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

	FORM 10-Q


[X]	Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 2004 or

[ ]	Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from               to


Commission File Number 0-25605

	MORGAN STANLEY CHARTER MILLBURN L.P.

	(Exact name of registrant as specified in its charter)


		Delaware						     13-4018065
(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

825 Third Avenue, 9th Floor, New York, NY 10022



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


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

Yes    X       	No

Indicate by check-mark whether the registrant is an accelerated
filer (as defined in Rule 12b-2 of the Exchange Act).

Yes            No    X


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

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	September 30, 2004

<caption>

PART I. FINANCIAL INFORMATION

				<c>
Item 1. Financial Statements

		Statements of Financial Condition as of September 30, 2004
		(Unaudited) and December 31, 2003...........................2

		Statements of Operations for the Three and Nine Months
		Ended September 30, 2004 and 2003 (Unaudited)...............3

		Statements of Changes in Partners' Capital for the
	  Nine Months Ended September 30, 2004 and 2003 (Unaudited)...4

		Statements of Cash Flows for the Nine Months Ended
		September 30, 2004 and 2003 (Unaudited).....................5

		Notes to Financial Statements (Unaudited)................6-11

Item 2. Management's Discussion and Analysis of
		   Financial Condition and Results of Operations........12-24

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

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


PART II. OTHER INFORMATION

Item 2. Changes in Securities and Use of Proceeds...............39

Item 5. Other Information.......................................40

Item 6. Exhibits and Reports on Form 8-K.....................40-42
</table>


<page> <table> PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

	MORGAN STANLEY CHARTER MILLBURN L.P.
	STATEMENTS OF FINANCIAL CONDITION
<caption>
				September 30,	December 31,
				       2004       	       2003
				$	$
				(Unaudited)
ASSETS

			<c>	<c>
Equity in futures interests trading accounts:
	Cash		49,049,120	59,756,846

	Net unrealized gain on open contracts (MS&Co.)	   3,126,168	    4,376,376

		Total Trading Equity	52,175,288	64,133,222

Subscriptions receivable	627,835	2,719,812
Interest receivable (Morgan Stanley DW)	        64,722	          45,599

		Total Assets	  52,867,845	   66,898,633

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

Redemptions payable	1,492,535	1,601,321
Accrued brokerage fees (Morgan Stanley DW)	267,584	319,177
Accrued management fees	       85,626	         102,137

		Total Liabilities	   1,845,745	       2,022,635

Partners' Capital

Limited Partners (5,687,242.702 and
	5,778,353.071 Units, respectively)	50,426,305	64,188,800
General Partner (67,195.701 and
	61,862.368 Units, respectively)	         595,795	         687,198

		Total Partners' Capital	    51,022,100	    64,875,998

		Total Liabilities and Partners' Capital	    52,867,845	    66,898,633


NET ASSET VALUE PER UNIT	              8.87	             11.11

<fn>


	The accompanying notes are an integral part
	of these financial statements.
</table>
<page> <table> 	MORGAN STANLEY CHARTER MILLBURN L.P.
	STATEMENTS OF OPERATIONS
(Unaudited)
<caption>

               For the Three Months                        For the Nine Months
  	   Ended September 30,	                   Ended September 30,

                                                                               2004   	   2003  	   2004   	     2003
                                                                                  $		$			$		$
REVENUES

		<c>	<c>			<c>		<c>
	Trading profit (loss):
		Realized	(5,200,637) 	(949,190)	(9,278,304)	6,089,659
		Net change in unrealized	   2,409,044	   3,545,604 	   (1,250,208)	       1,118,584

		   Total Trading Results 	 (2,791,593)		   2,596,414	(10,528,512)	7,208,243

	Interest income (Morgan Stanley DW)	   183,102	       162,351 	     489,329	     494,587

		   Total  	   (2,608,491)	     2,758,765	  (10,039,183)	    7,702,830

EXPENSES

	Brokerage fees (Morgan Stanley DW)	839,361	   980,853	2,941,710	2,683,494
	Management fees 	268,597	        306,061	941,348	810,549
	Incentive fee	            -  	            -  	            -  	      476,219

		   Total 	   1,107,958	     1,286,914	   3,883,058 	  3,970,262


NET INCOME (LOSS) 	     (3,716,449)	     1,471,851	  (13,922,241)	   3,732,568


NET INCOME (LOSS) ALLOCATION

	Limited Partners	(3,674,511)		   1,455,890             (13,770,838)	3,690,885
	General Partner	(41,938)		        15,961                  (151,403)	   41,683


NET INCOME (LOSS) PER UNIT

	Limited Partners	(0.62)	   0.30                        (2.24)	0.89
	General Partner	(0.62)	0.30                        (2.24)		0.89


<fn>



The accompanying notes are an integral part
	of these financial statements.
</table>


<page> <table> MORGAN STANLEY CHARTER MILLBURN L.P.
	STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
	For the Nine Months Ended September 30, 2004 and 2003
	(Unaudited)



<caption>



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

			<c>	<c>	<c>	<c>
Partners' Capital,
	December 31, 2002	3,959,184.005	43,800,015	479,826	44,279,841

