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

|                                     | Delaware                                                                                                        |       | 20-8529352                          |
|------------------------------------------|-----------------------------------------------------------------------------------------------------------------|------------|-------------------------------------|
|                                     |      (State or other jurisdiction of     incorporation or organization) |       | (I.R.S. EmployerIdentification No.) |
|                                     |                                                                                                            |       |                                |
| Demeter Management LLC                   |                                                                                                            |       |
| 522 Fifth Avenue, 13th Floor             |                                                                                                            |       |
| New York, NY                             |                                                                                                            | 10036      |
| (Address of principal executive offices) |                                                                                                            | (Zip Code) |

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

| 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 June 30, 2010 and December 31, 2009                      | 2                |
|     |                                                                                             |             |
|     | Statements of Operations for the Three and Six Months Ended June 30, 2010 and 2009               | 3                |
|     |                                                                                             |             |
|     | Statements of Changes in Partners’ Capital for the Six Months Ended June 30, 2010 and 2009 | 4                |
|     |                                                                                             |             |
|     | Statements of Cash Flows for the Six Months Ended June 30, 2010 and 2009                         | 5                |
|     |                                                                                             |             |
|     | Notes to Financial Statements                                                                    |   6-21 |
|     |                                                                                             |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations      | 22-32            |
|     |                                                                                             |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                       | 32-47            |
|     |                                                                                             |             |
| Item 4.  | Controls and Procedures                                                                          | 48               |
|     |                                                                                             |             |
|     | PART II. OTHER INFORMATION                                                                       |             |
|     |                                                                                             |             |
| Item 1A. | Risk Factors                                                                                     | 49               |
|     |                                                                                             |             |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                             | 49               |
|     |                                                                                             |             |
| Item 6.  | Exhibits                                                                                         | 49               |

----

|                                                                                                                        | June 30,   |   | December 31, |
|-----------------------------------------------------------------------------------------------------------------------------|------------|--------|--------------|
|                                                                                                                        | 2010       |   | 2009         |
| ASSETS                                                                                                                      | $          |   | $            |
|                                                                                                                        |       |   |         |
| Investments in Affiliated Trading Companies:                                                                                |       |   |         |
| Investment in Kaiser I, LLC                                                                                                 | 11,018,798 |   | 10,332,670   |
| Investment in WNT I, LLC                                                                                                    | 11,010,716 |   | 10,215,847   |
| Investment in Aspect I, LLC                                                                                                 | 10,401,947 |   | 9,966,139    |
| Investment in TT II, LLC                                                                                                    | 10,285,687 |   | 9,881,734    |
| Investment in Chesapeake I, LLC                                                                                             | 5,520,720  |   | 9,259,009    |
| Investment in Augustus I, LLC                                                                                               | 4,547,923  |   | 4,538,004    |
| Investment in GLC I, LLC                                                                                                    | 4,455,733  |   | 4,584,958    |
|                                                                                                                        |       |   |         |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $56,814,760 and $57,815,090 respectively) | 57,241,524 |   | 58,778,361   |
|                                                                                                                        |       |   |         |
| Receivable from Affiliated Trading Companies                                                                                | 548,323    |   | –      |
| Subscriptions receivable                                                                                                    | 262,510    |   | 1,827,289    |
|                                                                                                                        |       |   |         |
| Total Assets                                                                                                                | 58,052,357 |   | 60,605,650   |
|                                                                                                                        |       |   |         |
| LIABILITIES                                                                                                                 |       |   |         |
|                                                                                                                        |       |   |         |
| Redemptions payable                                                                                                         | 659,137    |   | 880,156      |
| Payable to Affiliated Trading Companies                                                                                     | —    |   | 791,664      |
|                                                                                                                        |       |   |         |
| Total Liabilities                                                                                                           | 659,137    |   | 1,671,820    |
|                                                                                                                        |       |   |         |
| PARTNERS’ CAPITAL                                                                                                     |       |   |         |
| Class A (40,347.522 and 40,464.124 Units, respectively)                                                                     | 42,213,760 |   | 43,345,191   |
| Class B (6,011.609 and 5,330.595 Units, respectively)                                                                       | 6,381,978  |   | 5,779,409    |
| Class C (7,133.658 and 7,924.148 Units, respectively)                                                                       | 7,684,233  |   | 8,695,492    |
| Class Z (1,003.833 and 990.781 Units, respectively)                                                                         | 1,113,249  |   | 1,113,738    |
|                                                                                                                        |       |   |         |
| Total Partners’ Capital                                                                                               | 57,393,220 |   | 58,933,830   |
|                                                                                                                        |       |   |         |
| Total Liabilities and Partners’ Capital                                                                               | 58,052,357 |   | 60,605,650   |
|                                                                                                                        |       |   |         |
| NET ASSET VALUE PER UNIT                                                                                                    |       |   |         |
| Class A                                                                                                                     | 1,046.25   |   | 1,071.20     |
| Class B                                                                                                                     | 1,061.61   |   | 1,084.19     |
| Class C                                                                                                                     | 1,077.18   |   | 1,097.34     |
| Class Z                                                                                                                     | 1,108.99   |   | 1,124.10     |

