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

|                                     | Delaware                                                                                                  |       | 20-8529352                          |
|------------------------------------------|-----------------------------------------------------------------------------------------------------------|------------|-------------------------------------|
|                                     |     (State or other jurisdiction of     incorporation or organization) |       | (I.R.S. EmployerIdentification No.) |
|                                     |                                                                                                      |       |                                |
| Demeter Management LLC                   |                                                                                                      |       |
| 522 Fifth Avenue, 13th Floor             |                                                                                                      |       |
| New York, NY                             |                                                                                                      | 10036      |
| (Address of principal executive offices) |                                                                                                      | (Zip Code) |

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

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

----

|     | PART I. FINANCIAL INFORMATION                                                                              |             |
|----------|------------------------------------------------------------------------------------------------------------|------------------|
|     |                                                                                                       |             |
| Item 1.  | Financial Statements (Unaudited)                                                                           |             |
|     |                                                                                                       |             |
|     | Statements of Financial Condition as of March 31, 2010 and December 31, 2009                               | 2                |
|     |                                                                                                       |             |
|     | Statements of Operations for the Quarters Ended March 31, 2010 and 2009                                    | 3                |
|     |                                                                                                       |             |
|     | Statements of Changes in Partners’ Capital for the Quarters Ended  March 31, 2010 and 2009 | 4                |
|     |                                                                                                       |             |
|     | Statements of Cash Flows for the Quarters Ended March 31, 2010 and 2009                                    | 5                |
|     |                                                                                                       |             |
|     | Notes to Financial Statements                                                                              |   6-20 |
|     |                                                                                                       |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                | 21-27            |
|     |                                                                                                       |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                                 | 27-43            |
|     |                                                                                                       |             |
| Item 4T. | Controls and Procedures                                                                                    | 43-44            |
|     |                                                                                                       |             |
|     | PART II. OTHER INFORMATION                                                                                 |             |
|     |                                                                                                       |             |
| Item 1A. | Risk Factors                                                                                               | 45               |
|     |                                                                                                       |             |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                                       | 45               |
|     |                                                                                                       |             |
| Item 6.  | Exhibits                                                                                                   | 45               |

----

|                                                                                                                        | March 31,  |   | December 31, |
|-----------------------------------------------------------------------------------------------------------------------------|------------|--------|--------------|
|                                                                                                                        | 2010       |   | 2009         |
| ASSETS                                                                                                                      | $          |   | $            |
|                                                                                                                        |       |   |         |
| Investments in Affiliated Trading Companies:                                                                                |       |   |         |
| Investment in WNT I, LLC                                                                                                    | 10,672,436 |   | 10,215,847   |
| Investment in TT II, LLC                                                                                                    | 10,659,751 |   | 9,881,734    |
| Investment in Aspect I, LLC                                                                                                 | 10,350,913 |   | 9,966,139    |
| Investment in Kaiser I, LLC                                                                                                 | 10,226,686 |   | 10,332,670   |
| Investment in Chesapeake I, LLC                                                                                             | 9,316,465  |   | 9,259,009    |
| Investment in Augustus I, LLC                                                                                               | 4,731,239  |   | 4,538,004    |
| Investment in GLC I, LLC                                                                                                    | 4,568,091  |   | 4,584,958    |
|                                                                                                                        |       |   |         |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $58,144,493 and $57,815,090 respectively) | 60,525,581 |   | 58,778,361   |
| Subscriptions receivable                                                                                                    | 1,094,207  |   | 1,827,289    |
| Receivable from Affiliated Trading Companies                                                                                | 622,248    |   | –      |
|                                                                                                                        |       |   |         |
| Total Assets                                                                                                                | 62,242,036 |   | 60,605,650   |
|                                                                                                                        |       |   |         |
| LIABILITIES                                                                                                                 |       |   |         |
|                                                                                                                        |       |   |         |
| Redemptions payable                                                                                                         | 1,556,117  |   | 880,156      |
| Payable to Affiliated Trading Companies                                                                                     | –    |   | 791,664      |
|                                                                                                                        |       |   |         |
| Total Liabilities                                                                                                           | 1,556,117  |   | 1,671,820    |
|                                                                                                                        |       |   |         |
| PARTNERS’ CAPITAL                                                                                                     |       |   |         |
| Class A (40,958.769 and 40,464.124 Units, respectively)                                                                     | 44,633,548 |   | 43,345,191   |
| Class B (5,938.465 and 5,330.595 Units, respectively)                                                                       | 6,557,914  |   | 5,779,409    |
| Class C (7,453.214 and 7,924.148 Units, respectively)                                                                       | 8,340,819  |   | 8,695,492    |
| Class Z (1,003.833 and 990.781 Units, respectively)                                                                         | 1,153,638  |   | 1,113,738    |
|                                                                                                                        |       |   |         |
| Total Partners’ Capital                                                                                               | 60,685,919 |   | 58,933,830   |
|                                                                                                                        |       |   |         |
| Total Liabilities and Partners’ Capital                                                                               | 62,242,036 |   | 60,605,650   |
|                                                                                                                        |       |   |         |
| NET ASSET VALUE PER UNIT                                                                                                    |       |   |         |
| Class A                                                                                                                     | 1,089.72   |   | 1,071.20     |
| Class B                                                                                                                     | 1,104.31   |   | 1,084.19     |
| Class C                                                                                                                     | 1,119.09   |   | 1,097.34     |
| Class Z                                                                                                                     | 1,149.23   |   | 1,124.10     |

