|   | MANAGED FUTURES PROFILE LV, L.P.                       |   |
|--------|--------------------------------------------------------|--------|
|   | (Exact name of registrant as specified in its charter) |   |

|                                     | Delaware                                                                                                        |       | 20-8529012                          |
|------------------------------------------|-----------------------------------------------------------------------------------------------------------------|------------|-------------------------------------|
|                                     |      (State or other jurisdiction of     incorporation or organization) |       | (I.R.S. EmployerIdentification No.) |
|                                     |                                                                                                            |       |                                |
| Ceres Managed Futures LLC                |                                                                                                            |       |
| 522 Fifth Avenue, 14th Floor             |                                                                                                            |       |
| New York, NY                             |                                                                                                            | 10036      |
| (Address of principal executive offices) |                                                                                                            | (Zip Code) |

| Registrant’s telephone number, including area code |   | (212) 296-1999 |
|----------------------------------------------------------|--------|----------------|

| Large accelerated filer o | Accelerated filer o         |
|---------------------------|-----------------------------|
| Non-accelerated filer x   | Smaller reporting company o |

----

|     | PART I. FINANCIAL INFORMATION                                                                   |             |
|----------|-------------------------------------------------------------------------------------------------|------------------|
|     |                                                                                            |             |
| Item 1.  | Financial Statements (Unaudited)                                                                |             |
|     |                                                                                            |             |
|     | Statements of Financial Condition as of March 31, 2011 and December 31, 2010                    | 2                |
|     |                                                                                            |             |
|     | Statements of Income and Expenses for the Quarters Ended  March 31, 2011 and 2010     | 3                |
|     |                                                                                            |             |
|     | Statements of Changes in Partners’ Capital for the Quarters Ended March 31, 2011 and 2010 | 4                |
|     |                                                                                            |             |
|     | Notes to Financial Statements                                                                   |   5-16 |
|     |                                                                                            |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations     | 17-22            |
|     |                                                                                            |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                      | 22-35            |
|     |                                                                                            |             |
| Item 4.  | Controls and Procedures                                                                         | 36-37            |
|     |                                                                                            |             |
|     | PART II. OTHER INFORMATION                                                                      |             |
|     |                                                                                            |             |
| Item 1A. | Risk Factors                                                                                    | 38               |
|     |                                                                                            |             |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                            | 38               |
|     |                                                                                            |             |
| Item 6.  | Exhibits                                                                                        | 38               |

----

|                                                                                                                         | March 31,        |   | December 31,          |
|------------------------------------------------------------------------------------------------------------------------------|------------------|--------|-----------------------|
|                                                                                                                         | 2011             |   | 2010                  |
| ASSETS                                                                                                                       | $                |   | $                     |
|                                                                                                                         |             |   |                  |
| Investments in Affiliated Trading Companies:                                                                                 |             |   |                  |
| Investment in Kaiser I, LLC                                                                                                  | 16,105,128  |   | 16,075,963       |
| Investment in TT II, LLC                                                                                                     | 15,378,785  |   | 16,437,221       |
| Investment in DKR I, LLC                                                                                                     | 10,455,818  |   | 11,198,986       |
| Investment in Rotella I, LLC                                                                                                 | 10,042,030  |   | 10,837,728       |
| Investment in Augustus I, LLC                                                                                                | 6,396,436   |   | 6,683,266        |
| Investment in GLC I, LLC                                                                                                     | 5,614,568   |   | 5,960,750        |
| Investment in Chesapeake I, LLC                                                                                              | 4,947,157   |   | 5,057,606        |
|                                                                                                                         |             |   |                  |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $66,010,827 and $68,408,357, respectively) | 68,939,922  |   | 72,251,520       |
|                                                                                                                         |             |   |                  |
| Receivable from Affiliated Trading Companies                                                                                 | –          |   | 1,162,507        |
| Subscriptions receivable                                                                                                     | –          |   | 553,442          |
|                                                                                                                         |             |   |                  |
| Total Assets                                                                                                                 | 68,939,922  |   | 73,967,469       |
|                                                                                                                         |             |   |                  |
| LIABILITIES                                                                                                                  |             |   |                  |
|                                                                                                                         |             |   |                  |
| Redemptions payable                                                                                                          | 2,392,764   |   | 913,541          |
| Payable to Affiliated Trading Companies                                                                                      | –          |   | 619,826          |
|                                                                                                                         |             |   |                  |
| Total Liabilities                                                                                                            | 2,392,764   |   | 1,533,367        |
|                                                                                                                         |             |   |                  |
| PARTNERS’ CAPITAL                                                                                                      |             |   |                  |
| Class A (38,110.816 and 39,904.989 Units, respectively)                                                                      | 40,081,193  |   | 42,648,264       |
| Class B (6,984.890 and 7,784.920 Units, respectively)                                                                        | 7,481,805   |   | 8,463,247        |
| Class C (14,573.424 and 16,438.640 Units, respectively)                                                                      | 15,898,638  |   | 18,178,357       |
| Class D* (1,818.843 and 1,818.843 Units, respectively)                                                                       | 2,002,187   |   | 2,028,255        |
| Class Z (957.352 and 975.359 Units, respectively)                                                                            | 1,083,335   |   | 1,115,979   |
|                                                                                                                         |             |   |                  |
| Total Partners’ Capital                                                                                                | 66,547,158  |   | 72,434,102       |
|                                                                                                                         |             |   |                  |
| Total Liabilities and Partners’ Capital                                                                                | 68,939,922  |   | 73,967,469       |
|                                                                                                                         |             |   |                  |
| NET ASSET VALUE PER UNIT                                                                                                     |             |   |                  |
| Class A                                                                                                                      | 1,051.70    |   | 1,068.75         |
| Class B                                                                                                                      | 1,071.14    |   | 1,087.13         |
| Class C                                                                                                                      | 1,090.93    |   | 1,105.83         |
| Class D*                                                                                                                     | 1,100.79    |   | 1,115.12         |
| Class Z                                                                                                                      | 1,131.59    |   | 1,144.17         |

