Morgan Stanley Managed Futures
WCM I, LLC

Interim Financial Statements
For the Six Months Ended
June 30, 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>

	 June 30,	        December 31,
                     2009      	         2008
	  $	        $

ASSETS

	<c>	<c>

Trading Equity:
    Unrestricted cash	32,728,716	 29,447,876
    Restricted cash	     1,823,245	           829,628

         Total cash	   34,551,961	     30,277,504

   Net unrealized gain on open contracts (MS&Co.)	         152,857	       305,480
   Net unrealized gain (loss) on open contracts (MSIP)	            (132,929)	                97,241

        Total net unrealized gain on open contracts	              19,928		          402,721

  	   Total Trading Equity	34,571,889	30,680,225

Contributions receivable	3,338,252	?
Interest receivable (MS&Co.)                                                                  ?        	              4,059

	   Total Assets	      37,910,141	      30,684,284

LIABILITIES AND MEMBERS? CAPITAL

LIABILITIES
Accrued management fees                          58,313	                            49,631
Accrued administrative fees 	          10,205                              8,686
Interest payable (MS&Co.)		568		      ?
Accrued incentive fee	           ?      		 267,476

	   Total Liabilities	           69,086	         325,793

MEMBERS? CAPITAL
Non-Managing Members	    37,841,055	    30,358,491

       Total Members? Capital	   37,841,055	     30,358,491

       Total Liabilities and Members? Capital	       37,910,141	   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 Three Months	                             For the Six Months
  	              Ended June 30,     	                          Ended June 30,

                                       2009   	        2008    	       2009   	    2008
                                                                                     $	               $		          $	 	 $

	<c>	<c>			<c>			<c>
INVESTMENT INCOME
	Interest income (MS&Co.)	              ?        		         73,703		         4,938     	          127,128

EXPENSES
	Management fees	169,849	101,448	328,847 	 	165,236
	Administrative fees	         29,723	         17,753	        57,548	 	          28,916
	Brokerage, clearing and transaction fees	         13,394	         10,109	22,268		               19,422
	Interest expense (MS&Co.)	         714	         ?     	714   	               ?
	Incentive fees	           ?      	      275,332	             579 		             526,892

		   Total Expenses 	       213,680	       404,642	    409,956		         740,466

NET INVESTMENT LOSS 	      (213,680)	      (330,939)	    (405,018)		        (613,338)

TRADING RESULTS
Trading profit (loss):
	Realized	(2,302,177)	506,596	(2,086,021)	 	2,109,515
	Net change in unrealized	          172,828	       996,401	    (382,793)              735,545

		  Total Trading Results	   (2,129,349)	     1,502,997	   (2,468,814)		      2,845,060

NET INCOME (LOSS) 	     (2,343,029)	   1,172,058	  (2,873,832)		      2,231,722


NET INCOME (LOSS) ALLOCATION
Non-Managing Members	                                     (2,343,029) 	            1,172,058	(2,873,832)		2,231,722




<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 Six Months Ended June 30, 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                                               ?     		12,295,251		  12,295,251

Net Income	                                                             ?                    	       2,231,722	    2,231,722

Capital Withdrawals                                               ?                    	        (282,485)	      (282,485)

Members? Capital,
   June 30, 2008                ?                           22,372,863  	           22,372,863




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

Capital Contributions                                                ?    		     10,691,391	         10,691,391

Net Loss	                                                             ?	(2,873,832)	   (2,873,832)

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

Members? Capital,
   June 30, 2009                  ?	  	                37,841,055 	           37,841,055







<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)


	        For the Six Months Ended June 30,

	        2009     	        2008
	  $	  $


	<c>	<c>
CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)                                                                             (2,873,832)		   2,231,722
Noncash item included in net income (loss):
	Net change in unrealized                                                                382,793                       (735,545)

(Increase) decrease in operating assets:
	Restricted cash	                                                                        (993,617)                       (33,211)
	Interest receivable (MS&Co.)	  4,059	  	     (9,862)

Increase (decrease) in operating liabilities:
	Accrued management fees	                                                               8,682	                 21,161
	Accrued administrative fees 	                                                              1,519	      	           3,704
	Interest payable (MS&Co.)	568			?
    	Accrued incentive fees 	                                                                (267,476)	               198,686