Offering of Units	1,861,072.081	21,910,135	170,000	22,080,135

Net Income	-	3,690,885	41,683	3,732,568

Redemptions                                                 (473,585.814)	   (5,582,167)                 -  	  (5,582,167)

Partners' Capital,
	September 30, 2003                              5,346,670.272	  63,818,868	      691,509	 64,510,377




Partners' Capital,
	December 31, 2003	5,840,215.439	64,188,800	687,198	64,875,998

Offering of Units	1,654,857.176	17,438,886	60,000	17,498,886

Net Loss		-	(13,770,838)	(151,403)	(13,922,241)

Redemptions                                              (1,740,634.212)	   (17,430,543)                 -  	  (17,430,543)

Partners' Capital,
	September 30, 2004                              5,754,438.403	  50,426,305	     595,795	 51,022,100



<fn>





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

</table>


<page> <table> MORGAN STANLEY CHARTER MILLBURN L.P.
	STATEMENTS OF CASH FLOWS
(Unaudited)





<caption>
				    For the Nine Months Ended September 30,

				       2004      	       2003
				$	$

CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
Net income (loss)	(13,922,241)	3,732,568
Noncash item included in net income (loss):
	Net change in unrealized	1,250,208	(1,118,584)

Increase in operating assets:
	Interest receivable (Morgan Stanley DW)	(19,123)	(1,618)

Increase (decrease) in operating liabilities:
	Accrued brokerage fees (Morgan Stanley DW)	(51,593)	108,857
	Accrued management fees	                (16,511)	               40,112

Net cash provided by (used for) operating activities	   (12,759,260)	   2,761,335


CASH FLOWS FROM FINANCING ACTIVITIES

Offering of Units	17,498,886	22,080,135
(Increase) decrease in subscriptions receivable	2,091,977	(463,060)
Increase (decrease) in redemptions payable	(108,786)	472,547
Redemptions of Units	    (17,430,543)	  (5,582,167)

Net cash provided by financing activities	      2,051,534	   16,507,455

Net increase (decrease) in cash	(10,707,726)	19,268,790

Balance at beginning of period	   59,756,846	 40,616,156

Balance at end of period	  49,049,120	 59,884,946





<fn>

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

</table>


<page> MORGAN STANLEY CHARTER MILLBURN L.P.
NOTES TO FINANCIAL STATEMENTS

September 30, 2004

(Unaudited)


The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the results of operations and financial condition
of Morgan Stanley Charter Millburn L.P. (the "Partnership").  The
financial statements and condensed notes herein should be read in
conjunction with the Partnership's December 31, 2003 Annual Report
on Form 10-K.

1.  Organization
Morgan Stanley Charter Millburn L.P. is a Delaware limited
partnership organized to engage primarily in the speculative
trading of futures contracts, options on futures contracts, and
forward contracts on physical commodities and other commodity
interests, including, but not limited to, foreign currencies,
financial instruments, metals, energy, and agricultural products.
The Partnership is one of the Morgan Stanley Charter series of
funds, comprised of the Partnership, Morgan Stanley Charter
Campbell L.P., Morgan Stanley Charter Graham L.P., and Morgan
Stanley Charter MSFCM L.P.

The Partnership's general partner is Demeter Management
Corporation ("Demeter").  The non-clearing commodity broker is
<page> MORGAN STANLEY CHARTER MILLBURN L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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").
Demeter, Morgan Stanley DW, MS & Co., and MSIL are wholly-owned
subsidiaries of Morgan Stanley. Millburn Ridgefield Corporation
(the "Trading Advisor") is the trading advisor to the Partnership.

2.  Related Party Transactions
The Partnership's cash is on deposit with Morgan Stanley DW, MS &
Co., and MSIL in futures, forwards, and options trading accounts
to meet margin requirements as needed.  Morgan Stanley DW pays the
Partnership interest income at a rate equal to that earned by
Morgan Stanley DW on its U.S. Treasury bill investments.  In
addition, Morgan Stanley DW pays interest received from MS & Co.
and MSIL with respect to such Partnership's assets deposited as
margin.  The Partnership pays brokerage fees to Morgan Stanley DW.

3.  Financial Instruments
The Partnership trades futures contracts, options on futures
contracts, and forward contracts on physical commodities and other
commodity interests, including, but not limited to, foreign
currencies, financial instruments, metals, energy, and
agricultural products.  Futures and forwards represent contracts
for delayed delivery of an instrument at a specified date and
<page> MORGAN STANLEY CHARTER MILLBURN L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 Partnership's contracts are accounted for on a trade-date
basis and marked to market on a daily basis.  The Partnership
accounts for its derivative investments in accordance with the
provisions of Statement of Financial Accounting Standards No.
133, "Accounting for Derivative Instruments and Hedging
Activities" ("SFAS No. 133").  SFAS No. 133 defines a derivative
as a financial instrument or other contract that has all three of
the following characteristics:

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

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

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

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

	Net Unrealized Gains
	on Open Contracts	    Longest Maturities

	Exchange-	  Off-Exchange-		Exchange- 	 Off-Exchange-
Date	  Traded  	    Traded   	  Total  	   Trade  	  Traded
	$	  $	  $

Sep. 30, 2004	3,105,846	20,322	3,126,168	Mar. 2005	Dec. 2004
Dec. 31, 2003	2,040,760	2,335,616	4,376,376	Jun. 2004	Mar. 2004

The Partnership has credit risk associated with counterparty non-
performance.  The credit risk associated with the instruments in

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

which the Partnership trades is limited to the amounts reflected
in the Partnership's Statements of Financial Condition.



