AlphaMetrix Managed Futures 10-Q 2008 Q2 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2008

or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to

Commission file number: 000-52192

UBS MANAGED FUTURES LLC (ASPECT SERIES)

(Exact name of registrant as specified in its charter)

Delaware	03-0607985
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

c/o UBS MANAGED FUND SERVICES INC.

One North Wacker Drive

31st Floor

Chicago, Illinois 60606

(Address of principal executive offices)

 (877) 272-2613

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes    x        No    o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer   o	Accelerated filer   o
Non-accelerated filer     o	(Do not check if a smaller reporting company)	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes     oNo     x

UBS MANAGED FUTURES LLC (ASPECT SERIES)

QUARTERLY REPORT FOR PERIOD ENDED JUNE 30, 2008 ON FORM 10-Q

Table of Contents

		Page
PART I – FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS Statements of Financial Condition (unaudited) Statements of Operations (unaudited) Statements of Changes in Members’ Capital (unaudited) Condensed Schedule of Investments (unaudited) Notes to Financial Statements (unaudited)	1
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	9
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	16
Item 4T.	CONTROLS AND PROCEDURES	16
PART II – OTHER INFORMATION
Item 1.	LEGAL PROCEEDINGS	16
Item 1A.	RISK FACTORS	16
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	16
Item 3.	DEFAULTS UPON SENIOR SECURITIES	17
Item 4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS	17
Item 5.	OTHER INFORMATION	17
Item 6.	EXHIBITS	17
SIGNATURES		S-1

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PART I – FINANCIAL INFORMATION

Item 1:  Financial Statements

UBS MANAGED FUTURES LLC (ASPECT SERIES) 

Statements of Financial Condition

	June 30, 2008			December 31, 2007
	(unaudited)
Assets
Equity in commodity trading account at clearing broker:
Cash (restricted: $5,674,304)	$	59,122,587		$	20,995,051
Net unrealized appreciation (depreciation) on     open contracts		2,445,835			777,415
Net payable related to unexpired contracts		(11,810	)		(14,822	)
		61,556,612			21,757,644
Cash		132,096			92,369
Net interest receivable		61,498			63,269
Total assets	$	61,750,206		$	21,913,282
Liabilities and Members’ Capital
Liabilities
Accrued brokerage commissions	$	5,515		$	4,631
Accrued sales commission		84,252			36,009
Accrued sponsor’s fee		10,532			4,501
Accrued management fee		85,521			35,963
Accrued performance fee		738,630			-
Accrued operating costs and administrative fee		132,096			99,345
Subscriptions received in advance		10,480,755			444,250
Redemptions payable		287,934			5,530,762
Total liabilities		11,825,235			6,155,461
Members’ Capital
Members (40,053.88 and 14,690.08 units outstanding at   June 30, 2008 and December 31, 2007, respectively,   unlimited units authorized)		49,912,582			15,747,164
Sponsor (9.94 units outstanding at June 30, 2008 and   December 31, 2007, unlimited units authorized)		12,389			10,657
Total members’ capital		49,924,971			15,757,821
Total liabilities and members’ capital	$	61,750,206		$	21,913,282
See accompanying notes to financial statements.

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UBS MANAGED FUTURES LLC (ASPECT SERIES)

Statements of Operations

(unaudited)

	April 1, 2008			April 1, 2007			January 1, 2008			January 1, 2007
	through			through			through			through
	June 30, 2008			June 30, 2007			June 30, 2008			June 30, 2007*
Trading gains (losses):
Net realized gain (loss)	$	1,431,547		$	1,242,034		$	4,764,921		$	1,210,758
Change in unrealized appreciation    (depreciation) on open contracts		2,532,556			323,170			1,668,420			426,052
Brokerage commission		(57,309	)		(18,775	)		(81,924	)		(23,581	)
Net trading gains (losses)		3,906,794			1,546,429			6,351,417			1,613,229
Investment income:
Interest income		160,088			134,172			288,356			151,634
Total investment income		160,088			134,172			288,356			151,634
Expenses:
Sales commission		212,372			56,370			309,135			63,095
Sponsor’s fee		26,547			7,045			38,642			7,887
Management fee		213,692			57,165			312,321			63,898
Performance fee		738,630			297,782			1,182,885			309,795
Operating costs and administrative fee		90,336			60,355			220,999			70,678
Total Expenses		1,281,577			478,717			2,063,982			515,353
Net investment gain (loss)		(1,121,489	)		(344,545	)		(1,775,626	)		(363,719	)
Net income (loss)	$	2,785,305		$	1,201,884		$	4,575,791		$	1,249,510
Net income (loss) per unit:
Weighted average number of units outstanding		30,859.96			10,374.84			24,184.18			9,721.28
Net income (loss) per weighted average unit	$	90.256		$	115.846		$	189.206		$	128.533
* The Series was organized on October 26, 2006 and commenced operations on March 16, 2007
See accompanying notes to financial statements.

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UBS MANAGED FUTURES LLC (ASPECT SERIES)

Condensed Schedule of Investments

June 30, 2008

(unaudited)

	% of Members’ Capital			Net Unrealized Appreciation (Depreciation) on Open Contracts
FUTURES CONTRACTS:
Long contracts
Domestic
Agriculture		0.66	%	$	330,294
Bonds		0.00	%		2,125
Energy		0.46	%		229,232
Metals		0.20	%		97,864
Foreign
Agriculture		0.21	%		106,395
Bonds		(0.02	) %		(9,443	)
Interest Rates		(0.09	) %		(42,802	)
Stock Indices		(0.04	) %		(22,465	)
		1.38	%		691,200
Short contracts
Domestic
Agriculture		(0.01	) %		(5,293	)
Interest Rates		(0.06	) %		(27,688	)
Metals		0.06	%		29,711
Stock Indices		0.46	%		231,068
Foreign
Bonds		0.13	%		63,290
Interest Rates		1.01	%		502,607	��
Stock Indices		0.91	%		452,314
		2.50	%		1,246,009
Total futures contracts		3.88	%		1,937,209
FORWARD CURRENCY CONTRACTS:
Total forward currency contracts receivable		2.08	%		1,036,053
Total forward currency contracts payable		(1.06	) %		(527,427	)
Total forward currency contracts		1.02	%		508,626
Net unrealized appreciation (depreciation) on open contracts		4.90	%	$	2,445,835
See accompanying notes to financial statements.