----

|                                                                               | For the Quarters Ended March 31, |
|------------------------------------------------------------------------------------|----------------------------------|
|                                                                               |                             |   |   |
|                                                                               | 2011                             |   | 2010 |
|                                                                               | $                                |   | $ |
|  EXPENSES                                                                     |                             |   |   |
| Ongoing Placement Agent fees                                                       | 290,463                     |   | 293,261  |
| General Partner fees                                                               | 178,386                     |   | 193,567  |
| Administrative fees                                                                | 71,355                      |   | 77,427  |
|                                                                               |                             |   |   |
| Total Expenses                                                                     | 540,204                     |   | 564,255  |
|                                                                               |                             |   |   |
|  NET INVESTMENT LOSS                                                          | (540,204)                   |   | (564,255)  |
|                                                                               |                             |   |   |
|  REALIZED/NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS |                             |   |   |
| Realized                                                                           | 409,766                     |   | — |
| Net change in unrealized appreciation (depreciation) on investments                | (914,068)                   |   | 1,251,785  |
|                                                                               |                             |   |   |
| Total Realized/Net Change in Unrealized Appreciation (Depreciation) on Investments | (504,302)                   |   | 1,251,785  |
|                                                                               |                             |   |   |
|  NET INCOME (LOSS)                                                            | (1,044,506)                 |   | 687,530  |
|                                                                               |                             |   |   |
|  NET INCOME (LOSS) ALLOCATION                                                 |                             |   |   |
| Class A                                                                            | (678,460)                   |   | 331,694   |
| Class B                                                                            | (110,251)                   |   | 89,469  |
| Class C                                                                            | (217,527)                   |   | 135,379  |
| Class D                                                                            | (26,068)                    |   | 114,075  |
| Class Z                                                                            | (12,200)                    |   | 16,913  |
|                                                                               |                             |   |   |
|  NET INCOME (LOSS) PER UNIT*                                                  |                             |   |   |
| Class A                                                                            | (17.05)                     |   | 6.43  |
| Class B                                                                            | (15.99)                     |   | 7.84  |
| Class C                                                                            | (14.90)                     |   | 9.28  |
| Class D                                                                            | (14.33)                     |   | 10.02  |
| Class Z                                                                            | (12.58)                     |   | 12.27  |
|                                                                               |                             |   |   |
|                                                                               | Units                            |   | Units |
|  WEIGHTED AVERAGE NUMBER                                                      |                             |   |   |
|  OF UNITS OUTSTANDING                                                         |                             |   |   |
| Class A                                                                            | 39,590.128                  |     | 38,937.460  |
| Class B                                                                            | 7,664.576                   |   | 8,327.430  |
| Class C                                                                            | 15,920.275                  |   | 15,425.443  |
| Class D                                                                            | 1,818.843                   |     | 11,394.809  |
| Class Z                                                                            | 963.554                     |   | 1,014.121  |

