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

|                                     | Delaware                                                                                                  |       | 20-8528957                          |
|------------------------------------------|-----------------------------------------------------------------------------------------------------------|------------|-------------------------------------|
|                                     |     (State or other jurisdiction of     incorporation or organization) |       | (I.R.S. EmployerIdentification No.) |
|                                     |                                                                                                      |       |                                |
| Demeter Management LLC                   |                                                                                                      |       |
| 522 Fifth Avenue, 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 June 30, 2010 and December 31, 2009                      | 2          |
|     |                                                                                             |       |
|     | Statements of Operations for the Three and Six Months Ended June 30, 2010 and 2009               | 3          |
|     |                                                                                             |       |
|     | Statements of Changes in Partners’ Capital for the Six Months Ended June 30, 2010 and 2009 | 4          |
|     |                                                                                             |       |
|     | Statements of Cash Flows for the Six Months Ended June 30, 2010 and 2009                         | 5          |
|     |                                                                                             |       |
|     | Notes to Financial Statements                                                                    |  6-20 |
|     |                                                                                             |       |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations      | 21-31      |
|     |                                                                                             |       |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                       | 31-45      |
|     |                                                                                             |       |
| Item 4.  | Controls and Procedures                                                                          | 45-46      |
|     |                                                                                             |       |
|     | PART II. OTHER INFORMATION                                                                       |       |
|     |                                                                                             |       |
| Item 1A. | Risk Factors                                                                                     | 47         |
|     |                                                                                             |       |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                             | 47         |
|     |                                                                                             |       |
| Item 6.  | Exhibits                                                                                         | 47         |

----

|                                                                                                                           | June 30,    |   | December 31, |
|--------------------------------------------------------------------------------------------------------------------------------|-------------|--------|--------------|
|                                                                                                                           | 2010        |   | 2009         |
| ASSETS                                                                                                                         | $           |   | $            |
|                                                                                                                           |        |   |         |
| Investments in Affiliated Trading Companies:                                                                                   |        |   |         |
| Investment in BHM I, LLC                                                                                                       | 45,164,259  |   | 44,391,791   |
| Investment in WNT I, LLC                                                                                                       | 39,217,871  |   | 36,488,601   |
| Investment in Aspect I, LLC                                                                                                    | 39,127,088  |   | 37,034,120   |
| Investment in Altis I, LLC                                                                                                     | 37,307,771  |   | 34,773,430   |
| Investment in Boronia I, LLC                                                                                                   | 22,183,376  |   | 20,677,046   |
|                                                                                                                           |        |   |         |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $173,343,354 and $159,771,827, respectively) | 183,000,365 |   | 173,364,988  |
| Subscriptions receivable                                                                                                       | 3,744,342   |   | 5,901,540    |
|                                                                                                                           |        |   |         |
| Total Assets                                                                                                                   | 186,744,707 |   | 179,266,528  |
|                                                                                                                           |        |   |         |
| LIABILITIES                                                                                                                    |        |   |         |
|                                                                                                                           |        |   |         |
| Payable to Affiliated Trading Companies                                                                                        | 2,153,462   |   | 3,971,593    |
| Redemptions payable                                                                                                            | 1,130,533   |   | 1,495,273    |
|                                                                                                                           |        |   |         |
| Total Liabilities                                                                                                              | 3,283,995   |   | 5,466,866    |
|                                                                                                                           |        |   |         |
| PARTNERS’ CAPITAL                                                                                                        |        |   |         |
| Class A (87,384.576 and 78,373.994 Units, respectively)                                                                        | 104,727,370 |   | 97,264,166   |
| Class B (20,383.142 and 18,794.498 Units, respectively)                                                                        | 24,785,681  |   | 23,606,083   |
| Class C (37,344.239 and 35,719.371 Units, respectively)                                                                        | 46,073,962  |   | 45,405,413   |
| Class D* (3,072.942 and 3,072.942 Units, respectively)                                                                         | 3,818,567   |   | 3,929,404    |
| Class Z (3,192.848 and 2,760.791 Units, respectively)                                                                          | 4,055,132   |   | 3,594,596    |
|                                                                                                                           |        |   |         |
| Total Partners’ Capital                                                                                                  | 183,460,712 |   | 173,799,662  |
|                                                                                                                           |        |   |         |
| Total Liabilities and Partners’ Capital                                                                                  | 186,744,707 |   | 179,266,528  |
|                                                                                                                           |        |   |         |
| NET ASSET VALUE PER UNIT                                                                                                       |        |   |         |
| Class A                                                                                                                        | 1,198.47    |   | 1,241.03     |
| Class B                                                                                                                        | 1,215.99    |   | 1,256.01     |
| Class C                                                                                                                        | 1,233.76    |   | 1,271.17     |
| Class D*                                                                                                                       | 1,242.64    |   | 1,278.71     |
| Class Z                                                                                                                        | 1,270.07    |   | 1,302.02     |

