|   | 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.) |
|                                      |                                                                                                                  |       |                                |
|    Demeter Management 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 September 30, 2010 and December 31, 2009                       | 2                |
|     |                                                                                                   |             |
|     | Statements of Operations for the Three and Nine Months Ended  September 30, 2010 and 2009    | 3                |
|     |                                                                                                   |             |
|     | Statements of Changes in Partners’ Capital for the Nine Months Ended September 30, 2010 and 2009 | 4                |
|     |                                                                                                   |             |
|     | Notes to Financial Statements                                                                          |   5-20 |
|     |                                                                                                   |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations            | 21-32            |
|     |                                                                                                   |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                             | 32-48            |
|     |                                                                                                   |             |
| Item 4.  | Controls and Procedures                                                                                | 48-49            |
|     |                                                                                                   |             |
|     | PART II. OTHER INFORMATION                                                                             |             |
|     |                                                                                                   |             |
| Item 1A. | Risk Factors                                                                                           | 50               |
|     |                                                                                                   |             |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                                   | 50               |
|     |                                                                                                   |             |
| Item 6.  | Exhibits                                                                                               | 50               |

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|                                                                                                                         | September 30, |   | December 31, |
|------------------------------------------------------------------------------------------------------------------------------|---------------|--------|--------------|
|                                                                                                                         | 2010          |   | 2009         |
| ASSETS                                                                                                                       | $             |   | $            |
|                                                                                                                         |          |   |         |
| Investments in Affiliated Trading Companies:                                                                                 |          |   |         |
| Investment in Kaiser I, LLC                                                                                                  | 16,879,688    |   | 17,199,089   |
| Investment in TT II, LLC                                                                                                     | 15,443,118    |   | 14,636,069   |
| Investment in DKR I, LLC                                                                                                     | 11,492,553    |   | 12,093,464   |
| Investment in Rotella I, LLC                                                                                                 | 10,774,269    |   | 11,647,262   |
| Investment in Augustus I, LLC                                                                                                | 6,105,419     |   | 6,027,000    |
| Investment in GLC I, LLC                                                                                                     | 5,746,277     |   | 6,092,966    |
| Investment in Chesapeake I, LLC                                                                                              | 5,387,134     |   | 10,260,689   |
|                                                                                                                         |          |   |         |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $71,513,903 and $77,508,726, respectively) | 71,828,458    |   | 77,956,539   |
|                                                                                                                         |          |   |         |
| Subscriptions receivable                                                                                                     | 621,642       |   | 3,105,226    |
| Receivable from Affiliated Trading Companies                                                                                 | 10,994,997    |   | –      |
|                                                                                                                         |          |   |         |
| Total Assets                                                                                                                 | 83,445,097    |   | 81,061,765   |
|                                                                                                                         |          |   |         |
| LIABILITIES                                                                                                                  |          |   |         |
|                                                                                                                         |          |   |         |
| Redemptions payable                                                                                                          | 11,435,058    |   | 1,038,907    |
| Payable to Affiliated Trading Companies                                                                                      | –       |   | 1,876,864    |
|                                                                                                                         |          |   |         |
| Total Liabilities                                                                                                            | 11,435,058    |   | 2,915,771    |
|                                                                                                                         |          |   |         |
| PARTNERS’ CAPITAL                                                                                                      |          |   |         |
| Class A (41,414.182 and 37,990.609 Units, respectively)                                                                      | 42,282,146    |   | 39,684,890   |
| Class B (8,454.558 and 8,032.706 Units, respectively)                                                                        | 8,769,454     |   | 8,492,803    |
| Class C (17,002.224 and 15,543.827 Units, respectively)                                                                      | 17,916,732    |   | 16,633,598   |
| Class D* (1,818.843 and 11,394.809 Units, respectively)                                                                      | 1,931,611     |   | 12,265,562   |
| Class Z (1,020.641 and 975.295 Units, respectively)                                                                          | 1,110,096     |   | 1,069,141    |
|                                                                                                                         |          |   |         |
| Total Partners’ Capital                                                                                                | 72,010,039    |   | 78,145,994   |
|                                                                                                                         |          |   |         |
| Total Liabilities and Partners’ Capital                                                                                | 83,445,097    |   | 81,061,765   |
|                                                                                                                         |          |   |         |
| NET ASSET VALUE PER UNIT                                                                                                     |          |   |         |
| Class A                                                                                                                      | 1,020.96      |   | 1,044.60     |
| Class B                                                                                                                      | 1,037.25      |   | 1,057.28     |
| Class C                                                                                                                      | 1,053.79      |   | 1,070.11     |
| Class D                                                                                                                      | 1,061.99      |   | 1,076.41     |
| Class Z                                                                                                                      | 1,087.64      |   | 1,096.22     |