----

|                                                              | For the Three MonthsEnded June  30, |   | For the Six Months Ended June 30, |
|-------------------------------------------------------------------|-----------------------------------------------|--------|----------------------------------------|
|                                                              |                                          |   |                                   |   |   |   |   |
|                                                              | 2010                                          |   | 2009                                   |   | 2010 |   | 2009 |
|                                                              | $                                             |   | $                                      |   | $ |   | $ |
| EXPENSES                                                          |                                          |   |                                   |   |   |   |   |
| Ongoing Placement Agent fees                                      | 265,335                                       |   | 190,094                                |   | 524,015 |   | 351,641 |
| General Partner fees                                              | 149,843                                       |   | 108,871                                |   | 295,982 |   | 199,271 |
| Administrative fees                                               | 59,937                                        |   | 43,548                                 |   | 118,393 |   | 79,708 |
|                                                              |                                          |   |                                   |   |   |   |   |
| Total Expenses                                                    | 475,115                                       |   | 342,513                                |   | 938,390 |   | 630,620 |
|                                                              |                                          |   |                                   |   |   |   |   |
| NET INVESTMENT LOSS                                               | (475,115)                                     |   | (342,513)                              |   | (938,390) |   | (630,620) |
|                                                              |                                          |   |                                   |   |   |   |   |
| REALIZED/NET CHANGE IN UNREALIZED APPRECIATION                    |                                          |   |                                   |   |   |   |   |
|         (DEPRECIATION) ON |                                          |   |                                   |   |   |   |   |
|          INVESTMENTS |                                          |   |                                   |   |   |   |   |
| Realized                                                          | 59,645                                        |   | —                                |   | 226,580 |   | 291,733 |
| Net change in unrealized depreciation                             |                                          |   |                                   |   |   |   |   |
|   on investments                                        | (1,954,324)                                   |   | (2,251,966)                            |   | (536,507) |   | (3,154,832) |
|                                                              |                                          |   |                                   |   |   |   |   |
| Total Realized/Net Change in  Unrealized                |                                          |   |                                   |   |   |   |   |
| Depreciation on Investments                                       | (1,894,679)                                   |   | (2,251,966)                            |   | (309,927) |   | (2,863,099) |
|                                                              |                                          |   |                                   |   |   |   |   |
| NET LOSS                                                          | (2,369,794)                                   |   | (2,594,479)                            |   | (1,248,317) |   | (3,493,719) |
|                                                              |                                          |   |                                   |   |   |   |   |
| NET LOSS ALLOCATION                                               |                                          |   |                                   |   |   |   |   |
|                                                              |                                          |   |                                   |   |   |   |   |
| Class A                                                           | (1,763,741)                                   |   | (1,865,946)                            |   | (939,268) |   | (2,563,812) |
| Class B                                                           | (253,586)                                     |   | (262,998)                              |   | (131,259) |   | (350,777) |
| Class C                                                           | (312,078)                                     |   | (424,846)                              |   | (162,301) |   | (525,818) |
| Class Z                                                           | (40,389)                                      |   | (40,689)                               |   | (15,489) |   | (53,312) |
|                                                              |                                          |   |                                   |   |   |   |   |
| NET LOSS PER UNIT *                                               |                                          |   |                                   |   |   |   |   |
|                                                              |                                          |   |                                   |   |   |   |   |
| Class A                                                           | (43.47)                                       |   | (64.20)                                |   | (24.95) |   | (98.28) |
| Class B                                                           | (42.70)                                       |   | (64.58)                                |   | (22.58) |   | (96.77) |
| Class C                                                           | (41.91)                                       |   | (64.13)                                |   | (20.16) |   | (100.68) |
| Class Z                                                           | (40.24)                                       |   | (63.66)                                |   | (15.11) |   | (92.03) |
|                                                              |                                          |   |                                   |   |   |   |   |
|                                                              | Units                                         |   | Units                                  |   | Units |   | Units |
| WEIGHTED AVERAGE NUMBER                                           |                                          |   |                                   |   |   |   |   |
| OF UNITS OUTSTANDING                                              |                                          |   |                                   |   |   |   |   |
|                                                              |                                          |   |                                   |   |   |   |   |
| Class A                                                           | 40,784.152                                    |   | 29,062.533                             |   | 41,002.415 |   | 26,087.604 |
| Class B                                                           | 5,938.465                                     |   | 4,072.705                              |   | 5,714.460 |   | 3,625.037 |
| Class C                                                           | 7,373.250                                     |   | 6,624.566                              |   | 7,566.520 |   | 5,222.894 |
| Class Z                                                           | 1,003.833                                     |   | 639.196                                |   | 997.343 |   | 579.283 |

