UNITED
STATES SECURITIES AND EXCHANGE


COMMISSION


Washington,
D.C.  20549




_______________________




FORM
10-K


_____________







(Mark
One)


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




For
the fiscal year ended December 31, 2007




or





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




For
the transition period from _______ to _______





Commission
file number: 000-52192


___________________





UBS
MANAGED FUTURES LLC (ASPECT SERIES)


(Exact
name of registrant as specified in its charter)












Delaware
            
            03-0607985(State
      or other jurisdiction
              of
      incorporation or organization)
            
            (I.R.S.
      Employer
              Identification
      No.)c/o
      UBS MANAGED FUND SERVICES INC.
              One
      North Wacker Drive
              31st
      Floor
              Chicago,
      Illinois 60606(Address
      of principal executive offices)


(877) 272-2613


(Registrant’s
telephone number, including area code)







Securities
registered pursuant to Section 12(b) of the Act:None




Securities
registered pursuant to Section 12(g) of the Act:  Units of Limited Liability Company
Interest


















Indicate by check
      mark if the registrant is a well-known seasoned issuer, as defined in Rule
      405 of the Securities Act.


Yes  oNo  ý


Indicate by check
      mark if the registrant is not required to file reports pursuant to Section
      13 or Section 15(d) of the Act.
              Yes  oNo  ý


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  ýNo  o


Indicate by check
      mark if the disclosure of delinquent filers pursuant to Item 405 of
      Regulation S-K (§229.405 of this chapter) is not contained herein, and
      will not be contained, to the best of the registrant’s knowledge, in
      definitive proxy or information statements incorporated by reference in
      Part III of this Form 10-K or any amendment to this Form
      10-K.
              o


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





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






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






The units
of limited liability company interest of the registrant are not publicly
traded.  Accordingly, there is no aggregate market value for the
registrant’s outstanding equity that is readily determinable.




As of
December 31, 2007, units of limited liability company interest of the registrant
with an aggregate net asset value of $15,747,164 were outstanding and held by
non-affiliates; units of limited liability company interest of the registrant
with an aggregate net asset value of $10,657 were outstanding and held by UBS
Managed Fund Services Inc., the sponsor of the registrant.




DOCUMENTS
INCORPORATED BY REFERENCE




The
registrant’s Financial Statements and Report of Independent Registered Public
Accounting Firm for the period ended December 31, 2007 is incorporated by
reference into Part II, Item 8, and Part IV hereof and filed as Exhibit 13.01
herewith.











ii




UBS
MANAGED FUTURES LLC (ASPECT SERIES)




ANNUAL
REPORT FOR 2007 ON FORM 10-K





Table of
Contents




PagePART
      IItem
      1.
              BUSINESS
              1Item
      1A.
              RISK
      FACTORS
              6Item
      2.
              PROPERTIES
              17Item
      3.
              LEGAL
      PROCEEDINGS
              18Item
      4.
              SUBMISSION
      OF MATTERS TO A VOTE OF SECURITY HOLDERS
              18PART
      IIItem
      5.
              MARKET
      FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER  MATTERS AND
      ISSUER PURCHASES OF EQUITY SECURITIES
              18Item
      6.
              SELECTED
      FINANCIAL DATA
              19Item
      7.
              MANAGEMENT’S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS
              20Item
      7A.
              QUANTITATIVE
      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
              24Item
      8.
              FINANCIAL
      STATEMENTS AND SUPPLEMENTARY DATA
              24Item
      9.
              CHANGES
      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
      DISCLOSURE
              24Item
      9A(T).
              CONTROLS
      AND PROCEDURES
              24Item
      9B.
              OTHER
      INFORMATION
              25PART
      IIIItem
      10.
              DIRECTORS,
      EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
              26Item
      11.
              EXECUTIVE
      COMPENSATION
              27Item
      12.
              SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
      STOCKHOLDER MATTERS
              28Item
      13.
              CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
      INDEPENDENCE
              28Item
      14.
              PRINCIPAL
      ACCOUNTING FEES AND SERVICES
              29PART
      IVItem
      15.
              EXHIBITS,
      FINANCIAL STATEMENT SCHEDULES
              29SIGNATURES
              S-1




iii





PART
I





Item
1:    Business





(a)           General Development of
Business





UBS
Managed Fund Services Inc. (the “Sponsor”), an indirect
subsidiary of UBS AG, is the sponsor of UBS Managed Futures LLC (the “Platform”) of which UBS
Managed Futures LLC (Aspect Series) (the “Aspect Series”) is a
“segregated series.”  The Platform was formed on July 25, 2006 as a
Delaware series limited liability company pursuant to the Delaware Limited
Liability Company Act.  The Aspect Series invests all or substantially
all of its assets in UBS Managed Futures (Aspect) LLC (the “Trading Fund”) which is
advised by Aspect Capital Limited (the “Trading
Advisor”).  The Aspect Series and the Trading Fund are
collectively referred to herein as the “Series.”  The Series
engages in the speculative trading of bonds, currencies, interest rates,
equities, equity indices, debt securities and selected physical commodities and
derivatives.  UBS Securities LLC is the Series’ futures clearing
broker (the “Clearing
Broker”) and UBS AG is currently the foreign exchange clearing broker of
the Series, although the Series may execute foreign exchange trades through
another foreign exchange clearing broker at any time.  The Sponsor,
over time, intends to offer investors a selection of different trading advisors,
each managing a different segregated series of the Platform.  There
can be no assurance, however, that any series other than the Series will be
offered or that the Series will continue to be offered.  The Series
was organized on October 26, 2006 and commenced trading on March 16,
2007.  The Series filed a Form 10, under the Securities Exchange Act
of 1934, as amended, with the Securities and Exchange Commission to register the
units of limited liability company interest (“Units”), which registration
became effective October 17, 2006.





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





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





For
convenience, the Sponsor and entities affiliated with it are sometimes
collectively referred to herein as “UBS.”





(b)           Financial Information about
Segments





The
Series’ business constitutes only one segment for financial reporting purposes,
i.e. a speculative “commodity pool.”  The Series does not engage in
sales of goods or services.  Financial information regarding the
Series’ business is set forth in Item 6 “Selected Financial
Data” and in the Series’ Financial Statements filed as Exhibit 13.01
herewith.





(c)           Narrative Description of
Business





General





The
Trading Advisor manages the assets of the Series pursuant to its Aspect
Diversified Program (the “Program”).  The
Program is a broadly diversified global trading system that deploys multiple
trading strategies that seek to identify and exploit directional moves in market
behavior of a broad range of global financial instruments including (but not
limited to) bonds, currencies, interest rates, equities, equity indices, debt
securities and selected physical commodities and derivatives.  The
Trading Advisor trades these contracts on commodity exchanges and via various
over-the-counter derivatives instruments.  By maintaining
comparatively small exposure to any individual market, the aim is to achieve
real diversification.  The Program seeks to maintain positions in a
variety of markets.  Market concentration varies according to the
strength of signals, volatility and liquidity, amongst other
factors.






1





The
Program employs a fully automated system to collect, process and analyze market
data (including current and historical price data) and identify and exploit
directional moves (or “trends”) in market behavior,
trading across a variety of frequencies to exploit trends over a range of
timescales.  In other words, the Program is not restricted in the
volume of its trading or the time frames in which it holds futures
contracts.  Positions are taken according to the aggregate signal and
are adjusted to control risk (the “aggregate signal” being the
overall recommendation that a certain trading position be taken, as generated by
the multiple automated systems employed by the Trading Advisor).  For
example, the Trading Advisor may adjust a position in order to comply with the
Program’s risk control parameters where the aggregate signal indicates taking
the position but the position, if not adjusted, would exceed the Program’s risk
control parameters.





The core
objectives of the Program are:





(i)           to
produce strong medium-term capital appreciation (“medium-term” generally
referring to a three- to five-year time period);





(ii)          to
seek and exploit profit opportunities in both rising and falling markets using a
disciplined quantitative investment process;





(iii)         to
seek non-correlation with the broad bond and stock markets and thereby play a
valuable role in enhancing the risk/return profile of traditional investment
portfolios; and





(iv)         to
minimize risk by operating in a diverse range of markets and sectors using a
consistent investment process that adheres to pre-defined and monitored risk
limits (such as value at risk limitations) and determines market exposure in
accordance with factors including (but not limited to) market correlation,
volatility, liquidity and the cost of market access.





The
Series’ account traded pursuant to the Program may experience returns that
differ from the Trading Advisor’s other accounts traded pursuant to the same
Program due to, among other factors:  (a) regulatory constraints on
the ability of the Series to have exposure to certain contracts; (b) the Series’
selection of the Clearing Broker, which affects access to markets and exchanges
(and, accordingly, instruments); (c) the effect of intra-month adjustments to
the trading level of the account; (d) the manner in which the account’s cash
reserves are invested; (e) the size of the Series’ account; (f) the Series’
functional currency, the U.S. dollar; and (g) the particular futures contracts
traded by the Series’ account.  Additionally, certain markets may not
be liquid enough to be traded for the Series’ account.





The
investment approach that underpins the Program is proprietary.  The
Trading Advisor’s investment philosophy has remained consistent and involves a
scientific approach to investment driven by the Trading Advisor’s belief that
market behavior is not random but rather contains statistically measurable and
predictable price movements and anomalies which, through sophisticated
quantitative research and a disciplined approach, can be successfully identified
and exploited for profit.





Allocation
Methodology





Allocations
to the strategy, markets and asset classes traded by the Program are reviewed on
a regular basis using a robust and stable quantitative methodology which takes
into account a range of factors that may include liquidity, risk and expected
returns.  The Program, subject to applicable investment policies, does
not have any inherent preference for, or bias towards, any market, asset class
or instrument but rather aims to maximize returns within certain liquidity
constraints such as speculative position limits, market disruptions,
etc.





Market
Access and Trading Costs





The
Trading Advisor appreciates the importance of executing trades in a cost
efficient manner and the significance of market impact and trading costs on the
Series’ performance.  The Trading Advisor takes into account the
liquidity of the markets in which it executes trades so as to endeavor to
provide optimal market execution results (including executing electronically
wherever beneficial).










2





Risk
Management





A
fundamental principle of the Trading Advisor’s investment approach is the
importance of a robust risk management framework.  The Trading Advisor
employs a value-at-risk methodology and other risk management procedures to
monitor the risk of the Program within pre-defined
guidelines.  Additionally, the Trading Advisor has developed
mechanisms to control risk at both an individual market and portfolio
level.  In order to monitor and respond to changes in the trading
conditions in a market at all times, the Trading Advisor believes a high level
of transparency is required.  This transparency is achieved by
generally investing in liquid instruments with real time pricing, although this
may not be possible in all markets or all instruments.





Research
Commitment and Program Development





The
Trading Advisor retains the right to develop and make changes to the Program at
its sole discretion, including (without limitation) the incorporation of new
markets, instruments, strategies and asset classes into the
Program.  The Series will be notified of such changes only if they
amount to material changes to the investment objective or investment policy of
the Program.





Custody
of Assets





A
substantial amount of the Series’ assets are held in customer accounts at the
Clearing Broker, an indirect, wholly-owned subsidiary of UBS AG and an affiliate
of the Sponsor, although they may be held at other affiliates of the Clearing
Broker.





