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

|                                     | Delaware                                                                                                              |       | 20-8529012                          |
|------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------|
|                                     |      (State or other jurisdiction of      incorporation or organization) |       | (I.R.S. EmployerIdentification No.) |
|                                     |                                                                                                                  |       |                                |
| Demeter Management LLC                   |                                                                                                                  |       |
| 522 Fifth Avenue, 13th Floor             |                                                                                                                  |       |
| New York, NY                             |                                                                                                                  | 10036      |
| (Address of principal executive offices) |                                                                                                                  | (Zip Code) |

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

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

----

|     | PART I. FINANCIAL INFORMATION                                                                    |             |
|----------|--------------------------------------------------------------------------------------------------|------------------|
|     |                                                                                             |             |
| Item 1.  | Financial Statements (Unaudited)                                                                 |             |
|     |                                                                                             |             |
|     | Statements of Financial Condition as of June 30, 2010 and December 31, 2009                      | 2                |
|     |                                                                                             |             |
|     | Statements of Operations for the Three and Six Months Ended  June 30, 2010 and 2009    | 3                |
|     |                                                                                             |             |
|     | Statements of Changes in Partners’ Capital for the Six Months Ended June 30, 2010 and 2009 | 4                |
|     |                                                                                             |             |
|     | Statements of Cash Flows for the Six Months Ended June 30, 2010 and 2009                         | 5                |
|     |                                                                                             |             |
|     | Notes to Financial Statements                                                                    |   6-20 |
|     |                                                                                             |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations      | 21-31            |
|     |                                                                                             |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                       | 31-46            |
|     |                                                                                             |             |
| Item 4.  | Controls and Procedures                                                                          | 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               |

----

|                                                                                                                         | June 30,   |   | December 31, |
|------------------------------------------------------------------------------------------------------------------------------|------------|--------|--------------|
|                                                                                                                         | 2010       |   | 2009         |
| ASSETS                                                                                                                       | $          |   | $            |
|                                                                                                                         |       |   |         |
| Investments in Affiliated Trading Companies:                                                                                 |       |   |         |
| Investment in Kaiser I, LLC                                                                                                  | 19,611,410 |   | 17,199,089   |
| Investment in TT II, LLC                                                                                                     | 16,872,117 |   | 14,636,069   |
| Investment in DKR I, LLC                                                                                                     | 12,708,696 |   | 12,093,464   |
| Investment in Rotella I, LLC                                                                                                 | 12,539,511 |   | 11,647,262   |
| Investment in Chesapeake I, LLC                                                                                              | 7,222,509  |   | 10,260,689   |
| Investment in Augustus I, LLC                                                                                                | 6,544,942  |   | 6,027,000    |
| Investment in GLC I, LLC                                                                                                     | 6,414,542  |   | 6,092,966    |
|                                                                                                                         |       |   |         |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $83,622,859 and $77,508,726, respectively) | 81,913,727 |   | 77,956,539   |
|                                                                                                                         |       |   |         |
| Subscriptions receivable                                                                                                     | 1,510,426  |   | 3,105,226    |
|                                                                                                                         |       |   |         |
| Total Assets                                                                                                                 | 83,424,153 |   | 81,061,765   |
|                                                                                                                         |       |   |         |
| LIABILITIES                                                                                                                  |       |   |         |
|                                                                                                                         |       |   |         |
| Payable to Affiliated Trading Companies                                                                                      | 718,656    |   | 1,876,864    |
| Redemptions payable                                                                                                          | 591,985    |   | 1,038,907    |
|                                                                                                                         |       |   |         |
| Total Liabilities                                                                                                            | 1,310,641  |   | 2,915,771    |
|                                                                                                                         |       |   |         |
| PARTNERS’ CAPITAL                                                                                                      |       |   |         |
| Class A (42,224.518 and 37,990.609 Units, respectively)                                                                      | 42,090,086 |   | 39,684,890   |
| Class B (9,367.409 and 8,032.706 Units, respectively)                                                                        | 9,474,792  |   | 8,492,803    |
| Class C (17,061.872 and 15,543.827 Units, respectively)                                                                      | 17,510,966 |   | 16,633,598   |
| Class D* (11,454.637 and 11,394.809 Units, respectively)                                                                     | 11,840,327 |   | 12,265,562   |
| Class Z (1,133.121 and 975.295 Units, respectively)                                                                          | 1,197,341  |   | 1,069,141    |
|                                                                                                                         |       |   |         |
| Total Partners’ Capital                                                                                                | 82,113,512 |   | 78,145,994   |
|                                                                                                                         |       |   |         |
| Total Liabilities and Partners’ Capital                                                                                | 83,424,153 |   | 81,061,765   |
|                                                                                                                         |       |   |         |
| NET ASSET VALUE PER UNIT                                                                                                     |       |   |         |
| Class A                                                                                                                      | 996.82     |   | 1,044.60     |
| Class B                                                                                                                      | 1,011.46   |   | 1,057.28     |
| Class C                                                                                                                      | 1,026.32   |   | 1,070.11     |
| Class D*                                                                                                                     | 1,033.67   |   | 1,076.41     |
| Class Z                                                                                                                      | 1,056.67   |   | 1,096.22     |