----

|                                                                                 |                                          |   |                                   |
|--------------------------------------------------------------------------------------|-----------------------------------------------|--------|----------------------------------------|
|                                                                                 | For the Three MonthsEnded June  30, |   | For the Six Months Ended June 30, |
|                                                                                 | 2010                                          |   | 2009                                   |   | 2010 |   | 2009 |
|                                                                                 | $                                             |   | $                                      |   | $ |   | $ |
| EXPENSES                                                                             |                                          |   |                                   |   |   |   |   |
| Ongoing Placement Agent fees                                                         | 738,694                                       |   | 481,207                                |   | 1,436,348 |   | 934,577 |
| General Partner fees                                                                 | 458,580                                       |   | 302,249                                |   | 892,762 |   | 585,401 |
| Administrative fees                                                                  | 183,432                                       |   | 120,899                                |   | 357,105 |   | 234,160 |
|                                                                                 |                                          |   |                                   |   |   |   |   |
| Total Expenses                                                                       | 1,380,706                                     |   | 904,355                                |   | 2,686,215 |   | 1,754,138 |
|                                                                                 |                                          |   |                                   |   |   |   |   |
| NET INVESTMENT LOSS                                                                  | (1,380,706)                                   |   | (904,355)                              |   | (2,686,215) |   | (1,754,138) |
|                                                                                 |                                          |   |                                   |   |   |   |   |
| REALIZED/NET CHANGE IN UNREALIZED  APPRECIATION                            |                                          |   |                                   |   |   |   |   |
|     (DEPRECIATION) ON                                            |                                          |   |                                   |   |   |   |   |
|  INVESTMENTS                                                                    |                                          |   |                                   |   |   |   |   |
| Realized                                                                             | 680,733                                       |   | 220,316                                |   | 680,733 |   | 318,858 |
| Net change in unrealized depreciation                                                |                                          |   |                                   |   |   |   |   |
|   on investments                                                           | (6,830,796)                                   |   | (3,822,332)                            |   | (3,936,150) |   | (6,032,577) |
|                                                                                 |                                          |   |                                   |   |   |   |   |
| Total Realized/Net Change in   Unrealized Depreciation on Investments | (6,150,063)                                   |   | (3,602,016)                            |   | (3,255,417) |   | (5,713,719) |
|                                                                                 |                                          |   |                                   |   |   |   |   |
| NET LOSS                                                                             | (7,530,769)                                   |   | (4,506,371)                            |   | (5,941,632) |   | (7,467,857) |
|                                                                                 |                                          |   |                                   |   |   |   |   |
| NET LOSS ALLOCATION                                                                  |                                          |   |                                   |   |   |   |   |
| Class A                                                                              | (4,401,418)                                   |   | (2,511,815)                            |   | (3,537,010) |   | (4,171,315) |
| Class B                                                                              | (999,061)                                     |   | (642,518)                              |   | (780,352) |   | (1,088,891) |
| Class C                                                                              | (1,825,737)                                   |   | (1,151,786)                            |   | (1,415,699) |   | (1,900,768) |
| Class D                                                                              | (152,402)                                     |   | (133,241)                              |   | (110,837) |   | (196,366) |
| Class Z                                                                              | (152,151)                                     |   | (67,011)                               |   | (97,734) |   | (110,517) |
|                                                                                 |                                          |   |                                   |   |   |   |   |
| NET LOSS PER UNIT *                                                                  |                                          |   |                                   |   |   |   |   |
| Class A                                                                              | (51.78)                                       |   | (45.81)                                |   | (42.56) |   | (81.06) |
| Class B                                                                              | (50.94)                                       |   | (45.23)                                |   | (40.02) |   | (78.62) |
| Class C                                                                              | (50.06)                                       |   | (43.40)                                |   | (37.41) |   | (75.47) |
| Class D                                                                              | (49.60)                                       |   | (43.36)                                |   | (36.07) |   | (63.90) |
| Class Z                                                                              | (48.18)                                       |   | (36.55)                                |   | (31.95) |   | (67.24) |
|                                                                                 |                                          |   |                                   |   |   |   |   |
|                                                                                 | Units                                         |   | Units                                  |   | Units |   | Units |
| WEIGHTED AVERAGE NUMBER                                                              |                                          |   |                                   |   |   |   |   |
| OF UNITS OUTSTANDING                                                                 |                                          |   |                                   |   |   |   |   |
| Class A                                                                              | 84,710.852                                    |   | 54,835.428                             |   | 82,547.588 |   | 51,461.407 |
| Class B                                                                              | 19,557.896                                    |   | 14,204.432                             |   | 19,282.042 |   | 13,849.363 |
| Class C                                                                              | 36,193.565                                    |   | 26,538.253                             |   | 35,741.034 |   | 25,185.449 |
| Class D                                                                              | 3,072.942                                     |   | 3,072.942                              |   | 3,072.942 |   | 3,072.942 |
| Class Z                                                                              | 3,123.585                                     |   | 1,833.582                              |   | 3,002.419 |   | 1,643.546 |

