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

|                                     | Delaware                                                                                                              |       | 20-8529352                          |
|------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------|
|                                     |      (State or other jurisdiction of      incorporation or organization) |       | (I.R.S. EmployerIdentification No.) |
|                                     |                                                                                                                  |       |                                |
| Ceres Managed Futures 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 March 31, 2011 and December 31, 2010                               | 2                |
|     |                                                                                                       |             |
|     | Statements of Income and Expenses for the Quarters Ended March 31, 2011 and 2010                           | 3                |
|     |                                                                                                       |             |
|     | Statements of Changes in Partners’ Capital for the Quarters Ended  March 31, 2011 and 2010 | 4                |
|     |                                                                                                       |             |
|     | Notes to Financial Statements                                                                              |   5-16 |
|     |                                                                                                       |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                | 17-23            |
|     |                                                                                                       |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                                 | 23-36            |
|     |                                                                                                       |             |
| Item 4.  | Controls and Procedures                                                                                    | 36-37            |
|     |                                                                                                       |             |
|     | PART II. OTHER INFORMATION                                                                                 |             |
|     |                                                                                                       |             |
| Item 1A. | Risk Factors                                                                                               | 38               |
|     |                                                                                                       |             |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                                       | 38               |
|     |                                                                                                       |             |
| Item 6.  | Exhibits                                                                                                   | 38               |

----

|                                                                                                                        | March 31,                                                                                                                                                                                                |   | December 31,                                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                        | 2011                                                                                                                                                                                                     |   | 2010                                                                                                                                                                 |
| ASSETS                                                                                                                      | $                                                                                                                                                                                                        |   | $                                                                                                                                                                    |
|                                                                                                                        |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| Investments in Affiliated Trading Companies:                                                                                |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| Investment in Kaiser I, LLC                                                                                                 | 10,762,371                                                                                                                                                                                               |   | 10,489,485                                                                                                                                                           |
| Investment in TT II, LLC                                                                                                    | 10,755,573                                                                                                                                                                                               |   | 11,800,671                                                                                                                                                           |
| Investment in WNT I, LLC                                                                                                    | 10,360,089                                                                                                                                                                                               |   | 10,780,859                                                                                                                                                           |
| Investment in Aspect I, LLC                                                                                                 | 9,579,477                                                                                                                                                                                                |   | 10,343,798                                                                                                                                                           |
| Investment in Chesapeake I, LLC                                                                                             | 5,208,726                                                                                                                                                                                                |   | 5,536,117                                                                                                                                                            |
| Investment in Augustus I, LLC                                                                                               | 4,673,026                                                                                                                                                                                                |   | 4,661,993                                                                                                                                                            |
| Investment in GLC I, LLC                                                                                                    |                        4,193,916                                                                |   |                      4,661,993                                        |
|                                                                                                                        |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $51,067,105 and $53,541,098 respectively) | 55,533,178                                                                                                                                                                                               |   | 58,274,916                                                                                                                                                           |
| Receivable from Affiliated Trading Companies                                                                                | –                                                                                                                                                                                                  |   | 794,623                                                                                                                                                              |
| Subscriptions receivable                                                                                                    |                                  – |   |                            615,000 |
|                                                                                                                        |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| Total Assets                                                                                                                | 55,533,178                                                                                                                                                                                               |   | 59,684,539                                                                                                                                                           |
|                                                                                                                        |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| LIABILITIES                                                                                                                 |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
|                                                                                                                        |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| Redemptions payable                                                                                                         | 791,157                                                                                                                                                                                        |   | 498,522                                                                                                                                                              |
| Payable to Affiliated Trading Companies                                                                                     |                                  – |   |                          757,516                  |
|                                                                                                                        |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| Total Liabilities                                                                                                           | 791,157                                                                                                                                                                                                  |   | 1,256,038                                                                                                                                                            |
|                                                                                                                        |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| PARTNERS’ CAPITAL                                                                                                     |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| Class A (34,073.310 and 37,461.613Units, respectively)                                                                      | 38,251,007                                                                                                                                                                                               |   | 42,138,662                                                                                                                                                           |
| Class B (5,777.219 and 5,513.195 Units, respectively)                                                                       | 6,605,272                                                                                                                                                                                                |   | 6,308,090                                                                                                                                                            |
| Class C (7,486.441 and 7,529.287 Units, respectively)                                                                       | 8,717,386                                                                                                                                                                                                |   | 8,762,829                                                                                                                                                            |
| Class Z (967.372 and 1,012.277 Units, respectively)                                                                         | 1,168,356                                                                                                                                                                                                |   | 1,218,920                                                                                                                                                            |
|                                                                                                                        |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| Total Partners’ Capital                                                                                               | 54,742,021                                                                                                                                                                                               |   | 58,428,501                                                                                                                                                           |
|                                                                                                                        |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| Total Liabilities and Partners’ Capital                                                                               | 55,533,178                                                                                                                                                                                               |   | 59,684,539                                                                                                                                                           |
|                                                                                                                        |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| NET ASSET VALUE PER UNIT                                                                                                    |                                                                                                                                                                                                     |   |                                                                                                                                                                 |
| Class A                                                                                                                     | 1,122.61                                                                                                                                                                                                 |   | 1,124.85                                                                                                                                                             |
| Class B                                                                                                                     | 1,143.33                                                                                                                                                                                                 |   | 1,144.18                                                                                                                                                             |
| Class C                                                                                                                     | 1,164.42                                                                                                                                                                                                 |   | 1,163.83                                                                                                                                                             |
| Class Z                                                                                                                     | 1,207.76                                                                                                                                                                                                 |   | 1,204.13                                                                                                                                                             |

