UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549




FORM
10-Q




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




For the
quarterly period ended September 30,
2008




OR




[  ]
            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:    000-53217




Man-AHL
      130, LLC(Exact
      name of registrant as specified in
charter)





Delaware
              84-1676365(State
      or other jurisdiction of incorporation or organization)
              (IRS
      Employer Identification No.)


c/o
      Man Investments (USA) Corp.
                    123
      North Wacker Drive
                    28th
      Floor
                    Chicago, Illinois
                  
                  60606(Address
      of principal executive offices)
                  
                  (Zip
      Code)






(312)
881-6800


(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
[  ]




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 definitions of “large accelerated filer,” “accelerated
filer” and “smaller reporting company” in Rule 12b-2 of the Exchange
Act.  (Check one):




Large
      Accelerated Filer [  ]
              Accelerated
      Filer   [  ]Non-Accelerated
      Filer   [  ]
              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
      [  ]    No
[X]






1




PART I - FINANCIAL
INFORMATION





ITEM
      1.
            Financial
      Statements




Man-AHL
130, LLC





STATEMENTS
OF FINANCIAL CONDITION (a)


STATEMENTS
OF OPERATIONS (b)


STATEMENTS
OF CHANGES IN MEMBERS’ EQUITY (c)


STATEMENTS
OF CASH FLOWS (b)


NOTES TO
FINANCIAL STATEMENTS (UNAUDITED)





(a)
            At
      September 30, 2008 (unaudited) and March 31,
  2008


(b)
            For
      the three months ended September 30, 2008 and 2007 (unaudited) and for the
      six months ended
              September
      30, 2008 and 2007 (unaudited)


(c)
            For
      the six months ended September 30, 2008 and 2007
    (unaudited)






2




MAN-AHL
      130, LLCSTATEMENTS
      OF FINANCIAL CONDITIONSeptember
      30, 2008(unaudited)
                              
                              
                              March
      31, 2008ASSETS:Equity
      in commodity futures and forwardstrading
      accounts:Net
      unrealized trading gains on open
                                derivatives
      contracts
                              
                              $
                              713,378
                              
                              
                              $
                              759,797Due
      from broker
                              
                              
                              1,927,339
                              
                              
                              
                              944,647Investment
      in Man-Glenwood Lexington, LLC,at
      fair value (cost $6,346,840 and $5,839,245, respectively)
                              
                              
                              5,563,762
                              
                              
                              
                              5,701,675Investment
      in Man-Glenwood Lexington TEI, LLC,at
      fair value (cost $2,595,500 and $0, respectively)
                              
                              
                              2,322,051
                              
                              
                              
                              —Cash
      and cash equivalents
                              
                              
                              19,541,751
                              
                              
                              
                              13,883,114Advance
      subscription to Man-Glenwood Lexington, LLC
                              
                              
                              —
                              
                              
                              
                              238,357Advance
      subscription to Man-Glenwood Lexington TEI, LLC
                              
                              
                              499,000
                              
                              
                              
                              —Redemption
      receivable from Man-Glenwood Lexington, LLC
                              
                              
                              291,000
                              
                              
                              
                              160,000Expense
      reimbursement receivable
                              
                              
                              92,646
                              
                              
                              
                              114,090Interest
      receivable
                              
                              
                              2,147
                              
                              
                              
                              5,773TOTAL
                              
                              $
                              30,953,074
                              
                              
                              $
                              21,807,453LIABILITIES
      & MEMBERS' EQUITY:Subscriptions
      received in advance
                              
                              $
                              1,820,500
                              
                              
                              $
                              290,416Redemption
      payable
                              
                              
                              125,000
                              
                              
                              
                              —Management
      fees payable
                              
                              
                              103,178
                              
                              
                              
                              136,793Client
      servicing fees payable
                              
                              
                              12,308
                              
                              
                              
                              1,044Incentive
      fees payable
                              
                              
                              —
                              
                              
                              
                              598,100Brokerage
      commission payable
                              
                              
                              2,003
                              
                              
                              
                              98,588Accrued
      professional fees payable
                              
                              
                              193,182
                              
                              
                              
                              173,409Accrued
      administrative fees payable
                              
                              
                              62,500
                              
                              
                              
                              98,871Other
      liabilities
                              
                              
                              1,600
                              
                              
                              
                              1,600Total
      liabilities
                              
                              
                              2,320,271
                              
                              
                              
                              1,398,821MEMBERS'
      EQUITY:Class
      A Series 1 Members(5,977.072
      and 2,647.132 units outstanding, respectively)
                              
                              
                              706,372
                              
                              
                              
                              348,997Class
      A Series 2 Member(157,118.321
      and 150,751.032 units outstanding, respectively)
                              
                              
                              18,858,245
                              
                              
                              
                              20,059,635Class
      B Series 1 Members(35,057.408
      and 0 units outstanding, respectively)
                              
                              
                              4,155,005
                              
                              
                              
                              —Class
      B Series 2 Members(40,815.824
      and 0 units outstanding, respectively)
                              
                              
                              4,913,181
                              
                              
                              
                              —Total
      Members' equity
                              
                              
                              28,632,803
                              
                              
                              
                              20,408,632TOTAL
                              
                              $
                              30,953,074
                              
                              
                              $
                              21,807,453NET
      ASSET VALUE PER UNIT OUTSTANDING - CLASS A SERIES 1
MEMBERS
                              
                              $
                              118.18
                              
                              
                              $
                              131.84NET
      ASSET VALUE PER UNIT OUTSTANDING - CLASS A SERIES 2
MEMBERS
                              
                              $
                              120.03
                              
                              
                              $
                              133.07NET
      ASSET VALUE PER UNIT OUTSTANDING - CLASS B SERIES 1
MEMBERS
                              
                              $
                              118.52
                              
                              
                              $
                              —NET
      ASSET VALUE PER UNIT OUTSTANDING - CLASS B SERIES 2
MEMBERS
                              
                              $
                              120.37
                              
                              
                              $
                              —See
      notes to financial statements.




3






MAN-AHL
      130, LLCSTATEMENTS
      OF OPERATIONS (UNAUDITED)For
      the three
                          
                          
                          For
      the three
                          
                          
                          For
      the six
                          
                          
                          For
      the sixmonths
      ended
                          
                          
                          months
      ended
                          
                          
                          months
      ended
                          
                          
                          months
      endedSeptember
      30, 2008
                          
                          
                          September
      30, 2007
                          
                          
                          September
      30, 2008
                          
                          
                          September
      30, 2007INVESTMENT
      INCOME:Interest
      income
                          
                          $
                          92,056
                          
                          
                          $
                          105,891
                          
                          
                          $
                          177,590
                          
                          
                          $
                          219,274EXPENSES:Management
      fees
                          
                          
                          196,302
                          
                          
                          
                          112,444
                          
                          
                          
                          370,780
                          
                          
                          
                          225,276Incentive
      fees
                          
                          
                          —
                          
                          
                          
                          —
                          
                          
                          
                          272,111
                          
                          
                          
                          426,088Client
      servicing fees
                          
                          
                          12,330
                          
                          
                          
                          406
                          
                          
                          
                          19,826
                          
                          
                          
                          406Brokerage
      commissions
                          
                          
                          34,999
                          
                          
                          
                          69,471
                          
                          
                          
                          66,667
                          
                          
                          
                          141,199Professional
      fees
                          
                          
                          87,250
                          
                          
                          
                          90,417
                          
                          
                          
                          174,500
                          
                          
                          
                          189,167Administrative
      fees
                          
                          
                          37,500
                          
                          
                          
                          37,500
                          
                          
                          
                          75,000
                          
                          
                          
                          75,000Other
                          
                          
                          2,909
                          
                          
                          
                          5,025
                          
                          
                          
                          5,855
                          
                          
                          
                          9,670TOTAL
      EXPENSES
                          
                          
                          371,290
                          
                          
                          
                          315,263
                          
                          
                          
                          984,739
                          
                          
                          
                          1,066,806Less
      reimbursed expenses
                          
                          
                          (92,646
                          )
                          