----

|                                                                               | For the Quarters Ended March 31, |
|------------------------------------------------------------------------------------|----------------------------------|
|                                                                               |                             |   |   |
|                                                                               | 2010                             |   | 2009 |
|                                                                               | $                                |   | $ |
|                                                                               |                             |   |   |
| EXPENSES                                                                           |                             |   |   |
| Ongoing Placement Agent fees                                                       | 258,680                          |   | 161,547 |
| General Partner fees                                                               | 146,139                          |   | 90,400 |
| Administrative fees                                                                | 58,456                           |   | 36,160 |
|                                                                               |                             |   |   |
| Total Expenses                                                                     | 463,275                          |   | 288,107 |
|                                                                               |                             |   |   |
| NET INVESTMENT LOSS                                                                | (463,275)                        |   | (288,107) |
|                                                                               |                             |   |   |
| REALIZED/NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS       |                             |   |   |
| Realized                                                                           | 166,935                          |   | 291,733 |
| Net change in unrealized appreciation (depreciation) on investments                | 1,417,817                        |   | (902,866) |
|                                                                               |                             |   |   |
| Total Realized/Net Change in Unrealized Appreciation (Depreciation) on Investments | 1,584,752                        |   | (611,133) |
|                                                                               |                             |   |   |
| NET INCOME (LOSS)                                                                  | 1,121,477                        |   | (899,240) |
|                                                                               |                             |   |   |
| NET INCOME (LOSS) ALLOCATION                                                       |                             |   |   |
|                                                                               |                             |   |   |
| Class A                                                                            | 824,473                          |   | (697,866) |
| Class B                                                                            | 122,327                          |   | (87,779) |
| Class C                                                                            | 149,777                          |   | (100,972) |
| Class Z                                                                            | 24,900                           |   | (12,623) |
|                                                                               |                             |   |   |
| NET INCOME (LOSS) PER UNIT*                                                        |                             |   |   |
|                                                                               |                             |   |   |
| Class A                                                                            | 18.52                            |   | (30.24) |
| Class B                                                                            | 20.12                            |   | (27.67) |
| Class C                                                                            | 21.75                            |   | (26.53) |
| Class Z                                                                            | 25.13                            |   | (24.34) |
|                                                                               |                             |   |   |
|                                                                               | Units                            |   | Units |
| WEIGHTED AVERAGE NUMBER                                                            |                             |   |   |
| OF UNITS OUTSTANDING                                                               |                             |   |   |
|                                                                               |                             |   |   |
| Class A                                                                            | 41,223.103                       |   | 23,079.621 |
| Class B                                                                            | 5,487.967                        |   | 3,172.394 |
| Class C                                                                            | 7,761.937                        |   | 3,805.649 |
| Class Z                                                                            | 990.781                          |   | 518.705 |