Net cash provided by (used for) operating activities	                        (3,737,304)	            1,676,655


CASH FLOWS FROM FINANCING ACTIVITIES

Capital contributions 	                                                                   7,353,139                   12,295,251
Capital withdrawals	                                                                             (334,995)	       (842,095)

Net cash provided by financing activities	                                         7,018,144	              11,453,156

Net increase in unrestricted cash	                                                 3,280,840	              13,129,811

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

Unrestricted cash at end of period   	                                               32,728,716	                  21,189,229




<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
June 30, 2009 and December 31, 2008 (Unaudited)
<caption>






Futures and Forward Contracts
       Long
  Unrealized
  Gain/(Loss)

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

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

$
%
   $
%
$


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

June 30, 2009, Members? Capital: $37,841,055



Commodity
     (182,392)
       (0.48)
     115,873
        0.30
   (66,519)
Equity
        2,901
        0.01
           (596)
         ?
   2,305
Foreign currency
      180,128
        0.48
            3,256
        0.01
 183,384
Interest rate
        33,069
        0.08
      (71,696)
      (0.19)
   (38,627)






     Grand Total:
        33,706
        0.09
       46,837
        0.12
   80,543

     Unrealized Currency Loss




       (0.16)

    (60,615)

     Total Net Unrealized Gain on Open Contracts



     19,928




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
June 30, 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. The Trading Company?s
trading manager is Demeter Management LLC (?Demeter?), a
wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings
LLC, which in turn is majority owned by Morgan Stanley and
minority owned by Citigroup Inc. (?Citigroup?). Demeter has
retained Winton Capital Management Limited (?WCM? or the
?Trading Advisor?) to engage in the speculative trading of
commodities, 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 3. Financial Instruments) 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 June 30,
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.

   On April 30, 2009, Demeter Management Corporation was
converted to a Delaware limited liability company and changed
its name to Demeter Management LLC.  Prior to June 1, 2009,
Demeter was wholly owned by Morgan Stanley.  Demeter does not
believe that the change in ownership of Demeter had a material
impact on the Trading Company?s Members. At all times Demeter
served as the trading manager of the Trading Company and it
continues to do so. The change in ownership occurred pursuant
to the transaction in which Morgan Stanley and Citigroup 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 closed on June 1,
2009.
<page> Morgan Stanley Managed Futures WCM I, LLC
Notes to Financial Statements (continued)

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

Organization (cont?d) ? 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. MS&Co.,
MSIP, and MSCG are wholly-owned subsidiaries of Morgan Stanley.

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



<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) ? 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.

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 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.



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

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

Trading Equity (cont?d) ? 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.

Restricted and Unrestricted Cash ? The cash held by the Trading
Company 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 Members in the
Trading Company.





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

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

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.

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 (?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. Generally, 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)

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 Advisor trades Futures Interests on behalf of the
Trading Company. 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 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; and
      (3)	Terms require or permit net settlement.

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

    The net unrealized gains on open contracts, reported as a
component of ?Trading Equity? on the Statements of Financial
Condition, and their longest contract maturities were as
follows:
<table><caption>

		                                     Net Unrealized Gains
			                         on Open Contracts			           Longest Maturities
				                      Off-					                    Off-
	 	                   Exchange-	    Exchange-			   Exchange-	 Exchange-
        Date		        Traded	      Traded                   Total	   Traded	    Traded
         
			<c>		<c>		<c>		<c>		<c>
        June 30, 2009   	     $    19,928                 -		  $     19,928	    Jun. 2011	         -
        December 31, 2008         $ 402,721                  -	  	  $   402,721	    Jun. 2010	         -
</table>
4.  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
was effective as of January 1, 2009, for the Trading Company.


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

4.  Derivative Instruments and Hedging Activities (cont?d)

   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) has been presented as a part of the volume
disclosure, 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 June 30, 2009 and reflects the contracts outstanding at such
time.
<table> <caption>

       The Effect of Trading Activities on the Statements of Financial Condition for the Six Months Ended June 30, 2009:




 Futures and Forward Contracts


              Long
          Unrealized
          Gain


            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
              26,288
      (208,680)
     154,022
       (38,149)
               (66,519)
              152
K   Equity
                2,901
              ?
       15,877
       (16,473)
                  2,305
               79
K   Foreign currency
    182,066
       (1,938)
      26,000
     (22,744)
              183,384
             213
K   Interest rate
              80,452
            (47,383)
               1,741
            (73,437)
              (38,627)
             573
K        Total
    291,707
   (258,001)
      197,640
         (150,803)
               80,543

K        Unrealized currency loss




              (60,615)

K        Total net unrealized gain on
     open contracts



          19,928

</table>

   The following tables summarize the net trading results of
the Trading Company during the three and six month periods as
required by SFAS No. 161.




