                          
                          (110,620
                          )
                          
                          
                          (186,568
                          )
                          
                          
                          (226,770
                          )Net
      expenses
                          
                          
                          278,644
                          
                          
                          
                          204,643
                          
                          
                          
                          798,171
                          
                          
                          
                          840,036NET
      INVESTMENT LOSS
                          
                          
                          (186,588
                          )
                          
                          
                          (98,752
                          )
                          
                          
                          (620,581
                          )
                          
                          
                          (620,762
                          )NET
      REALIZED AND UNREALIZED GAINS(LOSSES) ON INVESTMENTS AND
      FOREIGNCURRENCY:Net
      realized trading gains (losses) on closed
                            derivatives
      contracts and foreign currency
                            transactions
                          
                          
                          (2,713,236
                          )
                          
                          
                          (5,183
                          )
                          
                          
                          (1,323,999
                          )
                          
                          
                          1,336,665Net
      change in unrealized trading gains (losses) on open
                            derivatives
      contracts and translation of assets
                            and
      liabilities denominated in foreign currencies
                          
                          
                          (175,766
                          )
                          
                          
                          142,748
                          
                          
                          
                          (46,419
                          )
                          
                          
                          1,069,824Net
      realized losses on investment in
                            Man-Glenwood
      Lexington, LLC
                          
                          
                          (33,762
                          )
                          
                          
                          (653
                          )
                          
                          
                          (33,762
                          )
                          
                          
                          (653
                          )Net
      change in unrealized depreciation on
                            investment
      in Man-Glenwood Lexington, LLC
                          
                          
                          (720,413
                          )
                          
                          
                          (107,722
                          )
                          
                          
                          (645,508
                          )
                          
                          
                          (6,211
                          )Net
      change in unrealized depreciation on
                            investment
      in Man-Glenwood Lexington TEI, LLC
                          
                          
                          (279,394
                          )
                          
                          
                          —
                          
                          
                          
                          (273,449
                          )
                          
                          
                          —NET
      REALIZED AND UNREALIZED GAINS (LOSSES)ON INVESTMENTS AND FOREIGN
      CURRENCY
                          
                          
                          (3,922,571
                          )
                          
                          
                          29,190
                          
                          
                          
                          (2,323,137
                          )
                          
                          
                          2,399,625Net
      income (loss)
                          
                          $
                          (4,109,159
                          )
                          
                          $
                          (69,562
                          )
                          
                          $
                          (2,943,718
                          )
                          
                          $
                          1,778,863Net
      income (loss) per unit outstanding - Class A Series 1
                          
                          $
                          (18.59
                          )
                          
                          $
                          1.70
                          
                          
                          $
                          (17.57
                          )
                          
                          $
                          3.38Net
      income (loss) per unit outstanding - Class A Series 2
                          
                          $
                          (19.01
                          )
                          
                          $
                          (0.48
                          )
                          
                          $
                          (13.20
                          )
                          
                          $
                          11.85Net
      income (loss) per unit outstanding - Class B Series 1
                          
                          $
                          (16.47
                          )
                          
                          $
                          —
                          
                          
                          $
                          (17.48
                          )
                          
                          $
                          —Net
      income (loss) per unit outstanding - Class B Series 2
                          
                          $
                          (17.07
                          )
                          
                          $
                          —
                          
                          
                          $
                          (16.14
                          )
                          
                          $
                          —See
      notes to financial statements.




4




MAN-AHL
      130, LLCSTATEMENTS
      OF CHANGES IN MEMBERS' EQUITY (UNAUDITED)FOR
      THE SIX MONTHS ENDED SEPTEMBER 30, 2008CLASS
      A SERIES 1
                                                                              
                                                                              
                                                                              CLASS
      A SERIES 2
                                                                              
                                                                              
                                                                              CLASS
      B SERIES 1*
                                                                              
                                                                              
                                                                              CLASS
      B SERIES 2*
                                                                              
                                                                              
                                                                              TOTALAmount
                                                                              
                                                                              
                                                                              Units
                                                                              
                                                                              
                                                                              Amount
                                                                              
                                                                              
                                                                              Units
                                                                              
                                                                              
                                                                              Amount
                                                                              
                                                                              
                                                                              Units
                                                                              
                                                                              
                                                                              Amount
                                                                              
                                                                              
                                                                              Units
                                                                              
                                                                              
                                                                              Amount
                                                                              
                                                                              
                                                                              UnitsMember's
      equity at April 1, 2008
                                                                              
                                                                              $
                                                                              348,997
                                                                              
                                                                              
                                                                              
                                                                              2,647.132
                                                                              
                                                                              
                                                                              $
                                                                              20,059,635
                                                                              
                                                                              
                                                                              
                                                                              150,751.032
                                                                              
                                                                              
                                                                              $
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              $
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              $
                                                                              20,408,632
                                                                              
                                                                              
                                                                              
                                                                              153,398.164Subscriptions
                                                                              
                                                                              
                                                                              436,900
                                                                              
                                                                              
                                                                              
                                                                              3,329.940
                                                                              
                                                                              
                                                                              
                                                                              835,416
                                                                              
                                                                              
                                                                              
                                                                              6,367.289
                                                                              
                                                                              
                                                                              
                                                                              4,516,230
                                                                              
                                                                              
                                                                              
                                                                              35,057.408
                                                                              
                                                                              
                                                                              
                                                                              5,504,343
                                                                              
                                                                              
                                                                              
                                                                              41,854.254
                                                                              
                                                                              
                                                                              
                                                                              11,292,889
                                                                              
                                                                              
                                                                              
                                                                              86,608.891Redemptions
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              (125,000
                                                                              )
                                                                              
                                                                              
                                                                              (1,038.430
                                                                              )
                                                                              
                                                                              
                                                                              (125,000
                                                                              )
                                                                              
                                                                              
                                                                              (1,038.430
                                                                              )Net
      loss
                                                                              
                                                                              
                                                                              (79,525
                                                                              )
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              (2,036,806
                                                                              )
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              (361,225
                                                                              )
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              (466,162
                                                                              )
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              (2,943,718
                                                                              )
                                                                              
                                                                              
                                                                              —Members'
      equity at September 30, 2008
                                                                              
                                                                              $
                                                                              706,372
                                                                              
                                                                              
                                                                              
                                                                              5,977.072
                                                                              
                                                                              
                                                                              $
                                                                              18,858,245
                                                                              
                                                                              
                                                                              
                                                                              157,118.321
                                                                              
                                                                              
                                                                              $
                                                                              4,155,005
                                                                              
                                                                              
                                                                              
                                                                              35,057.408
                                                                              
                                                                              
                                                                              $
                                                                              4,913,181
                                                                              
                                                                              
                                                                              
                                                                              40,815.824
                                                                              
                                                                              
                                                                              $
                                                                              28,632,803
                                                                              
                                                                              
                                                                              
                                                                              238,968.625NET
      ASSET VALUE PER UNIT OUTSTANDING
                                                                                AT
      SEPTEMBER 30, 2008
                                                                              
                                                                              $
                                                                              118.18
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              $
                                                                              120.03
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              $
                                                                              118.52
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              $
                                                                              120.37FOR
      THE SIX MONTHS ENDED SEPTEMBER 30, 2007CLASS
      A SERIES 1
                                                                              
                                                                              
                                                                              CLASS
      A SERIES 2
                                                                              
                                                                              
                                                                              CLASS
      B SERIES 1
                                                                              
                                                                              
                                                                              CLASS
      B SERIES 2
                                                                              
                                                                              
                                                                              TOTALAmount
                                                                              
                                                                              
                                                                              Units
                                                                              
                                                                              
                                                                              Amount
                                                                              
                                                                              
                                                                              Units
                                                                              
                                                                              
                                                                              Amount
                                                                              
                                                                              
                                                                              Units
                                                                              
                                                                              
                                                                              Amount
                                                                              
                                                                              
                                                                              Units
                                                                              
                                                                              
                                                                              Amount
                                                                              
                                                                              
                                                                              UnitsMember's
      equity at April 1, 2007
                                                                              
                                                                              $
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              $
                                                                              10,000
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              $
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              $
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              $
                                                                              10,000
                                                                              
