Morgan Stanley Managed Futures
WCM I, LLC

Interim Financial Statements
For the Three Months Ended
March 31, 2009 and 2008 (Unaudited)













THE ENCLOSED TRADING COMPANY FINANCIAL STATEMENTS AND FOOTNOTE
DISCLOSURE ARE PRESENTED PURSUANT TO REGULATION S-X.











<page> <table>
Morgan Stanley Managed Futures WCM I, LLC
Statements of Financial Condition (Unaudited)
<caption>
	  March 31,	        December 31,
                         2009      	         2008
	  $	        $

	<c>	<c>

ASSETS

Trading Equity:
    Unrestricted cash	30,853,991	 29,447,876
    Restricted cash	     1,373,206	           829,628

         Total cash	   32,227,197	     30,277,504

   Net unrealized gain (loss) on open contracts (MS&Co.)	         (122,167)	       305,480
   Net unrealized gain (loss) on open contracts (MSIP)	              (30,733)	                97,241

        Total net unrealized gain (loss) on open contracts	           (152,900)	          402,721

  	   Total Trading Equity	32,074,297	30,680,225

Interest receivable (MS&Co.)	                307	              4,059

	   Total Assets	    32,074,604	      30,684,284

LIABILITIES AND MEMBERS? CAPITAL

LIABILITIES
Accrued management fees                                  54,311	                            49,631
Accrued administrative fees 	        9,505                              8,686
Accrued incentive fees	               579			 267,476

	   Total Liabilities	         64,395	         325,793

MEMBERS? CAPITAL
Non-Managing Members	    32,010,209	    30,358,491

       Total Members? Capital	  32,010,209	   30,358,491

       Total Liabilities and Members? Capital	       32,074,604	   30,684,284





<fn>






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

</table>
<page> <table>
Morgan Stanley Managed Futures WCM I, LLC
Statements of Operations (Unaudited)
<caption>
                                                                                              For the Quarters Ended March 31,

		                  2009                               2008
                                                                   $	                      $

      
		<c>			<c>
INVESTMENT INCOME
	Interest income (MS&Co.)		          4,938			        53,425

EXPENSES
	Management fees	      	    158,998	63,788
	Administrative fees		27,825	11,163
	Brokerage, clearing and transaction fees 		8,874 	   9,313
	Incentive fees		                 579	        251,560

	     Total Expenses		   196,276	   335,824

NET INVESTMENT LOSS	       	        (191,338)	       (282,399)

TRADING RESULTS
Trading profit (loss):
	Realized			216,156 	1,602,919
	Net change in unrealized		    (555,621)	       (260,856)

        Total Trading Results		     (339,465)	    1,342,063

NET INCOME (LOSS) 	      (530,803)	   1,059,664

NET INCOME (LOSS) ALLOCATION
Non-Managing Members	                                                  	         (530,803)		    1,059,664




<fn>









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

</table>





<page> <table>
Morgan Stanley Managed Futures WCM I, LLC
Statements of Changes in Members? Capital
For the Quarters Ended March 31, 2009 and 2008 (Unaudited)
<caption>



	        Managing	      Non-Managing
	       Member       	     Members  	    Total
                                  $                                  $                            $

	<c>	<c>	<c>
Members? Capital,
	December 31, 2007	                                             ?           	8,128,375	    8,128,375

Capital Contributions                                               ?     		7,384,897		    7,384,897

Net Income	                                                             ?                    	       1,059,664	    1,059,664

Members? Capital,
   March 31, 2008                 ?                          16,572,936  	           16,572,936




Members? Capital,
	December 31, 2008                                               ?	                         30,358,491            30,358,491

Capital Contributions                                                ?    		     2,517,516	           2,517,516

Net Loss	                                                             ?	(530,803)	      (530,803)

Capital Withdrawals                                 	               ?  	    	             (334,995)	              (334,995)

Members? Capital,
   March 31, 2009                                 ?  	                32,010,209 	           32,010,209



<fn>










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

</table>


<page> <table>
Morgan Stanley Managed Futures WCM I, LLC
Statements of Cash Flows (Unaudited)
<caption>

	        For the Quarters Ended March 31,

	        2009     	        2008
	  $	  $


	<c>	<c>
CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)                                                                                (530,803)		   1,059,664
Noncash item included in net income (loss):
	Net change in unrealized                                                                555,621                         260,856

(Increase) decrease in operating assets:
	Restricted cash	                                                                        (543,578)                     (437,016)
	Interest receivable (MS&Co.)	  3,752	  	      4,075

