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

	FORM 10-Q


[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2009 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 000-53113

	MORGAN STANLEY MANAGED FUTURES MV, L.P.

	(Exact name of registrant as specified in its charter)

		Delaware						      20-8529352
(State or other jurisdiction of		      	  (I.R.S. Employer
incorporation or organization)			       Identification No.)

Demeter Management Corporation
522 Fifth Avenue, 13th Floor
New York, NY	 						 	    10036
(Address of principal executive offices)	  	      (Zip Code)

Registrant's telephone number, including area code	    (212) 296-1999




(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 has submitted
electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to
Rule 405 of Regulation S-T (?232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was
required to submit and post such files).

Yes            	No

Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company.  See the definitions of ?large accelerated filer?,
?accelerated filer? and ?smaller reporting company ? in Rule 12b-2 of the
Exchange Act.

Large accelerated filer        		Accelerated filer
Non-accelerated filer   X   		Smaller reporting company


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


<page> <table>
MORGAN STANLEY MANAGED FUTURES MV, L.P.

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	March 31, 2009

<caption>
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

				  <c>
		Statements of Financial Condition as of March 31, 2009
 		and December 31, 2008 (Unaudited)	2

		Statements of Operations for the Quarters Ended March
		31, 2009 and 2008 (Unaudited) 	3

		Statements of Changes in Partners? Capital for the
		Quarters Ended March 31, 2009 and 2008 (Unaudited)	4

		Statements of Cash Flows for the Quarters Ended
		March 31, 2009 and 2008 (Unaudited)	 5

		Notes to Financial Statements (Unaudited)	6-20

Item 2.	Management?s Discussion and Analysis of
			Financial Condition and Results of Operations	21-28

Item 3.	Quantitative and Qualitative Disclosures About
			Market Risk	29-46

Item 4T.	Controls and Procedures	.46


PART II. OTHER INFORMATION

Item 1A.	Risk Factors	47

Item 2.	Unregistered Sales of Securities and
        Use of Proceeds	47

Item 6.	Exhibits	47-48

</table>


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

MORGAN STANLEY MANAGED FUTURES MV, L.P.
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<caption>
	March 31,	      December 31,
                     2009   	         2008
	 $ 	           $

	<c>	<c>
ASSETS

Investments in Affiliated Trading Companies:
	Investment in Kaiser I, LLC	6,295,881	    6,339,110
	Investment in WCM I, LLC	6,294,127	5,904,563
	Investment in Aspect I, LLC	6,253,063	6,339,110
	Investment in Transtrend II, LLC	   6,207,012	6,339,110
	Investment in Strategic Alternatives, LLC                                     5,484,730                          4,082,311
	Investment in Chesapeake I, LLC	    5,410,421	   5,433,523


	     Total Investments in Affiliated Trading Companies
            (cost $32,643,982 and $30,233,608, respectively)	35,945,234	    34,437,727
	     Receivable for securities sold	           ?			                  1,689,803

	     Total Assets	   35,945,234	    36,127,530

LIABILITIES

  Redemptions payable	                                              867,326                      1,068,224

     Total Liabilities                          867,326                         1,068,224

PARTNERS? CAPITAL

	Class A (23,122.625 and 22,051.766 Units, respectively)	26,553,400 	25,973,353
	Class B (3,102.444 and 3,158.253 Units, respectively)	3,592,378	3,746,101
	Class C (3,798.115 and 3,944.412 Units, respectively)	4,434,448	4,711,520
	Class Z (419.273 and 518.705 Units, respectively)	        497,682	          628,332

          Total Partners? Capital	    35,077,908 	     35,059,306

	     Total Liabilities and Partners Capital	    35,945,234 	     36,127,530

NET ASSET VALUE PER UNIT

	Class A	1,148.37	1,177.84
	Class B	1,157.92	1,186.13
	Class C	1,167.54	1,194.48
	Class Z	1,187.01	1,211.35

<fn>


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


<page> <table> MORGAN STANLEY MANAGED FUTURES MV, L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<caption>
  	   	    For the Quarters Ended March 31,
                                                                         		                2009    	       2008
                                                                               	                             $		     $

			<c>		<c>
EXPENSES
	Placement agent fees		          161,547			       62,732
	General partner fees		            90,400			       36,746
	Administrative fees	                                                                     36,160			       14,699

		Total Expenses	                                                                288,107			       114,177

NET INVESTMENT LOSS	                                                          (288,107)	      (114,177)

UNREALIZED APPRECIATION
 ON INVESTMENTS
	Trading profit (loss):
	    Realized		291,733	(305,871)
	    Net change in unrealized appreciation
  		on investments	      	    (902,866)	       998,591

   	       Total Trading Results		    (611,133)	      692,720

NET INCOME (LOSS) 	                         (899,240)	       578,543

NET INCOME (LOSS) ALLOCATION:

	Class A                                      		(697,866)	      382,674
	Class B                                      		(87,779)	      105,095
	Class C                                      		(100,972)	        82,414
	Class Z                                      		(12,623)	          8,360

NET INCOME (LOSS) PER UNIT:

	Class A                                      	                                                (30.24)	         47.64
	Class B                                      	                                                (27.67)	         49.08
	Class C                                      	                                                (26.53)		         50.52
	Class Z                                      	                                                 (24.34)	         53.43

			                                                                                       Units     	                         Units
WEIGHTED AVERAGE NUMBER
	OF UNITS OUTSTANDING

	Class A                                      	                                          23,079.621	  8,917.601
	Class B                                      	                                            3,172.394	  2,334.371
	Class C                                      	                                            3,805.649	  2,210.322
	Class Z                                      	                                  518.705	                       321.487
<fn>

The accompanying notes are an integral part
of these financial statements.
</table>
<page> <table> MORGAN STANLEY MANAGED FUTURES MV, L.P.
STATEMENTS OF CHANGES IN PARTNERS? CAPITAL
For the Quarters Ended March 31, 2009  and 2008
(Unaudited)
<caption>

               Class A               Class B         Class C                     Class Z          Total
	 $	               $	         $	        $	 $

	<c>	<c>	<c>	<c>	<c>
Partners? Capital,
   December 31, 2007 	                              7,228,792	            1,874,202	1,747,204	228,054 	 11,078,252

Subscriptions	                               3,424,020	            1,176,571	1,113,141    	276,536 	   5,990,268

Net Income	                               382,674	               105,095	82,414	8,360 	      578,543