                                                                              
                                                                              
                                                                              —Subscriptions
                                                                              
                                                                              
                                                                              175,000
                                                                              
                                                                              
                                                                              
                                                                              1,587.857
                                                                              
                                                                              
                                                                              
                                                                              14,990,000
                                                                              
                                                                              
                                                                              
                                                                              150,000.000
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              15,165,000
                                                                              
                                                                              
                                                                              
                                                                              151,587.857Redemptions
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —Net
      income
                                                                              
                                                                              
                                                                              2,043
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              1,776,820
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              1,778,863
                                                                              
                                                                              
                                                                              
                                                                              —Member's
      equity at September 30, 2007
                                                                              
                                                                              $
                                                                              177,043
                                                                              
                                                                              
                                                                              
                                                                              1,587.857
                                                                              
                                                                              
                                                                              $
                                                                              16,776,820
                                                                              
                                                                              
                                                                              
                                                                              150,000.000
                                                                              
                                                                              
                                                                              $
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              $
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              —
                                                                              
                                                                              
                                                                              $
                                                                              16,953,863
                                                                              
                                                                              
                                                                              
                                                                              151,587.857NET
      ASSET VALUE PER UNIT OUTSTANDING
                                                                                AT
      SEPTEMBER 30, 2007
                                                                              
                                                                              $
                                                                              111.50
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              $
                                                                              111.85
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              $
                                                                              —
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              $
                                                                              —*
      Class B Series 1 and Class B Series 2 commenced trading on April 1,
      2008.See
      notes to financial statements.NOTE
      for this statement: Dashes appear to not be in statement but are as
      they should be to fit properly when embedded in word
    document.






5




MAN-AHL
      130, LLCSTATEMENTS
      OF CASH FLOWS (UNAUDITED)For
      the three
                    
                    
                    For
      the three
                    
                    
                    For
      the six
                    
                    
                    For
      the sixmonths
      ended
                    
                    
                    months
      ended
                    
                    
                    months
      ended
                    
                    
                    months
      endedSeptember
      30, 2008
                    
                    
                    September
      30, 2007
                    
                    
                    September
      30, 2008
                    
                    
                    September
      30, 2007CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      income (loss)
                    
                    $
                    (4,109,159
                    )
                    
                    $
                    (69,562
                    )
                    
                    $
                    (2,943,718
                    )
                    
                    $
                    1,778,863Adjustments
      to reconcile net income (loss) tonet
      cash used in operating activities:Net
      change in unrealized trading gains (losses) on openderivative
      contracts and translation of assets and liabilitiesdenominated
      in foreign currencies
                    
                    
                    175,766
                    
                    
                    
                    (142,748
                    )
                    
                    
                    46,419
                    
                    
                    
                    (1,069,824
                    )Purchase
      of investment in Man-Glenwood Lexington, LLC
                    
                    
                    —
                    
                    
                    
                    (392,095
                    )
                    
                    
                    (594,000
                    )
                    
                    
                    (5,754,501
                    )Sale
      of investment in Man-Glenwood Lexington, LLC
                    
                    
                    —
                    
                    
                    
                    —
                    
                    
                    
                    160,000
                    
                    
                    
                    —Purchase
      of investment in Man-Glenwood Lexington TEI, LLC
                    
                    
                    (1,284,500
                    )
                    
                    
                    —
                    
                    
                    
                    (3,094,500
                    )
                    
                    
                    —Net
      realized losses on investment in Man-Glenwood Lexington,
    LLC
                    
                    
                    33,762
                    
                    
                    
                    653
                    
                    
                    
                    33,762
                    
                    
                    
                    653Net
      change in unrealized depreciation on investment inMan-Glenwood
      Lexington, LLC
                    
                    
                    720,413
                    
                    
                    
                    107,722
                    
                    
                    
                    645,508
                    
                    
                    
                    6,211Net
      change in unrealized depreciation on investment inMan-Glenwood
      Lexington TEI, LLC
                    
                    
                    279,394
                    
                    
                    
                    —
                    
                    
                    
                    273,449
                    
                    
                    
                    —Changes
      in:Due
      from broker
                    
                    
                    1,896,353
                    
                    
                    
                    8,646
                    
                    
                    
                    (982,692
                    )
                    
                    
                    (3,786,454
                    )Expense
      reimbursement receivable
                    
                    
                    1,276
                    
                    
                    
                    5,530
                    
                    
                    
                    21,444
                    
                    
                    
                    (110,620
                    )Interest
      receivable
                    
                    
                    1,644
                    
                    
                    
                    1,474
                    
                    
                    
                    3,626
                    
                    
                    
                    (10,346
                    )Management
      fees payable
                    
                    
                    7,925
                    
                    
                    
                    (388
                    )
                    
                    
                    (33,615
                    )
                    
                    
                    112,444Incentive
      fees payable
                    
                    
                    (119,228
                    )
                    
                    
                    (426,088
                    )
                    
                    
                    (598,100
                    )
                    
                    
                    —Brokerage
      commissions payable
                    
                    
                    (96,568
                    )
                    
                    
                    30,601
                    
                    
                    
                    (96,585
                    )
                    
                    
                    64,904Accrued
      professional fees payable
                    
                    
                    22,952
                    
                    
                    
                    60,963
                    
                    
                    
                    19,773
                    
                    
                    
                    159,713Accrued
      administrative fees payable
                    
                    
                    (12,500
                    )
                    
                    
                    37,500
                    
                    
                    
                    (36,371
                    )
                    
                    
                    75,000Client
      servicing fees payable
                    
                    
                    4,834
                    
                    
                    
                    406
                    
                    
                    
                    11,264
                    
                    
                    
                    406Other
      liabilities
                    
                    
                    (400
                    )
                    
                    
                    1,600
                    
                    
                    
                    —
                    
                    
                    
                    1,600Net
      cash used in operating activities
                    
                    
                    (2,478,036
                    )
                    
                    
                    (775,786
                    )
                    
                    
                    (7,164,336
                    )
                    
                    
                    (8,531,951
                    )FINANCING
      ACTIVITIES:Capital
      subscriptions
                    
                    
                    5,585,100
                    
                    
                    
                    125,000
                    
                    
                    
                    12,822,973
                    
                    
                    
                    15,165,000Net
      cash provided by financing activities
                    
                    
                    5,585,100
                    
                    
                    
                    125,000
                    
                    
                    
                    12,822,973
                    
                    
                    
                    15,165,000NET
      INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                    
                    
                    3,107,064
                    
                    
                    
                    (650,786
                    )
                    
                    
                    5,658,637
                    
                    
                    
                    6,633,049CASH
      AND CASH EQUIVALENTS - Beginning of period
                    
                    
                    16,434,687
                    
                    
                    
                    7,293,835
                    
                    
                    
                    13,883,114
                    
                    
                    
                    10,000CASH
      AND CASH EQUIVALENTS - End of period
                    
                    $
                    19,541,751
                    
                    
                    $
                    6,643,049
                    
                    
                    $
                    19,541,751
                    
                    
                    $
                    6,643,049CASH
      INTEREST PAID DURING THE PERIOD
                    
                    $
                    -
                    
                    
                    $
                    1,780
                    
                    
                    $
                    -
                    
                    
                    $
                    4,425See
      notes to financial statements.






6




MAN-AHL
130, LLC


(A
Delaware Limited Liability Company)





NOTES
TO FINANCIAL STATEMENTS (unaudited)







The
accompanying unaudited financial statements, in the opinion of management,
include all adjustments (consisting only of normal recurring adjustments)
necessary for a fair presentation of Man-AHL 130, LLC’s (the “Company”)
financial condition at September 30, 2008 and the results of its operations for
the three months ended September 30, 2008 and 2007 and six months ended
September 30, 2008 and 2007.  These financial statements present the
results of interim periods and do not include all the disclosures normally
provided in annual financial statements.  It is suggested that these
financial statements be read in conjunction with the audited financial
statements and notes included in the Company’s annual report on Form 10-K filed
with the Securities and Exchange Commission for the year ended March 31,
2008.  The March 31, 2008 information has been derived from the
audited financial statements as of March 31, 2008.





