|   | 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 September 30, 2009 and December 31, 2008                            | 2                |
|          |                                                                                                             |             |
|          | Statements      of Operations for the Three and Nine Months Ended September 30, 2009 and      2008               | 3                |
|          |                                                                                                             |             |
|          | Statements      of Changes in Partners’ Capital for the Nine Months Ended September 30,      2009 and 2008 | 4                |
|          |                                                                                                             |             |
|          | Statements      of Cash Flows for the Nine Months Ended September 30, 2009 and 2008                              | 5                |
|          |                                                                                                             |             |
|          | Notes      to Financial Statements                                                                               |   6-23 |
|          |                                                                                                             |             |
| Item      2.  | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations            | 24-34            |
|          |                                                                                                             |             |
| Item      3.  | Quantitative      and Qualitative Disclosures About Market Risk                                                  | 34-48            |
|          |                                                                                                             |             |
| Item      4T. | Controls      and Procedures                                                                                     | 49               |
|          |                                                                                                             |             |
|          | PART II. OTHER INFORMATION                                                                                       |             |
|          |                                                                                                             |             |
| Item      1A. | Risk      Factors                                                                                                | 50               |
|          |                                                                                                             |             |
| Item      2.  | Unregistered      Sales of Securities and Use of Proceeds                                                        | 50               |
|          |                                                                                                             |             |
| Item      6.  | Exhibits                                                                                                         | 50               |

----

|                                                                                                                                   | September      30, |   | December      31, |
|----------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|-------------------|
|                                                                                                                                   | 2009               |   | 2008              |
| ASSETS                                                                                                                                 | $                  |   | $                 |
|                                                                                                                                   |               |   |              |
| Investments      in Affiliated Trading Companies:                                                                                      |               |   |              |
| Investment      in Kaiser I, LLC                                                                                                       | 16,277,816         |   | 7,441,619         |
| Investment      in TT II, LLC                                                                                                          | 14,469,170         |   | 6,658,448         |
| Investment      in DKR I, LLC                                                                                                          | 10,851,878         |   | 6,658,448         |
| Investment      in Rotella I, LLC                                                                                                      | 10,851,878         |   | –           |
| Investment      in Chesapeake I, LLC                                                                                                   | 9,043,231          |   | 5,826,142         |
| Investment      in Augustus I, LLC                                                                                                     | 5,425,939          |   | –           |
| Investment      in GLC I, LLC                                                                                                          | 5,425,939          |   | –           |
| Investment      in Strategic, L.L.C.                                                                                                   | –            |   | 4,489,472         |
|                                                                                                                                   |               |   |              |
| Total      Investments in Affiliated Trading Companies, at fair value  (cost      $70,359,430 and $27,747,188, respectively) | 72,345,851         |   | 31,074,129        |
| Subscriptions      receivable                                                                                                          | 2,860,564          |   | –           |
| Receivable      from Affiliated Trading Companies                                                                                      | 11,194,586         |   | 2,540,032         |
|                                                                                                                                   |               |   |              |
| Total      Assets                                                                                                                      | 86,401,001         |   | 33,614,161        |
|                                                                                                                                   |               |   |              |
| LIABILITIES                                                                                                                            |               |   |              |
|                                                                                                                                   |               |   |              |
| Payable      to Affiliated Trading Companies                                                                                           | 13,424,060         |   | –           |
| Redemptions      payable                                                                                                               | 456,256            |   | 1,244,106         |
|                                                                                                                                   |               |   |              |
| Total      Liabilities                                                                                                                 | 13,880,316         |   | 1,244,106         |
|                                                                                                                                   |               |   |              |
| PARTNERS’      CAPITAL                                                                                                           |               |   |              |
| Class      A (33,192.689  and 15,963.975 Units,    respectively)                                                             | 35,702,971         |   | 17,878,869        |
| Class      B (7,755.923 and 4,282.849 Units, respectively)                                                                             | 8,433,104          |   | 4,830,459         |
| Class      C (13,442.062 and 8,219.736 Units, respectively)                                                                            | 14,774,435         |   | 9,336,195         |
| Class      D (11,394.809 and 0 Units, respectively)                                                                                    | 12,590,136         |   | –           |
| Class      Z (908.231 and 281.733 Units, respectively)                                                                                 | 1,020,039          |   | 324,532           |
|                                                                                                                                   |               |   |              |
| Total      Partners’ Capital                                                                                                     | 72,520,685         |   | 32,370,055        |
|                                                                                                                                   |               |   |              |
| Total      Liabilities and Partners’ Capital                                                                                     | 86,401,001         |   | 33,614,161        |
|                                                                                                                                   |               |   |              |
| NET      ASSET VALUE PER UNIT                                                                                                          |               |   |              |
| Class      A                                                                                                                           | 1,075.63           |   | 1,119.95          |
| Class      B                                                                                                                           | 1,087.31           |   | 1,127.86          |
| Class      C                                                                                                                           | 1,099.12           |   | 1,135.83          |
| Class      D                                                                                                                           | 1,104.90           |   | n/a      *        |
| Class      Z                                                                                                                           | 1,123.10           |   | 1,151.91          |

