Morgan Stanley Managed Futures
Altis 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 Altis I, LLC
Statements of Financial Condition (Unaudited)

<caption>
	  June 30,	        December 31,
                    2009      	         2008
	  $	        $

ASSETS

	<c>	<c>

Trading Equity:
    Unrestricted cash	20,877,287	 27,240,229
    Restricted cash	     1,417,866	            ?

         Total cash	   22,295,153	      27,240,229

   Net unrealized gain on open contracts (MS&Co.)	       1,297,822	     3,426,968
   Net unrealized gain (loss) on open contracts (MSIP)                    (118,888)	 	               719,446

        Total net unrealized gain on open contracts	        1,178,934		       4,146,414

  	   Total Trading Equity	23,474,087	31,386,643

Contributions receivable	5,745,901                            ?
Interest receivable (MS&Co.)	            2,085	              8,093

	   Total Assets	    29,222,073	       31,394,736

LIABILITIES AND MEMBERS? CAPITAL

LIABILITIES
Accrued management fees                  25,441	                            29,912
Accrued administrative fees 	        7,123                              8,375
Withdrawals payable                                                                                  ?      	 	   8,144,934
Accrued incentive fee	            ?    		           878,734

	   Total Liabilities	          32,564	         9,061,955

MEMBERS? CAPITAL
Non-Managing Members	    29,189,509	      22,332,781

       Total Members? Capital	    29,189,509	      22,332,781

       Total Liabilities and Members? Capital	       29,222,073	    31,394,736





<fn>




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

</table>
<page> <table> Morgan Stanley Managed Futures Altis 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.)	         7,002		         62,224		     22,447   	          109,732

EXPENSES
	Management fees	72,148	74,334	140,701 	 	119,949
	Administrative fees	        20,201	        14,867	 39,396	 	           23,990
	Brokerage, clearing and
       transaction fees	13,523	24,353	30,905		45,190
	Incentive fees	           ?      	                 968,728	           ?       		       1,153,309

		   Total Expenses 	      105,872	    1,082,282	                  211,002		      1,342,438

NET INVESTMENT LOSS 	       (98,870)	    (1,020,058)	   (188,555)		      (1,232,706)

TRADING RESULTS
Trading profit (loss):
	Realized	(1,147,993)	1,439,828	1,023,967	 	3,020,181
	Net change in unrealized	         615,817	    3,517,369	   (2,967,480)	           2,891,252

		  Total Trading Results	    (532,176)	     4,957,197	   (1,943,513)		      5,911,433

NET INCOME (LOSS) 	      (631,046)	   3,937,139	   (2,132,068)		      4,678,727


NET INCOME (LOSS) ALLOCATION
Managing Member            	                                          ?         	                 ?    	?		              (42,584)
Non-Managing Members	(631,046)	           3,937,139	                (2,132,068)          4,721,311







<fn>






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

</table>
<page> <table> Morgan Stanley Managed Futures Altis 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	             757,175	6,310,600	   7,067,775

Capital Contributions                                               ?    		10,194,444		  10,194,444

Net Income (Loss)	        (42,584)	     4,721,311	    4,678,727

Capital Withdrawals                                 	            (714,591)     	               (119,066)  	             (833,657)

Members? Capital,
   June 30, 2008                 ?                       21,107,289  	          21,107,289




Members? Capital,
	December 31, 2008                                               ?	                         22,332,781            22,332,781

Capital Contributions                                                ?    		9,080,697	           9,080,697

Net Loss	                                                             ?	(2,132,068)	  (2,132,068)

Capital Withdrawals                                 	               ?  	    	              (91,901)	                (91,901)

Members? Capital,
   June 30, 2009                  ?	                 29,189,509 	          29,189,509





<fn>







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

</table>


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

	         For the Six Months Ended June 30,

	        2009     	        2008
	  $	  $


CASH FLOWS FROM OPERATING ACTIVITIES

			<c>		<c>
Net income (loss)                                                                             (2,132,068)	 	   4,678,727
Noncash item included in net income (loss):
	Net change in unrealized                                                              2,967,480                   (2,891,252)

(Increase) decrease in operating assets:
	Restricted cash	                                    (1,417,866)                      (614,164)
	Interest receivable (MS&Co.)	  6,008	  	   (10,608)

Increase (decrease) in operating liabilities:
	Accrued management fees	                                                               (4,471)	                 16,031
	Accrued administrative fees 	                                                             (1,252)	      	     3,207
	Accrued incentive fees 	                                                                  (878,734)	               874,220

Net cash provided by (used for) operating activities	                       (1,460,903)	            2,056,161


CASH FLOWS FROM FINANCING ACTIVITIES

Capital contributions 	                                                                    3,334,796                   	10,194,444
Capital withdrawals	                                                                          (8,236,835)	    (1,733,657)

Net cash provided by (used for) financing activities	                    (4,902,039)	                8,460,787

Net increase (decrease) in unrestricted cash	                             (6,362,942)	              10,516,948

Unrestricted cash at beginning of period	                                        27,240,229	      6,297,535

Unrestricted cash at end of period   	                                               20,877,287	                   16,814,483