----

|                                                                                                                                   | For the Quarters Ended March 31,                                         |
|----------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|
|                                                                                                                                   |                                                                     |   |   |
|                                                                                                                                   | 2011                                                                     |   | 2010 |
|                                                                                                                                   | $                                                                        |   | $ |
|                                                                                                                                   |                                                                     |   |   |
| EXPENSES                                                                                                                               |                                                                     |   |   |
| Ongoing Placement Agent fees                                                                                                           | 247,522                                                                  |   | 258,680 |
| General Partner fees                                                                                                                   | 141,777                                                                  |   | 146,139 |
| Administrative fees                                                                                                                    | 56,711                                                                   |   | 58,456 |
|                                                                                                                                   |                                                                     |   |   |
| Total Expenses                                                                                                                         | 446,010                                                                  |   | 463,275 |
|                                                                                                                                   |                                                                     |   |   |
| NET INVESTMENT LOSS                                                                                                                    | (446,010)                                                                |   | (463,275) |
|                                                                                                                                   |                                                                     |   |   |
| REALIZED/NET CHANGE IN UNREALIZED       APPRECIATION (DEPRECIATION) ON   INVESTMENTS |                                                                     |   |   |
| Realized                                                                                                                               | 623,404                                                                  |   | 166,935 |
| Net change in unrealized appreciation (depreciation) on investments                                                                    | (267,745)                                                                |   | 1,417,817 |
|                                                                                                                                   |                                                                     |   |   |
| Total Realized/Net Change in Unrealized Appreciation on Investments                                                                    |           355,659           |   | 1,584,752 |
|                                                                                                                                   |                                                                     |   |   |
| NET INCOME (LOSS)                                                                                                                      | (90,351)                                                                 |   | 1,121,477 |
|                                                                                                                                   |                                                                     |   |   |
| NET INCOME (LOSS) ALLOCATION                                                                                                           |                                                                     |   |   |
|                                                                                                                                   |                                                                     |   |   |
| Class A                                                                                                                                | (95,875)                                                                 |   | 824,473 |
| Class B                                                                                                                                | (2,818)                                                                  |   | 122,327 |
| Class C                                                                                                                                |             4,099 |   | 149,777 |
| Class Z                                                                                                                                |            4,243       |   | 24,900 |
|                                                                                                                                   |                                                                     |   |   |
| NET INCOME (LOSS) PER UNIT*                                                                                                            |                                                                     |   |   |
|                                                                                                                                   |                                                                     |   |   |
| Class A                                                                                                                                | (2.24)                                                                   |   | 18.52 |
| Class B                                                                                                                                | (0.85)                                                                   |   | 20.12 |
| Class C                                                                                                                                |            0.59        |   | 21.75 |
| Class Z                                                                                                                                |            3.63        |   | 25.13 |
|                                                                                                                                   |                                                                     |   |   |
|                                                                                                                                   | Units                                                                    |   | Units |
| WEIGHTED AVERAGE NUMBER                                                                                                                |                                                                     |   |   |
| OF UNITS OUTSTANDING                                                                                                                   |                                                                     |   |   |
|                                                                                                                                   |                                                                     |   |   |
| Class A                                                                                                                                | 35,767.940                                                               |   | 41,223.103 |
| Class B                                                                                                                                | 5,686.277                                                                |   | 5,487.967 |
| Class C                                                                                                                                | 7,501.199                                                                |   | 7,761.937 |
| Class Z                                                                                                                                | 996.810                                                                  |   | 990.781 |