----

|                                                                                         | For      the Three MonthsEnded September 30, |   | For      the Nine Months Ended September 30, |
|----------------------------------------------------------------------------------------------|----------------------------------------------|--------|---------------------------------------------------|
|                                                                                         |                                         |   |                                              |   |   |   |   |
|                                                                                         | 2009                                         |   | 2008                                              |   | 2009 |   | 2008 |
|                                                                                         | $                                            |   | $                                                 |   | $ |   | $ |
| EXPENSES                                                                                     |                                         |   |                                              |   |   |   |   |
| Ongoing      Placement Agent fees                                                            | 242,955                                      |   | 94,906                                            |   | 573,739 |   | 226,883 |
| General      Partner fees                                                                    | 164,072                                      |   | 58,468                                            |   | 379,904 |   | 139,607 |
| Administrative      fees                                                                     | 65,628                                       |   | 23,388                                            |   | 151,961 |   | 55,844 |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| Total      Expenses                                                                          | 472,655                                      |   | 176,762                                           |   | 1,105,604 |   | 422,334 |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| NET      INVESTMENT LOSS                                                                     | (472,655)                                    |   | (176,762)                                         |   | (1,105,604) |   | (422,334) |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| REALIZED/NET      CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON      INVESTMENTS       |                                         |   |                                              |   |   |   |   |
| Realized                                                                                     | 510,309                                      |   | 79,234                                            |   | 1,155,468 |   | 44,297 |
| Net      change in unrealized appreciation (depreciation) on      investments                | 615,730                                      |   | (1,744,135)                                       |   | (1,340,520) |   | (44,407) |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| Total      Realized/Net Change in Unrealized Appreciation (Depreciation) on      Investments | 1,126,039                                    |   | (1,664,901)                                       |   | (185,052) |   | (110) |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| NET      INCOME (LOSS)                                                                       | 653,384                                      |   | (1,841,663)                                       |   | (1,290,656) |   | (422,444) |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| NET      INCOME (LOSS) ALLOCATION                                                            |                                         |   |                                              |   |   |   |   |
| Class      A                                                                                 | 274,323                                      |   | (1,057,754)                                       |   | (788,492) |   | (286,728) |
| Class      B                                                                                 | 77,514                                       |   | (248,503)                                         |   | (172,887) |   | (29,136) |
| Class      C                                                                                 | 153,854                                      |   | (517,295)                                         |   | (295,287) |   | (104,370) |
| Class      D                                                                                 | 137,009                                      |   | –                                           |   | (28,220) |   | – |
| Class      Z                                                                                 | 10,684                                       |   | (18,111)                                          |   | (5,770) |   | (2,210) |
|                                                                                         |                                         |   |                                              |   |   |   |   |
| NET      INCOME (LOSS) PER UNIT                                                              |                                         |   |                                              |   |   |   |   |
| Class      A                                                                                 | 9.22                                         |   | (88.48)                                           |   | (33.94) |   | (3.42) |
| Class      B                                                                                 | 11.24                                        |   | (87.59)                                           |   | (30.62) |   | 0.35 |
| Class      C                                                                                 | 12.55                                        |   | (86.67)                                           |   | (28.54) |   | 4.16 |
| Class      D                                                                                 | 12.02                                        |   | –                                           |   | (3.26) |   | – |
| Class      Z                                                                                 | 15.90                                        |   | (84.83)                                           |   | (12.01) |   | 11.85 |
|                                                                                         |                                         |   |                                              |   |   |   |   |
|                                                                                         | Units                                        |   | Units                                             |   | Units |   | Units |
| WEIGHTED      AVERAGE NUMBER                                                                 |                                         |   |                                              |   |   |   |   |
| OF      UNITS OUTSTANDING                                                                    |                                         |   |                                              |   |   |   |   |
| Class      A                                                                                 | 29,760.017                                   |   | 12,689.455                                        |   | 23,234.374 |   | 10,154.895 |
| Class      B                                                                                 | 6,893.817                                    |   | 3,144.234                                         |   | 5,645.630 |   | 2,587.733 |
| Class      C                                                                                 | 12,259.606                                   |   | 6,353.022                                         |   | 10,347.822 |   | 5,021.681 |
| Class      D                                                                                 | 11,394.809                                   |   | –                                           |   | 8,648.157 |   | – |
| Class      Z                                                                                 | 671.979                                      |   | 218.712                                           |   | 480.363 |   | 173.474 |