----

|                     | Class A     |   | Class B     |   | Class C      |   | Class D               |   | Class Z   |   | Total                         |
|--------------------------|-------------|--------|-------------|--------|--------------|--------|-----------------------|--------|-----------|--------|-------------------------------|
|                     | $           |   | $           |   | $            |   | $                     |   | $         |   | $                             |
| Partners’ Capital, |        |   |        |   |         |   |                  |   |      |   |                          |
| December 31, 2009        | 97,264,166  |   | 23,606,083  |   | 45,405,413   |   | 3,929,404             |   | 3,594,596 |   |    173,799,662 |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Subscriptions            | 16,414,314  |   | 2,937,278   |   | 6,332,689    |   | –               |   | 608,496   |   | 26,292,777                    |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Net Loss                 | (3,537,010) |   | (780,352)   |   | (1,415,699)  |   | (110,837)             |   | (97,734)  |   | (5,941,632)                   |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Redemptions              | (5,414,100) |   | (977,328)   |   | (4,248,441)  |   | –               |   | (50,226)  |   |  (10,690,095)            |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Partners’ Capital, |        |   |        |   |         |   |                  |   |      |   |                          |
| June 30, 2010            | 104,727,370 |   | 24,785,681  |   | 46,073,962   |   |   3,818,567 |   | 4,055,132 |   | 183,460,712                   |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Partners’ Capital, |        |   |        |   |         |   |                  |   |      |   |                          |
| December 31, 2008        | 59,691,122  |   | 16,690,009  |   | 31,437,299   |   | –               |   | 1,906,887 |   | 109,725,317                   |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Subscriptions            | 27,220,039  |   | 6,865,931   |   | 20,976,536   |   | 3,994,825             |   | 1,436,397 |   | 60,493,728                    |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Net Loss                 | (4,171,315) |   | (1,088,891) |   | (1,900,768)  |   | (196,366)             |   | (110,517) |   | (7,467,857)                   |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Redemptions              | (9,846,470) |   | (3,916,661) |   | (12,210,474) |   | –               |   | (674,668) |   |  (26,648,273)            |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Partners’ Capital, |        |   |        |   |         |   |                  |   |      |   |                          |
| June 30, 2009            | 72,893,376  |   | 18,550,388  |   | 38,302,593   |   |   3,798,459 |   | 2,558,099 |   | 136,102,915                   |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
|                     | Class A     |   | Class B     |   | Class C      |   | Class D               |   | Class Z   |   | Total                         |
|                     | Units       |   | Units       |   | Units        |   | Units                 |   | Units     |   | Units                         |
| Beginning Units,         |        |   |        |   |         |   |                  |   |      |   |                          |
| December 31, 2009        | 78,373.994  |   | 18,794.498  |   | 35,719.371   |   |   3,072.942 |   | 2,760.791 |   | 138,721.596                   |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Subscriptions            | 13,437.000  |   | 2,385.623   |   | 5,029.208    |   | –               |   | 471.531   |   | 21,323.362                    |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Redemptions              | (4,426.418) |   | (796.979)   |   | (3,404.340)  |   | –               |   | (39.474)  |   |    (8,667.211) |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Ending Units,            |        |   |        |   |         |   |                  |   |      |   |                          |
| June 30, 2010            | 87,384.576  |   | 20,383.142  |   | 37,344.239   |   |   3,072.942 |   | 3,192.848 |   | 151,377.747                   |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Beginning Units,         |        |   |        |   |         |   |                  |   |      |   |                          |
| December 31, 2008        | 46,349.723  |   | 12,869.463  |   | 24,072.194   |   | –               |   | 1,439.906 |   |  84,731.286              |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Subscriptions            | 21,871.591  |   | 5,456.653   |   | 16,554.977   |   |   3,072.942 |   | 1,115.188 |   | 48,071.351                    |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Redemptions              | (7,836.840) |   | (3,104.561) |   | (9,495.417)  |   | –               |   | (515.051) |   |  (20,951.869)            |
|                     |        |   |        |   |         |   |                  |   |      |   |                          |
| Ending Units,            |        |   |        |   |         |   |                  |   |      |   |                          |
| June 30, 2009            | 60,384.474  |   | 15,221.555  |   | 31,131.754   |   |   3,072.942 |   | 2,040.043 |   | 111,850.768                   |