Only
assets held to margin Commodity Futures Trading Commission (“CFTC”)-regulated futures contracts
may be held in CFTC-regulated “segregated funds”
accounts.  “Segregated funds” accounts are insulated from liability
for any claims against a broker other than those of other
customers.  The Sponsor estimates that in general approximately 5% to
30% of the Series’ capital is held “in segregation.”  The bulk of the
Series’ capital is not held in segregation, but rather in custody or other
client accounts maintained by affiliates of the Clearing
Broker.  Subject to any applicable regulatory restrictions, these
affiliates may make use of such capital, which is treated as a liability or
deposit owed by such affiliates to the Series.  However, if such an
affiliate were to incur financial difficulties, the Series’ assets could be lost
(the Series becoming only a general creditor of such affiliate) and, even if not
lost, could be unavailable to the Series for an extended period.





The
Sponsor considers the Clearing Broker’s policies regarding the safekeeping of
the Series’ assets to be fully consistent with industry
practices.  However, the Series’ capital may be subject to the risk of
its custodians’ insolvency.





Approximately
70% to 95% of the Series’ capital is held in cash or cash equivalents at any
given time.





Interest





The
Series generally earns interest, as described below, on the cash actually held
by the Series, plus unrealized gain and loss marked to market daily on open
positions (the “Cash
Assets”).  The Series does not earn interest income on the
Series’ gains or losses on its open forward, commodity option and certain
non-U.S. futures positions as such gains and losses are not collected or paid
until such positions are closed out.  Interest is earned only on
monies actually held in the Series’ account.





The
Series’ Cash Assets may be greater than, less than or equal to the Series’ net
asset value for all other purposes, (as described in Item 6 “Selected Financial
Data,” “net asset value for all other purposes”) primarily because net
asset value for all other purposes reflects all gains and losses on open
positions as well as accrued but unpaid expenses.







3




The
Clearing Broker pays interest as of the end of each month at a rate equal to the
prevailing Federal Funds Rate less 0.50% (i.e., if the prevailing Federal Funds
Rate is 2.25% per annum the Clearing Broker would pay the Series 1.75% per
annum) on the Series’ average daily Cash Assets.  The Clearing Broker
will retain any returns on the Series’ Cash Assets in excess of the Federal
Funds Rate less 0.50%.  The Clearing Broker retains the additional
economic benefit (which may be significant) derived from possession of the
Series’ Cash Assets.





The
Clearing Broker, in the course of acting as commodity broker for the Series,
lends certain currencies to, and holds certain non-U.S. currency balances on
behalf of, the Series.  If, for example, the Series needed to make a
margin deposit in Swiss Francs, the Clearing Broker would lend the Series the
Swiss Francs, charging a local short-term rate plus a spread of up to 1.0% per
annum (at current rates).  Should the Series hold Swiss Franc balances
in its account, the Clearing Broker will credit the Series with interest at the
same local short-term rate less a spread of up to 2.0% per annum (at current
rates).





The
Clearing Broker follows its standard procedures for crediting and charging
interest to the Series.  The Clearing Broker is able to generate
significant economic benefit from doing so, especially as the Clearing Broker is
able to meet the margin requirements imposed on its customers as a group,
whereas each customer must margin its account on a stand-alone
basis.  Consequently, the Clearing Broker may record a loan of Swiss
Francs (in the above example) to the Series’ account which the Clearing Broker
charges interest even though the Clearing Broker itself does not have to deposit
any Swiss Francs at the applicable clearinghouse.





Description
of Current Expenses





The
Trading Advisor receives a 2% per annum management fee of the Series’ net asset
value for all other purposes .  Such fee is calculated and paid on a
monthly basis.  The Trading Advisor has agreed to share 0.50% of such
management fee with UBS Financial Services Inc., a selling agent for the Series
and an affiliate of the Sponsor (“UBS FS”).  The
Trading Advisor also will receive a performance fee equal to 20% of the new net
trading profits of the Series for each quarter.  New net trading
profits during each quarter refers to the excess, if any, of the cumulative
level of net trading profits attributable to the Series at the end of such
quarter over the highest level of cumulative net trading profits as of the end
of any preceding quarter (the “High Water
Mark”).  Performance fees do not, while losses do, reduce
cumulative net trading profits.  New net trading profits do not
include interest income.  To the extent that any redemptions are made
from the Series, the High Water Mark is proportionately reduced and a
proportionate performance fee paid (if accrued).





The
Sponsor receives a monthly sponsor fee of 0.02083 of 1% (a 0.25% annual rate) of
the Series’ month-end net asset value for all other purposes, including interest
income, of a Member’s investment in the Series for such month.





DPM
Mellon, LLC (the “Administrator”) receives a
monthly fee as to be determined by the Sponsor and the Administrator up to
0.0167 of 1% of the Series’ net asset value for all other purposes as of the
beginning of each month (a 0.20% annual rate), subject to a monthly minimum of
$10,000.





The
principal operating costs of the Series are the per side brokerage commissions
paid to the Clearing Broker (a portion of which is paid to the Series’ executing
brokers, which may or may not include the Clearing Broker, as commissions for
their execution services) and the currency forward contract (“F/X”) dealer spreads paid to
UBS AG and others.  The Series brokerage commissions are paid upon
completion or liquidation of one-half of a trade and are referred to as “per
side” commissions, which cover either the initial purchase (or sale) or the
subsequent offsetting sale (or purchase) of a single commodity futures
contract.  The “per side” commissions for U.S. markets paid by the
Series are approximately $4 per side plus fees (except in the case of certain
non-U.S. contracts on which the rates may be as high as $50 per side plus fees
due, in part, to the large size of the contracts traded).





Many of
the Series’ currency trades are executed in the spot and forward non-U.S.
exchange markets (the “F/X
Markets”) in which there are no direct execution
costs.  Instead, the banks and dealers in the F/X Markets, including
UBS AG, take a “spread” between the prices at which they are prepared to buy and
sell a particular currency, and such spreads are built into the pricing of the
spot or forward contracts with the Series.  A significant portion of
the Series’ non-U.S. currency trades may be executed through UBS AG, an
affiliate of the Sponsor.  In general, the Sponsor estimates that
aggregate brokerage commission charges (including F/X spreads) will not exceed
3.5%, and should range between approximately 0.5% and 3% per annum of the
Series’ average month-end assets (meaning the average month-end net asset value
for all other purposes for the then-current fiscal year).






4





The
Sponsor advanced expenses incurred in connection with the organization of the
Platform and the organization and initial offering of the Units of the
Series.  The Series reimbursed the Sponsor for these
costs.  For financial reporting purposes in conformity with U.S.
generally accepted accounting principles, the Series expensed the total
organizational costs of $208,820 when incurred and deducted the initial offering
costs of $119,732 from Members’ capital as of March 16, 2007 (the date of
commencement of operations of the Series) (“net asset value for financial
reporting” or the “net asset value per Unit for financial reporting” - see Item
6 “Selected Financial
Data”).  For all other purposes, the Series amortizes
organizational and initial offering costs over a 60 month period (“net asset
value for all other purposes” or the “net asset value per Unit for all other
purposes”).  The amortization of such costs reduce the net asset value
for all other purposes of the Units for purposes of determining subscriptions,
redemptions and any fees based on the Units’ net asset value for all other
purposes and for reporting performance for all purposes other than as related to
financial reporting.  However, the amount of such costs attributable
to the Platform’s organization that are not already amortized may be allocated
to and amortized by other Series for net asset value for all other purposes when
and if such other Series are added to the Platform or in a manner as the Sponsor
may otherwise determine.





Each
Member or Member-related account is subject to an upfront, waivable placement
fee of 0% to 2% of the subscription price of the Units, which will be paid once
by the relevant Member (not by the Platform, the Series or the Sponsor) on such
Member’s initial subscription to the Series during any twelve month
period.  No placement fee will be charged in connection with an
exchange.  The placement fee payable on such initial subscription is
deducted from the subscription amount.  The placement fee to which
Members are subject will vary among Members.  Each Member also will
pay an ongoing sales commission equal to 2% per annum of the month-end net asset
value for all other purposes, including interest income, of a Member’s
investment in the Series.  UBS FS, in consultation with the Sponsor,
may waive or reduce such sales commission for certain Members without entitling
any other Member to any such waiver or reduction.





The
Series will pay its own operating costs, including, without limitation: ongoing
offering expenses; execution and clearing brokerage commissions; forward and
other over the counter trading spreads; administrative, transfer, exchange and
redemption processing, legal, regulatory, reporting, filing, tax, audit, escrow,
accounting and printing fees and expenses, as well as extraordinary
expenses.  Such operating costs are allocated pro rata among the Units
based on their respective net asset values for all other
purposes.  These expenses are paid in addition to the other expenses
described below.





The
Sponsor has retained outside service providers to supply certain services,
including, without limitation, tax reporting, accounting and escrow
services.  Operating costs include the Series’ allocable share of the
fees and expenses of such outside service providers, as well as the fees and
expenses of any UBS entity or other service provider which may provide such (or
other) services in the future.





The
following table summarizes the expenses incurred by the Series for the period
March 16, 2007 (commencement of operations) to December 31, 2007:






2007Expenses
              
              Dollar
                Amount
              
              
              % of Average
      Month-End Net Asset Value for Financial ReportingPerformance
      fees
              
              $
              309,795
              
              
              
              2.09
              %Management
      fees
              
              
              256,483
              
              
              
              1.73
              %Sales
      commission
              
              
              256,028
              
              
              
              1.72
              %Brokerage
      commission
              
              
              89,861
              
              
              
              0.61
              %Sponsor’s
      fees
              
              
              32,004
              
              
              
              0.22
              %Other
      expenses
              
              
              313,355
              
              
              
              2.11
              %Total
              
              $
              1,257,526
              
              
              
              8.48
              %













5







The
foregoing table does not reflect the bid-ask spreads paid by the Series on its
forward trading, or the benefits which may be derived by UBS from the deposit of
certain of the Series’ assets maintained at the Clearing Broker.




The
Series’ average month-end net asset value for financial reporting during 2007
equaled $14,845,862.




During
2007 the Series earned $556,338 in interest income, or approximately 3.75% of
the Series’ average month-end net asset value for financial
reporting.





Regulation





The
Sponsor and the Trading Advisor are registered with the CFTC as commodity pool
operators and commodity trading advisors (“CTAs”) and are members of the
National Futures Association (“NFA”) in such
capacities.  The CFTC may suspend a commodity pool operator’s or
trading advisor’s registration if it finds that its trading practices tend to
disrupt orderly market conditions or in certain other situations.  In
the event that the registration of the Sponsor or of the Trading Advisor as a
commodity pool operator or a commodity trading advisor were terminated or
suspended, the Sponsor or Trading Advisor, as applicable, would be unable to
continue to manage the business of the Series.  Should the Sponsor’s
or Trading Advisor’s registration be suspended, termination of the Series might
result.  In addition to such registration requirements, the CFTC and
certain commodity exchanges have established limits on the maximum net long or
net short positions that any person may hold or control in particular
commodities.  Most exchanges also limit the changes in futures
contract prices that may occur during a single trading
day.   Currency forward contracts are not subject to regulation
by any U.S. government agency.





Other
than in respect of the registration requirements pertaining to the Series’
securities under Section 12(g) of the Securities Exchange Act of 1934, as
amended, the Platform and the Series are generally not subject to regulation by
the Securities and Exchange Commission.  The Trading Advisor is also
regulated by the Financial Service Authority of the United Kingdom.





(i) through (xii) – not
applicable.





(xiii) the Series has no
employees.





(d)           Financial Information About
Geographic Areas





The
Series does not engage in material operations in foreign countries, nor is a
material portion of the Series’ revenue derived from customers in foreign
countries.  The Series will trade on a number of U.S. and non-U.S.
commodities exchanges.  The Series will not engage in the sales of
goods or services.





