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 June 30, 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 LLC
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

	June 30, 2009
<caption>

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

				<c>
		Statements of Financial Condition as of June 30, 2009
 		and December 31, 2008	2

		Statements of Operations for the Three and Six Months
		Ended June 30, 2009 and 2008	3

		Statements of Changes in Partners? Capital for the
Six Months Ended June 30, 2009 and 2008	4

		Statements of Cash Flows for the Six Months Ended
		June 30, 2009 and 2008	5

		Notes to Financial Statements	6-20

Item 2.	Management?s Discussion and Analysis of
			Financial Condition and Results of Operations	21-35

Item 3.	Quantitative and Qualitative Disclosures About
			Market Risk	35-51

Item 4T.	Controls and Procedures	51-52


PART II. OTHER INFORMATION

Item 1A.	Risk Factors	53

Item 2.	Unregistered Sales of Securities and
        	Use of Proceeds	53

Item 6.	Exhibits	53-54
</table>


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

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


	  June 30,	      December 31,
                                         	      2009   	         2008
	 $ 	      $

ASSETS

	<c>	<c>
Investments in Affiliated Trading Companies:
	Investment in BHM I, LLC	31,225,987	20,936,983
	Investment in Altis I, LLC	 29,189,509	22,332,782
	Investment in Aspect I, LLC	29,189,509	      25,124,380
	Investment in WCM I, LLC	29,189,509	24,453,928
	Investment in GMF I, LLC	    16,970,645	    10,561,102

	     Total Investments in Affiliated Trading Companies
            (cost $128,938,139 and $90,549,578, respectively)	    135,765,159   	   103,409,175
   Subscriptions receivable                                        15,628,846   	                      ?
	Receivable from Affiliated Trading Companies                 ?	          	       13,558,064

	Total Assets	    151,394,005	    116,967,239

LIABILITIES

Payable to Affiliated Trading Companies	13,600,497		?
Redemptions payable	       1,690,593	           7,241,922

	Total Liabilities	                       15,291,090                        7,241,922

PARTNERS? CAPITAL

	Class A (60,384.474 and 46,349.723 Units, respectively)	72,893,376 	59,691,122
	Class B (15,221.555 and 12,869.463 Units, respectively)	18,550,388	16,690,009
	Class C (31,131.754 and 24,072.194 Units, respectively)	38,302,593	31,437,299
	Class D (3,072.942 Units)	3,798,459	                               ?
	Class Z (2,040.043 and 1,439.906 Units, respectively)	      2,558,099	       1,906,887

        Total Partners? Capital	   136,102,915 	    109,725,317

        Total Liabilities and Partners? Capital	   151,394,005	    116,967,239

NET ASSET VALUE PER UNIT

	Class A	1,207.16	1,287.84
	Class B	1,218.69	1,296.87
	Class C	1,230.34	1,305.96
	Class D	1,236.10	         n/a
	Class Z	1,253.94	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 Three Months	                        For the Six Months
  	                                     Ended June 30,                               Ended June 30,

                                                     2009   	          2008   	        2009   	     2008
                                                             $	                 $	             $	     $

		<c>		<c>		<c>		<c>
EXPENSES
	Placement agent fees	481,207	287,435	934,577                454,625
	General partner fees	     302,249	        182,162	       585,401 		        284,297
	Administrative fees	    120,899	          72,865	       234,160		       113,719
	   Total Expenses 	                                                 904,355	        542,462 	             1,754,138		       852,641

NET INVESTMENT LOSS 	    (904,355)	       (542,462)	   (1,754,138)		      (852,641)

REALIZED/UNREALIZED CHANGE IN
 APPRECIATION (DEPRECIATION) ON
 INVESTMENTS
Trading profit (loss):
	Realized	220,316	69,220 	 318,858                 69, 220
	Net change in unrealized appreciation
	 (depreciation) on investments	    (3,822,332)	      7,286,491	   (6,032,577)		  10,707,291

		   Total Trading Results	    (3,602,016)	      7,355,711	   (5,713,719)		   10,776,511

NET INCOME (LOSS)                                          (4,506,371)	           6,813,249	   (7,467,857)		     9,923,870

NET INCOME (LOSS) ALLOCATION:

	Class A	(2,511,815)	3,626,227	(4,171,315)		5,475,029
    	Class B	(642,518)	1,034,215 	(1,088,891)		1,532,388
	Class C	(1,151,786)	2,025,183	(1,900,768)		2,761,277
	Class D	(133,241)	?     	(196,366)		?
    	Class Z	(67,011)	127,624 	(110,517)		155,176
NET INCOME (LOSS) PER UNIT:

	Class A                         (45.81)            99.92	      (81.06)                208.46
    	Class B                     (45.23)                101.82                (78.62)                212.01
	Class C                   (43.40)                103.71                   (75.47)                215.57
	Class D                 (43.36)	?     	                  (63.90)		?
	Class Z                (36.55)                107.56  	                 (67.24)	  222.76
			                   Units                Units	Units	    	        Units
WEIGHTED AVERAGE NUMBER
	OF UNITS OUTSTANDING

