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

|                                          | Delaware                                                                                                                  |            | 20-8528957                                    |
|-----------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|-----------------|-----------------------------------------------|
|                                          |           (State or other jurisdiction of          incorporation or organization) |            | (I.R.S.      EmployerIdentification      No.) |
|                                          |                                                                                                                      |            |                                          |
| Demeter      Management LLC                   |                                                                                                                      |            |
| 522      Fifth Avenue, 13th Floor             |                                                                                                                      |            |
| New      York, NY                             |                                                                                                                      | 10036           |
| (Address      of principal executive offices) |                                                                                                                      | (Zip      Code) |

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

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

----

|          | PART I. FINANCIAL    INFORMATION                                                                                 |       |
|---------------|------------------------------------------------------------------------------------------------------------------|------------|
|          |                                                                                                             |       |
| Item      1.  | Financial      Statements (Unaudited)                                                                            |       |
|          |                                                                                                             |       |
|          | Statements      of Financial Condition as of September 30, 2009 and December 31, 2008                            | 2          |
|          |                                                                                                             |       |
|          | Statements      of Operations for the Three and Nine Months Ended September 30, 2009 and      2008               | 3          |
|          |                                                                                                             |       |
|          | Statements      of Changes in Partners’ Capital for the Nine Months Ended September 30,      2009 and 2008 | 4          |
|          |                                                                                                             |       |
|          | Statements      of Cash Flows for the Nine Months Ended September 30, 2009 and 2008                              | 5          |
|          |                                                                                                             |       |
|          | Notes      to Financial Statements                                                                               |  6-21 |
|          |                                                                                                             |       |
| 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                                                  | 33-46      |
|          |                                                                                                             |       |
| Item      4T. | Controls      and Procedures                                                                                     | 46-47      |
|          |                                                                                                             |       |
|          | PART II. OTHER INFORMATION                                                                                       |       |
|          |                                                                                                             |       |
| Item      1A. | Risk      Factors                                                                                                | 48         |
|          |                                                                                                             |       |
| Item      2.  | Unregistered      Sales of Securities and Use of Proceeds                                                        | 48         |
|          |                                                                                                             |       |
| Item      6.  | Exhibits                                                                                                         | 48         |

----

|                                                                                                                                    | September      30, |   | December      31, |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|-------------------|
|                                                                                                                                    | 2009               |   | 2008              |
| ASSETS                                                                                                                                  | $                  |   | $                 |
|                                                                                                                                    |               |   |              |
| Investments      in Affiliated Trading Companies:                                                                                       |               |   |              |
| Investment      in BHM I, LLC                                                                                                           | 37,058,915         |   | 20,936,983        |
| Investment      in Aspect I, LLC                                                                                                        | 34,411,095         |   | 25,124,380        |
| Investment      in Altis I, LLC                                                                                                         | 33,344,528         |   | 22,332,782        |
| Investment      in WNT I, LLC                                                                                                           | 32,977,995         |   | 24,453,928        |
| Investment      in Boronia I, LLC                                                                                                       | 18,965,953         |   | 10,561,102        |
|                                                                                                                                    |               |   |              |
| Total      Investments in Affiliated Trading Companies, at fair value  (cost      $144,649,528 and $90,549,578, respectively) | 156,758,486        |   | 103,409,175       |
| Subscriptions      receivable                                                                                                           | 6,404,282          |   | –           |
| Receivable      from Affiliated Trading Companies                                                                                       | –            |   | 13,558,064        |
|                                                                                                                                    |               |   |              |
| Total      Assets                                                                                                                       | 163,162,768        |   | 116,967,239       |
|                                                                                                                                    |               |   |              |
| LIABILITIES                                                                                                                             |               |   |              |
|                                                                                                                                    |               |   |              |
| Payable      to Affiliated Trading Companies                                                                                            | 4,340,633          |   | –           |
| Redemptions      payable                                                                                                                | 1,671,910          |   | 7,241,922         |
|                                                                                                                                    |               |   |              |
| Total      Liabilities                                                                                                                  | 6,012,543          |   | 7,241,922         |
|                                                                                                                                    |               |   |              |
| PARTNERS’      CAPITAL                                                                                                            |               |   |              |
| Class      A (69,954.081 and 46,349.723 Units, respectively)                                                                            | 86,801,884         |   | 59,691,122        |
| Class      B (16,342.552 and 12,869.463 Units, respectively)                                                                            | 20,497,709         |   | 16,690,009        |
| Class      C (33,750.667 and 24,072.194 Units, respectively)                                                                            | 42,789,367         |   | 31,437,299        |
| Class      D (3,072.942 Units)                                                                                                          | 3,916,563          |   | –           |
| Class      Z (2,427.718 and 1,439.906 Units, respectively)                                                                              | 3,144,702          |   | 1,906,887         |
|                                                                                                                                    |               |   |              |
| Total      Partners’ Capital                                                                                                      | 157,150,225        |   | 109,725,317       |
|                                                                                                                                    |               |   |              |
| Total      Liabilities and Partners’ Capital                                                                                      | 163,162,768        |   | 116,967,239       |
|                                                                                                                                    |               |   |              |
| NET      ASSET VALUE PER UNIT                                                                                                           |               |   |              |
| Class      A                                                                                                                            | 1,240.84           |   | 1,287.84          |
| Class      B                                                                                                                            | 1,254.25           |   | 1,296.87          |
| Class      C                                                                                                                            | 1,267.81           |   | 1,305.96          |
| Class      D                                                                                                                            | 1,274.53           |   | n/a      *        |
| Class      Z                                                                                                                            | 1,295.33           |   | 1,324.31          |

