|   | 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, 14th Floor |                                                                                                                  |       |
| New York, NY                                    |                                                                                                                  | 10036      |
| (Address of principal executive offices)        |                                                                                                                  | (Zip Code) |

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

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

----

|     | PART I. FINANCIAL INFORMATION                                                                          |             |
|----------|--------------------------------------------------------------------------------------------------------|------------------|
|     |                                                                                                   |             |
| Item 1.  | Financial Statements (Unaudited)                                                                       |             |
|     |                                                                                                   |             |
|     | Statements of Financial Condition as of September 30, 2010 and December 31, 2009                       | 2                |
|     |                                                                                                   |             |
|     | Statements of Operations for the Three and Nine Months Ended September 30, 2010 and 2009               | 3                |
|     |                                                                                                   |             |
|     | Statements of Changes in Partners’ Capital for the Nine Months Ended September 30, 2010 and 2009 | 4                |
|     |                                                                                                   |             |
|     | Notes to Financial Statements                                                                          |   5-21 |
|     |                                                                                                   |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations            | 22-33            |
|     |                                                                                                   |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                             | 33-49            |
|     |                                                                                                   |             |
| Item 4.  | Controls and Procedures                                                                                | 49-50            |
|     |                                                                                                   |             |
|     | PART II. OTHER INFORMATION                                                                             |             |
|     |                                                                                                   |             |
| Item 1A. | Risk Factors                                                                                           | 51               |
|     |                                                                                                   |             |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                                   | 51               |
|     |                                                                                                   |             |
| Item 6.  | Exhibits                                                                                               | 51               |

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|                                                                                                                        | September 30, |   | December 31, |
|-----------------------------------------------------------------------------------------------------------------------------|---------------|--------|--------------|
|                                                                                                                        | 2010          |   | 2009         |
| ASSETS                                                                                                                      | $             |   | $            |
|                                                                                                                        |          |   |         |
| Investments in Affiliated Trading Companies:                                                                                |          |   |         |
| Investment in WNT I, LLC                                                                                                    | 10,783,437    |   | 10,215,847   |
| Investment in Kaiser I, LLC                                                                                                 | 10,641,550    |   | 10,332,670   |
| Investment in TT II, LLC                                                                                                    | 10,357,775    |   | 9,881,734    |
| Investment in Aspect I, LLC                                                                                                 | 10,215,888    |   | 9,966,139    |
| Investment in Chesapeake I, LLC                                                                                             | 5,675,493     |   | 9,259,009    |
| Investment in Augustus I, LLC                                                                                               | 4,540,394     |   | 4,538,004    |
| Investment in GLC I, LLC                                                                                                    | 4,540,394     |   | 4,584,958    |
|                                                                                                                        |          |   |         |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $54,631,638 and $57,815,090 respectively) | 56,754,931    |   | 58,778,361   |
|                                                                                                                        |          |   |         |
| Receivable from Affiliated Trading Companies                                                                                | 874,191       |   | –      |
| Subscriptions receivable                                                                                                    | 309,989       |   | 1,827,289    |
|                                                                                                                        |          |   |         |
| Total Assets                                                                                                                | 57,939,111    |   | 60,605,650   |
|                                                                                                                        |          |   |         |
| LIABILITIES                                                                                                                 |          |   |         |
|                                                                                                                        |          |   |         |
| Redemptions payable                                                                                                         | 924,696       |   | 880,156      |
| Payable to Affiliated Trading Companies                                                                                     | 109,349       |   | 791,664      |
|                                                                                                                        |          |   |         |
| Total Liabilities                                                                                                           | 1,034,045     |   | 1,671,820    |
|                                                                                                                        |          |   |         |
| PARTNERS’ CAPITAL                                                                                                     |          |   |         |
| Class A (38,689.400 and 40,464.124 Units, respectively)                                                                     | 41,654,539    |   | 43,345,191   |
| Class B (5,642.985 and 5,330.595 Units, respectively)                                                                       | 6,172,263     |   | 5,779,409    |
| Class C (7,133.658 and 7,924.148 Units, respectively)                                                                       | 7,927,000     |   | 8,695,492    |
| Class Z (1,003.833 and 990.781 Units, respectively)                                                                         | 1,151,264     |   | 1,113,738    |
|                                                                                                                        |          |   |         |
| Total Partners’ Capital                                                                                               | 56,905,066    |   | 58,933,830   |
|                                                                                                                        |          |   |         |
| Total Liabilities and Partners’ Capital                                                                               | 57,939,111    |   | 60,605,650   |
|                                                                                                                        |          |   |         |
| NET ASSET VALUE PER UNIT                                                                                                    |          |   |         |
| Class A                                                                                                                     | 1,076.64      |   | 1,071.20     |
| Class B                                                                                                                     | 1,093.79      |   | 1,084.19     |
| Class C                                                                                                                     | 1,111.21      |   | 1,097.34     |
| Class Z                                                                                                                     | 1,146.86      |   | 1,124.10     |