	Class A                        54,835.428            32,225.283 	   51,461.407          26,312.501
    	Class B                     14,204.432              9,344.746           13,849.363	            7,720.570
	Class C                     26,538.253            18,915.935           25,185.449	          13,750.156
	Class D                   3,072.942                    ? 		             3,072.942		?
	Class Z                    1,833.582	             1,135.515             1,643.546               872.839
<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 Six Months Ended June 30, 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                         26,019,747      	8,330,086	     17,248,200              ?		1,006,313 	   52,604,346

Net Income                              5,475,029	       1,532,388       2,761,277             ?		155,176 	     9,923,870

Redemptions                          (1,249,532)      (450,656)    (1,038,610)          ?     	           ?        	    (2,738,798)

Partners? Capital,
   June 30, 2008                     45,700,863     12,858,249     24,610,619	           ?    	 1,545,372 	    84,715,103


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

Subscriptions                         27,220,039      6,865,931      20,976,536     3,994,825	1,436,397	   60,493,728

Net Loss                                 (4,171,315)    (1,088,891)	     (1,900,768)	     (196,366)	(110,517) 	    (7,467,857)

Redemptions                          (9,846,470)    (3,916,661)  (12,210,474)          ?     	     (674,668) 	   (26,648,273)

Partners? Capital,
   June 30, 2009                     72,893,376     18,550,388    38,302,593	      3,798,459    	 2,558,099 	  136,102,915


                 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                         22,338.005      7,173.065     14,648.123            ?              832.007 	   44,991.200

Redemptions                          (1,022.473)      (370.386)      (809.812)          ?                 ?         	    (2,202.671)

Ending Units,
   June 30, 2008                    35,772.508     10,019.798     19,092.000            ?          1,188.147 	   66,072.453

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

Subscriptions                         21,871.591      5,456.653     16,554.977      3,072.942       1,115.188 	   48,071.351

Redemptions                          (7,836.840)   (3,104.561)    (9,495.417)          ?             (515.051)     (20,951.869)

Ending Units,
   June 30, 2009                    60,384.474     15,221.555     31,131.754     3,072.942       2,040.043 	  111,850.768
<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 Six Months Ended June 30,

                               2009                           2008
	          $	           $

CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
Net income (loss)  	 	 (7,467,857)	         9,923,870

Adjustments to reconcile net income (loss):
	Purchases of Investments in Affiliated Trading Companies	         (39,483,281)		  (50,710,032)
	Proceeds from sale of Investments in Affiliated Trading
       Companies         	                                                                            1,413,578	      401,551
	Realized	                                                                                             (318,858)	(69,220)
	Net change in unrealized (appreciation) depreciation on
         investments                                                                          6,032,577             (10,707,291)

Decrease in operating assets:
	Receivable from Affiliated Trading Companies                             13,558,064   		               ?

Increase in operating liabilities:
	Payable to Affiliated Trading Companies                                      13,600,497	 	                  ?

Net cash used for operating activities	                                              (12,665,280)             (51,161,122)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units                                    44,864,882   	            52,604,346
Cash paid for redemptions of Units                                    (32,199,602)	              (1,443,224)
Net cash provided by financing activities	                     12,665,280  	            51,161,122

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


<fn>







The accompanying notes are an integral part
of these financial statements. </table>
<page> MORGAN STANLEY MANAGED FUTURES HV, L.P.
NOTES TO FINANCIAL STATEMENTS

June 30, 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?).
Profile HV 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 Profile HV,
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 June 30, 2009, are as
follows:

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


The general partner of the Partnership and the trading manager of
each Trading Company is Demeter Management LLC ("Demeter").  On
April 30, 2009, Demeter Management Corporation was converted from
a Delaware corporation to a Delaware limited liability company and
changed its name to Demeter Management LLC.  Demeter may
reallocate the Partnership?s assets to the different Trading
Companies at its sole discretion.

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

Demeter is a wholly-owned subsidiary of Morgan Stanley Smith
Barney Holdings LLC (?MSSB?), which in turn is majority owned by
Morgan Stanley and minority owed by Citigroup Inc. (?Citigroup?).
MS&Co., MSIP, and MSCG are wholly-owned subsidiaries of Morgan
Stanley.  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 Partnership?s limited partners.  At
all times Demeter served as the general partner of the Partnership
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.

Units of limited partnership interest ("Units") of the Partnership
are being offered in four share classes in a private placement
pursuant to Regulation D under the Securities Act of 1933, as
amended.  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

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

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
The cash held by each Trading Company 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. 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

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

interest payments, Net Assets do not include monies owed to the
Trading Company on Futures Interests.

The Partnership pays monthly administrative fees and general
partner fees to Demeter.  The Partnership pays placement agent
fees to MSSB equal to a percentage of beginning net assets
adjusted for additional subscriptions and redemptions.

