Morgan Stanley Managed Futures
Aspect I, LLC

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
















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






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

	<c>	<c>

ASSETS

Trading Equity:
    Unrestricted cash	30,416,025	  31,944,518
    Restricted cash	     1,721,586	           861,436

         Total cash	  32,137,611	      32,805,954

   Net unrealized gain (loss) on open contracts (MS&Co.)	         (196,536)	       1,309,036
   Net unrealized loss on open contracts (MSIP)	              (73,437)	                (73,055)

        Total net unrealized gain (loss) on open contracts	           (269,973)	       1,235,981

  	   Total Trading Equity	31,867,638	34,041,935

Interest receivable (MS&Co.)	                400	             3,547

	   Total Assets	   31,868,038	      34,045,482

LIABILITIES AND MEMBERS? CAPITAL

LIABILITIES
Accrued management fees                                 54,858	                            53,273
Accrued administrative fees 	        9,600                              9,323
Accrued incentive fees                                                                                   482     	    751,096
Withdrawals payable	            ?    		    1,768,301

	   Total Liabilities	         64,940	      2,581,993

MEMBERS? CAPITAL
Non-Managing Members	  31,803,098	    31,463,489

       Total Members? Capital	  31,803,098	   31,463,489

       Total Liabilities and Members? Capital	      31,868,038		    34,045,482



<fn>







The accompanying notes are an integral part of these financial statements.
</table>
<page>  <table>
Morgan Stanley Managed Futures Aspect I, LLC
Statements of Operations (Unaudited)
<caption>

                                                                                              For the Quarters Ended March 31,

		                  2009                               2008
                                                                 $		      $

        
		<c>			<c>
INVESTMENT INCOME
	Interest income (MS&Co.) 		           5,958			        56,070

EXPENSES
	Management fees	      	    159,485	63,652
	Administrative fees 		27,910 	   11,139
	Brokerage, clearing and transaction fees		13,958	15,086
   	Incentive fees		                 482	          253,085

	     Total Expenses		   201,835	         342,962

NET INVESTMENT LOSS	       	         (195,877)	        (286,892)

TRADING RESULTS
Trading profit (loss):
	Realized			963,918 	1,813,033
	Net change in unrealized		    (1,505,954)	        (457,731)

        Total Trading Results		       (542,036)	      1,355,302

NET INCOME (LOSS) 	        (737,913)	      1,068,410

NET INCOME (LOSS) ALLOCATION
Non-Managing Member	s                                                     	      (737,913)		   1,068,410




<fn>






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








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



	        Managing	      Non-Managing
	       Member       	     Members  	    Total
                             $                                  $                            $

	<c>	<c>	<c>
Members? Capital,
	December 31, 2007                                             ?	      	8,021,593	    8,021,593

Capital Contributions                                              ?   		7,391,791		    7,391,791

Net Income	          ?              	       1,068,410	    1,068,410

Members? Capital,
   March 31, 2008                  ?                           16,481,794	            16,481,794



Members? Capital,
	December 31, 2008                                               ?	                         31,463,489            31,463,489

Capital Contributions                                                ?    		1,412,517	           1,412,517

Net Loss	                                                    ?	(737,913)	      (737,913)

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

Members? Capital,
   March 31, 2009                 ?	        31,803,098           31,803,098




<fn>










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


</table>

<page> <table>
Morgan Stanley Managed Futures Aspect I, LLC
Statements of Cash Flows (Unaudited)
<caption>
	         For the Quarters Ended March 31,

	        2009     	        2008
	  $	  $


	<c>	<c>
CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)                                                                                 (737,913)		   1,068,410
Noncash item included in net income (loss):
	Net change in unrealized                                                              1,505,954                        457,731

(Increase) decrease in operating assets:
	Restricted cash	                                                                           (860,150)                       (95,274)
	Interest receivable (MS&Co.)	  3,147	  	     2,351

Increase (decrease) in operating liabilities:
	Accrued management fees	                                                               1,585	                 14,272
	Accrued administrative fees 	                                                              277	      	     2,498
	Accrued incentive fees 	                                                                 (750,614)	               169,110

Net cash provided by (used for) operating activities	                           (837,714)	             1,619,098


CASH FLOWS FROM FINANCING ACTIVITIES

Capital contributions 	                                                                    1,412,517                     	 7,391,791
Capital withdrawals	                                                                          (2,103,296)	        (439,510)