----

|                                                                                         | For      the Three MonthsEnded September 30, |   | For      the Nine Months Ended September 30, |
|----------------------------------------------------------------------------------------------|----------------------------------------------|--------|---------------------------------------------------|
|                                                                                         |                                         |   |                                              |   |   |   |   |
|                                                                                         | 2009                                         |   | 2008                                              |   | 2009 |   | 2008 |
|                                                                                         | $                                            |   | $                                                 |   | $ |   | $ |
| EXPENSES                                                                                     |                                         |   |                                              |   |   |   |   |
| Ongoing      Placement Agent fees                                                            | 564,529                                      |   | 357,741                                           |   | 1,499,106 |   | 812,366 |
| General      Partner fees                                                                    | 356,249                                      |   | 228,117                                           |   | 941,650 |   | 512,414 |
| Administrative      fees                                                                     | 142,500                                      |   | 91,247                                            |   | 376,660 |   | 204,966 |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| Total      Expenses                                                                          | 1,063,278                                    |   | 677,105                                           |   | 2,817,416 |   | 1,529,746 |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| NET      INVESTMENT LOSS                                                                     | (1,063,278)                                  |   | (677,105)                                         |   | (2,817,416) |   | (1,529,746) |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| REALIZED/NET      CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON      INVESTMENTS       |                                         |   |                                              |   |   |   |   |
| Realized                                                                                     | –                                      |   | –                                           |   | 318,858 |   | 69,220 |
| Net      change in unrealized appreciation (depreciation) on      investments                | 5,281,938                                    |   | (11,122,876)                                      |   | (750,639) |   | (415,585) |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| Total      Realized/Net Change in Unrealized Appreciation (Depreciation) on      Investments | 5,281,938                                    |   | (11,122,876)                                      |   | (431,781) |   | (346,365) |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| NET      INCOME (LOSS)                                                                       | 4,218,660                                    |   | (11,799,981)                                      |   | (3,249,197) |   | (1,876,111) |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| NET      INCOME (LOSS) ALLOCATION                                                            |                                         |   |                                              |   |   |   |   |
| Class      A                                                                                 | 2,221,283                                    |   | (6,175,602)                                       |   | (1,950,032) |   | (700,573) |
| Class      B                                                                                 | 568,304                                      |   | (1,682,259)                                       |   | (520,587) |   | (149,871) |
| Class      C                                                                                 | 1,227,629                                    |   | (3,734,720)                                       |   | (673,139) |   | (973,443) |
| Class      D                                                                                 | 118,104                                      |   | –                                           |   | (78,262) |   | – |
| Class      Z                                                                                 | 83,340                                       |   | (207,400)                                         |   | (27,177) |   | (52,224) |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| NET      INCOME (LOSS) PER UNIT                                                              |                                         |   |                                              |   |   |   |   |
| Class      A                                                                                 | 34.87                                        |   | (161.37)                                          |   | (35.47) |   | 47.09 |
| Class      B                                                                                 | 36.23                                        |   | (160.64)                                          |   | (36.34) |   | 51.37 |
| Class      C                                                                                 | 38.20                                        |   | (159.88)                                          |   | (25.00) |   | 55.69 |
| Class      D                                                                                 | 38.43                                        |   | –                                           |   | (25.47) |   | – |
| Class      Z                                                                                 | 41.22                                        |   | (158.34)                                          |   | (15.75) |   | 64.42 |
|                                                                                         |                                         |   |                                              |   |   |   |   |
|                                                                                         | Units                                        |   | Units                                             |   | Units |   | Units |
| WEIGHTED      AVERAGE NUMBER                                                                 |                                         |   |                                              |   |   |   |   |
| OF      UNITS OUTSTANDING                                                                    |                                         |   |                                              |   |   |   |   |
| Class      A                                                                                 | 63,707.515                                   |   | 39,714.418                                        |   | 54,976.197 |   | 30,812.415 |
| Class      B                                                                                 | 15,685.826                                   |   | 10,951.958                                        |   | 14,325.965 |   | 8,805.539 |
| Class      C                                                                                 | 32,139.328                                   |   | 24,848.875                                        |   | 26,920.460 |   | 17,476.733 |
| Class      D                                                                                 | 3,072.942                                    |   | –                                           |   | 3,072.942 |   | – |
| Class      Z                                                                                 | 2,021.848                                    |   | 1,322.332                                         |   | 1,725.900 |   | 1,023.764 |