----

|                                                              | For the Six Months Ended June 30, |
|-------------------------------------------------------------------|-----------------------------------|
|                                                              |                              |   |   |
|                                                              | 2010                              |   | 2009 |
|                                                              | $                                 |   | $ |
| CASH FLOWS FROM OPERATING ACTIVITIES                              |                              |   |   |
|                                                              |                              |   |   |
| Net loss                                                          | (5,941,632)                       |   | (7,467,857) |
|                                                              |                              |   |   |
| Adjustments to reconcile net loss:                                |                              |   |   |
| Purchases of Investments in Affiliated Trading Companies          |  (16,320,459)                |   |  (39,483,281) |
| Proceeds from sale of Investments in Affiliated Trading Companies | 3,429,665                         |   | 1,413,578 |
| Realized                                                          | (680,733)                         |   | (318,858) |
| Net change in unrealized depreciation on investments              | 3,936,150                         |   | 6,032,577 |
|                                                              |                              |   |   |
| Decrease in operating assets:                                     |                              |   |   |
| Receivable from Affiliated Trading Companies                      | –                           |   | 13,558,064 |
|                                                              |                              |   |   |
| Increase (decrease) in operating liabilities:                     |                              |   |   |
| Payable to Affiliated Trading Companies                           | (1,818,131)                       |   | 13,600,497 |
|                                                              |                              |   |   |
| Net  cash used for operating activities                 | (17,395,140)                      |   | (12,665,280) |
|                                                              |                              |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                              |                              |   |   |
|                                                              |                              |   |   |
| Cash received from offering of Units                              | 28,449,975                        |   | 44,864,882 |
| Cash paid for redemptions of Units                                | (11,054,835)                      |   | (32,199,602) |
|                                                              |                              |   |   |
| Net cash provided by financing activities                         | 17,395,140                        |   | 12,665,280 |
|                                                              |                              |   |   |
| Net change in cash                                                | –                           |   | – |
| Cash at beginning of period                                       | –                           |   | – |
| Cash at end of period                                             | –                           |   | – |
|                                                              |                              |   |   |

----

----

----

| Trading Company                                   | Trading Advisor                     |
|---------------------------------------------------|-------------------------------------|
|                                              |                                |
| Morgan Stanley Smith Barney Altis I, LLC          |                                |
|   (“Altis I, LLC”)          | Altis Partners (Jersey) Limited     |
| Morgan Stanley Smith Barney Aspect I, LLC         |                                |
| (“Aspect I, LLC”)                     | Aspect Capital Limited              |
| Morgan Stanley Smith Barney BHM I, LLC            |                                |
|   (“BHM I, LLC”)            | Blenheim Capital Management, L.L.C. |
| Morgan Stanley Smith Barney Boronia I, LLC        |                                |
| (“Boronia I, LLC”)                    | Boronia Capital Pty. Ltd.           |
| Morgan Stanley Smith Barney  WNT I, LLC |                                |
| (“WNT I, LLC”)                        | Winton Capital Management Limited   |

----

----

----

----

| 1)   | a) One or more underlyings and b) notional amounts or payment provisions or both; |
|----------------|-----------------------------------------------------------------------------------|

| 2)   | Requires no initial net investment or a smaller initial net investment than would be required for other types of contracts that would be expected to have a similar response relative to changes in market factors; and |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

----

|    Assets     | Unadjusted                   Quoted Prices in       Active Markets for           Identical Assets                (Level 1) |               Significant Other               Observable                    Inputs                   (Level 2) |           Significant        Unobservable               Inputs               (Level 3) |   |                       Total |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
|                         |                                                                                                                                                                                                                                                                                                                                                                  |  $                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                               |   | $                                                                                                 |
| Investment in BHM I, LLC     | –                                                                                                                                                                                                                                                                                                                                                               | 45,164,259                                                                                                                                                                                                                                                                                                                                                                                                                                | n/a                                                                                                                                                                                                                                                                                                                |   | 45,164,259                                                                                                                                |
| Investment in WNT I, LLC     | –                                                                                                                                                                                                                                                                                                                                                               | 39,217,871                                                                                                                                                                                                                                                                                                                                                                                                                                | n/a                                                                                                                                                                                                                                                                                                                |   | 39,217,871                                                                                                                                |
| Investment in Aspect I, LLC  | –                                                                                                                                                                                                                                                                                                                                                               | 39,127,088                                                                                                                                                                                                                                                                                                                                                                                                                                | n/a                                                                                                                                                                                                                                                                                                                |   | 39,127,088                                                                                                                                |
| Investment in Altis I, LLC   | –                                                                                                                                                                                                                                                                                                                                                               | 37,307,771                                                                                                                                                                                                                                                                                                                                                                                                                                | n/a                                                                                                                                                                                                                                                                                                                |   | 37,307,771                                                                                                                                |
| Investment in Boronia I, LLC | –                                                                                                                                                                                                                                                                                                                                                               | 22,183,376                                                                                                                                                                                                                                                                                                                                                                                                                                | n/a                                                                                                                                                                                                                                                                                                                |   | 22,183,376                                                                                                                                |