1.
            ORGANIZATION





On
      April 1, 2008, the Company issued 12,832.453 units of Class B Series 1 at
      $131.84 per unit and 20,814.930 units of Class B Series 2 at $133.07 per
      Unit.  Class A and Class B units have substantially identical
      trading portfolios except that Class A units are offered to taxable
      investors and invest in Man-Glenwood Lexington, LLC (“MGL”), a registered
      investment company, and Class B units are offered to tax-exempt investors
      and invest in Man-Glenwood Lexington TEI, LLC (“TEI”), a registered
      investment company.





The
Company invests approximately thirty percent of its Class A share capital in MGL
and thirty percent of its Class B share capital in TEI.  The Company
expects to invest the majority of its capital into a managed futures program
(the “AHL Diversified Program”).





Man-AHL
(USA) Limited, a limited liability company incorporated in the United Kingdom,
manages the AHL Diversified Program.   On April 21, 2008, the
Company engaged Man Investments Limited, a company organized under the Laws of
the United Kingdom, to manage the foreign currency forward component of the AHL
Diversified Program, at no additional cost to the Company.  The
personnel of Man Investments Limited responsible for implementing the foreign
currency forwards trading component of the AHL Diversified Program on behalf of
the Company are the same as those of Man-AHL (USA) Limited who implement the AHL
Diversified Program.




Glenwood
Capital Investments, LLC (“GCI”) acts as an administrator to MGL and TEI. GCI is
an Illinois limited liability company and is registered with the CFTC as a
commodity pool operator and with the SEC as an investment adviser. GCI is an
affiliate of Man Investments (USA) Corp. (the “Managing Member”) and Man-AHL
(USA) Limited, and is a subsidiary of Man Group plc.




MGL and
TEI achieve their investment objective through an investment in Man-Glenwood
Lexington Associates Portfolio, LLC (the “Portfolio Company” or “MGLAP”), which
allocates its capital among a series of underlying funds.  GCI acts as
an investment adviser to the Portfolio Company in addition to the services it
provides to MGL and TEI.




GCI receives a management fee of 1.75%
of net assets per annum for investment advisory services provided to the
Portfolio Company, calculated monthly and paid quarterly. Additionally, GCI
receives an administrative fee of 0.25% of net assets per annum for
administrative services to MGL and TEI, calculated monthly and paid
quarterly.




7




Man
Investments Inc. (“MII”) acts as the Company’s selling agent and receives an
investor servicing fee of 0.50% of net assets per annum for the provision of
investor services to MGL and TEI, calculated monthly and paid
quarterly.  MII is an affiliate of Man Investments USA and Man AHL
(USA) Limited, which all are subsidiaries of Man Group plc.  MII is a
registered broker-dealer and a member of the Financial Industry Regulatory
Authority (“FINRA”).





Class A
Series 1 and Class B Series 1 units are subject to a 1.25% per annum client
servicing fee payable to MII, calculated monthly and paid quarterly in arrears,
on the month-end net asset value of Class A Series 1 and Class B Series 1 units,
respectively, subject to a maximum aggregate commission receipt to MII of 10% of
the subscription price of all units.  Class A Series 2 and Class B
Series 2 are not charged a client servicing fee.





2.
            SIGNIFICANT
      ACCOUNTING POLICIES





The
      accompanying financial statements are prepared in accordance with
      accounting principles generally accepted in the United States of America.
      The following are significant accounting policies adopted by the Company.





Use of
Estimates—The
preparation of financial statements requires the Company 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 income and expenses during the period.
Actual results could differ from those estimates.





Investment in
Man-Glenwood Lexington, LLC, and Man-Glenwood Lexington TEI, LLC—The Company
values its investments in MGL and TEI at their net asset value, which
approximates fair value, as provided by MGL and TEI,
respectively.  MGL and TEI invest all or substantially all of their
investable assets through an investment in MGLAP.  MGL and TEI value
their investments in MGLAP at their pro rata interest in the net assets of that
entity.  Investments held by MGLAP are limited partnerships and other
pooled vehicles (collectively, the “investment funds”) and are valued at prices
which approximate fair value.  The fair value of certain of the
investments in the underlying investment funds, which may include private
placements and other securities for which values are not readily available, are
determined in good faith by the investment advisers of the respective underlying
investment funds and are evaluated by the Managing Member and adjusted, if
appropriate, to reflect fair value.  The estimated fair values may
differ significantly from the values that would have been used had a ready
market existed for these investments, and these differences could be
material.  Net asset valuations are provided monthly or quarterly by
these investment funds.  Distributions received by MGLAP, which are
identified by the underlying investment funds as a return of capital, whether in
the form of cash or securities, are applied as a reduction of the investment’s
carrying value.





Derivative
Contracts —The Company enters into
derivative contracts (“derivatives”) for trading purposes. Derivatives include
futures contracts and forward contracts. The Company records derivatives at fair
value. Futures contracts which are traded on a national exchange are valued at
the close price as of the valuation day, or if no sale occurred on such day, at
the close price on the most recent date on which a sale occurred. Forward
contracts, which are not traded on a national exchange, are valued at fair value
using current market quotations provided by brokers.





Realized
and unrealized changes in fair values are included in realized and unrealized
gains and losses on investments and foreign currency transactions in the
statements of operations. All trading activities are accounted for on a
trade-date basis.





3.
            FAIR VALUE
      MEASUREMENTS





Effective
      April 1, 2008, the Company has adopted the provisions of the Statement of
      Financial Accounting Standard No. 157, Fair Value Measurements (“SFAS 157”).
      SFAS 157 defines fair value,







8




establishes
      a framework for measuring fair value and expands disclosures about fair
      value measurements. The adoption of SFAS 157 had no impact on the net
      assets of the Company.


The
Company segregates its investments into three levels based upon the inputs used
to derive the fair value. “Level 1” investments use inputs from unadjusted
quoted prices from active markets. “Level 2” investments reflect inputs other
than quoted prices, but use observable market data. “Level 3” investments are
valued using unobservable inputs. These unobservable inputs for “Level 3”
investments reflect the Company’s assumption about the assumptions market
participants would use in pricing the investments.





Fair
      Value MeasurementsQuoted
      Prices in
              
              
              Significant
      Other
              
              
              Significant
      OtherActive
      Markets for
              
              
              Observable
              
              
              UnobservableValue
      as of
              
              
              Identical
      Assets
              
              
              Inputs
              
              
              InputsDescription
              
              September
      30, 2008
              
              
              (Level
      1)
              
              
              (Level
      2)
              
              
              (Level
      3)Net
      unrealized trading gains (losses) on open
                derivative
      contracts
              
              $
              713,378
              
              
              $
              782,744
              
              
              $
              (69,366
              )
              
              $
              —Investment
      in Man-Glenwood Lexington, LLC
              
              
              5,563,762
              
              
              
              —
              
              
              
              —
              
              
              
              5,563,762Investment
      in Man-Glenwood Lexington  TEI, LLC
              
              
              2,322,051
              
              
              
              —
              
              
              
              —
              
              
              
              2,322,051Total
              
              $
              8,599,191
              
              
              $
              782,744
              
              
              $
              (69,366
              )
              
              $
              7,885,813





The
following is a reconciliation of the investments in which significant
unobservable inputs (Level 3) were used in determining value (see Note
2):





MAN-AHL
      130, LLCBeginning
      Balance as of 3/31/08
                          
                          $
                          5,701,675
                          
                          Beginning
      Balance as of 6/30/08
                          
                          $
                          8,034,882Realized
      loss
                          
                          
                          (33,762
                          )
                          
                          
                          
                          (33,762
                          )Change
      in unrealized depreciation
                          
                          
                          (918,957
                          )
                          
                          
                          
                          (999,807
                          )Net
      purchase/sales
                          
                          
                          3,136,857
                          
                          
                          
                          
                          884,500Net
      transfers in and/or out of Level 3
                          
                          
                          —
                          
                          
                          
                          
                          —Ending
      Balance as of 9/30/08
                          
                          $
                          7,885,813
                          
                          Ending
      Balance as of 9/30/08
                          
                          $
                          7,885,813





4.
            RECENT
      ACCOUNTING PRONOUNCEMENTS





Statement
of Financial Accounting Standards No. 161(“SFAS 161”),Disclosures about Derivative
Instruments and Hedging Activitieswas issued on March 19, 2008. 
SFAS 161 expands the disclosures required by Statement of Financial Accounting
Standards No. 133, Accounting
for Derivatives and Hedging Activitiesabout an entity’s derivative
instruments and hedging activities.  SFAS 161 is effective for fiscal years
and interim periods beginning after November 15, 2008. The Company is currently
evaluating the provisions of SFAS 161 and their impact on the Company’s
financial statements.










