SEC Info - Morgan Stanley Charter Welton LP - IPO: ‘424B3’ on 6/26/03

SEC Info℠

Home

Help

Please Sign In

Morgan Stanley Charter Welton LP – IPO: ‘424B3’ on 6/26/03

On: Thursday, 6/26/03, at 10:51am ET · Accession #: 1097396-3-20 · File #: 333-60097

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 6/26/03  Morgan Stanley Charter Welton LP  424B3                  1:28K                                    Morgan Stanley Smith… LP

Initial Public Offering (IPO): Prospectus — Rule 424(b)(3)
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 424B3       Charter Welton                                        17     51K

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Charter Campbell Charter Graham Charter Millburn Charter MSFCM Factors Influencing Monthly Trading Gains: Factors Influencing Monthly Trading Losses:
1	1st Page - Filing Submission
6	Charter Campbell
"	Factors Influencing Monthly Trading Gains:
"	Factors Influencing Monthly Trading Losses:
7	Charter MSFCM
8	Charter Graham
9	Charter Millburn

424B3 1st Page of 17 TOC ↑Top Previous Next ↓Bottom Just 1st
Morgan Stanley
Charter Series

May 2003
Monthly Report

This Monthly Report supplements the Charter Funds' Prospectus dated February
26, 2003.

Issued: June 30, 2003

[LOGO] Morgan Stanley

424B3 2nd Page of 17 TOC 1st Previous Next ↓Bottom Just 2nd
MORGAN STANLEY CHARTER SERIES

HISTORICAL FUND PERFORMANCE

Presented below is the percentage change in Net Asset Value per Unit from the
start of every calendar year each Fund has traded. Also provided is the
inception-to-date return and the annualized return since inception for each
Fund. Past performance is not necessarily indicative of future results.

[Enlarge/Download Table]

INCEPTION-
TO-DATE ANNUALIZED
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 RETURN RETURN
FUND % % % % % % % % % % % %
------------------------------------------------------------------------------------------------------------

Charter Campbell -- -- -- -- -- -- -- -- (4.2) 14.3 9.5 --
(3 mos.) (5 mos.)
------------------------------------------------------------------------------------------------------------
Charter MSFCM... (7.3) 21.9 4.0 26.2 5.1 (9.2) 23.8 (3.3) 29.1 21.1 164.4 11.1
(10 mos.) (5 mos.)
------------------------------------------------------------------------------------------------------------
Charter Graham.. -- -- -- -- -- 2.9 22.0 9.7 36.8 16.7 119.9 20.4
(10 mos.) (5 mos.)
------------------------------------------------------------------------------------------------------------
Charter Millburn -- -- -- -- -- (7.2) 12.1 (11.3) 21.1 11.1 24.2 5.2
(10 mos.) (5 mos.)
------------------------------------------------------------------------------------------------------------

424B3 3rd Page of 17 TOC 1st Previous Next ↓Bottom Just 3rd
DEMETER MANAGEMENT CORPORATION

825 Third Avenue, 9th Floor
New York, NY 10022
Telephone (212) 310-6444

Morgan Stanley Charter Series
Monthly Report
May 2003

Dear Limited Partner:

The Net Asset Value per Unit for each of the four Morgan Stanley Charter
Series Funds as of May 31, 2003 was as follows:

[Download Table]

% CHANGE FOR
FUND N.A.V. MONTH
---------------------------------------------------------------------------

Charter Campbell $10.95 2.30%
---------------------------------------------------------------------------
Charter MSFCM $26.44 3.50%
---------------------------------------------------------------------------
Charter Graham $21.99 9.18%
---------------------------------------------------------------------------
Charter Millburn $12.42 11.58%
---------------------------------------------------------------------------

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

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

Limited Partners are advised of the following changes to the Board of
Directors of Demeter Management Corporation (the "General Partner"), effective
March 31, 2003:

Mr. Anthony J. DeLuca resigned the position of Director of the General
Partner.

Mr. Edward C. Oelsner resigned the position of Director of the General
Partner.

Mr. Joseph G. Siniscalchi resigned the position of Director of the General
Partner.