----

|                                                                |                                               |   |                                         |
|---------------------------------------------------------------------|----------------------------------------------------|--------|----------------------------------------------|
|                                                                | For the Three MonthsEnded September  30, |   | For the Nine Months Ended September 30, |
|                                                                |                                               |   |                                         |   |   |   |   |
|                                                                | 2010                                               |   | 2009                                         |   | 2010 |   | 2009 |
|                                                                | $                                                  |   | $                                            |   | $ |   | $ |
| EXPENSES                                                            |                                               |   |                                         |   |   |   |   |
| Ongoing Placement Agent fees                                        | 308,416                                            |   | 242,955                                      |   | 916,766 |   | 573,739 |
| General Partner fees                                                | 203,351                                            |   | 164,072                                      |   | 604,703 |   | 379,904 |
| Administrative fees                                                 | 81,340                                             |   | 65,628                                       |   | 241,881 |   | 151,961 |
|                                                                |                                               |   |                                         |   |   |   |   |
| Total Expenses                                                      | 593,107                                            |   | 472,655                                      |   | 1,763,350 |   | 1,105,604 |
|                                                                |                                               |   |                                         |   |   |   |   |
| NET INVESTMENT LOSS                                                 | (593,107)                                          |   | (472,655)                                    |   | (1,763,350) |   | (1,105,604) |
|                                                                |                                               |   |                                         |   |   |   |   |
| REALIZED/NET CHANGE IN UNREALIZED                                   |                                               |   |                                         |   |   |   |   |
|  APPRECIATION (DEPRECIATION) ON                                |                                               |   |                                         |   |   |   |   |
|  INVESTMENTS                                                   |                                               |   |                                         |   |   |   |   |
| Realized                                                            | 629,169                                            |   | 510,309                                      |   | 436,699 |   | 1,155,468 |
| Net change in unrealized appreciation (depreciation) on investments | 2,023,687                                          |   | 615,730                                      |   | (133,258) |   | (1,340,520) |
|                                                                |                                               |   |                                         |   |   |   |   |
| Total Realized/Net Change in Unrealized                             |                                               |   |                                         |   |   |   |   |
| Appreciation (Depreciation) on Investments                          | 2,652,856                                          |   | 1,126,039                                    |   | 303,441 |   | (185,052) |
|                                                                |                                               |   |                                         |   |   |   |   |
| NET INCOME (LOSS)                                                   | 2,059,749                                          |   | 653,384                                      |   | (1,459,909) |   | (1,290,656) |
|                                                                |                                               |   |                                         |   |   |   |   |
| NET INCOME (LOSS) ALLOCATION                                        |                                               |   |                                         |   |   |   |   |
| Class A                                                             | 1,000,858                                          |   | 274,323                                      |   | (886,694) |   | (788,492) |
| Class B                                                             | 220,185                                            |   | 77,514                                       |   | (184,767) |   | (172,887) |
| Class C                                                             | 480,068                                            |   | 153,854                                      |   | (215,051) |   | (295,287) |
| Class D                                                             | 324,401                                            |   | 137,009                                      |   | (165,834) |   | (28,220) |
| Class Z                                                             | 34,237                                             |   | 10,684                                       |   | (7,563) |   | (5,770) |
|                                                                |                                               |   |                                         |   |   |   |   |
| NET INCOME (LOSS) PER UNIT *                                        |                                               |   |                                         |   |   |   |   |
| Class A                                                             | 24.14                                              |   | 9.22                                         |   | (23.64) |   | (33.94) |
| Class B                                                             | 25.79                                              |   | 11.24                                        |   | (20.03) |   | (30.62) |
| Class C                                                             | 27.47                                              |   | 12.55                                        |   | (16.32) |   | (28.54) |
| Class D                                                             | 28.32                                              |   | 12.02                                        |   | (14.42) |   | (3.26) |
| Class Z                                                             | 30.97                                              |   | 15.90                                        |   | (8.58) |   | (12.01) |
|                                                                |                                               |   |                                         |   |   |   |   |
|                                                                | Units                                              |   | Units                                        |   | Units |   | Units |
| WEIGHTED AVERAGE NUMBER                                             |                                               |   |                                         |   |   |   |   |
| OF UNITS OUTSTANDING                                                |                                               |   |                                         |   |   |   |   |
| Class A                                                             | 41,919.118                                         |   | 29,760.017                                   |   | 40,564.563 |   | 23,234.374 |
| Class B                                                             | 9,032.802                                          |   | 6,893.817                                    |   |  8,829.195 |   | 5,645.630 |
| Class C                                                             | 17,257.378                                         |   | 12,259.606                                   |   | 16,353.281 |   | 10,347.822 |
| Class D                                                             | 11,454.637                                         |   | 11,394.809                                   |   | 11,434.913 |   | 8,648.157 |
| Class Z                                                             | 1,121.551                                          |   | 671.979                                      |   | 1,089.991 |   | 480.363 |