9




ITEM
      2.
            Management's
      Discussion and Analysis of Financial Condition and Results of
      Operations




Introduction




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




Operational
Overview




Man-AHL
130, LLC (“Man-AHL 130”) is a speculative managed futures fund which trades
pursuant to the AHL Diversified Program, directed on behalf of Man-AHL 130 by
Man-AHL (USA) Limited and Man Investments Ltd.  The AHL Diversified
Program is a futures and forward price trend-following trading system, entirely
quantitative in nature, and implements trading positions on the basis of
statistical analyses of past price histories.  The AHL Diversified
Program is proprietary and confidential, so that substantially the only
information that can be furnished regarding Man-AHL 130’s results of operations
is contained in the performance record of its trading.  Past
performance is not necessarily indicative of its futures results.  Man
Investments (USA) Corp., the managing member of Man-AHL 130 (the “Managing
Member”) does believe, however, that there are certain market conditions, for
example, markets with pronounced price trends, in which Man-AHL 130 has a
greater likelihood of being profitable than in other market
environments.




Capital
Resources and Liquidity




Due to
the low margins required to support futures and forward trading, only
approximately 10% to 20% of the capital of a managed futures fund such as
Man-AHL 130 is needed to margin its positions.  Man-AHL 130 holds most
of its capital in cash and cash equivalents while investing approximately 30% of
such capital in Man-Glenwood Lexington, LLC or Man-Glenwood Lexington TEI, LLC
(collectively, the “Man-Glenwood Funds”), registered investment companies
managed by Glenwood Capital Investments, L.L.C., both for profit potential and
diversification purposes.  Man-AHL 130’s investment in the
Man-Glenwood Funds cannot be used to margin its futures trading and would be
liquidated to the extent that the Managing Member was able to do so and deemed
it advisable to do so to support Man-AHL 130’s futures trading.  The
Managing Member is under no obligation to maintain Man-AHL 130’s investment in
the Man-Glenwood Funds, and may reduce or eliminate such investment at any time
through the Man-Glenwood Funds’ quarterly tender process.




Man-AHL
130, not being an operating company, does not incur capital
expenditures.  It functions solely as a trading vehicle, and after its
initial allocation to the AHL Diversified Program and the Man-Glenwood Funds,
its remaining capital resources are used only as assets available to provide
variation margin and pay expenses and trading losses incurred on Man-AHL 130’s
AHL Diversified Program account, as well as invest in the Man-Glenwood Funds to
maintain appropriate exposure.




The AHL
Diversified Program generally maintains highly liquid positions, and the assets
held by Man-AHL 130 to support the AHL Diversified Program’s trading are cash or
highly-liquid Treasury bills, deposit accounts or other cash
equivalents.




Because
the Man-Glenwood Funds are closed-end registered investment companies, members
of the Man-Glenwood Funds do not have the right to require the Man-Glenwood
Funds to repurchase any or all of their units.  To provide a limited
degree of liquidity to investors, the Man-Glenwood Funds offer quarterly
liquidity through discretionary tender offers for their units pursuant to
written tenders.  Repurchases will be made at such times, in such
amounts, and on such terms as may be determined by the Man-Glenwood Funds’
boards, in their sole discretion.  Under certain circumstances, such
tender offers may not occur as scheduled or may not be sufficient to satisfy the
full amount requested to be repurchased




10




by
Man-AHL 130.  However, the Man-Glenwood Funds’ component of Man-AHL
130’s portfolio represents an allocation of only 30% of Man-AHL 130’s capital,
and the Managing Member believes that any delays in receiving repurchase
payments from the Man-Glenwood Funds are unlikely to adversely affect Man-AHL
130’s operations.




The
Managing Member does not anticipate the need for additional sources of
liquidity, given that approximately 70% of Man-AHL 130’s capital is held in cash
and highly liquid cash equivalents, and, if necessary, Man-AHL 130 is expected
to be able to liquidate part of its investment in the Man-Glenwood Funds through
the Man-Glenwood Funds’ quarterly tender process.  Other than
potential market-imposed limitations on liquidity, due to, for example, daily
price fluctuation limits inherent in futures trading, the majority of Man-AHL
130’s assets are highly liquid and are expected to remain so.




Man-AHL
130 will raise additional capital only through the sale of its Units and does
not intend to raise any capital through borrowings.  Due to the nature
of the Man-AHL 130’s business, it will make no capital expenditures and will
have no capital assets which are not operating capital or assets.




There
have been no material changes with respect to Man-AHL 130’s accounting
principles, off-balance sheet arrangements or contractual obligations reported
in Man-AHL 130’s Annual Report on Form 10-K for the fiscal year ended March 31,
2008.





Results
of Operations




Man-AHL
130 was organized on April 14, 2005 under the Delaware Limited Liability Company Act, and
its Registration Statement under the Securities Act of 1933, as amended, became
effective on February 1, 2007.  Man-AHL 130 commenced trading
operations April 2, 2007 in respect of its Class A Units.  During its
operations for the three months and six months ending September 30, 2008,
Man-AHL 130 experienced no meaningful periods of illiquidity in any of the
markets traded by the AHL Diversified Program.




Due to
the nature of Man-AHL 130’s business activities being trading in the futures and
forward markets and investing in the Man-Glenwood Funds, the results of
operations for the interim period presented should not be considered indicative
of the results that may be expected for the entire year.




Periods ended September 30,
2008:




30-September-08
                30-June-08Ending
      Equity (Class A Units)
                $
                19,564,617
                21,855,816Ending
      Equity (Class B Units)
                
                9,068,186
                5,503,046Ending
      Equity (Total)
                $
                28,632,803
                27,358,862







Three
months ended September 30, 2008:




Net
assets attributable to Class A Units decreased $2,291,199 for the three months
ended September 30, 2008.  This decrease was attributable to
subscriptions in the amount of $772,650 and a net loss from operations of
$3,063,849.




Net
assets attributable to Class B Units increased $3,565,140 for the three months
ended September 30, 2008  This increase was attributable to
subscriptions in the amount of $4,735,450, redemptions in the amount of $125,000
and a net loss from operations of $1,045,310.




11


Management
Fees of $196,302, Client Servicing Fees (Series 1 Units only) of $12,330 and
brokerage commissions of $34,999 were paid or accrued, and interest of $92,056
was earned or accrued on Man-AHL 130’s cash and cash equivalent investments, for
the three months ended September 30, 2008.




Man-AHL
130 pays administrative expenses for legal, audit, accounting and administration
services, limited to 1/12 of 0.50% per month of Man-AHL 130’s month-end NAV
through March 2009.  Administrative and other expenses, paid or
accrued, for the three months ended September 30, 2008 were $127,659, which were
offset in part by reimbursement from the Managing Member in the amount of
$92,646.




Six
months ended September 30, 2008:




Net
assets attributable to Class A Units decreased $844,015 for the six months ended
September 30, 2008  This decrease was attributable to subscriptions in
the amount of $1,272,316 and a net loss from operations of
$2,116,331.