Mr. Douglas J. Ketterer, age 37, was named a Director of the General Partner,
pending his registration with the National Futures Association as a principal
of the General Partner. Mr. Ketterer is a Managing Director and head of the
Strategic Solutions Group, which is comprised of the Global Product Development
Group, Financial Planning, Mutual Fund Advisory Group, Retirement Strategies,
Education Strategies, Gifting Strategies, External Mutual Funds and the Global
Portfolio Analysis and Research Departments. Mr. Ketterer joined the

424B3 4th Page of 17 TOC 1st Previous Next ↓Bottom Just 4th
firm in 1990 in the Corporate Finance Division as a part of the Retail Products
Group. He later moved to the origination side of Investment Banking, and then,
after the merger between Morgan Stanley and Dean Witter, served in the Product
Development Group at Morgan Stanley Dean Witter Advisors (now known as Morgan
Stanley Funds). From the summer of 2000 to the summer of 2002, Mr. Ketterer
served as the Chief Administrative Officer for Morgan Stanley Investment
Management, where he headed the Strategic Planning & Administrative Group. Mr.
Ketterer received his M.B.A. from New York University's Leonard N. Stern School
of Business and his B.S. in Finance from the University at Albany's School of
Business.

Mr. Jeffrey S. Swartz, age 36, was named a Director of the General Partner,
pending his registration with the National Futures Association as a principal
of the General Partner. Mr. Swartz is a Managing Director and Chief Operating
Officer of Investor Advisory Services ("IAS"). Mr. Swartz began his career with
Morgan Stanley in 1990, working as a Financial Advisor in Boston. He was
appointed Sales Manager of the Boston office in 1994, and served in that role
for two years. In 1996, he was named Branch Manager of the Cincinnati office.
In 1999, Mr. Swartz was named Associate Director of the Midwest Region, which
consisted of 10 states and approximately 90 offices. Mr. Swartz served in this
capacity until October of 2001, when he was named Director of IAS Strategy and
relocated to IAS headquarters in New York. In December of 2002, Mr. Swartz was
promoted to Managing Director and Chief Operating Officer of IAS. Mr. Swartz
received his degree in Business Administration from the University of New
Hampshire.

Mr. Jeffrey D. Hahn, Chief Financial Officer of the General Partner, was
named a Director of the General Partner.

Should you have any questions concerning this report, please feel free to
contact Demeter Management Corporation, 825 Third Avenue, 9th Floor, New York,
NY 10022, or your Morgan Stanley Financial Advisor.

I hereby affirm, that to the best of my knowledge and belief, the information
contained in this report is accurate and complete. Past performance is not a
guarantee of future results.

Sincerely,
/s/ Jeffrey A. Rothman
Jeffrey A. Rothman
President
Demeter Management Corporation
General Partner

424B3 5th Page of 17 TOC 1st Previous Next ↓Bottom Just 5th
This page intentionally left blank.

424B3 6th Page of 17 TOC 1st Previous Next ↓Bottom Just 6th
CHARTER CAMPBELL

[CHART]

Month ended YTD ended
January 31, 2003 January 31, 2003
----------------- -----------------
Currencies 0.88% 11.89%
Interest Rates 2.91% 5.20%
Stock Indices -0.23% -0.73%
Energies -0.54% 4.44%
Metals -0.02% -0.18%

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

FACTORS INFLUENCING MONTHLY TRADING LOSSES:
.. In the energy markets, losses were recorded from short futures positions in
crude oil and its related products as prices moved higher amid supply
concerns and renewed fears concerning security at Middle Eastern refining
facilities.
.. In the global stock index markets, losses were recorded from short positions
in Japanese stock index futures as prices reversed higher amid heavy buying
by Japanese pension funds and renewed hope for a government stimulus package.

424B3 7th Page of 17 TOC 1st Previous Next ↓Bottom Just 7th
CHARTER MSFCM

[CHART]

Month ended YTD ended
May 31, 2003 May 31, 2003
----------------- -----------------
Currencies 3.33% 11.33%
Interest Rates 5.43% 9.17%
Stock Indices 0.40% 0.64%
Energies -2.06% 10.24%
Metals -2.12% -2.58%

