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 June 30,
2009




OR




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




For the
transition period from  _______________________   to 
________________________




Commission
File number:    000-53217




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 has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).    Yes
[  ]    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]







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 (b)


STATEMENTS
OF CASH FLOWS (b)


NOTES TO
FINANCIAL STATEMENTS (UNAUDITED)





(a)
            At
      June 30, 2009 (unaudited) and March 31,
2009


(b)
            For
      the three months ended June 30, 2009 and 2008
  (unaudited)







2


MAN-AHL
      130, LLCSTATEMENTS
      OF FINANCIAL
CONDITION
  June 30, 2009 (Unaudited
      )
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          March 31,
      2009ASSETSEquity
      in commodity futures acountsNet
      unrealized trading gains on open
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          339,226
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          414,206derivatives
      contracts
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          2,559,298
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          2,645,663Due
      from brokerInvestment in Man-Glenwood Lexington, LLCas
      fair value (cost $5,052,595 and $6,490,273, respectively)
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          4,526,594
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          5,691,325Investment
      in Man-Glenwood Lexington TEI, LLCas
      fair value (cost $4,680,230 and $4,837,500, respectively)
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          4,398,587
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          4,455,049Cash
      and cash equivalents
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          20,025,380
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          19,860,608Redemption
      receivable from Man-Glenwood Lexington, LLC
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          1,287,987
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          101,560Redemption
      receivable from Man-Glenwood Lexington TEI, LLC
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          147,805
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          -Expense
      reimbursement receivable
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          -
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          240,424Interest
      receivable
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          -
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          171TOTAL
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          33,284,877
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          33,408,826LIABILITIES &
      MEMBERS EQUITY:Equity
      in forwards trading accountsNet
      unrealized trading losses on openderivatives
      contracts
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          183,487
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          405,974Subscriptions
      received in advance
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          397,429
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          744,666Recemptions
      payable
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          4,804,731
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          156,281Management
      fees payable
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          114,789
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          115,512Client
      servicing fees payable
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          25,322
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          22,960Accrued
      professional fees payable
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          174,328
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          89,875Accrued
      administrative fees payable
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          50,000
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          62,500Other
      liabilities
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          10,855
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          2,803Total
      liabilities
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          5,760,941
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          1,600,571MEMBERS'
      EQUITYClass A Series 1
      Members(11,636.650
      and 6,099.598 units outstanding, respectively)
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          1,427,381
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          802,089Class
      A Series 2 Members(97,670.963
      and 126,703.991 units outstanding, respectively)
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          12,282,195
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          17,027,572Class
      B Series 1 Members(55,863.567
      and 48,348.641 units outstanding, respectively)
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          6,870,066
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          6,379,233Class
      B Series 2 Members(55,079.269
      and 56,356.575 units outstanding, respectively)
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          6,944,294
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          7,599,361Total
      Members' equity
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          27,523,936
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          31,808,255TOTAL
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          33,284,877
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          33,408,826NET
      ASSET VALUE PER UNIT OUTSTANDING - CLASS A SERIES 1 MEMBERS
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          122.66
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          131.50NET
      ASSET VALUE PER UNIT OUTSTANDING - CLASS A SERIES 2 MEMBER
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          125.75
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          134.39NET
      ASSET VALUE PER UNIT OUTSTANDING - CLASS B SERIES 1 MEMBERS
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          122.98
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          131.94NET
      ASSET VALUE PER UNIT OUTSTANDING - CLASS B SERIES 2
      MEMBERS
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          126.08
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                                                          $
                                                                                                                                                          134.84See
      notes to financial statements.








3










MAN-AHL 130,
      LLCSTATEMENTS
      OF OPERATIONS
(UNAUDITED)




For
      the three
              
              
              For
      the threemonths
      ended
              
              
              months
      endedJune
      30, 2009
              
              
              June
      30, 2008INVESTMENT
      INCOME:Interest
      income
              
              $
              20,273
              
              
              $
              85,534EXPENSES:Management
      fees
              
              
              223,759
              
              
              
              174,478Incentive
      fees
              
              
              —
              
              
              
              272,111Client
      servicing fees
              
              
              25,372
              
              
              
              7,496Brokerage
      commissions
              
              
              23,328
              
              
              
              31,668Professional
      fees
              
              
              117,250
              
              
              
              87,250Administrative
      fees
              
              
              54,567
              
              
              
              37,500Other
              
              
              9,384
              
              
              
              2,948TOTAL
      EXPENSES
              
              
              453,660
              
              
              
              613,451Less
      reimbursed expenses
              
              
              —
              
              
              
              (93,922
              )Net
      expenses
              
              
              453,660
              
              
              
              519,529NET
      INVESTMENT LOSS
              
              
              (433,387
              )
              
