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

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

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

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

----

|     | PART I. FINANCIAL INFORMATION                                                                   |             |
|----------|-------------------------------------------------------------------------------------------------|------------------|
|     |                                                                                            |             |
| Item 1.  | Financial Statements (Unaudited)                                                                |             |
|     |                                                                                            |             |
|     | Statements of Financial Condition as of March 31, 2010 and December 31, 2009                    | 2                |
|     |                                                                                            |             |
|     | Statements of Operations for the Quarters Ended  March 31, 2010 and 2009              | 3                |
|     |                                                                                            |             |
|     | Statements of Changes in Partners’ Capital for the Quarters Ended March 31, 2010 and 2009 | 4                |
|     |                                                                                            |             |
|     | Statements of Cash Flows for the Quarters Ended March 31, 2010 and 2009                         | 5                |
|     |                                                                                            |             |
|     | Notes to Financial Statements                                                                   |   6-20 |
|     |                                                                                            |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations     | 20-26            |
|     |                                                                                            |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                      | 26-42            |
|     |                                                                                            |             |
| Item 4T. | Controls and Procedures                                                                         | 42-43            |
|     |                                                                                            |             |
|     | PART II. OTHER INFORMATION                                                                      |             |
|     |                                                                                            |             |
| Item 1A. | Risk Factors                                                                                    | 44               |
|     |                                                                                            |             |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                            | 44               |
|     |                                                                                            |             |
| Item 6.  | Exhibits                                                                                        | 44               |

----

|                                                                                                                         | March 31,  |   | December 31, |
|------------------------------------------------------------------------------------------------------------------------------|------------|--------|--------------|
|                                                                                                                         | 2010       |   | 2009         |
| ASSETS                                                                                                                       | $          |   | $            |
|                                                                                                                         |       |   |         |
| Investments in Affiliated Trading Companies:                                                                                 |       |   |         |
| Investment in Kaiser I, LLC                                                                                                  | 17,838,325 |   | 17,199,089   |
| Investment in TT II, LLC                                                                                                     | 16,537,934 |   | 14,636,069   |
| Investment in DKR I, LLC                                                                                                     | 12,796,256 |   | 12,093,464   |
| Investment in Rotella I, LLC                                                                                                 | 12,202,565 |   | 11,647,262   |
| Investment in Chesapeake I, LLC                                                                                              | 10,787,266 |   | 10,260,689   |
| Investment in Augustus I, LLC                                                                                                | 6,558,008  |   | 6,027,000    |
| Investment in GLC I, LLC                                                                                                     | 6,347,029  |   | 6,092,966    |
|                                                                                                                         |       |   |         |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $81,367,785 and $77,508,726, respectively) | 83,067,383 |   | 77,956,539   |
|                                                                                                                         |       |   |         |
| Subscriptions receivable                                                                                                     | 2,367,833  |   | 3,105,226    |
|                                                                                                                         |       |   |         |
| Total Assets                                                                                                                 | 85,435,216 |   | 81,061,765   |
|                                                                                                                         |       |   |         |
| LIABILITIES                                                                                                                  |       |   |         |
|                                                                                                                         |       |   |         |
| Payable to Affiliated Trading Companies                                                                                      | 1,713,639  |   | 1,876,864    |
| Redemptions payable                                                                                                          | 451,928    |   | 1,038,907    |
|                                                                                                                         |       |   |         |
| Total Liabilities                                                                                                            | 2,165,567  |   | 2,915,771    |
|                                                                                                                         |       |   |         |
| PARTNERS’ CAPITAL                                                                                                      |       |   |         |
| Class A (40,375.961 and 37,990.609 Units, respectively)                                                                      | 42,436,324 |   | 39,684,890   |
| Class B (9,018.990 and 8,032.706 Units, respectively)                                                                        | 9,606,280  |   | 8,492,803    |
| Class C (16,237.294 and 15,543.827 Units, respectively)                                                                      | 17,526,354 |   | 16,633,598   |
| Class D* (11,454.637 and 11,394.809 Units, respectively)                                                                     | 12,444,637 |   | 12,265,562   |
| Class Z (1,133.121 and 975.295 Units, respectively)                                                                          | 1,256,054  |   | 1,069,141    |
|                                                                                                                         |       |   |         |
| Total Partners’ Capital                                                                                                | 83,269,649 |   | 78,145,994   |
|                                                                                                                         |       |   |         |
| Total Liabilities and Partners’ Capital                                                                                | 85,435,216 |   | 81,061,765   |
|                                                                                                                         |       |   |         |
| NET ASSET VALUE PER UNIT                                                                                                     |       |   |         |
| Class A                                                                                                                      | 1,051.03   |   | 1,044.60     |
| Class B                                                                                                                      | 1,065.12   |   | 1,057.28     |
| Class C                                                                                                                      | 1,079.39   |   | 1,070.11     |
| Class D*                                                                                                                     | 1,086.43   |   | 1,076.41     |
| Class Z                                                                                                                      | 1,108.49   |   | 1,096.22     |