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

FACTORS INFLUENCING MONTHLY TRADING GAINS:
.. In the global interest rate markets, gains resulted from long positions in
U.S., European, and Japanese interest rate futures as prices continued to
trend higher amid speculation of an interest rate cut by the Federal Reserve
and lingering doubts concerning a global economic recovery.
.. In the currency markets, gains resulted from long positions in the euro
versus the British pound, the Japanese yen, and the U.S. dollar as the value
of the euro continued to trend higher relative to these currencies following
the European Central Bank's decision to leave interest rates unchanged.
Additional gains were recorded from long positions in the Swedish krona,
Australian dollar, and Swiss franc versus the U.S. dollar amid uncertainty
regarding the Bush Administration's economic policy, renewed fears of
potential terrorist attacks against American interests, and investor
preference for non-U.S. dollar assets.
.. In the global stock index markets, long positions in S&P 500 Index futures
recorded gains as equity prices rallied in response to the prospect of lower
interest rates.
FACTORS INFLUENCING MONTHLY TRADING LOSSES:
.. In the metals markets, short positions in copper, aluminum, and nickel
futures resulted in losses as prices reversed higher, buoyed by a rebound in
U.S. equity prices and hopes for increased industrial demand.
.. In the energy markets, losses were recorded from short positions in crude
oil futures as prices moved higher amid supply concerns and renewed fears
concerning security at Middle Eastern refining facilities.

424B3 8th Page of 17 TOC 1st Previous Next ↓Bottom Just 8th
CHARTER GRAHAM

[CHART]

Month ended YTD ended
May 31, 2003 May 31, 2003
----------------- -----------------
Currencies 6.26% 14.46%
Interest Rates 6.18% 8.76%
Stock Indices -0.62% -2.34%
Energies -0.25% 6.41%
Metals -0.26% -1.50%
Agriculturals -2.09% -1.32%

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

FACTORS INFLUENCING MONTHLY TRADING GAINS:
.. In the currency markets, gains resulted from long positions in the euro
versus the U.S. dollar, the Japanese yen, and the British pound as the value
of the euro continued to trend higher relative to these currencies following
the decision by the European Central Bank to leave interest rates unchanged.
Additional gains were recorded from long positions in the Swiss franc,
Canadian dollar, and Australian dollar versus the U.S. dollar amid
uncertainty regarding the Bush Administration's economic policy, renewed
fears of potential terrorist attacks against American interests, and
investor preference for non-U.S. dollar assets.
.. In the global interest rate markets, gains resulted from long positions in
U.S. and European interest rate futures as prices continued to trend higher
amid speculation of an interest rate cut by the Federal Reserve and
lingering doubts concerning a global economic recovery.

FACTORS INFLUENCING MONTHLY TRADING LOSSES:
.. In the agricultural markets, losses were recorded from short positions in
wheat and corn futures as prices moved higher early in the month amid
concerns of weather related crop damage in the U.S. Midwest.
.. In the global stock index markets, losses were recorded from short positions
in Japanese stock index futures as prices reversed higher amid heavy buying
by Japanese pension funds and renewed hope for a government stimulus package.

424B3 9th Page of 17 TOC 1st Previous Next ↓Bottom Just 9th
CHARTER MILLBURN

[CHART]

Month ended YTD ended
May 31, 2003 May 31, 2003
----------------- -----------------
Currencies 4.14% 1.17%
Interest Rates 7.53% 9.87%
Stock Indices 0.07% -0.78%
Energies -0.35% 4.57%
Metals 0.53% 0.38%
Agriculturals -0.47% -0.92%

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

FACTORS INFLUENCING MONTHLY TRADING LOSSES:
.. In the agricultural markets, losses were recorded from short positions in
corn futures as prices moved higher early in the month amid concerns of
weather related crop damage in the U.S. Midwest.
.. In the energy markets, losses were recorded from short futures positions in
unleaded gasoline and heating oil as prices moved higher amid supply
concerns and renewed fears concerning security at Middle Eastern refining
facilities.

424B3 10th Page of 17 TOC 1st Previous Next ↓Bottom Just 10th
MORGAN STANLEY CHARTER SERIES

STATEMENTS OF OPERATIONS
FOR THE MONTH ENDED MAY 31, 2003 (UNAUDITED)

[Enlarge/Download Table]

MORGAN STANLEY MORGAN STANLEY MORGAN STANLEY
CHARTER CAMPBELL L.P. CHARTER MSFCM L.P. CHARTER GRAHAM L.P.
------------------------- ------------------------- --------------------------
PERCENTAGE OF PERCENTAGE OF PERCENTAGE OF
MAY 1, 2003 MAY 1, 2003 MAY 1, 2003
BEGINNING BEGINNING BEGINNING
AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE
--------- --------------- --------- --------------- ---------- ---------------
$ % $ % $ %

