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 0-25603

	MORGAN STANLEY CHARTER GRAHAM L.P.

	(Exact name of registrant as specified in its charter)


		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

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

	<c>	<c>
Equity in futures interests trading accounts:
	Cash	347,406,370	245,088,422

	Net unrealized gain on open contracts (MS&Co.)	21,815,085	  9,532,167
   	Net unrealized gain on open contracts (MSIL)	      674,637	   6,934,499

	     Total net unrealized gain on open contracts	  22,489,722	   16,466,666

	     Total Trading Equity	369,896,092	261,555,088

Subscriptions receivable	11,297,637	14,005,999
Interest receivable (Morgan Stanley DW)	       407,594	        196,094

	     Total Assets	 381,601,323	  275,757,181

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

Redemptions payable	2,864,704	3,370,668
Accrued brokerage fees (Morgan Stanley DW)	1,869,666	1,270,243
Accrued management fees	      598,293	       406,478

	     Total Liabilities	    5,332,663	    5,047,389

Partners' Capital

Limited Partners (19,706,408.397 and
      12,239,934.203 Units, respectively)	372,219,332	267,851,230
General Partner (214,383.562 and
      130,627.064 Units, respectively)	     4,049,328	     2,858,562

         Total Partners' Capital	  376,268,660	 270,709,792

         Total Liabilities and Partners' Capital	  381,601,323	 275,757,181

NET ASSET VALUE PER UNIT	            18.89	            21.88
<fn>

	The accompanying notes are an integral part
	of these financial statements.
</table>
<page> <table>
MORGAN STANLEY CHARTER GRAHAM 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	(35,027,435) 	(17,327,578)	(36,859,950)		17,730,625
		Net change in unrealized	  30,575,157	   (1,142,709) 	    6,023,056		   (17,368,878)

		   Total Trading Results 	 (4,452,278)		 (18,470,287)	(30,836,894)		361,747

	Interest income (Morgan Stanley DW)	   1,052,214	        427,628	   2,505,571		   1,308,415

		   Total  	   (3,400,064)	   (18,042,659)	   (28,331,323)		    1,670,162

EXPENSES
	Brokerage fees (Morgan Stanley DW)	5,539,378	3,205,774	15,800,402		8,383,693
	Management fees	     1,772,602	     1,000,315	    5,056,129		    2,534,513
	Incentive fees	           -        	               -     	   5,135,381		     4,657,891

		   Total 	     7,311,980	     4,206,089	   25,991,912		   15,576,097


NET LOSS 	  (10,712,044)	   (22,248,748)	(54,323,235)		 (13,905,935)


NET LOSS ALLOCATION

	Limited Partners	(10,594,531)		 (22,013,700)	(53,724,001)		(13,752,244)
	General Partner 	(117,513)	(235,048)	(599,234)		(153,691)


NET LOSS PER UNIT

	Limited Partners	(0.61)	  (2.18)                      (2.99)		(0.60)
	General Partner	(0.61)	  (2.18)                      (2.99)		(0.60)



<fn>


	The accompanying notes are an integral part
	of these financial statements.
</table>
<page> <table> MORGAN STANLEY CHARTER GRAHAM 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	6,177,658.232	115,164,948	1,231,272	116,396,220

Offering of Units	5,213,896.954        105,349,371		1,110,000	106,459,371

Net Loss                                                                  -	  	(13,752,244)	(153,691)	(13,905,935)

Redemptions	   (529,836.032)	   (10,786,705)	         -     	  (10,786,705)

Partners' Capital,
   September 30, 2003	 10,861,719.154	 195,975,370	  2,187,581	 198,162,951





Partners' Capital,
	December 31, 2003	12,370,561.267	267,851,230	2,858,562	270,709,792

Offering of Units	8,349,315.535        174,166,365		1,790,000	175,956,365

Net Loss                                                                  -	  	(53,724,001)	(599,234)	(54,323,235)

Redemptions	   (799,084.843)	   (16,074,262)	         -     	  (16,074,262)

Partners' Capital,
   September 30, 2004	 19,920,791.959	 372,219,332	  4,049,328	 376,268,660



<fn>






The accompanying notes are an integral part
	of these financial statements.
</table>
<page>
<table>	MORGAN STANLEY CHARTER GRAHAM 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 loss	 	(54,323,235)	(13,905,935)
Noncash item included in net loss:
	Net change in unrealized	(6,023,056)	17,368,878

Increase in operating assets:
	Interest receivable (Morgan Stanley DW)	(211,500)	(32,306)

Increase in operating liabilities:
	Accrued brokerage fees (Morgan Stanley DW)	599,423	529,492
	Accrued management fees	       191,815	      182,950