              
              (433,995
              )




NET
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN
CURRENCY:




Net
      realized trading gains (losses) on closed
                                        derivatives
      contracts and foreign currency
                                        transactions
                                      
                                      
                                      (2,118,488
                                      )
                                      
                                      
                                      1,389,239Net
      change in unrealized trading gains on open
                                        derivatives
      contracts and translation of assets
                                        and
      liabilities denominated in foreign currencies
                                      
                                      
                                      147,687
                                      
                                      
                                      
                                      129,347Net
      realized losses on investment in
                                        Man-Glenwood
      Lexington, LLC
                                      
                                      
                                      (149,691
                                      )
                                      
                                      
                                      —Net
      realized losses on investment in
                                        Man-Glenwood
      Lexington TEI, LLC
                                      
                                      
                                      (9,465
                                      )
                                      
                                      
                                      —Net
      change in unrealized appreciation on
                                        investment
      in Man-Glenwood Lexington, LLC
                                      
                                      
                                      272,947
                                      
                                      
                                      
                                      74,905Net
      change in unrealized appreciation on
                                        investment
      in Man-Glenwood Lexington TEI, LLC
                                      
                                      
                                      100,808
                                      
                                      
                                      
                                      5,945NET
      REALIZED AND UNREALIZED GAINS (LOSSES)
                                        ON
      INVESTMENTS AND FOREIGN CURRENCY
                                      
                                      
                                      (1,756,202
                                      )
                                      
                                      
                                      1,599,436Net
      income (loss)
                                      
                                      $
                                      (2,189,589
                                      )
                                      
                                      $
                                      1,165,441Net
      income (loss) per unit outstanding - Class A Series 1
                                      
                                      $
                                      (8.15
                                      )
                                      
                                      $
                                      6.67Net
      income (loss) per unit outstanding - Class A Series 2
                                      
                                      $
                                      (8.65
                                      )
                                      
                                      $
                                      6.04Net
      income (loss) per unit outstanding - Class B Series 1
                                      
                                      $
                                      (8.85
                                      )
                                      
                                      $
                                      5.71Net
      income (loss) per unit outstanding - Class B Series 2
                                      
                                      $
                                      (8.75
                                      )
                                      
                                      $
                                      6.06





4






MAN-AHL
130, LLC
 STATEMENTS
OF CHANGES IN MEMBERS' EQUITY (UNAUDITED)
  
 FOR
THE THREE MONTHS ENDED JUNE 30, 2009








CLASS
      A SERIES 1
                              
                              
                              CLASS
      A SERIES 2
                              
                              
                              CLASS
      B SERIES 1
                              
                              
                              CLASS
      B SERIES 2
                              
                              
                              TOTALAmount
                              
                              
                              Units
                              
                              
                              Amount
                              
                              
                              Units
                              
                              
                              Amount
                              
                              
                              Units
                              
                              
                              Amount
                              
                              
                              Units
                              
                              
                              Amount
                              
                              
                              UnitsMembers'
      equity at April 1, 2009
                              
                              $
                              802,089
                              
                              
                              
                              6,099.598
                              
                              
                              $
                              17,027,572
                              
                              
                              
                              126,703.991
                              
                              
                              $
                              6,379,233
                              
                              
                              
                              48,348.641
                              
                              
                              $
                              7,599,361
                              
                              
                              
                              56,356.575
                              
                              
                              $
                              31,808,255
                              
                              
                              
                              237,508.805Subscriptions
                              
                              
                              708,666
                              
                              
                              
                              5,537.052
                              
                              
                              
                              65,000
                              
                              
                              
                              486.642
                              
                              
                              
                              988,422
                              
                              
                              
                              7,677.555
                              
                              
                              
                              947,910
                              
                              
                              
                              7,230.254
                              
                              
                              
                              2,709,998
                              
                              
                              
                              20,931.503Redemptions
                              
                              
                              —
                              
                              
                              
                              —
                              
                              
                              
                              (3,712,125
                              )
                              
                              
                              (29,519.670
                              )
                              
                              
                              (20,000
                              )
                              
                              
                              (162.629
                              )
                              
                              
                              (1,072,603
                              )
                              
                              
                              (8,507.560
                              )
                              
                              
                              (4,804,728
                              )
                              
                              
                              (38,189.859
                              )Net
      loss
                              
                              
                              (83,374
                              )
                              
                              
                              —
                              
                              
                              
                              (1,098,252
                              )
                              
                              
                              —
                              
                              
                              
                              (477,589
                              )
                              
                              
                              —
                              
                              
                              
                              (530,374
                              )
                              
                              
                              —
                              
                              
                              
                              (2,189,589
                              )
                              