----

|                          | Class A      |   | Class B     |   | Class C      |   | Class D   |   | Class Z   |   | Total        |
|-------------------------------|--------------|--------|-------------|--------|--------------|--------|-----------|--------|-----------|--------|--------------|
|                          | $            |   | $           |   | $            |   | $         |   | $         |   | $            |
| Partners’      Capital, |         |   |        |   |         |   |      |   |      |   |         |
| December      31, 2007        | 15,455,619   |   | 3,446,431   |   | 5,639,752    |   | –   |   | 383,883   |   | 24,925,685   |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Subscriptions                 | 33,808,073   |   | 10,764,329  |   | 27,172,605   |   | –   |   | 1,274,313 |   | 73,019,320   |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Net      Loss                 | (700,573)    |   | (149,871)   |   | (973,443)    |   | –   |   | (52,224)  |   | (1,876,111)  |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Redemptions                   | (2,680,514)  |   | (1,382,922) |   | (1,490,278)  |   | –   |   | (65,444)  |   | (5,619,158)  |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Partners’      Capital, |         |   |        |   |         |   |      |   |      |   |         |
| September      30, 2008       | 45,882,605   |   | 12,677,967  |   | 30,348,636   |   | –   |   | 1,540,528 |   | 90,449,736   |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Partners’      Capital, |         |   |        |   |         |   |      |   |      |   |         |
| December      31, 2008        | 59,691,122   |   | 16,690,009  |   | 31,437,299   |   | –   |   | 1,906,887 |   | 109,725,317  |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Subscriptions                 | 41,302,953   |   | 10,288,489  |   | 26,143,098   |   | 3,994,825 |   | 2,198,951 |   | 83,928,316   |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Net      Loss                 | (1,950,032)  |   | (520,587)   |   | (673,139)    |   | (78,262)  |   | (27,177)  |   | (3,249,197)  |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Redemptions                   | (12,242,159) |   | (5,960,202) |   | (14,117,891) |   | –   |   | (933,959) |   | (33,254,211) |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Partners’      Capital, |         |   |        |   |         |   |      |   |      |   |         |
| September      30, 2009       | 86,801,884   |   | 20,497,709  |   | 42,789,367   |   | 3,916,563 |   | 3,144,702 |   | 157,150,225  |
|                          |         |   |        |   |         |   |      |   |      |   |         |
|                          | Class A      |   | Class B     |   | Class C      |   | Class D   |   | Class Z   |   | Total        |
|                          | Units        |   | Units       |   | Units        |   | Units     |   | Units     |   | Units        |
| Beginning      Units,         |         |   |        |   |         |   |      |   |      |   |         |
| December      31, 2007        | 14,456.976   |   | 3,217.119   |   | 5,253.689    |   | –   |   | 356.140   |   | 23,283.924   |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Subscriptions                 | 28,945.597   |   | 9,266.837   |   | 22,832.957   |   | –   |   | 1,049.694 |   | 62,095.085   |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Redemptions                   | (2,295.248)  |   | (1,191.077) |   | (1,209.812)  |   | –   |   | (57.240)  |   | (4,753.377)  |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Ending      Units,            |         |   |        |   |         |   |      |   |      |   |         |
| September      30, 2008       | 41,107.325   |   | 11,292.879  |   | 26,876.834   |   | –   |   | 1,348.594 |   | 80,625.632   |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Beginning      Units,         |         |   |        |   |         |   |      |   |      |   |         |
| December      31, 2008        | 46,349.723   |   | 12,869.463  |   | 24,072.194   |   | –   |   | 1,439.906 |   | 84,731.286   |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Subscriptions                 | 33,399.252   |   | 8,239.012   |   | 20,721.477   |   | 3,072.942 |   | 1,709.863 |   | 67,142.546   |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Redemptions                   | (9,794.894)  |   | (4,765.923) |   | (11,043.004) |   | –   |   | (722.051) |   | (26,325.872) |