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UBS MANAGED FUTURES LLC (ASPECT SERIES)

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2008

(unaudited)

(1) Organization

UBS Managed Fund Services Inc. (the “Sponsor”), an indirect subsidiary of UBS AG, is the sponsor of UBS Managed Futures LLC (the “Platform”) of which UBS Managed Futures LLC (Aspect Series) (the “Aspect Series”) is a “segregated series.”  The Platform was formed on July 25, 2006 as a Delaware series limited liability company pursuant to the Delaware Limited Liability Company Act.  The Aspect Series invests all or substantially all of its assets in UBS Managed Futures (Aspect) LLC (the “Trading Fund”) which is advised by Aspect Capital Limited (the “Trading Advisor”).  The Aspect Series and the Trading Fund are collectively referred to herein as the “Series.”  The Series engages in the speculative trading of bonds, currencies, interest rates, equities, equity indices, debt securities and selected physical commodities and derivatives.  UBS Securities LLC is the Series’ futures clearing broker (the “Clearing Broker”) and UBS AG is currently the foreign exchange clearing broker of the Series, although the Sponsor may engage other clearing brokers in its discretion. The Series was organized on October 26, 2006 and commenced trading on March 16, 2007.  The Series filed a Form 10, under the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission to register the Series’ units of limited liability company interest (“Units”), which registration became effective October 17, 2006.

On March 16, 2007, the Series issued 5,000.00 Units to the Trading Advisor for $5,000,000 (the “Trading Advisor Investment”) and issued 2,760.62 Units for $2,760,620 to third parties. On April 1, 2007, the Series issued 9.94 Units to the Sponsor for $10,000.  On December 31, 2007, the Trading Advisor redeemed the full value of the Trading Advisor Investment.

The Series may terminate upon the determination of the Sponsor to do so for any reason (for the avoidance of doubt, the Sponsor shall be entitled, without any violation of any contractual or fiduciary obligation to any investor in the Series (a “Member”), to dissolve the Series at any time).

(2)   Summary of Significant Accounting Policies

The accompanying unaudited financial statements of the Series have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements and it is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Series’ Annual Report filed on Form 10-K for the year ended December 31, 2007.  In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the financial condition and operations of the Series for the periods presented have been included.    The following is a description of the more significant of those policies that the Series follows in preparing its financial statements.  Except as described in the following paragraphs, there have been no changes in the significant accounting policies from those included in the Series’ Annual Report filed on Form 10-K for the year ended December 31, 2007.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Revenue Recognition

Commodity futures and forward contract transactions are recorded on the trade date and open contracts are reflected in net unrealized appreciation/depreciation on open contracts in the Statements of Financial Condition as the difference between the original contract value and the market value (as determined by exchange settlement prices

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for futures contracts and cash dealer prices at a predetermined time for forward contracts and physical commodities) as of the last business day of the year or as of the last date of the financial statements.  The change in unrealized profit (loss) on open contracts from one period to the next is reflected in the change in unrealized appreciation/depreciation on open contracts in the Statements of Operations.  Realized gains and losses on futures and forward contracts are recognized when contracts are closed.

(3) Fair Value of Investments

Effective January 1, 2008, the Series adopted Statement of Financial Accounting Standards (SFAS) No. 157, Fair Value Measurements. SFAS 157 establishes a common definition for fair value under U.S. generally accepted accounting principles, establishes a framework for measuring fair value and expands disclosure requirements about such fair value measurements.  SFAS 157 is applicable in conjunction with other accounting pronouncements that require or permit fair value measurements, but does not expand the use of fair value to any new circumstances. More specifically, SFAS 157 emphasizes that fair value is a market based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority given to quoted prices in active markets and the lowest priority to unobservable inputs. The Series’ adoption of SFAS 157 did not have a material impact on its financial condition or results of operations.

Various inputs are used in determining the fair value of the Series’ investments. These inputs are summarized in the three broad levels listed below:

•      Level 1 – quoted prices in active markets for identical investments

•      Level 2 – significant other observable inputs

•      Level 3 – significant unobservable inputs

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. The following table provides the fair value measurements of applicable Series’ assets and liabilities by level within the fair value hierarchy as of June 30, 2008. These assets are measured on a recurring basis.

			Fair Value Measurements at Reporting Date Using
Description	Fair Value at June 30, 2008		Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments	$	2,445,835	$	2,445,835	$	0	$	0

(4)           Related Party Transactions

The Series’ assets are maintained at the Clearing Broker.  On assets held in U.S. dollars, the Clearing Broker credits the Series with interest at the prevailing Federal Funds Rate less 0.50% per annum.  In the case of non-U.S. dollar instruments, the Clearing Broker lends to the Series all required non-U.S. currencies at a local short-term interest rate plus a spread of up to 1.0% per annum (at current rates).  For deposits held in local currency, the Clearing Broker credits the local short-term interest rate less a spread of up to 2.0% per annum (at current rates).

The Series incurred brokerage commissions of $81,924 and $23,581 for the six months ended June 30, 2008 and for the period from March 16, 2007 to June 30, 2007, respectively, and accrued $5,515 owed to the Clearing Broker at June 30, 2008.