Net
assets attributable to Class B Units increased $9,068,186 for the six months
ended September 30, 2008.  This increase was attributable to
subscriptions in the amount of $10,020,573, redemptions in the amount of
$125,000 and a net loss from operations of $827,387.




Management
Fees of $370,780, Incentive Fees of $272,111, Client Servicing Fees (Series 1
Units only) of $19,826 and brokerage commissions of $66,667 were paid or
accrued, and interest of $177,590 was earned or accrued on Man-AHL 130’s cash
and cash equivalent investments, for the six months ended September 30,
2008.




Man-AHL
130 pays administrative expenses for legal, audit, accounting and administration
services, limited to 1/12 of 0.50% per month of Man-AHL 130’s month-end NAV
through March 2009.  Administrative and other expenses, paid or
accrued, for the six months ended September 30, 2008 were $255,355, which were
offset in part by reimbursement from the Managing Member in the amount of
$186,568.




Three months ended September 30,
2008:




During
the three month period ended September 30, 2008, trading by the AHL Diversified
Program in the agricultural sector produced a small loss.  However,
short positions in cotton and wheat profited over the quarter.  Gains,
however, were more than offset by long positions in corn and soybeans after both
suffered severe price declines after reaching record highs.  The grain
market also came under increasing pressure as the US dollar rebounded over the
period.  Bond trading posted a loss over the third
quarter.  Euro Bond and UK Gilt positions posted the majority of their
losses in July as short positions struggled.  European Bond prices
ticked upwards as economic data continued to indicate that the European economy
as a whole was under pressure.  Positions in Japanese bonds posted a
solid gain in August, but in September this gain was reversed and additional
losses occurred.  On the positive side, long Australian bonds achieved
strong profits in August.  The currency component incurred a loss over
the reporting period.  Long positions in the euro against the US
dollar detracted from performance as the US dollar increased against the euro
after relatively strong US economic data releases gave support to the US
currency, while the euro depreciated.  Long positions in the
Australian dollar against the US dollar were also among the main detractors as
the Australian currency tumbled against the US currency.  Short
positions in the Japanese yen against the US dollar also proved detrimental to
overall performance.  Long positions in the euro against the Swiss
franc and the British pound posted further losses as the European single
currency weakened significantly.  Further positive contributions came
from short positions in the Swiss franc against the US dollar as the US currency
strengthened over the course of the reporting period.  Trading within
the energy sector posted a sharp decline in the 3rd quarter
of 2008 as all markets posted losses.  Natural gas prices fell by
almost 50% over the period.  Reports from the US Energy Department
highlighted an increase in inventories as the economic picture continued to
deteriorate, reducing demand.  Interest rate positions posted a loss
over the quarter.






12




Trading
in Euribor contracts was the main source of negative returns as prices remained
volatile and without a clear trend for the majority of the
quarter.  On the positive side, long positions in Australian T-Bills
posted solid gains in August and September.  Metal trading posted a
loss over the period.  Although initially profiting, gains reversed
into losses after prices tumbled over the majority of July.  Long
copper positions generated further losses in August as recessionary fears
deepened.  On the positive side, short nickel trades performed
well.  Short positions in numerous stock indices provided strong
profits over the period after global equities fell sharply as the credit crisis
continued to deepen and spill over into the wider economy.  Returns
were mainly accrued from Asia-Pacific indices such as the Nikkei 225, TOPIX and
Hang Seng after they experienced some of the greatest falls over the
quarter.  Short positions in the S&P 500 index also harvested
profits over the period.





During
the period ended September 30, 2008, the Man-Glenwood Funds’ commodity &
macro managers posted losses.  The sell-off in commodities that began
in July continued throughout the quarter.  Market volatility reached
historic highs at quarter-end as technical pressures and unprecedented
government interventions seemed to only aggravate already poor market
conditions.  Strong reversals (in terms of speed and magnitude) in
equities, currencies, fixed income and commodities throughout September had a
significant negative effect on most managers’ performance.  The
majority of positive returns were generated from relative value trades early in
the quarter with their defensive posture helping to preserve capital as the
markets deteriorated.  However, the government ban on short selling
prevented the short common equity from hedging losses from the long trust
preferreds.  Equity hedge managers also had a difficult quarter,
posting negative returns across the board with the exception of our dedicated
short sellers.  Event driven and activist managers have had a
difficult year so far and the third quarter was no
exception.  Overall, the relative value allocation
underperformed.  Convertible arbitrage managers suffered the most due
to continued credit concerns and very limited liquidity.  On a
positive note, one multi-strategy manager benefited from the relative
performance of specific stock positions in their relative value, special
situations and merger arbitrage trades and posted strong positive performance
for the quarter.  Performance for variable equity managers was largely
negative for the quarter (most losses came in September).





Three
months ended June 30, 2008:




During
the three month period ended June 30, 2008, the agriculturals component of the
AHL Diversified Program returned a profit as long positions in corn led
performance.  On the downside, short positions in wheat incurred
losses after the commodity rallied in June. Long positions in cocoa made gains,
predominantly in June. Bond trading posted a loss as gains in European bonds
were offset by losses in Japanese government bonds and US
Treasuries.  Short positions in Euro-Bund, Euro-Schatz and Euro-BOBL
profited.  However, losses in April affected returns after long
Japanese bonds experienced a large-scale sell-off as annual inflation hit a
10-year high.  Later in the period, short positions in Japanese bonds
suffered as yields fell. Trading in US Treasuries was also negative as a choppy
environment led to losses in both long and short positions. Currency trading
finished the quarter flat as gains from long Brazilian realand Australian dollar
trades against the US dollar were offset by losses realized from short Japanese
yen and British pound positions against the US dollar as well as unfavorable
results from Swiss franc trading against the US dollar.  Trading
within the energy sector secured the largest gains over the 2nd quarter of 2008
as all markets posted gains.  Long natural gas positions also added
strong profits over the quarter as prices rose 31%, peaking at US $13.353. Long
positions in other crude oil distillates such as RBOB gasoline, heating oil and
gas oil also posted strong profits over the quarter.  Interest rates
trading performed well, driven by short positions in Euribor and Short Sterling
contracts, although towards the end of the quarter short positions in Eurodollar
contracts produced losses. Metals trading posted a flat return.  Base
metals contributed profits with long positions in copper and aluminum paying off
well, while short positions in zinc supported well.  However, precious
metals offset gains after long gold trades suffered from a drop in prices to
around US $850 at the beginning of May.  Towards the end of the
period, gold started to recover. Stock trading incurred a loss, with trades in
the Nikkei 225 and Topix 100 indices proving to be the main detractors to
performance. Short equity positions, particularly in the Japanese indices
mentioned above, suffered in April and May.  However, in June, global
equities




13




plummeted.
As a result long positions in a number of headline bourses, such as the Nasdaq
100, detracted from performance.




During
the period ended June 30, 2008, the Man-Glenwood Funds’ commodity & macro
managers posted a strongly positive return.  The top performing
distressed and credit manager has consistently generated positive performance in
a variety of strategies and geographies over the quarter.  Equity
hedge managers generally posted a profit for the quarter, with the exception of
one manager that underperformed in June.  A dedicated short seller,
finished the quarter in positive territory rebounding from earlier
losses.  A Japan-focused, market neutral manager has consistently
generated solid performance throughout the quarter; both of their sub-trading
styles (e.g., fundamental and flow-oriented) contributed. Event driven manager
performance was mixed generating a slightly positive overall return at the style
level.  The general tone of the market was negative and US event
managers have been slow to increase gross and net exposures in this
environment.  An activist manager suffered losses in consumer-oriented
positions but maintains high conviction in these holdings.  Several
managers suffered in June offsetting gains from the beginning of the quarter.
One thematic, “friendly” activist manager made major gains in beginning of the
quarter on their alternative energy and engineering & construction holdings
(these positions gave up some gains in June but the manager is still up around
25% on the quarter).  Positive relative value performance for the
quarter was driven largely from one convertible arbitrage
manager.  Variable equity managers posted mixed, but overall positive,
performance.