----

|                     | Class A           |   | Class B   |   | Class C   |   | Class Z        |   | Total                                                  |
|--------------------------|-------------------|--------|-----------|--------|-----------|--------|----------------|--------|--------------------------------------------------------|
|                     | $                 |   | $         |   | $         |   | $              |   | $                                                      |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Partners’ Capital, |              |   |      |   |      |   |           |   |                                                   |
| December 31, 2010        | 42,138,662        |   | 6,308,090 |   | 8,762,829 |   | 1,218,920      |   | 58,428,501                                             |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Subscriptions            | 874,578           |   | 300,000   |   | –   |   | –        |   |  1,174,578                                        |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Net Income (Loss)        | (95,875)          |   | (2,818)   |   | 4,099     |   | 4,243          |   |     (90,351)                       |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Redemptions              |  (4,666,358) |   | –   |   | (49,542)  |   |  (54,807) |   |         (4,770,707) |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Partners’ Capital, |              |   |      |   |      |   |           |   |                                                   |
| March 31, 2011           | 38,251,007        |   | 6,605,272 |   | 8,717,386 |   | 1,168,356      |   |     54,742,021                          |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Partners’ Capital, |              |   |      |   |      |   |           |   |                                                   |
| December 31, 2009        | 43,345,191        |   | 5,779,409 |   | 8,695,492 |   | 1,113,738      |   |     58,933,830                          |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Subscriptions            | 2,812,320         |   | 656,178   |   | –   |   | 15,000         |   |  3,483,498                                        |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Net Income               | 824,473           |   | 122,327   |   | 149,777   |   | 24,900         |   |  1,121,477                                        |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Redemptions              |  (2,348,436) |   | –   |   | (504,450) |   | –        |   |         (2,852,886) |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Partners’ Capital, |              |   |      |   |      |   |           |   |                                                   |
| March 31, 2010           | 44,633,548        |   | 6,557,914 |   | 8,340,819 |   | 1,153,638      |   |    60,685,919                                |
|                |              |   |      |   |      |   |           |   |                                                   |
|                     | Class A           |   | Class B   |   | Class C   |   | Class Z        |   | Total                                                  |
|                     | Units             |   | Units     |   | Units     |   | Units          |   | Units                                                  |
| Beginning Units,         |              |   |      |   |      |   |           |   |                                                   |
| December 31, 2010        | 37,461.613        |   | 5,513.195 |   | 7,529.287 |   | 1,012.277      |   |    51,516.372                                |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Subscriptions            | 773.565           |   | 264.024   |   | –   |   | –        |   |  1,037.589                                        |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Redemptions              |  (4,161.868) |   | –   |   | (42.846)  |   | (44.905)       |   |        (4,249.619)       |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Ending Units,            |              |   |      |   |      |   |           |   |                                                   |
| March 31, 2011           | 34,073.310        |   | 5,777.219 |   | 7,486.441 |   | 967.372        |   |    48,304.342                                |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Beginning Units,         |              |   |      |   |      |   |           |   |                                                   |
| December 31, 2009        | 40,464.124        |   | 5,330.595 |   | 7,924.148 |   | 990.781        |   |    54,709.648                                |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Subscriptions            | 2,684.423         |   | 607.870   |   | –   |   | 13.052         |   |  3,305.345                                        |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Redemptions              | (2,189.778)       |   | –   |   | (470.934) |   | –        |   | (2,660.712)                                            |
|                     |              |   |      |   |      |   |           |   |                                                   |
| Ending Units,            |              |   |      |   |      |   |           |   |                                                   |
| March 31, 2010           | 40,958.769        |   | 5,938.465 |   | 7,453.214 |   | 1,003.833      |   |     55,354.281                          |

----

----

----

| Trading Company                                           | Trading Advisor                      |
|-----------------------------------------------------------|--------------------------------------|
|                                                      |                                 |
| Morgan Stanley Smith Barney Aspect I, LLC                 |                                 |
|   (“Aspect I, LLC”)                 | Aspect Capital Limited               |
| Morgan Stanley Smith Barney Augustus I, LLC               |                                 |
|   (“Augustus I, LLC”)               | GAM International Management Limited |
| Morgan Stanley Smith Barney Chesapeake Diversified I, LLC |                                 |
| (“Chesapeake I, LLC”)                         | Chesapeake Capital Corporation       |
| Morgan Stanley Smith Barney GLC I, LLC                    |                                 |
| (“GLC I, LLC”)                                | GLC Ltd. (“GLC”)         |
| Kaiser I, LLC                                             | Kaiser Trading Group Pty. Ltd.       |
| Morgan Stanley Smith Barney TT II, LLC                    |                                 |
| (“TT II, LLC”)                                | Transtrend B.V.                      |
| Morgan Stanley Smith Barney, WNT I, LLC                   |                                 |
| (“WNT I, LLC”)                                | Winton Capital Management Limited    |