----

|                     | Class A           |   | Class B   |   | Class C   |   | Class Z   |   | Total             |
|--------------------------|-------------------|--------|-----------|--------|-----------|--------|-----------|--------|-------------------|
|                     | $                 |   | $         |   | $         |   | $         |   | $                 |
|                     |              |   |      |   |      |   |      |   |              |
| Partners’ Capital, |              |   |      |   |      |   |      |   |              |
| December 31, 2008        | 25,973,353        |   | 3,746,101 |   | 4,711,520 |   | 628,332   |   | 35,059,306        |
|                     |              |   |      |   |      |   |      |   |              |
| Subscriptions            | 4,819,629         |   | 533,000   |   | 164,999   |   | –   |   | 5,517,628         |
|                     |              |   |      |   |      |   |      |   |              |
| Net Loss                 | (697,866)         |   | (87,779)  |   | (100,972) |   | (12,623)  |   | (899,240)         |
|                     |              |   |      |   |      |   |      |   |              |
| Redemptions              | (3,541,716)       |   | (598,944) |   | (341,099) |   | (118,027) |   | (4,599,786)       |
|                     |              |   |      |   |      |   |      |   |              |
| Partners’ Capital, |              |   |      |   |      |   |      |   |              |
| March 31, 2009           | 26,553,400        |   | 3,592,378 |   | 4,434,448 |   | 497,682   |   | 35,077,908        |
|                     |              |   |      |   |      |   |      |   |              |
| Partners’ Capital, |              |   |      |   |      |   |      |   |              |
| December 31, 2009        | 43,345,191        |   | 5,779,409 |   | 8,695,492 |   | 1,113,738 |   | 58,933,830        |
|                     |              |   |      |   |      |   |      |   |              |
| Subscriptions            | 2,812,320         |   | 656,178   |   | –   |   | 15,000    |   |  3,483,498   |
|                     |              |   |      |   |      |   |      |   |              |
| Net Income               | 824,473           |   | 122,327   |   | 149,777   |   | 24,900    |   |  1,121,477   |
|                     |              |   |      |   |      |   |      |   |              |
| Redemptions              |  (2,348,436) |   | –   |   | (504,450) |   | –   |   |  (2,852,886) |
|                     |              |   |      |   |      |   |      |   |              |
| Partners’ Capital, |              |   |      |   |      |   |      |   |              |
| March 31, 2010           | 44,633,548        |   | 6,557,914 |   | 8,340,819 |   | 1,153,638 |   | 60,685,919        |
|                     |              |   |      |   |      |   |      |   |              |
|                     | Class A           |   | Class B   |   | Class C   |   | Class Z   |   | Total             |
|                     | Units             |   | Units     |   | Units     |   | Units     |   | Units             |
| Beginning Units,         |              |   |      |   |      |   |      |   |              |
| December 31, 2008        | 22,051.766        |   | 3,158.253 |   | 3,944.412 |   | 518.705   |   | 29,673.136        |
|                     |              |   |      |   |      |   |      |   |              |
| Subscriptions            | 4,085.846         |   | 447.170   |   | 137.756   |   | –   |   |  4,670.772   |
|                     |              |   |      |   |      |   |      |   |              |
| Redemptions              | (3,014.987)       |   | (502.979) |   | (284.053) |   | (99.432)  |   | (3,901.451)       |
|                     |              |   |      |   |      |   |      |   |              |
| Ending Units,            |              |   |      |   |      |   |      |   |              |
| March 31, 2009           | 23,122.625        |   | 3,102.444 |   | 3,798.115 |   | 419.273   |   | 30,442.457        |
|                     |              |   |      |   |      |   |      |   |              |
| Beginning Units,         |              |   |      |   |      |   |      |   |              |
| December 31, 2009        | 40,464.124        |   | 5,330.595 |   | 7,924.148 |   | 990.781   |   | 54,709.648        |
|                     |              |   |      |   |      |   |      |   |              |
| Subscriptions            | 2,684.423         |   | 607.870   |   | –   |   | 13.052    |   |  3,305.345   |
|                     |              |   |      |   |      |   |      |   |              |
| Redemptions              | (2,189.778)       |   | –   |   | (470.934) |   | –   |   | (2,660.712)       |
|                     |              |   |      |   |      |   |      |   |              |
| Ending Units,            |              |   |      |   |      |   |      |   |              |
| March 31, 2010           | 40,958.769        |   | 5,938.465 |   | 7,453.214 |   | 1,003.833 |   | 55,354.281        |

