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 000-53115

	MORGAN STANLEY MANAGED FUTURES HV, L.P.

	(Exact name of registrant as specified in its charter)

		Delaware						      20-8528957
(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 HV, 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 (Unuadited)	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	28-44

Item 4T.	Controls and Procedures	44-45


PART II. OTHER INFORMATION

Item 1A.	Risk Factors	46

Item 2.	Unregistered Sales of Securities and
        	Use of Proceeds	46

Item 6.	Exhibits	46-47

</table>


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

MORGAN STANLEY MANAGED FUTURES HV, L.P.
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)

<caption>

	March 31,	      December 31,
                   	      2009   	         2008
	 $ 	      $

ASSETS


	<c>	<c>
Investments in Affiliated Trading Companies:
	Investment in BHM I, LLC	27,446,581	20,936,983
	Investment in WCM I, LLC	25,716,082	24,453,928
	Investment in Aspect I, LLC	25,550,034	      25,124,380
	Investment in Altis I, LLC	   21,737,776	22,332,782
	Investment in GMF I, LLC	     13,631,812	    10,561,102

	     Total Investments in Affiliated Trading Companies
            (cost $103,432,933 and $90,549,578, respectively)	   114,082,285	   103,409,175
        Receivable for securities sold	             ?          	     13,558,064

	Total Assets	   114,082,285	   116,967,239

LIABILITIES

Redemptions payable	      3,582,665	           7,241,922

	Total Liabilities	                    3,582,665                         7,241,922

PARTNERS? CAPITAL

	Class A (46,808.897 and 46,349.723 Units, respectively)	58,672,992 	59,691,122
	Class B (12,966,113 and 12,869.463  Units, respectively)	16,387,056	16,690,009
	Class C (23,189.538 and 24,072.194 Units, respectively)	29,550,457	31,437,299
	Class D (3,072.942 Units)	3,931,700	                               ?
	Class Z (1,510.969 and 1,439.906 Units, respectively)	       1,957,415	       1,906,887

        Total Partners? Capital	   110,499,620 	    109,725,317

        Total Liabilities and Partners? Capital	   114,082,285	    116,967,239

NET ASSET VALUE PER UNIT

	Class A	1,253.46	1,287.84
	Class B	1,263.84	1,296.87
	Class C	1,274.30	1,305.96
	Class D	1,279.46	         n/a
	Class Z	1,295.47	1,324.31

<fn>



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


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

                                                                         		        2009    	       2008
                                                                               	                      $		     $

		<c>		<c>
EXPENSES
	Placement agent fees		        453,370			     167,190
	General partner fees		        283,152			     102,135
	Administrative fees	                                                                  113,261			       40,854

		Total Expenses	                                                               849,783			       310,179

NET INVESTMENT LOSS	                                                         (849,783)	     (310,179)

UNREALIZED APPRECIATION
 ON INVESTMENTS
	Trading profit (loss):
	    Realized		98,542	?
	    Net change in unrealized appreciation
  		on investments	      	    (2,210,245)	     3,420,800

   	       Total Trading Results		    (2,111,703)	   3,420,800

NET INCOME (LOSS) 	                         (2,961,486)	     3,110,621

NET INCOME (LOSS) ALLOCATION:

	Class A                                      		(1,659,500)	    1,848,802
	Class B                                      		(446,373)	       498,173
	Class C                                      		(748,982)	       736,094
	Class D		(63,125)		?
	Class Z                                      		(43,506)	         27,552

NET INCOME (LOSS) PER UNIT:

	Class A                                      	                                                (34.54)	         108.54
	Class B                                      	                                                (33.09)	         110.19
	Class C                                      	                                                (31.45)		         111.86
	Class D	                                                                                      (20.54)	             ?
	Class Z                                                                                      (29.98)		         115.20

			                                                                                       Units     	                      Units
WEIGHTED AVERAGE NUMBER
	OF UNITS OUTSTANDING
	Class A                                      	                                         48,049.897	  20,320.969
	Class B                                      	                13,490.348		    6,096.395
	Class C                                      		23,817.614	    8,584.378
	Class D		3,072.942		            n/a
	Class Z                                      		1,451.399	       610.164
<fn>
The accompanying notes are an integral part
of these financial statements. </table>