Item 1A:  Risk
Factors





General





Members
May Lose All or Substantially All of Their Investment





Members
must be prepared to lose all or substantially all of their
investment.  The Series will have no “principal protection” feature
assuring the return of Members’ investment as of a specified future
date.





Limited
Performance History; Risk that Investment Objectives May Not Be
Achieved





The
Platform and the Series are recently-formed entities and have a limited
performance history.  The Platform is the first futures “platform” to
be operated by the Sponsor, and there can be no assurance that the Platform’s
investment objectives will be achieved.











6





Past
Performance Not Necessarily Indicative of Future Results





Past
performance is not necessarily indicative of future results.  The
Trading Advisor’s or Series’ past performance may not be representative of how
they may perform in the future and the past performance of the Trading Advisor
does not reflect the additional fees charged by the Series and the
Platform.





Reliance
on Trading Advisor Information Exposes the Series to Risk of Fraud





The
Sponsor and the Members will be entirely dependent on the information furnished
to them by the Trading Advisor.  There have been a number of recent
instances in which the sponsors of private investment funds have acted
fraudulently, resulting in massive losses to investors.  In investing
in the Platform and the Series, Members will be subject to all the risks of
entrusting capital to unaffiliated third parties.





Increasing
Competition in Non-Traditional Investment Industry Increases Volatility and
Decreases Liquidity





The
non-traditional investment industry is extremely competitive.  In
recent years there has been a marked increase in the number of, and flow of
capital into, investment vehicles established in order to implement
non-traditional or “alternative” investment strategies.  As a result,
there has been greater competition for investment opportunities and increased
price volatility and decreased liquidity with respect to certain
positions.  The Series will compete with other investment vehicles, as
well as investment and commercial banking firms, which have substantially
greater resources, in terms of financial wherewithal and research staffs, than
may be available to the Platform and the Series.





Increased
Assets Under Management May Result in Decreased Returns





There
appears to be a tendency for the rates of return achieved by managed futures
advisors to decline as assets under management increase.  It is
unlikely that the Trading Advisor will agree to limit the amount of additional
equity which it may manage, and the Trading Advisor may be at or near its
all-time high in assets under management.  In addition to the Trading
Advisor potentially being at or near its all-time high in assets under
management, the aggregate capital committed to the managed futures sector in
general is also at an all-time high.  The more capital that is traded
in these markets, the greater the competition for a finite number of positions
and the less the profit potential for all strategies.  As of December
31, 2007, the Trading Advisor was managing approximately $4.441 billion overall,
including approximately $4.192 billion in the Program.





Structural
Risks





Substantial
Charges Will Decrease Returns





The
Series will be subject to substantial charges, including an upfront placement
fee of up to 2%, ongoing sales commissions of 2%, the Sponsor’s fee of 0.25%,
the administrative fee of up to 0.20% (note that this rate could be higher in
situations where the Series’ net asset value for all other purposes is low and
the Series is subject to the monthly minimum charge of the Administrator), the
performance fee of 20% of new net trading profits, the management fee of 2%,
offering and operating costs estimated to be 0.50% and brokerage commissions
estimated to be 0.80%.  All such charges are cited in per annum terms,
although they will be charged more frequently than annually, as otherwise set
forth herein.  Additionally, all fees listed here are charged against
the net asset value for all other purposes of the Units held by a Member, except
in the case of the performance fee, which is charged against the new net trading
profits attributed to such Member’s Units.  Moreover, certain of these
charges — brokerage commissions and F/X spreads — depend on trading frequency
and, under certain market conditions, may substantially exceed estimated
levels.  All of the fees and expenses discussed herein, except the
performance fee, are paid regardless of profitability and, even once profits are
earned, Members will be subject to the performance fee in addition to the other
fees and expenses.









7




Reliance
on Single Trading Advisor Results in a Lack of Diversification





The
Trading Advisor has trading authority over the Trading Fund, and the Trading
Fund is dependent upon the services of the Trading Advisor.  The use
of a single trading advisor results in a lack of diversification and,
consequently, higher risk.





No
Assurance of the Trading Advisor’s Continued Service





There is
no assurance that the Trading Advisor will be willing or able to continue to
provide advisory services to the Series for any meaningful length of
time.  In addition, the Sponsor may, on one business day’s written
notice, terminate the advisory agreement among the Trading Advisor, the Sponsor
and the Trading Fund (the “Advisory Agreement”) with the
Trading Advisor and dissolve the Series (including for economic reasons relating
to the small capitalization of the Series).





Unavailability
of Trading Advisor Principals Could Result in Poor Performance for the
Series





The
Trading Advisor consists of a limited number of principals and key
employees.  If the services of any of such principals or key employees
became unavailable (for example, by reason of death, disability or retirement),
the Series could sustain losses.





Trading
Advisor Risk





The
Series is subject to the risk of the bad judgment, negligence or misconduct of
the Trading Advisor.  There have been a number of instances in recent
years in which private investment funds have incurred substantial losses due to
manager misconduct.





Trading
Error Risk





Trades
may be placed or executed in error due to (a) technical errors such as coding or
programming errors in software, hardware problems and inaccurate pricing
information provided by third parties and (b) execution errors such as
keystroke, typographic or inadvertent drafting errors.  Many exchanges
have adopted “obvious error” rules that prevent the entry and execution of
trades more than a specified amount away from the current best bid and offer on
the exchange.  However, such rules may not be in place on the
exchanges where the Trading Advisor trades on behalf of the Series and may not
be enforced even if in effect.  Moreover, such rules likely would not
prevent the entry and execution of a trade entered close to the market price but
at an erroneous size.  Each of the Trading Advisor’s accounts,
including the Series, will enjoy the profits and bear the losses of any such
trading errors; provided that the Series does not bear such losses if the
Trading Advisor has not acted pursuant to the standard of liability set forth in
the Advisory Agreement.





Limited
Liquidity of Units; Risk of Net Asset Value Declining Before Effective Date of
Redemption





An
investment in the Units cannot be immediately liquidated by a
Member.  Units may generally be transferred only with the consent of
the Sponsor (which it does not generally intend to give), and no market for the
Units will exist at any time.  A Member may redeem Units as of the
last business day of any month on approximately 15 days’ prior written notice to
the Series.  Because withdrawal notices must be submitted
significantly in advance of the actual redemption date, the value received upon
redemption may differ materially from the Units’ value at the time a decision to
redeem is made.  Because redemptions are only permitted at month-end,
investors are not able to select the value, or even the approximate value, at
which they are able to redeem their Units.





Changes
in Trading Strategy Could Result in Losses





The
Trading Advisor may make material changes in its trading strategies without the
knowledge of the Sponsor, which could result in trading losses or lower profits
than would have been the case had the Trading Advisor not made any changes to
its trading strategies.  Particularly given the “black box” character
of many managed futures strategies, it is virtually impossible for the Sponsor
to detect strategy changes.








8





Conflicts
of Interest





The
Platform and the Series are subject to a number of material actual and potential
conflicts of interest, raising the possibility that Members will be
disadvantaged to the benefit of the Sponsor, the Trading Advisor or their
respective principals and affiliates.  No formal policies or
procedures have been adopted to resolve these conflicts.  Below is a
discussion of these conflicts of interest:





Sponsor-Affiliated
Entities





Other
than the Trading Advisor and the Administrator, all parties involved in the
operations of the Platform and the Series may be affiliated with the
Sponsor.  Currently, the Clearing Broker and selling agents are
affiliates of the Sponsor.  Consequently, many of the business terms
of the Platform and the Series have not been negotiated at
arm’s-length.  Were Members to seek redress from the Sponsor or its
affiliates for damages relating to the offering of the Units or the operations
of the Platform or the Series, they (i) would be unlikely to have recourse
against any Sponsor entity which is not a direct party to an agreement with the
Platform or the Series, and (ii) would be likely to have such recourse even in
the case of such entities, only on a derivative basis, suing not individually
but in the right of the Platform or the Series.





The
Trading Advisor has agreed to share a portion of its management fees with UBS
FS, an affiliate of the Sponsor.  Other trading advisors of the
Platform may similarly agree to share a portion of their management fees and/or
performance fees.  As a result, the Sponsor may favor investments by
Members in trading advisors of the Platform that engage in such fee sharing
rather than in those trading advisors that do not .  In addition, UBS
FS both assists the Sponsor in the selection of trading advisors and acts as
selling agent, along with UBS International Inc., potentially receiving a
portion of any management fees and/or performance fees.  As a result,
UBS FS has an incentive to recommend trading advisors to the Sponsor that are
willing to participate in such fee sharing.





Clearing
Broker and F/X Dealer





The
Clearing Broker executes trades for different clients in the same markets at the
same time.  Consequently, other clients may receive better prices on
the same trades than the Series, causing the Series to pay higher prices for its
positions.





Many
Clearing Broker clients pay lower brokerage rates than the
Series.  Brokerage commissions significantly decrease the Series’
performance, and the cumulative effect of the higher rates paid by the Series is
material.





The
Clearing Broker and the F/X dealer each must allocate their resources among many
different clients.  They have financial incentives to favor certain
accounts over the Series.  Because of the competitive nature of the
markets in which the Series trades, to the extent that any of the Clearing
Broker and the F/X dealer prefer other clients over the Series, the Series is
likely to incur losses.





The
Clearing Broker and the F/X dealer do not have to compete to provide services to
the Series; consequently, there is no independent check on the quality of their
services.





The
Sponsor





Relationships among the
Sponsor Affiliates





The
Sponsor and its affiliates are the Platform’s and Series’ primary service
providers, other than the Trading Advisor and the Administrator, and will remain
so even if using other firms would be more advantageous for the Platform or the
Series.





The
principal officers and managers of the Sponsor are also employed and compensated
by the Clearing Broker.  As a result, the Sponsor has an incentive to
use the Clearing Broker to clear the Series’ trades even if other clearing
brokers would provide less expensive or higher quality services than those of
the Clearing Broker.  In addition, because the Series pays brokerage
commissions and forward trading spreads to the Clearing Broker   and
UBS AG, respectively, on a per side basis, the Sponsor may have an incentive to
select trading advisors


which
trade in higher volume, generating more revenue for the Clearing Broker or UBS
AG, as the case may be.




9







Other Funds or Accounts
Sponsored by the Sponsor





The
Sponsor might be able to add more value to the Platform and the Series were
certain Sponsor personnel to focus exclusively on managing the Platform and the
Series, but the Sponsor operates, in addition to the Platform and the Series,
another fund and may in the future operate other funds or accounts because such
funds and accounts generate significant revenues for it and also diversify the
Sponsor’s exposure to one or more of such accounts performing
poorly.





In
operating such other funds and/or accounts, the Sponsor may have a conflict of
interest in selecting the trading advisors for the series of the Platform and
for such other funds or accounts, as there is, in general, a shortage of
qualified futures trading advisors available to manage customer
assets.





The
Sponsor may from time to time have a conflict of interest between facilitating
the ongoing offering of the Units and making trading advisor or other changes
which the Sponsor would otherwise believe to be in the best interests of the
Platform or the Series.