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 ("FASB") Interpretation No.
48 "Accounting for Uncertainty in Income Taxes, an interpretation
of FASB Statement No. 109" ("FIN 48"), clarifies
the accounting for uncertainty in income taxes recognized in a
Partnership's financial statements, and prescribes a recognition
threshold and measurement attribute for financial statement
recognition and measurement of a tax position taken or expected
to be taken.  Generally the 2007 through 2008 tax years remain

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

subject to examination by U.S. federal and most state tax
authorities.

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

The fair value of exchange-traded contracts is based on the
settlement price quoted by the exchange on the day with respect
to which fair value is being determined.  If an exchange-traded
contract could not have been liquidated on such day due to the
operation of daily limits or other rules of the exchange, the
settlement price shall be the settlement price on the first
subsequent day on which the contract could be liquidated.  The
fair value of off-exchange-traded contracts is based on the fair
value quoted by the counterparty.




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

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


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

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



The futures, forwards and options traded by the Trading Advisors
on behalf of 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

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


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.

5.  Fair Value Measurements
As defined by SFAS No. 157 ("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

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

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 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


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

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 Partnership?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



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
        ?
 31,225,987
       n/a

 31,225,987
Investment in Altis I, LLC
         ?
 29,189,509
       n/a

 29,189,509
Investment in Aspect I, LLC
         ?
 29,189,509
      n/a

 29,189,509
Investment in WCM I, LLC
         ?
 29,189,509
       n/a

 29,189,509
Investment in GMF I, LLC
         ?
 16,970,645
       n/a

 16,970,645

December 31, 2008



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




        Total

$
   $
   $

 $
Investment in Aspect I, LLC
    ?
 25,124,380
   n/a

 25,124,380
Investment in WCM I, LLC
    ?
 24,453,928
   n/a

 24,453,928
Investment in Altis I, LLC
    ?
 22,332,782
          n/a

 22,332,782
Investment in BHM I, LLC
    ?
 20,936,983
   n/a

 20,936,983
Investment in GMF I LLC
    ?
 10,561,102
   n/a

 10,561,102
</table>
The Partnership?s assets identified as "Investments in Affiliated
Trading Companies" reflected on the Statements of Financial

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

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").

The Partnership?s investment in the Trading Companies represents
approximately: BHM I, LLC 23.00%; Altis I, LLC 21.50%; Aspect I,
LLC 21.50%; WCM I, LLC 21.50%; and GMF I, LLC 12.50% of the total
investments of the Partnership, respectively.

Summarized information for the Partnership?s investment in the
Trading Companies for the six months ended June 30, 2009 is as
follows:



<page> <table> MORGAN STANLEY MANAGED FUTURES HV, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
<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
22.9
31,225,987
3,407,422
 280,090
 159,018
49,016
Altis I, LLC
21.4
29,189,509
(2,132,068)
 140,701
      ?
39,396
Aspect I, LLC
21.4
29,189,509
(4,066,793)
 259,776
       149
45,461
WCM I, LLC
21.4
29,189,509
(2,261,397)
 259,842
       179
45,472
GMF I, LLC
12.5
16,970,645
  (660,883)
 143,049
         89
25,034
<fn>
Total Income/(Loss) reflects the Net Realized and Net change in unrealized appreciation/(depreciation) on investments in
each Trading Company and interest income net of all fees.

For all Trading Companies, Contributions and Withdrawals are permitted on a monthly basis.
</table>
6.  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 Partnership?s financial statements.

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

(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 Partnership?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

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

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.

(d)  Accounting Standards Codification

On June 29, 2009, the FASB issued Statement No. 168, ?FASB
Accounting Standards Codification? and the Hierarchy of GAAP ? 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.







<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 in the future will affect the amount of funds
available for investments in Futures Interests in subsequent
<page> 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 and six month periods
ended June 30, 2009 and 2008, and a general discussion of its
trading activities during each period.  It is important to note,
however, that the Trading Advisors trade in various markets at
different times and that prior activity in a particular market
does not mean that such market will be actively traded by the
Trading Advisors or will be profitable in the future.
Consequently, the results of operations of the Partnership are
difficult to discuss other than in the context of the Trading
Advisors? trading activities on behalf of the Partnership during
the period in question.  Past performance is no guarantee of
future results.

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 marked to market on a daily basis.  The
difference between their original contract value and fair value
is recorded on the Statements of Operations as ?Net change in
unrealized gain (loss)? for open 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 Three and Six Months Ended June 30, 2009
The Partnership recorded total trading results of $(3,602,016)
and expenses totaling $904,355, resulting in a net loss of
$4,506,371 for the three months ended June 30, 2009.  The
Partnership?s net asset value per Unit by share Class is provided
in the table below.
<page>
Share Class			  NAV at 6/30/09		NAV at 3/31/09
A						$1,207.16			   $1,253.46
B						$1,218.69			   $1,263.84
C						$1,230.34			   $1,274.30
D						$1,236.10			   $1,279.46
Z						$1,253.94			   $1,295.47