Net cash provided by (used for) financing activities                          (690,779)	                 6,952,281

Net increase (decrease) in unrestricted cash	                                 (1,528,493)	                 8,571,379

Unrestricted cash at beginning of period	                                        31,944,518	       7,615,285

Unrestricted cash at end of period   	                                              30,416,025                    16,186,664



<fn>








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


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



Futures and Forward Contracts
       Long
  Unrealized
  Gain/(Loss)

Percentage of
  Members? Capital
    Short
Unrealized
        Loss

    Percentage
Members? Capital
    Net
Unrealized
Gain/(Loss)

$
%
   $
    %
$


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

March 31, 2009, Members? Capital: $31,803,098



Commodity
     (14,098)
       (0.04)
   (156,612)
           (0.49)
   (170,710)
Equity
          (40)
           ?
     (80,506)
           (0.25)
 (80,546)
Foreign currency
       (2,810)
       (0.01)
   (347,049)
           (1.09)
  (349,859)
Interest rate
    251,940
        0.79
       (1,669)
              (0.01)
   250,271






     Grand Total:
    234,992
        0.74
   (585,836)
           (1.84)
   (350,844)

     Unrealized Currency Gain




            0.25

    80,871

     Total Net Unrealized Loss on Open Contracts



  (269,973)



   269,216

December 31, 2008, Members? Capital: $31,463,489



Commodity
       42,132
        0.13
     (63,892)
           (0.20)
     (21,760)
Equity
         ?
           ?
     (19,974)
           (0.06)
 (19,974)
Foreign currency
     119,070
        0.38
   (187,823)
           (0.60)
     (68,753)
Interest rate
  1,267,972
        4.03
         ?
               ?
 1,267,972






     Grand Total:
  1,429,174
        4.54
   (271,689)
           (0.86)
 1,157,485

     Unrealized Currency Gain




            0.25

      78,496

     Total Net Unrealized Gain on Open Contracts





 1,235,981


<fn>









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



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

1. Summary of Significant Accounting Policies

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

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








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

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

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

Revenue Recognition ? Futures Interests are open commitments
until settlement date, at which time they are realized. They are
valued at fair value, generally on a daily basis, and the
unrealized gains and losses on open contracts (the difference
between contract trade price and market price) are reported in
the Statements of Financial Condition as net unrealized gains or
losses on open contracts. The resulting net change in unrealized
gains and losses is reflected in the change in unrealized trading
profit (loss) on open contracts from one period to the next on
the Statements of Operations. The fair value of exchange-traded
futures, options and forwards contracts is determined by the
various futures exchanges, and reflects the settlement price for
each contract as of the close of business on the last business
day of the reporting period. The fair value of foreign currency
forward contracts is extrapolated on a forward basis from the
spot prices quoted as of approximately 3:00 P.M. (E.T.) of the
last business day of the reporting period. The fair value of non-
exchange-traded foreign currency option contracts is calculated
by applying an industry standard model application for options
valuation of foreign currency options, using as input, the spot
prices, interest rates, and option implied volatilities quoted as
of approximately 3:00 P.M. (E.T.) on the last business day of the
reporting period. Monthly, MS&Co. credits the Trading Company
with interest income on 100% of its average daily funds held at
MS&Co. Assets deposited with MS&Co. as margin will be credited
with interest income at a rate approximately equivalent to what
MS&Co. pays or charges other customers on such assets deposited
as margin. Assets not deposited as margin with MS&Co. will be
credited with interest income at the rate equal to the monthly
average of the 4-week U.S. Treasury bill discount rate less 0.15%
during such month but in no event less than zero. For purposes of
such interest payments, Net Assets do not include monies owed to
the Trading Company on Futures Interests.








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

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

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

Members? Capital - The Members? Capital of the Trading Company is
equal to the total assets of the Trading Company (including, but
not limited to, all cash and cash equivalents, accrued interest
and amortization of original issue discount, and the fair value
of all open Futures Interests contract positions and other
assets) less all liabilities of the Trading Company (including,
but not limited to, management fees, incentive fees, and
extraordinary expenses), determined in accordance with GAAP.