|    Assets     |     Unadjusted            Quoted Prices in         Active Markets for             Identical Assets                    (Level 1) |               Significant Other               Observable                    Inputs                   (Level 2) |           Significant        Unobservable              Inputs             (Level 3) |   |                   Total |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------|
|                         |                                                                                                                                                                                                                                                                                                                                                                                                     |    $                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                             |   |  $                                                                                                      |
| Investment in BHM I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                  | 44,391,791                                                                                                                                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                                                                                                              |   | 44,391,791                                                                                                   |
| Investment in Aspect I, LLC  | –                                                                                                                                                                                                                                                                                                                                                                                                  | 37,034,120                                                                                                                                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                                                                                                              |   | 37,034,120                                                                                                   |
| Investment in WNT I, LLC     | –                                                                                                                                                                                                                                                                                                                                                                                                  | 36,488,601                                                                                                                                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                                                                                                              |   | 36,488,601                                                                                                   |
| Investment in Altis I, LLC   | –                                                                                                                                                                                                                                                                                                                                                                                                  | 34,773,430                                                                                                                                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                                                                                                              |   | 34,773,430                                                                                                   |
| Investment in Boronia I, LLC | –                                                                                                                                                                                                                                                                                                                                                                                                  | 20,677,046                                                                                                                                                                                                                                                                                                                                                                                                                                     | n/a                                                                                                                                                                                                                                                                                              |   | 20,677,046                                                                                                   |

----

----

| For the Three Months Ended June 30, 2010  |  InvestmentIncome/(Loss) | Net  Investment (Loss)  | Total Trading Results            | NetIncome/(Loss)                                         |
|------------------------------------------------|-------------------------------|----------------------------------------|---------------------------------------|---------------------------------------------------------------|
|                                           | $                             | $                                      | $                                     | $                                                             |
| BHM I, LLC                                     | (3,362)                       | (310,861)                              | (12,888,335)                          |          (13,199,196) |
| WNT I, LLC                                     | 268                           | (473,865)                              | 1,525,950                             | 1,052,085                                                     |
| Aspect I, LLC                                  | (680)                         | (322,174)                              | 219,680      | (102,494)                                                     |
| Altis I, LLC                                   | 14,152                        | (162,846)                              | (2,470,516)                           | (2,633,362)                                                   |

| For the Six Months Ended June 30, 2010  |  InvestmentIncome/(Loss) |  Net  Investment (Loss)  | Total Trading Results  | NetIncome/(Loss)                      |
|----------------------------------------------|-------------------------------|----------------------------------------------|-----------------------------|--------------------------------------------|
|                                         | $                             | $                                            | $                           | $                                          |
| BHM I, LLC                                   | (6,150)                       | (600,902)                                    |   (17,575,716)         |      (18,176,618) |
| WNT I, LLC                                   | 348                           | (770,738)                                    | 3,790,747                   | 3,020,009                                  |
| Aspect I, LLC                                | (2,097)                       | (628,146)                                    | 2,213,764                   | 1,585,618                                  |
| Altis I, LLC                                 | 20,613                        | (313,402)                                    |   (478,530)       |  (791,932)                            |

| For the Three Months Ended June 30, 2009  |  InvestmentIncome/(Loss) |  Net  Investment (Loss)  | Total Trading Results  | NetIncome/(Loss)  |
|------------------------------------------------|-------------------------------|----------------------------------------------|-----------------------------|------------------------|
|                                           | $                             | $                                            | $                           | $                      |
| BHM I, LLC                                     |  2,346                   | (362,704)                                    |  11,234,551            | 10,871,847             |
| WNT I, LLC                                     | (714)                         | (213,680)                                    |   (2,129,349)     | (2,343,029)            |
| Aspect I, LLC                                  | (934)                         | (232,487)                                    | (4,248,457)                 | (4,480,944)            |
| Altis I, LLC                                   | 7,002                         |  (98,870)                     |   (532,176)       |   (631,046)  |

| For the Six Months Ended June 30, 2009  |   Investment Income | Net  Investment (Loss)  | Total Trading Results  |  NetIncome/(Loss)  |
|----------------------------------------------|-------------------------------|----------------------------------------|-----------------------------|------------------------------|
|                                         | $                             | $                                      | $                           | $                            |
| BHM I, LLC                                   |  24,627                  | (515,304)                              |  18,563,928            | 18,048,624                   |
| WNT I, LLC                                   | 4,224                         | (405,018)                              |   (2,468,814)     | (2,873,832)                  |
| Aspect I, LLC                                | 5,024                         | (428,364)                              | (4,790,493)                 | (5,218,857)                  |
| Altis I, LLC                                 | 22,447                        | (188,555)                    | (1,943,513)                 | (2,132,068)                  |