REVENUES
Trading profit (loss):
Realized 422,767 .87 4,770,215 3.56 7,322,882 4.46
Net change in unrealized 1,036,569 2.13 1,920,909 1.43 8,771,845 5.35
--------- ---- --------- ---- ---------- ----
Total Trading Results 1,459,336 3.00 6,691,124 4.99 16,094,727 9.81
Interest income (Note 2) 42,974 .09 121,857 .09 168,268 .10
--------- ---- --------- ---- ---------- ----
Total Revenues 1,502,310 3.09 6,812,981 5.08 16,262,995 9.91
--------- ---- --------- ---- ---------- ----
EXPENSES
Brokerage fees (Note 2) 273,725 .56 754,348 .56 922,982 .56
Management fees (Note 2 & 3) 111,517 .23 223,510 .17 273,476 .17
Incentive fees (Note 2 & 3) -- -- 1,142,653 .85 -- --
--------- ---- --------- ---- ---------- ----
Total Expenses 385,242 .79 2,120,511 1.58 1,196,458 .73
--------- ---- --------- ---- ---------- ----
NET INCOME 1,117,068 2.30 4,692,470 3.50 15,066,537 9.18
========= ==== ========= ==== ========== ====
[Download Table]

MORGAN STANLEY
CHARTER MILLBURN L.P.
-------------------------
PERCENTAGE OF
MAY 1, 2003
BEGINNING
AMOUNT NET ASSET VALUE
--------- ---------------
$ %

REVENUES
Trading profit (loss):
Realized 2,758,186 5.51
Net change in unrealized 3,339,532 6.67
--------- -----
Total Trading Results 6,097,718 12.18
Interest income (Note 2) 62,480 .12
--------- -----
Total Revenues 6,160,198 12.30
--------- -----
EXPENSES
Brokerage fees (Note 2) 281,497 .55
Management fees (Note 2 & 3) 83,407 .17
Incentive fees (Note 2 & 3) -- --
--------- -----
Total Expenses 364,904 .72
--------- -----
NET INCOME 5,795,294 11.58
========= =====

424B3 11th Page of 17 TOC 1st Previous Next ↓Bottom Just 11th
MORGAN STANLEY CHARTER SERIES

STATEMENTS OF CHANGES IN NET ASSET VALUE
FOR THE MONTH ENDED MAY 31, 2003 (UNAUDITED)

[Enlarge/Download Table]

MORGAN STANLEY MORGAN STANLEY
CHARTER CAMPBELL L.P. CHARTER MSFCM L.P.
----------------------------------- ------------------------------------
UNITS AMOUNT PER UNIT UNITS AMOUNT PER UNIT
------------- ---------- -------- ------------- ----------- --------
$ $ $ $

Net Asset Value, May 1, 2003 4,546,690.542 48,662,192 10.70 5,249,259.387 134,106,329 25.55
Net Income -- 1,117,068 .25 -- 4,692,470 .89
Redemptions (149,388.296) (1,635,802) 10.95 (18,288.003) (483,535) 26.44
Subscriptions 672,382.560 7,362,589 10.95 408,145.975 10,791,380 26.44
------------- ---------- ------------- -----------
Net Asset Value, May 31, 2003 5,069,684.806 55,506,047 10.95 5,639,117.359 149,106,644 26.44
============= ========== ============= ===========
[Enlarge/Download Table]

MORGAN STANLEY MORGAN STANLEY
CHARTER GRAHAM L.P. CHARTER MILLBURN L.P.
------------------------------------ -----------------------------------
UNITS AMOUNT PER UNIT UNITS AMOUNT PER UNIT
------------- ----------- -------- ------------- ---------- --------
$ $ $ $

Net Asset Value, May 1, 2003 8,145,538.574 164,085,669 20.14 4,495,814.109 50,043,910 11.13
Net Income -- 15,066,537 1.85 -- 5,795,294 1.29
Redemptions (72,713.838) (1,598,977) 21.99 (40,143.704) (498,585) 12.42
Subscriptions 567,779.137 12,485,464 21.99 228,122.748 2,833,285 12.42
------------- ----------- ------------- ----------
Net Asset Value, May 31, 2003 8,640,603.873 190,038,693 21.99 4,683,793.153 58,173,904 12.42
============= =========== ============= ==========