<page> <table> MORGAN STANLEY MANAGED FUTURES HV, 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 D             Class Z             Total
                                 $                   $	                     $	                     $                      $

             <c>                <c>                <c>                  <c>                <c>           <c>
Partners? Capital,
  December 31, 2007             15,455,619	3,446,431 	      5,639,752             ? 	   	383,883 	   24,925,685

Subscriptions                         12,452,581      	5,460,492	       6,906,286             ?		726,313 	   25,545,672

Net Income                              1,848,802	         498,173	          736,094              ?		27,552 	     3,110,621

Redemptions       (1,001,398)      (286,105)      (123,627)          ?     	           ?          	    (1,411,130)

Partners? Capital,
   March 31, 2008                  28,755,604	      9,118,991	      13,158,505	           ?    	 1,137,748 	    52,170,848


Partners? Capital,
   December 31, 2008           59,691,122	    16,690,009	       31,437,299             ?		1,906,887 	  109,725,317

Subscriptions                          6,777,492      	2,243,432	         6,935,833      3,994,825	 550,000 	    20,501,582

Net Loss                                (1,659,500)       (446,373)	         (748,982)        (63,125)	(43,506) 	    (2,961,486)

Redemptions                         (6,136,122)    (2,100,012)    (8,073,693)           ?      	    (455,966)   	  (16,765,793)

Partners? Capital,
   March 31, 2009                 58,672,992	     16,387,056	      29,550,457	      3,931,700   	 1,957,415 	  110,499,620

                  Class A         Class B        Class C       Class D             Class Z             Total
                   Units             Units               Units             Units                 Units	               Units
Beginning Units,
  December 31, 2007             14,456.976      3,217.119       5,253.689            ? 	             356.140 	   23,283.924

Subscriptions    10,787.876      4,743.383       5,947.361            ?              597.462 	   22,076.082

Redemptions     (826.331)       (242.160)      (100.000)          ?                 ?      (1,168.491)

Ending Units,
   March 31, 2008                  24,418.521       7,718.342    11,101.050	            ?              953.602 	   44,191.515

Beginning Units,
  December 31, 2008             46,349.723    12,869.463    24,072.194             ? 	           1,439.906 	   84,731.286

Subscriptions                           5,284.031      1,740.204      5,347.831       3,072.942        418.114 	   15,863.122

Redemptions                          (4,824.857)   (1,643.554)   (6,230.487)          ?             (347.051)     (13,045.949)

Ending Units,
   March 31, 2009                  46,808.897     12,966.113   23,189.538	       3,072.942      1,510.969 	    87,548.459
<fn>
The accompanying notes are an integral part
of these financial statements. </table>

<page> <table> MORGAN STANLEY MANAGED FUTURES HV, 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)  		(2,961,486) 		     3,110,621

Adjustments to reconcile net income (loss):
	Purchase of Investments in Affiliated Trading Companies          	(13,244,320)	      (24,120,478)
	Proceeds from sale of Investments in Affiliated
        Trading Companies     	                                                                   459,507	                       ?
	Realized	                                                                                              (98,542)		             ?
 	Net change in unrealized appreciation (depreciation)
         on Investments                                     2,210,245                 (3,420,800)

Decrease in operating assets:
	Receivable for securities sold	                                                       13,558,064	                   ?

Net cash used for operating activities	                                                     (76,532)              (24,430,657)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units                                                	20,501,582    	            25,545,672
Cash paid for redemptions of Units                                             	   (20,425,050)	              (1,115,015)

Net cash provided by financing activities	                                                76,532     	            24,430,657

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


SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Transfer of partners? capital from Class A into Class B	   $          365,011



<fn>






The accompanying notes are an integral part
of these financial statements. </table>
<page> MORGAN STANLEY MANAGED FUTURES HV, 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 HV, L.P. ("Profile HV" 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/A.