Net cash provided by (used for) operating activities	   (59,766,553)	   4,143,079


CASH FLOWS FROM FINANCING ACTIVITIES

Offering of Units	175,956,365	106,459,371
(Increase) decrease in subscriptions receivable	2,708,362	(6,162,942)
Increase (decrease) in redemptions payable	(505,964)	907,684
Redemptions of Units 	   (16,074,262)	 (10,786,705)

Net cash provided by financing activities	   162,084,501	  90,417,408

Net increase in cash	102,317,948	94,560,487

Balance at beginning of period	   245,088,422	 104,510,473

Balance at end of period	                                                         347,406,370      	 199,070,960




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

</table>


<page> MORGAN STANLEY CHARTER GRAHAM 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 Graham 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 Graham 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 Millburn 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 GRAHAM 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.  Graham Capital Management, L.P.
(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 GRAHAM 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 GRAHAM 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 (losses) 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 (Losses)
	       on Open Contracts	Longest Maturities

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

Sep. 30, 2004	22,489,722	-   	22,489,722	Mar. 2006	-
Dec. 31, 2003	17,018,386	(551,720)	16,466,666	Jun. 2005	Mar. 2004

The Partnership has credit risk associated with counterparty non-
performance.  The credit risk associated with the instruments in
which the Partnership trades is limited to the amounts reflected
in the Partnership's Statements of Financial Condition.


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


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 $369,896,092 and $262,106,808 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
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
<page> MORGAN STANLEY CHARTER GRAHAM L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

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
<page> 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 programs 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
$3,400,064 and expenses totaling $7,311,980, resulting in a net
loss of $10,712,044 for the three months ended September 30,
2004.  The Partnership's net asset value per Unit decreased from
$19.50 at June 30, 2004 to $18.89 at September 30, 2004.

The most significant trading losses of approximately 4.4% were
experienced in the global stock index futures markets as equity
prices moved without consistent direction throughout the quarter.
During July, losses were incurred from long positions in European
and U.S. equity index futures as prices reversed lower early in
the month due to the release of disappointing U.S. employment
data, surging energy prices, and government warnings concerning
potential terrorist attacks.  Further losses were recorded from
newly established short positions late in the month as U.S.
equity prices reversed higher due to a better-than-expected
consumer confidence report and the release of strong earnings in
Great Britain, France, and Germany.  Within August, these short
positions resulted in further losses as prices moved higher
during the second half of the month due to energy prices falling
<page> from all-time highs and better-than-expected U.S. economic
data concerning GDP and consumer sentiment.  Finally, during
September, losses were incurred from newly established long
positions in European equity index futures as rising energy
prices, conflicting economic data, and weak corporate earnings
data pulled prices lower.  Additional losses resulted from short
positions in Nasdaq-100 Index futures in the first half of the
month as prices drifted higher after better-than-expected
earnings.  Additional losses of approximately 2.5% were incurred
in the currency markets during July and September from positions
in the Australian dollar versus the euro and the Japanese yen as
the value of the Australian dollar moved without consistent
direction due to volatility in gold prices, geopolitical concerns
regarding terror warnings in the Pacific Rim, and the decision by
the Reserve Bank of Australia to raise interest rates.  Elsewhere
in the currency markets, losses were recorded during August from
long positions in the South African rand relative to the U.S.
dollar as the value of the rand reversed lower due to a reduction
in interest rates by the Reserve Bank of South Africa.  Finally,
losses were experienced during July and August from long
positions in the British pound against the U.S. dollar as the
value of the pound moved lower against most of its rivals.  A
portion of the Partnership's overall losses for the quarter was
offset by gains of approximately 2.5% recorded in the energy
markets, primarily during July and September, from long positions
in crude oil as prices strengthened due to continuing fears about
<page> 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 1.9% were recorded in the global interest
rate futures markets, primarily during August and September, from
long positions in European interest rate futures as prices
trended higher, boosted by a surge in oil prices, uncertainty in
the global equity markets, and testimony by U.S. Federal Reserve
Chairman Alan Greenspan depicting a somewhat less optimistic view
about the immediate future of the U.S. economy.  Smaller gains of
approximately 1.0% were experienced in the agricultural markets
during July and September from short positions in corn and wheat
futures as prices weakened due to ideal weather conditions in the
growing region of the U.S. midwest, reports of increased
inventories by the U.S. Department of Agriculture, and weak
export demand.


The Partnership recorded losses net of interest income totaling
$28,331,323 and expenses totaling $25,991,912, resulting in a net
loss of $54,323,235 for the nine months ended September 30, 2004.
The Partnership's net asset value per Unit decreased from $21.88
at December 31, 2003 to $18.89 at September 30, 2004.