Periods ended September 30,
2007




30-Sep-07
              30-Jun -07Ending
      Equity
              $16,953,863
              $16,848,425




Three
months ended September 30, 2007:




Net
assets attributable to Class A Units increased $105,438 for the three months
ended September 30, 2007.  This increase was attributable to
subscriptions in the amount of $175,000 and a net loss from operations of
$69,562.




Management
Fees of $112,444, Incentive Fees of $0, Client Servicing Fees (Series 1 Units
only) of $406 and brokerage commissions of $69,471 were paid or accrued, and
interest of $105,891 was earned or accrued on Man-AHL 130’s cash and cash
equivalent investments, for the three months ended September 30,
2007.




Man-AHL
130 pays administrative expenses for legal, audit, accounting and administration
services, limited to 1/12 of 0.50% per month of Man-AHL 130’s month-end NAV
through March 2009.  Administrative and other expenses, paid or
accrued, for the three months ended September 30, 2007 were $132,942, which were
offset in part by reimbursement from the Managing Member in the amount of
$110,620.




Six
months ended September 30, 2007:




Net
assets attributable to Class A Units were $16,953,863 at September 30,
2007.  This amount represents the Managing Member’s purchase of Class
A Series 2 Units in an aggregate amount of $15 million, subscriptions for Class
A Series 1 Units in the amount of $175,000 and net income from operations of
$1,778,863.




Management
Fees of $ 225,276, Incentive Fees of $426,088, Client Servicing Fees (Series 1
Units only) of $406 and brokerage commissions of $141,199 were paid or accrued,
and interest of $219,274 was earned or accrued on Man-AHL 130’s cash and cash
equivalent investments, for the six months ended September 30,
2007.






14


Man-AHL
130 pays administrative expenses for legal, audit, accounting and administration
services, limited to 1/12 of 0.50% per month of Man-AHL 130’s month-end NAV
through March 2009.  Administrative and other expenses, paid or
accrued, for the nine months ended September 30, 2007 were $273,837, which were
offset in part by reimbursement from the Managing Member in the amount of
$226,770.




Three
months ended September 30, 2007:




During
the three month period ended September 30, 2007, trading by the AHL-Diversified
Program in the agricultural sector produced positive returns, led by strong
returns from long positions in wheat.  Trading in soy beans and soy
meal added further gains while most other agricultural contracts traded close to
flat over the period.  Bond sector trading resulted in losses as bond
yields trended almost uniformly lower over the period. Short positions in
Australian bonds proved costly at the beginning of the period, while a long bias
in Eurobond contracts also struggled towards the end of the
quarter.  Japanese bond trading delivered positive
results.  Trading in currencies was slightly negative for the
quarter.  Initially, strong profits accrued as short positions in the
US dollar against a variety of currencies were beneficial.  The energy
sector produced solid returns in the quarter.  The principal driver
behind performance came from long holdings in crude oil futures
contracts.  Elsewhere, modest gains were made in short natural gas and
long gas oil positions.  The metals complex was dominated by long
positions in gold.  Elsewhere, trading in silver and copper was flat
while long nickel positions detracted from performance.  Trading in
the short-term interest rate market was profitable and relatively stable
throughout the quarter.  Slight losses came from long positions in
short sterling and euribor contracts.  Long positions in Eurodollar
contracts proved effective.  Trading within the stock sector detracted
somewhat from performance over the quarter as indices saw considerable
volatility.  Positions in the Japanese Nikkei 225 detracted from
performance along with positions in the US markets including positions in the
S&P 500 index.  Hong Kong’s Hang Seng index rose, benefiting long
positions.




For the
three-month period ended September 30, 2007, the commodity & macro style
pursued by the Man-Glenwood Funds posted a positive return despite difficult
market conditions.  Key drivers of positive returns were long
positions in equities and commodities toward the end of the period as well as
short positions in US mid-cap equities and long volatility earlier in the
period.  Reversals in FX markets and fixed income exposure detracted
from performance.  The equity hedge style contributed positively over
the period. Long equity trades, particularly in Asian developing market
equities, yielded strong returns. Some managers showed losses in August, but
most were able to pare losses as markets rebounded.  The event driven
style produced losses despite a strong finish to the quarter.  Losses
were realized primarily during the middle of the period.  Merger
arbitrage strategy suffered, but ended the period well.  The relative
value style generated positive returns, primarily by short credit biased
managers, despite mid-period losses.  Despite gains in September,
variable equity managers ended down, posting negative returns early in July into
mid August. Long positions in financials, US homebuilders and steel as well as
Japanese consumer equities were the most costly. Managers were, however, able to
recover later in the quarter.  Lastly, the distressed and credit style
was close to flat over the period.




Three
months ended June 30, 2007:




During
the three month period ended June 30, 2007, performance of the AHL Diversified
Program in the agriculturals sector was relatively flat until the final few
weeks of the period where it made a small loss.  Trading performance
was dominated by long positions in soybeans and soy oil.  Positions in
corn and wheat performed negatively.  Trading in the bond sector made
a positive contribution to Man-AHL 130’s performance.  The leading
trade was a short position in US Treasuries.  Short trades in Euro
Bund and UK Gilts also returned profitably.  The currency sector
generated excellent returns over the period as a short position in the Japanese
yen against the US dollar powered profits.  A long position in the
Canadian dollar against the US dollar performed well.  Trading in the
energy sector resulted in a modest loss during the period.  Short
positions in crude oil were unprofitable.  Natural gas was a positive
contributor.  The metals complex posted the largest negative return,
albeit a relatively minor one, as nickel continued its




15




fall from
May's record high.  Long positions in the precious metals, gold and
silver, generated slight losses.  Short-term interest rate trading was
profitable as gains were accrued via a three pronged attack which featured short
trades in Euribor, Short Sterling and Eurodollar contracts.  Finally,
trading within the stock sector proved beneficial as indices endured a rather
volatile period but ended up over the three months.  Long positions in
the DAX 30 and S&P 500 indices were strong contributors to, while the
Japanese Topix and Nikkei 225 composites slightly detracted from,
performance.




During
the three month period ended June 30, 2007, the commodity and trading style
pursued by the Man-Glenwood Funds posted a strong return over due to significant
currency moves in the US dollar, euro and British
pound.  Strengthening in some metals provided solid opportunities for
global macro, trend following and discretionary trading managers, while short US
and European bond trades proved profitable.  The equity hedge style
generated a positive return.  In the U.S., specific trades in
technology, telecom, financial services and steel sectors performed
well.  In Europe, a positive deal environment generated strong returns
in both long and short books across the financials and technology
areas.  Emerging market names, particularly in the internet, telecom,
advertising, and software sectors were also positive
contributors.  The event driven style generated strong performance
early and mid-quarter.  In April and May, merger and acquisition
activity surged in both the US and Europe providing an abundance of
opportunities.  By quarter end, volatility within the credit markets
spilled over into equities and adversely impacted merger arbitrage
spreads.  Relative value style performance was primarily driven by
capital structure arbitrage, credit arbitrage, and multi-strategy managers early
in the second quarter.  Towards quarter end, deteriorating conditions
within the sub-prime mortgage market allowed several managers to profit, as they
positioned their portfolios in anticipation of such an event.  In the
U.S., positions in steel manufacturers, engineering companies, homebuilders,
cyclicals, transportation, consumer retail, materials, financials and targets of
acquisitions by private equity groups were significant performance drivers for
US variable equity managers.  Elsewhere, European, Japanese and Asian
ex Japan managers also contributed to performance. Finally, the distressed and
credit style posted a gain over the quarter.  Credit markets performed
well early in the quarter.  From mid-quarter through quarter-end, and
despite high yield credit spreads widening, managers benefited from
security-specific positions that traded higher as a result of certain catalysts
that were realized.




ITEM
3.                      Quantitative
and Qualitative Disclosures About Market Risk




Not
required.