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|                     | Class A     |   | Class B     |   | Class C     |   | Class D                                                                                                                                                                            |   | Class Z               |   | Total                         |
|--------------------------|-------------|--------|-------------|--------|-------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|-------------------------------|
|                     | $           |   | $           |   | $           |   | $                                                                                                                                                                                  |   |   $         |   | $                             |
| Partners’ Capital, |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| December 31, 2009        | 39,684,890  |   | 8,492,803   |   | 16,633,598  |   | 12,265,562                                                                                                                                                                         |   | 1,069,141             |   |    78,145,994       |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Subscriptions            | 8,735,108   |   | 2,204,427   |   | 4,511,828   |   |                           65,000                      |   | 170,000               |   |    15,686,363       |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Net Loss                 | (886,694)   |   | (184,767)   |   | (215,051)   |   |                              (165,834) |   | (7,563)               |   |    (1,459,909)      |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Redemptions              | (5,251,158) |   | (1,743,009) |   | (3,013,643) |   |  (10,233,117)                                                                                                                                                                 |   |   (121,482) |   |   (20,362,409)           |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Partners’ Capital, |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| September 30, 2010       | 42,282,146  |   | 8,769,454   |   | 17,916,732  |   |                           1,931,611                   |   | 1,110,096             |   |    72,010,039       |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Partners’ Capital, |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| December 31, 2008        | 17,878,869  |   | 4,830,459   |   | 9,336,195   |   | –                                                                                                                                                                            |   | 324,532               |   |    32,370,055       |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Subscriptions            | 21,863,505  |   | 4,687,167   |   | 9,620,456   |   |                        12,618,356                                    |   | 701,277               |   |    49,490,761       |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Net Loss                 | (788,492)   |   | (172,887)   |   | (295,287)   |   |                         (28,220)                                |   | (5,770)               |   |    (1,290,656)      |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Redemptions              | (3,250,911) |   | (911,635)   |   | (3,886,929) |   | –                                                                                                                                                                            |   | –               |   |    (8,049,475)      |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Partners’ Capital, |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| September 30, 2009       | 35,702,971  |   | 8,433,104   |   | 14,774,435  |   | 12,590,136                                                                                                                                                                         |   | 1,020,039             |   |    72,520,685       |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
|                     | Class A     |   | Class B     |   | Class C     |   | Class D                                                                                                                                                                            |   | Class Z               |   | Total                         |
|                     | Units       |   | Units       |   | Units       |   | Units                                                                                                                                                                              |   | Units                 |   | Units                         |
| Beginning Units,         |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| December 31, 2009        | 37,990.609  |   | 8,032.706   |   | 15,543.827  |   | 11,394.809                                                                                                                                                                         |   | 975.295               |   |     73,937.246 |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Subscriptions            | 8,632.297   |   | 2,136.045   |   | 4,341.951   |   |                           59.828                      |   | 157.826               |   |     15,327.947 |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Redemptions              | (5,208.724) |   | (1,714.193) |   | (2,883.554) |   |   (9,635.794)                                                                                                                                                            |   | (112.480)             |   |   (19,554.745)           |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Ending Units,            |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| September 30, 2010       | 41,414.182  |   | 8,454.558   |   | 17,002.224  |   | 1,818.843                                                                                                                                                                          |   | 1,020.641             |   |     69,710.448 |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Beginning Units,         |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| December 31, 2008        | 15,963.975  |   | 4,282.849   |   | 8,219.736   |   | –                                                                                                                                                                            |   | 281.733               |   |    28,748.293       |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Subscriptions            | 20,217.410  |   | 4,288.894   |   | 8,686.887   |   | 11,394.809                                                                                                                                                                         |   | 626.498               |   |    45,214.498       |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Redemptions              | (2,988.696) |   | (815.820)   |   | (3,464.561) |   | –                                                                                                                                                                            |   | –               |   |    (7,269.077)      |
|                     |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| Ending Units,            |        |   |        |   |        |   |                                                                                                                                                                               |   |                  |   |                          |
| September 30, 2009       | 33,192.689  |   | 7,755.923   |   | 13,442.062  |   | 11,394.809                                                                                                                                                                         |   | 908.231               |   |    66,693.714       |

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| Trading Company                                           | Trading Advisor                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Morgan Stanley Smith Barney Augustus I, LLC               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   (“Augustus I, LLC”)               | Augustus Asset Managers 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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----

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| 1)   | a) One or more underlyings and b) 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. |
|----------------|----------------------------------------------|