----

|                                    |                                          |   |                                   |
|-----------------------------------------|-----------------------------------------------|--------|----------------------------------------|
|                                    | For the Three MonthsEnded June  30, |   | For the Six Months Ended June 30, |
|                                    |                                          |   |                                   |   |   |   |   |
|                                    | 2010                                          |   | 2009                                   |   | 2010 |   | 2009 |
|                                    | $                                             |   | $                                      |   | $ |   | $ |
| EXPENSES                                |                                          |   |                                   |   |   |   |   |
| Ongoing Placement Agent fees            | 315,089                                       |   | 190,097                                |   | 608,350 |   | 330,784 |
| General Partner fees                    | 207,785                                       |   | 128,907                                |   | 401,352 |   | 215,832 |
| Administrative fees                     | 83,114                                        |   | 51,563                                 |   | 160,541 |   | 86,333 |
|                                    |                                          |   |                                   |   |   |   |   |
| Total Expenses                          | 605,988                                       |   | 370,567                                |   | 1,170,243 |   | 632,949 |
|                                    |                                          |   |                                   |   |   |   |   |
| NET INVESTMENT LOSS                     | (605,988)                                     |   | (370,567)                              |   |  (1,170,243) |   | (632,949) |
|                                    |                                          |   |                                   |   |   |   |   |
| REALIZED/NET CHANGE IN UNREALIZED       |                                          |   |                                   |   |   |   |   |
|  APPRECIATION (DEPRECIATION) ON    |                                          |   |                                   |   |   |   |   |
|  INVESTMENTS                       |                                          |   |                                   |   |   |   |   |
| Realized                                | (192,470)                                     |   | 645,159                                |   | (192,470) |   | 645,159 |
| Net change in unrealized depreciation   |                                          |   |                                   |   |   |   |   |
|   on investments              | (3,408,730)                                   |   | (1,287,332)                            |   | (2,156,945) |   | (1,956,250) |
|                                    |                                          |   |                                   |   |   |   |   |
| Total Realized/Net Change in Unrealized |                                          |   |                                   |   |   |   |   |
| Depreciation on Investments             | (3,601,200)                                   |   | (642,173)                              |   | (2,349,415) |   | (1,311,091) |
|                                    |                                          |   |                                   |   |   |   |   |
| NET LOSS                                | (4,207,188)                                   |   | (1,012,740)                            |   |  (3,519,658) |   | (1,944,040) |
|                                    |                                          |   |                                   |   |   |   |   |
| NET LOSS ALLOCATION                     |                                          |   |                                   |   |   |   |   |
| Class A                                 | (2,219,246)                                   |   | (528,175)                              |   | (1,887,552) |   | (1,062,815) |
| Class B                                 | (494,421)                                     |   | (127,656)                              |   | (404,952) |   | (250,401) |
| Class C                                 | (830,498)                                     |   | (225,229)                              |   | (695,119) |   | (449,141) |
| Class D                                 | (604,310)                                     |   | (123,204)                              |   | (490,235) |   | (165,229) |
| Class Z                                 | (58,713)                                      |   | (8,476)                                |   | (41,800) |   | (16,454) |
|                                    |                                          |   |                                   |   |   |   |   |
| NET LOSS PER UNIT *                     |                                          |   |                                   |   |   |   |   |
| Class A                                 | (54.21)                                       |   | (22.28)                                |   | (47.78) |   | (51.60) |
| Class B                                 | (53.66)                                       |   | (22.69)                                |   | (45.82) |   | (49.36) |
| Class C                                 | (53.07)                                       |   | (20.93)                                |   | (43.79) |   | (47.47) |
| Class D                                 | (52.76)                                       |   | (14.99)                                |   | (42.74) |   | (25.12) |
| Class Z                                 | (51.82)                                       |   | (17.23)                                |   | (39.55) |   | (41.66) |
|                                    |                                          |   |                                   |   |   |   |   |
|                                    | Units                                         |   | Units                                  |   | Units |   | Units |
| WEIGHTED AVERAGE NUMBER                 |                                          |   |                                   |   |   |   |   |
| OF UNITS OUTSTANDING                    |                                          |   |                                   |   |   |   |   |
| Class A                                 | 40,804.347                                    |   | 23,701.385                             |   | 39,876.061 |   | 20,595.353 |
| Class B                                 | 9,119.600                                     |   | 5,626.880                              |   | 8,725.704 |   | 5,072.478 |
| Class C                                 | 16,356.890                                    |   | 10,760.311                             |   | 15,893.739 |   | 9,461.409 |
| Class D                                 | 11,454.637                                    |   | 8,218.174                              |   | 11,424.888 |   | 6,576.912 |
| Class Z                                 | 1,133.121                                     |   | 492.071                                |   | 1,073.950 |   | 394.925 |