1.  Organization
Morgan Stanley Managed Futures HV, 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



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

Managed Futures Profile Series, comprised of the Partnership,
Morgan Stanley Managed Futures LV, L.P., and Morgan Stanley
Managed Futures MV, 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.").  Morgan Stanley & Co.
International plc ("MSIP") acts as each Trading Company?s
commodity broker to the extent it trades on the London Metal
Exchange (collectively, MS&Co. and MSIP, are referred to as the
"Commodity Brokers").  Each Trading Company?s over-the-counter
foreign exchange spot, options, and forward contract
counterparties is 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.



<page> MORGAN STANLEY MANAGED FUTURES HV, 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:

Trading Company						Trading Advisor
Morgan Stanley Managed Futures Altis I, LLC	Altis Partners (Jersey) Limited
Morgan Stanley Managed Futures Aspect I, LLC	Aspect Capital Limited
Morgan Stanley Managed Futures BHM I, LLC	Blenheim Capital Management, L.L.C.
Morgan Stanley Managed Futures GMF I, LLC 	Boronia Capital Pty. Ltd. (?Boronia?)
Morgan Stanley Managed Futures WCM I, LLC	Winton Capital Management Limited


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 HV, 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").
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 on 100% of its average daily funds held at MS&Co.


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

Assets deposited with MS&Co. as margin are 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. 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 an 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

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

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 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

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

fair value of off-exchange-traded contracts is based on the fair
value quoted by the counterparty.

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 HV, 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 No. 161").  SFAS No. 161 is
intended to improve financial reporting about derivative

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


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 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

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

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.

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 HV, 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 BHM I, LLC
        ?
27,446,581
       n/a

27,446,581
Investment in WCM I, LLC
         ?
25,716,082
       n/a

25,716,082
Investment in Aspect I, LLC
         ?
25,550,034
      n/a

25,550,034
Investment in Altis I, LLC
         ?
21,737,776
       n/a

21,737,776
Investment in GMF I, LLC
         ?
13,631,812
       n/a

13,631,812
</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 HV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The Partnership?s investment in the Trading Companies represents
approximately: BHM I, LLC 24.06%; WCM I, LLC 22.54%; Aspect I,
LLC 22.40%; Altis I, LLC 19.05%; and GMF I, LLC 11.95% of the
total investments of the Partnership, respectively.

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

 % of Profile
           HV?s Partners?
Capital

Fair Value

Total
Income/
(Loss)

Management
Fees

Incentive
Fees

  Administrative
Fees



$
$
    $
    $
$


<c>
<c>
<c>
 <c>
<c>
<c>
BHM I, LLC
24.8
  27,446,581
 1,302,933
      129,430
   ?
22,650
WCM I, LLC
23.3
  25,716,082
   (427,565)
        127,501
    (179)
22,313
Aspect I, LLC
23.1
  25,550,034
   (593,614)
        127,893
    (149)
22,381
Altis I, LLC
19.7
  21,737,776
(1,501,022)
          68,553
 ?
19,195
GMF I, LLC
12.3
 13,631,812
   (892,435)
          70,378
      (89)
12,316

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
categories of fair value instruments, as well as the inputs and

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

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
Morgan Stanley and the Smith Barney division of Citigroup Global

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

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
anticipated that on or about the time of the consummation of the

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

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 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.  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
that futures or options contract can neither be taken nor <page>
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
future will affect the amount of funds available for investments
<page> 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,
forward 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
activated 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.

The Partnership?s results of operations set forth in the
financial statements on pages 2 through 20 of this report are
<page> 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 market 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 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 based on 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 of $(2,111,703)
and expenses totaling $849,783, resulting in a net loss of
$2,961,486 for the quarter ended March 31, 2009.  The
Partnership?s net asset value per Unit by share Class is provided
in the table below.
<page>
Share Class			  NAV at 3/31/09
A						$1,253.46
B						$1,263.84
C						$1,274.30
D						$1,279.46
Z						$1,295.47