----

|                                                                | For the Quarters Ended March 31, |
|---------------------------------------------------------------------|----------------------------------|
|                                                                |                             |   |   |
|                                                                | 2010                             |   | 2009 |
|                                                                | $                                |   | $ |
| CASH FLOWS FROM OPERATING ACTIVITIES                                |                             |   |   |
|                                                                |                             |   |   |
| Net income (loss)                                                   | 1,121,477                        |   | (899,240) |
| Adjustments to reconcile net income (loss):                         |                             |   |   |
| Purchase of Investments in Affiliated Trading Companies             | (1,120,263)                      |   | (3,442,103) |
| Proceeds from sale of Investments in Affiliated Trading Companies   | 957,795                          |   | 1,323,463 |
| Realized                                                            | (166,935)                        |   | (291,733) |
| Net change in unrealized appreciation (depreciation) on investments | (1,417,817)                      |   | 902,866 |
|                                                                |                             |   |   |
| (Increase) decrease in operating assets:                            |                             |   |   |
| Receivable from Affiliated Trading Companies                        | (622,248)                        |   | 1,689,803 |
|                                                                |                             |   |   |
| Decrease in operating liabilities:                                  |                             |   |   |
| Payable to Affiliated Trading Companies                             | (791,664)                        |   | – |
|                                                                |                             |   |   |
| Net  cash used for operating activities                   | (2,039,655)                      |   | (716,944) |
|                                                                |                             |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                |                             |   |   |
|                                                                |                             |   |   |
| Cash received from offering of Units                                | 4,216,580                        |   | 5,517,628 |
| Cash paid for redemptions of Units                                  | (2,176,925)                      |   | (4,800,684) |
|                                                                |                             |   |   |
| Net cash provided by financing activities                           | 2,039,655                        |   | 716,944 |
|                                                                |                             |   |   |
| Net change in cash                                                  | –                          |   | – |
| Cash at beginning of period                                         | –                          |   | – |
| Cash at end of period                                               | –                          |   | – |

----

----

----

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

----

----

----

----

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

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

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

----

----

|    Assets        |  Unadjusted    Quoted Prices in      Active Markets for         Identical Assets                  (Level 1) |  Significant Other   Observable     Inputs     (Level 2)    |  SignificantUnobservableInputs(Level 3) |               Total |
|---------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|--------------------------------------------------------------------------------------|
|                            |                                                                                                                                                                                                                                                                                  | $                                                                                                                                 |                                         | $                                                                                    |
| Investment in WNT I, LLC        | –                                                                                                                                                                                                                                                                               |   10,672,436                                                                                                            |      n/a                 |  10,672,436                                                                     |
| Investment in TT II, LLC        | –                                                                                                                                                                                                                                                                               |   10,659,751                                                                                                            |      n/a                 |  10,659,751                                                                     |
| Investment in Aspect I, LLC     | –                                                                                                                                                                                                                                                                               |   10,350,913                                                                                                            |     n/a                       |  10,350,913                                                                     |
| Investment in Kaiser I, LLC     | –                                                                                                                                                                                                                                                                               |   10,226,686                                                                                                            |      n/a                      |  10,226,686                                                                     |
| Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                                                                               | 9,316,465                                                                                                                    |      n/a                 | 9,316,465                                                                  |
| Investment in Augustus I, LLC   | –                                                                                                                                                                                                                                                                               | 4,731,239                                                                                                                    |      n/a                 | 4,731,239                                                                  |
| Investment in GLC I, LLC        | –                                                                                                                                                                                                                                                                               | 4,568,091                                                                                                                    |   n/a                              | 4,568,091                                                                       |