                              
                              —Members'
      equity at June 30, 2009
                              
                              $
                              1,427,381
                              
                              
                              
                              11,636.650
                              
                              
                              $
                              12,282,195
                              
                              
                              
                              97,670.963
                              
                              
                              $
                              6,870,066
                              
                              
                              
                              55,863.567
                              
                              
                              $
                              6,944,294
                              
                              
                              
                              55,079.269
                              
                              
                              $
                              27,523,936
                              
                              
                              
                              220,250.449NET
      ASSET VALUE PER UNIT
                                OUTSTANDINGAT
      JUNE 30, 2009
                              
                              $
                              122.66
                              
                              
                              
                              
                              
                              
                              $
                              125.75
                              
                              
                              
                              
                              
                              
                              $
                              122.98
                              
                              
                              
                              
                              
                              
                              $
                              126.08







FOR
THE THREE MONTHS ENDED JUNE 30, 2008







CLASS
      A SERIES 1
                            
                            
                            CLASS
      A SERIES 2
                            
                            
                            CLASS
      B SERIES 1*
                            
                            
                            CLASS
      B SERIES 2*
                            
                            
                            TOTALAmount
                            
                            
                            Units
                            
                            
                            Amount
                            
                            
                            Units
                            
                            
                            Amount
                            
                            
                            Units
                            
                            
                            Amount
                            
                            
                            Units
                            
                            
                            Amount
                            
                            
                            UnitsMembers'
      equity at April 1, 2008
                            
                            $
                            348,997
                            
                            
                            
                            2,647.132
                            
                            
                            $
                            20,059,635
                            
                            
                            
                            150,751.032
                            
                            
                            $
                            —
                            
                            
                            
                            —
                            
                            
                            $
                            —
                            
                            
                            
                            —
                            
                            
                            $
                            20,408,632
                            
                            
                            
                            153,398.164Subscriptions
                            
                            
                            209,250
                            
                            
                            
                            1,586.122
                            
                            
                            
                            290,416
                            
                            
                            
                            2,182.512
                            
                            
                            
                            2,089,780
                            
                            
                            
                            15,841.219
                            
                            
                            
                            3,195,343
                            
                            
                            
                            23,999.433
                            
                            
                            
                            5,784,789
                            
                            
                            
                            43,609.286Redemptions
                            
                            
                            —
                            
                            
                            
                            —
                            
                            
                            
                            —
                            
                            
                            
                            —
                            
                            
                            
                            —
                            
                            
                            
                            —
                            
                            
                            
                            —
                            
                            
                            
                            —
                            
                            
                            
                            —
                            
                            
                            
                            —Net
      income
                            
                            
                            23,388
                            
                            
                            
                            —
                            
                            
                            
                            924,130
                            
                            
                            
                            —
                            
                            
                            
                            81,981
                            
                            
                            
                            —
                            
                            
                            
                            135,942
                            
                            
                            
                            —
                            
                            
                            
                            1,165,441
                            
                            
                            
                            —Members'
      equity at June 30, 2008
                            
                            $
                            581,635
                            
                            
                            
                            4,233.254
                            
                            
                            $
                            21,274,181
                            
                            
                            
                            152,933.544
                            
                            
                            $
                            2,171,761
                            
                            
                            
                            15,841.219
                            
                            
                            $
                            3,331,285
                            
                            
                            
                            23,999.433
                            
                            
                            $
                            27,358,862
                            
                            
                            
                            197,007.450NET
      ASSET VALUE PER UNIT
                              OUTSTANDINGAT
      JUNE 30, 2008
                            
                            $
                            137.40
                            
                            
                            
                            
                            
                            
                            $
                            139.11
                            
                            
                            
                            
                            
                            
                            $
                            137.10
                            
                            
                            
                            
                            
                            
                            $
                            138.81








See notes
to financial statements.




5


MAN-AHL
130, LLC
 STATEMENTS
OF CASH FLOWS (UNAUDITED)





For
      the three

                  months
      ended

                    June
      30, 2009
              
              
              For
      the three

                  months
      ended

                    June
      30, 2008CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      income (loss)
              
              $
              (2,189,589
              )
              
              $
              1,165,441Adjustments
      to reconcile net income (loss) tonet
      cash used in operating activities:Net
      change in unrealized trading gains on open derivative
      contracts
                and
      translation of assets and liabilities denominated in foreign
      currencies
              
              
              (147,687
              )
              
              
              (129,347
              )Purchase
      of investment in Man-Glenwood Lexington, LLC
              
              
              —
              
              
              
              (434,000
              )Sale
      of investment in Man-Glenwood Lexington, LLC
              
              
              101,560
              
              
              
              —Purchase
      of investment in Man-Glenwood Lexington TEI, LLC
              
              
              —
              
              
              