|                          |         |   |        |   |         |   |      |   |      |   |         |
| Ending      Units,            |         |   |        |   |         |   |      |   |      |   |         |
| September      30, 2009       | 69,954.081   |   | 16,342.552  |   | 33,750.667   |   | 3,072.942 |   | 2,427.718 |   | 125,547.960  |

----

|                                                                   | For the Nine Months Ended September      30, |
|------------------------------------------------------------------------|----------------------------------------------|
|                                                                   |                                         |   |   |
|                                                                   | 2009                                         |   | 2008 |
|                                                                   | $                                            |   | $ |
| CASH      FLOWS FROM OPERATING ACTIVITIES                              |                                         |   |   |
|                                                                   |                                         |   |   |
| Net      loss                                                          | (3,249,197)                                  |   | (1,876,111) |
|                                                                   |                                         |   |   |
| Adjustments      to reconcile net loss:                                |                                         |   |   |
| Purchases      of Investments in Affiliated Trading Companies          | (55,194,670)                                 |   | (67,827,513) |
| Proceeds      from sale of Investments in Affiliated Trading Companies | 1,413,578                                    |   | 332,332 |
| Realized                                                               | (318,858)                                    |   | – |
| Net      change in unrealized depreciation on investments              | 750,639                                      |   | 415,585 |
|                                                                   |                                         |   |   |
| Decrease      in operating assets:                                     |                                         |   |   |
| Receivable      from Affiliated Trading Companies                      | 13,558,064                                   |   | – |
|                                                                   |                                         |   |   |
| Increase      in operating liabilities:                                |                                         |   |   |
| Payable      to Affiliated Trading Companies                           | 4,340,633                                    |   | – |
|                                                                   |                                         |   |   |
| Net  cash      used for operating activities                 | (38,699,811)                                 |   | (68,955,707) |
|                                                                   |                                         |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES                              |                                         |   |   |
|                                                                   |                                         |   |   |
| Cash      received from offering of Units                              | 77,524,034                                   |   | 73,019,320 |
| Cash      paid for redemptions of Units                                | (38,824,223)                                 |   | (4,063,613) |
|                                                                   |                                         |   |   |
| Net      cash provided by financing activities                         | 38,699,811                                   |   | 68,955,707 |
|                                                                   |                                         |   |   |
| Net      change in cash                                                | –                                      |   | – |
| Cash      at beginning of period                                       | –                                      |   | – |
| Cash      at end of period                                             | –                                      |   | – |