Each Member or Member-related account is subject to an upfront, waivable placement fee of 0%-2% of the subscription price of the Units, which will be paid by the relevant Member (not by the Series or by the Sponsor) on each of such Member’s subscriptions to the Series.  Upfront placement fees of $392,198 and $68,178 for the six months ended June 30, 2008 and for the period from March 16, 2007 to June 30, 2007, respectively, were deducted from proceeds received by the Members.

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Members are subject to an ongoing sales commission paid to UBS Financial Services Inc. (the “Selling Agent”), an affiliate of the Sponsor, equal to 2.0% per annum of the month-end net asset value for all other purposes (see below).  The Series incurred sales commissions of $309,135 and $63,095 for the six months ended June 30, 2008 and for the period from March 16, 2007 to June 30, 2007, respectively, and accrued $84,252 owed to the Selling Agent at June 30, 2008.  The Selling Agent in consultation with the Sponsor, may waive or reduce the sales commission for certain Members without entitling any other Member to such waiver or reduction.  Additionally, effective January 1, 2008, 0.50% of the 2.0% management fee is shared by the Trading Advisor with the Selling Agent (refer to Note (5) Advisory Agreement).

The Series pays a fee to the Sponsor of 0.25% per annum on the Series’ month-end net asset value for all other purposes (see below) and reserves the right to waive or reduce the fee at its sole discretion.  The Series incurred Sponsor’s fees of $38,642 and $7,887 for the six months ended June 30, 2008 and for the period from March 16, 2007 to June 30, 2007, respectively, and accrued $10,532 owed to the Sponsor at June 30, 2008.

The Sponsor paid all expenses incurred in connection with the organizational and initial offering of the Units at the Series level.  As described in the Series’ current Confidential Disclosure Document (including Parts One and Two, the “Disclosure Document”), the Series reimbursed the Sponsor for these costs.  For financial reporting purposes in conformity with U.S. generally accepted accounting principles, the Series expensed the total organizational costs of $208,820 when incurred and deducted the initial offering costs of $119,732 from Members’ capital as of March 16, 2007 (the date of commencement of operations of the Series) (“net asset value for financial reporting” or the “net asset value per Unit for financial reporting”).  For all other purposes, including determining the net asset value per Unit for subscription and redemption purposes, the Series amortizes organizational and initial offering costs over a 60 month period (“net asset value for all other purposes” or the “net asset value per Unit for all other purposes”).

The unaudited, except for December 31, 2007, net asset value and net asset value per Unit are as follows:

	Net Asset Value						Net Asset Value per Unit
	All Other Purposes		Financial Reporting		Number of Units		All Other Purposes			Financial Reporting
Price at Commencement*								1,000.000			1,000.000
March 31, 2007		7,805,411		7,479,686		7,760.62		1,005.772			963.801
June 30, 2007		13,409,546		13,100,248		11,988.08		1,118.573			1,092.773
September 30, 2007		18,932,687		18,639,817		18,241.85		1,037.871			1,021.816
December 31, 2007		16,034,264		15,757,821		14,700.02		1,090.765			1,071.959
March 31, 2008		20,507,363		20,247,348		17,025.49		1,204.509			1,189.237
June 30, 2008		50,168,558		49,924,971		40,063.82		1,252.216			1,246.136
Total return after performance fee, six months ended June 30, 2008								14.80	%		16.25	%
* Commencement of operations of the Series was March 16, 2007

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

(5)           Advisory Agreement

Under signed agreement, the Trading Advisor receives a monthly management fee at the rate of 0.167% (a 2.0% annual rate) of the Series’ month-end net asset value for all other purposes (see Note 4) calculated before reduction for any management fees, performance fees, Sponsor’s fees, sales commission or extraordinary fees accrued (including performance fees accrued in a prior month) as of such month-end and before giving effect to any capital contributions made as of the beginning of the month immediately following such month-end and before any distributions or redemptions accrued during or as of such month-end, but after all expenses as of such month-end. As of January 1, 2008, 0.50% of the 2.0% management fee is shared by the Trading Advisor with the Selling Agent.  The Series incurred management fees of $312,321 and $63,898 for the six months ended June 30, 2008 and for the period from March 16, 2007 to June 30, 2007, respectively, and accrued $85,521 owed to the Trading Advisor at June 30, 2008.

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Also, under signed agreement the Series pays to the Trading Advisor a quarterly performance fee equal to 20% of the new net trading profits, if any, of the Series calculated before deducting the administrative fee, the Sponsor’s fee and sales commission but after deducting the management fee. The Series incurred performance fees of $1,182,885 and $309,795 for the six months ended June 30, 2008 and for the period from March 16, 2007 to June 30, 2007, respectively, and accrued $738,630 owed to the Trading Advisor at June 30, 2008.

(6)           Trading Activities and Related Market and Credit Risk

The Series engages in the speculative trading of U.S. and foreign futures contracts and forward contracts (collectively “derivatives”).  These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy.  The Series is exposed to both market risk, the risk arising from changes in the market value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

Credit Risk

The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange.

The purchase and sale of futures requires margin deposits with a futures commission merchant (“FCM”).  Additional deposits may be necessary for any loss on contract value.  The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.  A customer’s cash and other property, such as U.S. Treasury Bills, deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.  In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available.  It is possible that the recovered amount could be less than the total of cash and other property deposited.  The Clearing Broker is an FCM.

Due to forward contracts being traded in unregulated markets between principals, the Series also assumes a credit risk and the risk of loss from counterparty non-performance with respect to its currency trading.  Additionally, the Series is exposed to the creditworthiness of the Clearing Broker.  In the unlikely event of the Clearing Broker’s bankruptcy, the Series could lose all or substantially all of its assets.