              (1,810,000
              )Net
      realized losses on investment in Man-Glenwood Lexington,
    LLC
              
              
              149,691
              
              
              
              —Net
      realized losses on investment in Man-Glenwood Lexington TEI,
      LLC
              
              
              9,465
              
              
              
              —Net
      change in unrealized appreciation on investmentin
      Man-Glenwood Lexington, LLC
              
              
              (272,947
              )
              
              
              (74,905
              )Net
      change in unrealized appreciation on investment inMan-Glenwood
      Lexington TEI, LLC
              
              
              (100,808
              )
              
              
              (5,945
              )Changes
      in:Due
      from broker
              
              
              86,365
              
              
              
              (2,879,045
              )Expense
      reimbursement receivable
              
              
              240,424
              
              
              
              20,168Interest
      receivable
              
              
              171
              
              
              
              1,982Management
      fees payable
              
              
              (723
              )
              
              
              (41,540
              )Incentive
      fees payable
              
              
              —
              
              
              
              (478,872
              )Brokerage
      commissions payable
              
              
              —
              
              
              
              (17
              )Accrued
      professional fees payable
              
              
              84,453
              
              
              
              (3,179
              )Accrued
      administrative fees payable
              
              
              (12,500
              )
              
              
              (23,871
              )Client
      servicing fees payable
              
              
              2,362
              
              
              
              6,430Other
      liabilities
              
              
              8,052
              
              
              
              400Net
      cash used in operating activities
              
              
              (2,041,711
              )
              
              
              (4,686,300
              )FINANCING
      ACTIVITIES:Capital
      subscriptions
              
              
              2,362,761
              
              
              
              7,237,873Capital
      redemptions
              
              
              (156,278
              )
              
              
              —Net
      cash provided by financing activities
              
              
              2,206,483
              
              
              
              7,237,873NET
      INCREASE IN CASH AND CASH EQUIVALENTS
              
              
              164,772
              
              
              
              2,551,573CASH
      AND CASH EQUIVALENTS - Beginning of period
              
              
              19,860,608
              
              
              
              13,883,114CASH
      AND CASH EQUIVALENTS - End of period
              
              $
              20,025,380
              
              
              $
              16,434,687






See notes
to financial statements.







6








MAN-AHL
130, LLC


(A
Delaware Limited Liability Company)





NOTES
TO FINANCIAL STATEMENTS (unaudited)





The
accompanying unaudited financials 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 June 30, 2009 and the results of its operations for the
three months ended June 30, 2009 and 2008.  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, 2009.  The March 31, 2009 information has been derived from the
audited financial statements as of March 31, 2009.





1.
            ORGANIZATION




The Company offers Class A
and Class B units. 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
invests the majority of its remaining 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, L.L.C. (“GCI”) acts as the Investment Adviser 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.





7








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 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 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.





The
Company pays MGL and TEI approximately 2.25% per annum of its investment balance
for management, investor servicing and administrative fees. These fees are
deducted directly from the Company’s investment balance and, therefore, included
in net realized gain (loss) or net change in unrealized appreciation in the
statement of operations. Prior to January 1, 2009, such fees and expenses were
approximately 3% per annum of the aggregate value of Man-AHL 130’s investment in
MGL and TEI.





Expenses —
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.





The
Company is responsible for paying its own operating expenses, including
professional fees, administrative fees and custody fees.  Prior to
April 1, 2009, operating expenses in excess of 0.50% per annum of net asset
value were reimbursed by the Managing Member. Effective April 1, 2009, these
expenses are no longer reimbursed.





The
Company pays MI USA a management fee at the rate of 0.75% per annum on the
month-end net asset value of all outstanding units determined as of the end of
each month (before the redemption of any units) and payable quarterly in
arrears. The Company pays Man-AHL (USA) Limited a management fee of 2% per annum
on the notional value of Company’s allocation to the AHL Diversified Program
(the “AHL Account”), which approximates the Company’s net asset
value,





8





calculated
and paid monthly. In addition, Man-AHL (USA) Limited is entitled to a monthly
incentive fee of 20% of any “new net profits” attributable to the net asset
value of the AHL Account, subject to a “high water mark”.