----

----

----

|   | - 19 -  |
|--------|--------------|

----

----

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

----

----

----

| Share Class | NAV at 6/30/10 | NAV at 3/31/10 |
|-------------|----------------|----------------|
|        |           |           |
| A           | $1,198.47      | $1,250.25      |
| B           | $1,215.99      | $1,266.93      |
| C           | $1,233.76      | $1,283.82      |
| D           | $1,242.64      | $1,292.24      |
| Z           | $1,270.07      | $1,318.25      |

----

| Share Class | NAV at 6/30/10 | NAV at 12/31/09 |
|-------------|----------------|-----------------|
|        |           |            |
| A           | $1,198.47      | $1,241.03       |
| B           | $1,215.99      | $1,256.01       |
| C           | $1,233.76      | $1,271.17       |
| D           | $1,242.64      | $1,278.71       |
| Z           | $1,270.07      | $1,302.02       |

----

----

| Share Class | NAV at 6/30/09 | NAV at 3/31/09 |
|-------------|----------------|----------------|
|        |           |           |
| A           | $1,207.16      | $1,253.46      |
| B           | $1,218.69      | $1,263.84      |
| C           | $1,230.34      | $1,274.30      |
| D           | $1,236.10      | $1,279.46      |
| Z           | $1,253.94      | $1,295.47      |

----

----

| Share Class | NAV at 6/30/09 | NAV at 12/31/08 |
|-------------|----------------|-----------------|
|        |           |            |
| A           | $1,207.16      | $1,287.84       |
| B           | $1,218.69      | $1,296.87       |
| C           | $1,230.34      | $1,305.96       |
| D           | $1,236.10      | n/a             |
| Z           | $1,253.94      | $1,324.31       |

----

----

----

----

----

|                         |    June 30,  2010                                                                                                                                                                            |   |               June 30, 2009                                                                                                                          |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                    |   | VaR                                    |
|                         |                                                                                                                                                                                                                  |   |                                                                                                                                                                                                                  |
| Currency                     | (1.36)%                                                                                                                                                                                                               |   | (0.94)%                                                                                                                                                                                                               |
| Interest Rate                | (1.57)                                                                                                                                                                                                                |   | (0.53)                                                                                                                                                                                                                |
| Equity                       | (2.08)                                                                                                                                                                                                                |   | (0.31)                                                                                                                                                                                                                |
| Commodity                    | (1.16)                                                                                                                                                                                                                |   | (1.16)                                                                                                                                                                                                                |
| Aggregate Value at Risk      | (2.43)%                                                                                                                                                                                                               |   | (1.90)%                                                                                                                                                                                                               |

----

|                         |        June 30, 2010                                                                                                                                                                                                                          |   |      June 30, 2009                                                                                                                                                                                                                                             |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                             |   | VaR                                               |
|                         |                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                    |
| Currency                     | (0.33)%                                                                                                                                                                                                                                                                     |   | (0.41)%                                                                                                                                                                                                                                                                                 |
| Interest Rate                | (1.27)                                                                                                                                                                                                                                                                      |   | (1.27)                                                                                                                                                                                                                                                                                  |
| Equity                       | (0.22)                                                                                                                                                                                                                                                                      |   | (0.18)                                                                                                                                                                                                                                                                                  |
| Commodity                    | (0.76)                                                                                                                                                                                                                                                                      |   | (0.73)                                                                                                                                                                                                                                                                                  |
| Aggregate Value at Risk      | (1.56)%                                                                                                                                                                                                                                                                     |   | (1.57)%                                                                                                                                                                                                                                                                                 |

|                         |                     June 30, 2010 |   |                          June 30, 2009 |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                             |   | VaR                                                                                                     |
|                         |                                                                                                                             |   |                                                                                                                                                           |
| Currency                     | (0.37)%                                                                                                                |   | (0.02)%                                                                                                                                              |
| Interest Rate                | (0.16)                                                                                                                           |   | (0.24)                                                                                                                                                         |
| Commodity                    | (2.52)                                                                                                                           |   | (2.76)                                                                                                                                                         |
| Aggregate Value at Risk      | (2.41)%                                                                                                                          |   | (2.85)%                                                                                                                                                        |