The Partnership also has credit risk because Morgan Stanley DW, MS
& Co., and MSIL act as the futures commission merchants or the
counterparties, with respect to most of the Partnership's assets.
Exchange-traded futures, forward, and 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 the
Partnership's exchange-traded futures, forward, and futures-styled
options contracts, are required, pursuant to regulations of the
Commodity Futures Trading Commission ("CFTC"), to segregate from
their own assets, and for the sole benefit of their commodity
customers, all funds held by them with respect to exchange-traded
futures, forward, and futures-styled options contracts, including
an amount equal to the net unrealized gains (losses) on all open
futures, forward, and futures-styled options contracts, which
funds, in the aggregate, totaled $52,154,966 and $61,797,606 at
September 30, 2004 and December 31, 2003, respectively.  With
respect to the Partnership's off-exchange-traded forward currency
contracts, there are no daily exchange-required settlements of
variation in value nor is there any requirement that an amount
equal to the net unrealized gains (losses) on open forward
MORGAN STANLEY CHARTER MILLBURN L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

contracts be segregated.  However, the Partnership is required to
meet margin requirements equal to the net unrealized loss on open
contracts in the Partnership accounts with the counterparty, which
is accomplished by daily maintenance of the cash balance in a


custody account held at Morgan Stanley DW for the benefit of MS &
Co.  With respect to those off-exchange-traded forward currency
contracts, the Partnership is at risk to the ability of MS & Co.,
the sole counterparty on all such contracts, to perform. The
Partnership has a netting agreement with MS & Co.  This agreement,
which seeks to reduce both the Partnership's and MS &


Co.'s exposure on off-exchange-traded forward currency contracts,
should materially decrease the Partnership's credit risk in the
event of MS & Co.'s bankruptcy or insolvency.


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


Liquidity. The Partnership deposits its assets with Morgan Stanley
DW as non-clearing broker, and MS & Co. and MSIL as clearing
brokers in separate futures, forwards, and options trading
accounts established for the Trading Advisor, which assets are
used as margin to engage in trading and may be used as margin
solely for the Partnership's trading. The assets are held in
either non-interest bearing bank accounts or in securities and
instruments permitted by the CFTC for investment of customer
segregated or secured funds.  Since the Partnership's sole purpose
is to trade in futures, forwards, and options, it is expected that
the Partnership will continue to own such liquid assets for margin
purposes.

The Partnership's investment in futures, forwards, and options
may, from time to time, be illiquid.  Most U.S. futures exchanges
limit fluctuations in prices during a single day by regulations
referred to as "daily price fluctuations limits" or "daily
limits".  Trades may not be executed at prices beyond the daily
limit.  If the price for a particular futures or options contract
has increased or decreased by an amount equal to the daily limit,
positions in that futures or options contract can neither be taken
nor liquidated unless traders are willing to effect trades at or
within the limit.  Futures prices have occasionally moved the
daily limit for several consecutive days with little or no <page>
trading.  These market conditions could prevent the Partnership
from promptly liquidating its futures or options contracts and
result in restrictions on redemptions.

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

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

Capital Resources.  The Partnership does not have, nor expects to
have, any capital assets.  Redemptions, exchanges and sales of
units of limited partnership interest ("Unit(s)") in the future
will affect the amount of funds available for investment in
futures, forwards, and options in subsequent periods. It is not
possible to estimate the amount, and therefore the impact, of
future redemptions of Units.

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

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

Results of Operations
General.  The Partnership's results depend on the Trading Advisor
and the ability of the Trading Advisor's trading program to take
advantage of price movements in the futures, forwards, and options
markets.  The following presents a summary of the Partnership's
operations for the three and nine month periods ended September
30, 2004 and 2003, and a general discussion of its trading
activities during each period.  It is important to note, however,
that the Trading Advisor trades in various markets at different
times and that prior activity in a particular market does not mean
that such market will be actively traded by the Trading Advisor or
will be profitable in the future. Consequently, the results of
operations of the Partnership are difficult to discuss other than
<page> in the context of the Trading Advisor's trading activities
on behalf of the Partnership during the period in question. Past
performance is no guarantee of future results.

The Partnership's results of operations set forth in the financial
statements on pages 2 through 11 of this report were prepared in
accordance with accounting principles generally accepted in the
United States of America, which require the use of certain
accounting policies that affect the amounts reported in these
financial statements, including the following:  The contracts the
Partnership trades are accounted for on a trade-date basis and
marked to market on a daily basis.  The difference between their
cost and market value is recorded on the Statements of Operations
as "Net change in unrealized trading profit (loss)" for open
(unrealized) contracts, and recorded as "Realized trading profit
(loss)" when open positions are closed out.  The sum of these
amounts constitutes the Partnership's trading results.  The market
value of a futures contract is the settlement price on the
exchange on which that futures contract is traded on a particular
day.  The value of foreign currency forward contracts is based on
the spot rate as of the close of business, New York City time, on
a given day. Interest income revenue, as well as management fees,
incentive fees, and brokerage fees expenses of the Partnership are
recorded on an accrual basis.