----

----

|                                           |  Class A                                                                                           |    Class B                                                                                      | Class C                                                                                                                                  | Class Z                                                                               |
|------------------------------------------------|--------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|
| PER UNIT OPERATING PERFORMANCE:                |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
| NET ASSET VALUE,                               |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
|   JANUARY 1, 2011:                   | $      1,124.85                                                                | $        1,144.18                                                           | $  1,163.83                     | $  $      1,204.13                                 |
|                                           |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
| NET OPERATING RESULTS:                         |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
|    Net investment loss          | (9.56)                                                                                                       |                   (8.31)       |           (7.00)                                                                                 |              (4.23)  |
|    Net realized/unrealized gain |                  7.32        |                 7.46                     |         7.59                                                                                               |               7.86   |
|    Net income (loss)            |              (2.24)                         |                (0.85)                         |         0.59                                                                                          |               3.63   |
|                                           |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
| NET ASSET VALUE,                               |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
|   MARCH 31, 2011:                    | $     1,122.61                                                                           | $        1,143.33                                                           | $     1,164.42                                                                                                       | $   1,207.76                                                           |
| RATIOS TO AVERAGE NET ASSETS:                  |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
|    Net investment loss (2)      |                  -3.44% |            -2.94%                                                 |   -2.43%                                                                                                                            | -1.42%                                                  |
|    Partnership expenses (1) (2) |   3.44%                                                                                            | 2.94%                                                                                                     |    2.43%                                                                                                                       |  1.42%                                                  |
|                                           |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
| TOTAL RETURN:                                  |  -0.20%                                                                                  |            -0.07%                                       |     0.05%                                                                                                                      |  0.30%                                                  |
|                                           |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
| PER UNIT OPERATING PERFORMANCE:                |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
| NET ASSET VALUE,                               |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
|   JANUARY 1, 2010:                   | $      1,071.20                                                                |   $       1,084.19                                                          |    $  1,097.34                                                                              |   $  $    1,124.10                                 |
|                                           |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
| NET OPERATING RESULTS:                         |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
|    Net investment loss          | (8.91)                                                                                                       |                    (7.69) |            (6.45)                                                                           |              (3.86)       |
|    Net realized/unrealized gain |                27.43                   |                27.81                |            28.20                                                                            |              28.99        |
|    Net income                   |             18.52                                |                20.12                          |            21.75                                                                            |              25.13        |
|                                           |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
| NET ASSET VALUE,                               |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
|   MARCH 31, 2010:                    | $     1,089.72                                                                           | $        1,104.31                                                           | $     1,119.09                                                                                                       | $    1,149.23                                                          |
| RATIOS TO AVERAGE NET ASSETS:                  |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
|    Net investment loss (2)      |  -3.45%                                                                                  |           -2.94%                                                  |   -2.43%                                                                                                                            | -1.42%                                                                                     |
|    Partnership expenses (1) (2) |  3.45%                                                                                   | 2.94%                                                                                           |    2.43%                                                                                                                            |  1.42%                                                                                |
|                                           |                                                                                                         |                                                                                                                |                                                                                                                                          |                                                                                       |
| TOTAL RETURN:                                  |     1.73%                                                                      | 1.86%                                                                                           |   1.98%                                                                                                                             |  2.24%                                                                                |

----

----

| 1)   | a) One or more “underlyings” and b) one or more “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 OtherObservableInputs(Level 2) |  Significant      Unobservable    Inputs     (Level 3)    |              Total |
|---------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|
|                            |                                                                                                                                                                                                                            | $                                                |                                                                                                                                      | $                                                                              |
| Investment in Kaiser I, LLC     | –                                                                                                                                                                                                                         | 10,762,371                                       | –                                                                                                                                   | 10,762,371                                                                     |
| Investment in TT II, LLC        | –                                                                                                                                                                                                                         | 10,755,573                                       | –                                                                                                                                   | 10,755,573                                                                     |
| Investment in WNT I, LLC        | –                                                                                                                                                                                                                         | 10,360,089                                       | –                                                                                                                                   | 10,360,089                                                                     |
| Investment in Aspect I, LLC     | –                                                                                                                                                                                                                         |  9,579,477                                  | –                                                                                                                                   |  9,579,477                                                                |
| Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                         | 5,208,726                                        | –                                                                                                                                   | 5,208,726                                                                      |
| Investment in Augustus I, LLC   | –                                                                                                                                                                                                                         | 4,673,026                                        | –                                                                                                                                   | 4,673,026                                                                      |
| Investment in GLC I, LLC        | –                                                                                                                                                                                                                         | 4,193,916                                        | –                                                                                                                                   | 4,193,916                                                                      |