<fn>









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

</table>

<page> <table> Morgan Stanley Managed Futures Altis I, LLC
Condensed Schedules of Investments
June 30, 2009 and December 31, 2008 (Unaudited)
<caption>







Futures and Forward Contracts
       Long
  Unrealized
       Gain

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: $29,189,509



Commodity
      275,939
        0.95
    261,034
        0.90
  536,973
Equity
      31,418
        0.11
      12,656
        0.04
  44,074
Foreign currency
      107,967
        0.37
      (2,330)
       (0.01)
   105,637
Interest rate
      590,738
        2.02
     (78,881)
       (0.27)
   511,857






     Grand Total:
   1,006,062
        3.45
   192,479
       0.66
 1,198,541

     Unrealized Currency Loss




      (0.07)

    (19,607)

     Total Net Unrealized Gain



 1,178,934





December 31, 2008, Members? Capital: $22,332,781



Commodity
     274,228
        1.23
  1,640,926
        7.35*
1,915,154
Equity
     57,138
        0.26
        (6,105)
       (0.03)
  51,033
Foreign currency
     137,084
        0.61
     205,020
        0.92
   342,104
Interest rate
  2,035,233
        9.11*
       ?
         ?
 2,035,233






     Grand Total:
 2,503,683
      11.21
  1,839,841
        8.24
4,343,524

     Unrealized Currency Loss




      (0.88)

   (197,110)

     Total Net Unrealized Gain





 4,146,414


<fn>

* No single contract?s value exceeds 5% of the Members? Capital.







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

</table>


<page> Morgan Stanley Managed Futures Altis 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 Altis I, LLC
(?Altis 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 ? Altis 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 Altis Partners (Jersey) Limited (?Altis?
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 Altis, 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) was the sole Member 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 Member. 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 Altis 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 a net unrealized gain
or loss 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.






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

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

Revenue Recognition (cont?d) ? Monthly, MS&Co. credits the
Trading Company with interest income on 100% of its average
daily funds held at MS&Co. Assets deposited with MS&Co. as
margin will be credited with interest income at a rate
approximately equivalent to what MS&Co. pays or charges other
customers on such assets deposited as margin. Assets not
deposited as margin with MS&Co. will be credited with interest
income at the rate equal to the monthly average of the 4-week
U.S. Treasury bill discount rate less 0.15% during such month
but in no event less than zero. For purposes of such interest
payments, Net Assets do not include monies owed to the Trading
Company on Futures Interest.

   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 Statements 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?.








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

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

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

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

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.








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

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

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 January 31, 2008, Demeter has redeemed all seed
capital investments in the Trading Company. All seed capital
investments by Demeter in the Trading Company participated on
the same terms as the investments made by the Member in the
Trading Company.

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

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.




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

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


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.


2. Trading Advisor

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

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

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

Incentive Fee ? The Trading Company pays Altis 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 the 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 Altis experiences losses with respect
to the Members? Capital as of the end of a calendar quarter,
Altis 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.











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


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.

   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.





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


3. Financial Instruments (cont?d)
   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   	     $1,178,934	            - 		    $1,178,934	    Jun. 2011	         -
       December 31, 2008         $4,146,414                  -		    $4,146,414	    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.

   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.






<page> Morgan Stanley Managed Futures Altis 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 Financial Condition for the Six Months Ended June 30, 2009:



   Futures and Forward Contracts

             Long
        Unrealized
        Gain

L          Long
        Unrealized
     Loss

            Short
        Unrealized
          Gain

Short
Unrealized
  Loss

       Net
  Unrealized
  Gain/(Loss)

Total Number
of Outstanding
Contracts

  $
  $
         $
      $
    $



<c>
<c>
 <c>
 <c>
<c>
<c>
Tr  Commodity
             661,208
      (385,269)
      327,021
         (65,987)
              536,973
                  502
K   Equity
               32,906
          (1,488)
       15,087
           (2,431)
                44,074
                    46
Foreign currency
             139,240
        (31,273)
         18,295
         (20,625)
              105,637
                  125
K   Interest rate
             602,230
      (11,492)
                5,837
       (84,718)
              511,857
                  484
K        Total
   1,435,584
    (429,522)
       366,240
     (173,761)
           1,198,541

K        Unrealized currency loss




              (19,607)








       Total net unrealized gain on open contracts                                1,178,934

</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.
<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
           (220,952)
           (615,263)
K   Equity
             (82,375)
           (424,995)
K   Foreign currency
             (36,870)
           (721,535)
K   Interest rate
                (423,007)
                (359,223)
K   Unrealized currency gain
                 231,028
                 177,503
K        Total
         (532,176)
       (1,943,513)


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
             (1,147,993)
              1,023,967
K   Net change in unrealized
                 615,817
            (2,967,480)
K      Total Trading Results
         (532,176)
      (1,943,513)

</table>






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


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.

   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
                        $1,178,934
?
    n/a

                    $1,178,934

</table>


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

5.  Fair Value Measurements (cont?d)

<table> <caption>
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

						<c>		<c>		<c>		<c>
Net unrealized gain on open contracts
                       $4,146,414
?
    n/a

                      $4,146,414
</table>

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 Altis 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 Altis
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 Altis 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 $23,474,087 and
$31,386,643 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 Altis 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 Altis 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.

























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