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----

|    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     | –                                                                                                                                                                                                                                                                                                                                                          | 16,879,688                                                                                 | n/a                                                                                                                                                       | 16,879,688                                                                                                                                                                                                                                                                                                                                                               |
| Investment in TT II, LLC        | –                                                                                                                                                                                                                                                                                                                                                          | 15,443,118                                                                                 | n/a                                                                                                                                                            | 15,443,118                                                                                                                                                                                                                                                                                                                                                               |
| Investment in DKR I, LLC        | –                                                                                                                                                                                                                                                                                                                                                          | 11,492,553                                                                                 | n/a                                                                                                                                                       | 11,492,553                                                                                                                                                                                                                                                                                                                                                               |
| Investment in Rotella I, LLC    | –                                                                                                                                                                                                                                                                                                                                                          | 10,774,269                                                                                 | n/a                                                                                                                                                       | 10,774,269                                                                                                                                                                                                                                                                                                                                                               |
| Investment in Augustus I, LLC   | –                                                                                                                                                                                                                                                                                                                                                          | 6,105,419                                                                                  | n/a                                                                                                                                                       | 6,105,419                                                                                                                                                                                                                                                                                                                                                                |
| Investment in GLC I, LLC        | –                                                                                                                                                                                                                                                                                                                                                          | 5,746,277                                                                                  | n/a                                                                                                                                                       | 5,746,277                                                                                                                                                                                                                                                                                                                                                                |
| Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                                                                                                                                                               | 5,387,134                                                                             | n/a                                                                                                                                                       | 5,387,134                                                                                                                                                                                                                                                                                                                                                                |

----

|     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     | –                                                                                                                                                                                            | 17,199,089                                                   | n/a                                                                                                                                                                                                                                                                                                                                                    | 17,199,089                                                                                                                                                                                                                                  |
| Investment in TT II, LLC        | –                                                                                                                                                                                            | 14,636,069                                                   | n/a                                                                                                                                                                                                                                                                                                                                                    | 14,636,069                                                                                                                                                                                                                                  |
| Investment in DKR I, LLC        | –                                                                                                                                                                                            | 12,093,464                                                   | n/a                                                                                                                                                                                                                                                                                                                                                    | 12,093,464                                                                                                                                                                                                                                  |
| Investment in Rotella I, LLC    | –                                                                                                                                                                                            | 11,647,262                                                   | n/a                                                                                                                                                                                                                                                                                                                                                    | 11,647,262                                                                                                                                                                                                                                  |
| Investment in Chesapeake I, LLC | –                                                                                                                                                                                                 | 10,260,689                                                   | n/a                                                                                                                                                                                                                                                                                                                                                    | 10,260,689                                                                                                                                                                                                                                  |
| Investment in GLC I, LLC        | –                                                                                                                                                                                                 | 6,092,966                                                    | n/a                                                                                                                                                                                                                                                                                                                                                    | 6,092,966                                                                                                                                                                                                                                   |
| Investment in Augustus I, LLC   | –                                                                                                                                                                                                 | 6,027,000                                                    | n/a                                                                                                                                                                                                                                                                                                                                                    | 6,027,000                                                                                                                                                                                                                                   |

----

| For the Three Months Ended September 30, 2010  |  InvestmentIncome/(Loss)                                                                 |  Net  Investment Loss  | Total Trading Results                        | NetIncome/(Loss)             |
|-----------------------------------------------------|-----------------------------------------------------------------------------------------------|--------------------------------------------|---------------------------------------------------|-----------------------------------|
|                                                |     $                                                                     | $                                          | $                                                 | $                                 |
| Kaiser I, LLC                                       |           221      | (288,671)                                  |      84,283    |   (204,388)   |
| TT II, LLC                                          |  (1,038)                                                                                 | (282,144)                                  |  3,147,691                                   | 2,865,547                         |
| DKR Fusion, LLC                                     |      147                                                             | (160,265)                                  | 1,153,045                                         |    992,780         |
| Rotella I, LLC                                      |  (4,187)                                                                                 |  (140,975)                            |     (25,539)                  |    (166,514)       |
| GLC I, LLC                                          |     (375)                                                                 |   (98,654)                       |   (351,154)                             |    (449,808)       |
| Chesapeake I, LLC                                   | (18,067)                                                                                      |  (142,467)                            | 1,906,981                                         | 1,764,514                         |

| For the Nine Months Ended September 30, 2010  |  InvestmentIncome/(Loss)                                                                 |        Net  Investment Loss  | Total Trading Results              | NetIncome/(Loss)                                 |
|----------------------------------------------------|-----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|-----------------------------------------|-------------------------------------------------------|
|                                               | $                                                                                             | $                                                                         | $                                       | $                                                     |
| Kaiser I, LLC                                      |           439      | (871,515)                                                                 |  2,177,402     | 1,305,887                                             |
| TT II, LLC                                         |  (2,971)                                                                                 | (857,439)                                                                 |  5,243,227                         |  4,385,788                                       |
| DKR Fusion, LLC                                    |      (348)                                                      | (520,407)                                                                 |    832,141               |    311,734                             |
| Rotella I, LLC                                     |  (6,888)                                                                                 |  (388,995)                                                           |   (342,754)                   |    (731,749)                           |
| GLC I, LLC                                         |     152                                                                   |  (310,651)                                                           |   (1,951,612)       |  (2,262,263)                                     |
| Chesapeake I, LLC                                  | (39,791)                                                                                      |  (566,505)                                                           | (2,859,366)         |   (3,425,871)      |