The most significant trading losses of approximately 1.0% were
recorded within the currency sector primarily during April from
short positions in the British pound, euro, Canadian dollar, and
Japanese yen versus the U.S. dollar as the value of the U.S.
dollar moved lower against these currencies after a government
report showed U.S. employers cut fewer jobs than forecast, which
reduced demand for the U.S. dollar as a ?safe haven? currency.
Additional losses were recorded during June from long positions
in the British pound, euro, Canadian dollar, and Japanese yen
versus the U.S. dollar as the value of the U.S. dollar reversed
higher against these currencies amid speculation that the U.S.
Federal Reserve might raise interest rates.  Losses of
approximately 0.8% were incurred within the energy sector
primarily during May from short futures positions in crude oil
and its related products as prices reversed higher on optimism
that a possible rebound in global economic growth might boost
energy demand.  Within the global interest rate sector, losses of
approximately 0.8% were experienced primarily during June from
long positions in short-term European and U.S. interest rate
futures earlier in the month as prices declined amid rising
investor confidence. Short positions in Japanese fixed-income
<page> futures also resulted in losses as prices moved higher
after the Bank of Japan said they remain cautious about the
Japanese economy.  Further losses of approximately 0.4% were
recorded in the global stock index sector primarily during April
from short futures positions in U.S. and European equity index
futures as prices rose amid better-than-expected corporate
earnings reports and news that G-20 leaders pledged more than $1
trillion in emergency aid to cushion the global economy from
further financial turmoil.  Additional losses were recorded from
long positions in Pacific Rim equity index futures as prices
declined during June on speculation that the recent rally in
global equity markets may have outpaced the prospects for
corporate earnings growth.  Within the agricultural complex,
losses of approximately 0.1% were incurred, primarily during
April and June, from long positions in cocoa futures as prices
fell on concerns that demand might decline more than previously
expected.  Further losses were incurred during June from long
positions in corn futures as prices declined amid forecasts for
warm, wet weather in the U.S. Midwest, which boosted prospects
for crop development.  Smaller losses of approximately 0.1% were
experienced within the metals sector during June from short
futures positions in aluminum as prices moved higher on investor
optimism that the global recession may be easing.  Elsewhere in
the metals complex, long positions in gold and silver futures
resulted in losses as prices reversed lower in April and June due
to a sharp rise in the value of the U.S. dollar.
<page>

The Partnership recorded total trading results of $(5,713,719)
and expenses totaling $1,754,138, resulting in a net loss of
$7,467,857 for the six months ended June 30, 2009.  The
Partnership?s net asset value per Unit by share Class is provided
in the table below.


Share Class			  NAV at 6/30/09		NAV at 12/31/08
A						$1,207.16			   $1,287.84
B						$1,218.69	   		   $1,296.87
C						$1,230.34	   		   $1,305.96
D						$1,236.10				  n/a
Z						$1,253.94	   		   $1,324.31


The most significant trading losses of approximately 2.1% were
recorded in the currency sector, primarily during March and
April, from short positions in the British pound, Swiss franc,
euro, and Canadian dollar versus the U.S. dollar as the value of
the U.S. dollar decreased relative to most of its rivals
following the U.S. Federal Reserve?s surprise plans to begin a
more aggressive phase of quantitative easing and economic
stimulus spending. Meanwhile, additional losses were recorded,
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.
Further losses were recorded during June from long positions in
the British pound, euro, Canadian dollar, and Japanese yen versus
the U.S. dollar as the value of the U.S. dollar reversed higher
<page> against these currencies amid speculation that the U.S.
Federal Reserve might raise interest rates.  Within the global
interest rate sector, losses of approximately 0.8% were incurred
during February from short positions in U.S. fixed-income futures
as prices moved higher on speculation that the U.S. bank-rescue
plan may not be sufficient to restore confidence in the financial
system.  Additional losses were experienced during June from long
positions in European and U.S. fixed-income futures earlier in
the month as prices declined amid rising investor confidence.
Short positions in Japanese fixed-income futures also resulted in
further losses during June as prices moved higher after the Bank
of Japan said they remain cautious about the Japanese economy.
Losses of approximately 0.7% were incurred in the energy sector,
primarily during March and May, from short futures positions in
crude oil and its related products as prices reversed higher on
optimism that a possible rebound in global economic growth might
boost energy demand.  Within the agricultural complex, losses of
approximately 0.6% were experienced primarily during April and
June, from long positions in cocoa futures as prices fell on
concerns that demand might decline more than previously expected.
Further losses were incurred during June from long positions in
corn futures as prices declined amid forecasts for warm, wet
weather in the U.S. Midwest, which boosted prospects for crop
development.  During March, short futures positions in coffee
resulted in losses as prices rose on speculation that government
bailouts might help revive the world economy and boost demand for
the commodity.  During June, coffee futures prices fell amid
<page> expectations of higher global output due to favorable
weather conditions in the world?s major growing regions, thus
resulting in losses from long positions.  Smaller losses of
approximately 0.4% were recorded within the global stock index
sector, primarily during March and April, from short positions in
U.S., European, and Pacific Rim equity index futures as prices
rose amid better-than-expected corporate earnings reports and
news that G-20 leaders pledged more than $1 trillion in emergency
aid to cushion the global economy from further financial turmoil.
Additional losses were recorded from long positions in Pacific
Rim equity index futures as prices declined during June on
speculation that the recent rally in Pacific Rim equity markets
may have outpaced the prospects for corporate earnings growth.  A
portion of the Partnership?s losses for the first six months of
the year was offset by gains of approximately 0.1% achieved in
the metals complex, primarily during March, April, May, and June,
from long futures positions in copper and zinc as prices rose
amid speculation that economic stimulus plans in the U.S. and
China might help boost demand for base metals.  Elsewhere in the
metals complex, long positions in palladium and platinum futures
resulted in gains during March, April, and May as prices climbed
higher on speculation that the slumping U.S. dollar might spur
inflation, boosting the appeal of precious metals as a hedge.