Certain
clients of the Clearing Broker pay materially lower brokerage rates than does
the Series.  In the case of a number of such clients, particularly
clients with an account as large as that of the Series, the lower fees charged
are in large part attributable to the significant costs incurred by the Sponsor
and UBS in sponsoring the Platform and the Series and distributing the Units
being embedded in the Series’ fees described herein.  In the case of
institutional accounts, no sponsorship or distribution costs are incurred by the
Sponsor or its affiliates, so the Clearing Broker can lower brokerage
commissions without reducing the net revenue received by the Sponsor or its
affiliates.  Nevertheless, even factoring in sponsorship and
distribution costs, certain institutional clients of the Clearing Broker
receive, as a result of arm’s-length negotiations, better commission rates than
the Series.





Because
the Series pays brokerage commissions and forward trading spreads to the
Clearing Broker and UBS AG, respectively, on a per side basis, the Sponsor may
have an incentive to select trading advisors for the Platform which trade in
higher volume, generating more revenue for the Clearing Broker or UBS AG, as the
case may be.





The
Trading Advisor





Other Clients and Business
Activities of the Trading Advisor





The
Series might benefit significantly from an exclusive focus by the Trading
Advisor on the Series rather than on the Trading Advisor’s other accounts,
including accounts owned by its principals.  The Series could be
adversely affected by the fact that the Trading Advisor trades other accounts at
the same time that it is managing the Series’ account.  The Trading
Advisor has numerous different clients and financial incentives to favor certain
of such clients over the Series.  Other client accounts managed by the
Trading Advisor may significantly outperform the Series.  The Trading
Advisor and its principals devote a substantial portion of their business time
to ventures and accounts other than managing the Series, including, in some
cases, ventures which are unrelated to futures trading.  The Trading
Advisor acts, or may in the future act, as sponsor of its own single- or
multi-advisor futures funds, and such funds may, from time to time, be in direct
competition with the Series for positions in the market.  These
competing accounts create a conflict of interest for the Trading Advisor in
selecting limited investment opportunities for such accounts.





Brokers and Dealers Selected
by Trading Advisor





The
Trading Advisor trades through certain non-UBS brokers with which the Trading
Advisor has ongoing business dealings (even though UBS Securities LLC remains
the Clearing Broker for the Series).  As a result, the Trading Advisor
may have a conflict of interest between insisting on the use of such brokers and
using the brokers most advantageous for the Series.









10




The
Trading Advisor may execute a number of the trades for the Series through
executing brokers affiliated with the Trading Advisor.  Because the
Trading Advisor may indirectly benefit from trades executed through such
affiliated executing brokers, it may not have an incentive to negotiate the
brokerage terms most beneficial to the Series with respect to such
trades.





It should
be noted that futures and derivatives trading is not subject to the requirements
of best price and execution as is securities trading, but is subject only to
negotiation between the Trading Advisor and the broker or counterparty and
application of fiduciary and other legal duties as required by state and federal
law.





Performance
Fees





The fact
that the Trading Advisor is eligible to receive performance fees may cause it to
trade in a more speculative fashion than it otherwise would.





Financial
Advisors





Financial
advisors are the individual UBS brokers who deal directly with UBS clients (the
“Financial
Advisors”).  The Financial Advisors are compensated, in part,
on the basis of the amount of securities commissions which they generate from
client transactions.  Financial Advisors receive a portion or all of
the placement fee and sales commission on the Units they sell and have a
financial incentive to encourage investors to purchase and not to redeem their
Units.





Proprietary
Trading





The
Sponsor, the Clearing Broker and the Trading Advisor, their respective
affiliates, principals and related persons may trade in the commodity markets
for their own accounts as well as for the accounts of their
clients.  Records of this trading will not be available for inspection
by the Members.  Such persons may take positions which are the same as
or opposite to those held by the Series.  Members should be aware that
— as a result of a neutral allocation system, testing a new trading system,
trading their proprietary accounts more aggressively or other actions not in
violation of their fiduciary or other duties — such persons may from time to
time take positions in their proprietary accounts ahead of the positions taken
for the Series, as well as that on occasion orders may be filled more
advantageously for the account of one or more such persons than for the Series’
account.





The
Series Could Lose Assets and Have Its Trading Disrupted Due to the Bankruptcy of
One of its Counterparties or Service Providers





The
Series is subject to the risk of the insolvency of its counterparties (such as
broker-dealers, futures commission merchants, banks or other financial
institutions, exchanges or clearinghouses).





The
Series’ assets could be lost or impounded during a counterparty’s bankruptcy or
insolvency proceedings and a substantial portion or all of the Series’ assets
may become unavailable to it either permanently or for a matter of
years.  Were any such bankruptcy or insolvency to occur, the Sponsor
might decide to liquidate the Series or suspend, limit or otherwise alter
trading, perhaps causing the Series to miss significant profit
opportunities.





Under
CFTC regulations, the Clearing Broker is required to maintain in a segregated
account the portion of the Series’ assets held by it that consists of, or is
used to margin or secure, commodity futures transactions.  If the
Clearing Broker fails to do so, the Series may be subject to risk of loss of
funds in the event of the Clearing Broker’s bankruptcy.  Even if such
funds are properly segregated, the Series may still be subject to a risk of a
loss of its funds on deposit with the Clearing Broker should another customer of
the Clearing Broker, or the Clearing Broker itself, fail to satisfy deficiencies
in such other customer’s accounts. Bankruptcy law applicable to all U.S. futures
brokers requires that, in the event of the bankruptcy of such a broker, all
property held by the broker, including certain property specifically traceable
to the customer, be returned, transferred or distributed to the broker’s
customers only to the extent of each customer’s pro rata share of all
property available for distribution to customers.  If the Clearing
Broker were to become bankrupt, it is possible that the Series would be able to
recover none or only a portion of its assets held by the Clearing
Broker.








11





There are
increased risks in dealing with offshore brokers and unregulated trading
counterparties, including the risk that assets may not benefit from the
segregation protection afforded to “customer funds” deposited with regulated
futures commission merchants.  For instance, the Series may be
required to post margin for its non-U.S. exchange transactions with non-U.S.
exchange dealers who are not required to segregate customer
funds.  The recent events surrounding the bankruptcy of Refco, Inc.
and its related entities have demonstrated the risks that may be associated in
dealing with unregulated trading counterparties.





The
Series may effect transactions on “over-the-counter” or “inter-dealer”
markets.  The participants in these markets typically are not subject
to the type of strict credit evaluation and regulatory oversight applicable to
members of “exchange-based” markets, and transactions in these markets typically
are not settled through exchanges or clearinghouses that guarantee the trades of
their participants.  Rather, the responsibility for performing under a
particular transaction rests solely with the counterparty to such
transactions.  To the extent the Series invests in swaps, derivatives
or synthetic instruments or other over-the-counter transactions in these
markets, the Series is subject to the credit risk of the parties with which it
trades and deposits collateral.  The Series is also subject to the
risk that a counterparty may not settle a transaction because such counterparty
is unwilling or unable to do so (for example, because of a credit or liquidity
problem affecting the counterparty), potentially resulting in significant losses
— perhaps in respect of an offsetting position on which the Series remains
obligated to perform.





The
Sponsor has no control over the selection of many of the counterparties by the
Trading Advisor, and the Trading Advisor is generally not restricted from
dealing with any particular counterparty (regulated or unregulated), or from
concentrating any or all of its transactions with a single counterparty or
limited number of counterparties, except the Clearing Broker.  In
addition, the Sponsor has no ability to assess the extent to which the Trading
Advisor maintains the Series’ assets in unregulated accounts subject to the
bankruptcy of the counterparties holding such assets.





Regulatory
Changes Could Restrict the Series’ Operations





The
Series implements speculative, highly leveraged strategies.  From time
to time there is governmental scrutiny of these types of strategies and
political pressure to regulate their activities.  For example,
non-U.S. governments have from time to time blamed the declines of their
currencies on speculative currency trading and imposed restrictions on
speculative trading in certain markets.





Regulatory
changes could adversely affect the Series by restricting its markets, limiting
its trading and/or increasing the taxes to which Members are
subject.  Adverse regulatory initiatives could develop suddenly and
without notice.





Risk
of Fewer Statutory Protections for Members Due to Limited Regulatory
Oversight





Neither
the Series nor the Platform is registered as an investment company under the
Investment Company Act of 1940, as amended.  Therefore, Members do not
have the benefit of the protections afforded by, nor is the Series or the
Platform subject to the restrictions resulting from, such statute and
regulations thereunder.





Risk
of Dilution of a Member’s Economic Interest





A
Member’s economic interest in the Platform or in the Series is subject to
dilution in certain cases.  Because the High Water Mark and new net
trading profits are calculated in respect of the Series rather than each
individual Member, there is a dilution of the economic interest of the Members
who are invested in the Series during periods in which a performance fee has
accrued or net trading profits are below the High Water Mark.  This
dilution occurs because Members who subscribe for Units at a net asset value for
all other purposes reduced by accrued performance fees share in any subsequent
reversals of the performance fees accrued at the time of their investment; or,
conversely, because Members who subscribe for Units at a time when the net
trading profits are below the High Water Mark share in the reduction of the
performance fees otherwise due in respect of future profits, although they were
not subject to the losses which decreased the net trading profits to that
level.





Performance
Fees May Increase Likelihood of Speculative Trading





The
performance fees paid to the Trading Advisor may give it an incentive to engage
in more speculative investing and trading strategies in an effort to increase
its rate of return.  The calculation of the performance fees does not any individual
Member’s investment experience but rather on the basis of the performance of the
Series as a whole.










12








Lack
of Representation of Members Could Result in Unfavorable Terms





Prospective
investors have not been represented in any of the negotiations relating to the
formation of the Platform or the Series or the determination of any of their
business terms.  The business terms of the Series are not negotiated
at arm’s-length with any Member.





Risk
Factors Specific to Exchanges





If more
series are added to the Platform and the Sponsor allows exchanges among such
series, the risk of exchanging into the units of a series are the same as
directly investing in such series.  Exchanging investors may redeem
out of a series of the Platform about to outperform and invest into a series
about to underperform.  The performance of speculative investments
such as the series is unpredictable, and any attempt to time exchanges between
different series of the Platform is likely to result in losses over
time.  The prospects for, as well as the net asset value per unit for
all other purposes of, a series of the Platform into which an investor exchanges
may change materially between the time that an irrevocable decision to exchange
must be made and the time that such units are acquired in the
exchange.  In addition, if the net trading profits of a series out of
which an investor exchanges is below such series’ high water mark, the reduction
of performance fees otherwise due in respect to future profits will be forfeited
by such investor and will have no effect on the calculation of the performance
fee due in respect of the series into which the investor
exchanges.  Any accrued performance fees will be assessed when an
investor exchanges out of any such series.





Note
that, as is the case with respect to redemptions, exchanges are treated as
taxable events.  As a result, the investor will be obligated to pay
any gains in excess of the basis of the units exchanged.





The net
asset value for all other purposes of the units of the series out of which an
investor is exchanging will be calculated as of the last day of the applicable
month.





Members
May Be Required to Redeem Before Full Realization of Profits





The
Sponsor may cause the Series to redeem part or all of the Units held by any
particular Member if the Sponsor determines that (a) such Member’s continued
holding of Units could result in adverse consequences to the Platform, the
Series or the Trading Fund, such as an event that would cause the Platform, the
Series or the Trading Fund (i) to be treated as an association taxable as a
corporation for income tax purposes, (ii) to be considered to hold “plan assets”
within the meaning of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”) (iii)
to engage in a “prohibited transaction” as defined in Section 406 of ERISA or
Section 4975 of the Internal Revenue Code of 1986, as amended, (iv) to violate
any law or contractual provision or (v) any other reason as may be determined by
the Sponsor; (b) such Member’s investment in the Units, or aggregate investment
in the Platform, is below the minimum level established by the Sponsor
(including any increase in such minimum level that the Sponsor may implement in
the future); or (c) for any other reason.  Mandatory redemption of a
Member’s Units could occur before such Units have had a realistic chance of
being profitable.  Units subject to mandatory redemption will be
redeemed at their current net asset value for all other purposes, which will be
calculated on the effective date of such mandatory redemption as determined by
the Sponsor.