----

| For the Three Months Ended September 30, 2009  |   Investment Income |   NetInvestment Loss  | Total Trading Results  | NetIncome/(Loss)     |
|-----------------------------------------------------|-------------------------------|--------------------------------------|-----------------------------|---------------------------|
|                                                | $                             | $                                    | $                           | $                         |
| Kaiser I, LLC                                       |    635         |  (268,483)                      | 477,899                     |  209,416             |
| TT II, LLC                                          |    27          |  (270,344)                      | (1,104,387)                 |  (1,374,731)         |
| DKR I, LLC                                          |    –     |  (142,671)                      |   318,963         |    176,292 |

| For the Nine Months Ended September 30, 2009  |   Investment Income                         |    NetInvestment Loss  | Total Trading Results            |  NetIncome/(Loss)             |
|----------------------------------------------------|-------------------------------------------------------|--------------------------------------------|---------------------------------------|-----------------------------------------|
|                                               | $                                                     | $                                          | $                                     | $                                       |
| Kaiser I, LLC                                      |     4,627     |  (774,973)                            |      277,576 |      (497,397) |
| TT II, LLC                                         | 4,675                                                 |  (776,221)                            | (1,587,045)                           | (2,363,266)                             |
| DKR I, LLC                                         |   799                                       |  (315,047)                            |    640,925             |    325,878               |

----

----

----

|   | - 19 - |
|--------|--------|

----

|   | - 20 -  |
|--------|--------------|

----

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

----

----

----

| Share Class |        NAV at 9/30/10 |       NAV at 6/30/10 |
|-------------|-----------------------------------------------------|-----------------------------------------------|
|        |                                                |                                          |
| A           | $1,020.96                                           |    $996.82                     |
| B           | $1,037.25                                           | $1,011.46                                     |
| C           | $1,053.79                                           | $1,026.32                                     |
| D           | $1,061.99                                           | $1,033.67                                     |
| Z           | $1,087.64                                           | $1,056.67                                     |

----

----

| Share Class  |         NAV at 9/30/10 | NAV at 12/31/09 |
|-------------------|-----------------------------------------------------------|-----------------|
|              |                                                      |            |
| A                 | $1,020.96                                                 | $1,044.60       |
| B                 | $1,037.25                                                 | $1,057.28       |
| C                 | $1,053.79                                                 | $1,070.11       |
| D                 | $1,061.99                                                 | $1,076.41       |
| Z                 | $1,087.64                                                 | $1,096.22       |

----

----

| Share Class | NAV at 9/30/09 | NAV at 6/30/09 |
|-------------|----------------|----------------|
|        |           |           |
| A           | $1,075.63      | $1,067.24      |
| B           | $1,087.31      | $1,077.49      |
| C           | $1,099.12      | $1,087.84      |
| D           | $1,104.90      | $1,092.88      |
| Z           | $1,123.10      | $1,108.81      |

----

----

| Share Class | NAV at 9/30/09 | NAV at 12/31/08                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-------------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| A           | $1,075.63      | $1,119.95                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| B           | $1,087.31      | $1,127.86                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| C           | $1,099.12      | $1,135.83                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| D           | $1,104.90      | n/a                                                                                |
| Z           | $1,123.10      | $1,151.91                                                                                                                                                                                                                                                                                                                                                                                      |

----

----

----

----

----

|                         |                        September 30, 2010 |   |                            September 30, 2009 |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                                                                                                                     |   | VaR                                                                                                                                                                             |
|                         |                                                                                                                                                    |   |                                                                                                                                                                            |
| Currency                     | (1.09)%                                                                                                                                       |   | (0.54)%                                                                                                                                                               |
| Interest Rate                | (2.17)                                                                                                                                                  |   | (0.60)                                                                                                                                                                          |
| Equity                       | (2.98)                                                                                                                                                  |   | (3.51)                                                                                                                                                                          |
| Commodity                    | (6.43)                                                                                                                                                  |   | (2.10)                                                                                                                                                                          |
| Aggregate Value at Risk      | (7.82)%                                                                                                                        |   | (4.71)%                                                                                                                                                                    |

|                         |                              September 30, 2010 |   |                             September 30, 2009 |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                                                                                                            |   | VaR                                                                                                                                                                                   |
|                         |                                                                                                                                                                                        |   |                                                                                                                                                                                  |
| Currency                     | (1.85)%                                                                                                                                                                           |   | (0.69)%                                                                                                                                                                     |
| Interest Rate                | (1.29)                                                                                                                                                                                      |   | (0.57)                                                                                                                                                                                |
| Equity                       | (0.39)                                                                                                                                                                                      |   | (0.23)                                                                                                                                                                                |
| Commodity                    | (2.81)                                                                                                                                                                                      |   | (1.03)                                                                                                                                                                                |
| Aggregate Value at Risk      | (3.61)%                                                                                                                                                                           |   | (1.37)%                                                                                                                                                                               |