----

|    Assets        | Unadjusted                Quoted Prices in         Active Markets for        Identical Assets              (Level 1) |  Significant OtherObservableInputs(Level 2) |        Significant  UnobservableInputs(Level 3) |     Total       |
|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------|
|                            |                                                                                                                                                                                                                                                                                                                         | $                                                |                                                                          |     $                |
| Investment in TT II, LLC        | –                                                                                                                                                                                                                                                                                                                      | 11,800,671                                       | –                                                                       | 11,800,671                          |
| Investment in WNT I, LLC        | –                                                                                                                                                                                                                                                                                                                      | 10,780,859                                       | –                                                                       | 10,780,859                          |
| Investment in Kaiser I, LLC     | –                                                                                                                                                                                                                                                                                                                      |     10,489,485                    | –                                                                       |      10,489,485 |
| Investment in Aspect I, LLC     | –                                                                                                                                                                                                                                                                                                                      | 10,343,798                                       | –                                                                       | 10,343,798                          |
| Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                                                                                                                      |   5,536,117                                 | –                                                                       |   5,536,117                    |
| Investment in GLC I, LLC        | –                                                                                                                                                                                                                                                                                                                      |   4,661,993                            | –                                                                       |   4,661,993                    |
| Investment in Augustus I, LLC   | –                                                                                                                                                                                                                                                                                                                      |   4,661,993                                 | –                                                                       |   4,661,993                    |

----

| For the Three Months Ended March 31, 2011  |  Investment Income          | Net  Investment Loss  | Total Trading Results  | NetIncome/(Loss)       |
|-------------------------------------------------|----------------------------------|--------------------------------------|-----------------------------|-----------------------------|
|                                            | $                                | $                                    | $                           | $                           |
| WNT I, LLC                                      |    158            | (532,875)                            | 1,324,747                   |    791,872   |
| Kaiser I, LLC                                   | (5,170)                          | (269,047)                            |   (491,104)       |    (760,151) |
| TT II, LLC                                      |     525      | (291,121)                            |   (444,648)       |    (735,769) |
| Aspect I, LLC                                   | (1,120)                          | (388,642)                            |    531,458   |    142,816   |
| Chesapeake I, LLC                               |  (21,653)                   | (441,187)                            | 1,688,266                   | 1,247,079                   |
| Augustus I, LLC                                 |     (62)     |   (99,150)                 |    398,768   |    299,618   |
| GLC I, LLC                                      |    578            |   (86,661)                 |    347,020   |    260,359   |
|                                            |                             |                                 |                        |                        |
|                                            |                             |                                 |                        |                        |
| For the Three Months Ended March 31, 2010  |  Investment Income          | Net  Investment Loss  | Total Trading Results  | NetIncome              |
|                                            | $                                | $                                    | $                           | $                           |
| TT II, LLC                                      | (2,755)                          | (285,304)                            | 3,205,130                   | 2,919,826                   |
| Aspect I, LLC                                   | (1,417)                          | (305,972)                            | 1,994,084                   | 1,688,112                   |
| WNT I, LLC                                      |      80 | (296,873)                            | 2,264,797                   | 1,967,924                   |

----

----

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

----

----

----

| Share Class |     NAV at 3/31/11 | NAV at 12/31/10 |
|-------------|-----------------------------------|-----------------|
|        |                              |            |
| A           | $1,122.61                         | $1,124.85       |
| B           | $1,143.33                         | $1,144.18       |
| C           | $1,164.42                         | $1,163.83       |
| Z           | $1,207.76                         | $1,204.13       |

----

| Share Class | NAV at 3/31/10 | NAV at 12/31/09 |
|-------------|----------------|-----------------|
|        |           |            |
| A           | $1,089.72      | $1,071.20       |
| B           | $1,104.31      | $1,084.19       |
| C           | $1,119.09      | $1,097.34       |
| Z           | $1,149.23      | $1,124.10       |