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

For the Three and Nine Months Ended September 30, 2004
The Partnership recorded losses net of interest income totaling
$2,608,491 and expenses totaling $1,107,958, resulting in a net
loss of $3,716,449 for the three months ended September 30, 2004.
The Partnership's net asset value per Unit decreased from $9.49
at June 30, 2004 to $8.87 at September 30, 2004.

The most significant trading losses of approximately 5.3% were
recorded in the currency markets during July from long positions
in the euro, Czech koruna, and Japanese yen versus the U.S.
dollar as the value of the dollar strengthened amid the release
of positive economic data regarding consumer confidence and
upbeat testimony regarding the status of the U.S. economy by
Federal Reserve Chairman Alan Greenspan.  Short-term volatility
in the euro was responsible for losses during August as the value
of the euro experienced "whipsawing" due to conflicting economic
data and surging energy prices throughout a majority of the
month.  Finally, losses were experienced during September from
long positions in the Japanese yen against the U.S. dollar as the
value of the yen declined amid surprisingly low second quarter
<page> growth, weakness in the equity markets, and the
repatriation of funds by Japanese exporters.  Additional losses
of approximately 1.5% were incurred in the global stock index
markets during July from long positions in U.S. and Japanese
equity index futures as prices moved lower early in the month due
to the release of disappointing U.S. employment data, higher
energy prices, and geopolitical concerns.  Further losses were
recorded from newly established short positions in U.S. equity
index futures towards the end of July and throughout August as
prices reversed higher due to a better-than-expected consumer
confidence report and strong earnings data.  Finally, losses were
incurred in September from long positions in Japanese equity
index futures as prices drifted lower during mid-month on
concerns regarding the future of the Japanese economy amid the
release of surprisingly low second quarter growth.  Smaller
losses of approximately 0.9% were experienced in the global
interest rate futures markets, primarily during August, from
short positions in Japanese interest rate futures as global bond
prices trended higher, boosted by a surge in oil prices earlier
in the month and a mixed economic picture generated by reports on
U.S. retail sales, jobless claims, and trade deficit.  Within the
European interest rate futures markets, losses were experienced
during July and early September from long positions as prices
reversed lower due to the release of strong economic data
relating to U.S. consumer confidence, manufacturing and job
<page> growth.   A portion of the Partnership's overall losses
for the quarter was offset by gains of approximately 1.9%
recorded in the energy markets, primarily during July and
September, from long positions in heating oil and crude oil as
prices strengthened during July and September due to continuing
fears about potential terrorist attacks against the production
and refining facilities in Saudi Arabia and Iraq, concerns that
top Russian oil producer, Yukos, may break up or stop selling
oil, major disruptions in oil production in the Gulf of Mexico
due to Hurricane Ivan, and growing civil unrest in Nigeria.
Additional gains of approximately 0.5% were recorded in the
agricultural markets, primarily during July and September, from
short futures positions in corn as prices trended lower due to
ideal weather conditions in the U.S. midwest growing region,
reports of increased inventories by the U.S. Department of
Agriculture, and weak export demand.


The Partnership recorded losses net of interest income totaling
$10,039,183 and expenses totaling $3,883,058, resulting in a net
loss of $13,922,241 for the nine months ended September 30, 2004.
The Partnership's net asset value per Unit decreased from $11.11
at December 31, 2003 to $8.87 at September 30, 2004.

<page> The most significant trading losses of approximately 16.5%
were experienced in the currency markets from positions in the
Japanese yen versus the U.S. dollar.  These losses were
experienced throughout the year from both long and short
positions in the yen relative to the U.S. dollar and the euro as
the value of the yen experienced significant short-term price
volatility due to conflicting economic data regarding a Japanese
economic recovery, uncertainty regarding a currency market
intervention by the Bank of Japan, geopolitical concerns stemming
from terror warnings and instability in Iraq, and speculation
regarding the direction of U.S. and Japanese interest rates.
Losses were also recorded from positions in the Singapore dollar
against the U.S. dollar, primarily during the first and second
quarters, as the value of the Singapore dollar experienced
significant "whipsawing" in tandem with the Japanese yen.
Elsewhere in the currency markets, losses were experienced in the
Korean won against the U.S. dollar as the value of the won also
moved without consistent direction throughout the first and
second quarters.  Smaller losses were recorded from positions in
euro and Czech koruna versus the U.S. dollar, primarily during
the first quarter, as well as in July and August, as the value of
these currencies also moved in a trendless pattern due to
conflicting economic data and volatility in oil prices.  Within
the global stock index markets, losses of approximately 3.6% were
incurred during April, May, and July from long positions in
European equity index futures as prices drifted lower amid the
<page> continuing difficulties in Iraq, fears of global
terrorism, and concerns of higher interest rates.  Additional
losses were recorded during April and July from long positions in
U.S. equity index futures as prices declined for the
aforementioned reasons. Smaller losses of approximately 0.9% were
experienced in the metals markets, primarily during April, from
long futures positions in gold as precious metals prices weakened
due to the strength in the U.S. dollar.  A portion of the
Partnership's overall losses for the first nine months of the
year was offset by gains of approximately 3.5% in the energy
markets.  During February, April, May, July, and September, long
positions in unleaded gasoline, gas oil, and crude oil futures
profited as prices trended higher due to consistent news of tight
supply, continuing geopolitical concerns in the Middle East,
concerns that top Russian oil producer, Yukos, may break up or
stop selling oil, major disruptions in oil production in the Gulf
of Mexico due to Hurricane Ivan, and growing civil unrest in
Nigeria.  Additional gains of approximately 0.7% were generated
in the agricultural markets during March from long positions in
corn futures as prices increased on news of strong demand from
Asia.  Further gains were experienced during July and August from
short positions in corn futures as prices weakened due to ideal
weather conditions in the growing regions of the U.S. midwest,
reports of increased inventories by the U.S. Department of
Agriculture, and weaker export demand.  Smaller gains of
approximately 0.3% were recorded in the global interest rate
<page> futures markets, primarily during February and March, from
long positions in U.S. interest rate futures as prices trended
higher on speculation about U.S. interest rate policy,
uncertainty in global equity markets, and safe-haven buying
following a major terrorist attack in Madrid.