|                         |                        September 30, 2010 |   |                               September 30, 2009 |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                                                                                                                     |   | VaR                                                                                                                                                       |
|                         |                                                                                                                                                    |   |                                                                                                                                                                                              |
| Currency                     | (0.27)%                                                                                                                                       |   | (0.19)%                                                                                                                                                                                 |
| Interest Rate                | (0.27)                                                                                                                                                  |   | (0.81)                                                                                                                                                                                            |
| Equity                       | (1.02)                                                                                                                                                  |   | (0.36)                                                                                                                                                                                            |
| Commodity                    | (0.18)                                                                                                                                                  |   | (0.08)                                                                                                                                                                                            |
| Aggregate Value at Risk      | (0.80)%                                                                                                                                            |   | (0.81)%                                                                                                                                                                                           |

----

|                         |                                  September 30, 2010 |   |                                  September 30, 2009 |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                                                                                                                                                                                 |   | VaR                                                                                                                                                                                   |
|                         |                                                                                                                                                                                                                |   |                                                                                                                                                                                                                |
| Currency                     | (2.18)%                                                                                                                                                                                                   |   | (1.12)%                                                                                                                                                                                                        |
| Interest Rate                | (0.78)                                                                                                                                                                                                              |   | (1.08)                                                                                                                                                                                                              |
| Equity                       | (3.00)                                                                                                                                                                                                              |   | (0.91)                                                                                                                                                                                                              |
| Commodity                    | (2.20)                                                                                                                                                                                                              |   | (0.87)                                                                                                                                                                                                              |
| Aggregate Value at Risk      | (5.82)%                                                                                                                                                                                                   |   | (1.92)%                                                                                                                                                                                                        |

|                         |                               September 30, 2010 |   |                               September 30, 2009 |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                                                                                                                                      |   | VaR                                                                                                                                                                                               |
|                         |                                                                                                                                                                                              |   |                                                                                                                                                                                              |
| Currency                     | (1.28)%                                                                                                                                                                                      |   | (0.95)%                                                                                                                                                                            |
| Interest Rate                | (0.86)                                                                                                                                                                                            |   | (0.60)                                                                                                                                                                                            |
| Equity                       | (4.23)                                                                                                                                                                                            |   | (1.67)                                                                                                                                                                                            |
| Commodity                    | (1.84)                                                                                                                                                                                            |   | (0.76)                                                                                                                                                                                            |
| Aggregate Value at Risk      | (6.27)%                                                                                                                                                                                 |   | (2.63)%                                                                                                                                                                                      |

|                         |                                    September 30, 2010 |   |                                       September 30, 2009 |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                                                                                                                                                                    |   | VaR                                                                                                                                                                                                                                               |
|                         |                                                                                                                                                                                                                            |   |                                                                                                                                                                                                                                              |
| Currency                     | (1.37)%                                                                                                                                                                                                               |   | —%                                                                                                                                                                                                                                          |
| Interest Rate                | (0.38)                                                                                                                                                                                                                          |   |      —                                                                                                                                                                                                                  |
| Aggregate Value at Risk      | (1.48)%                                                                                                                                                                                                               |   | —%                                                                                                                                                                                                                                          |

----

|                         |                             September 30, 2010 |   |                                 September 30, 2009 |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                                                                                                 |   | VaR                                                                                                                                                                                                           |
|                         |                                                                                                                                                                                  |   |                                                                                                                                                                                                          |
| Currency                     | (0.37)%                                                                                                                                                                               |   | —%                                                                                                                                                                                                      |
| Interest Rate                | ―                                                                                                                                                                               |   |   ―                                                                                                                                                                                                |
| Equity                       | (0.64)                                                                                                                                                                                |   |       —                                                                                                                                                                        |
| Aggregate Value at Risk      | (0.76)%                                                                                                                                                                               |   | —%                                                                                                                                                                                                      |

----

| Chesapeake I, LLCPrimary Market Risk Category |    High    | Low                                                                | Average        |
|-----------------------------------------------|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                                          |                                     |                                                                                                                                                    |                                              |
| Currency                                      | (1.09)%                        |     (0.49)%                                                                                                                              | (0.86)%                            |
| Interest Rate                                 | (2.17)                                   |     (0.83)                                                                                                                               | (1.35)                                            |
| Equity                                        | (3.82)                                   | (2.15)                          | (3.15)                                            |
| Commodity                                     | (6.43)                                   |     (2.25)                                                                                                                               | (4.08)                                            |
| Aggregate Value at Risk                       | (7.82)%                        |     (2.88)%                                                                                                                              | (6.20)%                                      |