|                         |                   June 30, 2010                                                              |   |                 June 30, 2009                                                                                                        |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                              |   | VaR                                   |
|                         |                                                                                                                                                                              |   |                                                                                                                                                                                                            |
| Currency                     | (0.61)%                                                                                                                                                                           |   | (0.08)%                                                                                                                                                                                                         |
| Interest Rate                | (2.08)                                                                                                                                                                            |   | (0.59)                                                                                                                                                                                                          |
| Equity                       | (1.12)                                                                                                                                                                            |   | (0.48)                                                                                                                                                                                                          |
| Commodity                    | (0.69)                                                                                                                                                                            |   | (1.05)                                                                                                                                                                                                          |
| Aggregate Value at Risk      | (3.36)%                                                                                                                                                                           |   | (1.35)%                                                                                                                                                                                                         |

----

|                         |                   June 30, 2010 |   |                June 30, 2009                                                                                                        |
|------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VaR                                                      |   | VaR                                  |
|                         |                                                                                                                 |   |                                                                                                                                                                                                      |
| Currency                     | (0.62)%                                                                                               |   | (0.87)%                                                                                                                                                                                                   |
| Interest Rate                | (1.02)                                                                                                               |   | (0.37)                                                                                                                                                                                                    |
| Equity                       | (0.13)                                                                                                               |   | (0.46)                                                                                                                                                                                                    |
| Commodity                    | (0.58)                                                                                                               |   | (0.21)                                                                                                                                                                                                    |
| Aggregate Value at Risk      | (1.45)%                                                                                                    |   | (0.66)%                                                                                                                                                                                                   |

----

| Primary Market Risk Category | High        | Low                          | Average         |
|------------------------------|------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|
|                         |                                           |                                                                                                                                                      |                                                    |
| Currency                     | (1.36)%                                   | (0.74)%                                                                                                                                                   | (0.97)%                                                 |
| Interest Rate                | (1.57)                                         | (0.46)                                                                                                                                                    | (0.86)                                                  |
| Equity                       | (2.23)                                         | (1.55)                                                                                                                                                    | (2.00)                                                  |
| Commodity                    | (1.90)                                         | (1.01)                                                                                                                                                    | (1.37)                                                  |
| Aggregate Value at Risk      | (3.20)%                                        | (2.43)%                                                                                                                                                   | (2.84)%                                                 |

| Primary Market Risk Category | High                | Low                       | Average         |
|------------------------------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|
|                         |                |                                                                                                                                    |                                                    |
| Currency                     | (0.74)%   | (0.33)%                                                                                                                                 | (0.51)%                                                 |
| Interest Rate                | (1.34)              | (1.21)                                                                                                                                  | (1.28)                                                  |
| Equity                       | (2.14)              | (0.22)                                                                                                                                  | (1.51)                                                  |
| Commodity                    | (2.18)              | (0.76)                                                                                                                                  | (1.32)                                                  |
| Aggregate Value at Risk      |   (3.57)%      | (1.56)%                                                                                                                                 | (2.60)%                                       |

| Primary Market Risk Category | High           | Low                         | Average          |
|------------------------------|------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|
|                         |                                                             |                                                                                                                                                |                                                          |
| Currency                     | (0.37)%                                                | (0.02)%                                                                                                                                             | (0.21)%                                             |
| Interest Rate                | (1.04)                                                           | (0.16)                                                                                                                                              | (0.74)                                                        |
| Commodity                    | (3.59)                                                           | (2.52)                                                                                                                                              | (3.09)                                                        |
| Aggregate Value at Risk      | (4.12)%                                                          | (2.41)%                                                                                                                                             | (3.43)%                                             |

| Primary Market Risk Category | High      | Low                           | Average         |
|------------------------------|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|
|                         |                               |                                                                                                                                                            |                                                    |
| Currency                     | (0.81)%             | (0.46)%                                                                                                                                                         | (0.59)%                                       |
| Interest Rate                | (2.08)                             | (0.72)                                                                                                                                                          | (1.43)                                                  |
| Equity                       | (2.01)                             | (0.72)                                                                                                                                                          | (1.28)                                                  |
| Commodity                    | (1.34)                             | (0.69)                                                                                                                                                          | (1.05)                                                  |
| Aggregate Value at Risk      |  (4.30)%                      | (1.93)%                                                                                                                                                         | (2.99)%                                            |