The most significant trading losses of approximately 1.2% were
recorded within the currency sector primarily during March from
short positions in the Swiss franc versus the U.S. dollar as the
value of the U.S. dollar decreased relative to most of its rivals
during March following the U.S. Federal Reserve?s surprise plans
to begin a more aggressive phase of quantitative easing and
economic stimulus spending. Meanwhile, additional losses were
recoded, primarily during 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 might intervene to weaken the
currency, as well as on news that Japan?s trade deficit
substantially increased.  Within the agricultural markets, losses
of approximately 0.5% were incurred primarily primarily during
March from short futures positions in the soybean complex as
prices rose on speculation that government bailouts might help
revive the world economy and boost demand for these commodities.
Elsewhere, long positions in cotton futures resulted in losses
during February as prices fell sharply on signs that the slumping
global economy might reduce demand.  A portion of the
Partnership?s losses for the quarter was offset by gains of
<page> approximately 0.1% achieved in the metals sector primarily
during March from long positions in zinc, copper, palladium, and
platinum futures as prices moved higher on speculation that
economic stimulus plans in the U.S. and China would help boost
demand for both base and precious metals. Within the energy
sector, gains of approximately 0.1% were experienced throughout
the quarter from short futures positions in natural gas as prices
moved lower amid speculation that the ongoing global economic
recession might continue to erode energy demand.

For the Quarter Ended March 31, 2008
The Partnership recorded total trading results of $3,420,800
and expenses totaling $310,179, resulting in a net income of
$3,110,621 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						$1,177.62
B						$1,181.47
C						$1,185.34
Z						$1,193.10



The most significant trading gains of approximately 7.3% were
experienced within the agricultural sector from long futures
positions in the soybean complex and corn as prices increased
during January and February following news that global production
may drop, while rising energy prices may boost demand for
alternative biofuels.  Elsewhere, gains were experienced from
<page> long positions in cocoa futures as prices moved higher
during January and February after shipments from the Ivory Coast,
the world?s largest producer, were delayed by a labor strike.
During February, long positions in cotton futures resulted in
gains as prices increased on speculation future production may
fall. Finally, long positions in sugar futures resulted in
further gains primarily during February as prices rose on
speculation that future demand may strengthen amid worries
regarding future supply.  Additional gains of approximately 3.3%
were achieved in the global interest rate sector, primarily
during January, from long positions in U.S. fixed-income futures
as prices moved higher amid a sharp decline in global equity
markets, concerns of a possible economic recession in the United
States and speculation that global interest rates will move
lower.  Within the metals sector, gains of approximately 1.2%
were recorded during January and February from long positions in
aluminum, copper, and lead futures as prices moved higher on
reports of falling inventories amid rising demand from China and
India. Elsewhere, long positions in gold futures resulted in
gains as prices moved higher during January and February amid
continued uncertainty in the direction of the U.S. dollar and
further "safe haven" buying because of weakness in global equity
markets. Further gains of approximately 1.2% were experienced in
the currency markets throughout the quarter from long positions
in the 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 economic data in the U.S. and fears of a possible
<page> U.S. recession, which fueled speculation of continued
interest rate cuts by the U.S. Federal Reserve.  Meanwhile, gains
were achieved from short positions in the South African rand
relative to the U.S. dollar as the value of the South African
rand moved lower against most of its major rivals during February
and March amid pessimism about the long-term status of the South
African economy.  A portion of the Partnership?s gains for the
quarter was offset by losses of approximately 0.8% incurred in
the energy sector primarily during February and March from short
futures positions in crude oil and its related products as prices
moved higher amid increasing global supply concerns and a
weakening U.S. dollar.  Smaller losses of approximately 0.1% were
recorded in the global equity index sector, primarily during
January, from long positions in European equity index futures as
prices moved lower on concerns that mounting losses linked to
U.S. sub-prime mortgage investments may continue to erode
corporate earnings and curb global economic growth for the
foreseeable future.


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 <page>
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
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
<page> 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
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.

<page>

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
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
<page> 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.