For the Three and Six Months Ended June 30, 2008
The Partnership recorded total trading results of $7,355,711 and
expenses totaling $542,462, resulting in net income of $6,813,249
<page> for the three months ended June 30, 2008.  The
Partnership?s net asset value per Unit by share Class is provided
in the table below.


Share Class			NAV at 6/30/08		NAV at 3/31/08
A					   $1,277.54		   $1,177.62
B					   $1,283.29		   $1,181.47
C					   $1,289.05		   $1,185.34
Z					   $1,300.66		   $1,193.10


The most significant trading gains of approximately 7.1% were
experienced in the energy markets throughout the quarter from
long futures positions in crude oil and its related products as
prices moved sharply higher due to a drop in OPEC output, supply
threats in Nigeria and Iraq, growing Asian fuel consumption, and
an unexpected decline in domestic inventories.  Meanwhile, long
positions in natural gas futures resulted in gains as prices
increased throughout the quarter amid declining production in
Western Canada, falling U.S. inventories, and forecasts for an
active hurricane season in the Atlantic.  Furthermore, futures
prices of crude oil and its related products, as well as natural
gas, were pressured higher due to continued weakness in the value
of the U.S. dollar, which spurred demand for physical commodities
as an alternative investment.  Within the agricultural sector,
gains of approximately 4.1% were recorded, primarily during June,
from long futures positions in the soybean complex and corn as
prices increased due to supply concerns after severe floods in
the U.S. Midwest damaged crops.  Elsewhere, long positions in
cocoa futures resulted in gains as prices rose amid speculation
<page> that crops in the Ivory Coast, the world?s largest
producer, are developing more slowly than anticipated.
Additional gains of approximately 1.4% were experienced in the
global stock index sector, primarily during June, from short
positions in European and U.S. equity index futures as prices
moved sharply lower on concerns that surging commodity prices and
additional subprime related writedowns may erode corporate
earnings and continue to slow global economic growth.  In
addition, prices of European stock index futures were pressured
lower after government reports revealed an unexpected drop in
Germany?s consumer confidence and a continued housing slump in
the United Kingdom. Smaller gains of approximately 0.1% were
achieved in the metals sector, primarily during May, from short
positions in nickel and lead futures as prices fell sharply amid
rising inventories, signaling slower demand for base metals. A
portion of the Partnership?s gains for the quarter was offset by
losses of approximately 1.0% within the global interest rate
sector, primarily during April, from long positions in U.S. and
Japanese fixed-income futures as prices declined amid speculation
that the U.S. Federal Reserve and Bank of Japan may not reduce
borrowing costs as much as previously expected during 2008 due to
accelerating global inflation. Smaller losses of approximately
0.5% were recorded within the currency sector, primarily during
April, from long positions in the Swiss franc, Japanese yen, and
New Zealand dollar versus the U.S. dollar as the value of the
U.S. dollar moved higher against these currencies after the U.S.
Institute for Supply Management?s manufacturing index <page>
unexpectedly moved higher and a U.S. economic report showed
private sector jobs unexpectedly increased in March. Meanwhile,
short positions in the British pound versus the Japanese yen,
Swiss franc, U.S. dollar, and Australian dollar incurred losses
during April as the value of the British pound increased amid
speculation that the Bank of England may slow the pace of
interest rate cuts amid concerns of accelerating global
inflation.


The Partnership recorded total trading results of $10,776,511 and
expenses totaling $852,641, resulting in net income of $9,923,870
for the six months ended June 30, 2008.  The Partnership?s net
asset value per Unit by share Class is provided in the table
below.

Share Class			NAV at 6/30/08		NAV at 12/31/07
A					   $1,277.54		   $1,069.08
B					   $1,283.29		   $1,071.28
C					   $1,289.05		   $1,073.48
Z					   $1,300.66		   $1,077.90


