|   | 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.) |
|                                            |                                                                                                                        |       |                                |
|     Ceres Managed Futures LLC    |                                                                                                                        |       |
|     522 Fifth Avenue, 14th Floor |                                                                                                                        |       |
| New York, NY                                    |                                                                                                                        | 10036      |
| (Address of principal executive offices)        |                                                                                                                        | (Zip Code) |

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

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

----

|     | PART I. FINANCIAL INFORMATION                                                                   |       |
|----------|-------------------------------------------------------------------------------------------------|------------|
|     |                                                                                            |       |
| Item 1.  | Financial Statements (Unaudited)                                                                |       |
|     |                                                                                            |       |
|     | Statements of Financial Condition as of March 31, 2011 and December 31, 2010                    | 2          |
|     |                                                                                            |       |
|     | Statements of Income and Expenses for the Quarters Ended March 31, 2011 and 2010                | 3          |
|     |                                                                                            |       |
|     | Statements of Changes in Partners’ Capital for the Quarters Ended March 31, 2011 and 2010 | 4          |
|     |                                                                                            |       |
|     | Notes to Financial Statements                                                                   |  5-16 |
|     |                                                                                            |       |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations     | 17-23      |
|     |                                                                                            |       |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                      | 23-34      |
|     |                                                                                            |       |
| Item 4.  | Controls and Procedures                                                                         | 34-35      |
|     |                                                                                            |       |
|     | PART II. OTHER INFORMATION                                                                      |       |
|     |                                                                                            |       |
| Item 1A. | Risk Factors                                                                                    | 36         |
|     |                                                                                            |       |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                            | 36         |
|     |                                                                                            |       |
| Item 6.  | Exhibits                                                                                        | 36         |

----

|                                                                                                                           | March 31,         |   | December 31,      |
|--------------------------------------------------------------------------------------------------------------------------------|-------------------|--------|-------------------|
|                                                                                                                           | 2011              |   | 2010              |
| ASSETS                                                                                                                         | $                 |   | $                 |
|                                                                                                                           |              |   |              |
|  Investments in Affiliated Trading Companies:                                                                             |              |   |              |
| Investment in BHM I, LLC                                                                                                       | 64,147,925   |   | 61,727,592   |
| Investment in Aspect I, LLC                                                                                                    | 47,180,159   |   | 44,642,277   |
| Investment in WNT I, LLC                                                                                                       | 44,676,109   |   | 42,988,859   |
| Investment in Altis I, LLC                                                                                                     | 42,132,476   |   | 45,193,416   |
| Investment in Boronia I, LLC                                                                                                   | 28,118,795   |   | 25,903,543   |
|                                                                                                                           |              |   |              |
| Total Investments in Affiliated Trading Companies, at fair value  (cost $194,076,234 and $181,299,988, respectively) | 226,255,464  |   | 220,455,687  |
|  Receivable from Affiliated Trading Companies                                                                             | –           |   | 207,377      |
|  Subscriptions receivable                                                                                                 | –           |   | 4,820,171    |
|                                                                                                                           |              |   |              |
| Total Assets                                                                                                                   | 226,255,464  |   | 225,483,235  |
|                                                                                                                           |              |   |              |
|  LIABILITIES                                                                                                              |              |   |              |
|                                                                                                                           |              |   |              |
|  Redemptions payable                                                                                                      | 1,520,935    |   | 977,670      |
|  Payable to Affiliated Trading Companies                                                                                  | –           |   | 3,494,883    |
|                                                                                                                           |              |   |              |
| Total Liabilities                                                                                                              | 1,520,935    |   | 4,472,553    |
|                                                                                                                           |              |   |              |
|  PARTNERS’ CAPITAL                                                                                                  |              |   |              |
| Class A (98,154.451 and 93,726.780 Units, respectively)                                                                        | 129,532,704  |   | 128,430,583  |
| Class B (20,683.488 and 19,502.516 Units, respectively)                                                                        | 27,797,710   |   | 27,180,755   |
| Class C (36,375.985 and 39,260.116 Units, respectively)                                                                        | 49,786,686   |   | 55,652,694   |
| Class D* (8,745.602 and 3,072.942 Units, respectively)                                                                         | 12,078,357   |   | 4,392,721    |
| Class Z (3,902.329 and 3,651.080 Units, respectively)                                                                          | 5,539,072    |   | 5,353,929    |
|                                                                                                                           |              |   |              |
| Total Partners’ Capital                                                                                                  | 224,734,529  |   | 221,010,682  |
|                                                                                                                           |              |   |              |
| Total Liabilities and Partners’ Capital                                                                                  | 226,255,464  |   | 225,483,235  |
|                                                                                                                           |              |   |              |
|  NET ASSET VALUE PER UNIT                                                                                                 |              |   |              |
| Class A                                                                                                                        | 1,319.68     |   | 1,370.27     |
| Class B                                                                                                                        | 1,343.96     |   | 1,393.71     |
| Class C                                                                                                                        | 1,368.67     |   | 1,417.54     |
| Class D*                                                                                                                       | 1,381.08     |   | 1,429.48     |
| Class Z                                                                                                                        | 1,419.43     |   | 1,466.39     |