ITEM
4.                      Controls
and Procedures




Man
Investments (USA) Corp., the managing member of Man-AHL 130 (the “Managing
Member”), with the participation of the Managing Member'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
Man-AHL 130 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
significant changes in the Managing Member’s internal controls with respect to
Man-AHL 130 or in other factors applicable to Man-AHL 130 that could
significantly affect these controls subsequent to the date of their
evaluation.




ITEM
4T.                      Controls
and Procedures




Changes in Internal Control
over Financial Reporting




There
were no changes in Man-AHL 130’s internal control over financial reporting
during the quarter ended September 30, 2008 that have materially affected, or
are reasonably likely to materially affect, our internal control over financial
reporting.




16




PART II - OTHER
INFORMATION




Item
1.                      Legal
Proceedings.




None.




Item
1A.        Risk
Factors




Not
required.




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




(a)           There
were no sales of unregistered securities during the period covered by this
Report.




(b)           Information
required by Regulation S-K 701(f):




(1) The use of proceeds information is
being disclosed for Registration Statement No. 333-126172 declared effective on
August 11, 2008.




(2) The offering of Man-AHL 130’s Units
of Limited Liability Company Interest commenced on or about March 31, 2007 and
Units are offered as of the beginning of each calendar month on a continuous
basis.




(3) Not applicable.




(4) (i) The offering of the Units has
not terminated.




(ii) Man Investments Inc. acts as the
lead selling agent for Man-AHL 130.




(iii) Man-AHL 130 has registered Class
A Units of Limited Liability Company Interest and Class B Units of Limited
Liability Company Interest.




(iv) Man-AHL 130 has registered 500,000
Class A Units and 500,000 Class B Units to be sold initially at $100 per Unit
and, thereafter, at the month-end net asset value per outstanding Unit as of
each month-end.  The aggregate initial offering price of each Class of
Units registered is $50,000,000.  As of September 30, 2008, Man-AHL
130 completed the sale of 163,094.37 Class A Units and the aggregate offering
price of the amount of Class A Units sold was $16,672,316 and 76,911.38 Class B
Units and the aggregate offering price of the amount of Class B Units sold was
$10,020,573.




(v) As of September 30, 2008, no
expenses were incurred for the account of Man-AHL 130.




(vi) Net offering proceeds to Man-AHL
130 as of September 30, 2008 were $26,692,889.




(vii) As of September 30, 2008, the
amount of net offering proceeds to Man-AHL 130 for commodity futures and forward
trading and investment in the Man-Glenwood Funds totaled
$26,692,889.




(viii) Not applicable.




(c)           Pursuant
to Man-AHL 130’s Limited Liability Company Agreement, Unitholders may redeem
their Units at the end of each calendar quarter at the then current quarter-end
Net Asset Value per Unit.  If quarter-end redemptions are requested
for more than 15% of Man-AHL 130’s total then-outstanding Units, each redemption
request will be reduced pro rata so that only 15% of Man-AHL 130’s total
then-outstanding Units are redeemed.  In order to pay redemption
proceeds, it may be necessary for Man-AHL 130 to tender for repurchase a portion
of its investment in the Man-Glenwood Funds.  Each Man-Glenwood Fund
generally withholds 5% of the proceeds of a total repurchase from such
Man-Glenwood




17




Fund
until the completion of the Man-Glenwood Fund’s annual audit.  The
amount withheld from a total repurchase by Man-AHL 130 from the Man-Glenwood
Funds will be approximately 1.5% of a Unitholder’s total
investment.  Rather than withhold redemption proceeds from Unitholders
redeeming Units, however, the Managing Member intends to pay the full redemption
amount due to redeeming Unitholders and the amount subsequently paid to Man-AHL
130 by the Man-Glenwood Funds from the amount withheld will be a general asset
of Man-AHL 130.  Other than any affect of the foregoing, 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 amount of Units redeemed, exclusive of non-cash transfers, during
the three months ended September 30, 2008:




Class A Units
                            Class B UnitsDate of Redemption:
                            Amount Redeemed:
                            Amount Redeemed:July
      31, 2008
                            --
                            --August
      31, 2008
                            --
                            --September
      30, 2008
                            --
                            $125,000TOTAL
                            --
                            $125,000


.




Item
3.                      Defaults
upon Senior Securities.




Not
applicable.




Item
4.                      Submissions
of Matters to a Vote of Security Holders.




None.




Item
5.                      Other
Information.




None.




Item
6.                      Exhibits.




The
following exhibits are included herewith:




Designation
                    Description31.1
                    Rule
      13a-14(a)/15d-14(a) Certification of Principal Executive
      Officer31.2
                    Rule
      13a-14(a)/15d-14(a) Certification of Principal Financial
      Officer32.1
                    Section
      1350 Certification of Principal Executive Officer32.2
                    Section
      1350 Certification of Principal Financial
  Officer




The
following exhibit is incorporated by reference from the exhibit of the same
number and description filed with Man-AHL 130’s Registration Statement (File No.
333-126172) filed on June 28, 2005 on Form S-1 under the Securities Act of
1933.




3.01(i)
            Certificate
      of Formation of Registrant.




The
following exhibit is incorporated by reference from the exhibits of the same
number and description filed with Amendment No. 3 to Man-AHL 130’s Registration
Statement (File No. 333-126172) filed on April 17, 2006 on Form S-1 under the
Securities Act of 1933.






18




10.02
            Form
      of Customer Agreement between the Registrant and Man Financial
      Inc.




The
following exhibit is incorporated by reference from the exhibits of the same
number and description filed with Amendment No. 5 to Man-AHL 130’s Registration
Statement (File No. 333-126172) filed November 29, 2006 on Form S-1 under the
Securities Act of 1933.




10.01
            Form
      of Administration Agreement between Man-AHL 130 and the
      Administrator.




The
following exhibits are incorporated by reference from the exhibits of the same
number and description filed with Amendment No. 6 to Man-AHL 130’s Registration
Statement (File No. 333-126172) filed January 18, 2007 on Form S-1 under the
Securities Act of 1933.




1.01
                    Form
      of General Distributor’s Agreement between the Registrant and Man
      Investments Inc.3.02
                    Limited
      Liability Company Agreement of the Registrant
(amended).10.02(a)
                    Addendum
      to the Form of Customer Agreement between the Registrant and Man Financial
      Inc.10.03
                    Form
      of Trading Advisory Agreement between Registrant and Man-AHL (USA) Ltd.
      (amended).10.04
                    Form
      of Escrow Agreement among the Registrant, the Managing Member and the
      Escrow
Agent.




The
following exhibit is incorporated by reference from the exhibit of the same
number and description filed with Post-Effective Amendment No. 1 to Man-AHL
130’s Registration Statement (File No. 333-126172) filed October 16, 2007 on
Form S-1 under the Securities Act of 1933.




10.03(a)
              Amendment
      to the Form of Trading Advisory
Agreement.


The
following exhibit is incorporated by reference from the exhibit of the same
number and description filed with Post-Effective Amendment No. 2 to Man-AHL
130’s Registration Statement (File No. 333-126172) filed July  on Form
S-1 under the Securities Act of 1933.




10.06
            Form
      of Trading Advisory Agreement between the Registrant and Man Investments
      Limited.







19


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 on November 13, 2008.




Man-AHL
      130, LLC
                                    (Registrant)By:
      Man Investments (USA) Corp.
                                    Managing
      MemberBy:
                                  /s/ Uwe
      EberlePresident
      and Chief Executive Officer(Principal
      Executive Officer)By:
                                  /s/
      Rhowena Blank(Principal
      Financial and Chief Accounting Officer and
                                    Vice
      President and Head of Accounting and Operations)







20


EXHIBIT
INDEX




Exhibit Number
                    Description of Document31.1
                    Rule
      13a-14(a)/15d-14(a) Certification of Principal Executive
      Officer31.2
                    Rule
      13a-14(a)/15d-14(a) Certification of Principal Financial
      Officer32.1
                    Section
      1350 Certification of Principal Executive Officer32.2
                    Section
      1350 Certification of Principal Financial
  Officer






E-1