----

|                                                                                    |       For the Quarters Ended March 31, |
|-----------------------------------------------------------------------------------------|----------------------------------------------------------------------|
|                                                                                    |                                                                 |   |   |
|                                                                                    |          2010           |   |              2009 |
|                                                                                    |           $        |   |               $ |
| EXPENSES                                                                                |                                                                 |   |   |
| Placement agent fees                                                                    | 293,261                                                              |   | 140,687 |
| Ongoing general partner fees                                                            | 193,567                                                              |   | 86,925 |
| Administrative fees                                                                     | 77,427                                                               |   | 34,770 |
|                                                                                    |                                                                 |   |   |
| Total Expenses                                                                          | 564,255                                                              |   | 262,382 |
|                                                                                    |                                                                 |   |   |
| NET INVESTMENT LOSS                                                                     | (564,255)                                                            |   | (262,382) |
|                                                                                    |                                                                 |   |   |
| REALIZED/NET CHANGE IN                                                                  |                                                                 |   |   |
|   UNREALIZED APPRECIATION                                                     |                                                                 |   |   |
|   (DEPRECIATION) ON                                                           |                                                                 |   |   |
|   INVESTMENTS                                                                 |                                                                 |   |   |
| Realized                                                                                | —                                                              |   | — |
| Net change in unrealized appreciation (depreciation) on investments                     | 1,251,785                                                            |   | (668,918) |
|  Total Realized/Net Change in UnrealizedAppreciation (Depreciation) on Investments | 1,251,785                                                            |   | (668,918) |
|                                                                                    |                                                                 |   |   |
| NET INCOME (LOSS)                                                                       | 687,530                                                              |   | (931,300) |
|                                                                                    |                                                                 |   |   |
| NET INCOME (LOSS) ALLOCATION                                                            |                                                                 |   |   |
| Class A                                                                                 | 331,694                                                              |   | (534,640) |
| Class B                                                                                 | 89,469                                                               |   | (122,745) |
| Class C                                                                                 | 135,379                                                              |   | (223,912) |
| Class D                                                                                 | 114,075                                                              |   | (42,025) |
| Class Z                                                                                 | 16,913                                                               |   | (7,978) |
|                                                                                    |                                                                 |   |   |
| NET INCOME (LOSS) PER UNIT*                                                             |                                                                 |   |   |
| Class A                                                                                 | 6.43                                                                 |   | (30.63) |
| Class B                                                                                 | 7.84                                                                 |   | (27.20) |
| Class C                                                                                 | 9.28                                                                 |   | (27.48) |
| Class D                                                                                 | 10.02                                                                |   | (23.89) |
| Class Z                                                                                 | 12.27                                                                |   | (26.89) |
|                                                                                    |                                                                 |   |   |
|                                                                                    | Units                                                                |   | Units |
| WEIGHTED AVERAGE NUMBER                                                                 |                                                                 |   |   |
| OF UNITS OUTSTANDING                                                                    |                                                                 |   |   |
| Class A                                                                                 | 38,937.460                                                           |   | 17,454.810 |
| Class B                                                                                 | 8,327.430                                                            |   | 4,511.916 |
| Class C                                                                                 | 15,425.443                                                           |   | 8,148.076 |
| Class D                                                                                 | 11,394.809                                                           |   | 1,759.015 |
| Class Z                                                                                 | 1,014.121                                                            |   | 296.700 |