----

|                          | Class A     |   | Class B   |   | Class C     |   | Class D                                                          |   | Class Z   |   | Total       |
|-------------------------------|-------------|--------|-----------|--------|-------------|--------|------------------------------------------------------------------|--------|-----------|--------|-------------|
|                          | $           |   | $         |   | $           |   | $                                                                |   | $         |   | $           |
| Partners’      Capital, |        |   |      |   |        |   |                                                             |   |      |   |        |
| December      31, 2007        | 6,560,236   |   | 1,327,960 |   | 3,364,766   |   | –                                                          |   | 111,559   |   | 11,364,521  |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Subscriptions                 | 8,041,860   |   | 2,871,238 |   | 4,477,937   |   | –                                                          |   | 125,000   |   | 15,516,035  |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Net      Loss                 | (286,728)   |   | (29,136)  |   | (104,370)   |   | –                                                          |   | (2,210)   |   | (422,444)   |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Redemptions                   | (548,510)   |   | (423,194) |   | (566,222)   |   | –                                                          |   | –   |   | (1,537,926) |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Partners’      Capital, |        |   |      |   |        |   |                                                             |   |      |   |        |
| September      30, 2008       | 13,766,858  |   | 3,746,868 |   | 7,172,111   |   | –                                                          |   | 234,349   |   | 24,920,186  |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Partners’      Capital, |        |   |      |   |        |   |                                                             |   |      |   |        |
| December      31, 2008        | 17,878,869  |   | 4,830,459 |   | 9,336,195   |   | –                                      |   | 324,532   |   | 32,370,055  |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Subscriptions                 | 21,863,505  |   | 4,687,167 |   | 9,620,456   |   | 12,618,356                                                       |   | 701,277   |   | 49,490,761  |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Net      Loss                 | (788,492)   |   | (172,887) |   | (295,287)   |   | (28,220)                                                         |   | (5,770)   |   | (1,290,656) |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Redemptions                   | (3,250,911) |   | (911,635) |   | (3,886,929) |   | –                                                          |   | –   |   | (8,049,475) |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Partners’      Capital, |        |   |      |   |        |   |                                                             |   |      |   |        |
| September      30, 2009       | 35,702,971  |   | 8,433,104 |   | 14,774,435  |   | 12,590,136          |   | 1,020,039 |   | 72,520,685  |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
|                          | Class A     |   | Class B   |   | Class C     |   | Class D                                                          |   | Class Z   |   | Total       |
|                          | Units       |   | Units     |   | Units       |   | Units                                                            |   | Units     |   | Units       |
| Beginning      Units,         |        |   |      |   |        |   |                                                             |   |      |   |        |
| December      31, 2007        | 6,516.111   |   | 1,316.286 |   | 3,328.248   |   | –                                                          |   | 109.890   |   | 11,270.535  |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Subscriptions                 | 7,732.518   |   | 2,806.404 |   | 4,250.896   |   | –                                                          |   | 118.291   |   | 14,908.109  |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Redemptions                   | (527.777)   |   | (410.065) |   | (513.906)   |   | –                                                          |   | –   |   | (1,451.748) |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Ending      Units,            |        |   |      |   |        |   |                                                             |   |      |   |        |
| September      30, 2008       | 13,720.852  |   | 3,712.625 |   | 7,065.238   |   | –                                                          |   | 228.181   |   | 24,726.896  |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Beginning      Units,         |        |   |      |   |        |   |                                                             |   |      |   |        |
| December      31, 2008        | 15,963.975  |   | 4,282.849 |   | 8,219.736   |   | –                                                          |   | 281.733   |   | 28,748.293  |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Subscriptions                 | 20,217.410  |   | 4,288.894 |   | 8,686.887   |   | 11,394.809                                                       |   | 626.498   |   | 45,214.498  |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Redemptions                   | (2,988.696) |   | (815.820) |   | (3,464.561) |   | –                                                          |   | –   |   | (7,269.077) |
|                          |        |   |      |   |        |   |                                                             |   |      |   |        |
| Ending      Units,            |        |   |      |   |        |   |                                                             |   |      |   |        |
| September      30, 2009       | 33,192.689  |   | 7,755.923 |   | 13,442.062  |   | 11,394.809                                                       |   | 908.231   |   | 66,693.714  |