----

|                     | Class A     |   | Class B   |   | Class C     |   | Class D    |   | Class Z   |   | Total                                      |
|--------------------------|-------------|--------|-----------|--------|-------------|--------|------------|--------|-----------|--------|--------------------------------------------|
|                     | $           |   | $         |   | $           |   | $          |   | $         |   | $                                          |
| Partners’ Capital, |        |   |      |   |        |   |       |   |      |   |                                       |
| December 31, 2009        | 39,684,890  |   | 8,492,803 |   | 16,633,598  |   | 12,265,562 |   | 1,069,141 |   |   78,145,994                          |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Subscriptions            | 6,860,593   |   | 1,899,240 |   | 3,766,753   |   | 65,000     |   | 170,000   |   |   12,761,586                          |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Net Loss                 | (1,887,552) |   | (404,952) |   | (695,119)   |   | (490,235)  |   | (41,800)  |   |   (3,519,658)                         |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Redemptions              | (2,567,845) |   | (512,299) |   | (2,194,266) |   | –    |   | –   |   |   (5,274,410)                         |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Partners’ Capital, |        |   |      |   |        |   |       |   |      |   |                                       |
| June 30, 2010            | 42,090,086  |   | 9,474,792 |   | 17,510,966  |   | 11,840,327 |   | 1,197,341 |   |   82,113,512                          |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Partners’ Capital, |        |   |      |   |        |   |       |   |      |   |                                       |
| December 31, 2008        | 17,878,869  |   | 4,830,459 |   | 9,336,195   |   | –    |   | 324,532   |   |   32,370,055                          |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Subscriptions            | 15,558,407  |   | 3,116,442 |   | 7,385,319   |   | 12,618,356 |   | 365,000   |   |   39,043,524                          |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Net Loss                 | (1,062,815) |   | (250,401) |   | (449,141)   |   | (165,229)  |   | (16,454)  |   |   (1,944,040)                         |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Redemptions              | (2,228,176) |   | (911,635) |   | (3,664,907) |   | –    |   | –   |   |   (6,804,718)                         |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Partners’ Capital, |        |   |      |   |        |   |       |   |      |   |                                       |
| June 30, 2009            | 30,146,285  |   | 6,784,865 |   | 12,607,466  |   | 12,453,127 |   | 673,078   |   |   62,664,821                          |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
|                     | Class A     |   | Class B   |   | Class C     |   | Class D    |   | Class Z   |   | Total                                      |
|                     | Units       |   | Units     |   | Units       |   | Units      |   | Units     |   | Units                                      |
| Beginning Units,         |        |   |      |   |        |   |       |   |      |   |                                       |
| December 31, 2009        | 37,990.609  |   | 8,032.706 |   | 15,543.827  |   | 11,394.809 |   | 975.295   |   |   73,937.246                          |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Subscriptions            | 6,752.403   |   | 1,838.676 |   | 3,607.044   |   | 59.828     |   | 157.826   |   |   12,415.777                          |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Redemptions              | (2,518.494) |   | (503.973) |   | (2,088.999) |   | –    |   | –   |   |       (5,111.466) |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Ending Units,            |        |   |      |   |        |   |       |   |      |   |                                       |
| June 30, 2010            | 42,224.518  |   | 9,367.409 |   | 17,061.872  |   | 11,454.637 |   | 1,133.121 |   |   81,241.557                          |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Beginning Units,         |        |   |      |   |        |   |       |   |      |   |                                       |
| December 31, 2008        | 15,963.975  |   | 4,282.849 |   | 8,219.736   |   | –    |   | 281.733   |   |   28,748.293                          |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Subscriptions            | 14,312.258  |   | 2,829.888 |   | 6,632.316   |   | 11,394.809 |   | 325.294   |   |   35,494.565                          |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Redemptions              | (2,029.307) |   | (815.820) |   | (3,262.561) |   | –    |   | –   |   |      (6,107.688)       |
|                     |        |   |      |   |        |   |       |   |      |   |                                       |
| Ending Units,            |        |   |      |   |        |   |       |   |      |   |                                       |
| June 30, 2009            | 28,246.926  |   | 6,296.917 |   | 11,589.491  |   | 11,394.809 |   | 607.027   |   |   58,135.170                          |