Redemptions	                               (59,203)	          (332,966)	          ?     	             ?     	     (392,169)

Partners? Capital,
   March 31, 2008                                    10,976,283	          2,822,902	2,942,759	  512,950 	  17,254,894


Partners? Capital,
   December 31, 2008                              25,973,353	         3,746,101	4,711,520	628,332 	 35,059,306

Subscriptions	                               4,819,629 	            533,000	164,999    	?    	   5,517,628

Net Loss	                              (697,866)	            (87,779)	(100,972)	(12,623) 	     (899,240)

Redemptions	                            (3,541,716)	         (598,944)	     (341,099)       (118,027) 	  (4,599,786)

Partners? Capital,
   March 31, 2009                                    26,553,400	         3,592,378	4,434,448	  497,682 	 35,077,908


                           Class A	             Class B	           Class C	             Class Z	            Total
                            Units                  Units	          Units	         Units	     Units
Beginning Units,
   December 31, 2007                               6,965.765          1,802.277      1,676.682           217.947	 10,662.671

Subscriptions                      3,203.861          1,089.352      1,016.711            248.451	   5,558.375

Redemptions                    (56.946)          (299.400)   	       ?        	           ?     	    (356.346)

Ending Units,
   March 31, 2008                                    10,112.680	         2,592.229      2,693.393	            466.398 	 15,864.700


Beginning Units,
   December 31, 2008                             22,051.766         3,158.253       3,944.412           518.705	 29,673.136

Subscriptions                                             4,085.846           447.170	          137.756    	?    	   4,670.772

Redemptions                                           (3,014.987)        (502.979)       (284.053)         (99.432) 	  (3,901.451)

Partners? Capital,
   March 31, 2009                                    23,122.625        3,102.444	        3,798.115           419.273 	 30,442.457
<fn>

The accompanying notes are an integral part
of these financial statements.
</table>
<page> <table> MORGAN STANLEY MANAGED FUTURES MV, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<caption>

	                               For the Quarters Ended March 31,

                                        2009                                2008
	                      $	                                   $


	<c>			<c>
CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)	   	 (899,240)                             578,543
Adjustments to reconcile net income (loss):
  	Purchases of Investments in Affiliated Trading Companies              (3,442,103)                          (7,380,195)
	Proceeds from sale of Investments in Affiliated
        Trading Companies                                                       1,323,463                            1,896,273
	Realized	                                                                                                (291,733)			305,871
 	Net change in unrealized appreciation (depreciation)
        on Investments 	                                           902,866                              (998,591)
Decrease in operating assets:
	Receivable for securities sold                 1,689,803  	            ?


Net cash used for operating activities   	      (716,944)                         (5,598,099)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units              5,517,628                             5,990,268
Cash paid for redemptions of Units              (4,800,684)                             (392,169)

Net cash provided by financing activities	     716,944                              5,598,099

Net change in cash	                                        ?                                          ?
Cash at beginning of period	         ?     	                                ?
Cash at end of period                                             ?               	                          ?




<fn>







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


<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS

March 31, 2009

(Unaudited)


The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the financial condition and results of operations
of Morgan Stanley Managed Futures MV, L.P. ("Profile MV" or the
"Partnership").  The financial statements and condensed notes
herein should be read in conjunction with the Partnership?s
December 31, 2008, Annual Report on Form 10-K.

1.  Organization
Morgan Stanley Managed Futures MV, L.P. was formed on February 22,
2007, under the Delaware Revised Uniform Limited Partnership Act,
as a multi-advisor commodity pool created to profit from the
speculative trading of domestic and foreign futures contracts,
forward contracts, foreign exchange commitments, options on
physical commodities and futures contracts, spot (cash)
commodities and currencies, exchange of futures contracts on
physicals transactions and futures contracts transactions, and any
rights pertaining thereto (collectively, "Futures Interests")
through its investments in affiliated trading companies (each a
?Trading Company?, or collectively the ?Trading Companies?).  The
Partnership is one of the Partnerships in the Morgan Stanley
Managed Futures Profile Series, comprised of the Partnership,



<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Morgan Stanley Managed Futures LV, L.P., and Morgan Stanley
Managed Futures HV, L.P. (collectively, the "Profile Series").

The Partnership allocates substantially all of its
assets to multiple affiliated Trading Companies, each of which
allocates substantially all of its assets to the trading program
of an unaffiliated commodity trading advisor which makes
investment decisions for each respective Trading Company.

The Partnership commenced trading operations on August 1, 2007, in
accordance with the terms of its Limited Partnership Agreement.
The primary commodity broker for each Trading Company is Morgan
Stanley & Co. Incorporated ("MS&Co."), except for Morgan Stanley
Managed Futures Kaiser I, LLC ("Kaiser I"), which uses Newedge
Financial Inc. ("Newedge") as its primary commodity broker.
Morgan Stanley & Co. International plc ("MSIP") acts as each
Trading Company?s commodity broker to the extent it trades on the
London Metal Exchange (except that Kaiser I, which uses Newedge)
(collectively, MS&Co., MSIP, and Newedge are referred to as the
"Commodity Brokers").  Each Trading Company?s over-the-counter
foreign exchange spot, options, and forward contract counterparty
is either MS&Co. or Morgan Stanley Capital Group Inc. ("MSCG") to
the extent a Trading Company trades options on over-the-counter
foreign currency forward contracts (except that Newedge serves in
such capacity with respect to Kaiser I).


<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The financial statements of the Partnership have been prepared
using the ?Fund of Funds? approach and accordingly all revenue and
expense information from the Trading Companies is reflected as a
net change in unrealized appreciation on investments on the
Statements of Operations.  The Partnership maintains sufficient
cash balances on hand to satisfy ongoing operating expenses for
the Partnership.  The Trading Companies and their trading advisors
(each individually, a ?Trading Advisor? or collectively, the
?Trading Advisors?) for the Partnership at March 31, 2009, are as
follows:
<table> <caption>
Trading Company					Trading Advisor

								<c>
Morgan Stanley Managed Futures Aspect I, LLC		Aspect Capital Limited
Morgan Stanley Managed Futures Chesapeake I, LLC	Chesapeake Capital Corporation
Morgan Stanley Managed Futures Kaiser I, LLC		Kaiser Trading Group Pty Ltd.
Morgan Stanley Managed Futures Transtrend II, LLC	Transtrend B.V.
Morgan Stanley Managed Futures WCM I, LLC		Winton Capital Management Limited
Morgan Stanley Strategic Alternatives, L.L.C.		Bridgewater Associates, Inc. (?Bridgewater?)
</table>
The general partner of the Partnership and the trading manager of
each Trading Company is Demeter Management Corporation
("Demeter").  Demeter may reallocate the Partnership?s assets to
the different Trading Companies at its sole discretion.