Market Risk

For derivatives, risks arise from changes in the market value of the contracts.  Theoretically, the Series is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

The Trading Advisor attempts to control risk in all aspects of the investment process, although there can be no assurance that it will, in fact, succeed in doing so.   The Series is designed to take market risk on a systematic basis across a broad portfolio of liquid markets and to monitor and minimize exposure to all other risks, such as credit and liquidity risks.  The trading systems used include various proprietary systems which are designed to control the risk taken at the individual position level as well as at the overall portfolio level.  The Trading Advisor monitors and controls market risk within limits at both sector and portfolio levels.

Net trading results from derivatives for the six months ended June 30, 2008 and for the period from March 16, 2007 to June 30, 2007 are reflected in the Statements of Operations and equal the trading gains (losses) less brokerage commission.  Such trading results reflect the net gain or loss arising from the Series’ speculative trading of futures contracts and forward contracts.

The Members bear the risk of loss only to the extent of the market value of their respective investment in the Series.

(7)           Financial Highlights

The following financial highlights show the Series’ financial performance for the six months ended June 30, 2008 and for the period from March 16, 2007 to June 30, 2007.  All performance returns noted are calculated based on the

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net asset value per Unit for financial reporting, with organizational costs incurred prior to issuance of Units being expensed at the commencement of the operations of the Series.  Total return is calculated as the change in a theoretical Member’s investment over the entire period - a percentage change in the Member’s capital value for the period.  Total return is calculated based on the aggregate return of the Series taken as a whole.  The amounts are not annualized.

	Six months ended June 30, 2008			Period from March 16, 2007 to June 30, 2007
Members’ capital per Unit at beginning of period	$	1,071.959		$	1,000.000
Income from operations:
Net trading gains		247.598			163.985
Net investment loss		(73.421	)		(71.212	)
Net change in Members’ capital per Unit from operations		174.177			92.773
Members’ capital per Unit at end of period	$	1,246.136		$	1,092.773
Total return:
Total return before performance fee		19.00	%		11.86	%
Performance fee		(2.75	) %		(2.58	) %
Total return after performance fee		16.25	%		9.28	%
Ratios to average Members’ capital
Net investment loss		(5.57	) %		(5.65	) %
Expenses:
Expenses		2.77	%		4.36	%
Performance fee		3.71	%		2.53	%
Total expenses		6.48	%		6.89	%

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

(8)           Subsequent Events

Member subscriptions received for the period July 1, 2008 through August 1, 2008 totaled $14,264,555.  Member redemptions received for the period July 1, 2008 through July 31, 2008 totaled $0.

In connection with a series of internal reorganizations at UBS AG, it is possible that the Sponsor may no longer act as a commodity pool operator. Consequently, the Sponsor is seeking an outside service provider as a replacement in its demonstrative role as the commodity pool operator of the Series and the Platform so that the Series and Platform can continue to operate as they have to date.  The Trading Advisor will remain as the sole trading advisor of the Series.  Any replacement sponsor will be fully qualified to service the Series and Platform, and any transition to such replacement sponsor should have no effect on investors.

Item 2:  Management’s Discussion and Analysis of Financial Condition and Results of Operations

Reference is made to Item 1 “Financial Statements.”  The information contained therein is essential to, and should be read in connection with, the following analysis.

All figures and performance returns noted in this Item 2 are based on the net asset value and/or the net asset value per unit for all other purposes, which complies with U.S. generally accepted accounting principles, except with respect to organizational and initial offering costs (which are being amortized over 60 months) as described in the

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“Notes to Financial Statements – (4) Related Party Transactions.”  All figures and performance returns communicated to investors are based on the net asset value and/or the net asset value per Unit for all other purposes.

Operational Overview

This performance summary describes the manner in which UBS Managed Futures LLC (Aspect Series) (together with UBS Managed Futures (Aspect) LLC, in which UBS Managed Futures LLC (Aspect Series) invests all or substantially all of its assets, the “Series”) has performed in the past and is not an indication of future performance.  While certain market movements are attributable to various market factors, such factors may or may not have caused such movements but they may have simply occurred at or about the same time.

The Series is unlikely to be profitable in markets in which trends do not occur.  Static or erratic prices are likely to result in losses.  Similarly, sharp trend reversals, which can be caused by many unexpected events, can lead to major short-term losses, as well as gains.

While there is no assurance the Series will profit in any market condition, markets having substantial and sustainable price movements offer the best profit potential for the Series.

Liquidity

Virtually all of the Series’ capital is held in cash or cash equivalents at UBS Securities LLC (the “Clearing Broker”) and is used to margin the Series’ futures and forward currency positions and is withdrawn, as necessary, to pay redemptions and expenses.  The Series does not maintain any sources of financing other than that made available by the Clearing Broker to fund foreign currency settlements for those instruments transacted and settled in foreign currencies.  The Series pays prevailing market rates for such borrowings.

Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Series’ futures and forward trading, the Series’ assets are highly liquid and are expected to remain so.  Because the Series’ assets are held in cash, it expects to be able to liquidate all of its open positions or holdings quickly and at prevailing market prices, except in unusual circumstances.  This permits Aspect Capital Limited, the Series’ trading advisor (the “Trading Advisor”), to enter and exit markets, leverage and deleverage in accordance with its strategy.  From its commencement of operations on March 16, 2007 through June 30, 2008, the Series experienced no meaningful periods of illiquidity in any of the markets in which it trades.  The Series processes redemptions on a monthly basis.  The Series incurred redemptions of $738,543 (618.40 units) and $0 (0 units) for the six months ended June 30, 2008 and for the period from March 16, 2007 to June 30, 2007, respectively, and accrued $287,934 in redemptions payable to investors in the Series (“Members”) at June 30, 2008.

Capital Resources

The Series’ units of limited liability company interests (“Units”) may be offered for sale as of the beginning, and may be redeemed as of the end, of each month.