Increase (decrease) in operating liabilities:
	Accrued management fees	                                                               4,680	                 13,452
	Accrued administrative fees 	                                                              819	      	     2,355
	Accrued incentive fees 	                                                                  (266,897)	               174,914

Net cash provided by (used for) operating activities	                          (776,406)	            1,078,300


CASH FLOWS FROM FINANCING ACTIVITIES

Capital contributions 	                                                                    2,517,516                    	 7,384,897
Capital withdrawals	                                                                             (334,995)	       (559,610)

Net cash provided by financing activities	                                         2,182,521	                6,825,287

Net increase in unrestricted cash	                                                 1,406,115	                7,903,587

Unrestricted cash at beginning of period	                                        29,447,876	     8,059,418

Unrestricted cash at end of period   	                                               30,853,991	                   15,963,005


<fn>









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

</table>
<page> <table>
Morgan Stanley Managed Futures WCM I, LLC
Condensed Schedules of Investments
March 31, 2009 and December 31, 2008 (Unaudited)
<caption>



Futures and Forward Contracts
       Long
  Unrealized
  Gain/(Loss)

 Percentage of
  Members? Capital
    Short
Unrealized
        Loss

  Percentage of
   Members? Capital
     Net
Unrealized
Gain/(Loss)

$
%
   $
%
$


<c>
<c>
<c>
<c>
<c>

March 31, 2009, Members? Capital: $32,010,209



Commodity
         1,150
         ?
      (59,436)
       (0.19)
   (58,286)
Equity
         ?
         ?
      (15,343)
       (0.05)
  (15,343)
Foreign currency
      (11,142)
       (0.03)
       (221,215)
       (0.69)
   (232,357)
Interest rate
      227,453
        0.71
           (203)
         ?
   227,250






     Grand Total:
     217,461
        0.68
    (296,197)
       (0.93)
   (78,736)

     Unrealized Currency Loss




       (0.23)

    (74,164)

     Total Net Unrealized Loss on Open Contracts



   (152,900)



   136,795

December 31, 2008, Members? Capital: $30,358,491



Commodity
        73,174
        0.24
   (134,609)
        (0.44)
  (61,435)
Equity
        ?
         ?
     (11,243)
        (0.04)
 (11,243)
Foreign currency
        50,403
        0.17
    (129,410)
        (0.43)
    (79,007)
Interest rate
      614,228
        2.02
           (749)
          ?
   613,479






     Grand Total:
     737,805
        2.43
    (276,011)
        (0.91)
   461,794

     Unrealized Currency Loss




        (0.19)

   (59,073)

     Total Net Unrealized Gain on Open Contracts





   402,721



<fn>







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


</table>


<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements
March 31, 2009 (Unaudited)

1. Summary of Significant Accounting Policies

The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the results of operations and financial condition
of Morgan Stanley Managed Futures WCM I, LLC (?WCM I, LLC? or
the ?Trading Company?). The financial statements and condensed
notes herein should be read in conjunction with the Trading
Company?s December 31, 2008 Annual Report.

Organization ? WCM I, LLC was formed on March 26, 2007, as a
Delaware limited liability company under the Delaware Limited
Liability Company Act (the ?Act?), to facilitate investments by
Morgan Stanley managed futures funds.  The Trading Company
commenced operations on August 1, 2007.  Demeter Management
Corporation (?Demeter?) is the trading manager of the Trading
Company. Demeter has retained Winton Capital Management Limited
(?WCM? or the ?Trading Advisor?) to engage in the speculative
trading of domestic and foreign futures contracts, forward
contracts, foreign exchange commitments, options on physical
commodities and on futures contracts, spot (cash) commodities
and currencies, exchange of futures contracts for physicals
transactions and futures contracts transactions, and any rights
pertaining thereto (collectively, ?Futures Interests?) (refer
to Note 4) on behalf of the Trading Company.  Each member (each
investor in the Trading Company, a ?Member?) invests its assets
in the Trading Company, which allocates substantially all of
its assets in the trading program of WCM, an unaffiliated
Trading Advisor to make investment decisions for the Trading
Company.  As of March 31, 2009, Morgan Stanley Managed Futures
HV, L.P. (a Delaware Limited Partnership) and Morgan Stanley
Managed Futures MV, L.P. (a Delaware Limited Partnership) were
the Members of the Trading Company.