----

|                                                                               | For the Quarters Ended March 31, |
|------------------------------------------------------------------------------------|----------------------------------|
|                                                                               |                             |   |   |
|                                                                               | 2011                             |   | 2010 |
|                                                                               | $                                |   | $ |
|  EXPENSES                                                                     |                             |   |   |
| Ongoing Placement Agent fees                                                       | 906,863                     |   | 697,654  |
| General Partner fees                                                               | 565,199                     |     | 434,182  |
| Administrative fees                                                                | 226,079                     |   | 173,673  |
|                                                                               |                             |   |   |
| Total Expenses                                                                     | 1,698,141                   |     | 1,305,509  |
|                                                                               |                             |   |   |
|  NET INVESTMENT LOSS                                                          | (1,698,141)                 |   | (1,305,509)  |
|                                                                               |                             |   |   |
|  REALIZED/NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS |                             |   |   |
| Realized                                                                           | 403,594                     |   | – |
| Net change in unrealized appreciation (depreciation) on investments                | (6,976,469)                 |   | 2,894,646  |
|                                                                               |                             |   |   |
| Total Realized/Net Change in Unrealized Appreciation (Depreciation) on Investments | (6,572,875)                 |   | 2,894,646  |
|                                                                               |                             |   |   |
|  NET INCOME (LOSS)                                                            | (8,271,016)                 |   | 1,589,137  |
|                                                                               |                             |   |   |
|  NET INCOME (LOSS) ALLOCATION                                                 |                             |   |   |
| Class A                                                                            | (4,926,265)                 |   | 864,408  |
| Class B                                                                            | (1,012,383)                 |   | 218,709  |
| Class C                                                                            | (1,856,882)                 |   | 410,038  |
| Class D                                                                            | (296,478)                   |   | 41,565  |
| Class Z                                                                            | (179,008)                   |   | 54,417  |
|                                                                               |                             |   |   |
|  NET INCOME (LOSS) PER UNIT*                                                  |                             |   |   |
| Class A                                                                            | (50.59)                     |   | 9.22  |
| Class B                                                                            | (49.75)                     |   | 10.92  |
| Class C                                                                            | (48.87)                     |   | 12.65  |
| Class D                                                                            | (48.40)                     |   | 13.53  |
| Class Z                                                                            | (46.96)                     |   | 16.23  |
|                                                                               |                             |   |   |
|                                                                               | Units                            |   | Units |
|  WEIGHTED AVERAGE NUMBER                                                      |                             |   |   |
|  OF UNITS OUTSTANDING                                                         |                             |   |   |
| Class A                                                                            | 96,387.256                  |   | 80,360.288  |
| Class B                                                                            | 20,610.538                  |     | 19,003.124  |
| Class C                                                                            | 37,174.458                  |   | 35,283.475  |
| Class D                                                                            | 8,011.242                   |   | 3,072.942  |
| Class Z                                                                            | 3,798.684                   |     | 2,879.907  |