The amount of capital raised for the Series is not expected to have a significant impact on its operations, as the Series has no significant capital expenditure or working capital requirements other than for monies to pay trading losses, brokerage commissions and charges.  Within broad ranges of capitalization, the Series’ trading positions should increase or decrease in approximate proportion to the size of the Series.

The Series raises additional capital only through the sale of Units and capital is increased through trading profits (if any).  The Series does not maintain any sources of financing other than that made available by the Clearing Broker to fund foreign currency settlements for those instruments transacted and settled in foreign currencies.

The Series may trade a variety of futures-related instruments, including (but not limited to) bonds, currencies, interest rates, equities, equity indices, debt securities and selected physical commodities and derivatives.  Risk arises from changes in the value of these contracts (market risk) and the potential inability of counterparties or brokers to perform under the terms of their contracts (credit risk).  Market risk is generally to be measured by the face amount

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of the futures positions acquired and the volatility of the markets traded.  The credit risk from counterparty non-performance associated with these instruments is the net unrealized gain, if any, on these positions plus the value of the margin or collateral held by the counterparty.  The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange.  In over-the-counter transactions, on the other hand, traders must rely solely on the credit of their respective individual counterparties.  Margins that may be subject to loss in the event of a default are generally required in exchange trading, and counterparties may require margin or collateral in the over-the-counter markets.

The Trading Advisor attempts to control risk in all aspects of the investment process, although there can be no assurance that it will, in fact, succeed in doing so.   The Series is designed to take market risk on a systematic basis across a broad portfolio of liquid markets and to monitor and minimize exposure to all other risks, such as credit and liquidity risks.  The trading systems used include various proprietary systems that are designed to control the risk taken at the individual position level as well as at the overall portfolio level.  The Trading Advisor monitors and controls market risk within limits at both sector and portfolio levels.

The financial instruments traded by the Series contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures and forward contracts or the Series’ satisfaction of the obligations may exceed the amount recognized in the Statements of Financial Condition of the Series.

Due to the nature of the Series’ business, substantially all its assets are represented by cash and U.S. government obligations, while the Series maintains its market exposure through open futures and forward contract positions.

The Series’ futures contracts are settled by offset and are cleared by the exchange clearinghouse function.  Open futures positions are marked to market each trading day and the Series’ trading accounts are debited or credited accordingly.  The Series’ spot and forward currency transactions conducted in the interbank market are settled by netting offsetting positions or payment obligations and by cash payments.

The value of the Series’ cash and financial instruments is not materially affected by inflation.  Changes in interest rates, which are often associated with inflation, could cause the value of certain of the Series’ debt securities to decline, but only to a limited extent.  More importantly, changes in interest rates could cause periods of strong up or down market price trends, during which the Series’ profit potential generally increases.  However, inflation can also give rise to markets which have numerous short price trends followed by rapid reversals, markets in which the Series is likely to suffer losses.

Results of Operations

General

UBS Managed Futures LLC (the “Platform”) is being sponsored by UBS Managed Fund Services Inc. (the “Sponsor”).  The purpose of the Platform is to make available to qualified clients of the Sponsor or its affiliates professional managed futures advisors.  The Platform is a Delaware series limited liability company issuing segregated series of limited liability company interests.

The Series is the only series currently being offered by the Platform.  The Series is traded solely by the Trading Advisor, using its Aspect Diversified Program (the “Program”).  The Program is a broadly diversified global trading system that deploys multiple trading strategies that seek to identify and exploit directional moves in market behavior of a broad range of global financial instruments including (but not limited to) bonds, currencies, interest rates, equities, equity indices, debt securities and selected physical commodities and derivatives.  By maintaining a comparatively small exposure to any individual market, the aim is to achieve real diversification.

The Trading Advisor was established in 1997 by Anthony Todd, Dr. Eugene Lambert, Martin Lueck and Michael Adam, all of whom were involved in the development of AHL (‘Adam, Harding and Lueck’), now part of Man Group plc., where they advanced the application of systematic quantitative techniques in managed futures investment.  The Trading Advisor has grown to a team of over 100 employees and manages approximately $5.06 billion overall, including approximately $4.812 billion in the Program as of June 30, 2008.  The Trading Advisor is a

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limited liability company registered in England and Wales, which is regulated in the United Kingdom by the Financial Services Authority.  Since October 1999, the Trading Advisor has been a member of the National Futures Association (“NFA”) and has been registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator.  The Trading advisor has also been registered with NFA as a principal of its commodity trading advisor subsidiary Aspect Capital Inc. since August 2004.  The Trading Advisor has also been registered with the Securities and Exchange Commission as an investment adviser since October 2003.

The Series commenced trading activities March 16, 2007 with an initial capitalization of $7,760,620, of which $5,000,000 was contributed by the Trading Advisor as seed capital.  On December 31, 2007, the Trading Advisor redeemed the full value of its seed capital.  As of June 30, 2008, the Series had a capitalization of $50,168,558 based on the net asset value for all other purposes, of which $0 was attributable to the Trading Advisor.

In connection with a series of internal reorganizations at UBS AG, it is possible that the Sponsor may no longer act as a commodity pool operator. Consequently, the Sponsor is seeking an outside service provider as a replacement in its demonstrative role as the commodity pool operator of the Series and the Platform so that the Series and Platform can continue to operate as they have to date.  The Trading Advisor will remain as the sole trading advisor of the Series.  Any replacement sponsor will be fully qualified to service the Series and Platform, and any transition to such replacement sponsor should have no effect on investors.

Performance Summary

Quarter ending June 30, 2008

This performance description is a brief summary of how the Series performed during the quarter ending June 30, 2008, not necessarily an indication of how it will perform in the future.  In addition, the general causes to which certain price movements are attributed may or may not in fact have caused such movements, but simply occurred at or about the same time.  The Series’ past performance is not necessarily indicative of how it will perform in the future.