----

|                                                              | For the Six Months Ended June 30, |
|-------------------------------------------------------------------|-----------------------------------|
|                                                              |                              |   |   |
|                                                              | 2010                              |   | 2009 |
|                                                              | $                                 |   | $ |
| CASH FLOWS FROM OPERATING ACTIVITIES                              |                              |   |   |
|                                                              |                              |   |   |
| Net loss                                                          | (3,519,658)                       |   | (1,944,040) |
| Adjustments to reconcile net loss:                                |                              |   |   |
| Purchase of Investments in Affiliated Trading Companies           | (8,343,790)                       |   | (38,221,173) |
| Proceeds from sale of Investments in Affiliated Trading Companies | 2,037,187                         |   | 5,469,513 |
| Realized                                                          | 192,470                           |   | (645,159) |
| Net change in unrealized depreciation on investments              | 2,156,945                         |   | 1,956,250 |
|                                                              |                              |   |   |
| Decrease in operating assets:                                     |                              |   |   |
| Receivable from Affiliated Trading Companies                      | —                           |   | 2,540,032 |
|                                                              |                              |   |   |
| Increase (decrease) in operating liabilities:                     |                              |   |   |
| Payable to Affiliated Trading Companies                           | (1,158,208)                       |   | 4,825,723 |
|                                                              |                              |   |   |
| Net  cash used for operating activities                 | (8,635,054)                       |   | (26,018,854) |
|                                                              |                              |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                              |                              |   |   |
|                                                              |                              |   |   |
| Cash received from offering of Units                              | 14,356,386                        |   | 33,640,241 |
| Cash paid for redemptions of Units                                | (5,721,332)                       |   | (7,621,387) |
|                                                              |                              |   |   |
| Net cash provided by financing activities                         | 8,635,054                         |   | 26,018,854 |
|                                                              |                              |   |   |
| Net change in cash                                                | –                           |   | – |
| Cash at beginning of period                                       | –                           |   | – |
| Cash at end of period                                             | –                           |   | – |
|                                                              |                              |   |   |

