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

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

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

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

----

|     | PART I. FINANCIAL INFORMATION                                                                   |       |
|----------|-------------------------------------------------------------------------------------------------|------------|
|     |                                                                                            |       |
| Item 1.  | Financial Statements (Unaudited)                                                                |       |
|     |                                                                                            |       |
|     | Statements of Financial Condition as of March 31, 2010 and December 31, 2009                    | 2          |
|     |                                                                                            |       |
|     | Statements of Operations for the Quarters Ended March 31, 2010 and 2009                         | 3          |
|     |                                                                                            |       |
|     | Statements of Changes in Partners’ Capital for the Quarters Ended March 31, 2010 and 2009 | 4          |
|     |                                                                                            |       |
|     | Statements of Cash Flows for the Quarters Ended March 31, 2010 and 2009                         | 5          |
|     |                                                                                            |       |
|     | Notes to Financial Statements                                                                   |  6-19 |
|     |                                                                                            |       |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations     | 20-25      |
|     |                                                                                            |       |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                      | 26-40      |
|     |                                                                                            |       |
| Item 4T. | Controls and Procedures                                                                         | 40-41      |
|     |                                                                                            |       |
|     | PART II. OTHER INFORMATION                                                                      |       |
|     |                                                                                            |       |
| Item 1A. | Risk Factors                                                                                    | 42         |
|     |                                                                                            |       |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                            | 42         |
|     |                                                                                            |       |
| Item 6.  | Exhibits                                                                                        | 42         |

----

|                                                                                                                           | March 31,   |   | December 31, |
|--------------------------------------------------------------------------------------------------------------------------------|-------------|--------|--------------|
|                                                                                                                           | 2010        |   | 2009         |
| ASSETS                                                                                                                         | $           |   | $            |
|                                                                                                                           |        |   |         |
| Investments in Affiliated Trading Companies:                                                                                   |        |   |         |
| Investment in BHM I, LLC                                                                                                       | 44,011,796  |   | 44,391,791   |
| Investment in Aspect I, LLC                                                                                                    | 39,586,375  |   | 37,034,120   |
| Investment in WNT I, LLC                                                                                                       | 39,248,855  |   | 36,488,601   |
| Investment in Altis I, LLC                                                                                                     | 37,700,458  |   | 34,773,430   |
| Investment in Boronia I, LLC                                                                                                   | 21,140,140  |   | 20,677,046   |
|                                                                                                                           |        |   |         |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $165,199,817 and $159,771,827, respectively) | 181,687,624 |   | 173,364,988  |
| Subscriptions receivable                                                                                                       | 3,740,607   |   | 5,901,540    |
|                                                                                                                           |        |   |         |
| Total Assets                                                                                                                   | 185,428,231 |   | 179,266,528  |
|                                                                                                                           |        |   |         |
| LIABILITIES                                                                                                                    |        |   |         |
|                                                                                                                           |        |   |         |
| Payable to Affiliated Trading Companies                                                                                        | 2,322,692   |   | 3,971,593    |
| Redemptions payable                                                                                                            | 960,623     |   | 1,495,273    |
|                                                                                                                           |        |   |         |
| Total Liabilities                                                                                                              | 3,283,315   |   | 5,466,866    |
|                                                                                                                           |        |   |         |
| PARTNERS’ CAPITAL                                                                                                        |        |   |         |
| Class A (83,441.906 and 78,373.994 Units, respectively)                                                                        | 104,323,351 |   | 97,264,166   |
| Class B (19,438.424 and 18,794.498 Units, respectively)                                                                        | 24,627,039  |   | 23,606,083   |
| Class C (35,194.096 and 35,719.371 Units, respectively)                                                                        | 45,182,775  |   | 45,405,413   |
| Class D* (3,072.942 and 3,072.942 Units, respectively)                                                                         | 3,970,969   |   | 3,929,404    |
| Class Z (3,065.261 and 2,760.791 Units, respectively)                                                                          | 4,040,782   |   | 3,594,596    |
|                                                                                                                           |        |   |         |
| Total Partners’ Capital                                                                                                  | 182,144,916 |   | 173,799,662  |
|                                                                                                                           |        |   |         |
| Total Liabilities and Partners’ Capital                                                                                  | 185,428,231 |   | 179,266,528  |
|                                                                                                                           |        |   |         |
| NET ASSET VALUE PER UNIT                                                                                                       |        |   |         |
| Class A                                                                                                                        | 1,250.25    |   | 1,241.03     |
| Class B                                                                                                                        | 1,266.93    |   | 1,256.01     |
| Class C                                                                                                                        | 1,283.82    |   | 1,271.17     |
| Class D*                                                                                                                       | 1,292.24    |   | 1,278.71     |
| Class Z                                                                                                                        | 1,318.25    |   | 1,302.02     |