----

|                     | Class A                          |          | Class B                                                                    |          | Class C                                                                                |                | Class D                                                                          |   | Class Z                                                                                |          | Total                                            |
|--------------------------|----------------------------------|---------------|----------------------------------------------------------------------------|---------------|----------------------------------------------------------------------------------------|---------------------|----------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|---------------|--------------------------------------------------|
|                     |       $ |          |            $             |          |                $ |                |            $                   |   |                $ |          |         $     |
| Partners’ Capital, |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| December 31, 2010        | 42,648,264                  |          | 8,463,247                                                                  |          | 18,178,357                                                                        |                | 2,028,255                                                                   |   | 1,115,979                                                                    |          |       72,434,102             |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Subscriptions            | 912,475                     |          | 220,000                                                                    |          | 173,500                                                                           |                |           –                   |   |      –                                                  |          |     1,305,975                |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Net Loss                 | (678,460)                   |          | (110,251)                                                                  |          | (217,527)                                                                         |                | (26,068)                                                                    |   | (12,200)                                                                          |          |   (1,044,506)                               |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Redemptions              | (2,801,086)                 |          |          (1,091,191)               |          | (2,235,692)                                                                       |                |            –             |   | (20,444)                                                                          |          |   (6,148,413)                               |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Partners’ Capital, |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| March 31, 2011           | 40,081,193                  |          | 7,481,805                                                             |          | 15,898,638                                                                        |                | 2,002,187                                                                   |   | 1,083,335                                                                         |          |   66,547,158                                |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Partners’ Capital, |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| December 31, 2009        | 39,684,890                  |     | 8,492,803                                                             |          | 16,633,598                                                                        |                | 12,265,562                                                                  |   | 1,069,141                                                                         |          |   78,145,994                                |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Subscriptions            | 3,882,275                   |          | 1,024,008                                                             |          | 1,686,754                                                                         |                | 65,000                                                                      |   | 170,000                                                                           |          |     6,828,037                     |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Net Income               | 331,694                     |          | 89,469                                                                |          | 135,379                                                                           |                | 114,075                                                                     |   | 16,913                                                                            |          |       687,530           |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Redemptions              | (1,462,535)                 |          | –                                                                    |          | (929,377)                                                                         |                |              – |   | –                                                                                |          |   (2,391,912)                               |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Partners’ Capital, |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| March 31, 2010           | 42,436,324                  |          | 9,606,280                                                             |          | 17,526,354                                                                        |                | 12,444,637                                                                  |   | 1,256,054                                                                         |          |   83,269,649                                |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
|                     | Class A                          |          | Class B                                                                    |          | Class C                                                                                |                | Class D                                                                          |   | Class Z                                                                                |          | Total                                            |
|                     | Units                            |          | Units                                                                      |          | Units                                                                                  |                | Units                                                                            |   | Units                                                                                  |          | Units                                            |
| Beginning Units,         |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| December 31, 2010        | 39,904.989                  |          | 7,784.920                                                             |          | 16,438.640                                                                        |      | 1,818.843                                                                        |   | 975.359                                                                           |          |    66,922.751                          |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Subscriptions            | 854.010                     |          | 203.108                                                               |          | 157.591                                                                           |                |           –                   |   | –                                                                                |          |      1,214.709               |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Redemptions              | (2,648.183)                 |     |         (1,003.138)                     |          | (2,022.807)                                                                       |           |          –                         |   | (18.007)                                                                          |          | (5,692.135)                                      |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Ending Units,            |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| March 31, 2011           | 38,110.816                  |          | 6,984.890                                                             |          | 14,573.424                                                                        |                | 1,818.843                                                                        |   | 957.352                                                                           |          |    62,445.325                          |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Beginning Units,         |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| December 31, 2009        | 37,990.609                  |          | 8,032.706                                                                  |     | 15,543.827                                                                        |                | 11,394.809                                                                  |   | 975.295                                                                           |     |   73,937.246                                |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Subscriptions            | 3,820.934                   |          | 986.284                                                               |     | 1,598.790                                                                         |                | 59.828                                                                      |   | 157.826                                                                           |          | 6,623.662                                        |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Redemptions              | (1,435.582)                      |     |             – |          | (905.323)                                                                         |                |             –       |   | –                                                                                |          |        (2,340.905) |
|                     |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| Ending Units,            |                             |          |                                                                       |          |                                                                                   |                |                                                                             |   |                                                                                   |          |                                             |
| March 31, 2010           | 40,375.961                  |          | 9,018.990                                                             |          | 16,237.294                                                                        |                | 11,454.637                                                                  |   | 1,133.121                                                                         |          |    78,220.003                          |

----

----

----

| Trading Company                                           | Trading Advisor                      |
|-----------------------------------------------------------|--------------------------------------|
|                                                      |                                 |
| Morgan Stanley Smith Barney Augustus I, LLC               |                                 |
|   (“Augustus I, LLC”)               | GAM International Management Limited |
| Morgan Stanley Smith Barney Chesapeake Diversified I, LLC |                                 |
|   (“Chesapeake I, LLC”)             | Chesapeake Capital Corporation       |
| Morgan Stanley Smith Barney DKR Fusion I, LLC             |                                 |
| (“DKR I, LLC”)                                | DKR Fusion Management L.P.           |
| Morgan Stanley Smith Barney GLC I, LLC                    |                                 |
| (“GLC I, LLC”)                                | GLC Ltd.                             |
| Kaiser I, LLC                                             | Kaiser Trading Group Pty. Ltd.       |
| Morgan Stanley Smith Barney Rotella I, LLC                |                                 |
| (“Rotella I, LLC”)                            | Rotella Capital Management, Inc.     |
| Morgan Stanley Smith Barney TT II, LLC                    |                                 |
| (“TT II, LLC”)                                | Transtrend B.V.                      |