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

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

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









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

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

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

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

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

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

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













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

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

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

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

Income Taxes ? No provision for income taxes has been made in the
accompanying financial statements, as Members are individually
responsible for reporting income or loss based upon their pro
rata share of  the Trading Company?s revenue and expenses for
income tax purposes.  The Trading Company files U.S. federal and
state tax returns.

   Financial Accounting Standards Board ("the FASB")
Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes, an interpretation of FASB Statement No. 109 ("FIN 48"),
clarifies the accounting for uncertainty in income taxes
recognized in a Trading Company?s financial statements, and
prescribes a recognition threshold and measurement attribute for
financial statement recognition and measurement of a tax position
taken or expected to be taken. The adoption of FIN 48 does
not have a material impact on the Trading Company?s financial
statements. The 2007 and 2008 tax years remain subject to
examination by U.S. federal and most state tax authorities.

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





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

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

New Accounting Developments - In April 2009, the FASB issued FASB
Staff Position (?FSP?) FAS No. 157-4, Determining Fair Value When
the Volume and Level of Activity for the Asset or Liability Have
Significantly Decreased and Identifying Transactions That Are Not
Orderly (?FSP FAS No. 157-4?). FSP FAS No. 157-4 provides
additional guidance for determining fair value and requires new
disclosures regarding the categories of fair value instruments,
as well as the inputs and valuation techniques utilized to
determine fair value and any changes to the inputs and valuation
techniques during the period.  FSP FAS No. 157-4 is effective for
interim and annual periods ending after June 15, 2009. The
Trading Company is currently evaluating the impact of the
adoption of FSP FAS No. 157-4.

In April 2009, the FASB issued FSP FAS No. 107-1 and Accounting
Principals Board (?APB?) No. 28-1, Interim Disclosures About Fair
Value of Financial Instruments (?FSP FAS No. 107-1? and ?APB No.
28-1?).  The staff position requires fair value disclosures of
financial instruments on a quarterly basis, as well as new
disclosures regarding the methodology and significant assumptions
underlying the fair value measures and any changes to the
methodology and assumptions during the reporting period.  FSP FAS
No. 107-1 and APB No. 28-1 are effective for interim and annual
periods ending after June 15, 2009. The Trading Company is
currently evaluating the impact of the adoption of FSP FAS No.
107-1 and APB No. 28-1.





















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

2. Trading Advisor

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

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

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

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

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


3. Financial Instruments

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

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




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

3. Financial Instruments (cont?d)

   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 SFAS No. 133, ?Accounting for
Derivative Instruments and Hedging Activities? (?SFAS No. 133?).
SFAS No. 133 defines a derivative as a financial instrument or
other contract that has all three of the following
characteristics:

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

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

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

<table> <caption>

		                          Net Unrealized Gains/(Losses)
			                       on Open Contracts			           Longest Maturities
				                      Off-					                    Off-
	 	                   Exchange-	    Exchange-			   Exchange-	 Exchange-
        Date		        Traded	      Traded                   Total	     Traded	    Traded
        
				<c>		<c>		<c>		<c>		<c>
        March 31, 2009   	     $      79,886        $(349,859)	  $  (269,973)	    Sep. 2011	    Apr. 2009
        December 31, 2008         $1,304,741        $  (68,760)	  $1,235,981	    Mar. 2010	    Jan. 2009
</table>







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

4. Fair Value Measurements
   Management has continued to evaluate the application of SFAS
No. 157 ("SFAS No. 157"), "Fair Value Measurements" to the
Trading Company, and has determined the SFAS No. 157 does not
have a material impact on the financial statements.  Fair value
is the amount that would be recovered when an asset is sold or an
amount paid to transfer a liability, in an ordinary transaction
between market participants at the measurement date (exit price).
Market price observability is impacted by a number of factors,
including the types of investments, the characteristics specific
to the investment, and the state of the market (including the
existence and the transparency of transactions between market
participants). Investments with readily available actively quoted
prices in an ordinary market will generally have a higher degree
of market price observability and a lesser degree of judgment
used in measuring fair value.
   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.