----

|                                                                               | For the Quarters Ended March 31, |
|------------------------------------------------------------------------------------|----------------------------------|
|                                                                               |                             |   |   |
|                                                                               | 2010                             |   | 2009 |
|                                                                               | $                                |   | $ |
| EXPENSES                                                                           |                             |   |   |
| Ongoing Placement Agent fees                                                       | 697,654                          |   | 453,370 |
| General Partner fees                                                               | 434,182                          |   | 283,152 |
| Administrative fees                                                                | 173,673                          |   | 113,261 |
|                                                                               |                             |   |   |
| Total Expenses                                                                     | 1,305,509                        |   | 849,783 |
|                                                                               |                             |   |   |
| NET INVESTMENT LOSS                                                                | (1,305,509)                      |   | (849,783) |
|                                                                               |                             |   |   |
| REALIZED/NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS       |                             |   |   |
| Realized                                                                           | –                          |   | 98,542 |
| Net change in unrealized appreciation (depreciation) on investments                | 2,894,646                        |   | (2,210,245) |
|                                                                               |                             |   |   |
| Total Realized/Net Change in Unrealized Appreciation (Depreciation) on Investments | 2,894,646                        |   | (2,111,703) |
|                                                                               |                             |   |   |
| NET INCOME (LOSS)                                                                  | 1,589,137                        |   | (2,961,486) |
|                                                                               |                             |   |   |
| NET INCOME (LOSS) ALLOCATION                                                       |                             |   |   |
| Class A                                                                            | 864,408                          |   | (1,659,500) |
| Class B                                                                            | 218,709                          |   | (446,373) |
| Class C                                                                            | 410,038                          |   | (748,982) |
| Class D                                                                            | 41,565                           |   | (63,125) |
| Class Z                                                                            | 54,417                           |   | (43,506) |
|                                                                               |                             |   |   |
| NET INCOME (LOSS) PER UNIT*                                                        |                             |   |   |
| Class A                                                                            | 9.22                             |   | (34.54) |
| Class B                                                                            | 10.92                            |   | (33.09) |
| Class C                                                                            | 12.65                            |   | (31.45) |
| Class D                                                                            | 13.53                            |   | (20.54) |
| Class Z                                                                            | 16.23                            |   | (29.98) |
|                                                                               |                             |   |   |
|                                                                               | Units                            |   | Units |
| WEIGHTED AVERAGE NUMBER                                                            |                             |   |   |
| OF UNITS OUTSTANDING                                                               |                             |   |   |
| Class A                                                                            | 80,360.288                       |   | 48,049.897 |
| Class B                                                                            | 19,003.124                       |   | 13,490.348 |
| Class C                                                                            | 35,283.475                       |   | 23,817.614 |
| Class D                                                                            | 3,072.942                        |   | 3,072.942 |
| Class Z                                                                            | 2,879.907                        |   | 1,451.399 |