----

|                     | Class A           |   | Class B           |   | Class C   |   | Class Z   |   | Total                         |
|--------------------------|-------------------|--------|-------------------|--------|-----------|--------|-----------|--------|-------------------------------|
|                     | $                 |   | $                 |   | $         |   | $         |   | $                             |
|                     |              |   |              |   |      |   |      |   |                          |
| Partners’ Capital, |              |   |              |   |      |   |      |   |                          |
| December 31, 2009        | 43,345,191        |   | 5,779,409         |   | 8,695,492 |   | 1,113,738 |   | 58,933,830                    |
|                     |              |   |              |   |      |   |      |   |                          |
| Subscriptions            | 3,857,829         |   | 733,828           |   | —   |   | 15,000    |   |  4,606,657               |
|                     |              |   |              |   |      |   |      |   |                          |
| Net Loss                 | (939,268)         |   | (131,259)         |   | (162,301) |   | (15,489)  |   | (1,248,317)                   |
|                     |              |   |              |   |      |   |      |   |                          |
| Redemptions              |  (4,049,992) |   | —           |   | (848,958) |   | —   |   |    (4,898,950) |
|                     |              |   |              |   |      |   |      |   |                          |
| Partners’ Capital, |              |   |              |   |      |   |      |   |                          |
| June 30, 2010            | 42,213,760        |   | 6,381,978         |   | 7,684,233 |   | 1,113,249 |   | 57,393,220                    |
|                     |              |   |              |   |      |   |      |   |                          |
| Partners’ Capital, |              |   |              |   |      |   |      |   |                          |
| December 31, 2008        | 25,973,353        |   | 3,746,101         |   | 4,711,520 |   | 628,332   |   | 35,059,306                    |
|                     |              |   |              |   |      |   |      |   |                          |
| Subscriptions            | 18,449,716        |   | 3,087,415         |   | 4,892,950 |   | 529,878   |   | 26,959,959                    |
|                     |              |   |              |   |      |   |      |   |                          |
| Net Loss                 | (2,563,812)       |   | (350,777)         |   | (525,818) |   | (53,312)  |   | (3,493,719)                   |
|                     |              |   |              |   |      |   |      |   |                          |
| Redemptions              |  (5,031,582) |   |  (1,458,401) |   | (892,074) |   | (118,027) |   |    (7,500,084) |
|                     |              |   |              |   |      |   |      |   |                          |
| Partners’ Capital, |              |   |              |   |      |   |      |   |                          |
| June 30, 2009            | 36,827,675        |   | 5,024,338         |   | 8,186,578 |   | 986,871   |   | 51,025,462                    |
|                     |              |   |              |   |      |   |      |   |                          |
|                     | Class A           |   | Class B           |   | Class C   |   | Class Z   |   | Total                         |
|                     | Units             |   | Units             |   | Units     |   | Units     |   | Units                         |
| Beginning Units,         |              |   |              |   |      |   |      |   |                          |
| December 31, 2009        | 40,464.124        |   | 5,330.595         |   | 7,924.148 |   | 990.781   |   | 54,709.648                    |
|                     |              |   |              |   |      |   |      |   |                          |
| Subscriptions            | 3,657.703         |   | 681.014           |   | —   |   | 13.052    |   | 4,351.769                     |
|                     |              |   |              |   |      |   |      |   |                          |
| Redemptions              | (3,774.305)       |   | —           |   | (790.490) |   | —   |   | (4,564.795)                   |
|                     |              |   |              |   |      |   |      |   |                          |
| Ending Units,            |              |   |              |   |      |   |      |   |                          |
| June 30, 2010            | 40,347.522        |   | 6,011.609         |   | 7,133.658 |   | 1,003.833 |   | 54,496.622                    |
|                     |              |   |              |   |      |   |      |   |                          |
| Beginning Units,         |              |   |              |   |      |   |      |   |                          |
| December 31, 2008        | 22,051.766        |   | 3,158.253         |   | 3,944.412 |   | 518.705   |   |  29,673.136              |
|                     |              |   |              |   |      |   |      |   |                          |
| Subscriptions            | 16,373.025        |   | 2,729.579         |   | 4,268.805 |   | 459.359   |   | 23,830.768                    |
|                     |              |   |              |   |      |   |      |   |                          |
| Redemptions              | (4,359.812)       |   | (1,284.594)       |   | (784.053) |   | (99.432)  |   | (6,527.891)                   |
|                     |              |   |              |   |      |   |      |   |                          |
| Ending Units,            |              |   |              |   |      |   |      |   |                          |
| June 30, 2009            | 34,064.979        |   | 4,603.238         |   | 7,429.164 |   | 878.632   |   |  46,976.013              |