----

----

|                                           |  Class A                                                                                |    Class B                                                                         | Class C                                                                                     | Class D                                                                   | Class Z                                                                         |
|------------------------------------------------|---------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|
| PER UNIT OPERATING PERFORMANCE:                |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
| NET ASSET VALUE,                               |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
|   JANUARY 1, 2011:                   | $      1,068.75                                                     | $        1,087.13                                              | $  1,105.83                                                                            |      $    1,115.12                          |   $  $    1,144.17                           |
|                                           |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
| NET OPERATING RESULTS:                         |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
|    Net investment loss          |  (9.08)                                                             |                (7.89)       |          (6.64)       |             (6.00) |              (4.01) |
|    Net realized/unrealized loss |                 (7.97) |             (8.10)                         |          (8.26)                                          |             (8.33) |              (8.57) |
|    Net loss                     |             (17.05)                   |           (15.99)                                    |        (14.90)                                                |           (14.33)            |             (12.58)           |
|                                           |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
| NET ASSET VALUE,                               |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
|   MARCH 31, 2011:                    | $       1,051.70                                               | $     1,071.14                                                                | $     1,090.93                                                          | $   1,100.79                                               | $   1,131.59                                                     |
| RATIOS TO AVERAGE NET ASSETS:                  |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
|    Net investment loss (2)      | -3.45%                                                                                            |         -2.94%                                                      |  -2.43%                                                                                     | -2.18%                                                                         | -1.42%                                                                               |
|    Partnership expenses (1) (2) |  3.45%                                                                                       | 2.94%                                                                                                  |   2.43%                                                                                | 2.18%                                                                          |  1.42%                                                                          |
|                                           |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
| TOTAL RETURN:                                  | -1.60%                                                                                            |         -1.47%                                                 |   -1.35%                                                                               | -1.29%                                                                         | -1.10%                                                                               |
|                                           |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
| PER UNIT OPERATING PERFORMANCE:                |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
| NET ASSET VALUE,                               |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
|   JANUARY 1, 2010:                   | $      1,044.60                                                     | $        1,057.28                                              |   $  1,070.11                                                                     |    $     1,076.41                           | $      $    1,096.22               |
|                                           |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
| NET OPERATING RESULTS:                         |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
|    Net investment loss          | (8.66)                                                                                            |                 (7.48) |           (6.27)                               |             (5.65) |             (3.74)       |
|    Net realized/unrealized gain |                15.09        |              15.32                    |           15.55                                     |             15.67  |             16.01        |
|    Net income                   |               6.43          |                7.84         |             9.28                          |             10.02  |             12.27        |
|                                           |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
| NET ASSET VALUE,                               |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
|   MARCH 31, 2010:                    | $     1,051.03                                                                | $        1,065.12                                              | $     1,079.39                                                          | $   1,086.43                                               | $   1,108.49                                                     |
| RATIOS TO AVERAGE NET ASSETS:                  |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
|    Net investment loss (2)      | -3.45%                                                                                            |         -2.94%                                                 |  -2.43%                                                                                     | -2.18%                                                                         | -1.42%                                                                               |
|    Partnership expenses (1) (2) |  3.45%                                                                                       | 2.94%                                                                                                  |   2.43%                                                                                |  2.18%                                                                    |  1.42%                                                                          |
|                                           |                                                                                              |                                                                                                   |                                                                                             |                                                                           |                                                                                 |
| TOTAL RETURN:                                  | 0.62%                                                                                             | 0.74%                                                                                                  |   0.87%                                                                                | 0.93%                                                                          | 1.12%                                                                                |

----

----

| 1)   | a) One or more “underlyings” and b) one or more “notional amounts” or payment provisions or both; |
|----------------|---------------------------------------------------------------------------------------------------------------------------|

| 2)   | Requires no initial net investment or a smaller initial net investment than would be required for other types of contracts that would be expected to have a similar response relative to changes in market factors; and |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | Terms that require or permit net settlement. |
|----------------|----------------------------------------------|

----

----

|     Assets        | Unadjusted  Quoted Prices in    Active Markets for      Identical Assets               (Level 1) |           Significant Other             Observable                 Inputs                (Level 2) |        Significant    Unobservable        Inputs      (Level 3) |                                         Total |
|---------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                  |                                                                                                                                                                                                           |  $                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                     |                 $                                                                                                                                                |
|  Investment in Kaiser I, LLC     | –                                                                                                                                                                                                        | 16,105,128                                                                                                                                                                                                                                                                                                                          | –                                                                                                                                                                  | 16,105,128                                                                                                                                                                                                                                       |
|  Investment in TT II, LLC        | –                                                                                                                                                                                                        | 15,378,785                                                                                                                                                                                                                                                                                                                          | –                                                                                                                                                                  | 15,378,785                                                                                                                                                                                                                                       |
|  Investment in DKR I, LLC        | –                                                                                                                                                                                                        | 10,455,818                                                                                                                                                                                                                                                                                                                          | –                                                                                                                                                                  | 10,455,818                                                                                                                                                                                                                                       |
|  Investment in Rotella I, LLC    | –                                                                                                                                                                                                        | 10,042,030                                                                                                                                                                                                                                                                                                                          | –                                                                                                                                                                  | 10,042,030                                                                                                                                                                                                                                       |
|  Investment in Augustus I, LLC   | –                                                                                                                                                                                                        |  6,396,436                                                                                                                                                                                                                                                                                                                     | –                                                                                                                                                                  |  6,396,436                                                                                                                                                                                                                                  |
|  Investment in GLC I, LLC        | –                                                                                                                                                                                                        | 5,614,568                                                                                                                                                                                                                                                                                                                           | –                                                                                                                                                                  | 5,614,568                                                                                                                                                                                                                                        |
|  Investment in Chesapeake I, LLC | –                                                                                                                                                                                                        | 4,947,157                                                                                                                                                                                                                                                                                                                                | –                                                                                                                                                                  | 4,947,157                                                                                                                                                                                                                                        |

