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

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

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

----

|     | PART I. FINANCIAL INFORMATION                                                                          |       |
|----------|--------------------------------------------------------------------------------------------------------|------------|
|     |                                                                                                   |       |
| Item 1.  | Financial Statements (Unaudited)                                                                       |       |
|     |                                                                                                   |       |
|     | Statements of Financial Condition as of September 30, 2010 and December 31, 2009                       | 2          |
|     |                                                                                                   |       |
|     | Statements of Operations for the Three and Nine Months Ended September 30, 2010 and 2009               | 3          |
|     |                                                                                                   |       |
|     | Statements of Changes in Partners’ Capital for the Nine Months Ended September 30, 2010 and 2009 | 4          |
|     |                                                                                                   |       |
|     | Notes to Financial Statements                                                                          |  5-20 |
|     |                                                                                                   |       |
| 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                                             | 32-46      |
|     |                                                                                                   |       |
| Item 4.  | Controls and Procedures                                                                                | 46-47      |
|     |                                                                                                   |       |
|     | PART II. OTHER INFORMATION                                                                             |       |
|     |                                                                                                   |       |
| Item 1A. | Risk Factors                                                                                           | 48         |
|     |                                                                                                   |       |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                                   | 48         |
|     |                                                                                                   |       |
| Item 6.  | Exhibits                                                                                               | 48         |

----

|                                                                                                                           | September 30,     |   | December 31,      |
|--------------------------------------------------------------------------------------------------------------------------------|-------------------|--------|-------------------|
|                                                                                                                           | 2010              |   | 2009              |
| ASSETS                                                                                                                         | $                 |   | $                 |
|                                                                                                                           |              |   |              |
| Investments in Affiliated Trading Companies:                                                                                   |              |   |              |
| Investment in BHM I, LLC                                                                                                       | 52,227,789   |   | 44,391,791   |
| Investment in Aspect I, LLC                                                                                                    | 41,311,896   |   | 37,034,120   |
| Investment in Altis I, LLC                                                                                                     | 40,948,731   |   | 34,773,430   |
| Investment in WNT I, LLC                                                                                                       | 39,782,785   |   | 36,488,601   |
| Investment in Boronia I, LLC                                                                                                   | 22,674,916   |   | 20,677,046   |
|                                                                                                                           |              |   |              |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $172,484,648 and $159,771,827, respectively) | 196,946,117  |   | 173,364,988  |
| Subscriptions receivable                                                                                                       | 4,139,815    |   | 5,901,540    |
|                                                                                                                           |              |   |              |
| Total Assets                                                                                                                   | 201,085,932  |   | 179,266,528  |
|                                                                                                                           |              |   |              |
| LIABILITIES                                                                                                                    |              |   |              |
|                                                                                                                           |              |   |              |
| Redemptions payable                                                                                                            | 3,338,909    |   | 1,495,273    |
| Payable to Affiliated Trading Companies                                                                                        | 304,254      |   | 3,971,593    |
|                                                                                                                           |              |   |              |
| Total Liabilities                                                                                                              | 3,643,163    |   | 5,466,866    |
|                                                                                                                           |              |   |              |
| PARTNERS’ CAPITAL                                                                                                        |              |   |              |
| Class A (89,333.272 and 78,373.994 Units, respectively)                                                                        | 114,986,220  |   | 97,264,166   |
| Class B (19,346.326 and 18,794.498 Units, respectively)                                                                        | 25,296,784   |   | 23,606,083   |
| Class C (36,558.276 and 35,719.371 Units, respectively)                                                                        | 48,560,663   |   | 45,405,413   |
| Class D* (3,072.942 and 3,072.942 Units, respectively)                                                                         | 4,113,696    |   | 3,929,404    |
| Class Z (3,272.269 and 2,760.791 Units, respectively)                                                                          | 4,485,406    |   | 3,594,596    |
|                                                                                                                           |              |   |              |
| Total Partners’ Capital                                                                                                  | 197,442,769  |   | 173,799,662  |
|                                                                                                                           |              |   |              |
| Total Liabilities and Partners’ Capital                                                                                  | 201,085,932  |   | 179,266,528  |
|                                                                                                                           |              |   |              |
| NET ASSET VALUE PER UNIT                                                                                                       |              |   |              |
| Class A                                                                                                                        | 1,287.16     |   | 1,241.03     |
| Class B                                                                                                                        | 1,307.58     |   | 1,256.01     |
| Class C                                                                                                                        | 1,328.31     |   | 1,271.17     |
| Class D*                                                                                                                       | 1,338.68     |   | 1,278.71     |
| Class Z                                                                                                                        | 1,370.73     |   | 1,302.02     |