----

|                                                                   | For the Nine Months Ended September      30, |
|------------------------------------------------------------------------|----------------------------------------------|
|                                                                   |                                         |   |   |
|                                                                   | 2009                                         |   | 2008 |
|                                                                   | $                                            |   | $ |
| CASH      FLOWS FROM OPERATING ACTIVITIES                              |                                         |   |   |
|                                                                   |                                         |   |   |
| Net      loss                                                          | (1,290,656)                                  |   | (422,444) |
| Adjustments      to reconcile net loss:                                |                                         |   |   |
| Purchase      of Investments in Affiliated Trading Companies           | (58,120,871)                                 |   | (20,525,455) |
| Proceeds      from sale of Investments in Affiliated Trading Companies | 16,664,097                                   |   | 7,077,087 |
| Realized                                                               | (1,155,468)                                  |   | – |
| Net      change in unrealized depreciation on investments              | 1,340,520                                    |   | 44,407 |
|                                                                   |                                         |   |   |
| Increase      in operating assets:                                     |                                         |   |   |
| Receivable      from Affiliated Trading Companies                      | (8,654,554)                                  |   | – |
|                                                                   |                                         |   |   |
| Increase      in operating liabilities:                                |                                         |   |   |
| Payable      to Affiliated Trading Companies                           | 13,424,060                                   |   | – |
|                                                                   |                                         |   |   |
| Net  cash      used for operating activities                 | (37,792,872)                                 |   | (13,826,405) |
|                                                                   |                                         |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES                              |                                         |   |   |
|                                                                   |                                         |   |   |
| Cash      received from offering of Units                              | 46,630,197                                   |   | 15,516,035 |
| Cash      paid for redemptions of Units                                | (8,837,325)                                  |   | (1,689,630) |
|                                                                   |                                         |   |   |
| Net      cash provided by financing activities                         | 37,792,872                                   |   | 13,826,405 |
|                                                                   |                                         |   |   |
| Net      change in cash                                                | –                                      |   | – |
| Cash      at beginning of period                                       | –                                      |   | – |
| Cash      at end of period                                             | –                                      |   | – |

----

----

----

| Trading Company                                                | Trading Advisor                                               |
|----------------------------------------------------------------|---------------------------------------------------------------|
|                                                           |                                                          |
| 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 Kaiser I, LLC                 |                                                          |
|   (“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 Strategic Alternatives, L.L.C.             |                                                          |
| (“Strategic,      L.L.C.”)                         | Bridgewater      Associates, Inc. (“Bridgewater”) |
| 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; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

----

|    Assets             |                     Quoted      Prices in                       Active Markets for                           Identical Assets                                 (Level1) |                              Significant Other                              Observable                                  Inputs                                (Level      2) |                Significant              Unobservable                   Inputs                 (Level      3) |                                          Total |
|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                 | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                           $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                      |                 $                                                                                     |
| Investment      in Kaiser I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 16,277,816                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | n/a                                                                                                                                                                                                                                                                                                                       | 16,277,816                                                                                                                                                                                                                    |
| Investment      in TT II, LLC        | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 14,469,170                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | n/a                                                                                                                                                                                                                                                                                                                       | 14,469,170                                                                                                                                                                                                                    |
| Investment      in DKR I, LLC        | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 10,851,878                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | n/a                                                                                                                                                                                                                                                                                                                       | 10,851,878                                                                                                                                                                                                                    |
| Investment      in Rotella I, LLC    | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 10,851,878                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | n/a                                                                                                                                                                                                                                                                                                                       | 10,851,878                                                                                                                                                                                                                    |
| Investment      in Chesapeake I, LLC | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 9,043,231                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | n/a                                                                                                                                                                                                                                                                                                                       | 9,043,231                                                                                                                                                                                                                     |
| Investment      in Augustus I, LLC   | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 5,425,939                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | n/a                                                                                                                                                                                                                                                                                                                       | 5,425,939                                                                                                                                                                                                                     |
| Investment      in GLC I, LLC        | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 5,425,939                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | n/a                                                                                                                                                                                                                                                                                                                       | 5,425,939                                                                                                                                                                                                                     |