----

|     Assets        | UnadjustedQuoted Prices in     Active Markets for         Identical Assets               (Level 1) |             Significant Other           Observable               Inputs              (Level 2) |      Significant   Unobservable           Inputs         (Level 3) |                     Total |
|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|
|                                  |                                                                                                                                                                                                                            |    $                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                            |              $                                               |
|  Investment in TT II, LLC        | –                                                                                                                                                                                                                         | 16,437,221                                                                                                                                                                                                                                                                                                                                     | –                                                                                                                                                                                         | 16,437,221                                                                                                               |
|  Investment in Kaiser I, LLC     | –                                                                                                                                                                                                                         | 16,075,963                                                                                                                                                                                                                                                                                                                                     | –                                                                                                                                                                                         | 16,075,963                                                                                                               |
|  Investment in DKR I, LLC        | –                                                                                                                                                                                                                         | 11,198,986                                                                                                                                                                                                                                                                                                                                     | –                                                                                                                                                                                         | 11,198,986                                                                                                               |
|  Investment in Rotella I, LLC    | –                                                                                                                                                                                                                         | 10,837,728                                                                                                                                                                                                                                                                                                                                     | –                                                                                                                                                                                         | 10,837,728                                                                                                               |
|  Investment in Augustus I, LLC   | –                                                                                                                                                                                                                         |  6,683,266                                                                                                                                                                                                                                                                                                                                | –                                                                                                                                                                                         |  6,683,266                                                                                                          |
|  Investment in GLC I, LLC        | –                                                                                                                                                                                                                         | 5,960,750                                                                                                                                                                                                                                                                                                                                      | –                                                                                                                                                                                         | 5,960,750                                                                                                                |
|  Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                         | 5,057,606                                                                                                                                                                                                                                                                                                                                      | –                                                                                                                                                                                         | 5,057,606                                                                                                                |

----

| For the Three Months Ended March 31, 2011  |  InvestmentIncome/(Loss) |  Net  Investment Loss  | Total Trading Results  | NetIncome/(Loss)                    |
|-------------------------------------------------|-------------------------------|--------------------------------------------|-----------------------------|------------------------------------------|
|                                            |     $     | $                                          | $                           | $                                        |
|  Kaiser I, LLC                             | (5,170)                       | (269,047)                                  |   (491,104)       | (760,151)                           |
|  TT II, LLC                                | 525                           | (291,121)                                  | (444,648)                   | (735,769)                                |
|  DKR Fusion, LLC                           |    (127)       | (116,464)                                  | (179,513)                   |   (295,977)                    |
|  Rotella I, LLC                            |  (8,030)                 |  (143,127)                            |   (251,477)       | (394,604)                                |
|  Chesapeake I, LLC                         | (21,653)                      | (441,187)                                  |   1,688,266            |       1,247,079 |

| For the Three Months Ended March 31, 2010  |  Investment Income | Net  Investment Loss  | Total Trading Results         | NetIncome(Loss)  |
|-------------------------------------------------|-------------------------|--------------------------------------|------------------------------------|-----------------------|
|                                            | $                       | $                                    | $                                  | $                     |
| Augustus I, LLC                                 | (550)                   | (277,413)                            | 1,013,039                          | 735,626               |
| Kaiser I, LLC                                   | –                 | (294,852)                            |      (271,941) | (566,793)             |
| TT II, LLC                                      | (2,755)                 | (285,304)                            | 3,205,130                          |  2,919,826       |

----

----

| Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------------|

----

----

----

| Share Class |           NAV at 3/31/11 |             NAV at 12/31/10 |
|-------------|-----------------------------------------------------------------------|------------------------------------------------------------------------------------|
|        |                                                                  |                                                                               |
| A           | $1,051.70                                                             | $1,068.75                                                                          |
| B           | $1,071.14                                                             | $1,087.13                                                                          |
| C           | $1,090.93                                                             | $1,105.83                                                                          |
| D           | $1,100.79                                                             | $1,115.12                                                                          |
| Z           | $1,131.59                                                             | $1,144.17                                                                          |

----

| Share Class |           NAV at 3/31/10 |            NAV at 12/31/09 |
|-------------|-----------------------------------------------------------------------|------------------------------------------------------------------------------|
|        |                                                                  |                                                                         |
| A           | $1,051.03                                                             | $1,044.60                                                                    |
| B           | $1,065.12                                                             | $1,057.28                                                                    |
| C           | $1,079.39                                                             | $1,070.11                                                                    |
| D           | $1,086.43                                                             | $1,076.41                                                                    |
| Z           | $1,108.49                                                             | $1,096.22                                                                    |