   The commodity brokers for the Trading Company are Morgan
Stanley & Co. Incorporated (?MS&Co.?) and Morgan Stanley & Co.
International plc (?MSIP?). MS&Co. also acts as the
counterparty on all trading of the foreign currency forward
contracts. Morgan Stanley Capital Group Inc. (?MSCG?) acts as
the counterparty on all trading of the options on foreign
currency forward contracts. MS&Co. and its affiliates act as
the custodians of the Trading Company?s assets. Demeter,
MS&Co., MSIP, and MSCG are wholly-owned subsidiaries of Morgan
Stanley.







<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

1. Summary of Significant Accounting Policies (cont?d)

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

Revenue Recognition ? Futures Interests are open commitments
until settlement date, at which time they are realized. They
are valued at fair value, generally on a daily basis, and the
unrealized gains and losses on open contracts (the difference
between contract trade price and market price) are reported in
the Statements of Financial Condition as net unrealized gains
or losses on open contracts.  The resulting net change in
unrealized gains and losses is reflected in the change in
unrealized trading profit (loss) on open contracts from one
period to the next on the Statements of Operations.  The fair
value of exchange-traded futures, options and forwards
contracts is determined by the various futures exchanges, and
reflects the settlement price for each contract as of the close
of business on the last business day of the reporting period.
The fair value of foreign currency forward contracts is
extrapolated on a forward basis from the spot prices quoted as
of approximately 3:00 P.M. (E.T.) of the last business day of
the reporting period. The fair value of non-exchange-
traded foreign currency option contracts is calculated by
applying an industry standard model application for options
valuation of foreign currency options, using as input, the spot
prices, interest rates, and option implied volatilities quoted
as of approximately 3:00 P.M. (E.T.) on the last business day
of the reporting period. Monthly, MS&Co. credits the Trading
Company with interest income on 100% of its average daily funds
held at MS&Co. Assets deposited with MS&Co. as margin will be
credited with interest income at a rate approximately
equivalent to what MS&Co. pays or charges other customers on
such assets deposited as margin. Assets not deposited as margin
with MS&Co. will be credited with interest income at the 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.






<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

1. Summary of Significant Accounting Policies (cont?d)

Revenue Recognition (cont?d) ? The Trading Company?s functional
currency is the U.S. dollar; however, the Trading Company may
transact business in currencies other than the U.S. dollar.
Assets and liabilities denominated in currencies other than the
U.S. dollar are translated into U.S. dollars at the rates in
effect at the date of the Statement of Financial Condition.
Income and expense items denominated in currencies other than
the U.S. dollar are translated into U.S. dollars at the rates
in effect during the period. Gains and losses resulting from
the translation to U.S. dollars are reported in income
currently.

Members? Capital - The Members? Capital of the 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
fair value of all open Futures Interests contract positions and
other assets) less all liabilities of the Trading Company
(including, but not limited to, management fees, incentive
fees, and extraordinary expenses), determined in accordance
with GAAP.

Trading Equity ? The Trading Company?s asset ?Trading Equity,?
reflected on the Statements of Financial Condition, consists of
(a) cash on deposit with MS&Co. and MSIP to be used as margin
for trading; (b) net unrealized gains or losses on futures and
forward contracts, which are valued at fair value and
calculated as the difference between original contract value
and fair value; and, if any, (c) options purchased at fair
value. Options written at fair value are recorded in
?Liabilities?.

   The Trading Company, in its normal course of business,
enters into various contracts with MS&Co. and MSIP acting as
its commodity brokers. Pursuant to brokerage agreements with
MS&Co. and MSIP, to the extent that such trading results in
unrealized gains or losses, these amounts are offset and
reported on a net basis on the Trading Company?s Statements of
Financial Condition.

   The Trading Company has offset its fair value amounts
recognized for forward contracts executed with the same
counterparty as allowable under the terms of the master netting
agreement with MS&Co., as the counterparty on such contracts.
The Trading Company has consistently applied its right to
offset.




<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

1. Summary of Significant Accounting Policies (cont?d)

Restricted and Unrestricted Cash ? The Trading Company?s cash
is on deposit with MS&Co. and MSIP in futures interests trading
accounts to meet margin requirements as needed.  As reflected
on the Trading Company?s Statements of Financial Condition,
restricted cash equals the cash portion of assets on deposit to
meet margin requirements plus the cash required to offset
unrealized losses on foreign currency forwards and options
contracts and offset losses on offset London Metal Exchange
positions. All of these amounts are maintained separately.
Cash that is not classified as restricted cash is therefore
classified as unrestricted cash.