The Series ended June 30, 2008 with a year-to-date positive return of 14.80%, based on the net asset value for all other purposes (see “Notes to Financial Statements (unaudited) – (4) Related Party Transactions”).

April 1, 2008 to June 30, 2008

During April 2008, the Series posted a 5.92% loss for the month, a 3.89% gain for the year-to-date, and an 11.71% gain on an annualized basis for the period from inception (March 16, 2007) to April 30, 2008.

Conditions in global equity and fixed income markets remained challenging for the Series throughout much of April.  Amid a mixture of robust U.S. economic data releases and earnings reports in non-financials stocks, global equity markets pushed higher during the month.  Fixed income prices dropped in tandem with the equity market gains, with particularly sharp falls seen in Japanese government bonds and the Eurodollar in late April.  These movements continued to go against the recent strong trends seen within some of these markets, hurting performance across the Series’ long exposure to fixed income and short positions in stock indices.  Bonds incurred the most significant losses during the month.  Elsewhere, currencies finished on a loss overall after the U.S. dollar strengthened late in the month, particularly against the Euro and Swiss franc.  Compared to recent months, performance in commodities was relatively subdued: metals and agriculturals finished with marginal losses after key prices came off their recent highs; however, the long positions in energies finished strongly after crude oil advanced to reach new highs.

During May 2008, the Series posted a 3.51% gain for the month, a 7.53% gain for the year-to-date, and a 14.05% gain on an annualized basis for the period from inception (March 16, 2007) to May 31, 2008.

The energies sector was the main driver of performance throughout the month, as the oil complex continued its surge to all-time highs. Important influences included supply disruptions, bullish inventory data, long-term analyst forecasts and a weakening U.S. dollar. The Series’ established long positions took advantage of these moves, with the largest profits coming from the reformulated gasoline contract. In other sectors the month started quietly, with

small losses accumulating in the agriculturals and stock index sectors: many crop markets retreated from their recent

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highs causing some profit give-back, and global stock indices remained largely range-bound. However, through the middle of the month good profits were seen in currencies and short-term interest rates, as emerging market currencies made gains against the major currencies and interest-rate expectations became more hawkish in Europe and the United Kingdom. Finally, bonds and metals sectors both finished close to flat for the month, with each sector experiencing a mix of small, offsetting returns.

During June 2008, the Series posted a 6.76% gain for the month, a 14.80% gain for the year-to-date, and a 18.95% gain on an annualized basis for the period from inception (March 16, 2007) to June 30, 2008.

There were positive contributions overall from each sector within the portfolio, but performance was particularly driven by the agriculturals, energies and stock indices sectors.  As the U.S. economy showed further signs of weakening, global stock markets fell steadily to the benefit of the Series’ predominantly short stock indices positions.  The fixed income sectors also started the month strong; short positions in British and European markets made profits following suggestions of rate increases at the European Central Bank press conference.  However, this performance was not matched elsewhere in fixed income: the outlook for U.S. markets remained uncertain, and the Bank of Canada’s decision not to reduce interest rates made the Canadian Bankers’ Acceptance futures the Series’ worst performing market.  Finally, commodities continued to be a strong area for the Series.  Grain prices rocketed to record levels after poor weather affected U.S. crop forecasts, and the long position in natural gas was the best performer as energy prices continued to rally.

Quarter ending March 31, 2008

This performance description is a brief summary of how the Series performed during the quarter ending March 31, 2008, not necessarily an indication of how it will perform in the future.  In addition, the general causes to which certain price movements are attributed may or may not in fact have caused such movements, but simply occurred at or about the same time.  The Series’ past performance is not necessarily indicative of how it will perform in the future.

The Series ended March 31, 2008 with a year-to-date positive return of 10.43%, based on the net asset value for all other purposes (see “Notes to Financial Statements (unaudited) – (4) Related Party Transactions”).

January 1, 2008 to March 31, 2008

During January 2008, the Series posted a 4.57% gain for the month and a 14.06% gain for the period from inception (March 16, 2007) to January 31, 2008.

The Series performed well in January. Data gathered early in the month suggesting a weak economy and the increasing likelihood of a U.S. recession was reflected in an increased level of risk aversion by many investors. This prompted the U.S. Federal Reserve to cut interest rates by a total of 1.25% during the month. The reduction in interest rates created some positive market sentiment, though this appeared short-lived as many equity markets posted their worst January performance since 1990. The Series was well placed to respond to this heightened risk aversion. Short positions in many equity indices and long positions in short-term interest rates were particularly profitable as were the long positions in bonds. After recent months which have witnessed higher volatility in foreign exchange markets, global currency markets were relatively subdued in January. A small loss in the currency sector was compounded by a larger negative contribution from energies as the strength in oil prices seen at the end of last year reversed. However, the strong performance from agriculturals continued with gains being driven by long positions in corn and soybean.

During February 2008, the Series posted a 7.85% gain for the month, a 12.78% gain for the year-to-date, and a 23.02% gain for the period from inception (March 16, 2007) to February 29, 2008.

Conditions within the equity and fixed income markets remained volatile as negative sentiment continued.  Weak economic data pushed the U.S. equity markets lower in the month, while conditions in the credit markets offered little reprieve as credit spreads widened to record levels.  Fixed income markets continued their recent rally; this was also true in many commodity markets. The agriculturals sector was the best performing sector, aided by robust gains from the Series’ long positions in soybeans, coffee and wheat.  Long positions in oils and precious metals accounted

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for much of the gains seen in the energies and metals sectors.  In fixed income, the most profitable contracts were the long positions in Eurodollar and the short positions in Australian Bills.  Elsewhere, the short positions in stock indices finished positively; however, the mixed positions in stock sectors finished the month with a small aggregate loss.  In currencies, the Euro/U.S. dollar and U.S. dollar/Swiss franc pairs were the most profitable positions after the U.S. dollar finished the month near record lows against several of the major currencies.