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

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





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

  Significant Other
   Observable
       Inputs
     (Level 2)

  Significant
   Unobservable
     Inputs
   (Level 3)




       Total
  Assets

						<c>		<c>		<c>		<c>
Net unrealized gain (loss) on open contracts
   $              $79,886
  $(349,859)
    n/a
                        $(269,973)

   December 31, 2008





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

  Significant Other
   Observable
       Inputs
     (Level 2)

  Significant
   Unobservable
     Inputs
   (Level 3)




       Total
  Assets
Net unrealized gain (loss) on open contracts
   $              $1,304,741
  $(68,760)
    n/a
                        $1,235,981
</table>
5. Investment Risk
   The Members? investments in the Trading Company expose the
Members to various types of risks that are associated with
Futures Interests trading and markets in which the Trading
Company invests. The significant types of financial risks which
the Trading Company is exposed to are market risk, liquidity
risk, and counterparty risk.

  The rapid fluctuations in the market prices of Futures
Interests in which the Trading Company invests make the Members?
investments volatile. If Aspect 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 Aspect
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 Aspect I, LLC
Notes to Financial Statements (continued)

5. Investment Risk (cont?d)
   The credit risk on Futures Interests arises from the
potential inability of counterparties to perform under the terms
of the contracts.  The Trading Company has credit risk because
MS&Co., MSIP, and/or MSCG act as the commodity brokers and/or the
counterparties with respect to most of the Trading Company?s
assets. The Trading Company?s exposure to credit risk associated
with counterparty nonperformance is typically limited to the cash
deposits with, or other form of collateral held by, the
counterparty.  The Trading Company?s assets deposited with MS&Co.
or its affiliates are segregated or secured in accordance with
the Commodity Exchange Act and the regulations of the Commodity
Futures Trading Commission (the ?CFTC?) and are expected to be
largely held in non-interest bearing bank accounts at a U.S. bank
or banks, but may also be invested in any other instruments
approved by the CFTC for investment of customer funds. Exchange-
traded futures, exchange-traded forward, and exchange-traded
futures-styled options contracts are marked to market on a daily
basis, with variations in value settled on a daily basis. With
respect to the Trading Company?s off-exchange-traded forward
currency contracts and forward currency options contracts, there
are no daily settlements of variation in value, nor is there any
requirement that an amount equal to the net unrealized gains
(losses) on such contracts be segregated.  However, the Trading
Company is required to meet margin requirements equal
to the net unrealized loss on open forward currency contracts in
the Trading Company accounts with the counterparty, which is
accomplished by daily maintenance of the cash balance in a
custody account held at MS&Co. The Trading Company had assets on
deposit with MS&Co. and MSIP, each acting as a commodity broker
for the Trading Company?s trading of Futures Interests, totaling
$32,217,497 and $34,110,695 at March 31, 2009 and December 31,
2008, respectively. With respect to those off-exchange-traded
forward currency contracts, the Trading Company is at risk to the
ability of MS&Co., the sole counterparty on all such contracts,
to perform. With respect to those off-exchange-traded forward
currency options contracts, the Trading Company is at risk to the
ability of MSCG, the sole counterparty on all such contracts, to
perform. The Trading Company has a netting agreement with each
counterparty. These agreements, which seek to reduce both the
Trading Company?s and the counterparties? exposure on off-
exchange-traded forward currency contracts, including options on
such contracts, should materially decrease the Trading Company?s
credit risk in the event of MS&Co.?s or MSCG?s bankruptcy or
insolvency.







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

5. Investment Risk (cont?d)
Derivative Instruments and Hedging Activities - In March 2008,
the FASB issued SFAS No. 161, ?Disclosures about Derivative
Instruments and Hedging Activities, an amendment of FASB
Statement No. 133? ("SFAS No. 161"). SFAS No. 161 is intended to
improve financial reporting about derivative instruments and
hedging activities by requiring enhanced disclosures to enable
investors to better understand how those instruments and
activities are accounted for; how and why they are used; and
their effects on a Trading Company?s financial position,
financial performance, and cash flows.  SFAS No. 161 is effective
for financial statements issued for fiscal years beginning after
November 15, 2008, and interim periods within those fiscal years.

   The Trading Company?s objective is to profit from speculative
trading in Futures Interests.  Therefore, the Trading Advisor for
the Trading Company will take speculative positions in Futures
Interests where they feel the best profit opportunities exist for
their trading strategy. As such, the absolute quantity (the total
of the open long and open short positions) which has been
presented, as position direction is not an indicative factor in
such volume disclosures. In regards to foreign currency forward
trades, each notional quantity amount has been converted to an
equivalent contract based upon an industry convention.