Cross-Series
Liability Risk





Different
series of the Platform will be permitted to trade with different trading methods
including various degrees of leverage, thereby creating the possibility that
losses attributable to one series of the Platform could exceed its assets,
thereby causing investors in other series to be subject to
losses.  The Sponsor views cross-series liability as a remote risk due
to the fact that each series of the Platform should be viewed as a separate
legal entity and will invest in a separate trading fund, but such risk cannot be
completely eliminated and is a risk to which all Members must consent as a
condition of being admitted to the Series.








13





Trading
Risks





Volatile
Markets; Highly Leveraged Trading Could Result in Increased Losses





Futures
and forward trading is highly leveraged, and market price levels are volatile
and materially affected by unpredictable factors such as weather and
governmental intervention.  The combination of leverage and volatility
creates a high degree of risk.  Additionally, although the Trading
Advisor may initiate stop-loss orders on certain positions to limit downside
exposure, there can be no assurance that any such stop-loss order will be
executed at the desired price or time.





The
futures instruments traded by the Series are inherently leveraged and the Series
expects to commit 5% to 30% of the Series’ assets as margin at any one time
(although this amount could occasionally be substantially
higher).  Historically, the Program has committed as margin 5% to 20%
of assets managed under the Program.  It is estimated that the
leverage employed by the Series will equal, at a maximum, ten times the net
asset value for all other purposes of the Series, although it could exceed this
amount.





Changing
General Market Conditions Could Adversely Affect the Performance of the
Series





Overall
market or economic conditions — which neither the Sponsor nor the Trading
Advisor can predict or control — have a material effect on the performance of
any managed futures strategy.  Furthermore, such overall conditions
can adversely affect the performance of the Trading Advisor at or about the same
time as they adversely affect any other trading advisors on the Platform,
despite their implementing different and independent strategies.





No
Assurance of Non-Correlation; Limited Value of Non-Correlation Even if
Achieved





Not only
is the past performance of the Trading Advisor or the Series not necessarily
indicative of the Series’ future results (due to the speculative character of
managed futures), but also there can be no assurance that the Series’ results
will be non-correlated with (i.e., unrelated to) the general stock and bond
markets.  If the Series’ performance is not non-correlated to these
markets, the Series cannot help diversify an overall portfolio.





Investors
should evaluate an investment in the Series in terms of the alternative of an
investment in a cash equivalent, such as 91-day Treasury bills, which can be
relied upon to (i) be generally non-correlated with equity and debt price
levels, (ii) generate a positive yield and cash flow, (iii) be highly liquid,
(iv) have almost no risk of loss of principal and (v) incur virtually no costs
or expenses.





Even if
the Series’ performance is generally both profitable and non-correlated to the
general stock and bond markets, there are highly likely to be significant
periods during which the Series’ results are similar to those of a Member’s
stock and bond holdings, thereby reducing or eliminating the Series’
diversification benefits.  During unfavorable economic cycles, an
investment in the Series may increase rather than mitigate a portfolio’s
aggregate losses.





Discretionary
Strategies Could Increase Volatility and/or Negatively Affect
Performance





The
Trading Advisor may use discretionary rather than systematic
traders.  Such traders may be prone to emotionalism and a lack of
discipline in their trading.  Relying on subjective trading judgment
may produce less consistent results than those obtained by more systematic
approaches.





Technical
Analysis Subjects the Series to Greater Exposure to Factors Exogenous to the
Markets Themselves





The
Trading Advisor may use technical analysis in employing the
Program.  Technical strategies rely on information intrinsic to the
market itself (e.g., prices, price patterns, volume and volatility) to determine
trades.  These strategies can incur major losses when factors
exogenous to the markets themselves (e.g., political events, natural
catastrophes and acts of war or terrorism) dominate the markets.






14






Systematic
Strategies Could Result in Dependence on General Market Conditions over Which
the Trading Advisor Has No Control





The
Trading Advisor will use systematic strategies in employing the
Program.  There has been, in recent years, a substantial increase in
interest in technical futures trading systems, particularly systems established
to take advantage of major price movements (“trend-following
systems”).  As the capital under the management of trading
systems based on the same general principles increases, an increasing number of
traders may attempt to initiate or liquidate substantial positions at or about
the same time as the Series, or otherwise alter historical trading patterns or
affect the execution of trades, to the significant detriment of the
Series.





There is
some tendency for managed futures products — particularly those managed by
systematic, trend-following advisors — to perform similarly during the same or
approximately the same periods.  Prospective investors must recognize
that, irrespective of the skill and expertise of the Trading Advisor, the
success of the Series may be substantially dependent on general market
conditions over which the Trading Advisor has no control.





In
addition, there has been an increase in the use of trading systems employing
counter-trend techniques that attempt to profit from the wide use of trend
following systems by running stop points or otherwise.  The increased
use of such techniques could alter to the detriment of the Series the trading
patterns the Trading Advisor attempts to exploit.





Trend-Following
Systems Could Incur Losses During Trendless or “Whipsaw” Markets





The
Trading Advisor will use trend-following systems in employing its trading
program.  Trend-following trading systems anticipate that more than
half of their trades will be unprofitable and seek to achieve overall
profitability by substantial gains made on a limited number of
positions.  These strategies generally can be successful only in
markets in which strong price trends occur.  In stagnant markets in
which such trends do not occur, or in “whipsaw markets” in which apparent trends
develop but then quickly reverse, trend-following trading systems are likely to
incur substantial losses.





Fundamental
Analysis is Subject to Human Error and Emotional Factors Which Could Result in
Poor Performance





The
Trading Advisor may use fundamental analysis in employing its trading
program.  Fundamental analysis is premised on the assumption that
markets are not perfectly efficient, that informational advantages and
mispricings do occur and that econometric analysis can identify trading
opportunities.  Fundamental analysis may incur substantial losses if
such economic factors are not correctly analyzed, not all relevant factors are
identified and/or market forces cause mispricings to continue despite the
Trading Advisor having correctly identified such
mispricings.  Fundamental analysis may also be more subject to human
error and emotional factors than technical analysis.





Forward
Trading is Subject to the Risks of Trading on Unregulated Markets and Subjects
the Series to Increased Counterparty Risk





None of
the CFTC, the NFA, futures exchanges or banking authorities currently regulates
forward trading.  Because a principal portion of the Series’ currency
trading likely will take place in the forward markets, prospective investors
must recognize that much of the Series’ activity takes place in unregulated
markets rather than on futures exchanges subject to the jurisdiction of the CFTC
or other regulatory bodies.  The Series’ assets on deposit with the
currency forward counterparties with which the Series trades will not be
protected by the same segregation requirements imposed on CFTC-regulated
commodity brokers in respect of customer funds deposited with
them.  Although the Series will deal only with major financial
institutions as currency forward counterparties, the insolvency or bankruptcy of
a currency forward counterparty could subject the Series to the loss of its
entire deposit with such counterparty.  The forward markets are well
established.  However, it is impossible to predict how, given certain
unusual market scenarios, the unregulated nature of these markets might affect
the Series.  In addition, the prices offered for the same forward
contract may vary significantly among different forward market
participants.  Forward market counterparties are under no obligation
to enter into forward transactions with the Series, including transactions
through which the Series is attempting to liquidate open positions.








15





Exchange
of Futures for Physicals May Cause the Series to Incur Increased Trading
Costs





The
Trading Advisor may engage in “exchange of futures for physical” (“EFP”)
transactions.  An EFP permits positions to be established in the
forward or cash markets during off-hours when futures exchanges are closed or at
prices different from those prevailing on the exchange, which positions are then
exchanged for futures contracts.  The pricing of EFPs may,
accordingly, vary from the pricing of exchange-traded futures, and additional
transaction costs are included in exchanging the forward or cash position for
the equivalent futures position.





Trade
Execution Risk





The
Trading Advisor may use executing brokers unaffiliated with UBS.  In
the event of a trading error, the Series may have no effective remedy against
such executing brokers.





Trading
in Illiquid Markets Could Result in the Series’ Inability to Prevent Large
Losses





Certain
positions held by the Series may become illiquid, preventing the Trading Advisor
from acquiring positions otherwise indicated by its strategy or making it
impossible for the Trading Advisor to close out positions against which the
market is moving.





Certain
futures markets are subject to “daily price limits,” restricting the maximum
amount by which the price of a particular contract can change during any given
trading day.  Once a contract’s price has moved “the limit,” it may be
impossible or economically non-viable to execute trades in such
contract.  From time to time, prices have moved “the limit” for a
number of consecutive days, making it impossible for traders against whose
positions the market was moving to prevent large losses.





Speculative
Position Limits Could Require the Series to Prematurely Liquidate Positions
Resulting in Losses





The CFTC
and the U.S. commodities exchanges have established limits referred to as
“speculative position limits” on the maximum net long or net short speculative
positions that any person may hold or control in any particular futures or
options contracts traded on U.S. commodities exchanges.  All accounts
owned or managed by the Trading Advisor are combined for position limit
purposes.  The Trading Advisor could be required to liquidate
positions held for the Series in order to comply with such
limits.  Any such liquidation could result in substantial losses to
the Series.





Trading
on Non-U.S. Exchanges May Subject the Series’ Trades to Less Robust Regulatory
Regimes and to Exchange Rate Risk





The
Trading Advisor will trade on futures exchanges outside the United States on
behalf of the Series.  Trading on such exchanges is not regulated by
any U.S. government agency and may involve certain risks not applicable to
trading on U.S. exchanges.  For example, some non-U.S. exchanges, in
contrast to U.S. exchanges, are “principals’ markets” similar to the forward
markets in which performance is the responsibility only of the individual member
with whom the Series has entered into a futures contract and not of any exchange
or clearing corporation.  In such cases, the Series will be subject to
the risk of the inability or refusal to perform with respect to the individual
counterparty with whom the Series has entered into a futures
contract.  Trading on non-U.S. exchanges involves the additional risks
of expropriation, burdensome or confiscatory taxation, moratoriums, exchange or
investment controls and political or diplomatic disruptions, each of which might
materially adversely affect the Series’ trading activities.  In
trading on non-U.S. exchanges, the Series also is subject to the risk of changes
in the exchange rates between the U.S. dollar and the currencies in which the
non-U.S. contracts are settled.  In addition, the U.S. tax treatment
of non-U.S. futures trading is adverse compared to the tax treatment of U.S.
futures trading.





Limits
of Risk Disclosures





The
futures and forward markets, the Trading Advisor’s strategies and prevailing
economic conditions are continually changing.  Furthermore, the
Trading Advisor’s strategies are proprietary and confidential.  The
summary list of risk factors contained herein may not reflect all the
speculative risks to which the Series may be
subject.  Prospective   investors   must aware that they may lose
all or substantially all of












16






Tax
Risks





Members
Are Taxed Every Year on Their Share of the Series’ Profits — Not Only When They
Redeem as Would Be the Case if They Held Stocks or Bonds





Members
are taxed each year on their share of the Series’ income and gains, irrespective
of whether they redeem any Units.  Members will receive a Schedule K-1
reflecting their share of the taxable gains and losses of the Series during the
preceding year.  The Sponsor does not intend to make any
distributions.  Consequently, in order to pay the taxes attributable
to their investment in the Series, Members must either redeem Units or pay such
taxes from other sources.