----

|                                                              | For the Six Months Ended June 30, |
|-------------------------------------------------------------------|-----------------------------------|
|                                                              |                              |   |   |
|                                                              | 2010                              |   | 2009 |
|                                                              | $                                 |   | $ |
| CASH FLOWS FROM OPERATING ACTIVITIES                              |                              |   |   |
|                                                              |                              |   |   |
| Net loss                                                          | (1,248,317)                       |   | (3,493,719) |
| Adjustments to reconcile net loss:                                |                              |   |   |
| Purchase of Investments in Affiliated Trading Companies           | (2,753,526)                       |   | (20,640,285) |
| Proceeds from sale of Investments in Affiliated Trading Companies | 3,980,436                         |   | 1,323,464 |
| Realized                                                          | (226,580)                         |   | (291,733) |
| Net change in unrealized depreciation on investments              | 536,507                           |   | 3,154,832 |
|                                                              |                              |   |   |
| (Increase) decrease in operating assets:                          |                              |   |   |
| Receivable from Affiliated Trading Companies                      | (548,323)                         |   | 1,689,803 |
|                                                              |                              |   |   |
| Increase (decrease) in operating liabilities:                     |                              |   |   |
| Payable to Affiliated Trading Companies                           | (791,664)                         |   | 4,588,839 |
|                                                              |                              |   |   |
| Net  cash used for operating activities                 | (1,051,467)                       |   | (13,668,799) |
|                                                              |                              |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                              |                              |   |   |
|                                                              |                              |   |   |
| Cash received from offering of Units                              | 6,171,436                         |   | 20,645,761 |
| Cash paid for redemptions of Units                                | (5,119,969)                       |   | (6,976,962) |
|                                                              |                              |   |   |
| Net cash provided by financing activities                         | 1,051,467                         |   | 13,668,799 |
|                                                              |                              |   |   |
| Net change in cash                                                | –                           |   | – |
| Cash at beginning of period                                       | –                           |   | – |
| Cash at end of period                                             | –                           |   | – |

----

----

----

| Trading Company                                           | Trading Advisor                                                                                                                                                                                                                                                                                                                                                                                        |
|-----------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                      |                                                                                                                                                                                                                                                                                                                                                                                                   |
| Morgan Stanley Smith Barney Aspect I, LLC                 |                                                                                                                                                                                                                                                                                                                                                                                                   |
|   (“Aspect I, LLC”)                 | Aspect Capital Limited                                                                                                                                                                                                                                                                                                                                                                                 |
| 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 GLC I, LLC                    |                                                                                                                                                                                                                                                                                                                                                                                                   |
| (“GLC I, LLC”)                                | GLC Ltd.                                                                                                                                                                                                                                                                                                                                                                                               |
| Kaiser I, LLC                                             | Kaiser Trading Group Pty. Ltd.                                                             |
| Morgan Stanley Smith Barney TT II, LLC                    |                                                                                                                                                                                                                                                                                                                                                                                                   |
| (“TT II, LLC”)                                | Transtrend B.V.                                                                                                                                                                                                                                                                                                                                                                                        |
| Morgan Stanley Smith Barney WNT I, LLC                    |                                                                                                                                                                                                                                                                                                                                                                                                   |
| (“WNT I, LLC”)                                | Winton Capital Management Limited                                                                                                                                                                                                                                                                                                                                                                      |

----

----

----

----

| 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. |
|----------------|----------------------------------------------|