Derivative
Contracts —The Company enters into
derivative contracts (“derivatives”) for trading purposes. Derivatives traded by
the Company 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 settlement price as of the valuation day, or if no
sale occurred on such day, at the settlement 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




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
              
              June
      30, 2009
              
              
              (Level
      1)
              
              
              (Level
      2)
              
              
              (Level
      3)Net
      unrealized trading gains on open futures contracts
              
              $
              339,226
              
              
              $
              339,226
              
              
              $
              —
              
              
              $
              —Net
      unrealized trading gains on open forward contracts
              
              
              (183,487
              )
              
              
              —
              
              
              
              (183,487
              )
              
              
              —Investment
      in Man-Glenwood Lexington, LLC
              
              
              4,526,594
              
              
              
              —
              
              
              
              —
              
              
              
              4,526,594Investment
      in Man-Glenwood Lexington  TEI, LLC
              
              
              4,398,587
              
              
              
              —
              
              
              
              —
              
              
              
              4,398,587Cash
      equivalents (money market account)
              
              
              18,402,430
              
              
              
              18,402,430
              
              
              
              —
              
              
              
              —Total
              
              $
              27,483,350
              
              
              $
              18,741,656
              
              
              $
              (183,487
              )
              
              $
              8,925,181








9
  The
following is a reconciliation of the investments in which significant
unobservable inputs (Level 3) were used in determining value (see Note
2):
   For
      the three
                                                            
                                                            
                                                            
                                                            For
      the threeMan-Glenwood
                                                            
                                                            months
      ended
                                                            
                                                            Man-Glenwood
                                                            
                                                            months
      endedLexington,
      LLC
                                                            
                                                            June
      30, 2009
                                                            
                                                            Lexington
      TEI , LLC
                                                            
                                                            June
      30, 2009Beginning
      Balance as of 4/1/09
                                                            
                                                            $
                                                            5,691,325
                                                            
                                                            Beginning
      Balance as of 4/1/09
                                                            
                                                            $
                                                            4,455,049Realized
      loss
                                                            
                                                            
                                                            (149,691
                                                            )
                                                            Realized
      loss
                                                            
                                                            
                                                            (9,465
                                                            )Change
      in unrealized appreciation
                                                            
                                                            
                                                            272,947
                                                            
                                                            Change
      in unrealized appreciation
                                                            
                                                            
                                                            100,808Net
      purchase/sales
                                                            
                                                            
                                                            (1,287,987
                                                            )
                                                            Net
      purchase/sales
                                                            
                                                            
                                                            (147,805
                                                            )Net
      transfers in and/or out of Level 3
                                                            
                                                            
                                                            —
                                                            
                                                            Net
      transfers in and/or out of Level 3
                                                            
                                                            
                                                            --Ending
      Balance as of 6/30/09
                                                            
                                                            $
                                                            4,526,594
                                                            
                                                            Ending
      Balance as of 6/30/09
                                                            
                                                            $
                                                            4,398,587Changes
      in unrealized gains (losses) included
                                                              in
      earnings related to investments
      still held at
                                                              reporting
      date
                                                            
                                                            $
                                                            272,947
                                                            
                                                            Changes
      in unrealized gains (losses) included in earnings related to investments
      still held at reporting date
                                                            
                                                            $
                                                            100,808


4.DERIVATIVE
TRANSACTIONS
 
 Effective
April 1, 2009, the Company has adopted the provisions of the Statement of
Financial Accounting Standard No. 161, “Disclosures about Derivative
Instruments and Hedging Activities, an amendment of FASB Statement No.
133” (“SFAS No. 161”). SFAS 161 amends and expands the disclosure
requirements of SFAS No. 133 “Accounting for Derivate Instruments
and Hedging Activities”(“SFAS No. 133) with the intent to provide users
of financial statements with an enhanced understanding of: (i) how and why an
entity uses derivate instruments; (ii) how derivative instruments and related
hedged items are accounted for under SFAS No. 133 and its related
interpretations; and (iii) how derivative instruments and related hedged items
affect an entity’s financial position, financial performance, and cash
flows.  Adoption of SFAS 161 impacted disclosures only and had no
impact on the Company’s financial condition, results of operations or cash
flows.
  The
investment objective of the Company is achieved by participation in the AHL
Diversified Program directed on behalf of the Company by Man-AHL (USA) Limited.
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
Company is to deliver substantial capital growth for commensurate levels of
volatility over the medium term, independent of the movement of the stock and
bond markets, through the speculative trading, directly and indirectly, of
physical commodities, futures contracts, spot and forward contracts, options on
the forgoing, exchanges of futures for physical transactions and other
investments on domestic and international exchanges and markets (including the
interbank and OTC markets). The AHL Diversified Program trades globally in
several market sectors, including, without limitation, currencies, bonds,
energies, stocks indices, interest rates, metals and agriculture.
  All the
strategies and systems of the AHL Diversified Program are designed to target
defined volatility levels rather than returns, and the investment process is
underpinned by computer-supported analytical instruments and disciplined
real-time risk and management information systems.  A proprietary risk
measurement method similar to the industry standard “value-at-risk” helps ensure
that the rule-based decisions that drive the investment process remain within
predefined risk parameters.  Margin-to-equity ratios are monitored
daily, and the level of exposure in each market is quantifiable at any time and
is adjusted in accordance with market volatility.  Market correlation
is closely monitored to prevent over-concentration of risk and ensure optimal
portfolio
 
 10
 
 weightings.  Market
liquidity is examined with the objective of ensuring that the Company will be
able to initiate and close out trades as indicated by AHL Diversified Program’s
systems at market prices, while brokerage selection and trade execution are
continually monitored with the objective of ensuring quality market
access.
 