----

|                     | Class A           |   | Class B           |          | Class C           |          | Class D                                                                                  |   | Class Z         |         | Total                                      |
|--------------------------|-------------------|--------|-------------------|---------------|-------------------|---------------|------------------------------------------------------------------------------------------|--------|-----------------|--------------|--------------------------------------------|
|                     | $                 |   | $                 |          | $                 |          | $                                                                                        |   | $               |         | $                                          |
| Partners’ Capital, |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| December 31, 2010        | 128,430,583  |   | 27,180,755   |          | 55,652,694   |          | 4,392,721                                                                           |   | 5,353,929  |         |    221,010,682                   |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Subscriptions            | 9,708,875    |   | 2,931,503    |          | 1,607,883    |          |       7,982,114                                                 |   | 397,807    |         | 22,628,182                                 |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Net Loss                 | (4,926,265)  |   | (1,012,383)  |          | (1,856,882)  |          | (296,478)                                                                           |   | (179,008)  |         | (8,271,016)                                |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Redemptions              | (3,680,489)  |   | (1,302,165)  |          | (5,617,009)  |          | –                                                                                  |   | (33,656)   |         |    (10,633,319)                  |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Partners’ Capital, |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| March 31, 2011           | 129,532,704  |   | 27,797,710   |          | 49,786,686   |          |             12,078,357            |   | 5,539,072  |         |    224,734,529                   |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Partners’ Capital, |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| December 31, 2009        | 97,264,166   |   | 23,606,083   |          | 45,405,413   |          | 3,929,404                                                                      |   | 3,594,596  |         |     173,799,662             |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Subscriptions            | 9,221,960    |   | 1,316,366    |          | 3,481,259    |          | –                                                                                  |   | 441,995    |         |   14,461,580                          |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Net Income               | 864,408      |   | 218,709      |          | 410,038      |          | 41,565                                                                         |   | 54,417     |         | 1,589,137                                  |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Redemptions              | (3,027,183)  |   | (514,119)         |          | (4,113,935)       |          | –                                                                                  |   | (50,226)   |         |       (7,705,463) |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Partners’ Capital, |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| March 31, 2010           | 104,323,351  |   | 24,627,039   |     | 45,182,775   |          |           3,970,969                         |   | 4,040,782  |         |    182,144,916                   |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
|                     | Class A           |   | Class B           |          | Class C           |          | Class D                                                                                  |   | Class Z         |         | Total                                      |
|                     | Units             |   | Units             |          | Units             |          | Units                                                                                    |   | Units           |         | Units                                      |
| Beginning Units,         |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| December 31, 2010        | 93,726.780   |   | 19,502.516   |          | 39,260.116   |          | 3,072.942                                                                      |   | 3,651.080  |         |       159,213.434 |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Subscriptions            | 7,168.763    |   | 2,126.700    |          | 1,144.420    |          | 5,672.660                                                                      |   | 274.689    |    | 16,387.232                                 |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Redemptions              | (2,741.092)  |   | (945.728)         |          | (4,028.551)  |          | –                                                                                  |   | (23.440)   |         |     (7,738.811)             |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Ending Units,            |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| March 31, 2011           | 98,154.451   |   | 20,683.488   |          | 36,375.985   |          |               8,745.602 |   | 3,902.329  |         |    167,861.855                   |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Beginning Units,         |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| December 31, 2009        | 78,373.994   |   | 18,794.498   |          | 35,719.371   |          | 3,072.942                                                                      |   | 2,760.791  |         |       138,721.596 |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Subscriptions            | 7,537.606    |   | 1,061.988    |          | 2,771.781    |          | –                                                                                  |   | 343.944    |         | 11,715.319                                 |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Redemptions              | (2,469.694)  |   | (418.062)    |          | (3,297.056)       |     | –                                                                                  |   | (39.474)   |         |      (6,224.286)       |
|                     |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| Ending Units,            |              |   |              |          |              |          |                                                                                     |   |            |         |                                       |
| March 31, 2010           | 83,441.906   |   | 19,438.424   |          | 35,194.096   |          |              3,072.942       |   | 3,065.261  |         |    144,212.629                   |