For the Three and Nine Months Ended September 30, 2003
The Partnership recorded revenues including interest income
totaling $2,758,765 and expenses totaling $1,286,914, resulting in
net income of $1,471,851 for the three months ended September 30,
2003. The Partnership's net asset value per Unit increased from
$11.77 at June 30, 2003 to $12.07 at September 30, 2003.

The most significant trading gains of approximately 2.9% were
recorded in the global stock index markets from long positions in
Asian stock index futures as prices strengthened during July and
August in response to improved investor sentiment regarding the
global equity markets and robust Japanese economic data.
Additional gains of approximately 1.8% in the currency markets
were recorded from long positions in the Japanese yen and the
Korean won versus the U.S. dollar during September as the values
of these Asian currencies were buoyed by the Bank of Japan's
comments regarding its passive currency intervention policy and
perceptions that the Japanese economic crisis was finally at a
turning point.  Smaller gains of approximately 0.9% in the metals
markets resulted from long positions in gold futures as prices
trended higher during August and September amid technically-based
<page> buying and a weaker U.S. dollar.  A portion of the
Partnership's overall gains for the quarter was offset by losses
of approximately 0.9% in the energy markets from long futures
positions in gas oil and heating oil as prices dropped due to
increased gasoline supply from Europe and the U.S. Gulf region.
Smaller losses stemmed from positions in crude oil futures during
September as prices first trailed lower and then unexpectedly
reversed higher after OPEC announced that it would move to reduce
output by limiting production in an effort to stem declining oil
prices.  Additional losses of approximately 0.6% in the global
interest rate markets were incurred from short positions in U.S.
and European interest rate futures as prices reversed higher
during September amid renewed fears for an unsustainable economic
recovery and lower global equity prices.  Losses of approximately
0.6% in the agricultural markets were experienced from long coffee
futures positions during August as prices declined amid increased
supply and reduced fears concerning future harvests.  Additional
losses resulted from positions in corn as prices first moved
higher during August amid supply fears prompted by weak U.S.
harvest expectations and subsequently reversed lower during
September after better-than-expected harvests and favorable
weather forecasts led to outlooks for increased supply.

The Partnership recorded revenues including interest income
totaling $7,702,830 and expenses totaling $3,970,262, resulting in
net income of $3,732,568 for the nine months ended September 30,
<page> 2003. The Partnership's net asset value per Unit increased
from $11.18 at December 31, 2002 to $12.07 at September 30, 2003.

The most significant trading gains of approximately 8.5% in the
global interest rate markets were produced from long positions in
German and U.S. interest rate futures as prices moved higher
during February as investors continued to seek the security of
fixed income investments in response to prolonged uncertainty in
global equity markets.  During May, long positions in European,
U.S., and Japanese interest rate futures recorded gains as prices
trended higher amid speculation of an interest rate cut by the
Federal Reserve and lingering doubts concerning a global economic
recovery.  Short positions in European and U.S. interest rate
futures yielded gains during July as prices declined amid the
release of positive U.S. economic data and fears of increased
inflation risks.  Additional gains of approximately 3.0% in the
global stock index markets were supplied by long positions in
Asian stock index futures as prices strengthened during July and
August in response to improved investor sentiment regarding the
global equity markets and robust Japanese economic data.  Gains of
approximately 1.7% in the energy markets resulted from long
positions in natural gas futures as prices jumped sharply higher
during February amid fears that extremely cold weather in the U.S.
northeast and midwest could further deplete already diminished
supplies.  In the currency markets, gains of approximately 1.4%
were recorded from long positions in the euro versus the U.S.
<page> dollar during January as the euro's value climbed higher
amid renewed fears of a military conflict with Iraq, increased
tensions with North Korea, and weak U.S. economic data. During
May, the value of the euro continued to trend higher relative to
most currencies following the decision by the European Central
Bank to leave interest rates unchanged.  Long positions in the
South African rand and the Australian dollar versus the U.S.
dollar also profited as the value of these currencies strengthened
during April amid significant interest rate differentials and
strength in commodity prices.  A portion of the Partnership's
overall gains for the first nine months of the year was offset by
losses of approximately 1.9% in the agricultural markets from
positions in corn futures as prices moved without consistent
direction during January, April, May, August, and September amid
weather-related concerns throughout the U.S. midwest.