The most significant trading gains of approximately 11.7% were
experienced within the agricultural markets throughout a majority
of the first half of the year from long futures positions in the
soybean complex and corn as prices increased following news that
global production may drop, rising energy prices may boost demand
for alternative biofuels, and severe floods in the U.S. Midwest
damaged crops.  Meanwhile, long futures positions in cocoa
resulted in gains as prices rose in June amid speculation that
<page> crops in the Ivory Coast, the world?s largest producer,
are developing more slowly than anticipated.  Elsewhere, gains
were experienced, primarily during January and February, from
long positions in wheat futures as prices increased due to
diminishing stockpiles and consistently rising global demand, as
well as from long positions in sugar futures as prices increased
amid speculation that future demand may strengthen. Additionally,
sugar futures prices moved higher during June on speculation that
record oil prices may spur demand for ethanol, resulting in
further gains from long positions. Within the energy markets,
gains of approximately 6.2% were recorded throughout a majority
of the first six months of the year, from long futures positions
in crude oil and its related products as prices moved
consistently higher due to speculation that OPEC may cut
production, ongoing geopolitical concerns in the Middle East,
growing Asian fuel consumption, and strong demand for physical
commodities as an inflation hedge.  Elsewhere, long positions in
natural gas futures also experienced gains during the first and
second quarters as prices rose in February and March on
expectations of a rise in demand due to colder weather in the
U.S. Northeast and news of a drop in U.S. inventories.  During
the second quarter, prices were pressured higher amid declining
production in Western Canada, a continued decline in U.S.
inventories, and forecasts for an active hurricane season in the
Atlantic.  In addition, futures prices of crude oil, its related
products, and natural gas increased due to persistent decline in
the value of the U.S. dollar.  Within the global interest rate
<page> sector, gains of approximately 2.3% were experienced
primarily during May and June from short positions in European
fixed-income futures as prices declined after government reports
revealed accelerating inflation in the Euro-Zone.  Within the
global stock index sector, gains of approximately 1.4% were
experienced primarily during February, March, and June, from
short positions in European, U.S., and Pacific Rim equity index
futures as prices decreased on concerns that a persistent U.S.
housing slump, mounting losses linked to U.S. subprime mortgage
investments, rising commodity prices, and a weakening job market
may restrain consumer spending, erode corporate earnings, and
curb global economic growth.  Additional gains of approximately
1.3% were recorded within the metals sector, primarily during
February, from long positions in lead and tin futures as prices
moved higher on reports of falling inventories amid rising demand
from China and India. During May, additional gains were
experienced from newly established short futures positions in
nickel and lead as prices fell sharply amid rising inventories,
signaling slower demand for base metals. Lastly, gains were
achieved, primarily during January, February, and June, from long
futures positions in platinum and gold as prices rose due to a
sharp drop in the value of the U.S. dollar. Smaller gains of
approximately 0.7% were experienced within the currency sector,
primarily during February, March, May, and June, from long
positions in the euro, Mexican peso, Swiss franc, and Czech
koruna as the value of the U.S. dollar moved lower against most
of its rivals amid the aforementioned weak economic data out of
<page> the U.S., which fueled persistent concerns of a possible
economic recession in the U.S. Elsewhere, long positions in the
Australian dollar versus the Canadian dollar achieved gains,
primarily during April and June, as the value of the Australian
dollar moved higher with rising commodity prices. Finally, long
positions in the Czech koruna versus the euro recorded gains,
primarily during January, February, and June, as the value of the
Czech koruna moved higher following reports of rising inflation,
which increased speculation the Czech National Bank may not cut
interest rates in the near term.


Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

The futures, forwards and options traded by the Trading Companies
involve varying degrees of related market risk.  Market risk is
<page> 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
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
<page> 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.


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
<page> 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
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
<page> 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
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 June 30, 2009 and 2008, Altis I, LLC?s total capitalization
prior to June 30, 2009 and 2008 redemptions was $29,189,509 and
$21,107,289, respectively.  The Partnership owned 100% and 100%,
respectively, of Altis I, LLC.

<page>
Altis I, LLC
					      June 30, 2009       June 30, 2008
Primary Market Risk Category         VaR                VaR
Currency						(0.94)%			(0.97)%
Interest Rate					(0.53)			(0.68)
Equity						(0.31)			(0.97)
Commodity						(1.16)			(3.37)
Aggregate Value at Risk			(1.90)%			(3.50)%

As of June 30, 2009 and 2008, Aspect I, LLC?s total
capitalization prior to June 30, 2009 and 2008 redemptions was
$37,841,056 and $23,083,741, respectively.  The Partnership owned
77% and 81%, respectively, of Aspect I, LLC.



Aspect I, LLC
					       June 30, 2009     June 30, 2008
Primary Market Risk Category         VaR                VaR
Currency						(0.41)%			(0.64)%
Interest Rate					(1.27)			(0.65)
Equity						(0.18)			(0.57)
Commodity						(0.73)			(1.41)
Aggregate Value at Risk			(1.57)%			(1.69)%

As of June 30, 2009 and 2008, BHM I, LLC?s total capitalization
prior to June 30, 2009 and 2008 redemptions was $138,006,319 and
$143,249,914, respectively.  The Partnership owned 23% and 16%,
respectively, of BHM I, LLC.
BHM I, LLC
					      June 30, 2009      June 30, 2008
Primary Market Risk Category         VaR                VaR
Currency						(0.02)%			(0.08)%
Interest Rate					(0.24)			(0.45)
Commodity						(2.76)			(2.08)
Aggregate Value at Risk	 		(2.85)%			(2.10)%
<page> As of June 30, 2009 and 2008, GMF I, LLC?s total
capitalization prior to June 30, 2009 and 2008 redemptions was
$35,486,719 and $41,870,129, respectively.  The Partnership owned
48% and 19%, respectively, of GMF I, LLC.