----

----

----

| Trading Company                                        | Trading Advisor                          |
|--------------------------------------------------------|------------------------------------------|
|                                                   |                                     |
| Morgan      Stanley Smith Barney Altis I, LLC          |                                     |
|   (“Altis      I, LLC”)          | Altis      Partners (Jersey) Limited     |
| Morgan      Stanley Smith Barney Aspect I, LLC         |                                     |
| (“Aspect      I, LLC”)                     | Aspect      Capital Limited              |
| Morgan      Stanley Smith Barney BHM I, LLC            |                                     |
|   (“BHM      I, LLC”)            | Blenheim      Capital Management, L.L.C. |
| Morgan      Stanley Smith Barney Boronia I, LLC        |                                     |
| (“Boronia      I, LLC”)                    | Boronia      Capital Pty. Ltd.           |
| Morgan      Stanley Smith Barney  WNT I, LLC |                                     |
| (“WNT      I, LLC”)                        | Winton      Capital Management Limited   |

----

----

----

----

----

| 1)   | One      or more underlying notional amounts or payment  provisions; |
|----------------|----------------------------------------------------------------------|

| 2)   | Requires      no initial net investment or a smaller initial net investment than would      be required relative to changes in market  factors; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

----

|    Assets          |                        Quoted Prices in                    Active Markets for                        Identical Assets                                (Level      1)                    |                     Significant Other                     Observable                           Inputs                          (Level 2) |                    Significant                 Unobservable                      Inputs                     (Level 3) |   |                             Total |
|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|
|                              |  $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                                                                                                  |
| Investment      in BHM I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 37,058,915                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | n/a                                                                                                                                                                                                                                                                                                                                                                                                      |   | 37,058,915                                                                                                                                      |
| Investment      in Aspect I, LLC  | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 34,411,095                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | n/a                                                                                                                                                                                                                                                                                                                                                                                                      |   | 34,411,095                                                                                                                                      |
| Investment      in Altis I, LLC   | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 33,344,528                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | n/a                                                                                                                                                                                                                                                                                                                                                                                                      |   | 33,344,528                                                                                                                                      |
| Investment      in WNT I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 32,977,995                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | n/a                                                                                                                                                                                                                                                                                                                                                                                                      |   | 32,977,995                                                                                                                                      |
| Investment      in Boronia I, LLC | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 18,965,953                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | n/a                                                                                                                                                                                                                                                                                                                                                                                                      |   | 18,965,953                                                                                                                                      |

|    Assets          |                       Quoted Prices in                    Active Markets for                      Identical Assets                            (Level 1) |                    Significant Other                      Observable                          Inputs                        (Level 2) |                   Significant               Unobservable                   Inputs                 (Level 3) |   |                                    Total |
|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                              |  $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    $                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                         |   |           $                                                                                                                                                           |
| Investment      in Aspect I, LLC  | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 25,124,380                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | n/a                                                                                                                                                                                                                                                                                                                                          |   | 25,124,380                                                                                                                                                                                |
| Investment      in WNT I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 24,453,928                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | n/a                                                                                                                                                                                                                                                                                                                                          |   | 24,453,928                                                                                                                                                                                |
| Investment      in Altis I, LLC   | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 22,332,782                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | n/a                                                                                                                                                                                                                                                                                                                                          |   | 22,332,782                                                                                                                                                                                |
| Investment      in BHM I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 20,936,983                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | n/a                                                                                                                                                                                                                                                                                                                                          |   | 20,936,983                                                                                                                                                                                |
| Investment      in Boronia I, LLC | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 10,561,102                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | n/a                                                                                                                                                                                                                                                                                                                                          |   | 10,561,102                                                                                                                                                                                |