----

----

----

----

----

|                         | March 31, 2011          |   | December 31, 2010               |
|------------------------------|-----------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR           |   | VAR                             |
|                         |                                                            |   |                                                                                                  |
| Currency                     | (1.15)%                                               |   | (0.91)%                                                                                     |
| Interest Rate                | (0.66)                                                          |   | (0.27)                                                                                                |
| Equity                       | (0.94)                                                          |   | (1.48)                                                                                                |
| Commodity                    | (2.52)                                                          |   | (2.49)                                                                                                |
| Aggregate Value at Risk      | (4.21)%                                               |   | (4.04)%                                                                                     |

----

|                         | March 31, 2011                                                 |   | December 31, 2010                     |
|------------------------------|----------------------------------------------------------------|--------|---------------------------------------|
| Primary Market Risk Category | VAR                                                            |   | VAR                                   |
|                         |                                                           |   |                                  |
| Interest Rate                |        (0.50)%    |   |     (0.35)%            |
| Currency                     |      (1.95)                                |   |       (1.12) |
| Aggregate Value at Risk      |     (2.22)%                                     |   |      (1.26)%      |

|                         | March 31, 2011                              |   | December 31, 2010           |
|------------------------------|---------------------------------------------|--------|-------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                         |   | VAR                                   |
|                         |                                        |   |                                                                          |
| Currency                     |       (1.18)%      |   | (0.81)%                                                                       |
| Interest Rate                |        (1.13) |   |   (1.05)                                                                 |
| Equity                       |        (3.79) |   |   (3.50)                                                            |
| Commodity                    |        (6.06)      |   |   (5.49)                                                            |
| Aggregate Value at Risk      |      (9.25)%            |   |  (7.91)%                                                                 |

----

|                         | March 31, 2011         |   | December 31, 2010                           |
|------------------------------|-----------------------------------------------------------|--------|---------------------------------------------|
| Primary Market Risk Category | VAR          |   | VAR                                         |
|                         |                                                      |   |                                        |
| Currency                     | (0.92)%                                                   |   |       (0.83)%      |
| Interest Rate                |   (0.93)                                        |   |        (0.30) |
| Equity                       |   (1.15)                                             |   |        (1.12) |
| Aggregate Value at Risk      | (2.02)%                                                   |   |      (1.82)%            |

|                         | March 31, 2011          |   | December 31, 2010            |
|------------------------------|----------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                |   | VAR                     |
|                         |                                                                 |   |                                                                                |
| Currency                     |  (0.69)%                                                        |   |  (0.02)%                                                                       |
| Interest Rate                | (0.42)                                                               |   | (0.02)                                                                              |
| Equity                       | (0.58)                                                               |   | (0.44)                                                                              |
| Commodity                    | (0.28)                                                               |   | (0.11)                                                                              |
| Aggregate Value at Risk      |  (0.90)%                                                        |   |  (0.47)%                                                                       |

|                         | March 31, 2011                                           |   | December 31, 2010            |
|------------------------------|----------------------------------------------------------|--------|-------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                                      |   | VAR                          |
|                         |                                                     |   |                                                                                |
| Currency                     |          (1.66)% |   | (1.68)%                                                                   |
| Interest Rate                |        (0.96)              |   | (0.32)                                                                              |
| Equity                       |         (1.87)        |   | (1.89)                                                                              |
| Commodity                    |         (1.23)        |   | (2.31)                                                                              |
| Aggregate Value at Risk      |          (3.98)% |   | (5.18)%                                                                   |

----

|                         | March 31, 2011                    |   | December 31, 2010                                                    |
|------------------------------|---------------------------------------------|--------|----------------------------------------------------------------------|
| Primary Market Risk Category | VAR                          |   | VAR                                                                  |
|                         |                                        |   |                                                                 |
| Currency                     |      (0.80)%            |   |           (0.43)%  |
| Interest Rate                |        (0.26) |   |           (0.26)        |
| Equity                       |        (0.96)      |   |           (1.26)        |
| Commodity                    |        (1.27) |   |           (1.44)             |
| Aggregate Value at Risk      |       (2.98)%      |   |         (2.85)%                   |

