-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001474513-09-000003.txt : 20091021
<SEC-HEADER>0001474513-09-000003.hdr.sgml : 20091021
<ACCEPTANCE-DATETIME>20091020181216
ACCESSION NUMBER:		0001474513-09-000003
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20091021
DATE AS OF CHANGE:		20091020
EFFECTIVENESS DATE:		20091021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley HedgePremier/Paulson Advantage Plus Fund LP
		CENTRAL INDEX KEY:			0001474514
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-135471
		FILM NUMBER:		091128797

	BUSINESS ADDRESS:	
		STREET 1:		MORGAN STANLEY HEDGEPREMIER GP LLC
		STREET 2:		522 FIFTH AVENUE, 13TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-296-1999

	MAIL ADDRESS:	
		STREET 1:		MORGAN STANLEY HEDGEPREMIER GP LLC
		STREET 2:		522 FIFTH AVENUE, 13TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001474514</cik>
        <entityName>Morgan Stanley HedgePremier/Paulson Advantage Plus Fund LP</entityName>
        <issuerAddress>
            <street1>MORGAN STANLEY HEDGEPREMIER GP LLC</street1>
            <street2>522 FIFTH AVENUE, 13TH FLOOR</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10036</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-296-1999</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
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        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>Morgan Stanley HedgePremier GP LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>522 Fifth Avenue, 13th Floor</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jacques</firstName>
                <lastName>Chappuis</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley HedgePremier GP LLC</street1>
                <street2>522 Fifth Avenue, 13th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eric</firstName>
                <lastName>Marmoll</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley HedgePremier GP LLC</street1>
                <street2>522 Fifth Avenue, 13th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Walter</firstName>
                <lastName>Rein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley HedgePremier GP LLC</street1>
                <street2>522 Fifth Avenue, 13th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stephen</firstName>
                <lastName>Blumenfeld</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley HedgePremier GP LLC</street1>
                <street2>522 Fifth Avenue, 13th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Elliot</firstName>
                <lastName>Tannenbaum</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley HedgePremier GP LLC</street1>
                <street2>522 Fifth Avenue, 13th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kevin</firstName>
                <lastName>Mooney</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley HedgePremier GP LLC</street1>
                <street2>522 Fifth Avenue, 13th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Charlene</firstName>
                <lastName>Herzer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley HedgePremier GP LLC</street1>
                <street2>522 Fifth Avenue, 13th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Susan</firstName>
                <lastName>Krause</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley HedgePremier GP LLC</street1>
                <street2>522 Fifth Avenue, 13th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Anita</firstName>
                <lastName>Rios</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley HedgePremier GP LLC</street1>
                <street2>522 Fifth Avenue, 13th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>MaryAnn</firstName>
                <lastName>Fappiano</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley HedgePremier GP LLC</street1>
                <street2>522 Fifth Avenue, 13th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-09-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Morgan Stanley Smith Barney LLC</recipientName>
                <recipientCRDNumber>149777</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2000 Westchester Avenue</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10577-2530</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>750000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>4</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>6000</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Each investor pays up to 2% of its aggregate investment to agent upfront, in addition to any amounts invested in the Fund.  General Partner pays agent a portion of the fees paid to it by the Fund on an ongoing basis.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Morgan Stanley HedgePremier/Paulson Advantage Plus Fund LP</issuerName>
                <signatureName>Stephen Blumenfeld</signatureName>
                <nameOfSigner>Stephen Blumenfeld</nameOfSigner>
                <signatureTitle>Vice President of the General Partner</signatureTitle>
                <signatureDate>2009-10-20</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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