----

|                                                                                                |                                                                                                                                             |   |                                         |
|-----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|
|                                                                                                | For the Three MonthsEnded September  30,                                                                                               |   | For the Nine Months Ended September 30, |
|                                                                                                | 2010                                                                                                                                             |   | 2009                                         |   | 2010 |   | 2009 |
|                                                                                                | $                                                                                                                                                |   | $                                            |   | $ |   | $ |
| EXPENSES                                                                                            |                                                                                                                                             |   |                                         |   |   |   |   |
| Ongoing Placement Agent fees                                                                        | 750,999                                                                                                                                     |   | 564,529                                 |   | 2,187,347  |   | 1,499,106  |
| General Partner fees                                                                                | 465,103                                                                                                                                     |   | 356,249                                 |   | 1,357,865  |   | 941,650  |
| Administrative fees                                                                                 | 186,041                                                                                                                                     |   | 142,500                                 |   | 543,146  |   | 376,660  |
|                                                                                                |                                                                                                                                             |   |                                         |   |   |   |   |
| Total Expenses                                                                                      | 1,402,143                                                                                                                                   |   | 1,063,278                               |   | 4,088,358  |   | 2,817,416  |
|                                                                                                |                                                                                                                                             |   |                                         |   |   |   |   |
| NET INVESTMENT LOSS                                                                                 | (1,402,143)                                                                                                                                 |   | (1,063,278)                             |   | (4,088,358)  |   | (2,817,416)  |
|                                                                                                |                                                                                                                                             |   |                                         |   |   |   |   |
| REALIZED/NET CHANGE IN UNREALIZED  APPRECIATION                                           |                                                                                                                                             |   |                                         |   |   |   |   |
|     (DEPRECIATION) ON                                                           |                                                                                                                                             |   |                                         |   |   |   |   |
|  INVESTMENTS                                                                                   |                                                                                                                                             |   |                                         |   |   |   |   |
| Realized                                                                                            | 320,767                                                                                                                                     |   | –                                      |   | 1,001,500  |   | 318,858  |
| Net change in unrealized appreciation (depreciation) on investments                                 | 14,804,458                                                                                                                                  |   | 5,281,938                               |   | 10,868,308  |   | (750,639)  |
|                                                                                                |                                                                                                                                             |   |                                         |   |   |   |   |
| Total Realized/Net Change in   Unrealized Appreciation (Depreciation) on Investments | 15,125,225                                                                                                                                  |   | 5,281,938                               |   | 11,869,808  |   | (431,781)  |
|                                                                                                |                                                                                                                                             |   |                                         |   |   |   |   |
| NET INCOME (LOSS)                                                                                   | 13,723,082                                                                                                                                  |   | 4,218,660                               |   | 7,781,450  |   | (3,249,197)  |
|                                                                                                |                                                                                                                                             |   |                                         |   |   |   |   |
| NET INCOME (LOSS) ALLOCATION                                                                        |                                                                                                                                             |   |                                         |   |   |   |   |
| Class A                                                                                             | 7,816,531                                                                                                                                   |   | 2,221,283                               |   | 4,279,521  |   | (1,950,032)  |
| Class B                                                                                             | 1,804,572                                                                                                                                   |   | 568,304                                 |   | 1,024,220  |   | (520,587)  |
| Class C                                                                                             | 3,492,528                                                                                                                                   |   | 1,227,629                               |   | 2,076,829  |   | (673,139)  |
| Class D                                                                                             | 295,129                                                                                                                                     |   | 118,104                                 |   | 184,292  |   | (78,262)  |
| Class Z                                                                                             | 314,322                                                                                                                                     |   | 83,340                                  |   | 216,588  |   | (27,177)  |
|                                                                                                |                                                                                                                                             |   |                                         |   |   |   |   |
| NET INCOME (LOSS) PER UNIT*                                                                         |                                                                                                                                             |   |                                         |   |   |   |   |
| Class A                                                                                             | 88.69                                                                                                                                       |   | 34.87                                   |   | 46.13  |   | (35.47)  |
| Class B                                                                                             | 91.59                                                                                                                                       |   | 36.23                                   |   | 51.57  |   | (36.34)  |
| Class C                                                                                             | 94.55                                                                                                                                       |   | 38.20                                   |   | 57.14  |   | (25.00)  |
| Class D                                                                                             |                         96.04 |   | 38.43                                   |   |                         59.97 |   | (25.47)  |
| Class Z                                                                                             | 100.66                                                                                                                                      |   | 41.22                                   |   | 68.71  |   | (15.75)  |
|                                                                                                |                                                                                                                                             |   |                                         |   |   |   |   |
|                                                                                                |    Units                                                                                                                          |   | Units                                        |   |    Units |   | Units |
| WEIGHTED AVERAGE NUMBER                                                                             |                                                                                                                                             |   |                                         |   |   |   |   |
| OF UNITS OUTSTANDING                                                                                |                                                                                                                                             |   |                                         |   |   |   |   |
| Class A                                                                                             | 87,945.271                                                                                                                                  |   | 63,707.515                              |   | 84,366.587  |   | 54,976.197  |
| Class B                                                                                             | 19,901.609                                                                                                                                  |   | 15,685.826                              |   | 19,490.834  |   | 14,325.965  |
| Class C                                                                                             | 37,022.270                                                                                                                                  |   | 32,139.328                              |   | 36,172.806  |   | 26,920.460  |
| Class D                                                                                             | 3,072.942                                                                                                                                   |   | 3,072.942                               |   | 3,072.942  |   | 3,072.942  |
| Class Z                                                                                             | 3,142.603                                                                                                                                   |   | 2,021.848                               |   | 3,049.660  |   | 1,725.900  |