| DKR I, LLCPrimary Market Risk Category | High          | Low             | Average      |
|----------------------------------------|------------------------------------------------------------|-----------------------------------------------------------------------------|---------------------------------------|
|                                   |                                                       |                                                                        |                                  |
| Currency                               | (1.85)%                                          |             (0.61)%  | (1.29)%                               |
| Interest Rate                          | (1.29)                                                     |             (0.75)   | (1.00)                                |
| Equity                                 | (0.77)                                                     |             (0.39)   | (0.56)                                |
| Commodity                              | (2.81)                                                     |             (0.47)   | (1.60)                                |
| Aggregate Value at Risk                | (3.61)%                                          |             (1.56)%  | (2.59)%                               |

| Kaiser I, LLCPrimary Market Risk Category | High                | Low                                   | Average         |
|-------------------------------------------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|
|                                      |                |                                                                                                                                                                                                            |                                                    |
| Currency                                  | (0.27)%   |     (0.13)%                                                                                                                                                                                      | (0.21)%                                            |
| Interest Rate                             | (0.76)              | (0.08)                                                                                                                                                                                                          | (0.40)                                                  |
| Equity                                    | (1.44)              | (0.27)                                                                                                                                                                                                          | (0.84)                                                  |
| Commodity                                 | (0.19)              | (0.01)                                                                                                                                                                                                          | (0.14)                                                  |
| Aggregate Value at Risk                   | (1.40)%   | (0.51)%                                                                                                                                                                                                         | (0.93)%                                            |

| Augustus I, LLCPrimary Market Risk Category | High         | Low                            | Average   |
|---------------------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|
|                                        |                                                 |                                                                                                                                                                  |                |
| Currency                                    | (1.69)%                                    | (1.07)%                                                                                                                                                               | (1.34)%             |
| Interest Rate                               | (0.71)                                               | (0.28)                                                                                                                                                                | (0.49)              |
| Aggregate Value at Risk                     | (1.85)%                                    | (1.25)%                                                                                                                                                               | (1.54)%             |

----

| TT II, LLCPrimary Market Risk Category | High             | Low                                       | Average        |
|----------------------------------------|------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                                   |                                                                         |                                                                                                                                                                                                                                    |                                              |
| Currency                               | (2.29)%                                                            | (0.67)%                                                                                                                                                                                                                                 | (1.53)%                                      |
| Interest Rate                          | (1.15)                                                                       | (0.43)                                                                                                                                                                                                                                  | (0.82)                                            |
| Equity                                 | (3.55)                                                                       | (0.25)                                                                                                                                                                                                                                  | (2.25)                                            |
| Commodity                              | (2.20)                                                                       | (0.53)                                                                                                                                                                                                                                  | (1.54)                                            |
| Aggregate Value at Risk                | (6.84)%                                                            | (1.03)%                                                                                                                                                                                                                                 | (4.34)%                                 |

| Rotella I, LLCPrimary Market Risk Category | High                      | Low                           | Average             |
|--------------------------------------------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                                       |                      |                                                                                                                                                       |                                                                            |
| Currency                                   | (1.28)%    |  (0.55)%                                                    | (0.84)%                                                               |
| Interest Rate                              | (0.92)               |  (0.43)                                                          | (0.69)                                                                          |
| Equity                                     | (4.23)               | (0.62)                                                                | (2.95)                                                                          |
| Commodity                                  | (1.84)               | (0.38)                                                                | (1.32)                                                                          |
| Aggregate Value at Risk                    | (6.27)%    | (1.27)%                                                          | (4.48)%                                                               |

| GLC I, LLCPrimary Market Risk Category | High              | Low                                   | Average            |
|----------------------------------------|------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                                   |                                                                               |                                                                                                                                                                                                       |                                                                      |
| Currency                               | (1.53)%                                                                  |    (0.37)%                                                                                                                                                                                       | (0.95)%                                                              |
| Interest Rate                          | (0.88)                                                                             |       –                                                                                                                                                                     | (0.39)                                                                    |
| Equity                                 | (0.98)                                                                             |    (0.43)                                                                                                                                                                                        | (0.67)                                                                    |
| Commodity                              | (0.28)                                                                             |    –                                                                                                                                                                                  | (0.07)                                                                    |
| Aggregate Value at Risk                | (1.69)%                                                                  |    (0.76)%                                                                                                                                                                                       | (1.29)%                                                              |

| Chesapeake I, LLCPrimary Market Risk Category | High           | Low                 | Average             |
|-----------------------------------------------|------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                                          |                                                             |                                                                                                |                                                                            |
| Currency                                      | (0.54)%                                           |             (0.39)%                          | (0.45)%                                                               |
| Interest Rate                                 | (0.60)                                                           |             (0.31)                           | (0.46)                                                                          |
| Equity                                        | (3.51)                                                           |         –                                                  | (0.90)                                                                          |
| Commodity                                     | (2.10)                                                      |             (0.34)                           |  (1.05)                                                                    |
| Aggregate Value at Risk                       | (4.71)%                                                |             (0.74)%                          | (1.90)%                                                                         |