----

|                     | Class A                                            |   | Class B                                                                                                              |   | Class C                                                                                                  |   | Class D                                                                                                                          |   | Class Z                                                                                      |   | Total                   |
|--------------------------|----------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|--------|-------------------------|
|                     |          $ |   |                   $             |   |                   $ |   | $                                                                                                                                |   |                 $ |   | $                       |
| Partners’ Capital, |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| December 31, 2008        | 17,878,869                                         |   | 4,830,459                                                                                                            |   | 9,336,195                                                                                                |   |                –                                     |   | 324,532                                                                                      |   | 32,370,055              |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Subscriptions            | 3,642,287                                          |   | 963,064                                                                                                              |   | 2,605,526                                                                                                |   | 2,000,000                                                                                                                        |   | 50,000                                                                                       |   |   9,260,877   |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Net Loss                 | (534,640)                                          |   | (122,745)                                                                                                            |   | (223,912)                                                                                                |   | (42,025)                                                                                                                         |   | (7,978)                                                                                      |   | (931,300)               |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Redemptions              | (1,439,096)                                        |   | (781,613)                                                                                                            |   | (2,535,046)                                                                                              |   |                  –                         |   | –                                                                                      |   | (4,755,755)             |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Partners’ Capital, |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| March 31, 2009           | 19,547,420                                         |   | 4,889,165                                                                                                            |   | 9,182,763                                                                                                |   | 1,957,975                                                                                                                        |   | 366,554                                                                                      |   | 35,943,877              |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Partners’ Capital, |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| December 31, 2009        | 39,684,890                                         |   | 8,492,803                                                                                                            |   | 16,633,598                                                                                               |   | 12,265,562                                                                                                                       |   | 1,069,141                                                                                    |   | 78,145,994              |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Subscriptions            | 3,882,275                                          |   | 1,024,008                                                                                                            |   | 1,686,754                                                                                                |   | 65,000                                                                                                                           |   | 170,000                                                                                      |   |   6,828,037   |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Net Income               | 331,694                                            |   | 89,469                                                                                                               |   | 135,379                                                                                                  |   | 114,075                                                                                                                          |   | 16,913                                                                                       |   |   687,530     |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Redemptions              | (1,462,535)                                        |   |                    – |   | (929,377)                                                                                                |   |                      – |   | –                                                                                      |   | (2,391,912)             |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Partners’ Capital, |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| March 31, 2010           | 42,436,324                                         |   | 9,606,280                                                                                                            |   | 17,526,354                                                                                               |   | 12,444,637                                                                                                                       |   | 1,256,054                                                                                    |   | 83,269,649              |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
|                     | Class A                                            |   | Class B                                                                                                              |   | Class C                                                                                                  |   | Class D                                                                                                                          |   | Class Z                                                                                      |   | Total                   |
|                     | Units                                              |   | Units                                                                                                                |   | Units                                                                                                    |   | Units                                                                                                                            |   | Units                                                                                        |   | Units                   |
| Beginning Units,         |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| December 31, 2008        | 15,963.975                                         |   | 4,282.849                                                                                                            |   | 8,219.736                                                                                                |   |          –                                                                         |   | 281.733                                                                                      |   | 28,748.293              |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Subscriptions            | 3,260.099                                          |   | 858.969                                                                                                              |   | 2,300.259                                                                                                |   | 1,759.015                                                                                                                        |   | 43.453                                                                                       |   | 8,221.795               |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Redemptions              | (1,297.651)                                        |   | (695.148)                                                                                                            |   | (2,237.337)                                                                                              |   |          –                                                                         |   | –                                                                                      |   | (4,230.136)             |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Ending Units,            |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| March 31, 2009           | 17,926.423                                         |   | 4,446.670                                                                                                            |   | 8,282.658                                                                                                |   | 1,759.015                                                                                                                        |   | 325.186                                                                                      |   | 32,739.952              |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Beginning Units,         |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| December 31, 2009        | 37,990.609                                         |   | 8,032.706                                                                                                            |   | 15,543.827                                                                                               |   | 11,394.809                                                                                                                       |   | 975.295                                                                                      |   | 73,937.246              |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Subscriptions            | 3,820.934                                          |   | 986.284                                                                                                              |   | 1,598.790                                                                                                |   | 59.828                                                                                                                           |   | 157.826                                                                                      |   | 6,623.662               |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Redemptions              | (1,435.582)                                        |   |                   –       |   | (905.323)                                                                                                |   |                    –             |   | –                                                                                      |   |   (2,340.905) |
|                     |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| Ending Units,            |                                               |   |                                                                                                                 |   |                                                                                                     |   |                                                                                                                             |   |                                                                                         |   |                    |
| March 31, 2010           | 40,375.961                                         |   | 9,018.990                                                                                                            |   | 16,237.294                                                                                               |   | 11,454.637                                                                                                                       |   | 1,133.121                                                                                    |   | 78,220.003              |