----

|                     | Class A                                                                                                                                                      |   | Class B           |   | Class C            |   | Class D                                                                                                                                                           |   | Class Z         |   | Total                                            |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|--------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|--------------------------------------------------|
|                     | $                                                                                                                                                            |   | $                 |   | $                  |   | $                                                                                                                                                                 |   | $               |   | $             |
| Partners’ Capital, |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| December 31, 2009        | 97,264,166                                                                                                                                              |   | 23,606,083   |   | 45,405,413    |   | 3,929,404                                                                                                                                                    |   | 3,594,596  |   |        173,799,662 |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Subscriptions            | 22,624,064                                                                                                                                              |   | 3,601,784    |   | 9,134,376     |   | –                                                                                                                                                           |   | 835,507    |   |      36,195,731              |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Net Income               | 4,279,521                                                                                                                                               |   | 1,024,220    |   | 2,076,829     |   | 184,292                                                                                                                                                      |   | 216,588    |   |        7,781,450   |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Redemptions              | (9,181,531)                                                                                                                                             |   | (2,935,303)  |   | (8,055,955)   |   | –                                                                                                                                                           |   | (161,285)  |   |    (20,334,074)                        |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Partners’ Capital, |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| September 30, 2010       | 114,986,220                                                                                                                                             |   | 25,296,784   |   | 48,560,663    |   |                        4,113,696                    |   | 4,485,406  |   |    197,442,769                         |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Partners’ Capital, |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| December 31, 2008        | 59,691,122                                                                                                                                              |   | 16,690,009   |   | 31,437,299    |   | –                                                                                                                                                           |   | 1,906,887  |   |    109,725,317                         |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Subscriptions            | 41,302,953                                                                                                                                              |   | 10,288,489   |   | 26,143,098    |   | 3,994,825                                                                                                                                                    |   | 2,198,951  |   |      83,928,316              |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Net Loss                 | (1,950,032)                                                                                                                                             |   | (520,587)    |   | (673,139)     |   | (78,262)                                                                                                                                                     |   | (27,177)   |   |      (3,249,197)             |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Redemptions              | (12,242,159)                                                                                                                                            |   | (5,960,202)  |   | (14,117,891)  |   | –                                                                                                                                                           |   | (933,959)  |   |    (33,254,211)                        |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Partners’ Capital, |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| September 30, 2009       | 86,801,884                                                                                                                                              |   | 20,497,709   |   | 42,789,367    |   |                       3,916,563                          |   | 3,144,702  |   | 157,150,225                                      |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
|                     | Class A                                                                                                                                                      |   | Class B           |   | Class C            |   | Class D                                                                                                                                                           |   | Class Z         |   | Total                                            |
|                     | Units                                                                                                                                                        |   | Units             |   | Units              |   | Units                                                                                                                                                             |   | Units           |   | Units                                            |
| Beginning Units,         |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| December 31, 2009        | 78,373.994                                                                                                                                              |   | 18,794.498   |   | 35,719.371    |   |                            3,072.942 |   | 2,760.791  |   |   138,721.596                               |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Subscriptions            | 18,389.151                                                                                                                                              |   | 2,905.626    |   | 7,204.634     |   | –                                                                                                                                                           |   | 637.836    |   |     29,137.247                    |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Redemptions              | (7,429.873)                                                                                                                                             |   | (2,353.798)  |   | (6,365.729)   |   | –                                                                                                                                                           |   | (126.358)  |   |   (16,275.758)                              |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Ending Units,            |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| September 30, 2010       | 89,333.272                                                                                                                                              |   | 19,346.326   |   | 36,558.276    |   |                           3,072.942       |   | 3,272.269  |   |   151,583.085                               |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Beginning Units,         |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| December 31, 2008        | 46,349.723                                                                                                                                              |   | 12,869.463   |   | 24,072.194    |   | –                                                                                                                                                           |   | 1,439.906  |   |     84,731.286                    |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Subscriptions            | 33,399.252                                                                                                                                              |   | 8,239.012    |   | 20,721.477    |   | 3,072.942                                                                                                                                               |   | 1,709.863  |   |     67,142.546                    |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Redemptions              |                          (9,794.894) |   | (4,765.923)  |   | (11,043.004)  |   | –                                                                                                                                                           |   | (722.051)  |   |    (26,325.872)                        |
|                     |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| Ending Units,            |                                                                                                                                                         |   |              |   |               |   |                                                                                                                                                              |   |            |   |                                             |
| September 30, 2009       | 69,954.081                                                                                                                                              |   | 16,342.552   |   | 33,750.667    |   |                       3,072.942                          |   | 2,427.718  |   |   125,547.960                               |