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

424B3 12th Page of 17 TOC 1st Previous Next ↓Bottom Just 12th
MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(unaudited)

--------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION. Morgan Stanley Charter Campbell L.P. ("Charter Campbell"),
Morgan Stanley Charter MSFCM L.P. ("Charter MSFCM"), Morgan Stanley Charter
Graham L.P. ("Charter Graham"), and Morgan Stanley Charter Millburn L.P.
("Charter Millburn") (individually, a "Partnership", or collectively, the
"Partnerships") are limited partnerships 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 foreign currencies, financial instruments, metals, energy and
agricultural products (collectively, "futures interests").
The general partner for each Partnership is Demeter Management Corporation
("Demeter"). The non-clearing commodity broker is Morgan Stanley DW Inc.
("Morgan Stanley DW"). The clearing commodity brokers are Morgan Stanley & Co.
Incorporated ("MS & Co.") and Morgan Stanley & Co. International Limited
("MSIL"). The trading advisor for Charter MSFCM is Morgan Stanley Futures &
Currency Management Inc. ("MSFCM"). Demeter, Morgan Stanley DW, MS & Co., MSIL
and MSFCM are wholly-owned subsidiaries of Morgan Stanley.
Demeter is required to maintain a 1% minimum interest in the equity of each
Partnership and income (losses) are shared by Demeter and the Limited Partners
based on their proportional ownership interests.

USE OF ESTIMATES. The financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America, which
require management to make estimates and assumptions that affect the reported
amounts in the financial statements and related disclosures. Management
believes that the esti-

424B3 13th Page of 17 TOC 1st Previous Next ↓Bottom Just 13th
MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)

mates utilized in the preparation of the financial statements are prudent and
reasonable. Actual results could differ from those estimates.

REVENUE RECOGNITION. Futures interests are open commitments until settlement
date. They are valued at market on a daily basis and the resulting net change
in unrealized gains and losses is reflected in the change in unrealized profit
(loss) on open contracts from one period to the next in the statements of
operations. Monthly, Morgan Stanley DW credits each Partnership with interest
income on 100% of its average daily funds held at Morgan Stanley DW. In
addition, Morgan Stanley DW credits each Partnership with 100% of the interest
income Morgan Stanley DW receives from MS & Co. and MSIL with respect to such
Partnership's assets deposited as margin. The interest rates used are equal to
that earned by Morgan Stanley DW on its U.S. Treasury bill investments. For
purposes of such interest payments, Net Assets do not include monies owed to
the Partnerships on forward contracts and other futures interests.

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

BROKERAGE AND RELATED TRANSACTION FEES AND COSTS. Each Partnership pays a
flat-rate monthly brokerage fee of 1/12 of 6.75% of the Partnership's Net
Assets as of the first day of each month (a 6.75% annual rate). Such fees
currently cover all brokerage commissions, transaction fees and costs and
ordinary administrative and offering expenses.

OPERATING EXPENSES. Each Partnership incurs monthly management fees and may
incur incentive fees. All common administrative and continuing offering
expenses including legal,

424B3 14th Page of 17 TOC 1st Previous Next ↓Bottom Just 14th
MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)

auditing, accounting, filing fees and other related expenses are borne by
Morgan Stanley DW through the brokerage fees paid by the Partnerships.

INCOME TAXES. No provision for income taxes has been made in the accompanying
financial statements, as partners are individually responsible for reporting
income or loss based upon their respective share of each Partnership's revenues
and expenses for income tax purposes.

DISTRIBUTIONS. Distributions, other than redemptions of Units, are made on a
pro-rata basis at the sole discretion of Demeter. No distributions have been
made to date.

CONTINUING OFFERING. Units of each Partnership are offered at a price equal to
100% of the Net Asset Value per Unit at monthly closings held as of the last
day of each month. No selling commissions or charges related to the continuing
offering of Units are paid by the Limited Partners or the Partnerships. Morgan
Stanley DW pays all such costs.