----

|                                                                |    For the Three MonthsEnded September  30, |   | For the Nine Months Ended September 30, |
|---------------------------------------------------------------------|----------------------------------------------------------------------|--------|----------------------------------------------|
|                                                                |                                                                 |   |                                         |   |   |   |   |
|                                                                | 2010                                                                 |   | 2009                                         |   | 2010 |   | 2009 |
|                                                                | $                                                                    |   | $                                            |   | $ |   | $ |
| EXPENSES                                                            |                                                                 |   |                                         |   |   |   |   |
| Ongoing Placement Agent fees                                        | 249,762                                                              |   | 230,176                                      |   | 773,777 |   | 581,817 |
| General Partner fees                                                | 141,240                                                              |   | 131,932                                      |   | 437,222 |   | 331,203 |
| Administrative fees                                                 | 56,496                                                               |   | 52,773                                       |   | 174,889 |   | 132,481 |
|                                                                |                                                                 |   |                                         |   |   |   |   |
| Total Expenses                                                      | 447,498                                                              |   | 414,881                                      |   | 1,385,888 |   | 1,045,501 |
|                                                                |                                                                 |   |                                         |   |   |   |   |
| NET INVESTMENT LOSS                                                 | (447,498)                                                            |   | (414,881)                                    |   | (1,385,888) |   | (1,045,501) |
|                                                                |                                                                 |   |                                         |   |   |   |   |
| REALIZED/NET CHANGE IN UNREALIZED APPRECIATION                      |                                                                 |   |                                         |   |   |   |   |
|         (DEPRECIATION) ON   |                                                                 |   |                                         |   |   |   |   |
|          INVESTMENTS   |                                                                 |   |                                         |   |   |   |   |
| Realized                                                            | 396,335                                                              |   | 486,123                                      |   | 622,915 |   | 777,856 |
| Net change in unrealized appreciation (depreciation) on investments | 1,696,529                                                            |   | 953,944                                      |   | 1,160,022 |   | (2,200,888) |
|                                                                |                                                                 |   |                                         |   |   |   |   |
| Total Realized/Net Change in Unrealized                             |                                                                 |   |                                         |   |   |   |   |
| appreciation (depreciation) on investments                          | 2,092,864                                                            |   | 1,440,067                                    |   | 1,782,937 |   | (1,423,032) |
|                                                                |                                                                 |   |                                         |   |   |   |   |
| NET INCOME (LOSS)                                                   | 1,645,366                                                            |   | 1,025,186                                    |   | 397,049 |   | (2,468,533) |
|                                                                |                                                                 |   |                                         |   |   |   |   |
| NET INCOME (LOSS) ALLOCATION                                        |                                                                 |   |                                         |   |   |   |   |
| Class A                                                             | 1,172,643                                                            |   | 706,225                                      |   | 233,375 |   | (1,857,587) |
| Class B                                                             | 191,941                                                              |   | 85,662                                       |   | 60,682 |   | (265,115) |
| Class C                                                             | 242,767                                                              |   | 210,746                                      |   | 80,466 |   | (315,072) |
| Class Z                                                             | 38,015                                                               |   | 22,553                                       |   | 22,526 |   | (30,759) |
|                                                                |                                                                 |   |                                         |   |   |   |   |
| NET INCOME (LOSS) PER UNIT *                                        |                                                                 |   |                                         |   |   |   |   |
| Class A                                                             | 30.39                                                                |   | 20.08                                        |   | 5.44 |   | (64.90) |
| Class B                                                             | 32.18                                                                |   | 19.34                                        |   | 9.60 |   | (69.21) |
| Class C                                                             | 34.03                                                                |   | 25.47                                        |   | 13.87 |   | (50.71) |
| Class Z                                                             | 37.87                                                                |   | 25.58                                        |   | 22.76 |   | (45.92) |
|                                                                |                                                                 |   |                                         |   |   |   |   |
|                                                                | Units                                                                |   | Units                                        |   | Units |   | Units |
| WEIGHTED AVERAGE NUMBER                                             |                                                                 |   |                                         |   |   |   |   |
| OF UNITS OUTSTANDING                                                |                                                                 |   |                                         |   |   |   |   |
| Class A                                                             | 39,561.027                                                           |   | 35,170.542                                   |   | 40,516.672 |   | 28,624.171 |
| Class B                                                             | 5,981.815                                                            |   | 4,429.326                                    |   | 5,804.558 |   | 3,830.331 |
| Class C                                                             | 7,133.658                                                            |   | 8,275.534                                    |   | 7,420.647 |   | 6,212.958 |
| Class Z                                                             | 1,003.833                                                            |   | 881.523                                      |   | 999.530 |   | 669.898 |