----

----

----

| 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   |

----

----

|                                           |  Class A                                                                                 |    Class B                                                                         | Class C                                                              | Class D                                                                         | Class Z                                                                     |
|------------------------------------------------|----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|
| PER UNIT OPERATING PERFORMANCE:                |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
| NET ASSET VALUE,                               |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
|   JANUARY 1, 2011:                   | $         1,370.27                                         | $        1,393.71                                              |     $  1,417.54                                  |      $     1,429.48                     |   $  $    1,466.39                       |
|                                           |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
| NET OPERATING RESULTS:                         |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
|    Net investment loss          |  (11.52)                                                             |                 (9.83) |             (8.43) |              (6.51) |               (5.10) |
|    Net realized/unrealized loss |                 (39.07) |            (39.92)                                   |       (40.44)                               |            (41.89)            |             (41.86)            |
|    Net loss                     |              (50.59)                   |           (49.75)                                    |        (48.87)                              |            (48.40)            |             (46.96)            |
|                                           |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
| NET ASSET VALUE,                               |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
|   MARCH 31, 2011:                    | $      1,319.68                                                                | $      1,343.96                                                          | $     1,368.67                                   | $   1,381.08                                                     | $    1,419.43                                                |
| RATIOS TO AVERAGE NET ASSETS:                  |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
|    Net investment loss (2)      |  -3.44%                                                                                       |         -2.88%                                                 |   -2.43%                                                        | -1.87%                                                                               | -1.42%                                                                           |
|    Partnership expenses (1) (2) | 3.44%                                                                                              |   2.88%                                                                                           |    2.43%                                                        |  1.87%                                                                          |  1.42%                                                                      |
|                                           |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
| TOTAL RETURN:                                  |  -3.69%                                                                                       |          -3.57%                                           |   -3.45%                                                        | -3.39%                                                                               | -3.20%                                                                           |
|                                           |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
| PER UNIT OPERATING PERFORMANCE:                |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
| NET ASSET VALUE,                               |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
|   JANUARY 1, 2010:                   | $      1,241.03                                                      | $        1,256.01                                              | $      1,271.17                                  |    $     1,278.71                                 |        $    1,302.02      |
|                                           |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
| NET OPERATING RESULTS:                         |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
|    Net investment loss          | (10.40)                                                                                            |                 (9.09) |            (7.53)       |             (6.78)       |              (4.50)  |
|    Net realized/unrealized gain |                 19.62   |             20.01                          |            20.18        |             20.31        |              20.73   |
|    Net gain                     |                9.22          |             10.92                          |            12.65        |             13.53        |              16.23   |
|                                           |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
| NET ASSET VALUE,                               |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
|   MARCH 31, 2010:                    | $     1,250.25                                                                 | $      1,266.93                                                          | $     1,283.82                                   | $   1,292.24                                                     | $   1,318.25                                                 |
| RATIOS TO AVERAGE NET ASSETS:                  |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
|    Net investment loss (2)      |  -3.45%                                                                                       |         -2.97%                                                 |  -2.43%                                                              | -2.18%                                                                               | -1.42%                                                                           |
|    Partnership expenses (1) (2) |  3.45%                                                                                        | 2.97%                                                                                                  |   2.43%                                                         |  2.18%                                                                          |  1.42%                                                                      |
|                                           |                                                                                               |                                                                                                   |                                                                      |                                                                                 |                                                                             |
| TOTAL RETURN:                                  | 0.74%                                                                                              | 0.87%                                                                                                  |   1.00%                                                         | 1.06%                                                                                | 1.25%                                                                            |

----

----

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

| 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 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     | –                                                                                                                                                                                                                                                                                           | 64,147,925                                                                                                                                                                                                                                                                                                                                                             | –                                                                                                                                                                                                                              |   |  64,147,925                                                                                       |
| Investment in Aspect I, LLC  | –                                                                                                                                                                                                                                                                                           |   47,180,159                                                                                                                                                                                                                                                                                                                                                 | –                                                                                                                                                                                                                              |   |   47,180,159                                                                                 |
| Investment in WNT I, LLC     | –                                                                                                                                                                                                                                                                                           |   44,676,109                                                                                                                                                                                                                                                                                                                                                 | –                                                                                                                                                                                                                              |   |   44,676,109                                                                                 |
| Investment in Altis I, LLC   | –                                                                                                                                                                                                                                                                                           |   42,132,476                                                                                                                                                                                                                                                                                                                                                 | –                                                                                                                                                                                                                              |   |   42,132,476                                                                                 |
| Investment in Boronia I, LLC | –                                                                                                                                                                                                                                                                                           |   28,118,795                                                                                                                                                                                                                                                                                                                                                 | –                                                                                                                                                                                                                              |   |   28,118,795                                                                                 |

|    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     | –                                                                                                                                                                                                                                                                               | 61,727,592                                                                                                                                                                                                                                                                                                                                                       | –                                                                                                                                                                                                                                    |   | 61,727,592                                                                     |
| Investment in Aspect I, LLC  | –                                                                                                                                                                                                                                                                               | 44,642,277                                                                                                                                                                                                                                                                                                                                                       | –                                                                                                                                                                                                                                    |   | 44,642,277                                                                     |
| Investment in WNT I, LLC     | –                                                                                                                                                                                                                                                                               | 42,988,859                                                                                                                                                                                                                                                                                                                                                       | –                                                                                                                                                                                                                                    |   | 42,988,859                                                                     |
| Investment in Altis I, LLC   | –                                                                                                                                                                                                                                                                               | 45,193,416                                                                                                                                                                                                                                                                                                                                                       | –                                                                                                                                                                                                                                    |   | 45,193,416                                                                     |
| Investment in Boronia I, LLC | –                                                                                                                                                                                                                                                                               | 25,903,543                                                                                                                                                                                                                                                                                                                                                       | –                                                                                                                                                                                                                                    |   | 25,903,543                                                                     |

----

| For the Three Months Ended March 31, 2011  |  Investment Income | Net  Investment Loss  | Total Trading Results  | NetIncome/(Loss)     |
|-------------------------------------------------|-------------------------|--------------------------------------|-----------------------------|---------------------------|
|                                            | $                       | $                                    | $                           | $                         |
| BHM I, LLC                                      |    649   | (1,206,174)                          | 4,212,767                   |  3,006,593           |
| Aspect I, LLC                                   | (1,120)                 | (388,642)                            |    531,458   |    142,816 |
| Altis I, LLC                                    | 1,224                   | (236,921)                            | (6,858,523)                 | (7,095,444)               |
| WNT I, LLC                                      |  158               | (532,875)                            | 1,324,747                   |    791,872 |

----

| For the Three Months Ended March 31, 2010  |  Investment Income | Net  Investment Loss  | Total Trading Results  | NetIncome/(Loss)  |
|-------------------------------------------------|-------------------------|--------------------------------------|-----------------------------|------------------------|
|                                            | $                       | $                                    | $                           | $                      |
| BHM I, LLC                                      | (2,788)                 | (290,041)                            | (4,687,381)                 | (4,977,422)            |
| Aspect I, LLC                                   | (1,417)                 | (305,972)                            | 1,994,084                   | 1,688,112              |
| Altis I, LLC                                    | 6,461                   | (150,556)                            | 1,991,986                   | 1,841,430              |
| WNT I, LLC                                      |   80          | (296,873)                            | 2,264,797                   | 1,967,924              |

----

----

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

----

----

----

| Share Class |       NAV at 3/31/11 |      NAV at 12/31/10 |
|-------------|-----------------------------------------------|------------------------------------------|
|        |                                          |                                     |
| A           | $1,319.68                                     | $1,370.27                                |
| B           | $1,343.96                                     | $1,393.71                                |
| C           | $1,368.67                                     | $1,417.54                                |
| D           | $1,381.08                                     | $1,429.48                                |
| Z           | $1,419.43                                     | $1,466.39                                |

----

| Share Class |       NAV at 3/31/10 |      NAV at 12/31/09 |
|-------------|-----------------------------------------------|------------------------------------------|
|        |                                          |                                     |
| A           | $1,250.25                                     | $1,241.03                                |
| B           | $1,266.93                                     | $1,256.01                                |
| C           | $1,283.82                                     | $1,271.17                                |
| D           | $1,292.24                                     | $1,278.71                                |
| Z           | $1,318.25                                     | $1,302.02                                |

----

----

----

|  The total market risk of the respective Trading Companies may increase or decrease as it is influenced by a wide variety of factors, including, but not limited to, the diversification among the Trading Companies’ open positions, the volatility present within the markets, and the liquidity of the markets. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                         |               March 31,  2011 |   |               December 31, 2010 |
|------------------------------|----------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|
| Primary Market Risk Category | VAR                                               |   | VAR                                            |
|                         |                                                                                                     |   |                                                                                             |
| Currency                     | (1.38)%                                                                                                  |   | (2.14)%                                                                                          |
| Interest Rate                | (0.56)                                                                                                   |   | (0.78)                                                                                           |
| Equity                       | (1.11)                                                                                                   |   | (0.36)                                                                                           |
| Commodity                    | (1.74)                                                                                                   |   | (2.83)                                                                                           |
| Aggregate Value at Risk      | (2.55)%                                                                                                  |   | (4.33)%                                                                                          |

----

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

|                               |                  March 31, 2011 |   |              December 31, 2010 |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|
|  Primary Market Risk Category | VAR                                                 |   | VAR                            |
|                               |                                                                                                            |   |                                                                                       |
|  Currency                     | (0.08)%                                                                                                         |   | (0.08)%                                                                                    |
|  Interest Rate                |  (0.55)                                                                                                    |   |  (0.39)                                                                               |
|  Commodity                    |  (3.33)                                                                                                    |   |  (3.79)                                                                               |
|  Aggregate Value at Risk      | (3.61)%                                                                                                         |   | (4.02)%                                                                                    |

----

|                               |                  March 31, 2011 |   |             December 31, 2010 |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|
|  Primary Market Risk Category | VAR                                       |   | VAR                      |
|                               |                                                                                                            |   |                                                                                 |
|  Currency                     | (0.57)%                                                                                                         |   | (1.39)%                                                                    |
|  Interest Rate                |  (0.53)                                                                                                    |   | (0.52)                                                                               |
|  Equity                       |  (1.10)                                                                                                    |   | (0.65)                                                                               |
|  Commodity                    |  (1.99)                                                                                                    |   | (2.28)                                                                               |
|  Aggregate Value at Risk      | (3.18)%                                                                                                         |   | (2.68)%                                                                         |

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

----

| Primary Market Risk Category  | High           | Low     | Average        |
|-------------------------------|----------------|---------|---------------------------------------------------|
|                          |           |    |                                              |
|  Currency                | (2.14)%        | (1.36)% | (1.66)%                                           |
|  Interest Rate           |  (1.57)   | (0.56)  |  (1.00)                                      |
|  Equity                  |  (3.93)   | (0.36)  |  (1.87)                                      |
|  Commodity               |  (2.98)   | (1.16)  |  (2.18)                                      |
|  Aggregate Value at Risk |   (4.41)% | (2.43)% | (3.43)%                                           |