Demeter, MS&Co., MSIP, and MSCG are wholly-owned subsidiaries of
Morgan Stanley.

<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Units of limited partnership interest ("Units") of the Partnership
are being offered to limited partners in four share classes.
Depending on the aggregate amount invested in the Partnership,
limited partners receive class A, B, C or D Units in the
Partnership (each a "Class" and collectively the "Classes).  As of
March 31, 2009, there were no Class D Units outstanding in the
Partnership.  Certain limited partners who are not subject to the
ongoing placement agent fee are deemed to hold Class Z Units.
Demeter received Class Z Units with respect to its investment in
the Partnership.

Demeter is not required to maintain any investment in the
Partnership, and may withdraw any portion of its interest in the
Partnership at any time, as permitted by the Limited Partnership
Agreement.  In addition, Class Z shares are only being offered to
certain individuals affiliated with Morgan Stanley at Demeter?s
sole discretion.  Class Z Units are not subject to paying the
placement agent fee.

2.  Related Party Transactions of the Trading Companies
The Trading Companies? cash is on deposit with MS&Co. and MSIP in
futures interest trading accounts to meet margin requirements as
needed.  MS&Co. pays each Trading Company at each month end
interest income at a rate approximately equivalent to what MS&Co.

<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

pays or charges other customers on such assets deposited as
margin.  Assets not deposited as margin with MS&Co. are credited
with interest income at a rate equal to the monthly average of
the 4-week U.S. Treasury bill discount rate less 0.15% during
such month but in no event less than zero.  For purposes of such
interest payments, Net Assets do not include monies owed to the
Trading Company on Futures Interests.

3.  Income Taxes
No provision for income taxes has been made in the accompanying
financial statements, as limited partners are individually
responsible for reporting income or loss based upon their
respective share of the Partnership?s revenues or expenses for
income tax purposes.  The Partnership files U.S. federal and
state tax returns.

Financial Accounting Standards Board ("the FASB") Interpretation
No. 48 "Accounting for Uncertainty in Income Taxes, an
interpretation of FASB Statement No. 109" ("FIN 48"), clarifies
the accounting for uncertainty in income taxes recognized in a
Partnership's financial statements, and prescribes a recognition
threshold and measurement attribute for financial statement
recognition and measurement of a tax position taken or expected

<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

to be taken.  The adoption of FIN 48 does not have a material
impact on the Partnership's financial statements.  The 2005
through 2008 tax years generally remain subject to examination by
U.S. federal and most state tax authorities.

4.  Financial Instruments of the Trading Companies
The Trading Companies trade Futures Interests.  Futures and
forwards represent contracts for delayed delivery of an
instrument at a specified date and price.  Risk arises from
changes in the value of these contracts and the potential
inability of counterparties to perform under the terms of the
contracts.  There are numerous factors which may significantly
influence the fair value of these contracts, including interest
rate volatility.

The fair value of exchange-traded contracts is based on the
settlement price quoted by the exchange on the day with respect
to which fair 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
fair value of off-exchange-traded contracts is based on the fair
value quoted by the counterparty.

<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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

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

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






<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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

Derivative Instruments and Hedging Activities
In March 2008, the FASB issued SFAS No. 161, ?Disclosures about
Derivative Instruments and Hedging Activities, an amendment of
FASB Statement No. 133? (?SFAS 161?).  SFAS No. 161 is intended
to improve financial reporting about derivative instruments and

<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

hedging activities by requiring enhanced disclosures to enable
investors to better understand how those instruments and
activities are accounted for; how and why they are used; and
their effects on the Partnership?s financial position, financial
performance, and cash flows.  SFAS No. 161 is effective for
financial statements issued for fiscal years beginning after
November 15, 2008, and interim periods within those fiscal years.
The adoption of SFAS No. 161 did not have a material impact on
the Partnership?s financial statements.

5.  Fair Value Measurements
Management has continued to evaluate the application of Statement
of Financial Accounting Standards (?SFAS?) No. 157 ("SFAS No.
157"), "Fair Value Measurements" to the Partnership, and has
determined that SFAS No. 157 does not have a material impact on
the financial statements.  Fair value is the amount that would be
recovered when an asset is sold or an amount paid to transfer a
liability, in an ordinary transaction between market participants
at the measurement date (exit price).  Market price observability
is impacted by a number of factors, including the types of
investments, the characteristics specific to the investment, and
the state of the market (including the existence and the
transparency of transactions between market participants).
Investments with readily available actively quoted prices in an

<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

ordinary market will generally have a higher degree of market
price observability and a lesser degree of judgment used in
measuring fair value.

SFAS No. 157 requires use of a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure
fair value into three levels: Level 1 ? unadjusted quoted market
prices in active markets for identical assets and liabilities;
Level 2 - inputs other than unadjusted quoted market prices that
are observable for the asset or liability, either directly or
indirectly (including quoted prices for similar investments,
interest rates, credit risk); and Level 3 ? unobservable inputs
for the asset or liability (including the Partnership?s own
assumptions used in determining the fair value of investments).

In certain cases, the inputs used to measure fair value may fall
into different levels of the fair value hierarchy.  In such cases,
an investment?s level within the fair value hierarchy is based on
the lowest level of input that is significant to the fair value
measurement.  The Partnership?s assessment of the significance of
a particular input to the fair value measurement in its entirety
requires judgment, and considers factors specific to the
investment.