GMF I, LLC
					      June 30, 2009      June 30, 2008
Primary Market Risk Category         VaR                VaR
Currency						(0.08)%			(0.65)%
Interest Rate					(0.59)			(0.43)
Equity						(0.48)			(0.66)
Commodity				 		(1.05)			(1.51)
Aggregate Value at Risk			(1.35)%			(1.99)%


As of June 30, 2009 and 2008, WCM I, LLC?s total capitalization
prior to June 30, 2009 and 2008 redemptions was $37,841,056 and
$22,372,863, respectively.  The Partnership owned 77% and 81%,
respectively, of WCM I, LLC.

WCM I, LLC
					      June 30, 2009       June 30, 2008
Primary Market Risk Category         VaR                VaR
Currency						(0.87)%			(0.36)%
Interest Rate					(0.37)			(0.19)
Equity						(0.46)			(0.47)
Commodity						(0.21)			(0.82)
Aggregate Value at Risk			(0.66)%			(0.95)%


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
<page> 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,
as a percentage of total Net Assets for the four quarter-end
periods from July 1, 2008 through June 30, 2009.

Altis I, LLC
Primary Market Risk Category        High      Low      Average
Currency						(0.97)%	(0.35)%	(0.66)%
Interest Rate					(1.14)	(0.53)	(0.81)
Equity						(0.97)	(0.13)	(0.42)
Commodity						(3.37)	(0.69)	(1.67)
Aggregate Value at Risk			(3.50)%	(1.27)%	(2.13)%



Aspect I, LLC
Primary Market Risk Category        High      Low      Average
Currency						(0.64)%	(0.13)%	(0.37)%
Interest Rate					(1.27)	(0.54)	(0.81)
Equity						(0.57)	(0.04)	(0.25)
Commodity						(1.41)	(0.45)	(0.77)
Aggregate Value at Risk			(1.69)%	(0.96)%	(1.30)%


<page>
BHM I, LLC
Primary Market Risk Category        High      Low      Average
Currency						(0.11)%	(0.02)%	(0.07)%
Interest Rate					(0.47)	(0.24)	(0.40)
Commodity						(2.87)	(1.44)	(2.29)
Aggregate Value at Risk			(2.97)%	(1.49)%	(2.35)%




GMF I, LLC
Primary Market Risk Category        High      Low      Average
Currency						(0.65)%	(0.08)%	(0.29)%
Interest Rate					(1.20)	(0.43)	(0.81)
Equity						(0.66)	(0.10)	(0.43)
Commodity						(1.51)	(0.44)	(0.90)
Aggregate Value at Risk			(1.99)%	(1.18)%	(1.46)%




WCM I, LLC
Primary Market Risk Category        High      Low      Average
Currency						(0.87)%	(0.18)%	(0.45)%
Interest Rate					(0.48)	(0.19)	(0.36)
Equity						(0.47)	(0.05)	(0.27)
Commodity						(0.82)	(0.20)	(0.37)
Aggregate Value at Risk			(0.95)%	(0.57)%	(0.73)%


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:


<page>
*	past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
*	changes in portfolio value caused by market movements may
differ from those of the VaR model;
*	VaR results reflect past market fluctuations applied to
current  trading positions while future risk depends on future
positions;
*	VaR using a one-day time horizon does not fully capture the
market risk of positions that cannot be liquidated or hedged
within one day; and
*	the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.

In addition, the VaR tables above, as well as the past performance
of the Partnership and the Trading Companies, give no indication
of the Partnership?s potential "risk of ruin".

The VaR tables provided present the results of the Partnership?s
VaR for each of the Trading Companies? market risk exposures and
on an aggregate basis at June 30, 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
<page> manage or monitor risk. There can be no assurance that the
Trading Companies? actual losses on a particular day will not
exceed the VaR amounts indicated above or that such losses will
not occur more than once in 100 trading days.

Non-Trading Risk
The Trading Companies have non-trading market risk on their
foreign cash balances. These balances and any market risk they
may represent are immaterial.

The Trading Companies also maintain a substantial portion of
their available assets in cash at MS&Co.; as of June 30, 2009,
such amount was equal to:
*	approximately 71% of Altis I, LLC?s Net Assets.
*	approximately 76% of Aspect I, LLC?s Net Assets.
*	approximately 96% of BHM I, LLC?s Net Assets.
*	approximately 92% of GMF I, LLC?s Net Assets.
*	approximately 86% of 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,
<page> optionality, and multiplier features of the Trading
Companies? market-sensitive instruments, in relation to the
Trading Companies? Net Assets.

Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Partnership?s
market risk exposures ? except for (A) those disclosures that are
statements of historical fact and (B) the descriptions of how the
Partnership manages its primary market risk exposures ?
constitute forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934.  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.

The Trading Advisors, in general, tend to utilize their trading
system(s) to take positions when market opportunities develop,
<page> and Demeter anticipates that the Trading Advisors will
continue to do so.