----

| DKR I, LLCPrimary Market Risk Category | High         | Low                                          | Average             |
|----------------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                                   |                                                 |                                                                                                                                                                                                                                                      |                                                                            |
| Currency                               | (0.69)%                                    | (0.21)%                                                                                                                                                                                                                                                   | (0.41)%                                                                    |
| Interest Rate                          | (0.57)                                               | (0.33)                                                                                                                                                                                                                                                    | (0.48)                                                                          |
| Equity                                 | (0.23)                                               | (0.06)                                                                                                                                                                                                                                                    | (0.16)                                                                          |
| Commodity                              | (1.58)                                               | (0.24)                                                                                                                                                                                                                                                    | (0.85)                                                                          |
| Aggregate Value at Risk                | (1.92)%                                    | (0.66)%                                                                                                                                                                                                                                                   | (1.16)%                                                                    |

| Kaiser I, LLCPrimary Market Risk Category | High     | Low                                  | Average        |
|-------------------------------------------|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                                      |                         |                                                                                                                                                                                                      |                                              |
| Currency                                  | (0.25)%                 | –    %                                                                                                                                                                          | (0.12)%                                      |
| Interest Rate                             | (0.81)                       | (0.11)                                                                                                                                                                                                    | (0.38)                                            |
| Equity                                    | (0.41)                       | (0.05)                                                                                                                                                                                                    | (0.27)                                            |
| Commodity                                 | (0.08)                       | –                                                                                                                                                                                                   | (0.05)                                            |
| Aggregate Value at Risk                   | (0.81)%            | (0.12)%                                                                                                                                                                                                   | (0.56)%                                      |

| TT II, LLCPrimary Market Risk Category | High      | Low                                | Average              |
|----------------------------------------|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|
|                                   |                               |                                                                                                                                                                                          |                                                                                  |
| Currency                               | (1.12)%                  | (0.09)%                                                                                                                                                                                       | (0.64)%                                                                     |
| Interest Rate                          | (1.08)                             | (0.32)                                                                                                                                                                                        | (0.74)                                                                                |
| Equity                                 | (0.91)                             | (0.09)                                                                                                                                                                                        | (0.42)                                                                                |
| Commodity                              | (0.87)                             | (0.32)                                                                                                                                                                                        | (0.62)                                                                                |
| Aggregate Value at Risk                | (1.92)%                  | (0.50)%                                                                                                                                                                                       | (1.44)%                                                                          |

| Rotella I, LLCPrimary Market Risk Category | High         | Low                                    | Average             |
|--------------------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                                       |                                                 |                                                                                                                                                                                                                  |                                                                            |
| Currency                                   | (0.95)%                                         | –                                                                                                                                                                                                               | (0.24)%                                                               |
| Interest Rate                              | (0.60)                                               | –                                                                                                                                                                                                               | (0.15)                                                                          |
| Equity                                     | (1.67)                                               | –                                                                                                                                                                                                               | (0.42)                                                                          |
| Commodity                                  | (0.76)                                               | –                                                                                                                                                                                                               | (0.19)                                                                          |
| Aggregate Value at Risk                    | (2.63)%                                    | –                                                                                                                                                                                                               | (0.66)%                                                               |

----

| ·   | 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 102% of Kaiser I, LLC’s net assets. |
|--------------------|---------------------------------------------------------|

| ·   | approximately 90% of TT II, LLC’s net assets. |
|--------------------|-----------------------------------------------------|

| ·   | approximately 99% of DKR I, LLC’s net assets. |
|--------------------|-----------------------------------------------------|

| ·   | approximately 93% of Rotella I, LLC’s net assets. |
|--------------------|---------------------------------------------------------|

| ·   | approximately 102% of Augustus I, LLC’s net assets. |
|--------------------|-----------------------------------------------------------|

| ·   | approximately 102% of GLC I, LLC’s net assets. |
|--------------------|------------------------------------------------------|

| ·   | approximately 89% of Chesapeake I, LLC’s net assets. |
|--------------------|------------------------------------------------------------|

----

----

----

----

----

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

----

----

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

| 31.02 | Certification of Chief Financial Officer of Demeter Management LLC, the general partner of the Partnership, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.01 | Certification of President of Demeter Management LLC, the general partner of the Partnership, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.02 | Certification of Chief Financial Officer of Demeter Management LLC, the general partner of the Partnership, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|              | Managed Futures Profile LV, L.P. |
|-------------------|----------------------------------|
|              | (Registrant)                     |
|              |                             |   |
|              | By:                              | Demeter Management LLC |
|              |                             | (General Partner) |
|              |                             |   |
| November 12, 2010 | By:                              |   |
|              |                             | Christian Angstadt |
|              |                             | Chief Financial Officer |