----

|    Assets             |                       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     | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 7,441,619                                                                                                                                                                                           | n/a                                                                                                                     | 7,441,619                                                                                                                                                                     |
| Investment      in DKR I, LLC        | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 6,658,448                                                                                                                                                                                           | n/a                                                                                                                          | 6,658,448                                                                                                                                                                     |
| Investment      in TT II, LLC        | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 6,658,448                                                                                                                                                                                           | n/a                                                                                                                               | 6,658,448                                                                                                                                                                     |
| Investment      in Chesapeake I, LLC | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 5,826,142                                                                                                                                                                                           | n/a                                                                                                                               | 5,826,142                                                                                                                                                                     |
| Investment      in Strategic, L.L.C. | –                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 4,489,472                                                                                                                                                                                           | n/a                                                                                                                               | 4,489,472                                                                                                                                                                     |

----

| Investment        |                  % of Profile                                 LV’s      Partners’Capital  | Fair Value  | Profile      LV’s pro-rata Net  Income/(Loss)  | ManagementFees  | IncentiveFees        | Administrative               Fees                |
|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|---------------------------------------------------------------------|----------------------|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|
|                   |                                                                                                                                                                                                                                                                                                     | $                | $                                                                   |    $  |     $ | $                                                                                                                                          |
| Kaiser      I, LLC     | 22.5                                                                                                                                                                                                                                                                                                     | 16,277,816       | (99,044)                                                            | 181,333              | –                   | 31,733                                                                                                                                     |
| TT      II, LLC        | 20.0                                                                                                                                                                                                                                                                                                     | 14,469,170       | (665,133)                                                           | 150,382              | –                   | 26,317                                                                                                                                     |
| DKR      I, LLC        | 15.0                                                                                                                                                                                                                                                                                                     | 10,851,878       | 325,878                                                             | 135,899              | 81,435                    | 23,782                                                                                                                                     |
| Rotella      I, LLC    | 15.0                                                                                                                                                                                                                                                                                                     | 10,851,878       | 47,786                                                              | 49,017               | 11,934                    | 8,578                                                                                                                                      |
| Chesapeake      I, LLC | 12.5                                                                                                                                                                                                                                                                                                     | 9,043,231        | 58,930                                                              | 115,890              | 45,994                    | 20,281                                                                                                                                     |
| Augustus      I, LLC   | 7.5                                                                                                                                                                                                                                                                                                      | 5,425,939        | –                                                             | –              | –                   | –                                                                                                                                    |
| GLC      I, LLC        | 7.5                                                                                                                                                                                                                                                                                                      | 5,425,939        | –                                                             | –              | –                   | –                                                                                                                                    |
| Strategic      L.L.C.  | –                                                                                                                                                                                                                                                                                                  | –          | 146,531                                                             | 125,445              | 41,645                    | 21,953                                                                                                                                     |

----

| September 30, 2009  |  Investment Income | Net  Investment Loss  | Total Trading Results  | NetIncome(Loss)  |
|--------------------------|-------------------------|--------------------------------------|-----------------------------|-----------------------|
|                     | $                       | $                                    | $                           | $                     |
| Kaiser      I, LLC       | 4,627                   | (774,973)                            | 277,576                     | (497,397)             |
| TT      II, LLC          | 4,675                   | (776,221)                            | (1,587,045)                 | (2,363,266)           |
| DKR      R, LLC          | 799                     | (315,047)                            | 640,925                     | 325,878               |

| September 30, 2008  |   Investment Income | Net  InvestmentIncome (Loss)  | Total Trading Results  | NetIncome(Loss)  |
|--------------------------|-------------------------------|----------------------------------------------|-----------------------------|-----------------------|
|                     | $                             | $                                            | $                           | $                     |
| Kaiser      I, LLC       | 321,647                       | (486,790)                                    | 1,111,644                   | 624,854               |
| TT      II, LLC          | 312,791                       | (1,215,947)                                  | 5,274,170                   | 4,058,223             |
| DKR      I, LLC          | 71,013                        | (208,299)                                    | 331,501                     | 123,202               |
| Chesapeake      I, LLC   | 299,688                       | (934,253)                                    | (2,576,973)                 | (3,511,225)           |
| Cornerstone      I, LLC  | 23,300                        | 4,990                                        | (541,778)                   | (536,788)             |
| Transtrend      I, LLC   | 27,067                        | (72,059)                                     | 372,190                     | 300,131               |