----

----

----

----

----

|                         |            March 31,  2011 |   |               December 31, 2010 |
|------------------------------|----------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                  |   | VaR                                                      |
|                         |                                                                                   |   |                                                                                             |
| Currency                     | (1.18)%                                                                           |   | (0.81)%                                                                                          |
| Interest Rate                | (1.13)                                                                                 |   | (1.05)                                                                                           |
| Equity                       | (3.79)                                                                                 |   | (3.50)                                                                                           |
| Commodity                    | (6.06)                                                                                 |   | (5.49)                                                                                           |
| Aggregate Value at Risk      | (9.25)%                                                                                |   | (7.91)%                                                                                          |

----

|                          |                    March 31, 2011 |   |                December 31, 2010 |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category  | VaR                                                        |   | VaR                                                                                                    |
|                          |                                                                                                                        |   |                                                                                                   |
|  Currency                | (1.04)%                                                                                                                |   | (1.93)%                                                                                      |
|  Interest Rate           | (0.69)                                                                                                                      |   | (0.55)                                                                                                 |
|  Equity                  | (0.74)                                                                                                                      |   | (1.23)                                                                                            |
|  Commodity               | (3.30)                                                                                                                      |   | (4.38)                                                                                                 |
|  Aggregate Value at Risk | (4.50)%                                                                                                           |   | (6.97)%                                                                                      |

|                          |               March 31, 2011 |   |               December 31, 2010 |
|-------------------------------|-----------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|
| Primary Market Risk Category  | VaR                                                   |   | VaR                                                      |
|                          |                                                                                          |   |                                                                                             |
|  Currency                | (0.69)%                                                                             |   | (0.02)%                                                                                     |
|  Interest Rate           | (0.42)                                                                                        |   | (0.02)                                                                                           |
|  Equity                  | (0.58)                                                                                        |   | (0.44)                                                                                           |
|  Commodity               | (0.28)                                                                                        |   | (0.11)                                                                                           |
|  Aggregate Value at Risk | (0.90)%                                                                        |   | (0.47)%                                                                                |

----

|                               |                    March 31, 2011 |   |                    December 31, 2010 |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------|
|  Primary Market Risk Category | VaR                                                                                 |   | VaR                                                                                    |
|                               |                                                                                                                        |   |                                                                                                                           |
|  Currency                     | (1.66)%                                                                                                           |   | (1.68)%                                                                                                                   |
|  Interest Rate                | (0.96)                                                                                                                      |   | (0.32)                                                                                                                         |
|  Equity                       | (1.87)                                                                                                                      |   | (1.89)                                                                                                                         |
|  Commodity                    | (1.23)                                                                                                                      |   | (2.31)                                                                                                                         |
|  Aggregate Value at Risk      | (3.98)%                                                                                                           |   | (5.18)%                                                                                                              |

|                               |                  March 31, 2011 |   |               December 31, 2010 |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|
|  Primary Market Risk Category | VaR                                                                     |   | VaR                                                                                    |
|                               |                                                                                                            |   |                                                                                             |
|  Currency                     | (0.67)%                                                                                               |   | (1.64)%                                                                                |
|  Interest Rate                | (0.71)                                                                                                          |   | (0.71)                                                                                           |
|  Equity                       | (1.90)                                                                                                          |   | (3.39)                                                                                           |
|  Commodity                    | (1.69)                                                                                                          |   | (2.15)                                                                                           |
|  Aggregate Value at Risk      | (4.56)%                                                                                               |   | (5.83)%                                                                                |

|                                        |                      March 31, 2011 |         |                      December 31, 2010 |
|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category                | VaR                                                                    |         | VaR                                                                                 |
|          |                                                                                                                                    |         |                                                                                                                                       |
| Currency                                    | (1.95)%                                                                                                                            |         | (1.12)%                                                                                                                               |
| Interest Rate                               |   (0.50)                                                                                                                           |         | (0.35)                                                                                                                                     |
| Aggregate Value at Risk                     | (2.22)%                                                                                                                            |    |    (1.26)%                                                                                                   |

----

|                               |                  March 31, 2011 |   |                 December 31, 2010 |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------|
|  Primary Market Risk Category | VaR                   |   | VaR                                         |
|                               |                                                                                                            |   |                                                                                                         |
|  Currency                     | (0.92)%                                                                                          |   | (0.83)%                                                                                       |
|  Interest Rate                |  (0.93)                                                                                                    |   |  (0.30)                                                                                                 |
|  Equity                       |  (1.15)                                                                                                    |   |  (1.12)                                                                                                 |
|  Aggregate Value at Risk      | (2.02)%                                                                                          |   |   (1.82)%                                                                      |