----

|                     | 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            | 4,469,560            |   | 733,828      |   |      – |   | 15,000     |   |               5,218,388 |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Net Income               | 233,375              |   | 60,682       |   | 80,466                           |   | 22,526     |   |              397,049         |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Redemptions              | (6,393,587)          |   | (401,656)    |   | (848,958)                        |   | –         |   |             (7,644,201)           |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Partners’ Capital, |                           |   |              |   |                                  |   |            |   |                                                                                |
| September 30, 2010       | 41,654,539           |   | 6,172,263    |   | 7,927,000                        |   | 1,151,264  |   |            56,905,066             |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Partners’ Capital, |                           |   |              |   |                                  |   |            |   |                                                                                |
| December 31, 2008        | 25,973,353           |   | 3,746,101    |   | 4,711,520                        |   | 628,332    |   |           35,059,306                   |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Subscriptions            | 23,644,117           |   | 3,918,173    |   | 6,613,509                        |   | 539,878    |   |           34,715,677                   |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Net Loss                 | (1,857,587)          |   | (265,115)    |   | (315,072)                        |   | (30,759)   |   |        (2,468,533)                                    |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Redemptions              | (6,296,432)          |   | (1,840,978)  |   | (1,223,644)                      |   | (118,027)  |   |            (9,479,081)                 |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Partners’ Capital, |                           |   |              |   |                                  |   |            |   |                                                                                |
| September 30, 2009       | 41,463,451           |   | 5,558,181    |   | 9,786,313                        |   | 1,019,424  |   |           57,827,369                   |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
|                     | 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            | 4,230.515            |   | 681.014      |   | –                               |   | 13.052     |   |             4,924.581             |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Redemptions              |   (6,005.239)   |   | (368.624)    |   | (790.490)                        |   | –         |   |           (7,164.353)                       |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Ending Units,            |                           |   |              |   |                                  |   |            |   |                                                                                |
| September 30, 2010       | 38,689.400           |   | 5,642.985    |   | 7,133.658                        |   | 1,003.833  |   |          52,469.876                         |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Beginning Units,         |                           |   |              |   |                                  |   |            |   |                                                                                |
| December 31, 2008        | 22,051.766           |   | 3,158.253    |   | 3,944.412                        |   | 518.705    |   |          29,673.136                              |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Subscriptions            | 21,169.254           |   | 3,479.515    |   | 5,850.012                        |   | 468.226    |   |          30,967.007                         |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Redemptions              | (5,531.267)          |   | (1,639.710)  |   | (1,088.768)                      |   | (99.432)   |   |          (8,359.177)                        |
|                     |                           |   |              |   |                                  |   |            |   |                                                                                |
| Ending Units,            |                           |   |              |   |                                  |   |            |   |                                                                                |
| September 30, 2009       | 37,689.753           |   | 4,998.058    |   | 8,705.656                        |   | 887.499    |   |         52,280.966                               |