----

----

----

| 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)   | 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 BHM I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 52,227,789                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                                                                                                                                                                                                              |   | 52,227,789                                                                                                                                             |
|  Investment in Aspect I, LLC  | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 41,311,896                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                                                                                                                                                                                                              |   | 41,311,896                                                                                                                                             |
|  Investment in Altis I, LLC   | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 40,948,731                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                                                                                                                                                                                                              |   | 40,948,731                                                                                                                                             |
|  Investment in WNT I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 39,782,785                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                                                                                                                                                                                                              |   | 39,782,785                                                                                                                                             |
|  Investment in Boronia I, LLC | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 22,674,916                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                                                                                                                                                                                                              |   | 22,674,916                                                                                                                                             |

|    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 Altis I, LLC   | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 34,773,430                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | n/a                                                                                                                                                                                                                                                                                                                                                                                              |   | 34,773,430                                                                                                                           |
|  Investment in WNT I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 36,488,601                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | n/a                                                                                                                                                                                                                                                                                                                                                                                              |   | 36,488,601                                                                                                                           |
|  Investment in Boronia I, LLC | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 20,677,046                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | n/a                                                                                                                                                                                                                                                                                                                                                                                              |   | 20,677,046                                                                                                                           |

----

----

| For the Three Months Ended September 30, 2010  |  InvestmentIncome/(Loss) |  Net  Investment Loss  | Total Trading Results        |  NetIncome                                                    |
|-----------------------------------------------------|-------------------------------|--------------------------------------------|-----------------------------------|-------------------------------------------------------------------------|
|                                                | $                             | $                                          | $                                 | $                                                                       |
| BHM I, LLC                                          | (2,803)                       | (547,319)                                  |   21,112,737            |            20,565,418 |
| Aspect I, LLC                                       | 543                           | (506,839)                                  | 3,596,776                    |  3,089,937                                                         |
| Altis I, LLC                                        | 6,218                         | (268,346)                                  |  4,145,199              |  3,876,853                                                         |
| WNT I, LLC                                          | 680                           | (578,036)                                  |     1,633,243 | 1,055,207                                                               |

|  For the Nine MonthsEnded September 30, 2010  |  InvestmentIncome/(Loss) | Net  Investment Loss  | Total Trading Results  |   NetIncome                                                         |
|---------------------------------------------------------|-------------------------------|--------------------------------------|-----------------------------|------------------------------------------------------------------------------------|
|                                                    | $                             | $                                    | $                           | $                                                                                  |
| BHM I, LLC                                              | (8,953)                       | (1,148,221)                          |    3,537,021 |              2,388,800 |
| Aspect I, LLC                                           | (1,554)                       | (1,134,985)                          | 5,810,540              |  4,675,555                                                                    |
| Altis I, LLC                                            |  26,831                  |     (581,748)    | 3,666,669                   |   3,084,921                                                              |
| WNT I, LLC                                              |  1,028                   | (1,348,774)                          | 5,423,990         |     4,075,216                                                       |