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

4.  Derivative Instruments and Hedging Activities (cont?d)

<table> <caption>
The Effect of Trading Activities on the Statements of Operations for the Three and Six Months Ended June 30,
2009 included in Total Trading Results:


For the Three Months
For the Six Months

Ended June 30, 2009
Ended June 30, 2009
Type of Instrument




<c>
<c>

$
$
Tr  Commodity
            (499,070)
            (399,126)
K   Equity
             (438,031)
             (317,865)
K   Foreign currency
             (389,815)
             (792,919)
K   Interest rate
             (815,982)
             (957,362)
K   Unrealized currency gain (loss)
          13,549
           (1,542)
K        Total
   (2,129,349)
   (2,468,814)


        Line Items on the Statements of Operations for the Three and Six Months Ended June 30, 2009:


For the Three Months
For the Six Months

Ended June 30, 2009
Ended June 30, 2009
Trading Results:



$
$
Tr  Realized
 (2,302,177)
(2,086,021)
K   Net change in unrealized
    172,828
   (382,793)
K        Total
 (2,129,349)
  (2,468,814)

       </table>

5. Fair Value Measurements

   As defined by SFAS No. 157, ?Fair Value Measurements?, 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)

5. 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 June 30, 2009 and December 31, 2008:
   <table> <caption>

  June 30, 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 gain on open contracts
   $                       $19,928
   -
    n/a
                        $19,928


  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)

6. 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)

6. 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 $34,571,889 and $30,680,225 at June 30, 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)

   7. Recent Accounting Pronouncements

(a) 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

   In April 2009, the FASB issued FASB Staff Position (?FSP?)
SFAS 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
SFAS No.157-4?). FSP SFAS 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 SFAS No. 157-4 is effective for the quarter ended June 30,
2009.  The adoption of FSP SFAS No. 157-4 did not have a material
impact on the Trading Company?s financial statements.

   (b) Interim Disclosures about Fair Value of Financial Instruments

   In April 2009, the FASB issued FSP SFAS No. 107-1 and
Accounting Principals Board (?APB?) No. 28-1, Interim Disclosures
About Fair Value of Financial Instruments (?FSP SFAS 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
SFAS No. 107-1 and APB No. 28-1 are effective for the quarter
ended June 30, 2009.  The adoption of FSP SFAS No. 107-1 and APB
No. 28-1 did not have a material impact on the Trading Company?s
financial statements.

  (c)  Subsequent Events

   In May 2009, the FASB issued SFAS No. 165, Subsequent Events
(?SFAS No. 165?).  SFAS No. 165 establishes general standards of
accounting for and disclosure of events that occur after the
balance sheet date but before financial statements are issued or
are available to be issued. It requires the disclosure of the
date through which an entity has evaluated subsequent events and
the basis for that date; that is, whether that date represents
the date the financial statements were issued or were available
to be issued. SFAS No. 165 is effective for the quarter ended
June 30, 2009.  Management has performed its evaluation of
subsequent events through August 13, 2009, the date these
financial statements were issued.




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

  7. Recent Accounting Pronouncements ? (cont?d)

(d)  Accounting Standards Codification

      On June 29, 2009, the FASB issued Statement No. 168, ?FASB
Accounting Standards Codification? and the Hierarchy of Generally
Accepted Accounting Principles ? a replacement of FASB Statement
No. 162.  The FASB has stated that the FASB Accounting Standards
Codification (?Codification?) will become the source of
authoritative U.S. GAAP recognized by the FASB to be applied by
nongovernmental entities. Once effective, the Codification?s
content will carry the same level of authority, effectively
superseding Statement No. 162. In other words, the GAAP hierarchy
will be modified to include only two levels of GAAP:
authoritative and nonauthoritative. Statement No. 168 is
effective for financial statements issued for interim and annual
periods ending after September 15, 2009.