----

| Primary Market Risk Category | High           | Low     | Average          |
|------------------------------|------------------------------------------------------------------|---------|---------------------------------------------------------------|
|                         |                                                             |    |                                                          |
| Currency                     | (1.34)%                                                | (0.33)% |  (0.93)%                                  |
| Interest Rate                | (1.65)                                                           | (0.27)  | (0.96)                                                        |
| Equity                       | (1.48)                                                           | (0.22)  | (0.91)                                                        |
| Commodity                    | (2.52)                                                           | (0.76)  | (1.77)                                                        |
| Aggregate Value at Risk      |  (4.21)%                                | (1.56)% | (3.16)%                                             |

| Primary Market Risk Category | High            | Low     | Average          |
|------------------------------|------------------------------------------------------------------------|---------|---------------------------------------------------------------|
|                         |                                                                   |    |                                                          |
| Currency                     | (1.95)%                                                           | (1.07)% | (1.38)%                                                       |
| Interest Rate                | (0.71)                                                                 | (0.35)  |   (0.48)                                                 |
| Aggregate Value at Risk      | (2.22)%                                                      | (1.26)% | (1.63)%                                                       |

| Primary Market Risk Category | High          | Low     | Average            |
|------------------------------|------------------------------------------------------------|---------|---------------------------------------------------------------------------|
|                         |                                                       |    |                                                                      |
| Currency                     | (1.18)%                                          | (0.49)% | (0.89)%                                                         |
| Interest Rate                | (2.17)                                                     | (1.05)  | (1.44)                                                                    |
| Equity                       | (3.79)                                                     | (2.15)  | (3.10)                                                                    |
| Commodity                    | (6.43)                                                     | (2.25)  | (5.06)                                                                    |
| Aggregate Value at Risk      | (9.25)%                                          | (2.88)% | (6.96)%                                                         |

| Primary Market Risk Category | High          | Low     | Average           |
|------------------------------|------------------------------------------------------------|---------|---------------------------------------------------------------------|
|                         |                                                       |    |                                                                |
| Currency                     | (0.92)%                                          | (0.37)% | (0.73)%                                                   |
| Interest Rate                | (0.93)                                                     | – | (0.44)                                                              |
| Equity                       | (1.15)                                                     | (0.43)  | (0.84)                                                              |
| Aggregate Value at Risk      | (2.02)%                                          | (0.76)% | (3.16)%                                              |

----

| Primary Market Risk Category | High             | Low     | Average          |
|------------------------------|------------------------------------------------------------------------------|---------|---------------------------------------------------------------|
|                         |                                                                         |    |                                                          |
| Currency                     | (0.69)%                                                            | (0.02)% | (0.30)%                                                  |
| Interest Rate                | (0.76)                                                                       | (0.02)  | (0.37)                                                        |
| Equity                       | (1.02)                                                                       | (2.27)  | (0.58)                                                        |
| Commodity                    | (0.28)                                                                       | (0.11)  | (0.19)                                                        |
| Aggregate Value at Risk      | (1.00)%                                                            | (0.47)% | (0.79)%                                             |

| Primary Market Risk Category | High          | Low     | Average           |
|------------------------------|------------------------------------------------------------|---------|---------------------------------------------------------------------|
|                         |                                                       |    |                                                                |
| Currency                     | (2.18)%                                          | (0.67)% | (1.55)%                                                   |
| Interest Rate                | (0.96)                                                     | (0.32)  | (0.74)                                                              |
| Equity                       | (3.00)                                                     | (0.25)  | (1.75)                                                              |
| Commodity                    | (2.31)                                                     | (0.53)  | (1.57)                                                              |
| Aggregate Value at Risk      | (5.82)%                                          | (1.03)% | (4.00)%                                                   |

| Primary Market Risk Category | High          | Low     | Average        |
|------------------------------|------------------------------------------------------------|---------|---------------------------------------------------|
|                         |                                                       |    |                                              |
| Currency                     | (0.80)%                                               | (0.43)% | (0.61)%                            |
| Interest Rate                | (1.13)                                                     | (0.26)  | (0.67)                                       |
| Equity                       | (1.26)                                                     | (0.13)  | (0.81)                                            |
| Commodity                    | (1.44)                                                     | (0.58)  | (1.06)                                            |
| Aggregate Value at Risk      | (2.98)%                                          | (1.45)% | (2.27)%                                 |

| Primary Market Risk Category | High                | Low     | Average          |
|------------------------------|---------------------|---------|---------------------------------------------------------------|
|                         |                |    |                                                          |
| Interest Rate                | (1.65)%        | (0.27)% | (1.10)%                                        |
| Currency                     | (1.34)              | (0.33)  | (0.83)                                                        |
| Equity                       | (2.14)              | (0.22)  | (1.21)                                                        |
| Commodity                    | (2.49)              | (0.76)  | (1.50)                                                        |
| Aggregate Value at Risk      | (4.04)%   | (1.56)% | (3.00)%                                             |