----

| Investment     |                  % of Profile                       HV’s Partners’Capital  | Fair Value  | Profile      HV’s pro-rata Net  Income/(Loss)  | ManagementFees  | IncentiveFees        | Administrative                Fees                  |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|---------------------------------------------------------------------|----------------------|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |                                                                                                                                                                                                                                    | $                | $                                                                   |    $  |     $ | $                                                                                                                                                            |
| BHM      I, LLC     | 23.6                                                                                                                                                                                                                                    | 37,058,915       | 5,705,287                                                           | 447,178              | 733,494                   | 78,256                                                                                                                                                       |
| Aspect      I, LLC  | 22.0                                                                                                                                                                                                                                    | 34,411,095       | (2,380,270)                                                         | 412,464              | 149                       | 72,181                                                                                                                                                       |
| Altis      I, LLC   | 21.3                                                                                                                                                                                                                                    | 33,344,528       | (1,119,327)                                                         | 235,451              | –                   | 65,926                                                                                                                                                       |
| WNT      I, LLC     | 21.0                                                                                                                                                                                                                                    | 32,977,995       | (2,007,973)                                                         | 410,305              | 179                       | 71,803                                                                                                                                                       |
| Boronia      I, LLC | 12.1                                                                                                                                                                                                                                    | 18,965,953       | (629,498)                                                           | 231,937              | 89                   | 40,589                                                                                                                                                       |

----

| September 30, 2009  |  Investment Income | Net  Investment Loss  | Total Trading Results  | NetIncome/(Loss)  |
|--------------------------|-------------------------|--------------------------------------|-----------------------------|------------------------|
|                     | $                       | $                                    | $                           | $                      |
| BHM      I, LLC          | 24,887                  | (1,315,565)                          | 31,067,772                  | 29,752,207             |
| Aspect      I, LLC       | 5,958                   | (694,365)                            | (2,342,538)                 | (3,036,903)            |
| Altis      I, LLC        | 26,371                  | (324,887)                            | (794,440)                   | (1,119,327)            |
| WNT,      LLC            | 5,056                   | (650,239)                            | (1,899,105)                 | (2,549,344)            |

| September 30, 2008  |  Investment Income | Net  Investment Loss  | Total Trading Results  | NetIncome  |
|--------------------------|-------------------------|--------------------------------------|-----------------------------|-----------------|
|                     | $                       | $                                    | $                           | $               |
| BHM      I, LLC          | 182,322                 | (798,575)                            | 14,512,576                  | 13,714,001      |
| Aspect      I, LLC       | 203,301                 | (732,436)                            | 732,062                     | (374)           |
| Altis      I, LLC        | 176,418                 | (1,229,902)                          | 1,602,439                   | 302,537         |
| WNT,      LLC            | 204,343                 | (687,148)                            | 1,088,565                   | 401,417         |

----

----

----

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

----

|   | -      21 - |
|--------|-------------|

----

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

----

----

----

| Share Class | NAV at 6/30/09 | NAV at 9/30/09 |
|-------------|----------------|----------------|
|        |           |           |
| A           | $1,207.16      | $1,240.84      |
| B           | $1,218.69      | $1,254.25      |
| C           | $1,230.34      | $1,267.81      |
| D           | $1,236.10      | $1,274.53      |
| Z           | $1,253.94      | $1,295.33      |

----

----

| Share Class | NAV at 12/31/08                                                                                                                                                                                                                                                                                                                                                             | NAV at 9/30/09 |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
|        |                                                                                                                                                                                                                                                                                                                                                                        |           |
| A           | $1,287.84                                                                                                                                                                                                                                                                                                                                                                   | $1,240.84      |
| B           | $1,296.87                                                                                                                                                                                                                                                                                                                                                                   | $1,254.25      |
| C           | $1,305.96                                                                                                                                                                                                                                                                                                                                                                   | $1,267.81      |
| D           | n/a                                                             | $1,274.53      |
| Z           | $1,324.31                                                                                                                                                                                                                                                                                                                                                                   | $1,295.33      |