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
<page> 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
Altis I, LLC?s total capitalization prior to March 31, 2009 and
2008 redemptions was $21,737,776 and $13,124,891, respectively.
The Partnership owned 100% and 100%, respectively, of Morgan
Stanley Managed Futures Altis I, LLC.
<table> <caption>
Morgan Stanley Managed Futures Altis I, LLC
					      March 31, 2009     March 31, 2008
Primary Market Risk Category         VaR                VaR

							<c>				<c>
Currency						 (0.35)%			(0.52)%
Interest Rate					 (0.89)			(0.65)
Equity						 (0.13)			(0.32)
Commodity						 (0.69)			(1.04)
Aggregate Value at Risk			 (1.27)%			(1.48)%
</table>

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 $31,803,096 and $16,481,795.  The
Partnership owned 80% and 79%, 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>
<page> As of March 31, 2009 and 2008, Morgan Stanley Managed
Futures BHM I, LLC?s total capitalization prior to March 31, 2009
and 2008 redemptions was $132,766,453 and $125,526,917,
respectively.  The Partnership owned 21% and 10%, respectively,
of Morgan Stanley Managed Futures BHM I, LLC.


<table> <caption>

Morgan Stanley Managed Futures BHM I, LLC
					      March 31, 2009     March 31, 2008
Primary Market Risk Category         VaR                VaR

							<c>				<c>
Currency						 (0.06)%			(0.07)%
Interest Rate					 (0.47)			(0.44)
Commodity						 (2.87)			(1.70)
Aggregate Value at Risk			 (2.97)%			(1.71)%

</table>
As of March 31, 2009, Morgan Stanley Managed Futures GMF I, LLC?s
total capitalization prior to March 31, 2009 redemptions was
33,804,680.  The Partnership owned 40% of Morgan Stanley Managed
Futures GMF I, LLC.

<table> <caption>


Morgan Stanley Managed Futures GMF I, LLC
					         March 31, 2009
Primary Market Risk Category          VaR

								<c>
Currency						  (0.19)%
Interest Rate					  (1.01)
Equity						  (0.10)
Commodity						  (0.62)
Aggregate Value at Risk			  (1.31)%

</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 80% and 79%, 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 periods from April 1, 2008 through March 31, 2009.
<table> <caption> Morgan Stanley Managed Futures Altis I, LLC

							<c>		<c>		<c>
Primary Market Risk Category        High      Low      Average
Currency						(0.97)%	(0.33)%	(0.51)%
Interest Rate					(1.14)	(0.33)	(0.76)
Equity						(0.97)	(0.13)	(0.46)
Commodity						(3.37)	(0.69)	(1.81)
Aggregate Value at Risk			(3.50)%	(1.27)%	(2.20)%
</table>
<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 BHM I, LLC
Primary Market Risk Category        High      Low      Average

							<c>		<c>		<c>
Currency						(0.29)%	(0.06)%	(0.14)%
Interest Rate					(0.47)	(0.24)	(0.40)
Commodity						(2.87)	(1.44)	(2.00)
Aggregate Value at Risk			(2.97)%	(1.43)%	(2.00)%

</table>

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

							<c>		<c>		<c>
Currency						(0.65)%	(0.19)%	(0.35)%
Interest Rate					(1.20)	(0.14)	(0.69)
Equity						(0.66)	(0.10)	(0.37)
Commodity						(1.51)	(0.44)	(0.76)
Aggregate Value at Risk			(1.99)%	(0.77)%	(1.32)%
</table>

<page> <table>

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
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

<page>
*	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
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.

<page> 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 86% of Morgan Stanley Managed Futures Altis I,
LLC?s Net Assets.
*	approximately 96% of Morgan Stanley Managed Futures Aspect
I, LLC?s Net Assets.
*	approximately 60% of Morgan Stanley Managed Futures BHM I,
LLC?s Net Assets.
*	approximately 95% of Morgan Stanley Managed Futures GMF I,
LLC?s Net Assets.
*	approximately 96% of Morgan Stanley Managed Futures WCM I,
LLC?s Net Assets.

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.



<page>
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
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
<page> Companies.  It may be anticipated however, that these
market exposures will vary materially over time.