----

|                     | Class A     |   | Class B     |   | Class C     |   | Class D               |   | Class Z   |   | Total                         |
|--------------------------|-------------|--------|-------------|--------|-------------|--------|-----------------------|--------|-----------|--------|-------------------------------|
|                     | $           |   | $           |   | $           |   | $                     |   | $         |   | $                             |
| Partners’ Capital, |        |   |        |   |        |   |                  |   |      |   |                          |
| December 31, 2008        | 59,691,122  |   | 16,690,009  |   | 31,437,299  |   | –               |   | 1,906,887 |   |    109,725,317 |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Subscriptions            | 6,777,492   |   | 2,243,432   |   | 6,935,833   |   | 3,994,825             |   | 550,000   |   | 20,501,582                    |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Net Loss                 | (1,659,500) |   | (446,373)   |   | (748,982)   |   | (63,125)              |   | (43,506)  |   | (2,961,486)                   |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Redemptions              | (6,136,122) |   | (2,100,012) |   | (8,073,693) |   | –               |   | (455,966) |   | (16,765,793)                  |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Partners’ Capital, |        |   |        |   |        |   |                  |   |      |   |                          |
| March 31, 2009           | 58,672,992  |   | 16,387,056  |   | 29,550,457  |   |   3,931,700 |   | 1,957,415 |   | 110,499,620                   |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Partners’ Capital, |        |   |        |   |        |   |                  |   |      |   |                          |
| December 31, 2009        | 97,264,166  |   | 23,606,083  |   | 45,405,413  |   | 3,929,404             |   | 3,594,596 |   | 173,799,662                   |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Subscriptions            | 9,221,960   |   | 1,316,366   |   | 3,481,259   |   |  –         |   | 441,995   |   | 14,461,580                    |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Net Income               | 864,408     |   | 218,709     |   | 410,038     |   | 41,565                |   | 54,417    |   | 1,589,137                     |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Redemptions              | (3,027,183) |   | (514,119)   |   | (4,113,935) |   | –               |   | (50,226)  |   |  (7,705,463)             |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Partners’ Capital, |        |   |        |   |        |   |                  |   |      |   |                          |
| March 31, 2010           | 104,323,351 |   | 24,627,039  |   | 45,182,775  |   |   3,970,969 |   | 4,040,782 |   | 182,144,916                   |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
|                     | Class A     |   | Class B     |   | Class C     |   | Class D               |   | Class Z   |   | Total                         |
|                     | Units       |   | Units       |   | Units       |   | Units                 |   | Units     |   | Units                         |
| Beginning Units,         |        |   |        |   |        |   |                  |   |      |   |                          |
| December 31, 2008        | 46,349.723  |   | 12,869.463  |   | 24,072.194  |   | –               |   | 1,439.906 |   | 84,731.286                    |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Subscriptions            | 5,284.031   |   | 1,740.204   |   | 5,347.831   |   | 3,072.942             |   | 418.114   |   | 15,863.122                    |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Redemptions              | (4,824.857) |   | (1,643.554) |   | (6,230.487) |   | –               |   | (347.051) |   | (13,045.949)                  |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Ending Units,            |        |   |        |   |        |   |                  |   |      |   |                          |
| March 31, 2009           | 46,808.897  |   | 12,966.113  |   | 23,189.538  |   | 3,072.942             |   | 1,510.969 |   |  87,548.459              |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Beginning Units,         |        |   |        |   |        |   |                  |   |      |   |                          |
| December 31, 2009        | 78,373.994  |   | 18,794.498  |   | 35,719.371  |   | 3,072.942             |   | 2,760.791 |   |   138,721.596       |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Subscriptions            | 7,537.606   |   | 1,061.988   |   | 2,771.781   |   | –               |   | 343.944   |   | 11,715.319                    |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Redemptions              | (2,469.694) |   | (418.062)   |   | (3,297.056) |   | –               |   | (39.474)  |   |  (6,224.286)             |
|                     |        |   |        |   |        |   |                  |   |      |   |                          |
| Ending Units,            |        |   |        |   |        |   |                  |   |      |   |                          |
| March 31, 2010           | 83,441.906  |   | 19,438.424  |   | 35,194.096  |   |   3,072.942 |   | 3,065.261 |   | 144,212.629                   |