All
performance information included herein is presented on a pre-tax basis; the
investors who experienced such performance had to pay the related taxes from
other sources.  Over time, the compounding effects of the annual
taxation of the Series’ income are material to the economic consequences of
investing in such Series.  For example, a 10% compound annual rate of
return over five years would result in an initial $10,000 investment compounding
to $16,105.  However, if one factors in a 25% tax rate each year (the
blended tax rate on many of the futures contracts traded by the Series is
currently 25%), the result would be $14,356.





The
Series’ Trading Gains Taxed at Higher Capital Gains Rate





Members
will be taxed on their share of any trading profits of the Series at both short-
and long-term capital gain rates depending on the mix of U.S. exchange-traded
contracts and non-U.S. contracts traded.  These tax rates will be
determined irrespective of how long a Member holds
Units.  Consequently, the tax rate on the Series’ trading gains may be
higher than those applicable to other investments held by a Member for a
comparable period.





Tax
Could Be Due From Members on Their Share of the Series’ Interest Income Despite
Overall Losses





Members
may be required to pay tax on their allocable share of the Series’ interest
income, even if the Series incurs overall losses.  Trading losses can
be used only to offset trading gains and $3,000 of ordinary income (including
interest income) each year.  Consequently, if a Member were allocated
$5,000 of interest income and $10,000 of net trading losses, such Member would
owe tax on $2,000 of interest income even though such investor would have a
$5,000 loss for the year.  The $7,000 capital loss would carry
forward, but subject to the same limitation on its deductibility against
interest income.





Unfavorable
“Investment Advisory Fees” Tax Treatment





Members
could be required by the Internal Revenue Service to treat the Trading Advisor’s
management and performance fees, as well as the Sponsor’s and administrative
fees and certain other expenses of the Series, as “investment advisory fees,”
which are subject to substantial restrictions on deductibility for individual
taxpayers.





Tax
Audit





There can
be no assurance that the Platform’s or the Series’ tax returns will not be
audited by the Internal Revenue Service.  If such an audit were to
result in an adjustment, Members could be required to pay back taxes, interest
and penalties.





Item 2:    Properties





The
Series does not own or use any physical properties in the conduct of its
business.





The
Series’ administrative office is the administrative office of the Sponsor (One
North Wacker Drive, 31st Floor,
Chicago, Illinois 60606).  The Sponsor performs administrative
services for the Series from the Sponsor’s offices.








17





Item 3:    Legal
Proceedings





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





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





None.





PART
II





Item 5:
            Market for
      Registrant’s Common Equity, Related Stockholder Matters and Issuer
      Purchases of Equity
Securities





(a)           Market
Information





There is
no trading market for the Units, and none is likely to develop.  Units
may be redeemed at the net asset value per Unit for all other purposes as of the
end of any calendar month.  Redemption requests must be submitted on
or prior to the 15th day of the calendar month (or the following business day)
in which such Units are to be redeemed.





(b)           Holders





As of
December 31, 2007, there were 103 holders of Units, including the
Sponsor.





(c)           Dividends





No
distributions or dividends have been made on the Units, and the Sponsor has no
present intentions to make any.





(d)           Securities Authorized for
Issuance Under Equity Compensation Plans





None.





(e)           Recent Sales of Unregistered
Securities; Use of Proceeds from Registered Securities





The
Series did not sell any unregistered securities since it commenced operations on
March 16, 2007 that have not previously been included in the Series’ Quarterly
Reports on Form 10-Q or in a Current Report on Form 8-K.





(f)           Issuer Purchases of Equity
Securities





Pursuant
to the Platform’s Limited Liability Company Agreement and the Series’ Separate
Series Agreement, Members may redeem their Units at the end of each calendar
month at the then current month-end net asset value per Unit for all other
purposes (i.e. including the amortization of organizational and initial offering
costs).  The redemption of Units has no impact on the value of Units
that remain outstanding, and Units are not reissued once
redeemed.  The following table summarizes the redemptions by Members
during the third quarter of 2007:






18







Month
            Units
      Redeemed
            Redemption Date Net
      Asset Value per Unit for All Other PurposesOctober
      31, 2007
            0
            $1,104.648November
      30, 2007
            0
            $1,061.148December
      31, 2007
            5,070.537
            $1,090.765Total
            5,070.537





Item 6:     Selected Financial
Data





The
following selected data has been derived from the audited Financial Statements
of the Series.












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






19








The net
asset value and net asset value per Unit are as follows:




Net
      Asset Value
              
              
              
              
              
              Net
      Asset Value per UnitAll
      Other Purposes (unaudited)
              
              
              Financial
      Reporting
              
              
              Number
      of Units
              
              
              All
      Other Purposes (unaudited)
              
              
              Financial
      ReportingPrice
      at Commencement*
              
              
              
              
              
              
              
              
              
              
              
              1,000.000
              
              
              
              1,000.000March
      31, 2007
              
              
              7,805,411
              
              
              
              7,479,686
              
              
              
              7,760.62
              
              
              
              1,005.772
              
              
              
              963.801June
      30, 2007
              
              
              13,409,546
              
              
              
              13,100,248
              
              
              
              11,988.08
              
              
              
              1,118.573
              
              
              
              1,092.773September
      30, 2007
              
              
              18,932,687
              
              
              
              18,639,817
              
              
              
              18,241.85
              
              
              
              1,037.871
              
              
              
              1,021.816December
      31, 2007
              
              
              16,034,264
              
              
              
              15,757,821
              
              
              
              14,700.02
              
              
              
              1,090.765
              
              
              
              1,071.959Total
      return after performance fee, three months ended December 31,
      2007
              
              
              
              5.10
              %
              
              
              4.91
              %Total
      return after performance fee, period from Commencement* to December 31,
      2007
              
              
              
              9.08
              %
              
              
              7.20
              %*
      Commencement of operations of the Series was March 16,
2007






PAST
PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS





Item 7:     Management’s Discussion and
Analysis of Financial Condition and Results of
Operations





Reference is made to Item 6 “Selected Financial
Data” and Item 8 “Financial Statements and
Supplementary Data.”  The information contained therein is
essential to, and should be read in conjunction with, the following
analysis.





All
figures and performance returns noted in this Item 7 are based on the net asset
value and/or the net asset value per Unit for all other purposes, which complies
with U.S. generally accepted accounting principles, except with respect to
organizational and initial offering costs (which are being amortized over 60
months) as described in Item 6 “Selected Financial
Data.”  All figures and performance returns communicated to
Members are based on the net asset value and/or the net asset value per Unit for
all other purposes.





Operational
Overview





This
performance summary describes the manner in which the Series has performed in
the past and is not an indication of future performance.  While
certain market movements are attributable to various market factors, such
factors may or may not have caused such movements but they may have simply
occurred at or about the same time.





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





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





Liquidity





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





Other
than potential market-imposed limitations on liquidity, due, for example, to
limited open interest in certain futures markets or to daily price fluctuation
limits, which are inherent in the Series’ futures and forward trading, the
Series’ assets are highly liquid and are expected to remain
so.  Because the Series’ assets are held in cash, it expects to be
able to liquidate all of its open positions or holdings quickly and at
prevailing market prices, except in unusual  circumstances.  This
permits the Trading Advisor to enter and exit markets, leverage and deleverage
in accordance with its strategy.  From its commencement of operations
on March 16, 2007 through December 31, 2007, the Series experienced no
meaningful periods of illiquidity in any of the markets in which it
traded.  The Series processes redemptions on a monthly
basis.  The Series incurred redemptions of $5,632,473 (5,168.54 Units)
for the year ended December 31, 2007, and accrued $5,530,762 in redemptions
payable to Members at December 31, 2007.












20






Capital
Resources





The
Series’ Units may be offered for sale as of the beginning, and may be redeemed
as of the end, of each month.





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





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





The
Series may trade a variety of futures-related instruments, including (but not
limited to) bonds, currencies, interest rates, equities, equity indices, debt
securities and selected physical commodities and derivatives.  Risk
arises from changes in the value of these contracts (market risk) and the
potential inability of counterparties or brokers to perform under the terms of
their contracts (credit risk).  Market risk is generally to be
measured by the face amount of the futures positions acquired and the volatility
of the markets traded.  The credit risk from counterparty
non-performance associated with these instruments is the net unrealized gain, if
any, on these positions plus the value of the margin or collateral held by the
counterparty.  The risks associated with exchange-traded contracts are
generally perceived to be less than those associated with over-the-counter
transactions, because exchanges typically (but not universally) provide
clearinghouse arrangements in which the collective credit (in some cases limited
in amount, in some cases not) of the members of the exchange is pledged to
support the financial integrity of the exchange.  In over-the-counter
transactions, on the other hand, traders must rely solely on the credit of their
respective individual counterparties.  Margins that may be subject to
loss in the event of a default are generally required in exchange trading, and
counterparties may require margin or collateral in the over-the-counter
markets.





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





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





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





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





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








21




Results of
Operations





General





Aspect
manages the assets of the Series pursuant to the Program (see Item 1(c) “Narrative Description of
Business”).  The Trading Advisor was established in 1997 by
Anthony Todd, Dr. Eugene Lambert, Martin Lueck and Michael Adam, all of whom
were involved in the development of AHL (Adam, Harding and Lueck), now part of
Man Group plc, where they advanced the application of systematic quantitative
techniques in managed futures investment.  The Trading Advisor has
grown to a team of over 100 employees and manages approximately $4.441 billion
overall, including approximately $4.192 billion in the Program as of December
31, 2007.  The Trading Advisor is a limited liability company
registered in England and Wales, which is regulated in the United Kingdom by the
Financial Services Authority.  Since October 1999, the Trading Advisor
has been a member of NFA and has been registered with the CFTC as a commodity
trading advisor and commodity pool operator.  The Trading advisor has
also been registered with NFA as a principal of its commodity trading advisor
subsidiary Aspect Capital Inc. since August 2004.  The Trading Advisor
has also been registered with the Securities and Exchange Commission as an
investment adviser since October 2003.





The
Series commenced trading activities March 16, 2007 with an initial
capitalization of $7,760,620, of which $5,000,000 was contributed by the Trading
Advisor as seed capital.  On December 31, 2007 the Trading Advisor
redeemed the full value of its seed capital.  As of December 31, 2007,
the Series had a capitalization of $16,034,264 based on the net asset value for
all other purposes, of which $0 was attributable to the Trading
Advisor.





Performance
Summary





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





December
31, 2007





The
Series posted an overall gain for the period from March 16, 2007 (commencement
of operations) to December 31, 2007 of 9.08%, based on the net asset value for
all other purposes (refer to Item 6 “Selected Financial
Data”).






Net
      Trading Gain (Loss)Energy
                
                
                1,131,521Agricultural
      Commodities
                
                
                466,674Interest
      Rates
                
                
                381,531Currencies
                
                
                156,913Metals
                
                
                (84,809
                )Stock
      Indices
                
                
                (328,014
                )Total
                
                
                1,723,816Brokerage
      Commission
                
                
                (89,861
                )Net
      Trading Gain
                
                
                1,633,955




The
Series performed positively in the energy, agricultural commodities, interest
rate and currency sectors, while the metals and stock indices sectors performed
negatively overall for the period.