----

----

----

----

|   | -      23 - |
|--------|-------------|

----

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

----

----

----

| Share Class | NAV at 6/30/09 | NAV at 9/30/09 |
|-------------|----------------|----------------|
|        |           |           |
| A           | $1,067.24      | $1,075.63      |
| B           | $1,077.49      | $1,087.31      |
| C           | $1,087.84      | $1,099.12      |
| D           | $1,092.88      | $1,104.90      |
| Z           | $1,108.81      | $1,123.10      |

----

| Share Class | NAV at 12/31/08                                                                                                                                                                                                                                                                                                                                                                                                                         | NAV at 9/30/09 |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                    |           |
| A           | $1,119.95                                                                                                                                                                                                                                                                                                                                                                                                                               | $1,075.63      |
| B           | $1,127.86                                                                                                                                                                                                                                                                                                                                                                                                                               | $1,087.31      |
| C           | $1,135.83                                                                                                                                                                                                                                                                                                                                                                                                                               | $1,099.12      |
| D           | n/a                                                                       | $1,104.90      |
| Z           | $1,151.91                                                                                                                                                                                                                                                                                                                                                                                                                               | $1,123.10      |

----

----

----

| Share Class | NAV at 6/30/08 | NAV at 9/30/08 |
|-------------|----------------|----------------|
|        |           |           |
| A           | $1,091.83      | $1,003.35      |
| B           | $1,096.81      | $1,009.22      |
| C           | $1,101.80      | $1,015.13      |
| Z           | $1,111.86      | $1,027.03      |

----

----

| Share Class | NAV at 12/31/07 | NAV at 9/30/08 |
|-------------|-----------------|----------------|
|        |            |           |
| A           | $1,006.77       | $1,003.35      |
| B           | $1,008.87       | $1,009.22      |
| C           | $1,010.97       | $1,015.13      |
| Z           | $1,015.18       | $1,027.03      |

----

----

----

----

----

|        |                              September 30, 2009 |   |                                   September 30, 2008 |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market RiskCategory          | VAR                                                                                |   | VAR                                                                                                                                                           |
|                                 |                                                                                                                                                               |   |                                                                                                                                                                                             |
| Currency                             | (0.54)%                                                                                                                                                       |   | (0.43)%                                                                                                                                                                                     |
| Interest      Rate                   | (0.60)                                                                                                                                                             |   | (0.42)                                                                                                                                                                                           |
| Equity                               | (3.51)                                                                                                                                                             |   | (0.18)                                                                                                                                                                                           |
| Commodity                            | (2.10)                                                                                                                                                             |   | (0.59)                                                                                                                                                                                           |
| Aggregate      Value at Risk         | (4.71)%                                                                                                                                             |   | (0.83)%                                                                                                                                                                           |

|                         |                               September 30, 2009 |   |                              September 30, 2008 |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market RiskCategory  | VAR                                                                                                                                                                      |   | VAR                                                                                                                        |
|                         |                                                                                                                                                                     |   |                                                                                                                                                               |
| Currency                     | (0.69)%                                                                                                                                                             |   | (0.11)%                                                                                                                                                       |
| Interest      Rate           | (0.57)                                                                                                                                                                   |   | (0.33)                                                                                                                                                             |
| Equity                       | (0.23)                                                                                                                                                                   |   | (0.08)                                                                                                                                                             |
| Commodity                    | (1.03)                                                                                                                                                                   |   | (0.38)                                                                                                                                                             |
| Aggregate      Value at Risk | (1.37)%                                                                                                                                                        |   | (0.57)%                                                                                                                                                  |