<page> Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK


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

The futures, forwards, and options traded by the Partnership
involve varying degrees of related market risk.  Market risk is
often dependent upon changes in the level or volatility of
interest rates, exchange rates, and prices of financial
instruments and commodities, factors that result in frequent
changes in the fair value of the Partnership's open positions,
and consequently in its earnings, whether realized or unrealized,
and cash flow.  Gains and losses on open positions of exchange-
traded futures, forwards, and options are settled daily through
variation margin.  Gains and losses on off-exchange-traded
forward currency contracts are settled upon termination of the
contract, however, the Partnership is required to meet margin
requirements equal to the net unrealized loss on open contracts
in the Partnership accounts with the counterparty, which is
<page> accomplished by daily maintenance of the cash balance in a
custody account held at Morgan Stanley DW for the benefit of MS &
Co.

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

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

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

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

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

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

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

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

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

The Partnership's Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership's open positions as a percentage of total net assets
by primary market risk category at September 30, 2004 and 2003. At
September 30, 2004 and 2003, the Partnership's total
capitalization was approximately $51 million and $65 million,
respectively.

Primary Market         September 30, 2004      September 30, 2003
Risk Category	  	     Value at Risk   	     Value at Risk

Interest Rate 	(2.02)%	(0.78)%
Currency	(0.98)	(2.44)
Equity	(0.21)	(0.76)
Commodity	(0.77)	(0.98)
Aggregate Value at Risk	(2.70)%	(2.77)%
<page>
The VaR for a market category represents the one-day downside
risk for the aggregate exposures associated with this market
category.  The Aggregate Value at Risk listed above represents
the VaR of the Partnership's open positions across all the market
categories, and is less than the sum of the VaRs for all such
market categories due to the diversification benefit across asset
classes.

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

The table below supplements the quarter-end VaR set forth above
by presenting the Partnership's high, low, and average VaR, as a
percentage of total net assets for the four quarter-end reporting
periods from October 1, 2003 through September 30, 2004.






<page>
Primary Market Risk Category        High      Low      Average
Interest Rate	(2.16)%	(0.96)%	(1.68)%

Currency	(2.74)	(0.98)	(1.74)

Equity	(1.14)	(0.21)	(0.76)

Commodity	(1.30)	(0.32)	(0.92)

Aggregate Value at Risk	(3.55)%	(2.05)%	(2.83)%


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

<page>
?	VaR using a one-day time horizon does not fully capture the
market risk of positions that cannot be liquidated or hedged
within one day; and
?	the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.

In addition, the VaR tables above, as well as the past performance
of the Partnership, give no indication of the Partnership's
potential "risk of ruin".
The VaR tables provided present the results of the Partnership's
VaR for each of the Partnership's market risk exposures and on an
aggregate basis at September 30, 2004 and 2003 and for the four
quarter-end reporting periods from October 1, 2003 through
September 30, 2004.  VaR is not necessarily representative of the
Partnership's historic risk, nor should it be used to predict the
Partnership's future financial performance or its ability to
manage or monitor risk.  There can be no assurance that the
Partnership's actual losses on a particular day will not exceed
the VaR amounts indicated above or that such losses will not occur
more than once in 100 trading days.


Non-Trading Risk
<page> The Partnership has non-trading market risk on its foreign
cash balances.  These balances and any market risk they may
represent are immaterial.

The Partnership also maintains a substantial portion
(approximately 101% as of September 30, 2004) of its available
assets in cash at Morgan Stanley DW.  A decline in short-term
interest rates would result in a decline in the Partnership's cash
management income. This cash flow risk is not considered to be
material.

Materiality, as used throughout this section, is based on an
assessment of reasonably possible market movements and any
associated potential losses, taking into account the leverage,
optionality and multiplier features of the Partnership's market-
sensitive instruments, in relation to the Partnership's net
assets.

Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Partnership's
market risk exposures - except for (A) those disclosures that are
statements of historical fact and (B) the descriptions of how the
Partnership manages its primary market risk exposures - constitute
forward-looking statements within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act.
The Partnership's primary market risk exposures, as well as the
<page> strategies used and to be used by Demeter and the Trading
Advisor for managing such exposures, are subject to numerous
uncertainties, contingencies and risks, any one of which could
cause the actual results of the Partnership's risk controls to
differ materially from the objectives of such strategies.
Government interventions, defaults and expropriations, illiquid
markets, the emergence of dominant fundamental factors, political
upheavals, changes in historical price relationships, an influx of
new market participants, increased regulation and many other
factors could result in material losses, as well as in material
changes to the risk exposures and the risk management strategies
of the Partnership.  Investors must be prepared to lose all or
substantially all of their investment in the Partnership.
The following were the primary trading risk exposures of the
Partnership at September 30, 2004, by market sector.  It may be
anticipated, however, that these market exposures will vary
materially over time.