 During
the quarter ended June 30, 2009, the Company traded 11,160 exchange traded
future contracts and settled 3,875 OTC forward contracts.
 
 The
following table presents the fair value of the Company’s derivative instruments
and statement of financial condition location.
  Derivatives
      not designated as hedging instruments under SFAS 133
                                                                    Asset
      Derivatives
                                                                    
                                                                    Liability
      DerivativesJune 30,
      2009
                                                                    
                                                                    June
      30, 2009Statement
      of Financial Condition
                                                                    
                                                                    Fair
      Value **
                                                                    
                                                                    Statement
      of Financial Condition
                                                                    
                                                                    Fair
      Value **Open
      forward contracts
                                                                    Net
      unrealized trading gains on open forward contracts
                                                                    
                                                                    $
                                                                    307,444
                                                                    
                                                                    Net
      unrealized trading losses on open forward contracts
                                                                    
                                                                    $
                                                                    (490,931
                                                                    )Open
      futures contracts
                                                                    Net
      unrealized trading gains on open futures contracts
                                                                    
                                                                    
                                                                    520,075
                                                                    
                                                                    Net
      unrealized trading losses on open futures contracts
                                                                    
                                                                    
                                                                    (180.849
                                                                    )Total
      Derivatives
                                                                    
                                                                    
                                                                    $
                                                                    827,519
                                                                    
                                                                    
                                                                    
                                                                    $
                                                                    (671,780
                                                                    )
 ** Open
forward and future contracts are presented on the gross basis for SFAS 161
purposes. Net unrealized trading gains and losses are netted by counterparty in
the Statement of Financial Condition in accordance with FIN 39.
  The
following table presents the impact of derivative instruments on the statement
of operations. The Company did not designate any derivatives as hedging
instruments for the three months ended June 30, 2009.





For
      the Three Months Ended June 30, 2009Derivatives
      not designated ashedging
                                  instruments
      under SFAS 133
                                Location
      of gain (loss) recognized in income on derivatives
                                
                                Gain
      (loss) on derivativesForward
      contracts
                                Net
      realized trading losses on closed contracts
                                
                                $
                                (581,301
                                )Net
      change in unrealized trading losses on open contracts
                                
                                
                                222,487Futures
      contracts
                                Net
      realized trading losses on closed contracts
                                
                                
                                (1,537,187
                                )Net
      change in unrealized trading losses on open contracts
                                
                                
                                (74,800
                                )Total
                                
                                
                                $
                                (1,970,801
                                )
   
 11
  
 5.   NEW ACCOUNTING
PRONOUNCEMENTS
 
 In June
2009, the FASB issued SFAS No. 168, “The FASB Accounting Standards Codification
and the Hierarchy of Generally Accepted Accounting Principles-a replacement of
FAS No. 162” (“SFAS 168”), which establishes the FASB Accounting Standards
Codification (the “Codification”) as the source of authoritative U.S. generally
accepted accounting principles recognized by the FASB to be applied by
nongovernmental entities. This statement is effective for financial statements
issued for interim and annual periods ending after September 15, 2009. On the
effective date of this Statement, the Codification will supersede all
then-existing non-SEC accounting and reporting standards. All other
non-grandfathered non-SEC accounting literature not included in the Codification
will become non-authoritative. The adoption of SFAS 168 will require the Fund to
adjust references to authoritative accounting literature in the financial
statements, but will not affect the Fund’s financial position or results of
operations.
   6.   SUBSEQUENT
EVENT
 
 As of
July 1, 2009, Glenwood Capital Investments, LLC, the Investment Adviser of MGL
and TEI, changed its name to Man Investments (USA) LLC and restructured certain
aspects of its investment management process.  These changes do not
represent a material change in the investment objectives, strategies or
operations of the Investment Adviser, but rather, are intended to enable the
Company to more fully benefit from the resources made available to the
Investment Adviser by certain of its affiliates.
  Effective
for interim and annual periods ending after June 15, 2009, the Company adopted
the provisions in Financial Accounting Standard No. 165 and has evaluated
subsequent events through August 14, 2009, the date the financial statements
were issued.
  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
    12
   “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 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  generally 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,
2009.
 