----

|                         |                               September 30, 2009 |   |                            September 30, 2008 |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market RiskCategory  | VAR                                                                                                          |   | VAR                                                                                             |
|                         |                                                                                                                                                                     |   |                                                                                                                                                   |
| Currency                     | (0.19)%                                                                                                                                                             |   | (0.01)%                                                                                                                                           |
| Interest      Rate           | (0.81)                                                                                                                                                                   |   | (0.02)                                                                                                                                                 |
| Equity                       | (0.36)                                                                                                                                                                   |   | (0.09)                                                                                                                                                 |
| Commodity                    | (0.08)                                                                                                                                                                   |   | (0.04)                                                                                                                                                 |
| Aggregate      Value at Risk | (0.81)%                                                                                                                                                        |   | (0.12)%                                                                                                                                      |

|                         |                               September 30, 2009 |   |                             September 30, 2008 |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market RiskCategory  | VAR                                                                                                          |   | VAR                                                                                                        |
|                         |                                                                                                                                                                     |   |                                                                                                                                                         |
| Currency                     | –                                                                                                                                                                  |   | (0.69)%                                                                                                                                                      |
| Interest      Rate           | –                                                                                                                                                                  |   | (0.94)                                                                                                                                                       |
| Equity                       | –                                                                                                                                                                  |   | (0.36)                                                                                                                                                       |
| Commodity                    | –                                                                                                                                                                  |   | (0.22)                                                                                                                                                       |
| Aggregate      Value at Risk | –                                                                                                                                                                  |   | (1.03)%                                                                                                                                                      |

|                         |                            September 30, 2009 |   |                             September 30, 2008 |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market RiskCategory  | VAR                                                                                             |   | VAR                                                                                              |
|                         |                                                                                                                                                   |   |                                                                                                                                                         |
| Currency                     | (1.12)%                                                                                                                                           |   | (0.21)%                                                                                                                                                 |
| Interest      Rate           | (1.08)                                                                                                                                                 |   | (0.42)                                                                                                                                                       |
| Equity                       | (0.91)                                                                                                                                                 |   | (0.36)                                                                                                                                                       |
| Commodity                    | (0.87)                                                                                                                                                 |   | (0.87)                                                                                                                                                       |
| Aggregate      Value at Risk | (1.92)%                                                                                                                                      |   | (1.24)%                                                                                                                                            |

----

|                         |                                               September 30, 2009 |   |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Primary Market RiskCategory  | VAR                                                                                                                                                                                                |   |
|                         |                                                                                                                                                                                                                                                                     |   |
| Currency                     | (0.95)%                                                                                                                                                                                                                                                        |   |
| Interest      Rate           | (0.60)                                                                                                                                                                                                                                                                   |   |
| Equity                       | (1.67)                                                                                                                                                                                                                                                                   |   |
| Commodity                    | (0.76)                                                                                                                                                                                                                                                                   |   |
| Aggregate      Value at Risk | (2.63)%                                                                                                                                                                                                                                                        |   |

----

| Primary Market RiskCategory  | High            | Low                                 | Average             |
|------------------------------|------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                         |                                                                   |                                                                                                                                                                                                |                                                                            |
| Currency                     | (0.54)%                                                           | (0.39)%                                                                                                                                                                                             | (0.45)%                                                                    |
| Interest      Rate           | (0.60)                                                                 | (0.31)                                                                                                                                                                                              | (0.46)                                                                          |
| Equity                       | (3.51)                                                                 | –                                                                                                                                                                                             | (0.90)                                                                          |
| Commodity                    | (2.10)                                                                 | (0.34)                                                                                                                                                                                              | (1.05)                                                                          |
| Aggregate      Value at Risk | (4.71)%                                                 | (0.74)%                                                                                                                                                                                             | (1.90)%                                                               |

| Primary Market RiskCategory  | High            | Low                                 | Average              |
|------------------------------|------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|
|                         |                                                                   |                                                                                                                                                                                                |                                                                                  |
| Currency                     | (0.69)%                                                           | (0.21)%                                                                                                                                                                                             | (0.41)%                                                                     |
| Interest      Rate           | (0.57)                                                                 | (0.33)                                                                                                                                                                                              | (0.48)                                                                                |
| Equity                       | (0.23)                                                                 | (0.06)                                                                                                                                                                                              | (0.16)                                                                                |
| Commodity                    | (1.58)                                                                 | (0.24)                                                                                                                                                                                              | (0.85)                                                                                |
| Aggregate      Value at Risk | (1.92)%                                                      | (0.66)%                                                                                                                                                                                             | (1.16)%                                                                     |