----

----

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

----

----

----

----

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

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

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

----

----

|     Assets  |    Unadjusted      Quoted Prices in        Active Markets for             Identical Assets                     (Level 1) |                  Significant Other                   Observable                       Inputs                         (Level 2) |         Significant    Unobservable           Inputs          (Level 3) |                                                      Total |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                                                                                                                                                                                                                                                                                                                                                           |  $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                     |                 $                                                                                                                                                                                                                              |
| Investment in Kaiser I, LLC     | –                                                                                                                                                                                                                                                                                                                                                        | 19,611,410                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | n/a                                                                                                                                                                                                                      | 19,611,410                                                                                                                                                                                                                                                                                                                     |
| Investment in TT II, LLC        | –                                                                                                                                                                                                                                                                                                                                                        | 16,872,117                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | n/a                                                                                                                                                                                                                      | 16,872,117                                                                                                                                                                                                                                                                                                                     |
| Investment in DKR I, LLC        | –                                                                                                                                                                                                                                                                                                                                                        | 12,708,696                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | n/a                                                                                                                                                                                                                      | 12,708,696                                                                                                                                                                                                                                                                                                                     |
| Investment in Rotella I, LLC    | –                                                                                                                                                                                                                                                                                                                                                        | 12,539,511                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | n/a                                                                                                                                                                                                                      | 12,539,511                                                                                                                                                                                                                                                                                                                     |
| Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                                                                                                                                                        | 7,222,509                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | n/a                                                                                                                                                                                                                      | 7,222,509                                                                                                                                                                                                                                                                                                                      |
| Investment in Augustus I, LLC   | –                                                                                                                                                                                                                                                                                                                                                        | 6,544,942                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | n/a                                                                                                                                                                                                                      | 6,544,942                                                                                                                                                                                                                                                                                                                      |
| Investment in GLC I, LLC        | –                                                                                                                                                                                                                                                                                                                                                        | 6,414,542                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | n/a                                                                                                                                                                                                                      | 6,414,542                                                                                                                                                                                                                                                                                                                      |

----

|     Assets  |     Unadjusted       Quoted Prices in       Active Markets for           Identical Assets                     (Level 1) |       Significant Other   Observable       Inputs     (Level 2)                                           |         Significant      Unobservable            Inputs           (Level 3) |                                 Total |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                                                                                                                                                                                                                                                                                                                                                     |    $                                |                                                                                                                                                                                                                                             |                          $                                               |
| Investment in Kaiser I, LLC     | –                                                                                                                                                                                                                                                                                                                                                  | 17,199,089                                                             | n/a                                                                                                                                                                                                                                              | 17,199,089                                                                                                                                                                                       |
| Investment in TT II, LLC        | –                                                                                                                                                                                                                                                                                                                                                  | 14,636,069                                                             | n/a                                                                                                                                                                                                                                              | 14,636,069                                                                                                                                                                                       |
| Investment in DKR I, LLC        | –                                                                                                                                                                                                                                                                                                                                                  | 12,093,464                                                             | n/a                                                                                                                                                                                                                                              | 12,093,464                                                                                                                                                                                       |
| Investment in Rotella I, LLC    | –                                                                                                                                                                                                                                                                                                                                                  | 11,647,262                                                             | n/a                                                                                                                                                                                                                                              | 11,647,262                                                                                                                                                                                       |
| Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                                                                                                                                                  | 10,260,689                                                             | n/a                                                                                                                                                                                                                                              | 10,260,689                                                                                                                                                                                       |
| Investment in GLC I, LLC        | –                                                                                                                                                                                                                                                                                                                                                  |    6,092,966                                                 | n/a                                                                                                                                                                                                                                              | 6,092,966                                                                                                                                                                                        |
| Investment in Augustus I, LLC   | –                                                                                                                                                                                                                                                                                                                                                  | 6,027,000                                                              | n/a                                                                                                                                                                                                                                              | 6,027,000                                                                                                                                                                                        |