Interest Rate. The primary market exposure of the Partnership at
September 30, 2004 was to the global interest rate sector.
Exposure was primarily spread across the Japanese, European, and
U.S. interest rate sectors.  Interest rate movements directly
affect the price of the sovereign bond futures positions held by
the Partnership and indirectly affect the value of its stock
index and currency positions.  Interest rate movements in one
country, as well as relative interest rate movements between
<page> countries, materially impact the Partnership's
profitability.  The Partnership's interest rate exposure is
generally to interest rate fluctuations in the U.S. and the other
G-7 countries.  The G-7 countries consist of France, the U.S.,
Britain, Germany, Japan, Italy, and Canada.  Demeter anticipates
that the G-7 countries interest rates will remain the primary
interest rate exposure of the Partnership for the foreseeable
future.  The speculative futures positions held by the
Partnership may range from short to long-term instruments.
Consequently, changes in short, medium or long-term interest
rates may have an effect on the Partnership.

Currency.  The second largest market exposure of the Partnership
at September 30, 2004 was to the currency sector.  The
Partnership's currency exposure is to exchange rate fluctuations,
primarily fluctuations which disrupt the historical pricing
relationships between different currencies and currency pairs.
Interest rate changes, as well as political and general economic
conditions influence these fluctuations.  The Partnership trades
a number of currencies, including cross-rates - i.e., positions
between two currencies other than the U.S. dollar.  At September
30, 2004, the Partnership's major exposures were to the euro,
Canadian dollar, Japanese yen, Norwegian krone, and British pound
currency crosses, as well as to outright U.S. dollar positions.
Outright positions consist of the U.S. dollar vs. other
currencies.  These other currencies include major and minor
<page> currencies.  Demeter does not anticipate that the risk
associated with the Partnership's currency trades will change
significantly in the future.

Equity.  The third largest market exposure of the Partnership at
September 30, 2004 was to the global stock index sector,
primarily to equity price risk in the G-7 countries. The stock
index futures traded by the Partnership are by law limited to
futures on broadly-based indices.  At September 30, 2004, the
Partnership's primary exposures were to the Hang Seng (China),
S&P 500 (U.S.), and NASDAQ (U.S.) stock indices.  The Partnership
is primarily exposed to the risk of adverse price trends or
static markets in the U.S., European, and Japanese stock indices.
Static markets would not cause major market changes, but would
make it difficult for the Partnership to avoid trendless price
movements, resulting in numerous small losses.

Commodity.
Energy.  At September 30, 2004, the Partnership's energy
exposure was shared primarily by futures contracts in crude
oil and its related products, and natural gas. Price
movements in these markets result from geopolitical
developments, particularly in the Middle East, as well as
weather patterns and other economic fundamentals.
Significant profits and losses, which have been experienced
in the past, are expected to continue to be experienced in
<page> the future.  Natural gas has exhibited volatility in
prices resulting from weather patterns and supply and demand
factors and will likely continue in this choppy pattern.

Metals.  The Partnership's metals exposure at September 30,
2004 was to fluctuations in the price of precious metals,
such as gold, and base metals, such as copper.  Economic
forces, supply and demand inequalities, geopolitical factors
and market expectations influence price movements in these
markets.  The Trading Advisor utilizes the trading system(s)
to take positions when market opportunities develop, and
Demeter anticipates that the Partnership will continue to do
so.

Soft Commodities and Agriculturals.  At September 30, 2004,
the Partnership had exposure to the markets that comprise
these sectors.  Most of the exposure was to the corn and
cotton markets.  Supply and demand inequalities, severe
weather disruptions, and market expectations affect price
movements in these markets.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following was the only non-trading risk exposure of the
Partnership at September 30, 2004:

<page> Foreign Currency Balances. The Partnership's primary
foreign currency balances at September 30, 2004 were in
euros, Hong Kong dollars, and British pounds.  The
Partnership controls the non-trading risk of foreign
currency balances by regularly converting them back into
U.S. dollars upon liquidation of their respective positions.

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

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

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

   (b)	There have been no significant changes during the
period covered by this quarterly report in the
Partnership's internal controls or in other factors
that could significantly affect these controls
subsequent to the date of their evaluation.

<page> PART II.  OTHER INFORMATION

Item 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS
Registration Statement on Form S-1  Units Registered
   File Number

Initial Registration	3,000,000.000		November 6, 1998	333-60103
Additional Registration	6,000,000.000		March 27, 2000	333-91569
Additional Registration	10,000,000.000		February 26, 2003	  333-103170
Additional Registration	  2,000,000.000		April 28, 2004	333-113893
Total Units Registered          21,000,000.000

Units sold through 9/30/04	       9,896,331.964
Units unsold through 9/30/04	    11,103,668.036

The managing underwriter for the Partnership is Morgan Stanley DW.

Units are continuously sold at monthly closings at a purchase
price equal to 100% of the net asset value per Unit as of the
close of business on the last day of each month.

The aggregate price of the Units sold through September 30, 2004
was $103,359,035.