Brokerage, Clearing and Transaction Fees ? The Trading Company
accrues and pays brokerage, clearing and transaction fees to
MS&Co. Brokerage fees and transaction costs are paid as they
are incurred on a half-turn basis at 100% of the rates MS&Co.
charges retail commodity customers and parties that are not
clearinghouse members. In addition, the Trading Company pays
transactional and clearing fees as they are incurred.

Administrative Fee ? The Trading Company accrues and pays
MS&Co. a monthly fee to cover all administrative and operating
expenses (the ?Administrative Fee?). The monthly Administrative
Fee is equal to 1/12 of 0.35% (a 0.35% annual rate) of the
beginning of the month Members? Capital of the Trading Company.

Capital Contributions ? Capital contributions by the Members
may be made monthly pending Demeter?s approval. Such capital
contributions will increase each Member?s pro rata share of the
Trading Company?s Members? Capital.

   Demeter initially invested capital directly in the Trading
Company. As of December 31, 2007, Demeter redeemed all seed
capital investments in the Trading Company. All seed capital
investments by Demeter in the Trading Company participated on
the same terms as the investments made by the Member in the
Trading Company.

Capital Withdrawals ? Each Member may withdraw all or a portion
of its capital as of the last business day of the month. The
request for withdrawal must be received in writing by Demeter
at least three business days prior to the end of such month.
Such capital withdrawals will decrease each Member?s pro rata
share of the Trading Company?s Members? Capital.  Demeter may
require the withdrawal of a capital account under certain
circumstances, as defined in the operating agreement.



<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

1. Summary of Significant Accounting Policies (cont?d)

Distributions ? Distributions, other than capital withdrawals,
are made on a pro-rata basis at the sole discretion of Demeter.
No distributions have been made to date.  Demeter does not
intend to make any distributions of the Trading Company?s
profits.

Income Taxes ? No provision for income taxes has been made in
the accompanying financial statements, as Members are
individually responsible for reporting income or loss based
upon their pro rata share of  the Trading Company?s revenue and
expenses for income tax purposes.  The Trading Company 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 Trading Company?s financial statements, and
prescribes a recognition threshold and measurement attribute
for financial statement recognition and measurement of a tax
position taken or expected to be taken. The adoption of FIN
48 does not have a material impact on the Trading Company?s
financial statements. The 2007 and 2008 tax years remain
subject to examination by U.S. federal and most state tax
authorities.

Dissolution of the Trading Company ? The Trading Company shall
be dissolved upon the first of the following events to occur:
     (1)	The sole determination of Demeter; or
     (2)	The written consent of the Members holding not less than
a majority interest in capital with or without cause; or
(3)	The occurrence of any other event that causes the
dissolution of the limited liability company under the
Act.













<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

1. Summary of Significant Accounting Policies (cont?d)

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 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 Trading Company 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 Trading Company is currently evaluating the impact
of the adoption of FSP FAS No. 107-1 and APB No. 28-1.
























<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

2. Trading Advisor

   Demeter has retained WCM to make all trading decisions for
the Trading Company.

   Fees paid to WCM by the Trading Company consist of a
management fee and an incentive fee as follows:

Management Fee ? The Trading Company accrues and pays WCM a
monthly management fee based on a percentage of Members?
Capital as described in the advisory agreement among the
Trading Company, Demeter, and WCM.

Incentive Fee ? The Trading Company pays WCM a quarterly
incentive fee equal to 20% of the New Trading Profits earned by
each Member.  Such fee is accrued on a monthly basis, but is
not payable until the end of each calendar quarter.

   New Trading Profits represent the amount by which profits
from Futures Interests trading exceed losses after management
fees, brokerage fees and transaction costs, and administrative
fees are deducted. When WCM experiences losses with respect to
the Members? Capital as of the end of a calendar quarter, WCM
must recover such losses before it is eligible for an incentive
fee in the future. Losses are reduced for capital withdrawn
from the Trading Company.

3. Financial Instruments

   The Trading Company trades 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.

   The exchange-traded contracts are accounted for on a trade-
date basis and fair valued on a daily basis.  The off-exchange-
traded contracts are fair valued monthly.