----

| For the Three Months Ended June 30, 2010  |  InvestmentIncome/(Loss) | Net  Investment (Loss)  | Total Trading Results  | NetIncome/(Loss)  |
|------------------------------------------------|-------------------------------|----------------------------------------|-----------------------------|------------------------|
|                                           | $                             | $                                      | $                           | $                      |
| Chesapeake I, LLC                              | (10,242)                      | (198,680)                              | (5,087,762)                 | (5,286,442)            |
| Kaiser I, LLC                                  | 218                           | (287,992)                              | 2,365,060                   | 2,077,068              |
| TT II, LLC                                     | 822                           | (289,991)                              | (1,109,594)                 |  (1,399,585)      |

| For the Six Months Ended June 30, 2010  |  InvestmentIncome/(Loss) | Net  Investment (Loss)  | Total Trading Results                                  | NetIncome/(Loss)  |
|----------------------------------------------|-------------------------------|----------------------------------------|-------------------------------------------------------------|------------------------|
|                                         | $                             | $                                      | $                                                           | $                      |
| Chesapeake I, LLC                            | (21,724)                      | (424,038)                              |  (4,766,347)        |  (5,190,385)      |
| Kaiser I, LLC                                | 218                           | (582,844)                              | 2,093,119                                                   |    1,510,275 |
| TT II, LLC                                   | (1,933)                       | (575,295)                              | 2,095,536                |  1,520,241   |

| For the Three Months Ended June 30, 2009  |   Investment Income |   NetInvestment (Loss)  | Total Trading Results  | NetIncome/(Loss)  |
|------------------------------------------------|-------------------------------|----------------------------------------|-----------------------------|------------------------|
|                                           | $                             | $                                      | $                           | $                      |
| Chesapeake I, LLC                              |    –     |  (177,274)                        | (1,966,591)                 |   (2,143,865)     |
| Kaiser I, LLC                                  |    623         |  (260,421)                        | 115,591                     | (144,830)              |

----

| For the Six Months Ended June 30, 2009  |   Investment Income |    NetInvestment (Loss)  | Total Trading Results  |  Net (Loss)  |
|----------------------------------------------|-------------------------------|----------------------------------------------|-----------------------------|------------------------|
|                                         | $                             | $                                            | $                           | $                      |
| Chesapeake I, LLC                            |    11,503      |  (332,206)                              | (2,170,969)                 | (2,503,175)            |
| Kaiser I, LLC                                |     3,929      |  (506,490)                              | (200,323)                   | (706,813)              |

----

----

----

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

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

----

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

----

----

----

| Share Class | NAV at 6/30/10                                                                                                                                                                   | NAV at 3/31/10 |
|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
|        |                                                                                                                                                                             |           |
| A           | $996.82                              | $1,051.03      |
| B           |      $1,011.46                                                                                                                                               | $1,065.12      |
| C           |      $1,026.32                                                                                                                                               | $1,079.39      |
| D           |      $1,033.67                                                                                                                                               | $1,086.43      |
| Z           |      $1,056.67                                                                                                                                               | $1,108.49      |

----

| Share Class | NAV at 6/30/10                                                            | NAV at 12/31/09 |
|-------------|---------------------------------------------------------------------------|-----------------|
|        |                                                                      |            |
| A           | $996.82            | $1,044.60       |
| B           |      $1,011.46                                        | $1,057.28       |
| C           |      $1,026.32                                   | $1,070.11       |
| D           |      $1,033.67                                        | $1,076.41       |
| Z           |      $1,056.67                                        | $1,096.22       |

----

----

| Share Class                   |      NAV at 6/30/09 | NAV at 3/31/09 |
|-------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|----------------|
|                                                                                                                    |                                    |           |
| A                                                                                                                       | $1,067.24                               | $1,090.43      |
| B                                                                                                                       | $1,077.49                               | $1,099.51      |
| C                                                                                                                       | $1,087.84                               | $1,108.67      |
| D                                                                                                                       | $1,092.88                               | $1,113.11      |
| Z                                                                                                                       | $1,108.81                               | $1,127.21      |