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| 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

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

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

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

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----

|    Assets              |           Unadjusted            Quoted Prices in              Active Markets for                  Identical Assets                         (Level 1) |  Significant OtherObservableInputs(Level 2) |  SignificantUnobservableInputs(Level 3) |             Total |
|---------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|----------------------------------------------|--------------------------------------------------------------------------|
|                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $                                                |                                         | $                                                                        |
|  Investment in WNT I, LLC        | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10,783,437                                       | n/a                                          | 10,783,437                                                               |
|  Investment in Kaiser I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10,641,550                                       | n/a                                          | 10,641,550                                                               |
|  Investment in TT II, LLC        | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10,357,775                                       | n/a                                          | 10,357,775                                                               |
|  Investment in Aspect I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10,215,888                                       | n/a                                          | 10,215,888                                                               |
|  Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 5,675,493                                        | n/a                                          |   5,675,493                                                         |
|  Investment in Augustus I, LLC   | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 4,540,394                                        | n/a                                          |   4,540,394                                                         |
|  Investment in GLC I, LLC        | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 4,540,394                                        | n/a                                |   4,540,394                                                         |

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

----

----

| For the Three Months Ended September 30, 2010  |  InvestmentIncome/(Loss) | Net  Investment Loss  | Total Trading Results     | NetIncome/(Loss)  |
|-----------------------------------------------------|-------------------------------|--------------------------------------|--------------------------------|------------------------|
|                                                | $                             | $                                    |    $            | $                      |
| WNT I, LLC                                          |    680         | (578,036)                            | 1,633,243                      | 1,055,207              |
| Kaiser I, LLC                                       |    221         | (288,671)                            |     84,283 |   (204,388)  |
| TT II, LLC                                          | (1,038)                       | (282,144)                            | 3,147,691                      | 2,865,547              |
| Aspect I, LLC                                       |    543         | (506,839)                            | 3,596,776                      | 3,089,937              |
| Chesapeake I, LLC                                   |  (18,067)                | (142,467)                            | 1,906,981                      | 1,764,514              |
| Augustus I, LLC                                     | (2,711)                       |   (91,545)                 |   482,239            |   390,694    |
| GLC I, LLC                                          |   (375)             |   (98,654)                 |   (351,154)          |   (449,808)  |
|                                                |                          |                                 |                           |                   |

| For the Nine Months Ended September 30, 2010  |   InvestmentIncome/(Loss)               | Net  Investment Loss  | Total Trading Results  |   NetIncome/(Loss)  |
|----------------------------------------------------|---------------------------------------------------|--------------------------------------|-----------------------------|------------------------------------|
|                                               | $                                                 | $                                    | $                           | $                                  |
| WNT I, LLC                                         | 1,028                                             | (1,348,774)                          | 5,423,990                   | 4,075,216                          |
| Kaiser I, LLC                                      |    439                             |    (871,515)          | 2,177,402                   | 1,305,887                          |
| TT II, LLC                                         |     (2,971)         |    (857,439)          | 5,243,227                   | 4,385,788                          |
| Aspect I, LLC                                      |     (1,554)    | (1,134,985)                          |   5,810,540       | 4,675,555                          |
| Chesapeake I, LLC                                  |   (39,791)                              |    (566,505)          | (2,859,366)                 | (3,425,871)                        |
| Augustus I, LLC                                    | (4,247)                                           |    (463,524)          |    829,013   |   365,489                |
| GLC I, LLC                                         |     152                       |    (310,651)          | (1,951,612)                 | (2,262,263)                        |