<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

3. Financial Instruments (cont?d)
    The Trading Company accounts for its derivative investments
in accordance with the provisions of 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, swaps or
options contracts, and other financial instruments with similar
characteristics such as caps, floors, and collars.
    The net unrealized gains (losses) on open contracts,
reported as a component of ?Trading Equity? on the Statements
of Financial Condition, and their longest contract maturities
were as follows:
<table> <caption>
		                              Net Unrealized Gains/(Losses)
			                       on Open Contracts			           Longest Maturities
				                      Off-					                    Off-
	 	                   Exchange-	    Exchange-			   Exchange-	 Exchange-
        Date		        Traded	      Traded                   Total	   Traded	    Traded
         
			<c>		<c>		<c>		<c>		<c>
        March 31, 2009   	     $(152,900)                 -		  $  (152,900)	    Sep. 2010	         -
        December 31, 2008         $ 402,721                  -	  	  $   402,721	    Jun. 2010	         -
</table>
4. Fair Value Measurements

   Management has continued to evaluate the application of SFAS
No. 157, (?SFAS No. 157?), "Fair Value Measurements" to the
Trading Company, 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 ordinary market
will generally have a higher degree of market price
observability and a lesser degree of judgment used in measuring
fair value.
<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

4. Fair Value Measurements (cont?d)

   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
Trading Company?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 Trading Company?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.

    The following tables summarize the valuation of the Trading
Company?s investments by the above SFAS No. 157 fair value
hierarchy as of March 31, 2009 and December 31, 2008:
   <table> <caption>
  March 31, 2009




  Quoted Prices in
     Active Markets for
    Identical Assets
          (Level 1)

  Significant Other
   Observable
       Inputs
     (Level 2)

  Significant
   Unobservable
     Inputs
   (Level 3)




       Total
        Assets

						<c>		<c>		<c>		<c>
      Net unrealized loss on open contracts
   $              $(152,900)
   -
    n/a
                        $(152,900)


  December 31, 2008




  Quoted Prices in
     Active Markets for
    Identical Assets
          (Level 1)

  Significant Other
   Observable
       Inputs
     (Level 2)

  Significant
   Unobservable
     Inputs
   (Level 3)




       Total
        Assets
      Net unrealized gain on open contracts
   $              $402,721
   -
    n/a
                        $402,721

</table>








<page>  Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

5. Investment Risk

     The Members? investments in the Trading Company expose the
Members to various types of risks that are associated with
Futures Interests trading and markets in which the Trading
Company invests. The significant types of financial risks which
the Trading Company is exposed to are market risk, liquidity
risk, and counterparty risk.

     The rapid fluctuations in the market prices of Futures
Interests in which the Trading Company invests make the
Members? investments volatile. If WCM incorrectly predicts the
direction of prices in the Futures Interests in which it
invests, large losses may occur.

     Illiquidity in the markets in which the Trading Company
invests may cause less favorable trade prices.  Although WCM
will generally purchase and sell actively traded contracts
where last trade price information and quoted prices are
readily available, the prices at which a sale or purchase occur
may differ from the prices expected because there may be a
delay between receiving a quote and executing a trade,
particularly in circumstances where a market has limited
trading volume and prices are often quoted for relatively
limited quantities.


























<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

5. Investment Risk (cont?d)

     The credit risk on Futures Interests arises from the
potential inability of counterparties to perform under the
terms of the contracts.  The Trading Company has credit risk
because MS&Co., MSIP, and/or MSCG act as the commodity brokers
and/or the counterparties with respect to most of the Trading
Company?s assets.  The Trading Company?s exposure to credit
risk associated with counterparty nonperformance is typically
limited to the cash deposits with, or other form of collateral
held by, the counterparty.  The Trading Company?s assets
deposited with MS&Co. or its affiliates are segregated or
secured in accordance with the Commodity Exchange Act and the
regulations of the Commodity Futures Trading Commission (the
?CFTC?) and are expected to be largely held in non-interest
bearing bank accounts at a U.S. bank or banks, but may also be
invested in any other instruments approved by the CFTC for
investment of customer funds. Exchange-traded futures,
exchange-traded forward, and exchange-traded futures-styled
options contracts are marked to market on a daily basis, with
variations in value settled on a daily basis. With respect to
the Trading Company?s off-exchange-traded forward currency
contracts and forward currency options contracts, there are no
daily settlements of variation in value, nor is there any
requirement that an amount equal to the net unrealized gains
(losses) on such contracts be segregated.  However, the Trading
Company is required to meet margin requirements equal to the
net unrealized loss on open forward currency contracts in the
Trading Company accounts with the counterparty, which is
accomplished by daily maintenance of the cash balance in a
custody account held at MS&Co. The Trading Company had assets
on deposit with MS&Co. and MSIP, each acting as a commodity
broker for the Trading Company?s trading of Futures Interests,
totaling $32,074,297 and $30,680,225 at March 31, 2009 and
December 31, 2008, respectively. With respect to those off-
exchange-traded forward currency contracts, the Trading Company
is at risk to the ability of MS&Co., the sole counterparty on
all such contracts, to perform. With respect to those off-
exchange-traded forward currency options contracts, the Trading
Company is at risk to the ability of MSCG, the sole
counterparty on all such contracts, to perform. The Trading
Company has a netting agreement with each counterparty. These
agreements, which seek to reduce both the Trading Company?s and
the counterparties? exposure on off-exchange-traded forward
currency contracts, including options on such contracts, should
materially decrease the Trading Company?s credit risk in the
event of MS&Co.?s or MSCG?s bankruptcy or insolvency.