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

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



 Futures and Forward Contracts


              Long
          Unrealized
           Gain


L           Long
         Unrealized
       Loss


             Short
         Unrealized
           Gain


        Short
Unrealized
          Loss


         Net
     Unrealized
    Gain/(Loss)


Total Number
of Outstanding
Contracts

  $
$
     $
        $
    $



        <c>
  <c>
 <c>
 <c>
,c>
<c>
Tr  Commodity
                 4,232
        (18,330)
        53,277
       (209,889)
            (170,710)
                   259
K   Equity
                  ?
               (40)
          2,791
         (83,297)
              (80,546)
                     49
K   Foreign currency
                 3,695
          (6,505)
             ?
       (347,049)
            (349,859)
                   180
K   Interest rate
             284,743
     (32,803)
                 ?___
        (1,669)
             250,271
                   592
K        Total
      292,670
      (57,678)
         56,068
    (641,904)
           (350,844)

K        Unrealized currency gain




               80,871

K        Total net unrealized loss on
     open contracts



      (269,973)



  </table>









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

5. Investment Risk (cont?d)
Derivative Instruments and Hedging Activities (cont?d) ?

   Based upon the Trading Advisor?s historical trading, it can
generally be expected that the Trading Company will trade
approximately 1,000 round turn contracts per million under
management over the course of a year or approximately 250
contracts in a quarter.  Such quarterly amount is based upon such
contracts being evenly traded throughout the year, but may be
higher or lower for any individual quarter. The Trading Advisor?s
volume will vary over time based upon a multitude of factors,
including but not limited to, individual market price movement,
individual market volatility and individual market liquidity.

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

<table> <caption>

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

Type of Instrument
$


         <c>
     Commodity
          (18,075)
K   Equity
        (175,279)
K   Foreign currency
        (356,173)
K   Interest rate
              5,116
K   Unrealized currency gain
              2,375
K        Total
        (542,036)

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

Trading Results
     $


     Realized
              963,918
K   Net change in unrealized
         (1,505,954)
K      Total Trading Results
      (542,036)

</table>

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









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

6. Subsequent Events
   On January 13, 2009, Morgan Stanley and Citigroup announced
that they had agreed to combine the Global Wealth Management
Group of Morgan Stanley and the Smith Barney division of
Citigroup Global Markets Inc. into a new joint venture (the
?Transaction?). The joint venture will own Morgan Stanley Smith
Barney LLC, a newly formed investment advisor and broker dealer
that will be registered with the U.S. Securities and Exchange
Commission and as a non-clearing futures commission merchant with
the Commodities Futures Trading Commission. Upon the closing of
the Transaction, subsidiaries of Morgan Stanley collectively will
have a 51 percent ownership interest in the joint venture and
Citigroup Inc. (?Citi?) will have a 49 percent ownership interest
in the joint venture. The Transaction is expected to close by the
end of the third quarter of 2009.

   As part of the Transaction, the Board of Directors of Demeter
resolved that Demeter should be converted from a Delaware
corporation to a Delaware limited liability company (the
?Conversion?). The Conversion became effective on April 30, 2009
and Demeter?s name changed to Demeter Management LLC.

   In addition, in the near future Morgan Stanley, the sole
member of Demeter, intends to contribute all of the membership
interests in Demeter (along with other Morgan Stanley
subsidiaries being contributed to the joint venture as part of
the Transaction) to Morgan Stanley Commercial Financial Services,
Inc. It is anticipated that on or about the time of the
consummation of the Transaction, Morgan Stanley Commercial
Financial Services, Inc. will contribute to Morgan Stanley JV
Holdings LLC all of its in-scope assets and liabilities
(including all of the membership interests of Demeter)
(collectively, the ?Contribution?). Upon the completion of both
the Conversion and the Contribution, Demeter will be a Delaware
limited liability company that is a wholly owned subsidiary of
Morgan Stanley Smith Barney Holdings LLC, which in turn will be
owned 51 percent by Morgan Stanley and 49 percent by Citi.

   At all times Demeter shall remain the trading manager of the
Trading Company and at no time will it cease to exist. In
addition, neither the Conversion nor the Contribution will
materially impact the daily trading activities of the Trading
Company?s respective commodity Trading Advisors.  The Board of
Directors of Demeter believes that the Conversion and the
Contribution shall not have a material impact on the Trading
Company?s Members.





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