----

----

| Share Class | NAV at 6/30/08 | NAV at 9/30/08 |
|-------------|----------------|----------------|
|        |           |           |
| A           | $1,277.54      | $1,116.17      |
| B           | $1,283.29      | $1,122.65      |
| C           | $1,289.05      | $1,129.17      |
| Z           | $1,300.66      | $1,142.32      |

----

----

| Share Class | NAV at 12/31/07 | NAV at 9/30/08 |
|-------------|-----------------|----------------|
|        |            |           |
| A           | $1,069.08       | $1,116.17      |
| B           | $1,071.28       | $1,122.65      |
| C           | $1,073.48       | $1,129.17      |
| Z           | $1,077.90       | $1,142.32      |

----

----

----

----

----

|                  |                      September 30, 2009 |   |               September 30, 2008                                                                                                                                                                |
|--------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market RiskCategory                                                                      | VAR                                          |   | VAR                                       |
|                                                                                             |                                                                                                               |   |                                                                                                                                                                                                                                    |
| Currency                                                                                         | (0.74)%                                                                                                  |   | (0.33)%                                                                                                                                                                                                                                 |
| Interest      Rate                                                                               | (0.69)                                                                                                             |   | (0.33)                                                                                                                                                                                                                                  |
| Equity                                                                                           | (2.23)                                                                                                             |   | (0.44)                                                                                                                                                                                                                                  |
| Commodity                                                                                        | (1.01)                                                                                                             |   | (1.75)                                                                                                                                                                                                                                  |
| Aggregate      Value at Risk                                                                     | (2.54)%                                                                                                  |   | (2.17)%                                                                                                                                                                                                                                 |

----

|                         |                             September 30, 2009 |   |                    September 30, 2008                                                                                                                                                    |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market RiskCategory  | VAR                                                                                                        |   | VAR                                          |
|                         |                                                                                                                                                         |   |                                                                                                                                                                                                                                                      |
| Currency                     | (0.61)%                                                                                                                                                      |   | (0.16)%                                                                                                                                                                                                                                                   |
| Interest      Rate           | (1.34)                                                                                                                                                       |   | (0.66)                                                                                                                                                                                                                                                    |
| Equity                       | (1.64)                                                                                                                                                       |   | (0.19)                                                                                                                                                                                                                                                    |
| Commodity                    | (0.90)                                                                                                                                                       |   | (0.60)                                                                                                                                                                                                                                                    |
| Aggregate      Value at Risk | (2.16)%                                                                                                                                            |   | (0.97)%                                                                                                                                                                                                                                                   |

|                         |                            September 30, 2009 |   |                           September 30, 2008 |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market RiskCategory  | VAR                                                                                        |   | VAR                                                                             |
|                         |                                                                                                                                                   |   |                                                                                                                                             |
| Currency                     | (0.02)%                                                                                                                                           |   | (0.29)%                                                                                                                                |
| Interest      Rate           | (0.98)                                                                                                                                                 |   | (0.24)                                                                                                                                           |
| Commodity                    | (3.59)                                                                                                                                                 |   | (1.63)                                                                                                                                           |
| Aggregate      Value at Risk | (4.12)%                                                                                                                                      |   | (1.43)%                                                                                                                                     |

----

|                         |                               September 30, 2009 |   |                 September 30, 2008                                                                                                                                        |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market RiskCategory  | VAR                                                                                                                         |   | VAR                                     |
|                         |                                                                                                                                                                     |   |                                                                                                                                                                                                                        |
| Currency                     | (0.46)%                                                                                                                                                             |   | (0.32)%                                                                                                                                                                                                                     |
| Interest      Rate           | (1.42)                                                                                                                                                                   |   | (0.14)                                                                                                                                                                                                                      |
| Equity                       | (0.72)                                                                                                                                                                   |   | (0.26)                                                                                                                                                                                                                      |
| Commodity                    | (0.86)                                                                                                                                                                   |   | (0.46)                                                                                                                                                                                                                      |
| Aggregate      Value at Risk | (1.93)%                                                                                                                                                        |   | (0.77)%                                                                                                                                                                                                                     |