----

|                                                                | For the Quarters Ended March 31, |
|---------------------------------------------------------------------|----------------------------------|
|                                                                |                             |   |   |
|                                                                | 2010                             |   | 2009 |
|                                                                | $                                |   | $ |
| CASH FLOWS FROM OPERATING ACTIVITIES                                |                             |   |   |
|                                                                |                             |   |   |
| Net income (loss)                                                   | 687,530                          |   | (931,300) |
| Adjustments to reconcile net income (loss):                         |                             |   |   |
| Purchase of Investments in Affiliated Trading Companies             | (3,859,059)                      |   | (5,764,044) |
| Net change in unrealized appreciation (depreciation) on investments | (1,251,785)                      |   | 668,918 |
|                                                                |                             |   |   |
| Decrease in operating assets:                                       |                             |   |   |
| Receivable from Affiliated Trading Companies                        | –                          |   | 2,540,032 |
|                                                                |                             |   |   |
| Decrease in operating liabilities:                                  |                             |   |   |
| Payable to Affiliated Trading Companies                             | (163,225)                        |   | – |
|                                                                |                             |   |   |
| Net  cash used for operating activities                   | (4,586,539)                      |   | (3,486,394) |
|                                                                |                             |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                |                             |   |   |
|                                                                |                             |   |   |
| Cash received from offering of Units                                | 7,565,430                        |   | 9,260,877 |
| Cash paid for redemptions of Units                                  | (2,978,891)                      |   | (5,774,483) |
|                                                                |                             |   |   |
| Net cash provided by financing activities                           | 4,586,539                        |   | 3,486,394 |
|                                                                |                             |   |   |
| Net change in cash                                                  | –                          |   | – |
| Cash at beginning of period                                         | –                          |   | – |
| Cash at end of period                                               | –                          |   | – |
|                                                                |                             |   |   |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES            |                             |   |   |
| Transfer of partners’ capital from Class A into Class B       | –                          |   | $    197,583 |