----

| Chesapeake I, LLCPrimary Market Risk Category |    High       | Low                                            | Average              |
|-----------------------------------------------|------------------------------------------------------------|---------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|
|                                          |                                                       |                                                                                        |                                                                                  |
|  Interest Rate                           | (2.17)%                                               |       (1.05)%                                                      | (1.44)%                                                                |
|  Currency                                | (1.18)                                                     |      (0.49)                                                             | (0.89)                                                                                |
|  Equity                                  | (3.79)                                                     |  (2.15)               | (3.10)                                                                                |
|  Commodity                               | (6.43)                                                     |      (2.25)                                                             | (5.06)                                                                                |
|  Aggregate Value at Risk                 | (9.25)%                                          |       (2.88)%                                                      | (6.96)%                                                                     |

|  DKR I, LLC Primary Market Risk Category | High              | Low                                          | Average        |
|----------------------------------------------------|------------------------------------------------------------------------------------|----------------------------------------------|---------------------------------------------------|
|                                               |                                                                               |                                         |                                              |
|  Interest Rate                                | (1.29)%                                                                  |        (0.55)% | (0.92)%                                           |
|  Currency                                     | (1.93)                                                                             |        (0.61)  |  (1.36)                                      |
|  Equity                                       | (1.23)                                                                             |        (0.39)  |  (0.71)                                      |
|  Commodity                                    | (4.38)                                                                             |        (0.47)  |  (2.74)                                      |
|  Aggregate Value at Risk                      | (6.97)%                                                                  |        (1.56)% | (4.16)%                                           |

|  Kaiser I, LLC Primary Market Risk Category | High              | Low            | Average       |
|-------------------------------------------------------|------------------------------------------------------------------------------------|-----------------------------------------------------------------------|---------------------------------------------|
|                                                  |                                                                               |                                                                  |                                        |
|  Interest Rate                                   | (0.76)%                                                                  |      (0.02)%                                      | (0.37)%                                |
|  Currency                                        | (0.69)                                                                             | (0.02)                                                                | (0.30)                                      |
|  Equity                                          | (1.02)                                                                             | (0.27)                                                                | (0.58)                                      |
|  Commodity                                       | (0.28)                                                                             | (0.11)                                                                | (0.19)                                      |
|  Aggregate Value at Risk                         | (1.00)%                                                                  | (0.47)%                                                               | (0.79)%                           |

| Augustus I, LLCPrimary Market Risk Category | High         | Low     | Average      |
|---------------------------------------------|--------------|---------|---------------------------------------|
|                                        |         |    |                                  |
|  Interest Rate                         | (0.71)%      | (0.35)% | (0.48)%                               |
|  Currency                              |  (1.95) | (1.07)  |  (1.38)                          |
|  Aggregate Value at Risk               | (2.22)%      | (1.26)% | (1.63)%                               |

|  TT II, LLC Primary Market Risk Category | High          | Low        | Average       |
|----------------------------------------------------|---------------|-----------------------------------------------|---------------|
|                                               |          |                                          |          |
|  Interest Rate                                | (0.96)%       | (0.32)%                                       | (0.74)%       |
|  Currency                                     |   (2.18) | (0.67)                                        |   (1.55) |
|  Equity                                       |   (3.00) | (0.25)                                        |   (1.75) |
|  Commodity                                    |   (2.31) | (0.53)                                        |   (1.57) |
|  Aggregate Value at Risk                      | (5.82)%       | (1.03)%                                       | (4.00)%       |

----

|  Rotella I, LLC Primary Market Risk Category | High         | Low         | Average            |
|--------------------------------------------------------|--------------|-----------------------------------------------------|---------------------------------------------------------------------------|
|                                                   |         |                                                |                                                                      |
|  Interest Rate                                    | (0.92)%      |     (0.71)%                          | (0.80)%                                                         |
|  Currency                                         |  (1.67) | (0.55)                                              | (1.28)                                                                    |
|  Equity                                           |  (4.23) | (0.62)                                              | (2.53)                                                                    |
|  Commodity                                        |  (2.15) | (0.38)                                              | (1.52)                                                                    |
|  Aggregate Value at Risk                          | (6.27)%      | (1.27)%                                             | (4.48)%                                                         |

| GLC I, LLCPrimary Market Risk Category | High          | Low                 | Average        |
|----------------------------------------|------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                                   |                                                       |                                                                                                |                                              |
|  Interest Rate                    | (0.93)%                                               |       –    %                                | (0.44)%                                      |
|  Currency                         | (0.92)                                                     | (0.37)                                                                                              | (0.73)                                            |
|  Equity                           | (1.15)                                                     | (0.43)                                                                                              | (0.84)                                            |
|  Aggregate Value at Risk          | (2.02)%                                          |     (0.76)%                                                                          | (1.42)%                                 |

| Primary Market Risk Category  |    High   | Low                                                | Average       |
|-------------------------------|------------------------------------|----------------------------------------------------|---------------------------------------------|
|                          |                               |                                               |                                        |
|  Interest Rate           | (2.17)%                            |         (1.01)% | (1.40)%                                     |
|  Currency                |  (1.09)                       |         (0.49)  |   (0.84)                               |
|  Equity                  |  (3.82)                       |     (2.15)                     |   (3.11)                               |
|  Commodity               |  (6.43)                       |         (2.25)  |   (4.48)                               |
|  Aggregate Value at Risk |  (7.91)%                      |         (2.88)% | (6.39)%                                     |

| Primary Market Risk Category  | High         | Low                                          | Average  |
|-------------------------------|--------------|----------------------------------------------|---------------|
|                          |         |                                         |          |
|  Interest Rate           | (1.29)%      |        (0.55)% | (0.94)%       |
|  Currency                |  (1.93) |        (0.61)  |  (1.45)  |
|  Equity                  |  (1.23) |        (0.39)  |  (0.71)  |
|  Commodity               |  (4.38) |        (0.47)  |  (2.19)  |
|  Aggregate Value at Risk | (6.97)%      |        (1.56)% | (3.59)%       |