 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 ending June 30, 2009, Man-AHL 130 experienced no
meaningful periods of illiquidity in any of the markets traded by the AHL
Diversified Program.
    13
   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.
  Period ended June 30,
2009:
  30-June-09Ending
      Equity (Class A Units)
                      
                      $
                      13,709,576Ending
      Equity (Class B Units)
                      
                      
                      13,814,360Ending
      Equity (Total)
                      
                      $
                      27,523,936
 
  Three
months ended June 30, 2009:
  Net
assets attributable to Class A Units decreased $4,120,085 for the three months
ended June 30, 2009.  This decrease was attributable to subscriptions
in the amount of $773,666, net redemptions of $3,712,125 and a net loss from
operations of $1,181,626.
  Net
assets attributable to Class B Units decreased $164,234 for the three months
ended June 30, 2009.  This decrease was attributable to subscriptions
in the amount of $1,936,332, net redemptions of $1,092,603 and a net loss from
operations of $1,007,963.
  Management
Fees of $223,759, Client Servicing Fees of $25,372 (Series 1 Units only) and
brokerage commissions of $23,328 were paid or accrued, and interest of $20,273
was earned or accrued on Man-AHL 130’s cash and cash equivalent investments, for
the three months ended June 30, 2009.
  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.  Effective April 1, 2009, operating expenses in
excess of 0.50% per annum of net asset value will no longer be reimbursed by the
Managing Member.  Professional and administrative fees and other
expenses, paid or accrued, for the three months ended June 30, 2009 were
$181,201.
  Three
months ended June 30, 2009:
  During
the three month period ended June 30, 2009, the agriculturals component of the
AHL Diversified Program produced significant losses, primarily driven by cotton,
wheat, coffee and cocoa positions.  Losses were partially recovered in
late June as short positions benefited from news that the US had planted much
larger areas then expected.  Sugar produced the greatest return as
long positions gained from a sustained rally.  The bond sector
experienced a loss over the quarter, dragged particularly by April’s negative
performance.  The AHL Diversified Program’s long positions in US and
European government bonds proved particularly damaging to performance after
prices generally fell as risk appetite rose.  Renewed concerns over a
dramatic increase in US government bond issuance over the coming months weighed
heavily on US treasuries.  In Europe, bond prices slumped after the
European Central Bank cut rates by a smaller-than-expected
amount.  Elsewhere, long positions in Japanese government bonds were
impacted by instable price movements in May.  Profits generated from
exposure to Australian bonds over May and June managed to trim
losses.  Currency market trading incurred a loss for the quarter as
large degree of choppy movements negatively impacted performance and offset
gains elsewhere.  The energy sector produced the largest contribution
to overall returns this quarter.  Interest rate trading was the
principal loss-maker for the quarter.  Primarily long positions in
Eurodollar, Euribor and Short Sterling were responsible for the losses as the
previously profitable trend reversed in the second half of May and in early
June.  However, losses were limited by gains secured in May especially
from long positions in Eurodollar, Euribor and Short Sterling.  Metals
suffered losses over the quarter with no positions turning a profit for the
period.  Base metals produced the worst return with short positions
in
     14
  Nickel,
Aluminum and Copper losing heavily as these commodities climbed on positive
manufacturing surveys in the US, Europe and China and a weal US
dollar.  Trading in stock indices finished the quarter in negative
territory despite accumulating gains in April.  Highly volatile
markets since mid May meant the AHL Diversified Program could not benefit from
any sustained trends and duly surrendered all earlier profits.  The
biggest losses were from exposure to the S&P 500.  Despite the
index having its best quarter since 1998, choppy trading meant the AHL
Diversified Program was unable to lock-in these gains.
 
 During
the period ended June 30, 2009, the Man-Glenwood Funds’ commodity and macro
managers ended the
quarter in positive territory as profits generated in May were able to offset
the losses suffered in April and June.  Managers that returned gains
in May generally did so by capitalizing on the US yield curve steepening, the
rally energy prices and depreciation of the US dollar against most major
currencies. The
distressed & credit style was the strongest contributor to the portfolio’s
performance in the second quarter backed by strong credit
markets.  Credit indices across the investment grade, high-yield,
leveraged loan sectors posted one of their strongest quarters on record, with
signs that the market believes the globally coordinated monetary and fiscal
stimulus has caused the financial system to avert a more prolonged
crisis.  The equity hedge style struggled during the first month of
the quarter as short sellers sustained heavy losses as did other managers with
large short exposures that tended to focus on what had been the weakest sectors
year-to-date.  Event driven manages delivered solid performance over
the quarter helped by a strong April and May as the broad-based rally across
asset classes generally benefited long-biased managers.  The relative
value style continued to make significant headway in the second quarter as the
market rally coincided with nascent pattern of normalization across risk
assets.  Credit markets embraced the positive sentiment enveloping
equities and spreads are tighter across all major indices.  Variable
equity managers produced positive returns each month on the quarter as they were
able to benefit from the market rally in global equities.
 