----

----

|    Assets        |       Unadjusted         Quoted Prices in          Active Markets for              Identical Assets                       (Level 1) |  Significant OtherObservableInputs(Level 2) |  Significant        Unobservable      Inputs      (Level 3)      |             Total |
|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|
|                            |                                                                                                                                                                                                                                                                                                                                                                                                                        | $                                                |                                                                                                                                                                                | $                                                                        |
| Investment in Kaiser I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                     | 11,018,798                                       | n/a                                                                                                                                                                                 | 11,018,798                                                               |
| Investment in WNT I, LLC        | –                                                                                                                                                                                                                                                                                                                                                                                                                     | 11,010,716                                       | n/a                                                                                                                                                                                 | 11,010,716                                                               |
| Investment in Aspect I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                     | 10,401,947                                       | n/a                                                                                                                                                                                 | 10,401,947                                                               |
| Investment in TT II, LLC        | –                                                                                                                                                                                                                                                                                                                                                                                                                     | 10,285,687                                       | n/a                                                                                                                                                                                 | 10,285,687                                                               |
| Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                                                                                                                                                                                                                     | 5,520,720                                        | n/a                                                                                                                                                                                 | 5,520,720                                                                |
| Investment in Augustus I, LLC   | –                                                                                                                                                                                                                                                                                                                                                                                                                     | 4,547,923                                        | n/a                                                                                                                                                                                 | 4,547,923                                                                |
| Investment in GLC I, LLC        | –                                                                                                                                                                                                                                                                                                                                                                                                                     | 4,455,733                                        | n/a                                                                                                                                                                                 | 4,455,733                                                                |

----

|    Assets        |    Unadjusted          Quoted Prices in        Active Markets for           Identical Assets                   (Level 1) |  Significant OtherObservableInputs(Level 2) |  Significant Unobservable  Inputs      (Level 3)      |     Total |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|-------------------------------|
|                            |                                                                                                                                                                                                                                                                                                                                                           | $                                                |                                                                                                              | $                             |
| Investment in Kaiser I, LLC     | –                                                                                                                                                                                                                                                                                                                                                        | 10,332,670                                       | n/a                                                                                                               | 10,332,670                    |
| Investment in WNT I, LLC        | –                                                                                                                                                                                                                                                                                                                                                        | 10,215,847                                       | n/a                                                                                                               | 10,215,847                    |
| Investment in Aspect I, LLC     | –                                                                                                                                                                                                                                                                                                                                                        | 9,966,139                                        | n/a                                                                                                               | 9,966,139                     |
| Investment in TT II, LLC        | –                                                                                                                                                                                                                                                                                                                                                        | 9,881,734                                        | n/a                                                                                                               | 9,881,734                     |
| Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                                                                                                                                                        | 9,259,009                                        | n/a                                                                                                               | 9,259,009                     |
| Investment in GLC I, LLC        | –                                                                                                                                                                                                                                                                                                                                                        | 4,584,958                                        | n/a                                                                                                               | 4,584,958                     |
| Investment in Augustus I, LLC   | –                                                                                                                                                                                                                                                                                                                                                        | 4,538,004                                        | n/a                                                                                                               | 4,538,004                     |

----

| For the Three Months Ended June 30, 2010  |  InvestmentIncome/(Loss) | Net  Investment (Loss)  | Total Trading Results  | NetIncome/(Loss)  |
|------------------------------------------------|-------------------------------|----------------------------------------|-----------------------------|------------------------|
|                                           | $                             | $                                      | $                           | $                      |
| Kaiser I, LLC                                  | 218                           |  (287,992)                        | 2,365,060                   | 2,077,068              |
| WNT I, LLC                                     | 268                           |  (473,865)                        | 1,525,950                   | 1,052,085              |
| Aspect I, LLC                                  | (680)                         |  (322,174)                        |   219,680         | (102,494)              |
| TT II, LLC                                     | 822                           |  (289,991)                        | (1,109,594)                 | (1,399,585)            |
| Chesapeake I, LLC                              | (10,242)                      |  (198,680)                        | (5,087,762)                 | (5,286,442)            |
| GLC I, LLC                                     | 841                           |  (111,138)                        | (1,578,200)                 | (1,689,338)            |

----

| For the Six Months Ended June 30, 2010  |   InvestmentIncome (Loss) | Net  Investment (Loss)  | Total Trading Results  |   NetIncome/(Loss)  |
|----------------------------------------------|-------------------------------------|----------------------------------------|-----------------------------|------------------------------------|
|                                         | $                                   | $                                      | $                           | $                                  |
| Kaiser I, LLC                                | 218                                 | (582,844)                              | 2,093,119                   | 1,510,275                          |
| WNT I, LLC                                   | 348                                 | (770,738)                              | 3,790,747                   | 3,020,009                          |
| Aspect I, LLC                                | (2,097)                             | (628,146)                              |   2,213,764       | 1,585,618                          |
| TT II, LLC                                   | (1,933)                             | (575,295)                              | 2,095,536                   | 1,520,241                          |
| Chesapeake I, LLC                            | (21,724)                            | (424,038)                              | (4,766,347)                 | (5,190,385)                        |
| GLC I, LLC                                   | 527                                 | (211,997)                              | (1,600,458)                 | (1,812,455)                        |