<page> The most significant trading losses of approximately 8.3%
were experienced in the currency markets from positions in the
Japanese yen versus the U.S. dollar and the euro, primarily in
the first and second quarters.  Losses were incurred from both
long and short positions in the Japanese yen as the value of the
yen experienced short-term price volatility due to conflicting
economic data regarding a Japanese economic recovery, uncertainty
regarding 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.  Elsewhere in the currency
markets, losses were incurred from positions in the euro, South
African rand, and British pound relative to the U.S. dollar as
these currencies moved without consistent direction throughout a
majority of the year.  In the third quarter, however, volatility
in the Australian dollar was responsible for losses in the
euro/Australian dollar crossrate position as the value of the
Australian dollar experienced significant "whipsawing" due to
volatility in gold prices, geopolitical concerns regarding terror
warnings in the Pacific Rim, and the decision by the Reserve Bank
of Australia to raise interest rates.  Finally, losses were
incurred primarily during July from long positions in the Swiss
franc against the U.S. dollar as the value of the franc reversed
lower.  Additional losses of approximately 5.6% were generated in
the global stock index futures markets, during March, May, July,
August, and September, from positions in European and U.S. equity
<page> index futures as prices moved without consistent direction
due to conflicting economic data, volatility in energy prices,
and significant geopolitical concerns.  A portion of the
Partnership's overall losses for the first nine months of the
year was offset by gains of approximately 4.6% in the energy
markets.  During February, April, May, July, and September, long
positions in crude oil 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 1.8% were experienced in the agricultural markets
during January, March, and June 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.   Elsewhere in the agricultural complex,
gains were recorded from short positions in cotton futures,
primarily during March, April, June, and July, as prices trended
lower amid rising supplies and news of a consistent decline in
demand from China.  Smaller gains of approximately 1.1% were
generated in the metals markets, primarily during the first
quarter, from long futures positions in copper and aluminum as
<page> industrial metals prices trended higher in response to
greater demand from Asia driven by a declining U.S. dollar.


For the Three and Nine Months Ended September 30, 2003
The Partnership recorded losses net of interest income totaling
$18,042,659 and expenses totaling $4,206,089, resulting in a net
loss of $22,248,748 for the three months ended September 30,
2003. The Partnership's net asset value per Unit decreased from
$20.42 at June 30, 2003 to $18.24 at September 30, 2003.

The most significant trading losses of approximately 10.5% were
recorded in the global interest rate markets throughout the
quarter from positions in U.S. and European interest rate futures
as prices first declined during July amid rising interest rates
and a rally in global equity prices and then reversed higher
during August and September as renewed fears for an unsustainable
economic recovery resurfaced.  Additional losses of approximately
4.0% in the currency markets resulted from short positions in the
euro versus the Canadian dollar and the Japanese yen during
September, as the euro's value moved higher amid the possibility
of lower interest rates in Canada and the threat of currency
market intervention by the Japanese Ministry of Finance.  Smaller
losses of approximately 1.0% were incurred primarily during
September in the energy markets from positions in crude oil
futures as prices first trailed lower and then reversed higher
after OPEC announced that it would move to reduce output by
<page> limiting production in an effort to stem declining oil
prices.  A portion of the Partnership's overall losses was offset
by gains of approximately 7.3% recorded in the global stock index
markets during July and August from long positions in Asian stock
index futures as prices trended higher in response to heavy
investor demand triggered by record low Japanese government bond
yields, robust Japanese economic data, and rising prices in the
U.S. equity markets.

The Partnership recorded revenues including interest income
totaling $1,670,162 and expenses totaling $15,576,097, resulting
in a net loss of $13,905,935 for the nine months ended September
30, 2003.  The Partnership's net asset value per Unit decreased
from $18.84 at December 31, 2002 to $18.24 at September 30, 2003.