The
energy sector posted gains for the Series during the period.  After a
difficult trading period shortly after the inception of the Series, the sector
recorded strong profits from long positions in the oil complex as oil prices
rose strongly in the last few months of the year, with the system taking
particular advantage of price moves during September and
October.  Natural gas was less successful for the Series, however, with
range-bound price action making opportunities difficult to
identify.






22






The
agricultural commodities sector also posted gains for the Series. Again these
gains came mainly from long positions which benefited as prices rose across the
sector, especially in the grains complex, where wheat, corn and soybeans all
contributed profitably.




The
interest rate sector posted gains for the Series during the
period.  Profits came from both short-term interest rates contracts
and longer-term government bond futures.  Initially strong returns were
recorded from predominantly short positions, although a small amount of profit
was given back as the credit markets restricted.  However, as the global
economic outlook subsequently shifted over the course of the summer, the Series
reversed the majority of its positions and was able to take advantage of the
ensuing flight to quality in bonds and changes in short-term interest rate
expectations, finishing the year strongly in fixed income.




The
currency sector posted gains for the Series. The strategy enjoyed a good start,
taking advantage of strong trends in many exchange rates, particularly the
depreciation of the U.S. dollar against the commodity currencies.  However,
a volatile period for trading in the foreign exchange markets followed, with
sharp price reversals during August as market participants withdrew risk from
“carry” trades.  Performance recovered strongly during September and
October, however, as the system deployed risk to capitalize on opportunities in
the foreign exchange markets.  Despite some difficult conditions in the
final weeks of the year, the sector finished as a strong performer.




The
metals sector posted losses for the Series.  Despite some good
opportunities during April, metals markets were difficult for much of the second
half of the year, with frequent reversals of market direction.  The
strategy minimized its losses during this period, however, and performed better
in precious metals later in the year, but continued to struggle in the
industrial metals.




The stock
indices sector was the least profitable for the Series.  After strong
performance from long positions in stock indices initially, the Series suffered
from the sharp reversal in equity market direction at the end of July, giving
back some of the earlier profits.  The strategy reacted quickly to alter
its positioning, adopting more varying exposures to the world’s equity markets.
 However, market uncertainty made subsequent trading difficult, and
although profits were seen in some Asian stock indices on both the long and
short positions, losses elsewhere in the sector resulted in an overall loss for
stock indices for the year.





Variables
Affecting Performance





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





The
Series’ assets are maintained at the Clearing Broker.  On assets held
in U.S. dollars, the Clearing Broker credits the Series with interest at the
prevailing Federal Funds Rate less 50 basis points per annum.  In the
case of non-U.S. dollar instruments, the Clearing Broker lends to the Series all
required non-U.S. currencies at a local short-term interest rate plus a spread
of up to 100 basis points per annum (at current rates).  For deposits
held in non-U.S. currencies, the Clearing Broker credits the local short-term
interest rate less a spread of up to 200 basis points per annum (at current
rates).





The
Series’ management, Sponsor’s and administrative fees and the sales commissions
are a constant percentage of the Series’ net asset value for all other
purposes.  Brokerage commissions, which are not based on a percentage
of the Series’ net assets, are based on the volume of trades executed and
cleared on behalf of the Series.  Brokerage commissions are based on
the actual number of contracts traded.  The performance fees payable
to the Trading Advisor are based on the new net trading profits, if any,
generated by the Series, excluding interest income and after reduction for
brokerage commissions and certain other fees and expenses.





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








23





Off-balance Sheet
Arrangements





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





Contractual
Obligations





The
Series does not enter into any contractual obligations or commercial commitments
to make future payments of a type that would be typical for an operating company
or that would affect its liquidity or capital resources.  The Series’
sole business is trading futures and forward currency contracts, both long
(contracts to buy) and short (contracts to sell).  All such contracts
are settled by offset, not delivery.  The Series’ Financial Statements
filed as Exhibit 13.01 herewith present a Condensed Schedule of Investments
setting forth net unrealized appreciation (depreciation) of the Series’ open
future and forward currency contracts, both long and short, at December 31,
2007.





Item
7A: Quantitative and
Qualitative Disclosures About Market Risk





Not
applicable; the Series is a smaller reporting company.





Item
8:     Financial Statements and
Supplementary Data




Net Income by Quarter
      (unaudited)Four Quarters through December 31, 2007For
      the period
                March
      16, 2007 (1) to
                March
      31, 2007
              
              
              Second
      Quarter 2007
              
              
              Third
      Quarter 2007
              
              
              Fourth
      Quarter 2007
              
              
              Total 2007Total
      Income (Loss)
              
              $
              84,262
              
              
              $
              1,680,601
              
              
              $
              (977,974
              )
              
              $
              1,403,403
              
              
              $
              2,190,292Total
      Expenses
              
              
              36,636
              
              
              
              478,717
              
              
              
              279,379
              
              
              
              372,932
              
              
              
              1,167,664Net
      Income (Loss)
              
              $
              47,626
              
              
              $
              1,201,884
              
              
              $
              (1,257,353
              )
              
              $
              1,030,471
              
              
              $
              1,022,628Net
      Income (Loss) per Unit (2)
              
              $
              6.14
              
              
              $
              115.85
              
              
              $
              (73.05
              )
              
              $
              58.99
              
              
              $
              71.55(1) 
      Commencement of Operations(2) 
      Based on average number of Units for the year




Financial
Statements meeting the requirements of Regulation S-X appear in Exhibit 13.01 to
this report.  The supplementary financial information specified by
Item 302 of Regulation S-K is included in this report under Item 6 “Selected Financial
Data” above.





Item 9:     Changes in and Disagreements
With Accountants on Accounting and Financial Disclosure





None.





Item 9A(T):  Controls and
Procedures





The
Sponsor, with the participation of the Sponsor’s principal executive officer and
principal financial officer, has evaluated the effectiveness of the design and
operation of its disclosure controls and procedures with respect to the Series
as of the end of the fiscal year for which this Annual Report on Form 10-K is
being filed, and, based on their evaluation, have concluded that these
disclosure controls and procedures are effective.  There were no
significant changes in the Sponsor’s internal controls with respect to the
Series or in other factors applicable to the Series that could materially affect
these controls subsequent to the date of their evaluation.









24






Changes in Internal Control
over Financial Reporting




Section
404 of the Sarbanes-Oxley Act of 2002 requires the Sponsor to evaluate annually
the effectiveness of its internal controls over financial reporting as of the
end of each fiscal year, and to include a management report assessing the
effectiveness of its internal control over financial reporting in all annual
reports.






There
were no changes in the Sponsor’s internal control over financial reporting
during the period ended December 31, 2007 that have materially affected, or are
reasonably likely to materially affect, our internal control over financial
reporting.






Management’s Annual Report on Internal Control over
Financial Reporting






The
Sponsor is responsible for establishing and maintaining adequate internal
control over the financial reporting of the Series.  Internal control
over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the
Securities Exchange Act of 1934, as amended, as a process designed by, or under
the supervision of, a company’s principal executive and principal financial
officers and effected by a company’s board of directors, management and other
personnel, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with U.S. generally accepted accounting principles. The
Sponsor’s internal control over financial reporting includes those policies and
procedures that:






•  
pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the
Series;






•  
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements of the Series in accordance with U.S.
generally accepted accounting principles, and that receipts and expenditures of
the Series are being made only in accordance with authorizations of management
and directors of the Sponsor; and






•  
provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of the Series’ assets that could
have a material effect on its financial statements.






Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.






The
management of the Sponsor assessed the effectiveness of its internal control
over financial reporting with respect to the Series as of December 31,
2007.  In making this assessment, management used the criteria set
forth by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO) in Internal Control — Integrated Framework.  Based on its
assessment, management has concluded that, as of December 31, 2007, the
Sponsor’s internal control over financial reporting with respect to the Series
is effective based on those criteria.






This
annual report does not include an attestation report of the Series’ registered
public accounting firm regarding internal control over financial
reporting.  Management’s report was not subject to attestation by the
Series’ registered public accounting firm pursuant to temporary rules of the
Securities and Exchange Commission that permit the company to provide only
management’s report in this annual report.





Item 9B:  Other
Information





None.








25





PART
III





Item 10:  Directors, Executive
Officers and Corporate Governance





(a) and
(b)  Identification of Directors
and Executive Officers





As a
segregated series of a limited liability company, the Series itself has no
officers or directors and is managed by the Sponsor.





The
following are the principal officers and managers of the Sponsor.  The
Board of Directors of the Sponsor has the ultimate authority in selecting the
Trading Advisor for the Series, although the Sponsor has worked closely with UBS
FS in the selection process.  Although the individuals listed below
are the principal officers and managers of the Sponsor, each is also currently
employed and compensated by the Clearing Broker.





Julie M.
DeMatteo.  Ms. DeMatteo, age 44, is a Director and the
President and Chief Executive Officer of the Sponsor.  She has worked
in the futures industry for over twenty years in various
capacities.  Ms. DeMatteo has been affiliated with the Sponsor since
2003, acting as counsel to the firm and most recently overseeing its daily
affairs.  Prior to becoming directly affiliated with the Sponsor, she
served as Executive Director and Senior Counsel to the UBS exchange traded
derivatives business.  In this capacity, she advised on the
structuring and operation of the Sponsor and provided counsel to the business
regarding its initiatives in the managed futures market.  Prior to
joining UBS in 2000, Ms. DeMatteo was affiliated with ING (US) Securities,
Futures and Options, Inc. as Director of Legal and Compliance.  Prior
to that, Ms. DeMatteo was employed by BA Futures, Inc. as General Counsel since
1991.  In this capacity, she advised on the offering of firm sponsored
managed futures products and focused on issues related to the CTA market and
futures regulation, generally.  Prior to practicing law, Ms. DeMatteo
was employed in accounting functions by both BA Futures, Inc. and Barnes and
Co.  She also was employed as an auditor in the Office of
Investigations and Audits by both the Chicago Board of Trade and Chicago
Mercantile Exchange.  She holds a Bachelor of Science in Accounting
and Finance from Eastern Illinois University and a Juris Doctorate from Loyola
University College of Law.





Per
Dyrvik.  Mr. Dyrvik, age 48, is a Director and the Treasurer of
the Sponsor.  He is also a Managing Director and the Chief Financial
Officer of UBS Investment Bank for the Americas Region.  He is
responsible for the finance, accounting, business unit controlling and financial
change activities for the North American and South American operations which is
comprised of branch operations of UBS AG, UBS Securities LLC, a registered
broker-dealer and investment banking operation, and various other operating
entities including derivatives trading, merchant banking and asset management
businesses.  Mr. Dyrvik has been at UBS since February
1986.  Prior to that he was Head of Regulatory Reporting at Dean
Witter Reynolds, Inc. after completing a selective rotational training program
at EF Hutton & Company in 1982.  He received a Bachelor of Arts in
Accounting from the Business School at the State University of New York in
Albany.





Raul
Esquivel.  Mr. Esquivel, age 49, is a Director of the
Sponsor.  He is also a Managing Director of the Clearing Broker and a
member of the Clearing Broker’s Board of Managers.  In addition, Mr.
Esquivel is also a Managing Director and the head of U.S. Equities at UBS
Investment Bank. Mr. Esquivel also heads the US Equity Operating Committee, and
he is a board member of UBS Investment Bank.  Prior to these
appointments in November 2005, Mr. Esquivel was head of U.S. Equity Research at
UBS Investment Research.  Mr. Esquivel has held positions in research
and research management on Wall Street for nearly 20 years.  Prior to
joining UBS, Mr. Esquivel was a senior vice president in the health care
research group at Kidder, Peabody.  Before that, he was affiliated
with The Vertical Group, a money management, venture capital, and institutional
research firm specializing in medical devices and
instrumentation.  Earlier in his career, Mr. Esquivel worked at
Prudential Securities, Eberstadt Fleming and JP Morgan.  Mr. Esquivel
holds a Master of Business Administration from the Harvard Graduate School of
Business and a Bachelor of Arts in business administration, cum laude, from the
University of Miami.