----

|                                                                | For the Quarters Ended March 31, |
|---------------------------------------------------------------------|----------------------------------|
|                                                                |                             |   |   |
|                                                                | 2010                             |   | 2009 |
|                                                                | $                                |   | $ |
| CASH FLOWS FROM OPERATING ACTIVITIES                                |                             |   |   |
|                                                                |                             |   |   |
| Net income (loss)                                                   | 1,589,137                        |   | (2,961,486) |
|                                                                |                             |   |   |
| Adjustments to reconcile net income (loss):                         |                             |   |   |
| Purchases of Investments in Affiliated Trading Companies            | (5,427,990)                      |   | (13,244,320) |
| Proceeds from sale of Investments in Affiliated Trading Companies   | –                          |   | 459,507 |
| Realized                                                            | –                          |   | (98,542) |
| Net change in unrealized appreciation (depreciation) on investments | (2,894,646)                      |   | 2,210,245 |
|                                                                |                             |   |   |
| Decrease in operating assets:                                       |                             |   |   |
| Receivable from Affiliated Trading Companies                        | –                          |   | 13,558,064 |
|                                                                |                             |   |   |
| Decrease in operating liabilities:                                  |                             |   |   |
| Payable to Affiliated Trading Companies                             | (1,648,901)                      |   | – |
|                                                                |                             |   |   |
| Net  cash used for operating activities                   | (8,382,400)                      |   | (76,532) |
|                                                                |                             |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                |                             |   |   |
|                                                                |                             |   |   |
| Cash received from offering of Units                                | 16,622,513                       |   | 20,501,582 |
| Cash paid for redemptions of Units                                  | (8,240,113)                      |   | (20,425,050) |
|                                                                |                             |   |   |
| Net cash provided by financing activities                           | 8,382,400                        |   | 76,532 |
|                                                                |                             |   |   |
| Net change in cash                                                  | –                          |   | – |
| Cash at beginning of period                                         | –                          |   | – |
| Cash at end of period                                               | –                          |   | – |
|                                                                |                             |   |   |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:           |                             |   |   |
| Transfer of partners’ capital from Class A into Class B       | –                          |   | $   365,011 |

----

----

----

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

----

----

----

----

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

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

| 3)   | Terms 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 BHM I, LLC     | –                                                                                                                                                                                                                                                                                      | 44,011,796                                                                                                                                                                                                                                                                                            | n/a                                                                                                                                                                                                                                        |   | 44,011,796                                                                                             |
| Investment in Aspect I, LLC  | –                                                                                                                                                                                                                                                                                      | 39,586,375                                                                                                                                                                                                                                                                                            | n/a                                                                                                                                                                                                                                        |   | 39,586,375                                                                                             |
| Investment in WNT I, LLC     | –                                                                                                                                                                                                                                                                                      | 39,248,855                                                                                                                                                                                                                                                                                            | n/a                                                                                                                                                                                                                                        |   | 39,248,855                                                                                             |
| Investment in Altis I, LLC   | –                                                                                                                                                                                                                                                                                      | 37,700,458                                                                                                                                                                                                                                                                                            | n/a                                                                                                                                                                                                                                        |   | 37,700,458                                                                                             |
| Investment in Boronia I, LLC | –                                                                                                                                                                                                                                                                                      | 21,140,140                                                                                                                                                                                                                                                                                            | n/a                                                                                                                                                                                                                                        |   | 21,140,140                                                                                             |

|    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 BHM I, LLC     | –                                                                                                                                                                                                                                                                                      | 44,391,791                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                          |   | 44,391,791                                                               |
| Investment in Aspect I, LLC  | –                                                                                                                                                                                                                                                                                      | 37,034,120                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                          |   | 37,034,120                                                               |
| Investment in WNT I, LLC     | –                                                                                                                                                                                                                                                                                      | 36,488,601                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                          |   | 36,488,601                                                               |
| Investment in Altis I, LLC   | –                                                                                                                                                                                                                                                                                      | 34,773,430                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                          |   | 34,773,430                                                               |
| Investment in Boronia I, LLC | –                                                                                                                                                                                                                                                                                      | 20,677,046                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                          |   | 20,677,046                                                               |

----

----

| March 31, 2010  |  Investment Income | Net  Investment Loss  | Total Trading Results  | NetIncome/(Loss)  |
|----------------------|-------------------------|--------------------------------------|-----------------------------|------------------------|
|                 | $                       | $                                    | $                           | $                      |
| BHM I, LLC           | (2,788)                 | 290,041                              | (4,687,381)                 | (4,977,422)            |
| Aspect I, LLC        | (1,417)                 | 305,972                              | 1,994,084                   | 1,688,112              |
| Altis I, LLC         | 6,461                   | 150,556                              | 1,991,986                   | 1,841,430              |
| WNT I, LLC           |   80          | 296,873                              | 2,264,797                   | 1,967,924              |

| March 31, 2009  |  Investment Income | Net  Investment Loss  | Total Trading Results  | NetIncome/(Loss)  |
|----------------------|-------------------------|--------------------------------------|-----------------------------|------------------------|
|                 | $                       | $                                    | $                           | $                      |
| BHM I, LLC           |  22,281            | 152,600                              |   7,329,377       | 7,176,777              |
| Aspect I, LLC        | 5,958                   | 195,877                              | (542,036)                   | (737,913)              |
| WNT, LLC             | 4,938                   | 191,338                              |   (339,465)       | (530,803)              |
| Altis I, LLC         | 15,445                  | 89,685                               | (1,411,337)                 | (1,501,022)            |
| Boronia I, LLC       | 17,376                  | 345,573                              |   (1,935,513)     | (2,281,086)            |

----

----

----

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

----

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

----

----

----

| Share Class |       NAV at 3/31/10 | NAV at 12/31/09 |
|-------------|-----------------------------------------------|-----------------|
|        |                                          |            |
| A           | $1,250.25                                     | $1,241.03       |
| B           | $1,266.93                                     | $1,256.01       |
| C           | $1,283.82                                     | $1,271.17       |
| D           | $1,292.24                                     | $1,278.71       |
| Z           | $1,318.25                                     | $1,302.02       |

----

----

| Share Class | NAV at 3/31/09 | NAV at 12/31/08 |
|-------------|----------------|-----------------|
|        |           |            |
| A           | $1,253.46      | $1,287.84       |
| B           | $1,263.84      | $1,296.87       |
| C           | $1,274.30      | $1,305.96       |
| D           | $1,279.46      | n/a             |
| Z           | $1,295.47      | $1,324.31       |

----

----

|  The total market risk of the respective Trading Companies may increase or decrease as it is influenced by a wide variety of factors, including, but not limited to, the diversification among the Trading Companies’ open positions, the volatility present within the markets, and the liquidity of the markets. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                         |                March 31,  2010 |   |                   March 31, 2009 |
|------------------------------|----------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                           |   | VAR                                        |
|                         |                                                                                                           |   |                                                                                                                  |
| Currency                     | (0.75)%                                                                                                        |   | (0.35)%                                                                                                               |
| Interest Rate                | (0.72)                                                                                                         |   | (0.89)                                                                                                                |
| Equity                       | (2.12)                                                                                                         |   | (0.13)                                                                                                                |
| Commodity                    | (1.90)                                                                                                         |   | (0.69)                                                                                                                |
| Aggregate Value at Risk      | (3.20)%                                                                                                        |   | (1.27)%                                                                                                               |

----

|                         |               March 31, 2010                                                       |   |             March 31, 2009                                                             |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                         |   | VAR                        |
|                         |                                                                                                                                                |   |                                                                                                                                          |
| Currency                     | (0.74)%                                                                                                                                             |   | (0.31)%                                                                                                                                       |
| Interest Rate                | (1.21)                                                                                                                                              |   | (0.54)                                                                                                                                        |
| Equity                       | (2.14)                                                                                                                                              |   | (0.22)                                                                                                                                        |
| Commodity                    | (1.43)                                                                                                                                              |   | (0.45)                                                                                                                                        |
| Aggregate Value at Risk      | (3.57)%                                                                                                                                             |   | (1.00)%                                                                                                                                       |

|                         |                    March 31, 2010 |   |                   March 31, 2009 |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                                                                 |   | VAR                                                                      |
|                         |                                                                                                                        |   |                                                                                                                  |
| Currency                     | (0.36)%                                                                                                                |   | (0.06)%                                                                                                |
| Interest Rate                | (0.78)                                                                                                                      |   | (0.47)                                                                                                                |
| Commodity                    | (3.11)                                                                                                                      |   | (2.87)                                                                                                                |
| Aggregate Value at Risk      | (3.73)%                                                                                                           |   | (2.97)%                                                                                                     |

----

|                         |                   March 31, 2010 |   |                 March 31, 2009 |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                                                           |   | VAR                            |
|                         |                                                                                                                       |   |                                                                                                      |
| Currency                     | (0.81)%                                                                                                               |   | (0.19)%                                                                                                   |
| Interest Rate                | (1.50)                                                                                                                     |   | (1.01)                                                                                                    |
| Equity                       | (2.01)                                                                                                                     |   | (0.10)                                                                                                    |
| Commodity                    | (1.34)                                                                                                                     |   | (0.62)                                                                                                    |
| Aggregate Value at Risk      | (4.30)%                                                                                                          |   | (1.31)%                                                                                                   |

|                         |           March 31, 2010       |   |                March 31, 2009 |
|------------------------------|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR             |   | VAR                 |
|                         |                                                                        |   |                                                                                                |
| Currency                     | (0.72)%                                                                |   | (0.37)%                                                                                             |
| Interest Rate                | (0.44)                                                                      |   | (0.48)                                                                                              |
| Equity                       | (2.15)                                                                      |   | (0.09)                                                                                              |
| Commodity                    | (1.12)                                                                      |   | (0.20)                                                                                              |
| Aggregate Value at Risk      | (2.84)%                                                           |   | (0.75)%                                                                                             |

----

| Primary Market Risk Category | High       | Low            | Average           |
|------------------------------|------------------------------------------|-----------------------------------------------------------------------|---------------------------------------------------------------------|
|                         |                                     |                                                                  |                                                                |
| Currency                     | (1.05)%                        | (0.74)%                                                               | (0.87)%                                                        |
| Interest Rate                | (0.72)                                   | (0.46)                                                                | (0.60)                                                              |
| Equity                       | (2.23)                                   | (0.31)                                                                | (1.55)                                                              |
| Commodity                    | (1.90)                                   | (1.01)                                                                | (1.37)                                                              |
| Aggregate Value at Risk      |   (3.20)%                           | (1.90)%                                                               | (2.71)%                                                        |

| Primary Market Risk Category | High           | Low         | Average          |
|------------------------------|----------------|-----------------------------------------------------|---------------------------------------------------------------|
|                         |           |                                                |                                                          |
| Currency                     | (0.74)%   | (0.37)%                                             | (0.53)%                                                  |
| Interest Rate                | (1.34)         | (1.21)                                              | (1.28)                                                        |
| Equity                       | (2.14)         | (0.18)                                              | (1.50)                                                        |
| Commodity                    | (2.18)         | (0.73)                                              | (1.31)                                                        |
| Aggregate Value at Risk      |   (3.57)% | (1.57)%                                             | (2.60)%                                             |

| Primary Market Risk Category | High           | Low             | Average          |
|------------------------------|------------------------------------------------------------------|-----------------------------------------------------------------------------|---------------------------------------------------------------|
|                         |                                                             |                                                                        |                                                          |
| Currency                     | (0.36)%                                                | (0.02)%                                                                     | (0.12)%                                             |
| Interest Rate                | (1.04)                                                           | (0.24)                                                                      | (0.76)                                                        |
| Commodity                    | (3.59)                                                           | (2.76)                                                                      | (3.15)                                                        |
| Aggregate Value at Risk      | (4.12)%                                                     | (2.85)%                                                                     | (3.54)%                                             |

----

| Primary Market Risk Category | High      | Low             | Average            |
|------------------------------|----------------|-----------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                         |           |                                                                        |                                                                      |
| Currency                     | (0.81)%   | (0.08)%                                                                     |  (0.46)%                                              |
| Interest Rate                | (1.50)         | (0.59)                                                                      | (1.06)                                                                    |
| Equity                       | (2.01)         | (0.48)                                                                      | (1.12)                                                                    |
| Commodity                    | (1.34)         | (0.86)                                                                      | (1.14)                                                                    |
| Aggregate Value at Risk      |   (4.30)% | (1.35)%                                                                     | (2.48)%                                                              |

| Primary Market Risk Category | High      | Low             | Average          |
|------------------------------|------------------------------------|-----------------------------------------------------------------------------|---------------------------------------------------------------|
|                         |                               |                                                                        |                                                          |
| Currency                     | (0.87)%                       | (0.52)%                                                                     | (0.73)%                                             |
| Interest Rate                | (0.79)                             | (0.34)                                                                      | (0.49)                                                        |
| Equity                       | (2.15)                             | (0.46)                                                                      | (1.33)                                                        |
| Commodity                    | (1.12)                             | (0.21)                                                                      | (0.62)                                                        |
| Aggregate Value at Risk      |   (2.84)%                     | (0.66)%                                                                     | (1.83)%                                             |