|  For the Three Months Ended September 30, 2009  |  InvestmentIncome | Net  Investment Loss  | Total Trading Results  |  NetIncome      |
|-----------------------------------------------------------|------------------------|--------------------------------------|-----------------------------|---------------------------|
|                                                      | $                      | $                                    | $                           | $                         |
| BHM I, LLC                                                | 260                    | (800,261)                            |  12,503,844            | 11,703,583                |
| Aspect I, LLC                                             | –                | (266,001)                            |   2,447,955       | 2,181,954                 |
| Altis I, LLC                                              | 3,924                  | (136,332)             |   1,149,073       |  1,012,741           |
| WNT I, LLC                                                | –                | (245,221)                            |   569,709         |    324,488 |

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

----

----

----

|   | - 18 - |
|--------|--------|

----

----

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

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

----

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

----

----

----

| Share Class |     NAV at 9/30/10 |     NAV at 6/30/10 |
|-------------|-----------------------------------|-----------------------------------|
|        |                              |                              |
| A           | $1,287.16                         | $1,198.47                         |
| B           | $1,307.58                         | $1,215.99                         |
| C           | $1,328.31                         | $1,233.76                         |
| D           | $1,338.68                         | $1,242.64                         |
| Z           | $1,370.73                         | $1,270.07                         |

----

| Share Class |       NAV at 9/30/10 |     NAV at 12/31/09 |
|-------------|-----------------------------------------------|------------------------------------|
|        |                                          |                               |
| A           | $1,287.16                                     | $1,241.03                          |
| B           | $1,307.58                                     | $1,256.01                          |
| C           | $1,328.31                                     | $1,271.17                          |
| D           | $1,338.68                                     | $1,278.71                          |
| Z           | $1,370.73                                     | $1,302.02                          |

----

----

----

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

----

----

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

----

----

| - 32 - |
|--------|

----

----

----

|                               |             September 30,  2010                                                                                                                                                                                                    |   |   September 30, 2009                                                                                                                                                                                                                                                                |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Primary Market Risk Category | VaR                                                 |   | VaR                                                |
|                               |                                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                          |
|  Currency                     | (1.75)%                                                                                                                                                                                                                                                                                             |   | (0.74)%                                                                                                                                                                                                                                                                                       |
|  Interest Rate                | (1.08)                                                                                                                                                                                                                                                                                              |   | (0.69)                                                                                                                                                                                                                                                                                        |
|  Equity                       | (3.93)                                                                                                                                                                                                                                                                                              |   | (2.23)                                                                                                                                                                                                                                                                                        |
|  Commodity                    | (2.98)                                                                                                                                                                                                                                                                                              |   | (1.01)                                                                                                                                                                                                                                                                                        |
|  Aggregate Value at Risk      | (4.41)%                                                                                                                                                                                                                                                                                             |   | (2.54)%                                                                                                                                                                                                                                                                                       |

----

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

|                          |       September 30, 2010                                                                                                                                                                                                               |   |                     September 30, 2009                                                                                                                           |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category  | VaR                                           |   | VaR                                           |
|                          |                                                                                                                                                                                                                                                            |   |                                                                                                                                                                                                                                                            |
|  Currency                | (0.06)%                                                                               |   | (0.02)%                                                                                                             |
|  Interest Rate           |         (0.34)                                          |   | (0.98)                                                                                                                        |
|  Commodity               |      (3.90)                                                                 |   | (3.59)                                                                                                                             |
|  Aggregate Value at Risk |    (4.45)%                                                                            |   |  (4.12)%                                                                                                                                |

|                               |                    September 30, 2010                                                                                                                                                                     |   |                September 30, 2009                                                                                                                                                                     |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Primary Market Risk Category | VaR                                                 |   | VaR                                             |
|                               |                                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                   |
|  Currency                     | (0.57)%                                                                                                                                                                                                                                                                                             |   |   (0.46)%                                                                                                                                                                                                                                                         |
|  Interest Rate                | (0.36)                                                                                                                                                                                                                                                                                              |   |   (1.42)                                                                                                                                                                                                                                                          |
|  Equity                       | (1.56)                                                                                                                                                                                                                                                                                              |   |   (0.72)                                                                                                                                                                                                                                                          |
|  Commodity                    | (2.57)                                                                                                                                                                                                                                                                                              |   |   (0.86)                                                                                                                                                                                                                                                          |
|  Aggregate Value at Risk      | (3.94)%                                                                                                                                                                                                                                                                                             |   |   (1.93)%                                                                                                                                                                                                                                                         |