----

----

| Share Class |     NAV at 6/30/09 | NAV at 12/31/08 |
|-------------|-----------------------------------|-----------------|
|        |                              |            |
| A           | $1,067.24                         | $1,119.95       |
| B           | $1,077.49                         | $1,127.86       |
| C           | $1,087.84                         | $1,135.83       |
| D           | $1,092.88                         | n/a             |
| Z           | $1,108.81                         | $1,151.91       |

----

----

----

----

----

----

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

|                         |                         June 30, 2010 |   |                           June 30, 2009 |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                                                |   | VaR                                                                                                                                         |
|                         |                                                                                                                                                     |   |                                                                                                                                                                 |
| Currency                     | (0.61)%                                                                                                                                        |   | (0.45)%                                                                                                                                                              |
| Interest Rate                | (1.16)                                                                                                                                                   |   | (0.48)                                                                                                                                                               |
| Equity                       | (0.47)                                                                                                                                                   |   | (0.17)                                                                                                                                                               |
| Commodity                    | (0.47)                                                                                                                                                   |   | (1.58)                                                                                                                                                               |
| Aggregate Value at Risk      | (1.56)%                                                                                                                                             |   | (1.92)%                                                                                                                                                              |

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

----

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

|                         |                                   June 30, 2010 |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                                                                                                       |
|                         |                                                                                                                                                                                                                 |
| Currency                     | (0.55)%                                                                                                                                                                                                    |
| Interest Rate                | (0.92)                                                                                                                                                                                                               |
| Equity                       | (0.62)                                                                                                                                                                                                               |
| Commodity                    | (0.38)                                                                                                                                                                                                               |
| Aggregate Value at Risk      | (1.27)%                                                                                                                                                                                                    |

----

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

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

----

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

| Primary Market Risk Category | High           | Low                                   | Average            |
|------------------------------|------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                         |                                                             |                                                                                                                                                                                                            |                                                                      |
| Currency                     | (1.39)%                                                          | (0.61)%                                                                                                                                                                                                         | (1.00)%                                                         |
| Interest Rate                | (1.16)                                                           | (0.57)                                                                                                                                                                                                          | (0.82)                                                                    |
| Equity                       | (0.77)                                                           | (0.23)                                                                                                                                                                                                          | (0.52)                                                                    |
| Commodity                    | (2.02)                                                           | (0.47)                                                                                                                                                                                                          | (1.15)                                                                    |
| Aggregate Value at Risk      | (2.98)%                                                | (1.37)%                                                                                                                                                                                                         | (2.03)%                                                         |

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

----

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

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

| Primary Market Risk Category |        High                                                         | Low              | Average          |
|------------------------------|---------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|---------------------------------------------------------------|
|                         |                                                                                              |                                                                              |                                                          |
| Currency                     |                (0.95)%      | (0.55)%                                                                 | (0.76)%                                             |
| Interest Rate                |                 (0.92) | (0.43)                                                                            | (0.63)                                                        |
| Equity                       |                (4.04)       | (0.62)                                                                            | (2.31)                                                        |
| Commodity                    |                (1.63)       | (0.38)                                                                            | (1.05)                                                        |
| Aggregate Value at Risk      |              (5.70)%                  | (1.27)%                                                                           | (3.57)%                                                  |

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

----

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

| Primary Market Risk Category | High         | Low       | Average       |
|------------------------------|------------------------------------------------------|-----------------------------------------|---------------------------------------------|
|                         |                                                 |                                    |                                        |
| Currency                     | (1.30)%                                         | (0.21)%                       | (0.56)%                                     |
| Interest Rate                | (0.52)                                               | (0.28)                                  | (0.40)                                      |
| Equity                       | (0.17)                                               | (0.06)                                  | (0.14)                                      |
| Commodity                    | (1.58)                                               | (0.24)                                  | (0.83)                                      |
| Aggregate Value at Risk      | (1.92)%                                    | (0.66)%                       | (1.24)%                                     |

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

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

----

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

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

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

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

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

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

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

----

----

----

----

----

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

----

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

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

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

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

----

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