Interest Rate.  The third largest market exposure of the
Partnership at March 31, 2009, was to the global interest rate
sector.  This 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 smaller countries ? e.g., Australia.  Demeter anticipates
that the G-7 countries? and Australian interest rates will remain
the primary interest rate exposures 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.  At March 31, 2009, the Partnership had market exposure
to the currency sector.  The Partnership?s currency exposure is to
<page> exchange rate fluctuations, primarily fluctuations which
disrupt the historical pricing relationships between different
currencies and currency pairs.  Interest rate changes, as well as
political and general economic conditions influence these
fluctuations.  The Partnership trades a number of currencies
including cross-rate ? i.e., positions between two currencies
other than the U.S. dollar. At March 31, 2009, the Partnership?s
major exposures were to the British pound, Australian dollar,
Swiss franc, euro, Japanese yen, New Zealand dollar, Canadian
dollar, Swedish krona, and Norwegian krone currency crosses, as
well as to outright U.S. dollar positions. Outright positions
consist of the U.S. dollar vs. other currencies.  These other
currencies include major and minor currencies.  Demeter does not
anticipate that the risk associated with the Partnership?s
currency trades will change significantly in the future.

Equity.  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 exposures
were to the FTSE 100 (United Kingdom), Canadian S&P 60 (Canada),
S&P 500 (U.S.), HANG SENG (Hong Kong), Euro Stox 50 (Europe),
TOPIX (Japan), SPI 200 (Australia), NASDAQ 100 (U.S.), NIKKEI 225
(Japan), TAIWAN (Taiwan), DAX (Germany), AEX (The Netherlands),
ALL SHARE (South Africa), CAC 40 (France), S&P MIDCAP 400 (U.S.),
Dow Jones 30 (U.S.), S&P/MIB (Italy), and H-Shares (Hong Kong)
<page> stock indices.  The Partnership is primarily exposed to the
risk of adverse price trends or static markets in the North
American, 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 largest market
exposure of the Partnership at March 31, 2009, was to the
markets that comprise these sectors.  Most of the exposure
was to cocoa, sugar, coffee, wheat, cotton, corn, soybeans,
lean hogs, live cattle, soybean meal, soybean oil, lumber,
rapeseed, fluid milk, feeder cattle, orange juice, rubber,
and rough rice markets. Supply and demand inequalities,
severe weather disruptions, and market expectations affect
price movements in these markets.

	Metals.	 The second largest market exposure of the
Partnership at March 31, 2009, was to the metals sector.  The
Partnership?s metals exposure was to fluctuations in the
price of base metals, such as copper, zinc, nickel, aluminum,
tin, and lead. The Partnership also had exposure to precious
metals, such as gold, palladium, platinum, and silver.
Economic forces, supply and demand inequalities, geopolitical
factors and market expectations influence price movements in
these markets.  The Trading Advisors utilize trading
<page> system(s) 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 primary
energy exposure was to futures contracts in crude oil and its
related products, as well as natural gas.  Price movements in
these markets result from geopolitical developments,
particularly in the Middle East, as well as weather patterns,
and other economic fundamentals. Significant profits and
losses, which have been experienced in the past, are expected
to continue to be experienced in the future.  Natural gas has
exhibited volatility in price resulting from weather patterns
and supply and demand factors and will likely continue in
this choppy pattern.

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 euros, British
pounds, Japanese yen, Australian dollars, Hong Kong dollars,
Canadian dollars, Swiss francs, Czech koruny, South African
rands, Swedish kronor, New Zealand dollars, Hungarian forint,
Norwegian kroner, and Singapore dollars.  The Partnership
<page> 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
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 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 $133,157,088.
The Partnership received $932,000 in consideration from the sale
of Units to Demeter.

Item 6.  EXHIBITS
31.1	Certificate of Limited Partnership of Morgan Stanley
Managed Futures HV, 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 HV, 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.
99.1	March 31, 2009 Morgan Stanley Managed Futures Aspect I,
LLC Interim Financial Statements filed herewith.

99.2	March 31, 2009 Morgan Stanley Managed Futures BHM I, LLC
Interim Financial Statements filed herewith.


99.2	March 31, 2009 Morgan Stanley Managed Futures WCM I, LLC
Interim Financial Statements filed herewith.


































<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 HV, 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.




<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 HV, L.P.
                      (Registrant)

                      By:  Demeter Management LLC
                           (General Partner)

May 15, 2009          By:
                           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.












1815:

1817:
1818: