2.1)%   (5.6)%   (7.1)%
            Expenses before Incentive Fees     6.8 %    8.3 %    8.3 %
            Expenses after Incentive Fees      6.9 %    8.3 %    8.3 %
            Net Loss                          (2.2)%   (2.1)%   (7.4)%
         TOTAL RETURN BEFORE
          INCENTIVE FEES                      (2.3)%   (0.6)%   (5.3)%
         TOTAL RETURN AFTER
          INCENTIVE FEES                      (2.4)%   (0.6)%   (5.3)%

         INCEPTION-TO-DATE RETURN              2.1 %
         COMPOUND ANNUALIZED
          RETURN                               0.3 %
</TABLE>

<PAGE>

                                   PRESORTED
                                   STANDARD
                                 U.S. POSTAGE
                                     PAID
                                  PERMIT #374
                                 LANCASTER, PA
                    Demeter Management Corporation
                    330 Madison Avenue, 8th Floor
                    New York, NY 10017
[LOGO]

ADDRESS SERVICE REQUESTED


[GRAPHIC] printed on recycled paper
CHT 38280-09
















						  		  EXHIBIT 31.01
CERTIFICATIONS

I, Walter Davis, President of Demeter Management Corporation
(?Demeter?), the general partner of the registrant, Morgan Stanley
Charter Graham L.P., certify that:

1.	I have reviewed this annual report on Form 10-K/A of the
registrant;

2.	Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the
circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present
in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the
periods presented in this report;

4.	The registrant?s other certifying officer and I are responsible
for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

   a)	Designed such disclosure controls and procedures, or caused
  such disclosure controls and procedures to be designed
  under our supervision, to ensure that material information
  relating to the registrant, including its consolidated
  subsidiaries, is made known to us by others within those
  entities, particularly during the period in which this
  report is being prepared;

   b)	Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting
and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;

   c)Evaluated the effectiveness of the registrant?s disclosure
  controls and procedures and presented in this report our
  conclusions about the effectiveness of the disclosure
  controls and procedures, as of the end of the period covered
  by this report based on such evaluation; and



	d)	 Discovered in this report any change in the registrant?s
internal control over financial reporting that occurred
during the registrant?s most recent fiscal quarter (the
registrant?s fourth fiscal quarter in the case of an annual
report) that has materially affected, or is reasonably
likely to materially affect, the registrant?s internal
control over financial reporting; and

5.	The registrant?s other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over
financial reporting, to the registrant?s auditors and the audit
committee of Demeter?s board of directors (or persons
performing the equivalent functions):

	a)	 All significant deficiencies and material weaknesses in the
      design or operation of internal controls over financial
      reporting which are reasonably likely to adversely affect
      the registrant?s ability to record, process, summarize and
      report financial information; and

	b)	 Any fraud, whether or not material, that involves management
      or other employees who have a significant role in the
      registrant?s internal control over financial reporting.



Date:   March 23, 2007     /s/	Walter Davis
	Walter Davis
	President,
	Demeter Management Corporation,
	general partner of the registrant





















 										EXHIBIT 31.02

CERTIFICATIONS

I, Lee Horwitz, Chief Financial Officer of Demeter Management
Corporation (?Demeter?), the general partner of the registrant,
Morgan Stanley Charter Graham L.P., certify that:

1.	I have reviewed this annual report on Form 10-K/A of the
registrant;

2.	Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the
circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present
in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the
periods presented in this report;

4.	The registrant?s other certifying officer and I are responsible
for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-
15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

a)	Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed
under our supervision, to ensure that material information
relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those
entities, particularly during the period in which this
report is being prepared;

b)	Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting
and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;

c)	Evaluated the effectiveness of the registrant?s disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered
by this report based on such evaluation; and
b)	Disclosed in this report any change in the registrant?s
internal control over financial reporting that occurred
during the registrant?s most recent fiscal quarter (the
registrant?s fourth fiscal quarter in the case of an annual
report) that has materially affected, or is reasonably
likely to materially affect, the registrant?s internal
control over financial reporting; and

5.	The registrant?s other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over
financial reporting, to the registrant?s auditors and the audit
committee of Demeter?s board of directors (or persons
performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the
design or operation of internal controls over financial
reporting which are reasonably likely to adversely affect
the registrant?s ability to record, process, summarize and
report financial information; and

 b)	Any fraud, whether or not material, that involves management
or other employees who have a significant role in the
registrant?s internal control over financial reporting.



Date:   March 23, 2007       /s/Lee Horwitz
                                Lee Horwitz
                                Chief Financial Officer,
                                Demeter Management Corporation,
                                general partner of the registrant




					  EXHIBIT 32.01


CERTIFICATION OF PRESIDENT PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002




In connection with the Annual Report of Morgan Stanley Charter
Graham L.P. (the ?Partnership?) on Form 10-K/A for the period
ended December 31, 2006, as filed with the Securities and Exchange
Commission on the date hereof (the ?Report?), I, Walter Davis,
President of Demeter Management Corporation, the general partner
of the Partnership, certify, pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that, to the best of my knowledge:
(1)	The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents,
in all material respects, the financial condition and
results of operations of the Partnership.






By:	  /s/	Walter Davis

Name:		Walter Davis
Title:	President

Date:		March 23, 2007










			            EXHIBIT 32.02


CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002




In connection with the Annual Report of Morgan Stanley Charter
Graham L.P. (the ?Partnership?) on Form 10-K/A for the period
ended December 31, 2006, as filed with the Securities and Exchange
Commission on the date hereof (the ?Report?), I, Lee Horwitz,
Chief Financial Officer of Demeter Management Corporation, the
general partner of the Partnership, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-
Oxley Act of 2002, that, to the best of my knowledge:
(1)	The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents,
in all material respects, the financial condition and
results of operations of the Partnership.







By:	  /s/	Lee Horwitz

Name:		Lee Horwitz
Title:	Chief Financial Officer

Date:		March 23, 2007





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