----

----

----

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

----

----

----

----

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

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

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

----

----

|     Assets  |   Unadjusted      Quoted Prices in       Active Markets for           Identical Assets                  (Level 1) |            Significant Other              Observable                   Inputs                  (Level 2) |       Significant   Unobservable         Inputs       (Level 3) |                                          Total |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                                                                                                                                                                                                                                                                                                                 |         $                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                          |                 $                                                                                                                                                      |
| Investment in Kaiser I, LLC     | –                                                                                                                                                                                                                                                                                                              | 17,838,325                                                                                                                                                                                                                                                                                                                                                                                                 | n/a                                                                                                                                                                           | 17,838,325                                                                                                                                                                                                                                             |
| Investment in TT II, LLC        | –                                                                                                                                                                                                                                                                                                              | 16,537,934                                                                                                                                                                                                                                                                                                                                                                                                 | n/a                                                                                                                                                                           | 16,537,934                                                                                                                                                                                                                                             |
| Investment in DKR I, LLC        | –                                                                                                                                                                                                                                                                                                              | 12,796,256                                                                                                                                                                                                                                                                                                                                                                                                 | n/a                                                                                                                                                                           | 12,796,256                                                                                                                                                                                                                                             |
| Investment in Rotella I, LLC    | –                                                                                                                                                                                                                                                                                                              | 12,202,565                                                                                                                                                                                                                                                                                                                                                                                                 | n/a                                                                                                                                                                           | 12,202,565                                                                                                                                                                                                                                             |
| Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                                                                                                              | 10,787,266                                                                                                                                                                                                                                                                                                                                                                                                 | n/a                                                                                                                                                                           | 10,787,266                                                                                                                                                                                                                                             |
| Investment in Augustus I, LLC   | –                                                                                                                                                                                                                                                                                                              | 6,558,008                                                                                                                                                                                                                                                                                                                                                                                                  | n/a                                                                                                                                                                           | 6,558,008                                                                                                                                                                                                                                              |
| Investment in GLC I, LLC        | –                                                                                                                                                                                                                                                                                                              | 6,347,029                                                                                                                                                                                                                                                                                                                                                                                                  | n/a                                                                                                                                                                           | 6,347,029                                                                                                                                                                                                                                              |

----

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

----

| March 31, 2010  |  Investment Income | Net  Investment Loss  | Total Trading Results  | NetIncome(Loss)  |
|----------------------|-------------------------|--------------------------------------|-----------------------------|-----------------------|
|                 | $                       | $                                    | $                           | $                     |
| Augustus I, LLC      | (550)                   | 277,413                              | 1,013,039                   | 735,626               |
| Kaiser I, LLC        | –                 | 294,852                              | (271,941)                   | (566,793)             |
| TT II, LLC           | (2,755)                 | 285,304                              | 3,205,130                   |  2,919,826       |

| March 31, 2009  |   Investment Income | Net  InvestmentLoss  | Total Trading Results  |  Net Loss  |
|----------------------|-------------------------------|-------------------------------------|-----------------------------|----------------------|
|                 | $                             | $                                   | $                           | $                    |
| DKR I, LLC           |    777         |  51,249                        | (146,520)                   |  197,769        |
| TT II, LLC           | 2,257                         | 249,202                             | (766,712)                   |  1,015,914      |
| Kaiser I, LLC        | 3,306                         | 246,069                             | (315,914)                   | 561,983              |

----

----

----

----

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

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

----

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

----

----

----

| Share Class | NAV at 3/31/10 | NAV at 12/31/09 |
|-------------|----------------|-----------------|
|        |           |            |
| A           | $1,051.03      | $1,044.60       |
| B           | $1,065.12      | $1,057.28       |
| C           | $1,079.39      | $1,070.11       |
| D           | $1,086.43      | $1,076.41       |
| Z           | $1,108.49      | $1,096.22       |

----

| Share Class |        NAV at 3/31/09 |     NAV at 12/31/08                                                                                                                                                                                                      |
|-------------|-----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                |                                                                                                                                                                                                                                    |
| A           | $1,090.43                                           | $1,119.95                                                                                                                                                                                                                               |
| B           | $1,099.51                                           | $1,127.86                                                                                                                                                                                                                               |
| C           | $1,108.67                                           | $1,135.83                                                                                                                                                                                                                               |
| D           | $1,113.11                                           | n/a                                       |
| Z           | $1,127.21                                           | $1,151.91                                                                                                                                                                                                                               |