----

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

----

|  Altis I, LLC Primary Market Risk Category | High      | Low                                | Average            |
|------------------------------------------------------|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|
|                                                 |                               |                                                                                                                                                                                     |                                                                 |
|  Currency                                       | (1.75)%                            | (0.75)%                                                                                                                                                                                  | (1.23)%                                                         |
|  Interest Rate                                  |  (1.57)                       | (0.46)                                                                                                                                                                                   | (0.96)                                                               |
|  Equity                                         |  (3.93)                       | (1.55)                                                                                                                                                                                   | (2.42)                                                               |
|  Commodity                                      |  (2.98)                       | (1.16)                                                                                                                                                                                   | (1.87)                                                               |
|  Aggregate Value at Risk                        |   (4.41)%                     | (2.43)%                                                                                                                                                                                  | (3.31)%                                                         |

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

|  BHM I, LLC Primary Market Risk Category | High               | Low                                  | Average         |
|----------------------------------------------------|------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|
|                                               |                                                                                     |                                                                                                                                                                                                      |                                                    |
|  Currency                                     | (0.37)%                                                                        | (0.06)%                                                                                                                                                                                                   | (0.22)%                                       |
|  Interest Rate                                | (1.04)                                                                                   | (0.16)                                                                                                                                                                                                    | (0.58)                                                  |
|  Commodity                                    | (3.90)                                                                                   | (2.52)                                                                                                                                                                                                    | (3.17)                                                  |
|  Aggregate Value at Risk                      | (4.45)%                                                                                  | (2.41)%                                                                                                                                                                                                   | (3.51)%                                                 |

|  Boronia I, LLC Primary Market Risk Category | High                         | Low                               | Average              |
|--------------------------------------------------------|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|
|                                                   |                                   |                                                                                                                                                                                    |                                                                                  |
|  Currency                                         | (0.81)%       | (0.48)%                                                                                                                                                                                 |  (0.62)%                                                                         |
|  Interest Rate                                    | (2.08)                            | (0.36)                                                                                                                                                                                  |    (1.16)                                                                   |
|  Equity                                           | (2.01)                                 | (1.12)                                                                                                                                                                                  | (1.49)                                                                                |
|  Commodity                                        | (2.57)                                 | (0.69)                                                                                                                                                                                  | (1.47)                                                                                |
|  Aggregate Value at Risk                          |   (4.30)%                         | (2.35)%                                                                                                                                                                                 | (3.49)%                                                                          |

----

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

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

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

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

----

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

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

| ·   | past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | changes in portfolio value caused by market movements may differ from those of the VaR model; |
|--------------------|-----------------------------------------------------------------------------------------------|

| ·   | VaR results reflect past market fluctuations applied to current  trading positions while future risk depends on future positions; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | VaR using a one-day time horizon does not fully capture the market risk of positions that cannot be liquidated or hedged within one day; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the historical market risk factor data used for VaR estimation may provide only limited insight into losses that could be incurred under certain unusual market movements. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

| ·   | approximately 78% of Altis I, LLC’s net assets. |
|--------------------|-------------------------------------------------------|

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

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

----

----

----

|                  Metals. | The second largest market exposure of the Partnership at September 30, 2010, was to the metals sector. The Partnership’s metals exposure was to fluctuations in the price of precious metals, such as gold, silver, palladium, and platinum. The Partnership also had exposure to base metals, such as copper, aluminum, nickel, zinc, and lead. Economic forces, supply and demand inequalities, geopolitical factors and market expectations influence price movements in these markets. |
|----------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   |  Soft Commodities and Agriculturals.  The third largest market exposure of the Partnership at September 30, 2010, was to the soft commodities and agricultural sectors. Most of the exposure was to corn, soybeans, sugar, cocoa, wheat, coffee, cotton, soybean oil, soybean meal, live cattle, and rubber markets. Supply and demand inequalities, severe weather disruptions, and market expectations affect 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) |
|              |                             |   |
| November 12, 2010 | By:                              |   |
|              |                             | Christian Angstadt |
|              |                             | Chief Financial Officer |