During March 2008, the Series posted a 2.09% loss for the month, a 10.43% gain for the year-to-date, and a 20.45% gain for the period from inception (March 16, 2007) to March 31, 2008.

After starting the month positive as trends in equities and commodities continued, the Series struggled in the final weeks of the month with losses from positions in precious metals and agriculturals. Amid high volatility, these markets reversed sharply, causing long positions to give back some of their gains made earlier in the year. Short positions in stock indices took advantage of further market weakness, especially in Japan. Central bank action and improved conditions within the financials sector subsequently helped global equity markets to rally later in the month, but the Series’ short positions in stock indices still finished as the most profitable sector for the Series. Results in fixed income were mixed: bonds finished profitably overall with strong performance from the long exposure to Japanese government bonds; short-term interest rates finished down, however, with losses from the long positions in the Euro Interbank Offered Rate and short sterling. The currencies sector finished profitably as positions benefited from the continued depreciation of the U.S. dollar against the Euro and Swiss franc. The energies sector saw more mixed results, but strong performance in gas oil and heating oil ensured a net profit.

Quarter ending June 30, 2007

This performance description is a brief summary of how the Series performed during the quarter ending June 30, 2007, not necessarily an indication of how it will perform in the future.  In addition, the general causes to which certain price movements are attributed may or may not in fact have caused such movements, but simply occurred at or about the same time.

The Series ended June 2007 with a year-to-date positive return of 11.86%, based on the net asset value for all other purposes (see “Notes to Financial Statements (unaudited) – (4) Related Party Transactions”).

April 1, 2007 to June 30, 2007

During April 2007, the Series posted a 2.92% gain for the month and a 3.51% gain for the period from inception (March 16, 2007) to April 30, 2007.

Significant returns were realized in the currency markets.  In addition, stock indices and metals finished the month in positive territory.  The only disappointing sector was agriculturals, which finished the month in slightly negative territory. The best performing sector was currencies as most of the sector short positions in the Japanese Yen and U.S. dollar benefited from the subsequent weakening of both currencies throughout the month.  As global markets stabilized, investors resumed their carry trade activity sending the Japanese yen lower against the U.S. dollar and the Euro.  Elsewhere, the U.S. dollar weakened against other major currencies following weak data releases, profiting the Series’ short position. The long positions held across the stock indices sector were also profitable during April, as global equity markets continued to recover from their low in March.  Likewise, metals benefited from the re-emergence of stable trends in the sector as prices, driven by tightening fundamentals and demand growth, generally rallied throughout the month. The worst performing sector was agriculturals as cocoa prices sharply reversed to the detriment of the Series’ long positions while corn and soybean prices continued their recent decline following the release of the U.S. Department of Agriculture crop estimates for the 2007 planting season.

During May 2007, the Series posted a 4.80% gain for the month and an 8.48% gain for the period from inception (March 16, 2007) to May 31, 2007.

The Series realized significant returns in the stock, bond and interest rate markets.  All other markets remained flat, with the exception of the metals market which experienced a slight loss.  The Series’ short holdings in bonds and interest rates benefited from many yield increases in the major global markets.  U.S. treasury prices fell as expectations of further rate cuts declined.  The UK and Eurozone declines were fueled by anticipation of further rate

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hikes to guard against inflation.  The Series’ long U.S., UK and Eurozone stock position benefited from increased merger and acquisition activity.  The optimistic outlook for economic growth in Japan benefited the long Japanese stock index position. The worst performing sector was metals after the complex finished down against the Series’ long position.  Profit taking and technical sell off led the decline while precious metals fell on the back of the strengthening U.S. dollar.

During June 2007, the Series posted a 3.11% gain for the month and an 11.86% gain for the period from inception (March 16, 2007) to June 30, 2007.

During June, the Series’ significant returns were generated by its short interest rate and bond holdings as yields increased to multi-year highs in the first two weeks of the month.  In the U.S., the Federal Reserve indicated that it would not cut rates in the near future.  The most significant returns were realized in the UK after recent Monetary Policy Committee minutes pressured prices to the downside. Currencies also finished profitably as gains in the New Zealand dollar, Japanese Yen and Australian dollar cross rates against the U.S. dollar offset losses in the U.S. dollar/Swiss Franc and U.S. dollar/ Singapore dollar positions.   The Series garnered significant returns in the agricultural sector as its long soybean holdings generated impressive returns in the aftermath of a reported soybean acreage shortage compared to prior reports. The stock indices sector ended the month negatively as conditions remained volatile and largely trendless amid investor concerns over inflation and rising yields.  With the exception of lead, metals finished the month flat to down on supply tightness, profit taking and bouts of increased risk aversion.

Quarter ending March 31, 2007

This performance description is a brief summary of how the Series performed during the period March 16, 2007 (commencement of operations) to March 31, 2007, not necessarily an indication of how it will perform in the future.  In addition, the general causes to which certain price movements are attributed may or may not in fact have caused such movements, but simply occurred at or about the same time.  The Series’ past performance is not necessarily indicative of how it will perform in the future.

The Series ended March 2007 with a slightly positive return of 0.64%.  The majority of the return was realized in the foreign exchange and interest rate markets with the British pound sterling/U.S. dollar and Australian dollar/U.S. dollar positions strengthening against the weaker U.S. dollar.  This benefited the Series’ overall short U.S. dollar position.  The Series’ positions in the interest rate markets profited as well with the majority of the gains generated from the Series’ short British pound sterling position.  Energy was the worst performing sector with crude oil contributing the greatest losses.  The market suffered as geopolitical pressures coupled with tightening markets drove prices upward against the Series’ net short position.  The remaining sectors finished the month in positive territory.  In particular the Series benefited from stock indices profits as the markets rebounded from the sharp declines in late February and early March.