----

----

----

----

----

|                         |                  March 31, 2010 |   |                    March 31, 2009 |
|------------------------------|-----------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                                      |   | VAR                                                                       |
|                         |                                                                                                            |   |                                                                                                                        |
| Currency                     | (0.98)%                                                                                               |   | (0.49)%                                                                                                           |
| Interest Rate                | (1.01)                                                                                                          |   | (0.41)                                                                                                                      |
| Equity                       | (3.82)                                                                                                          |   | —                                                                                                                     |
| Commodity                    | (3.76)                                                                                                          |   | (0.34)                                                                                                                      |
| Aggregate Value at Risk      | (6.95)%                                                                                |   | (0.74)%                                                                                                                |

|                         |                   March 31, 2010 |   |                   March 31, 2009 |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                                                      |   | VAR                                                                 |
|                         |                                                                                                                  |   |                                                                                                                  |
| Currency                     | (1.39)%                                                                                                          |   | (0.28)%                                                                                                     |
| Interest Rate                | (0.75)                                                                                                                |   | (0.33)                                                                                                                |
| Equity                       | (0.77)                                                                                                                |   | (0.16)                                                                                                                |
| Commodity                    | (1.10)                                                                                                                |   | (0.54)                                                                                                                |
| Aggregate Value at Risk      | (2.19)%                                                                                                          |   | (0.66)%                                                                                                          |

----

|                         |                   March 31, 2010 |   |                 March 31, 2009 |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                                            |   | VAR                                                          |
|                         |                                                                                                                  |   |                                                                                                      |
| Currency                     | (0.24)%                                                                                                     |   | (0.03)%                                                                                              |
| Interest Rate                | (0.49)                                                                                                                |   | (0.25)                                                                                                    |
| Equity                       | (1.44)                                                                                                                |   | (0.41)                                                                                                    |
| Commodity                    | (0.18)                                                                                                                |   | (0.05)                                                                                                    |
| Aggregate Value at Risk      | (1.40)%                                                                                                     |   | (0.61)%                                                                                              |

|                         |                  March 31, 2010 |   |                March 31, 2009 |
|------------------------------|-----------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                                                |   | VAR                                |
|                         |                                                                                                            |   |                                                                                                |
| Currency                     | (2.29)%                                                                                               |   | (0.42)%                                                                                        |
| Interest Rate                | (1.15)                                                                                                          |   | (0.32)                                                                                              |
| Equity                       | (3.55)                                                                                                          |   | (0.10)                                                                                              |
| Commodity                    | (2.11)                                                                                                          |   | (0.32)                                                                                              |
| Aggregate Value at Risk      | (6.84)%                                                                                               |   | (0.50)%                                                                                        |

|                         |                      March 31, 2010 |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                                                         |
|                         |                                                                                                                                    |
| Currency                     | (0.92)%                                                                                                                            |
| Interest Rate                | (0.56)                                                                                                                                  |
| Equity                       | (2.92)                                                                                                                                  |
| Commodity                    | (1.44)                                                                                                                                  |
| Aggregate Value at Risk      | (4.69)%                                                                                                                            |

----

|                         |                          March 31, 2010 |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                                                                  |
|                         |                                                                                                                                                            |
| Currency                     | (1.69)%                                                                                                                                               |
| Interest Rate                | (0.60)                                                                                                                                                          |
| Aggregate Value at Risk      | (1.85)%                                                                                                                                                    |

|                         |                           March 31, 2010 |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                                                                                  |
|                         |                                                                                                                                                                  |
| Currency                     | (1.53)%                                                                                                                                                     |
| Interest Rate                | (0.88)                                                                                                                                                                |
| Equity                       | (0.98)                                                                                                                                                                |
| Commodity                    | –                                                                                                                                                               |
| Aggregate Value at Risk      | (1.69)%                                                                                                                                                          |

----

|                         |                         March 31, 2009 |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                                                            |
|                         |                                                                                                                                                      |
| Currency                     | (0.58)%                                                                                                                                              |
| Interest Rate                | (0.59)                                                                                                                                                    |
| Equity                       | (0.10)                                                                                                                                                    |
| Commodity                    | (0.41)                                                                                                                                                    |
| Aggregate Value at Risk      | (0.89)%                                                                                                                                         |