Richard
Meade.  Mr. Meade, age 38, is Chief Operating Officer of the
Sponsor.  He has worked in the futures industry for over thirteen
years in Europe and the U.S.  Mr. Meade has been affiliated with the
Sponsor since 2003 acting in a business development capacity and consultant on
all aspects of managed futures clearing.  Prior to becoming directly
affiliated with the Sponsor, he served as North American Head of Client
Relationship Management in UBS’ Exchange Traded Derivatives
group.  Prior to joining UBS in 2003, Mr. Meade was affiliated with
Goldman Sachs Futures asVice President and
Head of North American Client Services.  Before transferring to New
York in 1996 with Goldman Sachs, Mr. Meade worked on the development of their
new clearing entity in London and helped establish the Goldman Sachs Paris
office.   He had previously worked as an English teacher in
France and the French Caribbean before joining Goldman Sachs in
1993.  He holds a Bachelor of Arts in French and German from the
University of Nottingham, England.






26




(c)           Identification of Certain
Significant Employees





None.





(d)           Family
Relationships





None.





(e)           Business
Experience





See Item
10(a) and (b) above.





(f)           Involvement in Certain Legal
Proceedings





None.





(g)           Section 16(a) Beneficial
Ownership Reporting Compliance





Kalkaska
Partners Fund LLC filed its initial report as a beneficial owner of more than
ten percent of the Units, and its Form 4 indicating that it no longer was a
reporting person, after the applicable deadlines for such forms.  The
number of transactions not reported on a timely basis as a result were
two.  The Trading Advisor filed two Form 4’s after the applicable
deadlines.  The number of transactions not reported on a timely basis
as a result were two.  The Sponsor filed one Form 4 after the
applicable deadline, and, as a result, one transaction was not reported on a
timely basis.





(h)           Code of
Ethics





The
Series has no employees, officers or directors and is managed by the
Sponsor.  The Sponsor has adopted an Executive Code of Ethics that
applies to its principal executive officers, principal financial officer and
principal accounting officer.  A copy of this Executive Code of Ethics
may be obtained at no charge by written request to UBS Managed Fund Services
Inc., One North Wacker Drive, 31st Floor, Chicago, Illinois 60606.





(i)          Audit
Committee Financial Expert





Because
the Series has no employees, officers or directors, the Series has no audit
committee.  The Series is managed by the Sponsor.  Per
Dyrvik serves as the Sponsor’s “audit committee financial
expert.”  Mr. Dyrvik is not independent of the management of the
Sponsor.  The Sponsor is a privately owned corporation managed by its
shareholders.  It has no independent directors.





Item 11:Executive
Compensation





The
officers of the Sponsor are currently remunerated by the Clearing Broker in
their respective positions.  The Series itself does not have any
officers, directors or employees.  The Series pays brokerage
commissions to the Clearing Broker, an affiliate of the Sponsor.  As a
result, the Sponsor or its affiliates may receive certain economic benefits from
possession of the Series’ assets.  As described in Item 1(c) “Narrative Description of
Business,” the Series also pays the Sponsor, the Trading Advisor and
others various forms of compensation for the services performed for the
Series.  The officers receive no “other compensation” from the
Series.  There are no compensation plans or arrangements relating to a
change in control of either the Series, the Platform or the
Sponsor.








27





Item
12:  Security Ownership of
Certain Beneficial Owners and Management and Related Stockholder
Matters




(a)           Security Ownership of
Certain Beneficial Owners





Not
applicable.  All of the Platform’s manager interest is held by the
Sponsor.





(b)           Security Ownership of
Management





As of
December 31, 2007, the Trading Advisor and the executive officers and the
principals of the Sponsor did not own directly or indirectly any
Units.  As of December 31, 2007, the Sponsor owned directly 9.94
Units, which constituted 0.07% of the total Units outstanding, and did not own
any Units indirectly. (c)Changes in
Control





None.





(d)           Securities Authorized for
Issuance Under Equity Compensation Plans





None.





Item 13:  Certain Relationships and
Related Transactions, and Director Independence





(a)           Transactions With Related
Persons





See Item
11 “Executive
Compensation,” Item 12 “Security Ownership of
Certain Beneficial Owners and Management and Related Stockholder
Matters,” and “Item 1(c) “Narrative Description of
Business.”  As at December 31, 2007, the Series had paid the
following:  (i) management fees and performance fees of $256,483 and
$309,795, respectively, to the Trading Advisor; (ii) brokerage commissions of
$89,861 to the Clearing Broker and UBS AG, the prime broker; (iii) Sponsor’s
fees of $32,004 to the Sponsor; and (iv) selling commissions and placement fees
of $256,028 and $134,500, respectively, to UBS FS.  In addition, the
Series pays UBS bid-ask spreads on forward currency trades.  The
Series also pays the Clearing Broker interest on short-term loans extended by
the Clearing Broker to cover losses on non-U.S. currency
positions.  See “Interest” in Item 1(c) “Narrative Description of
Business.”  In the case of EFP transactions with the F/X
dealer, UBS recognizes certain incremental profits from the differential at
which the Series’ cash currency positions are exchanged for
futures.  As a result, the Clearing Broker and its affiliates have
derived certain economic benefits from possession of a portion of the Series’
assets, as well as from foreign exchange and EFP trading.  The Sponsor
controls the management of the Series and serves as its
sponsor.  Although the Sponsor will not sell any assets, directly or
indirectly, to the Series, affiliates of the Sponsor will make substantial
profits from the Series due to the foregoing revenues.  No loans have
been, are or will be, outstanding between the Sponsor or any of its principals
and the Series.





(b)           Review, Approval or
Ratification of Transactions with Related Persons





Certain
of the service providers to the Platform and the Series, other than the Trading
Advisor, the Administrator, the Series’ independent auditors and outside counsel
to the Sponsor, are affiliates of UBS, including the currently exclusive
Clearing Broker and selling agents for the Series.  The Sponsor has
negotiated with the Trading Advisor regarding the level of its advisory fees and
certain other terms of the agreement among, inter alia, the Series and the
Trading Advisor.  However, none of the fees paid by the Series to any
UBS party have been or will be negotiated, and they may be higher than would
have been obtained in arm’s-length bargaining.





See Item
1(c) “Narrative
Description of Business” and Item 13(a) “Transactions With Related
Persons” for a discussion of other business dealings between the Sponsor’s
affiliates and the Series.







(c)           Director
Independence





The
Series does not have directors.  None of the directors of the Sponsor
are independent.  See Item 10(a) and (b)  “Identification of Directors
and Executive Officers.”








28





Item 14:  Principal Accounting Fees
and Services





(1)           Audit
Fees





Aggregate
fees billed for professional services rendered by Ernst and Young LLP in
connection with the audit of the Series’ financial statements and reviews of
financial statements included in the Series’ Form 10-Q or for services that are
normally provided by the accountant in connection with statutory and regulatory
filings or engagements as of and for the year ended December 31, 2007 were
$98,000.  Aggregate fees billed for these services for the period
ended December 31, 2006 were $8,000.





(2)           Audit-Related
Fees





There
were no fees for assurance and related services rendered by Ernst and Young LLP
for the period ended December 31, 2007 related to the Series.





(3)           Tax Fees





Aggregate
fees billed for professional services rendered by Ernst & Young LLP in
connection with tax compliance, tax advice and tax planning for the year ended
December 31, 2007, were approximately$30,000.





(4)           All Other
Fees





No fees
were incurred by Ernst and Young LLP, or any member firms of Ernst and Young LLP
and their respective affiliates, during the period ended December 31, 2007 for
any other professional services in relation to the Series.





(5)           Pre-Approval
Policies





The audit
committee of UBS AG pre-approves the engagement of the Series’ auditor for all
services to be provided by the auditor.





PART
IV





Item 15:  Exhibits, Financial
Statement Schedules





(a)(1)              Financial
Statements





See
Financial Statements filed herewith as Exhibit 13.01.





Affirmation
of US Managed Fund Services Inc.


Report of
Independent Registered Public Accounting Firm


Statements
of Financial Condition


Statements
of Operations


Statements
of Changes in Members’ Capital


Condensed
Schedule of Investments


Notes to
Financial Statements








(a)(2)              Financial Statement
Schedules





Financial
statement schedules not included in this Form 10-K have been omitted because
they are not required or are not applicable or because equivalent information
has been included in the Financial Statements filed herewith as Exhibit 13.01 or
notes thereto.






29





(a)(3)              Exhibits Required by Item
601 of Regulation S-K





The
following exhibits are included herewith.





Exhibit
      Number
            Description of
      Document**1.1
            Selling
      Agreement.*3.1
            Certificate
      of Formation of UBS Managed Futures LLC.*4.1
            Limited
      Liability Company Operating Agreement of UBS Managed Futures
      LLC.*4.2
            Separate
      Series Agreement for the Series.*10.1
            Advisory
      Agreement.**10.2
            Representation
      Letter.**10.3
            Administration
      Agreement.**10.4
            Escrow
      Agreement.*10.5
            Form
      of Customer Agreement.**10.6
            Form
      of Subscription Agreement.10.7
            Customer
      Agreement with UBS Securities LLC.10.8
            FX
      Prime Brokerage Agreement with UBS AG.10.9
            Form
      of ISDA Master Agreement and Credit Support Annex.10.10
            ISDA
      Schedule and Credit Support Annex between UBS Managed Futures (Aspect) LLC
      and UBS AG.13.01
            2007
      Financial Statements and Report of Independent Registered Public
      Accounting Firm.*21.1
            List
      of Subsidiaries.31.1
            Certification
      of Principal Executive Officer pursuant to Rule 13a-14(a) under the
      Securities Exchange Act of 1934.31.2
            Certification
      of Principal Financial Officer pursuant to Rule 13a-14(a) under the
      Securities Exchange Act of 1934.32.1
            Certification
      of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as
      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002.32.2
            Certification
      of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as
      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002.





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


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


30


SIGNATURES




Pursuant
to the requirements of Section 13 or 15(d) 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 the 19th day of March,
2008.





Dated:
March 19, 2008





UBS
MANAGED FUTURES LLC (ASPECT SERIES)





By:  UBS
Managed Fund Services Inc.


Sponsor





By:
      /s/Julie M. DeMatteo


Name:  Julie
M. DeMatteo


Title:  President
and Chief Executive Officer





Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the Sponsor of the registrant
in the capacities and on the date indicated.




Signature
            
            Title with
      Sponsor
            Date/s/
      Julie M. DeMatteo
            
            President
      and Chief
            March
      19, 2008Julie
      M. DeMatteo
            
            Executive
      Officer and Director(Principal
      Executive Officer)/s/Per
      Dyrvik
            
            Treasurer
      and Director
            March
      19, 2008Per
      Dyrvik
            
            (Principal
      Financial and Accounting Officer)





(Being the principal
executive officers, the principal financial and accounting officer and a
majority of the directors of UBS Managed Fund Services Inc.)




UBS
Managed Fund Services Inc.


Sponsor
of Registrant


March 19,
2008







S-1