| For the Three Months Ended September 30, 2009  |    InvestmentIncome | Net  Investment Loss  | Total Trading Results  |   NetIncome/(Loss)  |
|-----------------------------------------------------|------------------------------------|--------------------------------------|-----------------------------|------------------------------------|
|                                                | $                                  | $                                    | $                           | $                                  |
| WNT I, LLC                                          | –                            | (245,221)                            |   569,709         |    324,488          |
| TT II, LLC                                          | 27                                 | (270,344)                            | (1,104,387)                 | (1,374,731)                        |
| Aspect I, LLC                                       | –                            | (266,001)                            | 2,447,955                   | 2,181,954                          |

| For the Nine MonthsEnded September 30, 2009  |  InvestmentIncome | Net  Investment Loss  | Total Trading Results  | Net(Loss)  |
|---------------------------------------------------|------------------------|--------------------------------------|-----------------------------|-----------------|
|                                              | $                      | $                                    | $                           | $               |
| WNT I, LLC                                        | 5,056                  | (650,239)                            | (1,899,105)                 | (2,549,344)     |
| TT II, LLC                                        | 4,675                  | (776,221)                            | (1,587,045)                 | (2,363,266)     |
| Aspect I, LLC                                     | 5,958                  | (694,365)                            | (2,342,538)                 | (3,036,903)     |

----

----

----

----

----

|   |   |
|--------|--------|

----

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

----

----

----

| Share Class |       NAV at 9/30/10 |        NAV at 6/30/10 |
|-------------|-----------------------------------------------|-----------------------------------------------------|
|        |                                          |                                                |
| A           | $1,076.64                                     | $1,046.25                                           |
| B           | $1,093.79                                     | $1,061.61                                           |
| C           | $1,111.21                                     | $1,077.18                                           |
| Z           | $1,146.86                                     | $1,108.99                                           |

----

| Share Class |      NAV at 9/30/10 |     NAV at 12/31/09 |
|-------------|-----------------------------------------|------------------------------------|
|        |                                    |                               |
| A           | $1,076.64                               | $1,071.20                          |
| B           | $1,093.79                               | $1,084.19                          |
| C           | $1,111.21                               | $1,097.34                          |
| Z           | $1,146.86                               | $1,124.10                          |

----

----

----

| Share Class |   NAV at 9/30/09 |   NAV at 6/30/09 |
|-------------|-----------------------|-----------------------|
|        |                  |                  |
| A           | $1,100.12             | $1,081.10             |
| B           | $1,112.07             | $1,091.48             |
| C           | $1,124.13             | $1,101.95             |
| Z           | $1,148.65             | $1,123.19             |

----

----

| Share Class |  NAV at 9/30/09 |  NAV at 12/31/08 |
|-------------|----------------------|-----------------------|
|        |                 |                  |
| A           | $1,100.12            | $1,177.84             |
| B           | $1,112.07            | $1,186.13             |
| C           | $1,124.13            | $1,194.48             |
| Z           | $1,148.65            | $1,211.35             |

----

----

----

----

----

|                         | September 30, 2010        |   | September 30, 2009          |
|------------------------------|--------------------------------------------------------------|--------|--------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                |   | VaR                              |
|                         |                                                         |   |                                                                     |
| Currency                     |  (1.34)%                                 |   |  (0.61)%                                             |
| Interest Rate                |  (1.65)                                                 |   |    (1.34)                                                 |
| Equity                       | (1.01)                                                       |   | (1.64)                                                                   |
| Commodity                    | (1.32)                                                       |   | (0.90)                                                                   |
| Aggregate Value at Risk      | (2.84)%                                                 |   | (2.16)%                                                                  |