----

| Primary Market Risk Category |    High       | Low                                                                  | Average        |
|------------------------------|------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                         |                                                       |                                                                                                                                  |                                              |
| Currency                     | (0.98)%                                               |      (0.40)%                                                                                                      | (0.70)%                                 |
| Interest Rate                | (1.01)                                                     |      (0.31)                                                                                                       | (0.69)                                            |
| Equity                       | (3.82)                                                     |  (0.09)                      | (2.76)                                            |
| Commodity                    | (3.89)                                                     |      (1.24)                                                                                                       | (2.75)                                            |
| Aggregate Value at Risk      | (7.15)%                                          |      (1.19)%                                                                                                      | (5.00)%                                 |

| Primary Market Risk Category | High         | Low                   | Average             |
|------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                         |                                                 |                                                                                                            |                                                                            |
| Currency                     | (1.39)%                                         | (0.45)%                                                                                                         | (0.96)%                                                               |
| Interest Rate                | (0.79)                                               | (0.48)                                                                                                          | (0.65)                                                                          |
| Equity                       | (0.77)                                               | (0.17)                                                                                                          | (0.45)                                                                          |
| Commodity                    | (2.02)                                               | (1.03)                                                                                                          | (1.43)                                                                          |
| Aggregate Value at Risk      | (2.98)%                                    | (1.37)%                                                                                                         | (2.12)%                                                               |

| Primary Market Risk Category | High        | Low                  | Average           |
|------------------------------|-------------------------------------------|-----------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|
|                         |                                      |                                                                                                      |                                                                |
| Currency                     | (0.25)%                              |     (0.13)%                                                                                | (0.20)%                                                   |
| Interest Rate                | (0.81)                                    | (0.08)                                                                                                    | (0.44)                                                              |
| Equity                       | (1.44)                                    | (0.26)                                                                                                    | (0.68)                                                              |
| Commodity                    | (0.18)                                    | (0.01)                                                                                                    | (0.08)                                                              |
| Aggregate Value at Risk      | (1.40)%                         | (0.51)%                                                                                                   | (0.85)%                                                   |

| Primary Market Risk Category | High          | Low     | Average          |
|------------------------------|------------------------------------------------------------|---------|---------------------------------------------------------------|
|                         |                                                       |    |                                                          |
| Currency                     | (1.69)%                                               | – | (0.73)%                                             |
| Interest Rate                | (0.60)                                                     | – | (0.22)                                                        |
| Aggregate Value at Risk      | (1.85)%                                               | – | (0.78)%                                             |

----

| Primary Market Risk Category | High            | Low                | Average             |
|------------------------------|------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                         |                                                                   |                                                                                          |                                                                            |
| Currency                     | (2.29)%                                                      | (0.95)%                                                                                       | (1.34)%                                                                    |
| Interest Rate                | (1.15)                                                                 | (0.43)                                                                                        | (0.90)                                                                          |
| Equity                       | (3.55)                                                                 | (0.57)                                                                                        | (1.81)                                                                          |
| Commodity                    | (2.11)                                                                 | (0.80)                                                                                        | (1.27)                                                                          |
| Aggregate Value at Risk      | (6.84)%                                                      | (1.92)%                                                                                       | (3.74)%                                                                    |

| Primary Market Risk Category | High         | Low            | Average         |
|------------------------------|------------------------------------------------------|-----------------------------------------------------------------------|---------------------------------------------------------|
|                         |                                                 |                                                                  |                                                    |
| Currency                     | (0.95)%                                         | –                                                               | (0.62)%                                       |
| Interest Rate                | (0.60)                                               | –                                                               | (0.40)                                                  |
| Equity                       | (4.04)                                               | –                                                               | (2.16)                                                  |
| Commodity                    | (1.63)                                               | –                                                               | (0.96)                                                  |
| Aggregate Value at Risk      | (5.70)%                                    | –                                                               | (3.25)%                                       |

| Primary Market Risk Category | High             | Low                   | Average             |
|------------------------------|------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                         |                                                                         |                                                                                                            |                                                                            |
| Currency                     | (1.53)%                                                                 | –                                                                                                         | (0.66)%                                                               |
| Interest Rate                | (0.88)                                                                       | –                                                                                                         | (0.26)                                                                          |
| Equity                       | (0.98)                                                                       | –                                                                                                         | (0.40)                                                                          |
| Commodity                    | (0.28)                                                                       | –                                                                                                         | (0.07)                                                                          |
| Aggregate Value at Risk      | (1.69)%                                                            | –                                                                                                         | (0.83)%                                                               |