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

| Primary Market Risk Category  | High         | Low     | Average          |
|-------------------------------|------------------------------------------------------|---------|---------------------------------------------------------------|
|                          |                                                 |    |                                                          |
|  Currency                | (0.37)%                                              | (0.06)% | (0.15)%                                                       |
|  Interest Rate           |  (0.55)                                         | (0.16)  |   (0.36)                                                 |
|  Commodity               |  (3.90)                                         | (2.52)  |  (3.39)                                                  |
|  Aggregate Value at Risk | (4.45)%                                              | (2.41)% | (3.62)%                                                  |

----

| Primary Market Risk Category  | High           | Low     | Average            |
|-------------------------------|----------------|---------|---------------------------------------------------------------------------|
|                          |           |    |                                                                      |
|  Currency                | (1.39)%   | (0.57)% | (0.79)%                                                         |
|  Interest Rate           | (2.08)         | (0.36)  | (0.87)                                                                    |
|  Equity                  | (1.56)         | (0.65)  | (1.11)                                                                    |
|  Commodity               | (2.57)         | (0.69)  | (1.88)                                                                    |
|  Aggregate Value at Risk |   (3.94)% | (2.68)% | (3.29)%                                                         |

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

| Primary Market Risk Category  | High       | Low         | Average           |
|-------------------------------|------------------------------------------|-----------------------------------------------------|---------------------------------------------------------------------|
|                          |                                     |                                                |                                                                |
|  Currency                | (2.14)%                                  | (0.75)%                                             | (1.50)%                                                        |
|  Interest Rate           |  (1.57)                             | (0.72)                                              | (1.04)                                                              |
|  Equity                  |  (3.93)                             | (0.36)                                              | (2.12)                                                              |
|  Commodity               |  (2.98)                             | (1.16)                                              | (2.22)                                                              |
|  Aggregate Value at Risk |   (4.41)%                           | (2.43)%                                             | (3.59)%                                                   |

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

----

| Primary Market Risk Category | High     | Low            | Average           |
|------------------------------|------------------------------|-----------------------------------------------------------------------|---------------------------------------------------------------------|
|                         |                         |                                                             |                                                                |
| Currency                     | (0.37)%                      | (0.06)%                                                               | (0.22)%                                                   |
| Interest Rate                |  (0.78)                 | (0.16)                                                                | (0.42)                                                              |
| Commodity                    |  (3.90)                 | (2.52)                                                                | (3.33)                                                              |
| Aggregate Value at Risk      | (4.45)%                      | (2.41)%                                                               | (3.65)%                                                   |

| Primary Market Risk Category | High           | Low     | Average            |
|------------------------------|----------------|---------|---------------------------------------------------------------------------|
|                         |           |    |                                                                      |
| Currency                     | (1.39)%        | (0.57)% | (0.85)%                                                              |
| Interest Rate                |  (2.08)   | (0.36)  | (1.12)                                                                    |
| Equity                       |  (2.01)   | (0.65)  | (1.34)                                                                    |
| Commodity                    |  (2.57)   | (0.69)  | (1.72)                                                                    |
| Aggregate Value at Risk      |   (4.30)% | (2.68)% | (3.57)%                                                         |

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

| ·   | 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 92% 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. |
|--------------------|-----------------------------------------------------|

----

----

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

----

| 3.1 | Certificate of Amendment of Certificate of Limited Partnership of the Registrant, dated as of April1 8, 2011. |
|-----|---------------------------------------------------------------------------------------------------------------|

| 3.2 | Form of Fourth Amended and Restated Limited Partnership Agreement of the Registrant, dated as of May 1, 2011. |
|-----|---------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

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