The most significant trading losses of approximately 3.8% were
experienced in the global interest rate markets primarily during
the third quarter from positions in U.S. and European interest
rate futures as prices first declined during July amid rising
interest rates and a rally in global equities and then reversed
higher during August and September as renewed fears for an
unsustainable economic recovery resurfaced.  Losses of
approximately 2.5% in the metals markets were incurred from long
positions in aluminum, copper, and zinc as prices fell during
March, June, and August amid muted industrial demand, easing
<page> supply concerns, and heavy technically-based selling.
Additional losses of approximately 1.6% in the agricultural
markets resulted from short positions in wheat and corn futures
during early May as prices moved higher amid concerns over
weather related crop damage in the U.S. midwest. A portion of the
Partnership's overall losses for the first nine months of the
year was offset by gains of approximately 7.0% in the currency
markets resulting from long positions in the Canadian dollar,
South African rand, and Australian dollar versus the U.S. dollar,
as the value of these currencies increased amid rising gold
prices early in the year, as well as interest rate differentials
between the respective countries and the U.S.  During May, long
positions in the euro versus the British pound provided further
gains as the value of the euro trended higher following the
decision by the European Central Bank to leave interest rates
unchanged.  Additional gains of approximately 5.2% were
established in the global stock index markets during July and
August from long positions in Asian stock index futures as prices
trended higher in response to heavy investor demand triggered by
record low Japanese government bond yields, robust Japanese
economic data, and strength in the U.S. equity markets. Long
positions in U.S. stock index futures provided smaller gains
during July as prices were buoyed by a rise in investor sentiment
regarding a U.S. economic recovery.  Gains of approximately 3.7%
in the energy markets were experienced from long positions in
natural gas futures as prices trended higher during January and
February due to prolonged frigid temperatures in the northeastern
and midwestern United States.  Additional gains resulted from
long positions in crude oil futures as prices rallied during the
first two months of the year amid the looming threat of military
action against Iraq and then shot even higher in August after
signs of a global economic recovery spurred increased demand.


















<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 accomplished
<page> 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"
section and significantly exceed the Value at Risk ("VaR") tables
disclosed.
<page> 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
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,
<page> 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
dealer-based instruments.  They are also not based on exchange
and/or dealer-based maintenance margin requirements.

<page> 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 $376 million and $198 million,
respectively.

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

Interest Rate	(5.72)%	(0.33)%
Currency	(0.81)	(1.94)
Equity	(0.58)	(2.12)
Commodity 	(1.10)	(1.44)
Aggregate Value at Risk	(5.80)%	(3.61)%

<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.

Primary Market Risk Category	High	Low	Average
Interest Rate	(5.72)%	(0.56)%	(2.68)%

Currency	(2.06)	(0.23)	(0.95)

Equity	(3.12)	(0.58)	(1.37)

Commodity	(1.14)	(0.34)	(0.83)

Aggregate Value at Risk	(5.80)%	(1.92)%	(3.53)%


<page>
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;
?	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.

<page> 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
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 79% 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
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
<page> 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 U.S., European, and
Japanese interest rate sectors.  Interest rate movements directly
affect the price of the sovereign bond futures positions held by
the Partnership and indirectly affect the value of its stock
index and currency positions.  Interest rate movements in one
country, as well as relative interest rate movements between
countries, materially impact the Partnership's profitability. The
Partnership's 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.  However, the Partnership also takes
futures positions in the government debt of smaller nations -
e.g., Australia.  Demeter anticipates that the G-7 countries and
<page> Australian 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,
Australian dollar, Canadian dollar, Japanese yen, 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
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,  <page>
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 CAC 40 (France) and
DAX (Germany) stock indices. The Partnership is 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 primarily to futures contracts in crude oil and
its related products, and natural gas.  Price movements in
these markets result from geopolitical developments,
particularly in the Middle East, as well as weather patterns
and other economic fundamentals. Significant profits and
losses, which have been experienced in the past, are
expected to continue to be experienced in the future.
Natural gas has exhibited volatility in prices resulting
from weather 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 base metals, such
<page> as aluminum and 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 wheat and
corn 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:

Foreign Currency Balances. The Partnership's primary foreign
currency balances at September 30, 2004 were in euros,
Japanese yen, 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
<page> 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 <page>
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	333-60115
Additional Registration	6,000,000.000		March 27, 2000	333-91563
Additional Registration	2,000,000.000		July 29, 2002	333-85076
Additional Registration	9,000,000.000		February 26, 2003	333-103166
Additional Registration	  30,000,000.000		April 28, 2004	333-113876
Total Units Registered          50,000,000.000

Units sold through 9/30/04	      22,830,616.519
Units unsold through 9/30/04	    27,169,383.481

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 $417,803,562.

Since no expenses are chargeable against the 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. 333-60115) 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 Charter Graham L.P.), is
incorporated by reference to Exhibit 3.01 of the
Partnership's Form 8-K (File No. 0-25603) 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 Graham Capital Management,
L.P. is incorporated by reference to Exhibit 10.01 of the
Partnership's Quarterly Report on Form 10-Q (File No. 0-
25603) 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
Millburn 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. 333-103166) 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. 0-25603) filed
with the Securities and Exchange Commission on November
6, 2001.
10.05	Commodity Futures Customer Agreement between MS & Co. and
the Partnership, and 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. 0-25603) 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. 0-25603) 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. 0-25603) 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. 0-25603)
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 Graham 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.























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