<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The following table summarizes the valuation of the Partnership?s
investments by the above SFAS No. 157 fair value hierarchy as of
March 31, 2009:
<table> <caption>



Assets
 Quoted Prices in
Active Markets for
  Identical Assets
        (Level 1)
 Significant Other
   Observable
       Inputs
     (Level 2)
  Significant
    Unobservable
     Inputs
   (Level 3)




        Total

   $
$
             $

        $


<c>
<c>
<c>

<c>
Investment in Kaiser I, LLC
            ?
6,295,881
       n/a

6,295,881
Investment in WCM I, LLC
            ?
6,294,127
       n/a

6,294,127
Investment in Aspect I, LLC
            ?
6,253,063
          n/a

6,253,063
Investment in Transtrend II, LLC
            ?
6,207,012
          n/a

6,207,012
Investment in Strategic Alternatives,
L.L.C.
            ?
5,484,730
       n/a

5,484,730
Investment in Chesapeake I, LLC
            ?
5,410,421
          n/a

5,410,421
</table>
The Partnership?s assets identified as ?Investment in Trading
Companies? reflected on the Statements of Financial Condition
represents the net asset value of the Partnership?s pro rata
share of each Trading Company.  The Net Assets of each Trading
Company is equal to the total assets of the Trading Company
(including, but not limited to all cash and cash equivalents,
accrued interest and amortization of original issue discount, and
the market value of all open Futures Interests contract positions
and other assets) less all liabilities of the Trading Company
(including, but not limited to, brokerage commissions that would
be payable upon the closing of open Futures Interest positions,
management fees, incentive fees, and extraordinary expenses),
determined in accordance with accounting principles generally
accepted in the United States of America (?GAAP?).
<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The Partnership?s investment in the Trading Companies represents
approximately: Kaiser I, LLC 17.52%; WCM I, LLC 17.51%; Aspect I,
LLC 17.39%; Transtrend II, LLC 17.27%; Strategic Alternatives,
L.L.C. 15.26%; and Chesapeake I, LLC 15.05%; of the total
investments of the Partnership, respectively.

Summarized information for the Partnership?s investments in the
Trading Companies as of March 31, 2009 is as follows:
<table> <caption>




Investment


   % of Profile
           MV?s Partners?
        Capital



     Fair
    Value



     Total
 Income/(Loss)



   Management
         Fees



      Incentive
         Fees



    Administrative
           Fees


     <c>
<c>
<c>
 <c>
 <c>
<c>
K   Kaiser I, LLC
17.9
    6,295,881
   (101,483)
           31,591
    (464)
5,528
     WCM I, LLC
17.9
    6,294,127
  (103,237)
           31,497
   (400)
 5,512
K   Aspect I, LLC
17.8
    6,253,063
   (144,301)
        31,592
    (334)
 5,529
     Transtrend II, LLC
17.7
   6,207,012
   (190,352)
        31,496
     -
5,512
      Strategic Alternatives,
L.L.C.
15.6
  5,484,730
   1,276
          27,185
    (928)
4,757
K   Chesapeake I, LLC
15.4
  5,410,421
    (73,034)
         26,956
     -
 4,717
<fn>
Total Income/(Loss) reflects the Net Realized and Net change in unrealized appreciation/(depreciation) on investments in
each Trading Company net of all fees.

For all Trading Companies, Contributions and Withdrawals are permitted on a monthly basis.
</table>
     6.  New Accounting Developments
In April 2009, the FASB issued FASB Staff Position (?FSP?) FAS
No. 157-4, Determining Fair Value When the Volume and Level of
Activity for the Asset or Liability Have Significantly Decreased
and Identifying Transactions That Are Not Orderly (?FSP FAS No.
157-4?).  FSP FAS No. 157-4 provides additional guidance for
determining fair value and requires new disclosures regarding the
<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

categories of fair value instruments, as well as the inputs and
valuation techniques utilized to determine fair value and any
changes to the inputs and valuation techniques during the period.
FSP FAS No. 157-4 is effective for interim and annual periods
ending after June 15, 2009.  The Partnership is currently
evaluating the impact of the adoption of FSP FAS No. 157-4.

In April 2009, the FASB issued FSP FAS No. 107-1 and Accounting
Principals Board (?APB?) No. 28-1, Interim Disclosures About Fair
Value of Financial Instruments (?FSP FAS No. 107-1? and ?APB No.
28-1?).  The staff position requires fair value disclosures of
financial instruments on a quarterly basis, as well as new
disclosures regarding the methodology and significant assumptions
underlying the fair value measures and any changes to the
methodology and assumptions during the reporting period.  FSP FAS
No. 107-1 and APB No. 28-1 are effective for interim and annual
periods ending after June 15, 2009.  The Partnership is currently
evaluating the impact of the adoption of FSP FAS No. 107-1 and
APB No. 28-1.

7.  Subsequent Event

On January 13, 2009, Morgan Stanley and Citigroup announced that
they had agreed to combine the Global Wealth Management Group of

<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Morgan Stanley and the Smith Barney division of Citigroup Global
Markets Inc. into a new joint venture (the ?Transaction?).  The
joint venture will own Morgan Stanley Smith Barney LLC, a newly
formed investment advisor and broker dealer that will be
registered with the U.S. Securities and Exchange Commission and
as a non-clearing futures commission merchant with the
Commodities Futures Trading Commission.  Upon the closing of the
Transaction, subsidiaries of Morgan Stanley collectively will
have a 51 percent ownership interest in the joint venture and
Citigroup Inc. (?Citi?) will have 49 percent ownership interest
in the joint venture.  The Transaction is expected to close by
the end of the third quarter of 2009.

As part of the Transaction, the Board of Directors of Demeter
resolved that Demeter should be converted from a Delaware
corporation to a Delaware limited liability company (the
?Conversion?).  The Conversion became effective on April 30, 2009
and Demeter?s name changed to Demeter Management LLC.

In addition, in the near future Morgan Stanley, the sole member
of Demeter, intends to contribute all of the membership interests
in Demeter (along with other Morgan Stanley subsidiaries being
contributed to the joint venture as part of the Transaction) to
Morgan Stanley Commercial Financial Services, Inc.  It is

<page> MORGAN STANLEY MANAGED FUTURES MV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

anticipated that on or about the time of the consummation of the
Transaction, Morgan Stanley Commercial Financial Services, Inc.
will contribute to Morgan Stanley JV Holdings LLC all of its in-
scope assets and liabilities (including all of the membership
interests of Demeter) (collectively, the ?Contribution?).  Upon
the completion of both the Conversion and the Contribution,
Demeter will be a Delaware limited liability company that is a
wholly owned subsidiary of Morgan Stanley Smith Barney Holdings
LLC, which in turn will be owned 51 percent by Morgan Stanley and
49 percent by Citi.