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

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

----

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

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

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

----

|                         | September 30, 2010        |   | September 30, 2009            |
|------------------------------|--------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                       |   | VaR                                          |
|                         |                                                         |   |                                                                                 |
| Currency                     | (0.57)%                                            |   | (0.82)%                                                                    |
| Interest Rate                | (1.13)                                                       |   | (0.79)                                                                               |
| Equity                       | (0.91)                                                       |   | (0.94)                                                                               |
| Commodity                    | (0.94)                                                       |   | (0.39)                                                                               |
| Aggregate Value at Risk      | (1.79)%                                            |   | (1.48)%                                                                         |

----

| Aspect I, LLCPrimary Market Risk Category | High        | Low                     | Average           |
|-------------------------------------------|------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|
|                                      |                                           |                                                                                                                        |                                                                |
| Currency                                  | (1.34)%                              | (0.33)%                                                                                                                     | (0.70)%                                                        |
| Interest Rate                             | (1.65)                                         | (1.21)                                                                                                                      | (1.35)                                                              |
| Equity                                    | (2.14)                                         | (0.22)                                                                                                                      | (1.35)                                                              |
| Commodity                                 | (2.18)                                         | (0.76)                                                                                                                      | (1.42)                                                              |
| Aggregate Value at Risk                   | (3.57)%                              | (1.56)%                                                                                                                     | (2.77)%                                                   |

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

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

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

----

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

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

| WNT I, LLCPrimary Market Risk Category | High         | Low                    | Average        |
|----------------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                                   |                                                 |                                                                                                                  |                                              |
| Currency                               | (0.72)%                                         |           (0.52)%                                                        | (0.61)%                                           |
| Interest Rate                          | (1.13)                                               |           (0.34)                                                         | (0.73)                                            |
| Equity                                 | (2.15)                                               |           (0.13)                                                         | (1.24)                                            |
| Commodity                              | (1.12)                 |           (0.58)                                                         | (0.85)                                            |
| Aggregate Value at Risk                | (2.84)%                               |            (1.45)%                                                  | (2.11)%                                           |

| Aspect I, LLCPrimary Market Risk Category | High           | Low                                      | Average          |
|-------------------------------------------|------------------------------------------------------------------|----------------------------------------------------------------------------------|---------------------------------------------------------------|
|                                      |                                                             |                                                                             |                                                          |
| Currency                                  | (0.61)%                                                          |              (0.13)% | (0.36)%                                                  |
| Interest Rate                             | (1.34)                                                           |              (0.54)  | (0.98)                                                        |
| Equity                                    | (1.64)                                                           |              (0.04)  | (0.52)                                                        |
| Commodity                                 | (0.90)                                                           |              (0.45)  | (0.64)                                                        |
| Aggregate Value at Risk                   | (2.16)%                                           |              (0.96)% | (1.42)%                                                  |

----

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

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

| TT II, LLCPrimary Market Risk Category | High     | Low                                                                                                            | Average        |
|----------------------------------------|------------------------------|----------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                                   |                         |                                                                                                           |                                              |
| Currency                               | (1.12)%            |                   (0.09)% | (0.64)%                                           |
| Interest Rate                          | (1.08)                       |                   (0.32)  | (0.74)                                            |
| Equity                                 | (0.91)                       |                   (0.09)  | (0.42)                                            |
| Commodity                              | (0.87)                       |                   (0.32)  | (0.62)                                            |
| Aggregate Value at Risk                | (2.54)%            |                   (0.50)% | (1.44)%                                      |

| WNT I, LLCPrimary Market Risk Category | High    | Low                                                                                                                  | Average       |
|----------------------------------------|------------------------|----------------------------------------------------------------------------------------------------------------------|---------------|
|                                   |                   |                                                                                                                 |          |
| Currency                               | (0.87)%      |                    (0.18)% | (0.56)%  |
| Interest Rate                          | (0.79)                 |                    (0.37)  | (0.51)        |
| Equity                                 | (0.94)                 |                    (0.05)  | (0.39)        |
| Commodity                              | (0.39)                 |                    (0.20)  | (0.27)        |
| Aggregate Value at Risk                | (1.48)%      |                    (0.57)% | (0.87)%  |

----

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

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

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

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

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

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

| ·   | approximately 102% 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. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - 51 - |
|--------|--------|

----

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