 Three
months ended June 30, 2008:
  Net
assets attributable to Class A Units increased $1,447,184 for the three months
ended June 30, 2008.  This increase was attributable to subscriptions
in the amount of $499,666 and a net gain from operations of
$947,518.
  Net
assets attributable to Class B Units increased $5,503,046 for the three months
ended June 30, 2008.  This increase was attributable to subscriptions
in the amount of $5,285,123 and a net gain from operations of
$217,923.
  Management
Fees of $174,478, Incentive Fees of $272,111, Client Servicing Fees of $7,496
(Series 1 Units only) and brokerage commissions of $31,668 were paid or accrued,
and interest of $85,534 was earned or accrued on Man-AHL 130’s cash and cash
equivalent investments, for the three months ended June 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.  Professional and administrative fees and other
expenses, paid or accrued, for the three months ended June 30, 2008 were
$127,698, which were offset in part by reimbursement from the Managing Member in
the amount of $93,922.
  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-
    15
  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 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.
  ITEM
3.                   Quantitative
and Qualitative Disclosures About Market Risk
  Not
required.
  ITEM
4T.                Controls
and Procedures
  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.
  Changes in Internal Control
over Financial Reporting
  There
were no significant changes in Man-AHL 130’s internal control over financial
reporting during the quarter ended June 30, 2009 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
July 31, 2009.
  (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 June 30, 2009, Man-AHL 130
completed the sale of 172,891.65 Class A Units and the aggregate offering price
of the amount of Class A Units sold was $17,914,482 and 121,636.17 Class B Units
and the aggregate offering price of the amount of Class B Units sold was
$15,853,880.15.
  (v) As of
June 30, 2009, no expenses were incurred for the account of Man-AHL
130.
  (vi) Net offering proceeds to Man-AHL
130 as of June 30, 2009 were $33,768,326.
  (vii) As of June 30, 2009, the amount
of net offering proceeds to Man-AHL 130 for commodity futures and forward
trading and investment in the Man-Glenwood Funds totaled
$33,768,326.
  (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 June 30, 2009:
  
 Date of Redemption:
                                                        
                                                        Class A Units
                                                          Amount Redeemed:
                                                        
                                                        
                                                        Class B Units
                                                          Amount Redeemed:April
      30, 2009
                                                        
                                                        $
                                                        0
                                                        
                                                        
                                                        $
                                                        0May
      31, 2009
                                                        
                                                        $
                                                        0
                                                        
                                                        
                                                        $
                                                        0June
      30, 2009
                                                        
                                                        $
                                                        3,712,125
                                                        
                                                        
                                                        $
                                                        1,092,603TOTAL
                                                        
                                                        $
                                                        3,712,125
                                                        
                                                        
                                                        $
                                                        1,092,603
  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                                 
 Description
  31.1                                    Rule
13a-14(a)/15d-14(a) Certification of Principal Executive Officer
  31.2                                    Rule
13a-14(a)/15d-14(a) Certification of Principal Financial Officer
  32.1                                   
Section 1350 Certification of Principal Executive Officer
  32.2                                   
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.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 18, 2008 on Form
S-1 under the Securities Act of 1933.
  10.06
              Form
      of Trading Advisory Agreement between the Registrant and Man Investments
      Limited.
 
  The
following exhibits are incorporated by reference from the exhibit of the same
number and description filed with Post-Effective Amendment No. 3 to Man-AHL
130’s Registration Statement (File No. 333-126172) filed July 6, 2009 on Form
S-1 under the Securities Act of 1933.
  3.02
              
              Limited
      Liability Company Agreement of the Registrant.10.05
              
              Form
      of Application and Power of
Attorney.






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 August 14, 2009.
   Man-AHL
      130, LLC
                      (Registrant)By:
      Man Investments (USA) Corp.
                      Managing
      MemberBy:
                    /s/
      Andrew StewartPresident,
      Director, Chief Executive Officer and Chief
                      Operating
      Officer(Principal
      Executive Officer)By:
                    /s/ Alicia
      B. DerrahDirector,
      Vice President, Chief Financial Officer and Secretary
                      Principal Financial and Accounting
    Officer)
  
 20
 
 EXHIBIT
INDEX
  Exhibit
Number                                           Description of
Document
  31.1                          Rule
13a-14(a)/15d-14(a) Certification of Principal Executive Officer
  31.2                          Rule
13a-14(a)/15d-14(a) Certification of Principal Financial Officer
  32.1                          Section
1350 Certification of Principal Executive Officer
  32.2                          Section
1350 Certification of Principal Financial Officer
    E-1