Since no expenses are chargeable against proceeds, 100% of the
proceeds of the offering have been applied to the working capital
of the Partnership for use in accordance with the "Use of
Proceeds" section of the prospectus included as part of the above
referenced Registration Statements.



<page> Item 5.  OTHER INFORMATION
Management.    The following changes have been made to the Board
of Directors and Officers of Demeter:

Mr. Kevin Perry, Chief Financial Officer of Demeter, was confirmed
as a principal of Demeter by the National Futures Association on
September 3, 2004.

Mr. William D. Seugling, Director of Demeter, was confirmed as a
principal of Demeter by the National Futures Association on
October 11, 2004.

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

(A)	Exhibits

3.01	Form of Amended and Restated Limited Partnership
Agreement of the Partnership, is incorporated by
reference to Exhibit A of the Partnership's Prospectus,
dated April 28, 2004, filed with the Securities and
Exchange Commission pursuant to Rule 424(b)(3) under the
Securities Act of 1933, as amended, on May 4, 2004.
3.02	Certificate of Limited Partnership, dated July 15, 1998,
is incorporated by reference to Exhibit 3.02 of the
Partnership's Registration Statement on Form S-1 (File
No. 333-60103) filed with the Securities and Exchange
Commission on July 29, 1998.
3.03	Certificate of Amendment of Certificate of Limited
Partnership, dated November 1, 2001 (changing its name
from Morgan Stanley Dean Witter Millburn L.P.), is
incorporated by reference to Exhibit 3.01 of the
Partnership's Form 8-K (File No. 0-25605) filed with the
Securities and Exchange Commission on November 6, 2001.


<page>
10.01	Management Agreement, dated as of November 6, 1998, among
the Partnership, Demeter, and Millburn Ridgefield
Corporation, is incorporated by reference to Exhibit
10.01 of the Partnership's Quarterly Report on Form 10-Q
(File No. 0-25605) filed with the Securities and Exchange
Commission on May 17, 1999.
10.02	Form of Subscription and Exchange Agreement and Power of
Attorney to be executed by each purchaser of Units is
incorporated by reference to Exhibit B of the
Partnership's Prospectus, dated April 28, 2004, filed
with the Securities and Exchange Commission pursuant to
Rule 424(b)(3) under the Securities Act of 1933, as
amended, on May 4, 2004.
10.03	Amended and Restated Escrow Agreement, dated as of August
31, 2002, among the Partnership, Morgan Stanley Charter
Graham L.P., Morgan Stanley Charter Welton L.P., Morgan
Stanley Charter MSFCM L.P., Morgan Stanley DW and JP
Morgan Chase Bank, is incorporated by reference to
Exhibit 10.04 of the Partnership's Registration Statement
on Form S-1 (File No. 333-103170) filed with the
Securities and Exchange Commission on February 13, 2003.
10.04	Amended and Restated Customer Agreement between the
Partnership and Morgan Stanley DW, dated as of November
13, 2000, is incorporated by reference to Exhibit 10.01
of the Partnership's Form 8-K (File No. 0-25605) filed
with the Securities and Exchange Commission on November
6, 2001.
10.05	Commodity Futures Customer Agreement between MS & Co. and
the Partnership, acknowledged and agreed to by Morgan
Stanley DW, dated as of November 6, 2000, is incorporated
by reference to Exhibit 10.02 of the Partnership's Form
8-K (File No. 0-25605) filed with the Securities and
Exchange Commission on November 6, 2001.
10.06	Customer Agreement between the Partnership and MSIL,
dated as of November 6, 2000, is incorporated by
reference to Exhibit 10.04 of the Partnership's Form 8-K
(File No. 0-25605) filed with the Securities and Exchange
Commission on November 6, 2001.
10.07	Foreign Exchange and Options Master Agreement between MS
& Co. and the Partnership, dated as of August 30, 1999,
is incorporated by reference to Exhibit 10.05 of the
Partnership's Form 8-K (File No. 0-25605) filed with the
Securities and Exchange Commission on November 6, 2001.
<page>
10.08	Form of Subscription Agreement Update Form is
incorporated by reference to Exhibit C of the
Partnership's Prospectus, dated April 28, 2004, filed
with the Securities and Exchange Commission pursuant to
Rule 424(b)(3) under the Securities Act of 1933, as
amended, on May 4, 2004.
10.09	Securities Account Control Agreement among the
Partnership, MS & Co., and Morgan Stanley DW, dated as of
May 1, 2000, is incorporated by reference to Exhibit
10.03 of the Partnership's Form 8-K (File No. 0-25605)
filed with the Securities and Exchange Commission on
November 6, 2001.
31.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to rules 13a-15(e) and 15d-15(e), as adopted
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
31.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to rules 13a-15(e) and 15d-15(e),
as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
32.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002.
32.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.

(B)	Reports on Form 8-K - None.



<page>







SIGNATURE



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




                     Morgan Stanley Charter Millburn L.P.
                     (Registrant)

                     By:   Demeter Management Corporation
                           (General Partner)

November 15, 2004    By:/s/Kevin Perry
                           Kevin Perry
                           Chief Financial Officer





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













MORGAN STANLEY CHARTER MILLBURN L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

MORGAN STANLEY CHARTER MILLBURN L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)