----

| Primary Market Risk Category | High        | Low                         | Average             |
|------------------------------|------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                         |                                           |                                                                                                                                                |                                                                            |
| Currency                     | (0.82)%                              | (0.52)%                                                                                                                                             | (0.67)%                                                                    |
| Interest Rate                | (1.02)                                         | (0.34)                                                                                                                                              | (0.65)                                                                          |
| Equity                       | (2.15)                                         | (0.13)                                                                                                                                              | (1.24)                                                                          |
| Commodity                    | (1.12)                                         | (0.39)                                                                                                                                              | (0.71)                                                                          |
| Aggregate Value at Risk      |   (2.84)%                                 | (1.45)%                                                                                                                                             | (2.03)%                                                               |

| Primary Market Risk Category | High        | Low                              | Average            |
|------------------------------|------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------------------|
|                         |                                           |                                                                |                                                                      |
| Currency                     | (0.97)%                              | (0.35)%           | (0.66)%                                                         |
| Interest Rate                | (1.14)                                         | (0.53)                      | (0.81)                                                                    |
| Equity                       | (0.97)                                         | (0.13)                      | (0.42)                                                                    |
| Commodity                    | (3.37)                                         | (0.69)                           | (1.67)                                                                    |
| Aggregate Value at Risk      | (3.50)%                              | (1.27)%                | (2.13)%                                                                   |

| Primary Market Risk Category | High     |   Low          | Average           |
|------------------------------|------------------------------|---------------------|---------------------------------------------------------------------|
|                         |                         |                |                                                                |
| Currency                     | (0.64)%            | (0.13)%   | (0.37)%                                                   |
| Interest Rate                | (1.27)                       | (0.54)              | (0.81)                                                              |
| Equity                       | (0.57)                       | (0.04)              | (0.25)                                                              |
| Commodity                    | (1.41)                       | (0.45)              | (0.77)                                                              |
| Aggregate Value at Risk      | (1.69)%            | (0.96)%   | (1.30)%                                                   |

| Primary Market Risk Category | High                | Low    | Average          |
|------------------------------|---------------------|-----------------------|---------------------------------------------------------------|
|                         |                |                  |                                                          |
| Currency                     | (0.11)%   | (0.02)%     | (0.07)%                                                       |
| Interest Rate                | (0.47)              | (0.24)                | (0.40)                                                        |
| Commodity                    | (2.87)              | (1.44)                | (2.29)                                                        |
| Aggregate Value at Risk      | (2.97)%   | (1.49)%     | (2.35)%                                                       |

----

| Primary Market Risk Category | High       | Low       | Average              |
|------------------------------|------------------------------------------|---------------------|---------------------------------------------------------------------------------------|
|                         |                                     |                |                                                                                  |
| Currency                     | (0.65)%                        | (0.08)%   | (0.29)%                                                                     |
| Interest Rate                | (1.20)                                   | (0.43)              | (0.81)                                                                                |
| Equity                       | (0.66)                                   | (0.10)              | (0.43)                                                                                |
| Commodity                    | (1.51)                                   | (0.44)              | (0.90)                                                                                |
| Aggregate Value at Risk      | (1.99)%                        | (1.18)%   | (1.46)%                                                                     |

| Primary Market Risk Category | High      | Low      | Average         |
|------------------------------|------------------------------------|-----------------------------------|---------------------------------------------------------|
|                         |                               |                              |                                                    |
| Currency                     | (0.87)%                  | (0.18)%                      | (0.45)%                                       |
| Interest Rate                | (0.48)                             | (0.19)                            | (0.36)                                                  |
| Equity                       | (0.47)                             | (0.05)                            | (0.27)                                                  |
| Commodity                    | (0.82)                             | (0.20)                            | (0.37)                                                  |
| Aggregate Value at Risk      | (0.95)%                  | (0.57)%                      | (0.73)%                                            |

| ·   | 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 82% of Altis I, LLC’s net assets. |
|--------------------|-------------------------------------------------------|

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

----

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

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

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

----

----

----

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

|   | Soft Commodities and Agriculturals.  The third largest market exposure of the Partnership at June 30, 2010, was to the markets that comprise these sectors.  Most of the exposure was to corn, sugar, wheat, coffee, soybeans, cocoa, cotton, soybean meal, soybean oil, and live cattle markets. Supply and demand inequalities, severe weather disruptions, and market expectations affect price movements in these markets. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

----

----

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

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

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

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

----

|            | Managed Futures Profile HV, L.P. |
|-----------------|----------------------------------|
|            | (Registrant)                     |
|            |                             |   |
|            | By:                              | Demeter Management LLC |
|            |                             | (General Partner) |
|            |                             |   |
| August 13, 2010 | By:                              | /s/Christian Angstadt |
|            |                             | Christian Angstadt |
|            |                             | Chief Financial Officer |