----

|  Primary Market Risk Category | High           | Low            | Average            |
|------------------------------------|------------------------------------------------------------------|-----------------------------------------------------------------------|---------------------------------------------------------------------------|
|                               |                                                             |                                                                  |                                                                      |
|  Interest Rate                | (0.76)%                                                |     (0.02)%                                            | (0.38)%                                                              |
|  Currency                     | (0.27)                                                           | (0.02)                                                                | (0.18)                                                                    |
|  Equity                       | (1.44)                                                           | (0.27)                                                                | (0.79)                                                                    |
|  Commodity                    | (0.19)                                                           | (0.11)                                                                | (0.16)                                                                    |
| Aggregate Value at Risk            | (1.40)%                                           | (0.47)%                                                               | (0.92)%                                                    |

| Primary Market Risk Category  | High          | Low     | Average    |
|-------------------------------|-------------------------------------------------------|---------|---------------------------|
|                          |                                                  |    |                      |
|  Interest Rate           | (0.71)%                                          | (0.35)% | (0.51)%                   |
|  Currency                | (1.69)                                                | (1.07)  |  (1.31)              |
|  Aggregate Value at Risk | (1.85)%                                     | (1.26)% | (1.54)%                   |

| Primary Market Risk Category  | High                | Low                | Average          |
|-------------------------------|---------------------|-----------------------------------------------------------------------------------------------|---------------------------------------------------------------|
|                          |                |                                                                                          |                                                          |
|  Interest Rate           | (1.15)%             | (0.32)%                                                                                       | (0.79)%                                             |
|  Currency                |    (2.29) | (0.67)                                                                                        | (1.70)                                                        |
|  Equity                  |   (3.55)       | (0.25)                                                                                        | (2.17)                                                        |
|  Commodity               |   (2.31)       | (0.53)                                                                                        | (1.79)                                                        |
|  Aggregate Value at Risk | (6.84)%             | (1.03)%                                                                                       | (4.72)%                                             |

| Primary Market Risk Category | High        | Low     | Average         |
|------------------------------|------------------------------------------------|---------|---------------------------------------------------------|
|                         |                                           |    |                                                    |
| Interest Rate                | (0.92)%                              | (0.56)% | (0.76)%                                            |
| Currency                     | (1.64)                                         | (0.55)  | (1.10)                                                  |
| Equity                       | (4.23)                                         | (0.62)  | (2.79)                                                  |
| Commodity                    | (2.15)                                         | (0.38)  | (1.46)                                                  |
| Aggregate Value at Risk      | (6.27)%                              | (1.27)% | (4.51)%                                       |

----

|  Primary Market Risk Category | High            | Low              | Average             |
|------------------------------------|------------------------------------------------------------------------|-----------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                               |                                                                   |                                                                              |                                                                            |
|  Interest Rate                | (0.88)%                                                                |    –   %                                      | (0.42)%                                                          |
|  Currency                     |   (1.53)                                                          | (0.37)                                                                            | (0.88)                                                                          |
|  Equity                       |   (1.12)                                                          | (0.43)                                                                            | (0.80)                                                                          |
|  Aggregate Value at Risk      | (1.82)%                                                                | (0.76)%                                                                           | (1.34)%                                                          |

| ·   | 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. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | approximately 97% of Kaiser I, LLC’s net assets. |
|--------------------|--------------------------------------------------------|

| ·   | approximately 87% of TT II, LLC’s net assets. |
|--------------------|-----------------------------------------------------|

| ·   | approximately 88% of DKR I, LLC’s net assets. |
|--------------------|-----------------------------------------------------|

| ·   | approximately 90% of Rotella I, LLC’s net assets. |
|--------------------|---------------------------------------------------------|

| ·   | approximately 96% of Augustus I, LLC’s net assets. |
|--------------------|----------------------------------------------------------|

| ·   | approximately 96% of GLC I, LLC’s net assets. |
|--------------------|-----------------------------------------------------|

| ·   | approximately 81% of Chesapeake I, LLC’s net assets. |
|--------------------|------------------------------------------------------------|

----

----

|   | Changes in Internal Control over Financial Reporting |
|--------|------------------------------------------------------|

----

----

| 31.01 | Certification of President of Ceres Managed Futures 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 Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.01 | Certification of President of Ceres Managed Futures 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 Ceres Managed Futures 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. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|         | Managed Futures Profile LV, L.P. |
|--------------|----------------------------------|
|         | (Registrant)                     |
|         |                             |   |
|         | By:                              | Ceres Managed Futures LLC |
|         |                             | (General Partner) |
|         |                             |   |
| May 16, 2011 | By:                              | /s/Jennifer Magro |
|         |                             | Jennifer Magro |
|         |                             | Chief Financial Officer |