| For the Three Months Ended June 30, 2009  |   Investment (Loss) | Net  Investment (Loss)  | Total Trading Results  |   Net (Loss)  |
|------------------------------------------------|-------------------------------|----------------------------------------|-----------------------------|------------------------------|
|                                           | $                             | $                                      | $                           | $                            |
| Aspect I, LLC                                  | (934)                         | (232,487)                              | (4,248,457)                 | (4,480,944)                  |

| For the Six MonthsEnded June 30, 2009  |  Investment Income | Net  Investment (Loss)  | Total Trading Results  |  Net (Loss)  |
|---------------------------------------------|-------------------------|----------------------------------------|-----------------------------|------------------------|
|                                        | $                       | $                                      | $                           | $                      |
| Aspect I, LLC                               | 5,024                   | (428,364)                              | (4,790,493)                 | (5,218,857)            |

----

----

----

----

----

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

----

----

----

| Share Class |     NAV at 6/30/10 | NAV at 3/31/10 |
|-------------|-----------------------------------|----------------|
|        |                              |           |
| A           | $1,046.25                         | $1,089.72      |
| B           | $1,061.61                         | $1,104.31      |
| C           | $1,077.18                         | $1,119.09      |
| Z           | $1,108.99                         | $1,149.23      |

----

| Share Class | NAV at 6/30/10 | NAV at 12/31/09 |
|-------------|----------------|-----------------|
|        |           |            |
| A           | $1,046.25      | $1,071.20       |
| B           | $1,061.61      | $1,084.19       |
| C           | $1,077.18      | $1,097.34       |
| Z           | $1,108.99      | $1,124.10       |

----

----

| Share Class | NAV at 6/30/09 | NAV at 3/31/09 |
|-------------|----------------|----------------|
|        |           |           |
| A           | $1,081.10      | $1,148.37      |
| B           | $1,091.48      | $1,157.92      |
| C           | $1,101.95      | $1,167.54      |
| Z           | $1,123.19      | $1,187.01      |

----

----

| Share Class |      NAV at 6/30/09 | NAV at 12/31/08 |
|-------------|-----------------------------------------|-----------------|
|        |                                    |            |
| A           | $1,081.10                               | $1,177.84       |
| B           | $1,091.48                               | $1,186.13       |
| C           | $1,101.95                               | $1,194.48       |
| Z           | $1,123.19                               | $1,211.35       |

----

----

----

----

----

----

|                         | June 30, 2010            |   | June 30, 2009                               |
|------------------------------|---------------------------------------------------------------------------------|--------|---------------------------------------------|
| Primary Market Risk Category | VaR                                |   | VaR                                         |
|                         |                                                                            |   |                                        |
| Currency                     | (0.33)%                                                               |   |      (0.41)%            |
| Interest Rate                | (1.27)                                                                          |   |        (1.27) |
| Equity                       | (0.22)                                                                          |   |       (0.18)       |
| Commodity                    | (0.76)                                                                          |   |       (0.73)       |
| Aggregate Value at Risk      | (1.56)%                                                          |   |     (1.57)%                  |

|                         | June 30, 2010                                                 |
|------------------------------|---------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                           |
|                         |                                                          |
| Currency                     |        (1.07)%                  |
| Interest Rate                |           (0.71) |
| Aggregate Value at Risk      |         (1.57)%            |

----

|                         | June 30, 2010                   |   | June 10, 2009                                     |
|------------------------------|---------------------------------|--------|---------------------------------------------------|
| Primary Market Risk Category | VaR                             |   | VaR                                               |
|                         |                            |   |                                              |
| Currency                     |    (0.49)%            |   |        (0.40)%      |
| Interest Rate                |      (1.39) |   |         (0.31) |
| Equity                       |      (2.15) |   |         (0.09)      |
| Commodity                    |      (2.25) |   |        (1.24)            |
| Aggregate Value at Risk      |    (2.88)%            |   |      (1.19)%                  |

|                         | June 30, 2010                  |
|------------------------------|-----------------------------------------------------------------------------|
| Primary Market Risk Category | VaR             |
|                         |                                                                        |
| Currency                     | (0.79)%                                                      |
| Interest Rate                | (0.51)                                                                      |
| Equity                       | (0.43)                                                                      |
| Commodity                    | –                                                                     |
| Aggregate Value at Risk      | (1.09)%                                                      |

|                         | June 30, 2010           |   | June 30, 2009                  |
|------------------------------|-----------------------------------------------------------------|--------|-----------------------------------------------------------------------------|
| Primary Market Risk Category | VaR           |   | VaR             |
|                         |                                                            |   |                                                                        |
| Currency                     | (0.20)%                                               |   | (0.25)%                                                                |
| Interest Rate                | (0.76)                                                          |   | (0.37)                                                                      |
| Equity                       | (0.27)                                                          |   | (0.26)                                                                      |
| Commodity                    | (0.19)                                                          |   | (0.07)                                                                      |
| Aggregate Value at Risk      | (1.00)%                                               |   | (0.69)%                                                           |