| Primary Market Risk Category | High       |   Low          | Average           |
|------------------------------|-------------------------------------|---------------------|---------------------------------------------------------------------|
|                         |                                |                |                                                                |
| Currency                     | (0.97)%                        | (0.33)%   | (0.51)%                                                   |
| Interest Rate                | (1.14)                              | (0.33)              | (0.76)                                                              |
| Equity                       | (0.97)                              | (0.13)              | (0.46)                                                              |
| Commodity                    | (3.37)                              | (0.69)              | (1.81)                                                              |
| Aggregate Value at Risk      | (3.50)%                   | (1.27)%   | (2.20)%                                                   |

| Primary Market Risk Category | High      |      Low | Average          |
|------------------------------|------------------------------------|------------------------------|---------------------------------------------------------------|
|                         |                               |                         |                                                          |
| Currency                     | (0.64)%                  | (0.13)%                 | (0.31)%                                             |
| Interest Rate                | (0.77)                             | (0.54)                       | (0.65)                                                        |
| Equity                       | (0.57)                             | (0.04)                       | (0.26)                                                        |
| Commodity                    | (1.41)                             | (0.45)                       | (0.74)                                                        |
| Aggregate Value at Risk      | (1.69)%                  | (0.96)%            | (1.15)%                                                  |

----

| Primary Market Risk Category | High       | Low       | Average             |
|------------------------------|------------------------------------------|---------------------|---------------------------------------------------------------------------------|
|                         |                                     |                |                                                                            |
| Currency                     | (0.29)%                        | (0.06)%   | (0.14)%                                                                    |
| Interest Rate                | (0.47)                                   | (0.24)              | (0.40)                                                                          |
| Commodity                    | (2.87)                                   | (1.44)              | (2.00)                                                                          |
| Aggregate Value at Risk      | (2.97)%                        | (1.43)%   | (2.00)%                                                               |

| Primary Market Risk Category | High                | Low                 | Average            |
|------------------------------|---------------------|---------------------|---------------------------------------------------------------------------|
|                         |                |                |                                                                      |
| Currency                     | (0.65)%   | (0.19)%   | (0.35)%                                                         |
| Interest Rate                | (1.20)              | (0.14)              | (0.69)                                                                    |
| Equity                       | (0.66)              | (0.10)              | (0.37)                                                                    |
| Commodity                    | (1.51)              | (0.44)              | (0.76)                                                                    |
| Aggregate Value at Risk      | (1.99)%   | (0.77)%   | (1.32)%                                                         |

| Primary Market Risk Category | High       | Low          | Average            |
|------------------------------|------------------------------------------|-----------------------------------------------------------|---------------------------------------------------------------------------|
|                         |                                     |                                                      |                                                                      |
| Currency                     | (0.37)%                        | (0.15)%                                         | (0.26)%                                                         |
| Interest Rate                | (0.48)                                   | (0.19)                                                    | (0.36)                                                                    |
| Equity                       | (0.47)                                   | (0.05)                                                    | (0.23)                                                                    |
| Commodity                    | (0.82)                                   | (0.16)                                                    | (0.36)                                                                    |
| Aggregate Value at Risk      | (0.95)%                        | (0.57)%                                         | (0.71)%                                                              |

| ·   | 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 Altis I, LLC’s net assets. |
|--------------------|-------------------------------------------------------|

| ·   | approximately 88% of Aspect I, LLC’s net assets. |
|--------------------|--------------------------------------------------------|

| ·   | approximately 91% of BHM I, LLC’s net assets. |
|--------------------|-----------------------------------------------------|

| ·   | approximately 92% of Boronia I, LLC’s net assets. |
|--------------------|---------------------------------------------------------|

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

----

----

----

|                Metals. | The second largest market exposure of the Partnership at March 31, 2010, was to the metals sector.  The Partnership’s metals exposure was to fluctuations in the price of base metals, such as copper, aluminum, nickel, zinc, tin, and lead. The Partnership also had exposure to precious metals, such as gold, palladium, silver, and platinum.  Economic forces, supply and demand inequalities, geopolitical factors and market expectations influence price movements in these markets. |
|---------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | 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 HV, L.P. |                    |
|--------------|----------------------------------|-------------------------|
|         | (Registrant)                     |                    |
|         |                             |                    |   |
|         | By:                              | Demeter Management LLC  |   |
|         |                             | (General Partner)       |   |
|         |                             |                    |   |
| May 14, 2010 | By:                              | /s/Christian Angstadt   |   |
|         |                             | Christian Angstadt      |   |
|         |                             | Chief Financial Officer |   |