REDEMPTIONS. Limited Partners may redeem some or all of their Units as of the
last day of the sixth month following the closing at which a
person first becomes a Limited Partner. Redemptions may only be made in whole
Units, with a minimum of 100 Units required for each redemption, unless a
Limited Partner is redeeming his entire interest in a particular Partnership.
Units redeemed on or prior to the last day of the twelfth month from the date
of purchase will be subject to a redemption charge equal to 2% of the Net Asset
Value of a Unit on the Redemption Date. Units redeemed after the last day of
the twelfth month and on or prior to the last day of the twenty-fourth month
from the date of purchase will be subject to a redemption charge equal

424B3 15th Page of 17 TOC 1st Previous Next ↓Bottom Just 15th
MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(continued)

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

EXCHANGES. On the last day of the first month which occurs more than six
months after a person first becomes a Limited Partner in any of the
Partnerships, and at the end of each month thereafter, Limited Partners may
transfer their investment among the Partnerships (subject to certain
restrictions outlined in the Limited Partnership Agreements) without paying
additional charges.

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

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

--------------------------------------------------------------------------------
3. TRADING ADVISORS
Demeter, on behalf of Charter Campbell, Charter MSFCM, Charter Graham and
Charter Millburn, retains certain commodity trading advisors to

424B3 16th Page of 17 TOC 1st Previous Next ↓Bottom Just 16th
MORGAN STANLEY CHARTER SERIES

NOTES TO FINANCIAL STATEMENTS
(concluded)

make all trading decisions for the Partnerships. The trading advisors are as
follows:

Morgan Stanley Charter Campbell L.P.
Campbell & Company, Inc.

Morgan Stanley Charter MSFCM L.P.
Morgan Stanley Futures & Currency Management Inc.

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

Morgan Stanley Charter Millburn L.P.
Millburn Ridgefield Corporation

Compensation to the trading advisors by the Partnerships consists of a
management fee and an incentive fee as follows:

MANAGEMENT FEE. Each Partnership pays its trading advisor a flat-rate monthly
fee equal to 1/12 of 2% (a 2% annual rate) or, in the case of Charter
Campbell, a monthly fee equal to 1/12 of 2.75% (a 2.75% annual rate), of the
Partnership's Net Assets under management by each trading advisor as of the
first day of each month.

INCENTIVE FEE. Each Partnership's incentive fee is equal to 20% of trading
profits, paid on a quarterly basis for Charter MSFCM, and paid on a monthly
basis for Charter Campbell, Charter Graham and Charter Millburn.
Trading profits represent the amount by which profits from futures, forwards
and options trading exceed losses after brokerage and management fees are
deducted. When a trading advisor experiences losses with respect to Net Assets
as of the end of a calendar month, or calendar quarter with respect to Charter
MSFCM, the trading advisor must recover such losses before that trading advisor
is eligible for an incentive fee in the future.

424B3 Last Page of 17 TOC 1st Previous Next ↓Bottom Just 17th
PRESORTED
Demeter Management Corporation FIRST CLASS MAIL
825 Third Avenue, 9th Floor U.S. POSTAGE
New York, NY 10022 PAID
PERMIT #374
LANCASTER, PA

[LOGO] Morgan Stanley

ADDRESS SERVICE REQUESTED

[LOGO] printed on recycled paper

424B3	1st Page of 17	TOC	↑Top	Previous	Next	↓Bottom	Just 1st

424B3	2nd Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 2nd

424B3	3rd Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 3rd

424B3	4th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 4th

424B3	5th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 5th

424B3	6th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 6th

424B3	7th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 7th

424B3	8th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 8th

424B3	9th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 9th

424B3	10th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 10th

424B3	11th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 11th

424B3	12th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 12th

424B3	13th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 13th

424B3	14th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 14th

424B3	15th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 15th

424B3	16th Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 16th

424B3	Last Page of 17	TOC	1st	Previous	Next	↓Bottom	Just 17th

Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘424B3’ Filing	Date	First	Last	Other Filings

	12/31/35	15
	12/31/25	15
	6/30/03	1
Filed on:	6/26/03
	5/31/03	3	11
	5/1/03	10
	3/31/03	3		10-Q
	2/26/03	1
	1/31/03	6
				List all Filings

↑Top

Filing Submission 0001097396-03-000020 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Morgan Stanley Charter Welton LP – IPO: ‘424B3’ on 6/26/03

On: Thursday, 6/26/03, at 10:51am ET · Accession #: 1097396-3-20 · File #: 333-60097

Previous ‘424B3’: ‘424B3’ on 5/27/03 · Latest ‘424B3’: This Filing

Initial Public Offering (IPO): Prospectus — Rule 424(b)(3)Filing Table of Contents

Document Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Initial Public Offering (IPO): Prospectus — Rule 424(b)(3)
Filing Table of Contents