<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

5. Investment Risk (cont?d)

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 No. 161"). SFAS No. 161 is intended
to improve financial reporting about derivative instruments and
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 a Trading Company?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 Trading Company?s objective is to profit from
speculative trading in Futures Interests.  Therefore, the
Trading Advisor for the Trading Company will take speculative
positions in Futures Interests where they feel the best profit
opportunities exist for their trading strategy. As such, the
absolute quantity (the total of the open long and open short
positions) which has been presented, as position direction is
not an indicative factor in such volume disclosures. In regards
to foreign currency forward trades, each notional quantity
amount has been converted to an equivalent contract based upon
an industry convention.

   The following table summarizes the valuation of the Trading
Company?s investments by the above SFAS No. 161 disclosure as
of March 31, 2009 and reflects the information outstanding at
such time.
<table> <caption>

       The Effect of Trading Activities on the Statements of Financial Condition for the Three Months Ended March 31, 2009:




 Futures and Forward Contracts


             Long
        Unrealized
         Gain


L           Long
         Unrealized
       Loss


            Short
        Unrealized
          Gain


Short
Unrealized
Loss


         Net
     Unrealized
    Gain/(Loss)


Total Number
of Outstanding
Contracts

  $
  $
      $
     $
    $



          <c>
   <c>
 <c>
 <c>
<c>
<c>
Tr  Commodity
              11,948
       (10,798)
       30,471
       (89,907)
              (58,286)
                  102
K   Equity
                  ?
              ?
         3,613
       (18,956)
              (15,343)
                    27
K   Foreign currency
                  ?
       (11,142)
              ?
     (221,215)
            (232,357)
                    98
K   Interest rate
            272,353
            (44,900)
                  756
                 (959)
             227,250
                  525
K        Total
     284,301
     (66,840)
        34,840
         (331,037)
              (78,736)

K        Unrealized currency loss




              (74,164)

K        Total net unrealized loss on
     open contracts



       (152,900)

   </table>




<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

5. Investment Risk (cont?d)

Derivative Instruments and Hedging Activities (cont?d) ?

   Based upon the Trading Advisor?s historical trading, it can
generally be expected that the Trading Company will trade
approximately 2,000 round turn contracts per million under
management over the course of a year or approximately 500
contracts in a quarter.  Such quarterly amount is based upon
such contracts being evenly traded throughout the year, but may
be higher or lower for any individual quarter. The Trading
Advisor?s volume will vary over time based upon a multitude of
factors, including but not limited to, individual market price
movement, individual market volatility and individual market
liquidity.

   The following table summarizes the net trading results of
the Trading Company during the quarter as required by SFAS No.
161.
<table> <caption>


The Effect of Trading Activities on the Statements of Operations for the Three Months Ended March 31, 2009
included in Total Trading Results:

Type of Instrument
$


      <c>
Tr  Commodity
           99,944
K   Equity
          120,166
K   Foreign currency
        (403,104)
K   Interest rate
        (141,380)
K   Unrealized currency loss
          (15,091)
K        Total
  (339,465)


        Line Item on the Statements of Operations for the Three Months Ended March 31, 2009:

Trading Results:
$


Tr  Realized
         216,156
K   Net change in unrealized
        (555,621)
K        Total
  (339,465)

</table>
   As discussed in Note 1, the Trading Company?s objective for
investing in these derivatives is for speculative trading.










<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (concluded)

6. Subsequent Events

     On January 13, 2009, Morgan Stanley and Citigroup announced
that they had agreed to combine the Global Wealth Management
Group of 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 a 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 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 trading manager of the
Trading Company 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 Trading
Company?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 Trading
Company?s Members.




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