----

|                         | June 30, 2010            |   | June 30, 2009            |
|------------------------------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                |   | VaR                 |
|                         |                                                                            |   |                                                                            |
| Currency                     | (0.67)%                                                                    |   | (0.95)%                                                               |
| Interest Rate                | (0.91)                                                                          |   | (0.95)                                                                          |
| Equity                       | (0.25)                                                                          |   | (0.57)                                                                          |
| Commodity                    | (0.53)                                                                          |   | (0.80)                                                                          |
| Aggregate Value at Risk      | (1.03)%                                                          |   | (2.54)%                                                               |

|                         | June 30, 2010            |   | June 30, 2009                     |
|------------------------------|---------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                      |   | VaR                |
|                         |                                                                            |   |                                                                                          |
| Currency                     | (0.62)%                                                               |   | (0.87)%                                                                             |
| Interest Rate                | (1.02)                                                                          |   | (0.37)                                                                                        |
| Equity                       | (0.13)                                                                          |   | (0.46)                                                                                        |
| Commodity                    | (0.58)                                                                          |   | (0.21)                                                                                        |
| Aggregate Value at Risk      | (1.45)%                                                               |   | (0.66)%                                                                                  |

----

| Primary Market Risk Category | High             | Low                                   | Average            |
|------------------------------|------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                         |                                                                         |                                                                                                                                                                                                            |                                                                      |
| Currency                     | (0.74)%                                                            | (0.33)%                                                                                                                                                                                                         | (0.51)%                                                              |
| Interest Rate                | (1.34)                                                                       | (1.21)                                                                                                                                                                                                          | (1.28)                                                                    |
| Equity                       | (2.14)                                                                       | (0.22)                                                                                                                                                                                                          | (1.51)                                                                    |
| Commodity                    | (2.18)                                                                       | (0.76)                                                                                                                                                                                                          | (1.32)                                                                    |
| Aggregate Value at Risk      | (3.57)%                                                       | (1.56)%                                                                                                                                                                                                         | (2.60)%                                                    |

| Primary Market Risk Category | High         | Low                     | Average            |
|------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                         |                                                 |                                                                                                                        |                                                                      |
| Currency                     | (1.69)%                                    | –                                                                                                                     | (1.00)%                                                              |
| Interest Rate                | (0.71)                                               | –                                                                                                                     | (0.40)                                                                    |
| Aggregate Value at Risk      | (1.85)%           | –                                                                                                                     | (1.17)%                                                         |

| Primary Market Risk Category | High         | Low                                 | Average        |
|------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                         |                                                 |                                                                                                                                                                                                |                                              |
| Currency                     | (0.98)%                                    | (0.49)%                                                                                                                                                                                             | (0.72)%                                      |
| Interest Rate                | (1.39)                                               | (0.60)                                                                                                                                                                                              | (0.96)                                            |
| Equity                       | (3.82)                                               | (2.15)                                                                                                                                                                                              | (3.28)                                            |
| Commodity                    | (3.89)                                               | (2.10)                                                                                                                                                                                              | (3.00)                                            |
| Aggregate Value at Risk      | (7.15)%                                    | (2.88)%                                                                                                                                                                                             | (5.42)%                                 |

----

| Primary Market Risk Category | High           | Low     | Average          |
|------------------------------|------------------------------------------------------------------|---------|---------------------------------------------------------------|
|                         |                                                             |    |                                                          |
| Currency                     | (1.53)%                                                     | – | (0.86)%                                                  |
| Interest Rate                | (0.88)                                                           | – | (0.39)                                                        |
| Equity                       | (0.98)                                                           | – | (0.51)                                                        |
| Commodity                    | (0.28)                                                           | – | (0.07)                                                        |
| Aggregate Value at Risk      | (1.69)%                                                | – | (1.11)%                                             |

| Primary Market Risk Category | High         | Low                                                                       | Average           |
|------------------------------|------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------|
|                         |                                                 |                                                                      |                                                           |
| Currency                     | (0.24)%                                         |            (0.13)%      | (0.19)%                                                        |
| Interest Rate                | (0.81)                                               |            (0.08)       | (0.53)                                                              |
| Equity                       | (1.44)                                               |            (0.27)       | (0.68)                                                              |
| Commodity                    | (0.19)                                               |            (0.01)       | (0.11)                                                              |
| Aggregate Value at Risk      | (1.40)%                                    |            (0.51)% | (0.93)%                                                   |