At all times Demeter shall remain the General Partner of the
Partnership and at no time will it cease to exist.  In addition,
neither the Conversion nor the Contribution will materially impact
the daily trading activities of the Partnership?s respective
commodity Trading Advisors.  The Board of Directors of Demeter
believes that the Conversion and the Contribution shall not have a
material impact on the Partnership?s Limited Partners.







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


Liquidity.  MS&Co. and its affiliates (Newedge with respect to
Kaiser I) act as custodians of each Trading Company?s assets
pursuant to customer agreements and foreign exchange customer
agreement.  The Partnership allocates substantially all of its
assets to multiple Trading Companies.  Such assets are deposited
in the Trading Companies? trading accounts with MS&Co. or its
affiliates (Newedge with respect to Kaiser I).  The funds in such
accounts are available for margin and are used to engage in
Futures Interest trading pursuant to instructions provided by the
Trading Advisors.  The assets are held in either non-interest
bearing bank accounts or in securities and instruments permitted
by the Commodity Futures Trading Commission for investment of
customer segregated or secured funds.  Since the Partnership?s
sole purpose is to trade Futures Interests indirectly through the
investment in the Trading Companies, it is expected that the
Trading Companies will continue to own such liquid assets for
margin purposes.

The Trading Companies investment in Futures Interests 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
<page> 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
trading.  These market conditions could prevent the Trading
Companies 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 Trading Companies from trading in potentially
profitable markets or prevent the Trading Companies from promptly
liquidating unfavorable positions in such markets, subjecting them
to substantial losses.  Either of these market conditions could
result in restrictions on redemptions.  For the periods covered by
this report, illiquidity has not materially affected the
Partnership?s assets.

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

Capital Resources.  The Partnership does not have, nor does it
expect to have, any capital assets.  Redemptions, exchanges, and
sales of units of limited partnership interest ("Unit(s)") in the
<page> future will affect the amount of funds available for
investments in Futures Interests in subsequent periods.  It is not
possible to estimate the amount, and therefore the impact, of
future inflows and outflows 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.

Results of Operations
General.  The Partnership?s results depend on the Trading Advisors
and the ability of each 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 month periods ended March 31, 2009, and
2008, and a general discussion of its trading activities during
each period.  It is important to note, however, that the Trading
Advisors trade 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 Advisors or will be
profitable in the future.  Consequently, the results of operations
of the Partnership are difficult to discuss other than in the
context of the Trading advisors? trading activities on behalf of
the Partnership during the period in question.  Past performance
is no guarantee of future results.

<page> The Partnership?s results of operations set forth in the
financial statements on pages 2 through 20 of this report are
prepared in accordance with GAAP, which require the use of certain
accounting policies that affect the amounts reported in these
financial statements, including the following:  the contracts the
Trading Companies? trade are accounted for on a trade-date basis
and marked to market on a daily basis.  The difference between
their original contract value and fair value is recorded on the
Statements of operations as ?Net change in unrealized gain (loss)
for open (unrealized) contracts, and recorded as ?Realized?
trading gain (loss) when open positions are closed out.  The sum
of these amounts constitutes the Trading Company?s trading
results.  The fair value of a futures contract is the settlement
price on the exchange on which that futures contract is traded on
a particular day.  The value of a foreign currency forward
contract is base don the spot rate as of the close of business.

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 Quarter Ended March 31, 2009
The Partnership recorded total trading results totaling
$(611,133) and expenses totaling 288,107, resulting in a net loss
of $899,240 for the quarter ended March 31, 2009.  The
<page> Partnership?s net asset value per Unit by share Class is
provided in the table below.

Share Class			  NAV at 3/31/09
A						$1,148.37
B						$1,157.92
C						$1,167.54
Z						$1,187.01


The most significant trading losses of approximately 1.1% were
incurred within the currency sector, primarily February and
March, from long positions in the Japanese yen versus the U.S.
dollar as the value of the Japanese yen reversed lower against
most of its rivals amid speculation that the Bank of Japan would
intervene to weaken the currency, as well as on news that Japan?s
trade deficit substantially increased.  Additional losses were
experienced from short positions in the Canadian dollar, Swiss
franc, and British pound versus the U.S. dollar as the value of
the U.S. dollar decreased relative to most of its rivals
following the U.S. Federal Reserve?s surprise plans to begin a
more aggressive phase of quantitative easing and economic
stimulus spending, which would include the purchase of $300
billion in longer-term Treasury bonds and buying significant
quantities of ?toxic assets? from bank balance sheets.  Within
the global interest rate sector, losses of approximately 0.3%
were recorded primarily during January from long positions in
U.S., Australian, and Japanese fixed-income futures as prices
dropped following news that debt sales may increase as
governments around the world boost spending in an effort to ease
<page> the deepening economic slump.  Within the metals markets,
losses of approximately 0.2% were incurred primarily during March
from short futures positions in copper and zinc as prices rose
amid speculation that economic stimulus plans in the U.S. and
China would help boost demand for base metals.  Additional losses
of approximately 0.2% were experienced within the agricultural
complex, primarily during March, from short futures positions in
coffee, sugar, the soybean complex, and corn as prices reversed
higher on renewed optimism that government bailouts would
possibly help revive the world economy and boost demand for these
commodities.  A portion of the Partnership?s losses for the
quarter was offset by gains of approximately 0.5% experienced
within the energy markets, primarily during January and February,
from short futures positions in crude oil and its related
products, as well as in natural gas, as prices moved lower amid
speculation that the ongoing global economic recession would
continue to erode energy demand.  Smaller gains of approximately
0.2% were recorded within the global stock index sector,
primarily during January and February, from short positions in
U.S. and European equity index futures as prices declined due to
disappointing corporate earnings reports, as well as a lack of
clarity regarding U.S. Treasury Secretary Timothy Geithner?s
financial rescue plan.





<page> For the Quarter Ended March 31, 2008

The Partnership recorded total trading results of $692,720 and
expenses totaling $114,177, resulting in net income of $578,543
for the quarter ended March 31, 2008.  The Partnership?s net
asset value per Unit by share Class is provided in the table
below.