|                         |                             September 30, 2009 |   |                   September 30, 2008                                                                                                          |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market RiskCategory  | VAR                                                                                                   |   | VAR                                  |
|                         |                                                                                                                                                         |   |                                                                                                                                                                                                      |
| Currency                     | (0.82)%                                                                                                                                                 |   | (0.15)%                                                                                                                                                                                                   |
| Interest      Rate           | (0.79)                                                                                                                                                       |   | (0.36)                                                                                                                                                                                                    |
| Equity                       | (0.94)                                                                                                                                                       |   | (0.30)                                                                                                                                                                                                    |
| Commodity                    | (0.39)                                                                                                                                                       |   | (0.16)                                                                                                                                                                                                    |
| Aggregate      Value at Risk | (1.48)%                                                                                                                                       |   | (0.59)%                                                                                                                                                                                                   |

----

| Primary Market RiskCategory  | High           | Low                                  | Average             |
|------------------------------|------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                         |                                                             |                                                                                                                                                                                                      |                                                                            |
| Currency                     | (0.94)%                                                     | (0.35)%                                                                                                                                                                                                   | (0.60)%                                                                    |
| Interest      Rate           | (1.14)                                                           | (0.53)                                                                                                                                                                                                    | (0.81)                                                                          |
| Equity                       | (2.23)                                                           | (0.13)                                                                                                                                                                                                    | (0.74)                                                                          |
| Commodity                    | (1.44)                                                           | (0.69)                                                                                                                                                                                                    | (1.08)                                                                          |
| Aggregate      Value at Risk |        (2.54)%                                              | (1.27)%                                                                                                                                                                                                   | (1.89)%                                                               |

| Primary Market RiskCategory  | 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)%                                                        |

| Primary Market RiskCategory  | High         | Low                                | Average        |
|------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                         |                                                 |                                                                                                                                                                                          |                                              |
| Currency                     | (0.11)%                                         | (0.02)%                                                                                                                                                                                       | (0.05)%                                      |
| Interest      Rate           | (0.98)                                               | (0.24)                                                                                                                                                                                        | (0.53)                                            |
| Commodity                    | (3.59)                                               | (1.44)                                                                                                                                                                                        | (2.66)                                            |
| Aggregate      Value at Risk | (4.12)%           | (1.49)%                                                                                                                                                                                       | (2.86)%                                      |

| Primary Market RiskCategory  | High                | Low                              | Average              |
|------------------------------|------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|
|                         |                                                                                           |                                                                                                                                                                              |                                                                                  |
| Currency                     | (0.46)%                                                                              | (0.08)%                                                                                                                                                                           | (0.24)%                                                                          |
| Interest      Rate           | (1.42)                                                                                         | (0.59)                                                                                                                                                                            | (1.06)                                                                                |
| Equity                       | (0.72)                                                                                         | (0.10)                                                                                                                                                                            | (0.44)                                                                                |
| Commodity                    | (1.05)                                                                                         | (0.44)                                                                                                                                                                            | (0.74)                                                                                |
| Aggregate      Value at Risk | (1.93)%                                                     | (1.18)%                                                                                                                                                                           | (1.44)%                                                                               |

----

| Primary Market RiskCategory  | 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      83% of Altis I, LLC’s net assets. |
|--------------------|------------------------------------------------------------|

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

| ·   | approximately      87% of BHM I, LLC’s net assets. |
|--------------------|----------------------------------------------------------|

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

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

----

----

----

----

----

|   | Changes in Internal      Control over FinancialReporting |
|--------|----------------------------------------------------------|

----

----

| 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 of2002. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

|                   | Managed      Futures Profile HV, L.P. |                         |
|------------------------|---------------------------------------|------------------------------|
|                   | (Registrant)                          |                         |
|                   |                                  |                         |   |
|                   | By:                                   | Demeter      Management LLC  |   |
|                   |                                  | (General      Partner)       |   |
|                   |                                  |                         |   |
| November      16, 2009 | By:                                   | /s/Christian      Angstadt   |   |
|                   |                                  | Christian      Angstadt      |   |
|                   |                                  | Chief      Financial Officer |   |

----