Variables Affecting Performance

The principal variables that determine the net performance of the Series are gross profitability from the Series’ trading activity and interest income.

The Series’ assets are maintained at the Clearing Broker.  On assets held in U.S. dollars, the Clearing Broker credits the Series with interest at the prevailing Federal Funds Rate less 0.50% per annum.  In the case of non-U.S. dollar instruments, the Clearing Broker lends to the Series all required non-U.S. currencies at a local short-term interest rate plus a spread of up to 1.0% per annum (at current rates).  For deposits held in non-U.S. currencies, the Clearing Broker credits the local short-term interest rate less a spread of up to 2.0% per annum (at current rates).

The Series’ management, Sponsor’s and administrative fees and the ongoing sales commissions are a constant percentage of the Series’ net asset value for all other purposes; although the administrative fee is also subject to a monthly minimum of $10,000, which the Series has paid historically each month.  Brokerage commissions, which are not based on a percentage of the Series’ net assets, are based on the volume of trades executed and cleared on behalf of the Series.  Brokerage commissions are based on the actual number of contracts traded.  The performance

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fees payable to the Trading Advisor are based on the new net trading profits, if any, generated by the Series, excluding interest income and after reduction for brokerage commissions and certain other fees and expenses.

For the Series, there is no meaningful distinction between realized and unrealized profits.  Most of the instruments traded on behalf of the Series are highly liquid and can be closed out immediately.

Off-balance Sheet Arrangements

The Series has no applicable off-balance sheet arrangements of the type described in Items 3.03(a)(4) of Regulation S-K.

Contractual Obligations

The Series does not enter into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources.  The Series’ sole business is trading futures and forward currency contracts, both long (contracts to buy) and short (contracts to sell).  All such contracts are settled by offset, not delivery.  The Series’ Financial Statements included in Item 1 present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of the Series’ open future and forward currency contracts, both long and short, at June 30, 2008.

Item 3:  Quantitative and Qualitative Disclosures About Market Risk

Not applicable; the Series is a small reporting company.

Item 4T:  Controls and Procedures

The Sponsor, with the participation of the Sponsor’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Series as of the end of the fiscal quarter for which this Quarterly Report on Form 10-Q is being filed, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective.  There were no changes in the Sponsor’s internal control over financial reporting with respect to the Series during the period ended June 30, 2008 that have materially affected, or are reasonably likely to materially affect, the Series’ internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1:  Legal Proceedings

The Sponsor is not aware of any pending legal proceedings to which either the Series is a party or to which any of its assets are subject.  In addition there are no pending material legal proceedings involving the Sponsor.  UBS AG, an affiliate of the Sponsor and the Series, as well as certain of its subsidiaries and affiliates, including the Clearing Broker and UBS Financial Services Inc., have been named as defendants in civil actions, arbitration proceedings and claims arising out of their respective business activities.  Although the ultimate outcome of these actions cannot be predicted at this time and the results of legal proceedings cannot be predicted with certainty, it is the opinion of management that the result of these matters will not be materially adverse to the business operations or financial condition of the Sponsor or the Series.

Item 1A:  Risk Factors

There are no material changes to the risk factors previously disclosed in the Series’ most recent Form 10-K filed on March 21, 2008.

Item 2:  Unregistered Sales of Equity Securities and Use of Proceeds

(a)           Not applicable.

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(b)           Not applicable.

(c) Pursuant to the Platform’s Limited Liability Company Agreement and the Series’ Separate Series Agreement, Members may redeem their Units at the end of each calendar month at the then current month-end net asset value per unit for all other purposes (i.e. including the amortization of organizational and initial offering costs).  The redemption of Units has no impact on the value of Units that remain outstanding, and Units are not reissued once redeemed.  The following table summarizes the redemptions by Members during the second quarter of 2008:

Month	Units Redeemed	Net Asset Value per Unit for all other purposes
April 30, 2008	0.000	1133.154
May 31, 2008	0.000	1172.934
June 30, 2008	229.940	1252.216
Total	229.940

Item 3:  Defaults Upon Senior Securities

(a)           None.

(b)           None.

Item 4:  Submission of Matters to a Vote of Security Holders

None.

Item 5:  Other Information

(a)           None.

(b)           Not applicable.

Item 6: Exhibits

The following exhibits are included herewith.

^1.1	Selling Agreement.
*3.1	Certificate of Formation of UBS Managed Futures LLC.
*4.1	Limited Liability Company Operating Agreement of UBS Managed Futures LLC.
*4.2	Separate Series Agreement for the Series.
*10.1	Advisory Agreement.
^10.2	Representation Letter.

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Exhibit Number	Description of Document
^10.3	Administration Agreement.
^10.4	Escrow Agreement.
*10.5	Form of Customer Agreement.
#10.6	Form of Subscription Agreement.
w10.7	Customer Agreement with UBS Securities LLC.
w10.8	FX Prime Brokerage Agreement with UBS AG.
w10.9	Form of ISDA Master Agreement and Credit Support Annex.
w10.10	ISDA Schedule and Credit Support Annex between UBS Managed Futures (Aspect) LLC and UBS AG.
31.1	Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2	Certification of Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

* Incorporated by reference to the Series’ Form 10/A previously filed on November 2, 2006.

^ Incorporated by reference to the Series’ Form 10/A previously filed on January 30, 2007.

# Incorporated by reference to the Series’ Form 10-Q previously filed on August 14, 2007.

w Incorporated by reference to the Series’ Form 10-K previously filed on March 21, 2008.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: August 7, 2008

UBS MANAGED FUTURES LLC (ASPECT SERIES)

By:  UBS Managed Fund Services Inc.

Sponsor

By: /s/ Richard Meade                                         

Name:  Richard Meade

Title:  President and Chief Executive Officer

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