----

|    Assets        | Unadjusted       Quoted Prices in    Active Markets for       Identical Assets               (Level 1) |  Significant OtherObservableInputs(Level 2) |  Significant Unobservable   Inputs       (Level 3)      |     Total |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------|-------------------------------|
|                            |                                                                                                                                                                                                                                               | $                                      |                                                                                                                          |      $    |
| Investment in Kaiser I, LLC     | –                                                                                                                                                                                                                                            | 10,332,670                                       | n/a                                                                                                                           | 10,332,670                    |
| Investment in WNT I, LLC        | –                                                                                                                                                                                                                                            | 10,215,847                                       | n/a                                                                                                                           | 10,215,847                    |
| Investment in Aspect I, LLC     | –                                                                                                                                                                                                                                            | 9,966,139                                        | n/a                                                                                                                           | 9,966,139                     |
| Investment in TT I, LLC         | –                                                                                                                                                                                                                                            | 9,881,734                                        | n/a                                                                                                                           | 9,881,734                     |
| Investment in Chesapeake I, LLC | –                                                                                                                                                                                                                                            | 9,259,009                                        | n/a                                                                                                                           | 9,259,009                     |
| Investment in GLC I, LLC        | –                                                                                                                                                                                                                                            | 4,584,958                                        | n/a                                                                                                                           | 4,584,958                     |
| Investment in Augustus I, LLC   | –                                                                                                                                                                                                                                            | 4,538,004                                        | n/a                                                                                                                           | 4,538,004                     |

----

| March 31, 2010  |  Investment Income          | Net  Investment Loss  | Total Trading Results  | NetIncome  |
|----------------------|----------------------------------|--------------------------------------|-----------------------------|-----------------|
|                 | $                                | $                                    | $                           | $               |
| TT II, LLC           | (2,755)                          | 285,304                              | 3,205,130                   | 2,919,826       |
| Aspect I, LLC        | (1,417)                          | 305,972                              | 1,994,084                   | 1,688,112       |
| WNT I, LLC           |      80 | 296,873                              | 2,264,797                   | 1,967,924       |
|                 |                             |                                 |                        |            |
|                 |                             |                                 |                        |            |
| March 31, 2009  |  Investment Income          | Net  Investment Loss  | Total Trading Results  | NetLoss    |
|                 | $                                | $                                    | $                           | $               |
| TT II, LLC           | 2,257                            | 249,202                              | (766,712)                   | 1,015,914       |

----

----

----

----

----

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

----

----

----

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

----

| Share Class |       NAV at 3/31/09 |      NAV at 12/31/08 |
|-------------|-----------------------------------------------|------------------------------------------|
|        |                                          |                                     |
| A           | $1,148.37                                     | $1,177.84                                |
| B           | $1,157.92                                     | $1,186.13                                |
| C           | $1,167.54                                     | $1,194.48                                |
| Z           | $1,187.01                                     | $1,211.35                                |

----

----

----

----

----

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

----

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

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

----

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

|                         | March 3,1 2010                  |
|------------------------------|-----------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR              |
|                         |                                                                              |
| Currency                     |  (1.69)%                                                                     |
| Interest Rate                | (0.60)                                                                            |
| Aggregate Value at Risk      |  (1.85)%                                                                     |

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

----

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

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

----

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

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

----

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

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

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

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

----

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

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

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

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

----

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

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

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

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

----

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

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

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

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

----

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

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

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

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

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

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

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

----

----

----

----

----

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

----

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

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

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

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

|   | - 45 - |
|--------|--------|

----

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