Share Class			  NAV at 3/31/08
A						$1,085.40
B						$1,088.99
C						$1,092.58
Z						$1,099.81

The most significant trading gains of approximately 2.0% were
recorded within the agricultural sector, primarily during January
and February, from long futures positions in wheat and corn as
prices increased amid diminishing inventories and rising global
demand. Meanwhile, short positions in live cattle futures
resulted in gains as prices declined during January and February
due to speculative selling.  Further gains were experienced
within the agricultural complex from long futures positions in
cocoa as prices moved higher after shipments from the Ivory
Coast, the world?s largest producer, were delayed by a labor
strike.  Within the currency sector, gains of approximately 1.8%
were recorded primarily during February and March from long
positions in the Japanese yen, Swiss franc, and euro versus the
U.S. dollar as the value of the U.S. dollar moved lower against
these currencies due to disappointing U.S. economic data and
concerns regarding a possible U.S. recession, which fueled <page>
speculation of continued interest-rate cuts by the U.S. Federal
Reserve.  Additional gains of approximately 1.3% were experienced
within the global interest rate sector, primarily during
February, from long positions in U.S. and Japanese fixed-income
futures as prices increased in a ?flight-to-quality? following a
sharp decline in the global equity markets and concerns that an
economic slowdown in the United States may weaken the global
economy. Within the energy markets, gains of approximately 1.0%
were experienced primarily during February and March from long
futures positions in crude oil and its related products as prices
increased due to speculation that OPEC may cut production,
ongoing geopolitical concerns in the Middle East, and strong
demand for physical commodities as an inflation hedge.  Within
the metals sector, gains of approximately 0.6% were recorded
primarily during January and February from long futures positions
in gold and silver as prices moved higher due to a drop in the
value of the U.S. dollar, which spurred demand for precious
metals as a ?safe haven?.  Smaller gains of approximately 0.4%
were recorded within the global stock index sector, primarily
during February and March, from short positions in European and
Pacific Rim equity index futures as prices moved lower on
concerns that a persistent U.S. housing slump, mounting losses
linked to U.S. sub-prime mortgage investments, and a weakening
job market may restrain consumer spending, erode corporate
earnings, and curb global economic growth.



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

Introduction
All of the Partnership?s assets are subject to the risk of trading
loss through its investments in the Trading Companies, each of
which invests substantially all of its assets in the trading
program of an unaffiliated Trading Advisor. The market-sensitive
instruments held by the Trading Companies are acquired for
speculative trading purposes, and substantially all of the
respective Trading Companies? assets are subject to the risk of
trading loss.  Unlike an operating company, the risk of market-
sensitive instruments is integral, not incidental, to the Trading
Companies? main line of business.

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

The total market risk of the respective Trading Companies may
increase or decrease as it is influenced by a wide variety of
factors, including, but not limited to, the diversification among
the Trading Companies? 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
Trading Companies is typically many times the applicable margin
requirements.  Margin requirements generally range between 2% and
15% of contract face value.  Additionally, the use of margin
causes the face value of the market sector instruments held by
the Trading Companies typically to be many times the total
capitalization of the Trading Companies.

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

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

Quantifying the Trading Companies? Trading Value at Risk
The following quantitative disclosures regarding the Trading
Companies? 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 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 Trading Companies account for open positions on the basis of
mark to market accounting principles. Any loss in the market
value of the Trading Companies? open positions is directly
reflected in the Trading Companies? earnings and cash flow.

The Trading Companies? risk exposure in the market sectors traded
by the Trading Advisors is estimated below in terms of VaR.  VaR
for a particular market sector is estimated by Demeter using a
model based upon historical simulation (with a confidence level of
<page> 99%) which involves constructing a distribution of
hypothetical daily changes in the value of a trading portfolio.
The VaR model takes into account linear exposures to risks
including equity and commodity prices, interest rates, foreign
exchange rates, and correlation among these variables.  The
hypothetical daily changes in the value of a Trading Company?s
portfolio 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 Trading Companies? VaR corresponds to the reliability of
the expectations that the Trading Company?s trading losses in one
day will not exceed the maximum loss indicated by the VaR.  The
99% one-day confidence level is not an indication of probability
of such losses, nor does VaR typically represent the worst case
outcome.  Demeter uses approximately four years of daily market
data and re-values its portfolio for each of the historical
market moves that occurred over this period. This enables Demeter
to generate a distribution of daily ?simulated profit and loss?
outcomes.

The Trading Companies? 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 models used by Morgan Stanley
and Demeter, 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
quantify market risk for historic reporting purposes only and is
not utilized by either Demeter or the Trading Advisors 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 Trading Companies? Value at Risk in Different Market Sectors
As of March 31, 2009 and 2008, Morgan Stanley Managed Futures
Aspect I, LLC?s total capitalization prior to March 31, 2009 and
2008 redemptions was $31,803,098 and $16,481,795, respectively.
The Partnership owned 20% and 21%, respectively, of Morgan
Stanley Managed Futures Aspect I, LLC.
<table> <caption>
Morgan Stanley Managed Futures Aspect I, LLC
					      March 31, 2009     March 31, 2008
Primary Market Risk Category         VaR                VaR

								<c>				<c>
Currency						(0.31)%			(0.39)%
Interest Rate					(0.54)			(0.59)
Equity						(0.22)			(0.31)
Commodity						(0.45)			(0.75)
Aggregate Value at Risk			(1.00)%			(1.19)%
</table>
As of March 31, 2009 and 2008, Morgan Stanley Managed Futures
Chesapeake I, LLC?s total capitalization prior to March 31, 2009
<page> and 2008 redemptions was 25,945,171 and $8,104,542,
respectively. The Partnership owned 21% and 40%, respectively, of
Morgan Stanley Managed Futures Chesapeake I, LLC.
<table> <caption>
Morgan Stanley Managed Futures Chesapeake I, LLC
					       March 31, 2009    March 31, 2008
Primary Market Risk Category         VaR                VaR

								<c>			<c>
Currency						(0.49)%			(0.48)%
Interest Rate					(0.41)			(0.53)
Equity						   -				(0.20)
Commodity						(0.34)			(2.05)
Aggregate Value at Risk			(0.74)%			(2.29)%
</table>
As of March 31, 2009 and 2008, Morgan Stanley Managed Futures
Kaiser I, LLC?s total capitalization prior to March 31, 2009 and
2008 redemptions was $36,606,442 and $7,880,167, respectively.
The Partnership owned 17% and 45%, respectively, of Morgan
Stanley Managed Futures Kaiser I, LLC.
<table> <caption>
Morgan Stanley Managed Futures Kaiser I, LLC
					       March 31, 2009    March 31, 2008
Primary Market Risk Category         VaR                VaR