| Primary Market RiskCategory  | High          | Low                              | Average             |
|------------------------------|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                         |          |                                                                                                                                                                              |                                                                            |
| Currency                     | (0.25)%  | –    %                                                                                                                                                  | (0.12)%                                                               |
| Interest      Rate           | (0.81)        | (0.11)                                                                                                                                                                            | (0.38)                                                                          |
| Equity                       | (0.41)        | (0.05)                                                                                                                                                                            | (0.27)                                                                          |
| Commodity                    | (0.08)        | –                                                                                                                                                                           | (0.05)                                                                          |
| Aggregate      Value at Risk | (0.81)%  | (0.12)%                                                                                                                                                                           | (0.56)%                                                               |

----

| Primary Market RiskCategory  | High           | Low                     | Average            |
|------------------------------|------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                         |                                                             |                                                                                                                        |                                                                      |
| Currency                     | (0.64)%                                                     | –                                                                                                                     | (0.38)%                                                              |
| Interest      Rate           | (0.70)                                                           | –                                                                                                                     | (0.43)                                                                    |
| Equity                       | (0.28)                                                           | –                                                                                                                     | (0.11)                                                                    |
| Commodity                    | (0.68)                                                           | –                                                                                                                     | (0.32)                                                                    |
| Aggregate      Value at Risk | (1.36)%                                                | –                                                                                                                     | (0.72)%                                                         |

| Primary Market RiskCategory  | High          | Low                             | Average                |
|------------------------------|------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|
|                         |                                                       |                                                                                                                                                                        |                                                                                              |
| Currency                     | (1.12)%                                               | (0.09)%                                                                                                                                                                     | (0.64)%                                                                                 |
| Interest      Rate           | (1.08)                                                     | (0.32)                                                                                                                                                                      | (0.74)                                                                                            |
| Equity                       | (0.91)                                                     | (0.09)                                                                                                                                                                      | (0.42)                                                                                            |
| Commodity                    | (0.87)                                                     | (0.32)                                                                                                                                                                      | (0.62)                                                                                            |
| Aggregate      Value at Risk | (1.92)%                                          | (0.50)%                                                                                                                                                                     | (1.44)%                                                                                 |

| Primary Market RiskCategory  | High             | Low                                | Average             |
|------------------------------|------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                         |                                                                         |                                                                                                                                                                                          |                                                                            |
| Currency                     | (0.95)%                                                            | –                                                                                                                                                                                       | (0.24)%                                                                    |
| Interest      Rate           | (0.60)                                                                       | –                                                                                                                                                                                       | (0.15)                                                                          |
| Equity                       | (1.67)                                                                       | –                                                                                                                                                                                       | (0.42)                                                                          |
| Commodity                    | (0.76)                                                                       | –                                                                                                                                                                                       | (0.19)                                                                          |
| Aggregate      Value at Risk | (2.63)%                                                                 | –                                                                                                                                                                                       | (0.66)%                                                               |

----

| ·   | 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      87% of Chesapeake I, LLC’s netassets. |
|--------------------|----------------------------------------------------------------|

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

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

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

| ·   | approximately      82% of TT II, LLC’s net assets. |
|--------------------|----------------------------------------------------------|

----

----

----

----

----

|   | Changes in Internal      Control over FinancialReporting |
|--------|----------------------------------------------------------|

----

----

| 10.1* | Advisory      Agreement among Morgan Stanley Smith Barney Augustus I, LLC, Demeter      Management LLC and Augustus Asset Managers Limited, dated September 28,      2009. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2* | Advisory      Agreement among Morgan Stanley Smith Barney GLC I, LLC, Demeter Management      LLC and GLC Limited, dated October 1,2009. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------|

| 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 of2002. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *      Confidential treatment has been requested with respect to the omitted      portions of this exhibit. |
|--------|-------------------------------------------------------------------------------------------------------------|

----

|                   | Managed      Futures Profile LV, L.P. |                         |
|------------------------|---------------------------------------|------------------------------|
|                   | (Registrant)                          |                         |
|                   |                                  |                         |   |
|                   | By:                                   | Demeter      Management LLC  |   |
|                   |                                  | (General      Partner)       |   |
|                   |                                  |                         |   |
| November      16, 2009 | By:                                   | /s/Christian      Angstadt   |   |
|                   |                                  | Christian      Angstadt      |   |
|                   |                                  | Chief      Financial Officer |   |