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 June 30, 2009, by market sector.  It may be
anticipated, however, that these market exposures will vary
materially over time.

Interest Rate.  At June 30, 2009, the Partnership had market
exposure 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., the United Kingdom,
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
<page> 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 June 30, 2009, the Partnership had market exposure
to the currency sector.  The Partnership?s currency exposure is to
exchange rate fluctuations, primarily fluctuations which disrupt
the historical pricing relationships between different currencies
and currency pairs.  Interest rate changes, as well as political
and general economic conditions influence these fluctuations.  The
Partnership trades a number of currencies including cross-rate ?
i.e., positions between two currencies other than the U.S. dollar.
At June 30, 2009, the Partnership?s major exposures were to the
British pound, Australian dollar, Japanese yen, euro, New Zealand
dollar, Canadian dollar, Swiss franc, 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 June 30, 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 <page>
Partnership are by law limited to futures on broadly-based
indices.  At June 30, 2009, the Partnership?s primary exposures
were to the S&P 500 (U.S.), FTSE 100 (United Kingdom), NIKKEI 225
(Japan), Euro Stox 50 (Europe), TOPIX (Japan), NASDAQ 100 (U.S.),
CAC 40 (France), DAX (Germany), IBEX 35 (Spain), HANG SENG (Hong
Kong), H-Shares (Hong Kong), TAIWAN (Taiwan), Dow Jones 30 (U.S.),
OMX 30 (Sweden), SPI 200 (Australia), ALL SHARE (South Africa),
AEX (The Netherlands), and GS COMMODITY (U.S.) 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 June 30, 2009, was to the
markets that comprise these sectors.  Most of the exposure
was to sugar, cocoa, corn, soybeans, wheat, soybean meal,
coffee, lean hogs, live cattle, soybean oil, cotton, feeder
cattle, orange juice, lumber, and fluid milk 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 June 30, 2009, was to the metals sector.  The
<page> Partnership?s metals exposure was to fluctuations in
the price of base metals, such as copper, aluminum, zinc,
nickel, lead, and tin. The Partnership also had exposure to
precious metals, such as gold, palladium, silver, and
platinum.  Economic forces, supply and demand inequalities,
geopolitical factors and market expectations influence price
movements in these markets.

	Energy.  The third largest market exposure of the Partnership
at June 30, 2009, was 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 June 30, 2009:


<page> Foreign Currency Balances.  The Partnership?s primary
foreign currency balances at June 30, 2009, were in euros,
British pounds, Japanese yen, Australian dollars, Hong Kong
dollars, Swiss francs, Canadian dollars, Czech koruny, South
African rands, Swedish kronor, Hungarian forint, New Zealand
dollars, Singapore dollars, and Norwegian kroner.  The
Partnership controls the non-trading risk of foreign currency
balances by regularly converting them back into U.S. dollars
upon liquidation of their respective positions.


Item 4T.	CONTROLS AND PROCEDURES


As of the end of the period covered by this quarterly report, the
President and Chief Financial Officer of Demeter, have evaluated
the effectiveness of the Partnership?s disclosure controls and
procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the
Exchange Act), and have judged such controls and procedures to be
effective.

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

<page> Limitations on the Effectiveness of Controls

Any control system, no matter how well designed and operated, can
provide reasonable (not absolute) assurance that its objectives
will be met.  Furthermore, no evaluation of controls can provide
absolute assurance that all control issues and instances of
fraud, if any, have been detected.

<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 and the Partnership?s Report on Form 10Q for the
quarter ended March 31, 2009.


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 June 30, 2009, was $173,159,244.
The Partnership received $1,287,000 in consideration from the
sale of Units to Demeter.

Item 6.  EXHIBITS
3.1!	Certificate of Limited Partnership of Morgan Stanley
Managed Futures HV, L.P., dated February 22, 2007.
3.2!!	Second Amended and Restated Limited Partnership Agreement
of Morgan Stanley Managed Futures HV, L.P., dated June 1,
2009.
31.01	Certification of President of Demeter Management LLC, the
general partner of the Partnership, pursuant to Section
302 of the Sarbanes-Oxley Act of 2002.
31.02	Certification of Chief Financial Officer of Demeter
Management LLC, the general partner of the Partnership,
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
<page>
32.01	Certification of President of Demeter Management LLC, 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 LLC, 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	June 30, 2009 Morgan Stanley Managed Futures Altis I, LLC
Interim Financial Statements filed herewith.

99.2	June 30, 2009 Morgan Stanley Managed Futures Aspect I,
LLC Interim Financial Statements filed herewith.

99.3	June 30, 2009 Morgan Stanley Managed Futures BHM I, LLC
Interim Financial Statements filed herewith.

99.4	June 30, 2009 Morgan Stanley Managed Futures WCM I, LLC
Interim Financial Statements filed herewith.




_______________________________________

!		Incorporated by reference from the Registrant?s Form 10 filed
on August 8, 2008.

!!		Incorporated by reference from the Registrant?s Form 8K filed
on June 4, 2009.




























<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)

August 13, 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.