| Primary Market Risk Category | High           | Low                               | Average         |
|------------------------------|------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|
|                         |                                                             |                                                                                                                                                                                    |                                                    |
| Currency                     | (2.29)%                                                     | (0.67)%                                                                                                                                                                                 | (1.27)%                                                 |
| Interest Rate                | (1.15)                                                           | (0.43)                                                                                                                                                                                  | (0.89)                                                  |
| Equity                       | (3.55)                                                           | (0.25)                                                                                                                                                                                  | (1.73)                                                  |
| Commodity                    | (2.11)                                                           | (0.53)                                                                                                                                                                                  | (1.20)                                                  |
| Aggregate Value at Risk      | (6.84)%                                           | (1.03)%                                                                                                                                                                                 | (3.36)%                                                 |

| Primary Market Risk Category | High             | Low                                 | Average       |
|------------------------------|------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|
|                         |                                                                         |                                                                                                                                                                                                |                                        |
| Currency                     | (0.82)%                                                                 | (0.52)%                                                                                                                                                                                             | (0.67)%                                     |
| Interest Rate                | (1.02)                                                                       | (0.34)                                                                                                                                                                                              | (0.65)                                      |
| Equity                       | (2.15)                                                                       | (0.13)                                                                                                                                                                                              | (1.24)                                      |
| Commodity                    | (1.12)                                                                       | (0.39)                                                                                                                                                                                              | (0.71)                                      |
| Aggregate Value at Risk      | (2.84)%                                                            | (1.45)%                                                                                                                                                                                             | (2.03)%                                     |

----

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

| Primary Market Risk Category | High                                        | Low                    | Average        |
|------------------------------|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                         |                                        |                                                                                                                  |                                              |
| Currency                     | (0.50)%                           | (0.39)%                                                                                                               | (0.45)%                                           |
| Interest Rate                | (0.52)                                      | (0.30)                                                                                                                | (0.38)                                            |
| Equity                       | (0.20)                                      | –                                                                                                               | (0.07)                                            |
| Commodity                    | (1.93)                                      | (0.34)                                                                                                                | (1.00)                                            |
| Aggregate Value at Risk      | (2.09)%       | (0.74)%                                                                                                               | (1.25)%                                 |

| Primary Market Risk Category | High                                  | Low                 | Average           |
|------------------------------|---------------------------------------|-----------------------------------------------------------------------------------------------------|---------------------------------------|
|                         |                                  |                                                                                                |                                  |
| Currency                     | (0.25)%                     | –   %                                                                          | (0.09)%                |
| Interest Rate                | (0.37)                                | (0.11)                                                                                              | (0.25)                                |
| Equity                       | (0.41)                                | (0.05)                                                                                              | (0.25)                                |
| Commodity                    | (0.38)                                | –                                                                                             | (0.13)                                |
| Aggregate Value at Risk      | (0.69)%      | (0.12)%                                                                                             | (0.47)%      |

| Primary Market Risk Category | High                                  | Low              | Average          |
|------------------------------|---------------------------------------|-----------------------------------------------------------------------------------|---------------------------------------------------------------|
|                         |                                  |                                                                              |                                                          |
| Currency                     | (1.45)%                          | (0.09)%                                                                           | (0.73)%                                                       |
| Interest Rate                | (0.95)                                | (0.23)                                                                            | (0.53)                                                        |
| Equity                       | (0.57)                                | (0.09)                                                                            | (0.29)                                                        |
| Commodity                    | (1.15)                                | (0.32)                                                                            | (0.69)                                                        |
| Aggregate Value at Risk      | (2.54)%      | (0.50)%                                                                           | (1.38)%                                                  |

----

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

| ·   | 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 98% of Kaiser I, LLC’s net assets. |
|--------------------|--------------------------------------------------------|

| ·   | approximately 94% of WNT I, LLC’s net assets. |
|--------------------|-----------------------------------------------------|

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

| ·   | approximately 94% of TT II, LLC’s net assets. |
|--------------------|-----------------------------------------------------|

| ·   | approximately 84% of Chesapeake I, LLC’s net assets. |
|--------------------|------------------------------------------------------------|

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

| ·   | approximately 94% of GLC 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. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - 49 - |
|--------|--------|

----

|            | Managed Futures Profile MV, L.P. |
|-----------------|----------------------------------|
|            | (Registrant)                     |
|            |                             |   |
|            | By:                              | Demeter Management LLC |
|            |                             | (General Partner) |
|            |                             |   |
| August 13, 2010 | By:                              | /s/Christian Angstadt |
|            |                             | Christian Angstadt |
|            |                             | Chief Financial Officer |