| Primary Market Risk Category | High          | Low                                      | Average             |
|------------------------------|------------------------------------------------------------|----------------------------------------------------|---------------------|
|                         |                                                       |                                               |                |
| Currency                     | (0.50)%                                          | (0.39)%                                  | (0.45)%        |
| Interest Rate                | (0.52)                                                     | (0.30)                                             | (0.41)              |
| Equity                       | (0.20)                                                     |         – | (0.10)              |
| Commodity                    | (1.93)                                                     |   (0.34)                                      | (0.84)              |
| Aggregate Value at Risk      | (2.09)%                                          | (0.74)%                                            | (1.16)%   |

----

| Primary Market Risk Category | High         | Low          | Average          |
|------------------------------|------------------------------------------------------|-----------------------------------------------------------|---------------------------------------------------------------|
|                         |                                                 |                                                      |                                                          |
| Currency                     | (1.30)%                                    | (0.11)%                                         | (0.47)%                                                  |
| Interest Rate                | (0.52)                                               | (0.28)                                                    | (0.37)                                                        |
| Equity                       | (0.16)                                               | (0.06)                                                    | (0.11)                                                        |
| Commodity                    | (0.97)                                               | (0.24)                                                    | (0.53)                                                        |
| Aggregate Value at Risk      | (1.70)%                                    | (0.57)%                                         | (0.90)%                                             |

| Primary Market Risk Category | High          | Low         | Average          |
|------------------------------|------------------------------------------------------------|-----------------------------------------------------|---------------------------------------------------------------|
|                         |                                                       |                                                |                                                          |
| Currency                     | (0.07)%                                               | –                                             | (0.03)%                                                  |
| Interest Rate                | (0.28)                                                     | (0.02)                                              | (0.16)                                                        |
| Equity                       | (0.41)                                                     | (0.05)                                              | (0.20)                                                        |
| Commodity                    | (0.38)                                                     | –                                             | (0.12)                                                        |
| Aggregate Value at Risk      | (0.61)%                                          | (0.12)%                                             | (0.33)%                                                  |

| Primary Market Risk Category | High            | Low        | Average         |
|------------------------------|------------------------------------------------------------------------|-----------------------------------------------|---------------------------------------------------------|
|                         |                                                                   |                                          |                                                    |
| Currency                     | (0.81)%                                                           | (0.29)%                                  | (0.59)%                                            |
| Interest Rate                | (0.94)                                                                 | (0.46)                                        | (0.70)                                                  |
| Equity                       | (0.60)                                                                 | (0.05)                                        | (0.27)                                                  |
| Commodity                    | (0.60)                                                                 | (0.18)                                        | (0.35)                                                  |
| Aggregate Value at Risk      | (1.24)%                                                      | (0.61)%                             | (0.94)%                                            |

| Primary Market Risk Category | High              | Low    | Average          |
|------------------------------|------------------------------------------------------------------------------------|-----------------------|---------------------------------------------------------------|
|                         |                                                                               |                  |                                                          |
| Currency                     | (1.45)%                                                                       | (0.09)%          | (0.54)%                                                  |
| Interest Rate                | (0.63)                                                                             | (0.23)                | (0.40)                                                        |
| Equity                       | (0.40)                                                                             | (0.09)                | (0.24)                                                        |
| Commodity                    | (1.15)                                                                             | (0.32)                | (0.71)                                                        |
| Aggregate Value at Risk      | (1.67)%                                                                  | (0.50)%     | (1.05)%                                             |

----

| ·   | 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 80% of Chesapeake I, LLC’s net assets. |
|--------------------|------------------------------------------------------------|

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

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

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

| ·   | approximately 81% of TT II, LLC’s net assets. |
|--------------------|-----------------------------------------------------|

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

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

----

----

----

----

----

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

----

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

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

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

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

----

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