							<c>				<c>
Currency						(0.03)%			(0.00)%
Interest Rate					(0.25)			(0.31)
Equity						(0.41)			(0.56)
Commodity						(0.05)			(0.34)
Aggregate Value at Risk			(0.61)%			(0.77)%

</table>

As of March 31, 2009 and 2008, Morgan Stanley Managed Futures
Transtrend II, LLC?s total capitalization prior to March 31, 2009
<page> and 2008 redemptions was $34,310,603 and $7,597,324,
respectively.  The Partnership owned 18% and 46%, respectively of
Morgan Stanley Managed Futures Transtrend II, LLC.
<table> <caption>
Morgan Stanley Managed Futures Transtrend II, LLC
					       March 31, 2009    March 31, 2008
Primary Market Risk Category         VaR                VaR

							<c>				<c>
Currency						(0.42)%			(2.96)%
Interest Rate					(0.32)			(1.05)
Equity						(0.10)			(0.36)
Commodity						(0.32)			(5.36)
Aggregate Value at Risk			(0.50)%			(6.27)%
</table>
As of March 31, 2009 Morgan Stanley Strategic Alternatives,
L.L.C.?s total capitalization prior to March 31, 2009 redemptions
was $33,523,787.  The Partnership owed 16% of Morgan Stanley
Strategic Alternatives, L.L.C.
<table> <caption>

Morgan Stanley Strategic Alternatives, L.L.C.
						    March 31, 2009
Primary Market Risk Category	        VaR

								<c>
Currency				  	       (0.58)%
Interest Rate					  (0.59)
Equity						  (0.10)
Commodity						  (0.41)
Aggregate Value at Risk			  (0.89)%
</table>

As of March 31, 2009 and 2008, Morgan Stanley Managed Futures WCM
I, LLC?s total capitalization prior to March 31, 2009 and 2008
redemptions was $32,010,209 and $16,572,936, respectively.  The
<page> Partnership owned 20% and 21%, respectively of Morgan
Stanley Managed Futures WCM I, LLC.
<table> <caption>
Morgan Stanley Managed Futures WCM I, LLC
					       March 31, 2009    March 31, 2008
Primary Market Risk Category         VaR                VaR

							<c>				<c>
Currency						(0.37)%			(0.50)%
Interest Rate					(0.48)			(0.35)
Equity						(0.09)			(0.11)
Commodity						(0.20)			(0.90)
Aggregate Value at Risk			(0.75)%			(1.31)%

</table>

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

The table below supplements the quarter-end VaR set forth above
by presenting the Trading Companies? high, low, and average VaR,
<page> as a percentage of total Net Assets for the four quarter-
end reporting periods from April 1, 2008 through March 31, 2009.
<table> <caption>
Morgan Stanley Managed Futures Aspect I, LLC
Primary Market Risk Category        High      Low      Average

							<c>			<c>	<c>
Currency						(0.64)%	(0.13)%	(0.31)%
Interest Rate					(0.77)	(0.54)	(0.65)
Equity						(0.57)	(0.04)	(0.26)
Commodity						(1.41)	(0.45)	(0.74)
Aggregate Value at Risk			(1.69)%	(0.96)%	(1.15)%

</table>
<table> <caption>
Morgan Stanley Managed Futures Chesapeake I, LLC
Primary Market Risk Category        High      Low      Average

							<c>			<c>		<c>
Currency						(0.50)%	(0.39)%	(0.45)%
Interest Rate					(0.52)	(0.30)	(0.41)
Equity						(0.20)	  -		(0.10)
Commodity						(1.93)	(0.34)	(0.84)
Aggregate Value at Risk			(2.09)%	(0.74)%	(1.16)%
</table>
<table> <caption>
Morgan Stanley Managed Futures Kaiser I, LLC
Primary Market Risk Category        High      Low      Average

							<c>		<c>			<c>
Currency						(0.07)%	  -	 %	(0.03)%
Interest Rate					(0.28)	(0.02)	(0.16)
Equity						(0.41)	(0.05)	(0.20)
Commodity						(0.38)	  -		(0.12)
Aggregate Value at Risk			(0.61)%	(0.12)%	(0.33)%
</table>



<page> <table> <caption>
Morgan Stanley Managed Futures Transtrend II, LLC
Primary Market Risk Category        High      Low      Average

							<c>		<c>		<c>
Currency						(1.45)%	(0.09)%	(0.54)%
Interest Rate					(0.63)	(0.23)	(0.40)
Equity						(0.40)	(0.09)	(0.24)
Commodity						(1.15)	(0.32)	(0.71)
Aggregate Value at Risk			(1.67)%	(0.50)%	(1.05)%
</table>
<table> <caption>
Morgan Stanley Strategic Alternatives, L.L.C.
Primary Market Risk Category        High      Low      Average

							<c>			<c>		<c>
Currency						(0.81)%	(0.29)%	(0.59)%
Interest Rate					(0.94)	(0.46)	(0.70)
Equity						(0.60)	(0.05)	(0.27)
Commodity						(0.60)	(0.18)	(0.35)
Aggregate Value at Risk			(1.24)%	(0.61)%	(0.94)%
</table>
<table> <caption>
Morgan Stanley Managed Futures WCM I, LLC
Primary Market Risk Category        High      Low      Average

							<c>		<c>		<c>
Currency						(0.37)%	(0.15)%	(0.26)%
Interest Rate					(0.48)	(0.19)	(0.36)
Equity						(0.47)	(0.05)	(0.23)
Commodity						(0.82)	(0.16)	(0.36)
Aggregate Value at Risk			(0.95)%	(0.57)%	(0.71)%

</table>



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 <page>
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.

In addition, the VaR tables above, as well as the past performance
of the Partnership and the Trading Companies, 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 Trading Companies? market risk exposures and
on an aggregate basis at March 31, 2009 and 2008.  VaR is not
necessarily representative of the Trading Companies? historic
risk, nor should it be used to predict the Partnership or the
<page> Trading Companies? future financial performance or its
ability to manage or monitor risk. There can be no assurance that
the Trading Companies? 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 Trading Companies have non-trading market risk on their
foreign cash balances. These balances and any market risk they
may represent are immaterial.