----

| Primary Market Risk Category | High          | Low     | Average         |
|------------------------------|------------------------------------------------------------|-----------------------------|---------------------------------------------------------|
|                         |                                                       |                        |                                                    |
| Interest Rate                | (2.17)%                                          | (1.01)%                     | (1.40)%                                       |
| Currency                     | (1.09)                                                     | (0.49)                      | (0.84)                                                  |
| Equity                       | (3.82)                                                     | (2.15)                      | (3.11)                                                  |
| Commodity                    | (6.43)                                                     | (2.25)                      | (4.48)                                                  |
| Aggregate Value at Risk      |  (7.91)%                               | (2.88)%                     | (6.39)%                                            |

| Primary Market Risk Category | High         | Low     | Average         |
|------------------------------|------------------------------------------------------|---------|---------------------------------------------------------|
|                         |                                                 |    |                                                    |
| Interest Rate                |  (0.76)%                         | (0.02)% | (0.38)%                                            |
| Currency                     | (0.27)                                               | (0.02)  | (0.18)                                                  |
| Equity                       | (1.44)                                               | (0.27)  | (0.79)                                                  |
| Commodity                    | (0.19)                                               | (0.11)  | (0.16)                                                  |
| Aggregate Value at Risk      | (1.40)%                                    | (0.47)% | (0.92)%                                       |

| Primary Market Risk Category | High        | Low     | Average         |
|------------------------------|------------------------------------------------|---------|---------------------------------------------------------|
|                         |                                           |    |                                                    |
| Interest Rate                | (1.15)%                              | (0.32)% | (0.79)%                                       |
| Currency                     | (2.29)                                    | (0.67)  | (1.70)                                                  |
| Equity                       | (3.55)                                         | (0.25)  | (2.17)                                                  |
| Commodity                    | (2.31)                                         | (0.53)  | (1.79)                                                  |
| Aggregate Value at Risk      | (6.84)%                              | (1.03)% | (4.72)%                                       |

| Primary Market Risk Category | High           | Low     | Average             |
|------------------------------|------------------------------------------------------------------|---------|---------------------------------------------------------------------------------|
|                         |                                                             |    |                                                                            |
| Interest Rate                | (0.71)%                                                          | (0.35)% | (0.51)%                                                                    |
| Currency                     |  (1.69)                                                     | (1.07)  | (1.31)                                                                          |
| Aggregate Value at Risk      | (1.85)%                                 | (1.26)% | (1.54)%                                                               |

----

| Primary Market Risk Category | High              | Low     | Average              |
|------------------------------|------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------|
|                         |                                                                               |    |                                                                                  |
| Interest Rate                | (1.13)%                                                                  | (0.26)% | (0.71)%                                                                     |
| Currency                     | (0.72)                                                                             | (0.43)  | (0.59)                                                                                |
| Equity                       | (2.15)                                                                             | (0.13)  | (1.11)                                                                                |
| Commodity                    | (1.44)                                                                             | (0.58)  | (1.02)                                                                                |
| Aggregate Value at Risk      | (2.85)%                                                                  | (1.45)% | (2.23)%                                                                     |

| Primary Market Risk Category | High          | Low                                                | Average          |
|------------------------------|------------------------------------------------------------|----------------------------------------------------|---------------------------------------------------------------|
|                         |                                                       |                                               |                                                          |
| Interest Rate                | (0.88)%                                     |   –     % | (0.42)%                                             |
| Currency                     | (1.53)                                                     | (0.37)                                             | (0.88)                                                        |
| Equity                       | (1.12)                                                | (0.43)                                             | (0.80)                                                        |
| Aggregate Value at Risk      | (1.82)%                                     | (0.76)%                                            | (1.34)%                                             |

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

| ·   | approximately 97% of Kaiser I, LLC’s net assets. |
|--------------------|--------------------------------------------------------|

| ·   | approximately 87% of TT II, LLC’s net assets. |
|--------------------|-----------------------------------------------------|

----

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

| ·   | approximately 81% of Chesapeake I, LLC’s net assets. |
|--------------------|------------------------------------------------------------|

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

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

----

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

----

----

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

| 32.01 | Certification of President of Ceres Managed Futures 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 Ceres Managed Futures 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. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - 38 - |
|--------|--------|

----

|         | Managed Futures Profile MV, L.P. |                      |
|--------------|----------------------------------|---------------------------|
|         | (Registrant)                     |                      |
|         |                             |                      |   |
|         | By:                              | Ceres Managed Futures LLC |   |
|         |                             | (General Partner)         |   |
|         |                             |                      |   |
| May 16, 2011 | By:                              | /s/Jennifer Magro         |   |
|         |                             | Jennifer Magro            |   |
|         |                             | Chief Financial Officer   |   |