The Trading Companies also maintain a substantial portion of
their available assets in cash at MS&Co.; as of March 31, 2009,
such amount was equal to:
*	approximately 96% of Morgan Stanley Managed Futures Aspect
I, LLC?s Net Assets.
*	approximately 96% of Morgan Stanley Managed Futures
Chesapeake I, LLC?s Net Assets.
*	approximately 97% of Morgan Stanley Managed Futures Kaiser
I, LLC?s Net Assets.
*	approximately 95% of Morgan Stanley Managed Futures
Transtrend II, LLC?s Net Assets.
*	approximately 93% of Morgan Stanley Strategic Alternatives,
L.L.C.?s Net Assets.
*	approximately 96% of Morgan Stanley Managed Futures WCM I,
LLC?s Net Assets.
<page> A decline in short-term interest rates would result in a
decline in the Trading Companies? 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 Trading Companies?
market-sensitive instruments, in relation to the Trading
Companies? 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 Advisors 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 expro-
priations, illiquid markets, the emergence of dominant
fundamental factors, political upheavals, changes in historical
<page> price relationships, an influx of new market participants,
increased regulation, and many other factors could result in
material losses, as well as in material changes to the risk
exposures and the risk management strategies of the Partnership.
Investors must be prepared to lose all or substantially all of
their investment in the Partnership.

The following were the primary trading risk exposures of the
Partnership at March 31, 2009, by market sector.  The Partnership
is exposed to trading risk through its investments in the Trading
Companies.  It may be anticipated however, that these market
exposures will vary materially over time.

Interest Rate.  The largest market exposure of the Partnership at
March 31, 2009, was to the global interest rate sector.  Exposure
was primarily spread across the European, U.S., Japanese,
Australian, and Canadian interest rate sectors.  Interest rate
movements directly affect the price of the sovereign bond futures
positions held by the Partnership and indirectly affect the value
of its stock index and currency positions.  Interest rate
movements in one country, as well as relative interest rate
movements between countries, materially impact the Partnership?s
profitability. The Partnership?s 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
<page> smaller nations - e.g., Australia.  Demeter anticipates
that the G-7 countries? and 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 third largest market exposure of the Partnership at
March 31, 2009, 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 large
number of currencies, including cross-rates - i.e., positions
between two currencies other than the U.S. dollar.  At March 31,
2009, the Partnership?s major exposures were to the euro, Swedish
krona, Norwegian krone, Australian dollar, Japanese yen, Canadian
dollar, New Zealand dollar, Swiss franc, Czech koruna, Hungarian
forint, British pound, Russian ruble, Singapore dollar, Turkish
lira, and Hong Kong dollar 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.
<page> Equity.  At March 31, 2009, the Partnership had market
exposure 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 March 31, 2009, the Partnership?s primary market
exposures were to the NIKKEI 225 (Japan), S&P 500 (U.S.), FTSE 100
(United Kingdom), DAX (Germany), Hang Seng (Hong Kong), Euro Stox
50 (Europe), CAC 40 (France), SPI 200 (Australia), TOPIX (Japan),
Canadian S&P 60 (Canada), NASDAQ 100 (U.S.), and Dow Jones (U.S.)
stock indices.  The Partnership is typically exposed to the risk
of adverse price trends or static markets in the U.S., European,
and Pacific Rim 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.
Soft Commodities and Agriculturals.  The second largest
market exposure of the Partnership at March 31, 2009, was to
the markets that comprise these sectors.  Most of the
exposure was to the wheat, lean hogs, live cattle, cocoa,
coffee, corn, sugar, cotton, soybeans, soybean oil, and
soybean meal markets.  Supply and demand inequalities, severe
weather disruptions, and market expectations affect price
movements in these markets.

<page> Metals.  At March 31, 2009, the Partnership had market
exposure to the metals sector.  The Partnership's metals
exposure was to fluctuations in the price of base metals,
such as aluminum, copper, nickel, zinc, and lead, as well as
precious metals, such as gold and silver.  Economic forces,
supply and demand inequalities, geopolitical factors, and
market expectations influence price movements in these
markets.  Several of the Trading Advisors to the Partnership
utilize trading systems to take positions when market
opportunities develop, and Demeter anticipates that the
Trading Advisors will continue to do so.

Energy.  At March 31, 2009, the Partnership had market
exposure to the energy sector.  The Partnership?s energy
exposure was shared primarily by futures contracts in natural
gas, as well as crude oil and its related products.  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.



  <page> Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at March 31, 2009:

Foreign Currency Balances. The Partnership?s primary foreign
currency balances at March 31, 2009, were in British pounds,
Japanese yen, euros, Australian dollars, Swedish kronor,
Swiss francs, Canadian dollars, South African rands, Czech
koruny, Norwegian kroner, Hong Kong dollars, Hungarian
forint, New Zealand dollars, and Singapore dollars.  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.


Item 4T.	CONTROLS AND PROCEDURES


As of the end of the period covered by this quarterly report, the
President and Chief Financial Officer of Demeter, 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.

Changes in Internal Control Over Financial Reporting
	There have been no changes during the period covered by this
quarterly report in the Partnership?s internal control over
financial reporting (as defined in Rules 13a-15(f) and 15d-15(f)
of the Exchange Act) that have materially affected or are
<page> reasonably likely to materially affect, the Partnership?s
internal control over financial reporting, subsequent to the date
of their evaluation.




<page> PART II.  OTHER INFORMATION
Item 1A. RISK FACTORS

There have been no material changes from the risk factors included
in the Partnership?s Report on Form 10-K/A for the fiscal year
ended December 31, 2008.


Item 2. UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS


Units of the Partnership are sold to persons and entities who are
accredited investors as the term is defined in Rule 501(a) of
Regulation D.

The aggregate proceeds of securities sold in all share Classes to
the limited partners through March 31, 2009, was $41,385,538.
The Partnership received $305,000 in consideration from the sale
of Units to Demeter.

Item 6.  EXHIBITS
31.1	Certificate of Limited Partnership of Morgan Stanley
Managed Futures MV, L.P., dated February 22, 2007,
incorporated by reference from the Registrant?s Form 10
filed on August 8, 2008.
31.2	Limited Partnership Agreement of Morgan Stanley Managed
Futures MV, L.P., dated February 22, 2007, incorporated
by reference from the Registrant?s Form 10 filed on
August 8, 2008.
31.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.


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






































<page>







SIGNATURE



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




                      Morgan Stanley Managed Futures MV, L.P.
                      (Registrant)

                      By:   Demeter Management LLC
                            (General Partner)

May 15, 2009          By:   /s/Christian Angstadt
                               Christian Angstadt
                               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.

1809:
1810: